"We are operating in a very, very difficult capital market regime right now for mining companies," said Robin Goad, president and CEO of Fortune Minerals. "It's extremely difficult to attract capital. That is one of the major challenges that's impacting the company at this time."
Goad was one of three mining company leaders to brief a committee meeting of N.W.T. MLAs on critical minerals Monday. Fortune has been trying to develop the NICO cobalt, gold, bismuth and copper project in the Tch region. Startup costs for mining and processing are estimated at $750 million.
All three mining leaders are eyeing the federal government's critical mineral strategy to understand how that $3.8 billion in last year's budget will be allocated over the next five years.
"We've been talking about government support for four or five years now and, quite frankly, Canadian projects haven't really seen any significant support yet," said Goad. "We know it's coming but it's certainly taking a long time to get that support to the mining companies."
^^^
North
Companies look to government for help turning N.W.T. projects into mines
'We are operating in a very, very difficult capital market regime right now for mining companies'
Richard Gleeson · CBC News ·
https://www.cbc.ca/news/canada/north/critical-minerals-nwt-federal-funding-1.6762461
***
- so CBC decides to QUOTE the CEO
- how about that !
- the article is DATED but STILL VALID
- hopefully, with NEWLY DEVELOPED PROCESSING METALLURIGICAL TECHNOLOGY; they will be able to REDUCE the CAPEX to UNDER $ 500 million
z173