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Bullboard - Stock Discussion Forum Fortune Minerals Ltd T.FT

Alternate Symbol(s):  FTMDF

Fortune Minerals Limited is a mining company. It is engaged in the exploration and development of mineral properties in Canada. It is focused on developing the NICO Cobalt-Gold-Bismuth-Copper Project in the Northwest Territories and Alberta that produces a bulk concentrate for shipment to a refinery that it plans to construct in southern Canada. It also owns the satellite Sue-Dianne copper... see more

TSX:FT - Post Discussion

Fortune Minerals Ltd > The kitchen is heating up
View:
Post by red on Jun 14, 2024 8:10am

The kitchen is heating up

Clearly many recognize the problem upon us here in the NWT and it all hands on deck to get to solutions to make things happen..... they are speaking to and about us .... we are advanced and ready to go 

 

OPINION: Going into the future with Eyes Wide Open

The closure of all three diamond mines by 2030 — along with the unfortunate coincidental completion of oil production at Norman Wells — means major contributions to our economy will shrink, there will be fewer jobs, there will be less dis
ekatimine
Ekati Diamond Mine seen from above. With the pending closure of three diamond mines by 2030, there will be fewer jobs, there will be less disposable income, and governments will have less revenue.

The closure of all three diamond mines by 2030 — along with the unfortunate coincidental completion of oil production at Norman Wells — means major contributions to our economy will shrink, there will be fewer jobs, there will be less disposable income, and governments will have less revenue. 

How bad can it be? The economic analysis, Eyes Wide Open, indicates annual losses of 1,880 jobs, $246 million in labour income, and over 20 per cent of government income. 

Yet, there is a huge and growing need for mining. 

 

The world is entering the greatest energy transition since oil was discovered but this time to alternative energies to help address climate change. This requires huge growth in the supply of what are called critical minerals, minerals with the ability to reduce use of fossil fuels for energy. 

The NWT, as luck would have it, has 23 of Canada’s 31 critical minerals, and this represents a significant opportunity for us to develop new mines to offset future diamond mine closures. 

We are not alone in this thinking. In recent months, we have engaged with representatives from Argentina, Taiwan, India, the Indo-Pacific region, and Germany. They are not here looking for fur and diamonds or tourism opportunities. They are seeking secure and reliable sources of critical minerals to help themselves and the world to address climate change challenges. 

However, the investment climate for exploration and mining in the NWT needs improving. The just-released Fraser Institute Annual Survey of Mining Companies has reminded us of this again. 

When Eyes Wide Open tells us that our $2 billion diamond industry is putting us at economic risk, and with the world hungry for critical minerals to help with climate change, it demands strong and quick action. It will take alignment and it will take strategy; and it will take leadership from all quarters of our territories. 

We cannot afford to miss this critical global need for critical minerals. We are all being affected by climate change and collectively, we must also be part of the solution. Simultaneously, that will strengthen our economy, employment, business and tax revenues. 

Our legislative assembly must take the lead, and quickly, to work with its Indigenous and federal government partners, with regulatory boards and with industry to decisively identify what needs to be fixed. Collectively, we can then advance the actions to turn this worrisome situation around. 

Our chamber had the opportunity to meet with the assembly’s standing committee on economic development earlier this month, and we have put those recommendations forward. 

As a representative of our minerals industry, our chamber is ready, willing and able to help. There are many Northerners and businesses who are relying on all of us to succeed.

Comment by red on Jun 14, 2024 8:26am
To that end..... the new CEO of TliCho comments ( LinkedIn)  Paul Gruner ... "..Another article looking at the need to pivot the Northwest Territories economy away from diamonds this time by the President of the NWT / Nunavut Chamber of Mines Kenneth R.. I truly worry for all of the employees, businesses, communities and Indigenous groups that rely on the wealth of opportunities that ...more  
Comment by red on Jun 14, 2024 8:42am
To add some icing .... our premier of the NWT is speaking to his executive staff ... including permitting people at various levels ( without mentioning specifics)  says .....Apparently Premier R.J. Simpson wants the GNWT and its staff to take more risks instead of “minimizing the risk to the government.” Yes! Hurrah! Right on! Woohoo! " Simpson was asked in the media what he meant ...more  
Comment by Baserunner on Jun 14, 2024 9:34am
Yes the future is very bright for FT! When the government shows some muscle (backing things) this will drag the big boys quicker to projects that are out there! Again l believe just the start of FT name being talked about big time ! Patience is key here to get our return! FT time has come!
Comment by red on Jun 14, 2024 1:04pm
You got it and on the right track ... faced with the reality of the closure of Diamond mines , the NWT Gov  is gonna fast track anything thrown at them in the CM/BM/RE world  and gold mines.  the TliCho and other are on board and setting up for the reality of what's to come.  In due course, I think Rio will be on board, we know the CANADA  and USA govs are wanting ...more  
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