LANGHAM, Sask. - The Saskatchewan government says a proposed new metals processing plant has passed an environmental review.
It says the plan by Fortune Minerals Ltd. (
TSX:T.FT,
Stock Forum) adheres to strict environmental standards.
The company wants to build the plant near Langham, northeast of Saskatoon.
Some nearby residents formed a group that opposed the project, saying it poses a risk to their water supply.
The Saskatchewan Environmental Society also recommended the province not approve the project.
The government says Fortune must still apply for necessary approvals, permits and licenses for construction and operation of the plant.
The company says the plant will process ore into gold, bismuth, cobalt and copper products.
Shares rose 17.81% on the news to $0.43 per share.
Currently there are 150.5m outstanding shares with a market cap of $64.7 million.