Canada’s Fortune Minerals Ltd said on Thursday it would shelve plans to upsize its early-stage cobalt mine in the country’s far north while it continues to hunt for a strategic partner. The company’s decision to scale back plans at its proposed Nico development in Canada’s Northwest Territories comes after cobalt prices, hit by oversupply, have fallen from $47,000 per tonne in January to around $35,470. London, Ontario-based Fortune Minerals said current prices do not justify expanding the daily mill production rate to 6,000 tonnes from 4,650 tonnes at its proposed Nico project, which would also produce gold and …read more
Source:: Yahoo Finance
