Canada's Fortune Minerals scales back mine on weak cobalt

Fortune Minerals

03/10/2019 16:10

Oct 3 (Reuters) - Canada's Fortune Minerals Ltd  FT.TO  has
shelved plans to upsize its early-stage cobalt mine in country's
far north while it continues to hunt for a strategic partner,
the company said on Thursday.
    The London, Ontario-based company said current weak prices
for the critical battery ingredient don't justify expanding
daily throughput to 6,000 tonnes from 4,650 tonnes at its
proposed Nico project in Canada's Northwest Territories.

 (Reporting by Jeff Lewis, Editing by Franklin Paul)
 ((Jeff.Lewis@thomsonreuters.com;))