Fortune Minerals Shares Jump With Rio Tinto Collaboration
September 29 2023 - 11:36AM
Dow Jones News
By Robb M. Stewart
Fortune Minerals' shares rallied Friday after the Canadian miner
said it was collaborating with Rio Tinto to expand the production
of cobalt and bismuth, considered critical minerals in North
America.
In morning trading, the shares were 29% higher at C$0.05,
narrowing the fall so far this year to 31%.
Fortune said it is working with Rio Tinto to develop technology
that will improve the recovery of minerals. Under a memorandum of
understanding between the companies, testing will be done at Rio
Tinto's copper mining and smelting operations in Utah and at
Fortune's planned Alberta refinery.
Fortune said the pair are working to assess different process
methods and technology options to recover bismuth and cobalt
contained in Rio Tinto Kennecott's smelter waste.
Cobalt is used to make lithium-ion rechargeable like those used
in electric vehicles, while bismuth is used in automotive coatings,
paints, and low temperature alloys and castings. The governments of
Canada and the U.S. in 2020 signs a Joint Action Plan on Critical
Mineral Collaboration to help production in the countries of
critical minerals including cobalt and bismuth that are needed in
new technologies.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
September 29, 2023 11:21 ET (15:21 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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