Fortune Minerals, which is trying to open the Nico mine near Whatì, says Prosper NWT is loaning the firm $3.8 million to help acquire a refinery site in Alberta.
Prosper NWT is the former Business Development and Investment Corporation, an arm’s-length wing of the territorial government dedicated to helping businesses grow.
In a Monday news release, Fortune said the cash – repayable over five years – would help it complete the purchase of the refinery site in Lamont County, northeast of Edmonton, by the end of the financial year.
The company plans to send concentrates mined at Nico to the refinery for processing.
“With this key Alberta refinery site secured, Fortune will be able to move the vertically integrated Nico cobalt-gold-bismuth-copper critical minerals project closer to a construction decision, while also removing a significant development risk,” Fortune president and chief executive officer Robin Goad stated.
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“The refinery site and facilities are expected to materially reduce capital and operating costs for development of the Nico project,” Fortune added in its news release.
In a separate statement issued after this article was first published, Prosper NWT – without directly referring to the Nico loan – said it had increased its own lending and investment limit to $5 million per business. The cap was previously $2 million.
“This significant enhancement means more capital for expansion, innovation, and long-term success. It’s an opportunity to think bigger, move faster, and strengthen the impact in the Northwest Territories,” Prosper NWT stated.
The agency said the GNWT’s financial management board had approved the increase.
“The new limit responds to the growing capital needs of businesses and reinforces Prosper NWT’s commitment to building a strong, sustainable economy for the territory,” the statement continued.
Caitlin Cleveland, the industry minister, had announced the change in the legislature the previous month.
