Fortune Minerals and the Tłı̨chǫ Government are forming a joint venture in the hope of attracting up to $50 million in federal funding for a road to the Nico mine.
A spur road from the mine site, northeast of Whatì, to the Tłı̨chǫ Highway will be a prerequisite for production to begin.
On Wednesday morning, Fortune said the joint venture is applying for money under the federal Critical Minerals Infrastructure Fund to build the road.
“The proposed joint venture is an important first step toward meaningful Tłı̨chǫ participation in this and other critical minerals projects,” Tłı̨chǫ Grand Chief Jackson Lafferty was quoted as saying in a news release.
“By working collaboratively with Fortune and seeking federal support, we are advancing infrastructure that has the potential to deliver lasting benefits for Tłı̨chǫ Citizens and the broader region.”
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Fortune doesn’t yet have the money to open the Nico mine, which would offer bismuth, cobalt, gold and copper.
The company has just concluded its appearance at a regulatory public hearing for a new water licence, which scrutinized some of the mine’s possible environmental impacts.
Fortune says it is also seeking funding from the United States’ Department of War, which is offering cash to support projects that will increase North American bismuth production.
The company calls the Nico the largest bismuth deposit in the world and now considers the metal to be mine’s most marketable asset.
