Fortune Minerals Shares Jump With Rio Tinto Collaboration

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 [e-mail]

(END) Dow Jones Newswires

September 29, 2023 11:21 ET (15:21 GMT)

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