Click on blue article title to read full story.
Reuters UK - February 7, 2019
LONDON (Reuters) - Fourteen non-governmental organizations (NGOs) including Amnesty and Global Witness have opposed plans by the London...
2010. However, the NGOs say singling out low-priced cobalt typically produced by artisanal miners ignores other “serious red flags” such as

Fourteen non-governmental organizations (NGOs) including Amnesty and Global Witness have opposed plans by the London Metal Exchange to ban cobalt tainted by human rights abuses, a letter seen by Reuters showed…Cobalt is a key ingredient in the batteries that power electric vehicles, a fast-growing sector of the auto industry, and in metal alloys used to make jet engines…The LME plan outlined last October involves suspending cobalt brands trading at a significant discount to its contract on the grounds that they may be seen as tainted…The letter from the NGOs said the LME should not immediately ban cobalt brands and that it should work with firms that produce them to ensure responsible sourcing…“It is short-sighted and irresponsible of the LME to single out cobalt and tin as higher risk metals above others, or to single out (artisanal) material as implicitly higher risk,” the letter signed by 14 non-governmental organizations (NGOs) said…All companies involved with the exchange should implement responsible sourcing practices in line with the OECD Guidance, the letter dated Dec. 3 said… “The NGOs don’t understand the difference between end consumers and the LME. The LME is a market of last resort, you can’t choose which metal to take or reject,” a metal trading source said…“Consumers can choose where they source their cobalt from, people buying on the LME can’t, that’s why there is such a deep discount between LME cobalt prices and (Fastmarkets MB)”…Cobalt prices published by Fastmarkets MB at around $44,000 a tonne are $12,000 a tonne higher than those for the LME’s contract, which was launched in 2010.

Morningstar - February 7, 2019
Sherritt Publishes Cobalt Reference Price and Warrant Conversion Ratio for February 2019 NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE...
world leader in the mining and refining of nickel and cobalt from lateritic ores, today published the Applicable Reference Cobalt Price and

Sherritt Publishes Cobalt Reference Price and Warrant Conversion Ratio for February 2019…the Applicable Reference Cobalt Price based on the simple average of the midpoint of the Fastmarkets MB (formerly known as Metal Bulletin) High Price and the Fastmarkets MB Low Price1, expressed in US dollars per pound, for the three consecutive full calendar months immediately preceding each monthly Conversion Ratio Reset Date…January 31, 2019: US$28.65

Unknown - February 8, 2019
(Reuters) - Belgium’s Umicore said on Friday its 2019 earnings growth would to be hit by subdued demand in the automotive and consumer electronics sectors, higher depreciation charges and startup costs.

The firm, one of the world’s largest cobalt refiners, has invested heavily in battery material production to cash in on growing demand for electric vehicles (EVs), but its shares have been hit by a slowdown in car output and falling cobalt prices…“The long-term fundamentals of our business are strong and we are excited about our prospects, notwithstanding current challenges in the macro economic environment impacting in particular the automotive sector,” the company said.

Engineering News - February 8, 2019
The Democratic Republic of Congo (DRC), lying pretty much in the centre of Africa, is geographically the 11th biggest country in the world...
people were involved in artisanal diamond mining – 200 000 in artisanal gold mining and another 200 000 in artisanal copper mining. The USGS

The Democratic Republic of Congo (DRC), lying pretty much in the centre of Africa, is geographically the eleventh-biggest country in the world and is well known for its mineral riches…Unfortunately, the DRC has experienced considerable misgovernment and oppression, with concomitant instability, insecurity and violence, sometimes reaching the level of civil war…New Man at the Helm…The next elections (after 2011) should have been held by December 2016, when Kabila’s second and final term legally came to an end, but they were not. In the end, the general elections were finally held in December last year, with Kabila not standing. Again, the elections were marred by irregularities, chaos and violence. Pro-Kabila parties won the majority of seats in the National Assembly, but opposition politician Félix Tshisekedi won the Presidency, although many observers thought that another opposition candidate, Martin Fayulu, had actually won. Kabila’s preferred candidate came a poor third. There has been considerable speculation that Kabila did a secret deal with Tshisekedi to keep out the more aggressively anti-Kabila Fayulu. Tshisekedi’s inauguration on January 24 marked the first peaceful transition of power in the DRC for 60 years. In his campaign, he promised to bring down poverty, achieve peace and establish free education and healthcare, as well as fight the still-rampant corruption. As far as the mining industry is concerned, Tshisekedi is an unknown factor. His party, the Union for Democracy and Social Progress, has traditionally supported a stronger State role in mining, but, while campaigning, he said he would re-examine the 2018 mining code. However, with their majority in the National Assembly, the pro-Kabila political parties have the right to choose the Prime Minister. And some observers believe that the increased taxes and royalties that have been imposed on the mining companies are too popular to be reversed. The DRC remains one of the tougher places for miners to work in.

Mining Weekly - February 7, 2019
Infrastructure and energy supply issues continue to hamper mining and processing operations, as well as the broader economy, in the...
and minerals consultancy Roskill is tracking about 30 cobalt projects in the Democratic Republic of the Congo (DRC) and Roskill director

Infrastructure and energy supply issues continue to hamper mining and processing operations, as well as the broader economy, in the Democratic Republic of Congo (DRC), says international metals and minerals consultancy Roskill director Jack Bedder…according to estimates by the World Bank, less than 10% of the country’s population have access to power…Bedder states that power issues remain problematic for the copper and cobalt sectors and broader economy, noting that the DRC’s Chamber of Mines estimated that the country needed an additional 950 MW as of 2015…“The key solution is, of course, the development of the country’s hydro potential. Currently, less than 3% of the country’s potential is exploited and estimates put the DRC’s potential hydroelectricity generation at 100 000 MW.”…However, several power projects are in the pipeline, says Bedder. These include the Inga 3 hydroelectric project – with the first stage entailing the construction of a 4 800 MW installation…Of particular relevance to the cobalt sector is the 240 MW Busanga hydroelectric plant, which is being built by consortium Sicomines, he advances. Sicomines will require 170 MW from the Busanga dam to run at full capacity, while the remaining 70 MW will feed the national grid…Further, the DRC’s restrictive railway and road infrastructure continues to impact negatively on the country’s economic growth. With regard to the copper and cobalt sectors, border crossings continue to be difficult to pass, creating a backlog of supply, Bedder points out…He notes that the World Bank is funding the improvement and upgrade of 1 200 km of DRC State-owned railway company Société Nationale des Chemins de Fer du Congo railtrack on the sections between Kolwezi-Tenke and Sakania, at the border with Zambia, as well as between Kamina and Kabalo, and Kamina and Mwene Ditu…Meanwhile, the road network remains unreliable, with large sections in disrepair, while many roads are difficult to travel on during the rainy season. 

For further information about the NICO Project and its Mineral Reserves, please refer to the Technical Report on the Feasibility Study for NICO, entitled "Technical Report on the Feasibility Study for the NICO-Gold-Cobalt-Bismuth-Copper Project, Northwest Territories, Canada", dated April 2, 2014 and prepared by Micon, which has been filed on SEDAR and is available under the Company's profile at


Fortune Minerals Limited does not endorse or guarantee the accuracy or completeness of any third party publication regarding the Company and accepts no liability for any direct or consequential losses arising from its use. The information contained in third party publications is subject to verification by the user and Fortune is under no obligation to provide, or comment upon, such publications. This communication is not, and under no circumstances is to be construed as, an offer to sell or a solicitation to buy any securities. Any decision to invest in securities in the secondary market or otherwise should only be made after consulting the investor’s own investment, legal, accounting and tax advisors in order to make an informed determination of the suitability and consequences of such investment.


The materials appearing in this email contain forward-looking information. This forward-looking information includes, or may be based upon, estimates, forecasts, and statements as to management’s expectations with respect to, among other things, the size and quality of the Company’s mineral resources, progress in permitting and development of mineral properties, timing and cost for placing the Company’s mineral projects into production, costs of production, amount and quality of metal products recoverable from the Company’s mineral resources, anticipated revenues, earnings and cash flows from the Company's mineral projects, demand and market outlook for metals and coal and future metal and coal prices. Forward-looking information is based on the opinions and estimates of management at the date the information is given, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. These factors include the inherent risks involved in the exploration and development of mineral properties, uncertainties with respect to the receipt or timing of required permits and regulatory approvals, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal and coal prices, the possibility of project cost overruns or unanticipated costs and expenses, the possibility that production from the Company's mineral projects may be less than anticipated, uncertainties relating to the availability and costs of financing needed in the future, uncertainties related to metal recoveries and other factors. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Inferred mineral resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that mineral resources will be converted into mineral reserves. Readers are cautioned to not place undue reliance on forward-looking information because it is possible that predictions, forecasts, projections and other forms of forward-looking information will not be achieved by the Company. The forward-looking information contained herein is made as of the date hereof and the Company assumes no responsibility to update them or revise it to reflect new events or circumstances, except as required by law.