Click on the blue article title to read full story.
The Financial Post - April 1, 2024

The Mopani deal finalized at the end of March marks a new force sweeping through the global mining sector. Gulf nations, hungry to diversify their economies beyond fossil fuels, are redirecting petrodollars to secure copper, nickel and other minerals used in power transmission lines, electric cars and renewable power…Beyond the UAE, chief among them is Saudi Arabia which wants mining to contribute US$75 billion to its economy by 2035, up from US$17 billion. Oman has started construction of what could be the world’s largest green steel plant that plans to use iron ore from Cameroon, while the Qatar Investment Authority, the gas-rich state’s sovereign wealth fund, is now Glencore’s second-biggest shareholder…For resource-rich nations in Africa, Asia and Latin America, the entrance of these middle powers into the critical mineral battleground is a welcome alternative to decades of exploitative arrangements underpinned by either western colonialism or Chinese debt…These nations believe that selling to Gulf states can help sidestep tension between the United States and China over their copper, iron ore and lithium — resources the two powers need to electrify their economies…But Gulf investment also comes with risk, industry insiders warn. Sovereign wealth can bring opacity and complexity when what mining projects and local communities desperately need is more accountability and transparency…Despite this, Washington has welcomed the Gulf’s expanding role in mining for helping to break Beijing’s monopoly over processing critical minerals. The U.S. has been actively brokering Saudi, Emirati and Qatari investment in riskier jurisdictions, such as the Democratic Republic of Congo (DRC), where western companies struggle to enter, in order to keep China out, according to executives from mining companies and trading houses, as well as a senior U.S. government official…With Gulf nations raking in US$400 billion of fossil fuel revenues annually, but facing a future where hydrocarbons will be phased out, expanding into mining is a logical step. At the same time, Saudi Arabia and the UAE are investing heavily in new technologies and will need access to their own steady supply of raw materials…Under Crown Prince Mohammed bin Salman’s “Vision 2030” to modernize Saudi Arabia’s economy, mining and minerals processing are earmarked to become the third industrial “pillar” next to oil and gas and petrochemicals…Saudi Arabia is gearing up to exploit what it estimates are US$2.5 trillion of domestic mineral assets with the help of the world’s largest oil exporter, Saudi Arabian Oil Co. (Saudi Aramco), alongside state mining group Saudi Arabian Mining Co. SJSC (Ma’aden). But reaping the fruits of exploration will take years, if not more than a decade. Hurdles include a lack of water in the mainly desert country, few trained mining engineers and scant high-quality mineral deposits…To address that, the kingdom aims to secure copper, iron ore, lithium and nickel from overseas for processing domestically through Manara Minerals Investment Co., a joint venture established last year between Ma’aden and the Public Investment Fund. In return for minority investments into established operations run by blue-chip companies such as BHP Group Ltd. and Rio Tinto Ltd., it aims to receive metals supply — a model Japanese trading houses have successfully deployed for decades…One of the biggest questions hanging over the extent of Gulf involvement in mining is the speed at which state agencies can move. Grand political deals and regional rivalry will accelerate activity, but advisers say that the Gulf nations — particularly Saudi Arabia — are hamstrung by bureaucratic wrangling over the strategy, who is in control and which assets to buy.

EVs & Energy Storage
BNN Bloomberg - April 2, 2024

March is shaping up as a strong month for China’s electric vehicle makers with several reporting double digit sales gains after a slow start to the year due to seasonal holidays. BYD Co. saw sales jump 46% year-on-year to 301,631 passenger vehicles. Pure battery electric cars accounted for 139,902 of those, bringing BYD’s EV sales for the first quarter to 300,114. The three US-listed Chinese automakers — Li Auto Inc., Nio Inc. and Xpeng Inc. — also reported a surge in deliveries that ranged between 14% and 39% in March…The robust performance of Chinese brands came after a quiet start to 2024, a traditionally slow period due to the Lunar New Year. Customers have been lured by BYD intensifying an EV price war by discounting many of its models and the highly anticipated launch of the SU7, the first EV from smartphone maker Xiaomi Corp.

Associated Press - April 2, 2024
FILE - An Unsold 2023 Model X sports-utility vehicle sits outside a Tesla dealership Sunday, June 18, 2023, in Englewood, Colo. Tesla sales ...

Tesla sales fell sharply last quarter as competition increased worldwide, electric vehicle sales growth slowed, and price cuts failed to lure more buyers…The Austin, Texas, company said Tuesday that it delivered 386,810 vehicles worldwide from January through March, almost 9% below the 423,000 it sold in the same quarter of last year…Sales also fell short of even the most bearish Wall Street expectations…The company blamed the decline in part on phasing in an updated version of the Model 3 sedan at its Fremont, California, factory, plant shutdowns due to shipping diversions in the Red Sea, and an arson attack that knocked out power to its German factory…In its letter to investors in January, Tesla predicted “notably lower” sales growth this year. The letter said Tesla is between two big growth waves, one from global expansion of the Models 3 and Y, and a second coming from the Model 2, a new, smaller and less expensive vehicle with an unknown release date…Tesla’s sales come against the backdrop of a slowing market for electric vehicles in the U.S. EV sales grew 47% last year to a record 1.19 million as EV market share rose to 7.6%. But sales growth slowed toward the end of the year. In December, they rose 34%.

Associated Press - April 1, 2024
FILE - Congo’s President Felix Tshisekedi reviews an honor guard during his swearing-in ceremony for a second term in Kinshasa, Democratic ...

Congolese President Felix Tshisekedi on Monday appointed the country’s first female prime minister, fulfilling a campaign promise and taking an important step toward the formation of a new government after his reelection late last year…Former planning minister Judith Suminwa Tuluka will step into the role at a time of worsening violence in the country’s mineral-rich east, which borders Rwanda. The long-running conflict has displaced more than 7 million people according to the United Nations, making it one of the world’s worst humanitarian crises…Tuluka promised to work toward peace and development in her first speech on state television following her appointment. Still, it could be months before a new government is formed as the process requires intensive negotiations with the many political parties…Far from the nation’s capital, Kinshasa, eastern Congo has long been overrun by more than 120 armed groups seeking a share of the region’s gold and other resources as they carry out mass killings…Both regional and U.N. peacekeepers have been asked to leave Congo after the government accused them of failing to resolve the conflict. Violence has only continued to worsen as the withdrawal of personnel begins and Congolese authorities move into their positions…Reelected to a second five-year term in December, Tshisekedi has blamed neighboring Rwanda for providing military support to the rebels…The United States last month urged Congo and Rwanda to walk back from the brink of war.

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.