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Excerpt from February 10, 2026, BMO Metals Brief:

DRC enforces local share ownership rule: The DRC will commence the enforcement of a long-dormant rule requiring local employee ownership for mines, according to a letter sent by the Mines Minister to all miners in the country last month. The rule, first introduced in Congo’s 2018 mining code, requires that firms demonstrate that 5% of their share capital is held by Congolese employees, with the letter stipulating that companies have until July 31st to submit proof that they are complying with the directive. The decision could affect multiple mining companies in the country including Glencore, CMOC, Ivanhoe, ERG, Barrick Mining and Zijin. Elsewhere, Mali has announced the creation of a state-owned company called Sopamim to manage its holdings in mining companies, according to a statement released by the council of ministers, following the lead of other west African resource-producing countries like Niger and Guinea.

 
Cobalt & Bismuth
 
Reuters - February 10, 2026
A block with the symbol, atomic number and mass number of Lithium (Li) element, in this illustration taken January 21, 2026. REUTERS/Dado ...
A block with the symbol, atomic number and mass number of Lithium (Li) element, in this illustration taken January 21, 2026. REUTERS/Dado ...

India is in talks with Brazil, Canada, France and the Netherlands over deals to jointly explore, extract, process and recycle critical minerals, sources said, as it broadens its global outreach to secure supplies of key raw materials…Heavy reliance on arch rival China, which dominates global supplies of many minerals and has advanced mining and processing technology, underscores the need for India to reach out to a range of countries as it accelerates its energy transition to cut emissions, mining experts said…However, from discovery to production, mining can take years, as exploration alone runs five to seven years and often ends without a viable mine…The Ministry of Mines is leading the effort, the sources said…Asked for comment, Canada's Natural Resources Department referred to a January statement saying both sides had agreed to formalise cooperation on critical minerals in the coming weeks…India's expanding international engagement comes at a time when finance ministers from the G7 and other major economies met in Washington last month to discuss ways to cut dependence on rare earths from China.

 
S&P Global - February 9, 2026
Proposed cobalt reclassification, royalties threaten Indonesian ramp-up: experts
Proposed cobalt reclassification, royalties threaten Indonesian ramp-up: experts

Indonesia's plan to redefine cobalt as an independent mineral and impose royalties on it could raise costs for miners and impede the nation's progress as a major producer of the battery mineral, industry participants told Platts, part of S&P Global Energy…The Indonesian Nickel Miners Association has submitted a request to the government, seeking to maintain cobalt's status as a byproduct of nickel production, Meidy Katrin Lengkey, the association's secretary general, said…The group submitted the request as the government evaluates the potential reclassification of cobalt in early 2026, as part of planned changes to the nickel benchmark price formula. Indonesia previously proposed a 1.5% royalty on cobalt metal and a 2% royalty on cobalt as a byproduct of nickel matte production…Indonesia produced 38,324 metric tons of cobalt, accounting for 18.3% of global output in 2025, a significant increase from just 926 metric tons, or 0.69% of the world supply, in 2020, according to S&P Global Market Intelligence data... In addition to taxing cobalt with royalties, Indonesia plans to reduce nickel ore production, which could limit the supply of cobalt linked to nickel production…"The move could contribute to firmer medium-term pricing by reinforcing cost floors, particularly at a time when cobalt supply remains vulnerable to policy interventions in the DRC and ongoing market concentration risks," Mitchell Smith, metals and mining partner at Vancouver-based Moneta Securities, said.

 
 
Congo
 
MINING.com - February 9, 2026
Congo to enforce local ownership rule for copper, cobalt miners
Congo to enforce local ownership rule for copper, cobalt miners

Democratic Republic of Congo will enforce a long-dormant rule requiring local employee ownership for mines in a move that may rebalance shareholdings in some of the world’s biggest copper and cobalt producers…In a letter dated Jan. 30 and addressed to miners of all metals in the country, Mines Minister Louis Watum said firms must demonstrate that 5% of their share capital is held by Congolese employees…The decision could affect multiple industrial mining projects in the central African nation, which provides about 70% of cobalt supply and is the second-largest copper producer. Glencore Plc, CMOC Group Ltd., Ivanhoe Mines Ltd., Eurasian Resources Group and Zijin Mining Group Co. are among the country’s biggest miners…The move comes amid ongoing negotiations between the Trump administration and Congo that could see more US companies invest in the country’s mining industry, which has previously been dominated by Chinese enterprises…The employee ownership rules are separate from a requirement that a mining project cede 10% of its ownership to the state, and an additional 5% when a mining permit is renewed.

 
Mining Weekly - February 9, 2026
In a milestone for the Lobito Atlantic Railway (LAR), which links the Democratic Republic of Congo (DRC) to a deep-water port in Angola, ...
In a milestone for the Lobito Atlantic Railway (LAR), which links the Democratic Republic of Congo (DRC) to a deep-water port in Angola, ...

In a milestone for the Lobito Atlantic Railway (LAR), which links the Democratic Republic of Congo (DRC) to a deep-water port in Angola, Entreprise Générale du Cobalt (EGC) and Trafigura have agreed the first delivery of copper and cobalt on the corridor…EGC is a State-owned entity mandated to purchase cobalt from artisanal producers in the DRC and Trafigura has an existing agreement to market cobalt supplied by EGC…EGC CEO Eric Kalala said the use of LAR demonstrated that progress toward ethical, traceable and transparent sourcing of artisanal cobalt and copper at scale was both achievable and sustainable…The EGC shipment would be sent initially to customers in the US in line with the US-DRC strategic partnership agreement.

 
 
Fortune Minerals related
 
Cabin Radio - February 9, 2026
Gahcho Kué ‘pauses’ key project, threatening planned mine life
Gahcho Kué ‘pauses’ key project, threatening planned mine life

The Gahcho Kué diamond mine’s owners are postponing work that was set to help the mine stay in operation until at least 2030…It’s the latest sign of financial trouble in the diamond mining sector, which remains the heart of the territory’s economy…Industry minister Caitlin Cleveland said the announcement was “serious news for the Northwest Territories.”…A decision that shortens the mine’s operating timeline creates real concern for workers, families, northern businesses and communities connected to this operation,” Cleveland said in a statement…“This announcement also reinforces a broader reality for our territory: our economic base remains too dependent on a single commodity. The diamond industry has carried the NWT economy for decades, but the extended, profound decline in natural diamond prices underlines the need to diversify our resource economy. We need more projects, in more regions, across more commodities so that workers and communities are not exposed to the boom-and-bust cycles of any one sector.”…While the mining industry helped build the territory, she added, the NWT was now pursuing “the next generation of responsible resource development and economic opportunity.”…The NWT now faces the prospect of going from three diamond mines to zero in a hurry.

 
 
fortuneminerals
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 www.sedar.com.

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CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

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.