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Cobalt & Bismuth
Reuters • July 06, 2026 • 7:06 PM
Workers transport soil containing rare earth elements for export at a port in Lianyungang, Jiangsu province, China October 31, 2010. ...

A shortage of critical minerals is starting to affect ​the broader Japanese economy, adding a sense of urgency for Prime Minister Sanae Takaichi's government to find alternatives to exports that China has cut off, according to recent ‌corporate filings…China dominates the global market for rare earths - which are crucial in making items from electric cars to weapons - and it is using those supplies as a diplomatic cudgel…Japan's economy took a hit in 2010 during a previous bout of ​trade restrictions by China, but the effect could be worse this time around now that rare earths have grown in importance in a variety of supply ⁠chains, said Takeshi Higashifukasawa, senior economist at Mizuho Research Institute…"With the development of AI, rare earths are being used across a broad range of goods and throughout supply chains," Higashifukasawa said, noting ​that electric vehicles have entered the fray since then. "Companies cannot afford to be optimistic."…While the pain is not being evenly felt across industries, it ​is spreading, said Satoru Yoshida, a commodities analyst ​at Rakuten Securities, attributing the divergence to how ⁠much supply companies built up before Beijing tightened the screws.

"Supply is being restricted, but everyone is starting to use them - and that only makes them even rarer," Yoshida said, adding that China controlled roughly 70% of rare earth production and 60% of reserves as of 2025…Takaichi signed a framework with U.S. President Donald Trump in October to coordinate on critical minerals and rare earths, including joint stockpiling and rapid-response supply arrangements. And the two governments have discussed joint development of deep-sea deposits; commercial-scale output, however, remains years away.

Takaichi is also banking on a plan agreed to by Group of Seven nations in June to step up coordination of stockpiles, and Japan has ⁠also begun some ​rare-earth recycling projects.
 
Reuters • July 06, 2026 • 8:02 PM
Indonesian President Prabowo Subianto and India's Prime Minister Narendra Modi arrive for a photo opportunity ahead of their meeting at the ...

Indonesia and India on Tuesday signed a raft of deals on critical minerals, agriculture and defence, including for the BrahMos cruise missile system, the Indonesian ​presidential palace said…"We're two of the largest democracies in the world," Prabowo said. "Partnerships between us will bring benefits to the region."…The countries ​also signed memorandums of understanding for strengthening supply chains in critical minerals and steel, as well as agriculture…"Our partnership is not ⁠merely a relationship between two countries, it is a pledge of trust in the stability in the Indo-Pacific, strength of the Global South and in a ​shared future of the world," Modi said in an address to the Indonesian ​parliament.
 
Reuters • July 06, 2026 • 10:24 AM
A copper and cobalt mine run by Sicomines is seen in Kolwezi, Democratic Republic of Congo, May 30, 2015. REUTERS/Aaron Ross Purchase ...

Democratic Republic of Congo does ‌not expect significant disruptions to copper and cobalt production this year due to chemical supply constraints stemming from conflict in the Middle East, a senior mining official told Reuters…The U.S.-Iran ​conflict that broke out on February 28 and has largely drawn to ​a halt after last month's interim peace treaty, has disrupted sulfuric ⁠acid supplies, an essential input for copper and cobalt production…The outlook for the rest of 2026 remains ​broadly positive, supported by ​strong copper demand ⁠and stable mining operations, Mabaya said, adding that most miners have long-term supply contracts, maintain strategic inventories or source ​chemicals from regional suppliers, limiting the risk of major production ​losses…Still, he ⁠would not rule out higher costs and longer delivery times if disruptions persist.

Congo's cobalt exports are increasingly shaped by government quotas and export controls, according to Mabaya, ⁠as Congo pushes ​reforms to exert greater influence over the market.
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. DISCLAIMER 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. 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.
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