FT – NICO Gold-Cobalt-Bismuth-Copper Mine Development – Canada - Project Profile
"FT – NICO Gold-Cobalt-Bismuth-Copper Mine Development – Canada - Project Profile" contains information on the scope of the project including project overview and location. The profile also details project ownership and funding, gives a full project description, as well as information on contracts, tendering and key project contacts.
The "FT – NICO Gold-Cobalt-Bismuth-Copper Mine Development – Canada - Project Profile" is part of Timetric's database of 82,000+ construction projects. Our database includes a 10+ year archive of completed projects, full coverage of all global projects with a value greater than $25 million and key contact details for project managers, owners, consultants, contractors and bidders.
Fortune Minerals Ltd (FT) is planning to undertake the NICO Gold-Cobalt-Bismuth-Copper Mine project in the Northwest Territories of Canada.
The project involves the development of a mine on 5,140ha of land.
The deposit contains proven and probable reserves totaling 33 million ton containing 1.1 million oz of gold, 82 million lb of cobalt, 102 million lb of bismuth (representing 15% of global bismuth reserves), and 27 million lb of copper.
The development includes the construction of 51km NICO Project Access Road (NPAR) from the proposed mine to the existing road outside of Whatì, which will, in turn, connect to the road from Highway 3 to Whati, Southern Section of road linking the NICO mine to a Tlicho Road Route from Highway 3 to Whati.
The development also includes the construction of a processing plant with a capacity of 65,000 tonnes of ore on 195ha of land, ore handling unit, storage facilities, loading and unloading units and other related facilities.
It features a single co-disposal tailings/mine rock facility, water management systems, waste disposal facility, facilities for milling, initial separation and concentration of ore, power generation and heat recovery facilities, reverse osmosis effluent treatment facility that will treat effluent from the tailings pond and other sources, drainage control structures, process pipelines and waste water pipelines from mine to surface and on surface at the NICO Project mine site, run-off collection trenches and sedimentation pond; demonstration and full-scale wetland treatment cells, water management facilities, including the pump house and water intake, water discharge system (including seasonal water storage areas, all drainage ditches and discharge points), potable water supplies for the camp, a sewage treatment plant, and infrastructure required for active refilling of the open pit after operations, fuel storage facilities, permanent camp west of Nico Lake, and NPAR bridge over the Marian River.
FT has completed the positive feasibility study for the NICO Project in 2007.
In July 2012, FT released the results of the Front End Engineering and Design (FEED) study for its 100% owned NICO gold-cobalt-bismuth-copper project. The study was undertaken by Jacobs Minerals Canada Inc., a subsidiary of Jacobs Engineering Group Inc.
Jacobs Minerals Canada Inc has been appointed as consultant to undertake the most of the plant and ancillary building designs and capital costs, and the process metallurgy; P&E Mining Consultants Inc. to undertake the geological model and prepared the updated mineral reserve estimates, as well as the mine plan, mining fleet selection, mine operating and capital costs, and production scheduling; Golder Associates Ltd. to undertake the geotechnical engineering, environmental baseline studies and modeling, the design of the water treatment and mine rock and thickened tails co-disposal facilities in the NT (Northwest Territories), and they are the lead consultants for the environmental assessment; EBA Engineering Consultants Ltd. to undertake the NICO site infrastructure geotechnical work and design of the NICO access road; and Micon International Limited to undertake the definitive feasibility studies.
In July 2013, FT received approval for the NICO mine and mill in the Northwest Territories from the federal and Tlicho governments, allowing the Company to complete the water licensing and land use permits process and to secure the primary permits required for the mine development.
The updated permit applications for the mine were submitted to the Wek'èezhìi Land and Water Board on October 11 along with several management plans that will aid reviewers in the development of the water license and land use permit.
In November 2013, FT selected Hatch Ltd. to conduct detailed engineering and design for the construction of the NICO gold-gold-cobalt-bismuth-copper mine and concentrator in the Northwest Territories. Hatch is providing detailed design engineering services for the NICO project including, the overall coordination of engineering for the open pit mine, underground mine, ore handling and storage, processing plant and facilities, concentrate production, storage and loading, tailing storage, site support structures, water and power supply, camp facilities and all civil road and drainage designs needed to commence construction.
Deloitte Corporate Finance Inc. has been appointed as financial adviser to help identify potential partners and assist with negotiations.
Procon Resources Inc., a subsidiary China CAMC Engineering Co. Ltd signed an agreement with FT to provide financing to advance NICO project.
In January 2014, Wek'èezhìi Land and Water Board approved a Staging (Interim) Land Use Permit for the NICO project. The permit allows FT to conduct land-based early works at the NICO mine, including staging of equipment and site preparation activities prior to the issuance of the full mine permits, anticipated to be received by mid-2014.
In April 2014, Micon International Ltd completed the updated feasibility study.
The updated Feasibility Study was prepared by Micon in order to document a number of improvements that have been made to the NICO project over the past year and to provide a comprehensive document to support negotiations currently underway for project financing with potential strategic partners and their banks.
On June 20, 2014, FT secured its final land use permit and water license approvals to construct the project.
In November 2014, FT received its environmental assessment approval and key permits to construct the project.
In April 2015, detailed engineering and design work were conducted.
On January 18, 2017, FT appointed PricewaterhouseCoopers Corporate Finance Inc.(PwCCF) as the Financial Advisor to help secure financing for construction of the mine through a combination of strategic partnerships, debt and equity.
On April 5, 2017, Hatch and Micon have been engaged to update the Feasibility Study for the Project. Hatch has also been retained to conduct additional engineering work.
In October 2017, FT received the required permits to construct 51km NICO project access road as part of its development.
Updated feasibility study activities are underway and also FT is in the process of securing funds. It requires US$ 463 million to mine capital and it already spent US$ 115 million on the project.Scope
The project involves the development of a mine on 5,140ha of land located 50km north of the Tlicho community of Whati and 160km northwest of the City of Yellowknife in the Wekeezhii area of Northwest Territories, Canada.
The US$450 million project includes the following:
1. Construction of 51km NICO project access road
2. Construction of a processing plant with a capacity of 65,000 tonnes of ore on 195ha of land
3. Construction of an ore handling unit
4. Construction of storage facilities
5. Construction of loading and unloading units
6. Construction of water management systems
7. Construction of a waste disposal facility
8. Construction of power generation and heat recovery facilities
9. Construction of reverse osmosis effluent treatment facility
10. Construction of drainage control structures
11. Construction of fuel storage facilities
12. Construction of other related facilitiesReasons To Buy
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook