Fortune Minerals (TSE:FT) has released an update.
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Fortune Minerals Limited has secured a substantial grant from the U.S. Department of Defense to boost the production of cobalt for batteries, marking a significant step towards North American self-reliance in critical minerals. The funding will accelerate the NICO Project, which aims to establish a reliable domestic source of cobalt sulphate alongside gold, bismuth, and copper production. This initiative aligns with the U.S. Inflation Reduction Act, potentially benefiting American electric vehicle customers with tax credits.
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