Mining company cries foul over postponement of N.W.T. hearings - Business - CBC News

 MORE TRIALS AND TRIBULATIONS IS THE RISKY JUNIOR MINING AREA of the market.....  Beginning with following  Aura Minerals, everyday shows another downside risk in mining and junior mining companies... time is money... What happens to Net Present Value calculations and future borrowing or equity financing?.

Fortune Minerals says delay could add another year to the project

CBC News

Posted: Jul 13, 2012 2:08 PM ET



A mining company is concerned the postponement of public hearings on its NICO project could delay construction plans and add another year to a project that's already taken three-and-a-half years to review.

Fortune Minerals Ltd. wants to build a cobalt-gold and bismuth mine at its Nico property, located about 90 kilometres north of Behchoko, N.W.T.

 

The site of the proposed NICO mine by Fortune Minerals, near Whati, N.W.T. (CBC)

 A hearing was scheduled to be held in Behchoko at the Elizabeth Mackenzie but the hearings are now tentatively postponed until mid-October.

Fortune said the delay threatens plans to start hauling equipment and material to the mine site this winter.

Tom Hoefer, president of the N.W.T. and Nunavut Chamber of Mines, says the postponement sends a bad message to investors.

"We need to be signalling that this is a better place to do business than it's been in the last couple of years. These kinds of decisions don't add that confidence," said Tom Hoefer, the chamber’s president.

The review board will finalize a new date for the hearings at a meeting next week.

 LINK: http://www.cbc.ca/news/business/story/2012/07/13/north-fortune-minerals-delays.html

Mining company cries foul over postponement of N.W.T. hearings - Business - CBC News