Fortune Minerals Ltd. - Our Commodities

Cobalt

Cobalt is an essential metal needed for modern technology, primarily in rechargeable batteries for storage of energy, but it is also used to make high-strength superalloys for the aerospace industry, permanent magnets, cutting tools, catalysts, pigments and food additives. Because of its vital industrial and defense applications and concerns about the vulnerability of its supply chains, cobalt has been identified as a critical mineral by most western countries.

More than 70% of cobalt production is consumed in lithium-ion rechargeable batteries used to store energy in electric vehicles, portable electronics and stationary storage systems essential for the green energy transition. Cobalt provides the range, safety, durability and rechargeability needed for high performance rechargeable battery systems and variations in the cathode chemistries are expected to continue leading growth in the cobalt market for the foreseeable future.

Cobalt also has high-strength, hardness and durability at high-temperatures and is also corrosion resistant, properties that are needed to make alloys for the aerospace industry, particularly jet engine and power turbines (the second largest use).These properties are also important in the manufacture of cutting tools, cemented carbides and medical implants. Cobalt is also highly magnetic and is used to make strong permanent magnets for generators, electric motors, and particularly the motors that convert energy from wind turbine rotation to electricity.

Cobalt catalysts are used to bond steel belts to rubber in the tire industry, to make certain plastics, including PET, and to remove sulphur and other impurities during petroleum refining.It is also an important component of catalytic converters to remove sulphur and nitrous oxides, making automobile emissions cleaner from reduced greenhouse gases.

Cobalt salts display deep blue color used in glass, ceramics, porcelain, and paints that have been used since antiquity. Cobalt also plays a vital role in health and medicine as a key element in Vitamin B12, essential for neurological function and brain health, red blood cell formation, as well as soil health, food preservation and cancer treatment.

More than 70% of the world’s cobalt supply is mined as a by-product of copper in the Democratic Republic of Congo.China controls more than half of DRC mine production as well as a significant portion of Indonesian nickel and cobalt production – the world’s second largest cobalt producer.Chinese refineries also control more than 80% of global cobalt refinery production and about 90% of cobalt chemical supply.Manufacturers and governments outside of these jurisdictions are concerned about the supply chain due to geographic concentration of production, policy risks, and ESG standards that are not aligned with western democratic values.

The annual cobalt market is approximately 250,000 metric tonnes and is anticipated to grow to more than 400,000 tonnes by the end of this decade as demand expands from E-mobility and the energy transition, new technologies, industrial growth, and defense.

Cobalt News Bulletin

Bismuth

Bismuth is a critical mineral with expanding consumption in industrial uses, the environment, and high-technology and defense applications. The supply chain for bismuth is vulnerable due to the geographic concentration of 80% of mine production in China, which also controls 90% of global refinery production. Bismuth is therefore identified on the critical minerals lists of most western countries where only a minor amount of byproduct bismuth is produced. Fortune’s NICO Project is the world’s largest bismuth deposit with about 12% of global reserves, providing a strategic opportunity as demand in new markets continues to grow.

Bismuth has unique physical and chemical properties, including very high density, low melting temperature, and it is the most diamagnetic of all metals. Unlike most metals, bismuth expands during cooling. It is also a good electrical conductor but has very low thermal conductivity. It also has anti-bacterial properties and is environmentally safe and non-toxic and also displays colorful iridescence on oxidized surface.

Historical bismuth consumption was primarily in glass and anti-corrosion coatings, brake pad abrasives, paints and pigments used in the automotive industry. Traditional bismuth use is also in low melting temperature and dimensionally isostatic alloys and castings taking advantage of bismuth’s expansion properties during cooling and dimensional stability when alloyed with other metals. The low melting temperature is also leveraged to make fire suppressant sprinkler system triggers. The pearly iridescence of bismuth, together with high opacity and non-toxicity is used to make various cosmetics and sun blocks. Pharmaceuticals like Pepto-Bismol and Kao-pectate take advantage of bismuth’s antibacterial properties and high density to help reduce inflammation and/or coat the stomach.

Growth in bismuth demand is primarily from new market applications, including as an environmentally safe and non-toxic replacement for lead in plumbing and electronic solders, lead-free brass and bronze, free-machining steels and aluminum, radiation shielding, glass, ceramic glazes, ammunition, and fishing weights. Bismuth-tin alloy is now used to make environmentally safe and impermeable plugs to properly decommission oil and gas wells preventing greenhouse gas leakage, blowouts and groundwater migration that can lead to aquifer contamination.

As silicon nears its physical limits, researchers have developed bismuth-based transistors with entirely new architectures — outperforming conventional chips in speed and energy efficiency and are reportedly 40% faster and 10% more energy efficient than silicon-based chips. Bismuth is also enabling next-generation technologies, including soldering pastes with high electrical conductivity and low thermal conductivity that are essential for high-speed data transmission in AI data centres and supercomputers. Bismuth is also used to replace lead in perovskite solar cells to increase efficiency

Bismuth Manganese-bismuth permanent magnets are powerful but are also resistant to demagnetization from exposure to heat, an important characteristic in turbo chargers and EV motors, aerospace and smart bomb avionics and other weapons systems.

In the nuclear industry, bismuth is a non-toxic radiation shielding that has unique properties with respect to gamma radiation blockage and penetration. It is a coolant in some reactor designs, and it is a collector for plutonium in fuel processing and enrichment.

In the defence industry, bismuth is used in directed energy weapons, rocket and missile fuel propellants, ammunition projectiles and propellants, fuses, and high-performance electrical interconnects.

With its expanding role in new high technologies, environmentally responsible products and defense, the bismuth market has expanded above 25,000 tonnes per annum and is reportedly growing at 7.5% CAGR

Gold

Coveted for its beauty and rarity, gold has captivated humanity for millennia. Beyond its aesthetic appeal, gold has played a vital role in global monetary systems and continues to serve a wide range of technological and scientific purposes in the modern economy.

Wherever it has been discovered, gold has been transformed into jewellery — a symbol of status, affection, and heritage, passed down through generations. Some of the earliest known gold jewellery dates back over 6,000 years.

Long before the advent of modern currency, gold was used for trade in ancient civilizations. Since then, gold has served as a medium of exchange and a cornerstone of the global financial system. Unlike fiat currencies, which lose value over time due to inflation, gold has consistently preserved its purchasing power. Its scarcity, resistance to corrosion, and extreme malleability make it not only a practical store of wealth but also an effective hedge during times of financial crisis.

Despite constant innovation in financial markets, gold remains a key asset. Central banks hold it as a reserve currency, and investors use it to diversify portfolios alongside equities and fixed income instruments to benefit from gold’s countercyclical properties and risk-mitigating potential.

While gold is best known as a store of wealth, its unique physical and chemical properties—high conductivity, corrosion resistance, and exceptional malleability and ductility—make it indispensable in industrial use. In electronics, for example, gold bonding wires ensure the reliability of microchips that power everything from smartphones to the internet.

Copper

Copper is a vital, highly conductive, and malleable metal used extensively in electrical wiring, plumbing, brass and bronze fixtures, coinage, building products, and industrial machinery, with increasing demand for green technologies, including e-Mobility. It is also an essential nutrient for humans, supporting immune function and collagen production, and has antimicrobial properties. Because of its broad usage in diverse industries, copper consumption is commonly associated with industrial activity and is therefore used as a measure for economic growth and performance.