Fortune Minerals Limited is going to be investing in Lamont County.

The mining company entered into an agreement with JFSL Field Services ULC to purchase its former steel fabrication plant in the county. 

Fortune Minerals currently is developing a mine in the Northwest Territories where they mine cobalt, copper and gold. They believe having business in Alberta's Industrial Heartland will be a great opportunity for growth in the mining sector, as minerals are in high demand. 

"One part of Alberta's economic recovery plan has been our government minerals strategy. Recognizing that we have incredible resources that are beyond oil and gas under the ground in this province, including rare earth minerals that are needed increasingly for renewable energy and rechargeable batteries," said Premier Jason Kenney.

According to Alberta's energy minister Sonya Savage, this project will bring in 100 jobs and create a state-of-the-art refining facility, all while supporting the emerging low-carbon economy. The refinery will produce cobalt sulfate, a key material to help produce lithium rechargeable batteries.

Fortune Minerals Limited has six months to carry out due diligence and complete the $5.5-million purchase.

The proposed facility is on 76.78 acres adjacent to the Canadian National Railway. This will allow mineral resources to integrate with the supply chain across Canada and attract further investment in the area.

"Lamont County is open for business, and investments such as this are very good for Alberta's Industrial Heartland," said Lamont County Reeve, David Diduck. "With its proximity to rail lines, our county is a great location for this project, and it helps contribute to our province's economic recovery."

A start date for construction has not been announced.