Fortune Minerals - Kobalt, Wismut, Gold + Kohle (Seite 9)
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http://www.miningweekly.com/article/fortune-aims-to-secure-f…
Fortune aims to secure funding partners by mid-2012
TORONTO (miningweekly.com) – The CEO of Fortune Minerals, who has just returned from a trip to Asia speaking to potential funding partners, said on Wednesday there was “extreme” interest in its Mount Klappan coal project in Northern British Columbia, despite the current economic fears.
The company aims to finalise financing from strategic partners for both Mount Klappan and its Nico gold-cobalt-bismuth project in the Northwest Territories by the middle of next year, Robin Goad said in an interview.
“Metallurgical coal is in short supply. Strategic buyers are looking at backward integration transactions to guarantee sources of supply,” he commented.
Mount Klappan has one of the world’s biggest undeveloped resources of metallurgical coal, in the form of anthracite, which is used in steelmaking.
On his trip, Goad visited prospective partners in Japan, Korea and China, where he met with steel companies, trading firms and coal producers.
London, Ontario-based Fortune already struck a deal with Korean steel giant Posco in July, where the world’s third-biggest steelmaker bought a 20% stake in the company for $30-million, also agreeing to pay for its share of development at Mount Klappan and pay Fortune another $17.2-million based on future project milestones.
Fortune is seeking to raise additional funding through a second deal at the project, estimated to cost around $800-million to build.
“We’re looking for a minority project-level partner, [which will provide] debt guarantees tied to offtake,” Goad told Mining Weekly Online.
The company said earlier this month it had hired Deloitte to assist in finding partners for Mount Klappan and Nico. The consultancy had helped put the Posco transaction together.
A feasibility study at Mount Klappan, which was updated a year ago, foresaw a $614-million capital cost, and Goad said he did not believe this would have risen dramatically since.
The mining industry has experienced massive cost inflation over the past couple of years as wages and other inputs have all surged in price.
Goad pointed out that the recent volatility had caused some materials, such as steel, to pull back.
Fortune aims to start producing at Nico in 2014, and at Mount Klappan the following year.
The feasibility study at the anthracite project outlined a three-million-ton-a-year operation, and Goad said there was the potential to double this five years after first output, which Fortune would seek to fund through cash flows.
The company has a C$85-million market capitalisation and its projects have a $1.3-billion combined base case net present value, according to their feasibility studies, implying the company trades at a steep discount.
One of the solutions to this Fortune was considering would be to split into two separate entities – one to focus on Nico and the other Mount Klappan, which Goad said the company is frequently asked about.
“It would certainly make the story simpler,” he said.
However, the topsy turvy markets made such a move unattractive in the current environment, so the focus remained on finding partners for the projects.
Changing Fortune’s corporate structure was “something that might make sense in the future”, commented Goad.
http://www.miningweekly.com/article/fortune-aims-to-secure-f…
Fortune aims to secure funding partners by mid-2012
TORONTO (miningweekly.com) – The CEO of Fortune Minerals, who has just returned from a trip to Asia speaking to potential funding partners, said on Wednesday there was “extreme” interest in its Mount Klappan coal project in Northern British Columbia, despite the current economic fears.
The company aims to finalise financing from strategic partners for both Mount Klappan and its Nico gold-cobalt-bismuth project in the Northwest Territories by the middle of next year, Robin Goad said in an interview.
“Metallurgical coal is in short supply. Strategic buyers are looking at backward integration transactions to guarantee sources of supply,” he commented.
Mount Klappan has one of the world’s biggest undeveloped resources of metallurgical coal, in the form of anthracite, which is used in steelmaking.
On his trip, Goad visited prospective partners in Japan, Korea and China, where he met with steel companies, trading firms and coal producers.
London, Ontario-based Fortune already struck a deal with Korean steel giant Posco in July, where the world’s third-biggest steelmaker bought a 20% stake in the company for $30-million, also agreeing to pay for its share of development at Mount Klappan and pay Fortune another $17.2-million based on future project milestones.
Fortune is seeking to raise additional funding through a second deal at the project, estimated to cost around $800-million to build.
“We’re looking for a minority project-level partner, [which will provide] debt guarantees tied to offtake,” Goad told Mining Weekly Online.
The company said earlier this month it had hired Deloitte to assist in finding partners for Mount Klappan and Nico. The consultancy had helped put the Posco transaction together.
A feasibility study at Mount Klappan, which was updated a year ago, foresaw a $614-million capital cost, and Goad said he did not believe this would have risen dramatically since.
The mining industry has experienced massive cost inflation over the past couple of years as wages and other inputs have all surged in price.
Goad pointed out that the recent volatility had caused some materials, such as steel, to pull back.
Fortune aims to start producing at Nico in 2014, and at Mount Klappan the following year.
The feasibility study at the anthracite project outlined a three-million-ton-a-year operation, and Goad said there was the potential to double this five years after first output, which Fortune would seek to fund through cash flows.
The company has a C$85-million market capitalisation and its projects have a $1.3-billion combined base case net present value, according to their feasibility studies, implying the company trades at a steep discount.
One of the solutions to this Fortune was considering would be to split into two separate entities – one to focus on Nico and the other Mount Klappan, which Goad said the company is frequently asked about.
“It would certainly make the story simpler,” he said.
However, the topsy turvy markets made such a move unattractive in the current environment, so the focus remained on finding partners for the projects.
Changing Fortune’s corporate structure was “something that might make sense in the future”, commented Goad.
http://www.steelguru.com/metals_news/Fortune_Minerals_agrees…
Fortune Minerals the Ontario Company behind a huge anthracite coal project in BC has signed a cooperation agreement with a native group for its NICO gold bismuth copper project in the Northwest Territories of Canada.
Mr Robin Goad president of Fortune Minerals said that "The signing of this agreement expands on our existing long term relationship with the Tlicho Government and the Tlicho people. The agreement lays the foundation for discussions on fundamental topics of interest such as the possible environmental and cultural impacts of the NICO Project on Tlicho owned lands."
Under the agreement which is similar to an MOU, the company agrees to pay for a study that will examine the project's potential impacts on the environment and the Tlicho people. Stock in Fortune Minerals was down 4.35% near the end of trading on Wednesday. The NICO project is located 160 km northwest of Yellowknife, NWT. The 31 million-tonne deposit would be a combination open pit and underground mine.
Ore would be processed at 4,650 tonnes per day over an 18 year mine life. The mine still needs to have a road built to extract the ore. A road was allowed under a previous environmental assessment by the Mackenzie Valley Environmental Review Board but the Tlicho disagreed saying the inclusion of the road did not respect the band's moratorium on development.
The third largest steelmaker whereby POSCO will pay 20% of the capital costs in developing Fortune’s Mount Klappan anthracite coal deposit, located in northwest British Columbia. In exchange, POSCO will receive 20% of the mine’s production. Mount Klappan is Canada’s only known deposit of anthracite a high carbon coal used in steelmaking and as a blended coal for coke production and one of the world’s largest undeveloped deposits of metallurgical coal. There are 2.8 billion tonnes of coal spread over four areas, including 231 million tonnes in the measured and indicated category.
Fortune Minerals the Ontario Company behind a huge anthracite coal project in BC has signed a cooperation agreement with a native group for its NICO gold bismuth copper project in the Northwest Territories of Canada.
Mr Robin Goad president of Fortune Minerals said that "The signing of this agreement expands on our existing long term relationship with the Tlicho Government and the Tlicho people. The agreement lays the foundation for discussions on fundamental topics of interest such as the possible environmental and cultural impacts of the NICO Project on Tlicho owned lands."
Under the agreement which is similar to an MOU, the company agrees to pay for a study that will examine the project's potential impacts on the environment and the Tlicho people. Stock in Fortune Minerals was down 4.35% near the end of trading on Wednesday. The NICO project is located 160 km northwest of Yellowknife, NWT. The 31 million-tonne deposit would be a combination open pit and underground mine.
Ore would be processed at 4,650 tonnes per day over an 18 year mine life. The mine still needs to have a road built to extract the ore. A road was allowed under a previous environmental assessment by the Mackenzie Valley Environmental Review Board but the Tlicho disagreed saying the inclusion of the road did not respect the band's moratorium on development.
The third largest steelmaker whereby POSCO will pay 20% of the capital costs in developing Fortune’s Mount Klappan anthracite coal deposit, located in northwest British Columbia. In exchange, POSCO will receive 20% of the mine’s production. Mount Klappan is Canada’s only known deposit of anthracite a high carbon coal used in steelmaking and as a blended coal for coke production and one of the world’s largest undeveloped deposits of metallurgical coal. There are 2.8 billion tonnes of coal spread over four areas, including 231 million tonnes in the measured and indicated category.
Fortune Minerals &Tlicho Government Sign Co-operative Relationship Agreement - Nov 8, 2011
www.fortuneminerals.com/News/Press-Releases/Press-Release-De…
"LONDON, ON, Nov. 8, 2011 /CNW/ - Fortune Minerals Limited (TSX-FT) ("Fortune Minerals" or the "Company") and the Tlicho Government have signed a Co-operative Relationship Agreement for the NICO gold-cobalt-bismuth-copper project in the Northwest Territories ("NT"). This agreement, which is similar to a Memorandum of Understanding, establishes the framework and path forward for further negotiations, defines primary liaison officials, and sets the communication protocol for the two parties. The agreement states that the Tlicho Government and Fortune Minerals "wish to develop a co-operative relationship through which they will attempt to reach mutually beneficial agreement on matters affecting their respective interests."
"The signing of this agreement expands on our existing long-term relationship with the Tlicho Government and the Tlicho people", said Fortune Minerals President, Robin Goad. "The agreement lays the foundation for discussions on fundamental topics of interest such as the possible environmental and cultural impacts of the NICO Project on Tlicho owned lands."
Grand Chief Eddie Erasmus stated "This agreement provides the resources for the Tlicho Government to collect knowledge critical to understanding the impacts of this project. It also provides resources to ensure the robust engagement of the Tlicho Government in the regulatory process."
In the spirit of the Co-operative Relationship Agreement, Fortune Minerals has agreed to fund a Traditional Knowledge ("TK") Study that will focus on providing traditional knowledge and land use practice information for the environmental review of the NICO project. This study, which will be carried out by the Tlicho Government, will contribute to the environmental assessment process that Fortune Minerals is currently undertaking. The objectives, scope and financial terms of the TK study were detailed in a separate agreement that was signed as part of the Co-operative Relationship Agreement. "The information provided in this TK study will be of great value, not only in the assessment of potential impacts and mitigation strategies for NICO, but also in the development of management plans that take into consideration the knowledge and concerns of the Tlicho people", stated Fortune Minerals Director of Regulatory and Environmental Affairs, Dr. Rick Schryer.
The Tlicho Government and Fortune Minerals have also signed an Environmental Assessment Funding Agreement to support the Tlicho Government with their review of the NICO Project's Developers Assessment Report ("DAR"). The environmental assessment is currently at the Information Request stage where stakeholders, including the Tlicho Government, submit questions on the DAR. Fortune Minerals has received the first set of information requests from the Tlicho Government for which responses are currently being prepared. The Tlicho Government has also formed the Kwe Beh Working Group which manages the Tlicho Government's involvement in the regulatory process of environmental assessment for the NICO project, among other tasks. Representatives of Fortune Minerals will be meeting with this working group later next month to address questions that have been identified after their review of the DAR.
Project Background:
The NICO project is located 160 km northwest of the City of Yellowknife and 50 km north of the Tlicho community of Whati. The 31 million tonne deposit would be developed using a combination of open pit and underground mining methods with ores projected to be processed at the rate of 4,650 tonnes per day in a mill at the site over an 18-year mine life. Other facilities that are proposed at the site include a camp to accommodate employees working on a rotation basis, ancillary buildings and a 27 km all-season access road. The mill is proposed to produce approximately 180 tonnes of bulk concentrate per day for shipment south to the Company's proposed hydrometallurgical refinery near Saskatoon for further processing. Fortune Minerals plans to be a significant, reliable North American-based supplier of high purity cobalt cathode, bismuth ingot, gold doré, and by-product copper cathode and nickel precipitates.
About Fortune Minerals Limited:
Fortune Minerals is a diversified resource company with several mineral deposits and a number of exploration projects, all located in Canada. The Company is focused on the development of the Mount Klappan anthracite metallurgical coal deposits in British Columbia and the NICO gold-cobalt-bismuth-copper deposit in the NT. As part of the development of the NICO deposit, Fortune is developing a hydrometallurgical plant in Saskatchewan to process NICO concentrates to high value metal products. The company has also acquired the buildings and equipment from the Golden Giant Mine at Hemlo, Ontario, which have been dismantled, moved, and stored for relocation to NICO. In addition, the Company owns the Sue-Dianne copper-silver-gold deposit and other exploration projects in the NT. Fortune is focused on outstanding performance and growth of shareholder value through assembly and development of high quality mineral resource projects. "
www.fortuneminerals.com/News/Press-Releases/Press-Release-De…
"LONDON, ON, Nov. 8, 2011 /CNW/ - Fortune Minerals Limited (TSX-FT) ("Fortune Minerals" or the "Company") and the Tlicho Government have signed a Co-operative Relationship Agreement for the NICO gold-cobalt-bismuth-copper project in the Northwest Territories ("NT"). This agreement, which is similar to a Memorandum of Understanding, establishes the framework and path forward for further negotiations, defines primary liaison officials, and sets the communication protocol for the two parties. The agreement states that the Tlicho Government and Fortune Minerals "wish to develop a co-operative relationship through which they will attempt to reach mutually beneficial agreement on matters affecting their respective interests."
"The signing of this agreement expands on our existing long-term relationship with the Tlicho Government and the Tlicho people", said Fortune Minerals President, Robin Goad. "The agreement lays the foundation for discussions on fundamental topics of interest such as the possible environmental and cultural impacts of the NICO Project on Tlicho owned lands."
Grand Chief Eddie Erasmus stated "This agreement provides the resources for the Tlicho Government to collect knowledge critical to understanding the impacts of this project. It also provides resources to ensure the robust engagement of the Tlicho Government in the regulatory process."
In the spirit of the Co-operative Relationship Agreement, Fortune Minerals has agreed to fund a Traditional Knowledge ("TK") Study that will focus on providing traditional knowledge and land use practice information for the environmental review of the NICO project. This study, which will be carried out by the Tlicho Government, will contribute to the environmental assessment process that Fortune Minerals is currently undertaking. The objectives, scope and financial terms of the TK study were detailed in a separate agreement that was signed as part of the Co-operative Relationship Agreement. "The information provided in this TK study will be of great value, not only in the assessment of potential impacts and mitigation strategies for NICO, but also in the development of management plans that take into consideration the knowledge and concerns of the Tlicho people", stated Fortune Minerals Director of Regulatory and Environmental Affairs, Dr. Rick Schryer.
The Tlicho Government and Fortune Minerals have also signed an Environmental Assessment Funding Agreement to support the Tlicho Government with their review of the NICO Project's Developers Assessment Report ("DAR"). The environmental assessment is currently at the Information Request stage where stakeholders, including the Tlicho Government, submit questions on the DAR. Fortune Minerals has received the first set of information requests from the Tlicho Government for which responses are currently being prepared. The Tlicho Government has also formed the Kwe Beh Working Group which manages the Tlicho Government's involvement in the regulatory process of environmental assessment for the NICO project, among other tasks. Representatives of Fortune Minerals will be meeting with this working group later next month to address questions that have been identified after their review of the DAR.
Project Background:
The NICO project is located 160 km northwest of the City of Yellowknife and 50 km north of the Tlicho community of Whati. The 31 million tonne deposit would be developed using a combination of open pit and underground mining methods with ores projected to be processed at the rate of 4,650 tonnes per day in a mill at the site over an 18-year mine life. Other facilities that are proposed at the site include a camp to accommodate employees working on a rotation basis, ancillary buildings and a 27 km all-season access road. The mill is proposed to produce approximately 180 tonnes of bulk concentrate per day for shipment south to the Company's proposed hydrometallurgical refinery near Saskatoon for further processing. Fortune Minerals plans to be a significant, reliable North American-based supplier of high purity cobalt cathode, bismuth ingot, gold doré, and by-product copper cathode and nickel precipitates.
About Fortune Minerals Limited:
Fortune Minerals is a diversified resource company with several mineral deposits and a number of exploration projects, all located in Canada. The Company is focused on the development of the Mount Klappan anthracite metallurgical coal deposits in British Columbia and the NICO gold-cobalt-bismuth-copper deposit in the NT. As part of the development of the NICO deposit, Fortune is developing a hydrometallurgical plant in Saskatchewan to process NICO concentrates to high value metal products. The company has also acquired the buildings and equipment from the Golden Giant Mine at Hemlo, Ontario, which have been dismantled, moved, and stored for relocation to NICO. In addition, the Company owns the Sue-Dianne copper-silver-gold deposit and other exploration projects in the NT. Fortune is focused on outstanding performance and growth of shareholder value through assembly and development of high quality mineral resource projects. "
LONDON, ON, Nov. 7, 2011 /CNW/ - Fortune Minerals Limited (TSX-FT) ("Fortune" or the "Company") is pleased to announce that its consolidated financial statements and management's discussion and analysis of financial condition and results of operations for the period ended September 30, 2011 have been filed and are available on SEDAR (www.sedar.com) or through the Company's web site (www.fortuneminerals.com).
As at September 30, 2011, Fortune had cash and cash equivalents of $30,341,681 and a working capital balance of $26,025,526. The Company generated net income of $6,141,309 ($0.06 basic income per share) and $5,140,995 ($0.05 basic income per share) for the three and nine months ended September 30, 2011, respectively. These financial results are principally the result of the sale of a 20% interest in the Mount Klappan project ("Klappan") and business partnership with POSCO Canada Ltd ("POSCAN"). POSCAN is the Canadian subsidiary of South Korea-based POSCO, one of the world's largest steel producers. The transaction is described in the Company's news release dated July 13, 2011.
The following table provides selected consolidated financial information that is derived from the unaudited interim consolidated financial statements of the Company:
Three months ending September 30, Nine months ending September 30,
2011 2010 2011 2010
Net income (loss) $6,141,309 ($241,028) $5,140,995 ($733,396)
Basic income (loss) per common share $0.06 — $0.05 ($0.01)
As at September 30, 2011, Fortune had cash and cash equivalents of $30,341,681 and a working capital balance of $26,025,526. The Company generated net income of $6,141,309 ($0.06 basic income per share) and $5,140,995 ($0.05 basic income per share) for the three and nine months ended September 30, 2011, respectively. These financial results are principally the result of the sale of a 20% interest in the Mount Klappan project ("Klappan") and business partnership with POSCO Canada Ltd ("POSCAN"). POSCAN is the Canadian subsidiary of South Korea-based POSCO, one of the world's largest steel producers. The transaction is described in the Company's news release dated July 13, 2011.
The following table provides selected consolidated financial information that is derived from the unaudited interim consolidated financial statements of the Company:
Three months ending September 30, Nine months ending September 30,
2011 2010 2011 2010
Net income (loss) $6,141,309 ($241,028) $5,140,995 ($733,396)
Basic income (loss) per common share $0.06 — $0.05 ($0.01)
Antwort auf Beitrag Nr.: 42.296.676 von Popeye82 am 03.11.11 14:10:39
die hier sollts sein:
Fortune Minerals Retains Deloitte to Secure Strategic Partner(s) +Financing for Projects - Nov 3, 2011
http://finance.yahoo.com/news/Fortune-Minerals-Retains-cnw-3…
"LONDON , ON, Nov. 3, 2011 /CNW/ - Fortune Minerals Limited (TSX-FT) ("Fortune" or the "Company") announced today that it has engaged Deloitte & Touche Corporate Finance Canada Inc. ("Deloitte") to act as Fortune's financial advisor in pursuing strategic alternatives for the advancement of both the Company's flagship projects, the Mount Klappan Metallurgical Coal project in northwest British Columbia ("BC") and the NICO Gold-Cobalt-Bismuth-Copper project in the Northwest Territories ("NT"), Canada. Deloitte will assist Fortune in identifying potential financing partners and evaluating potential transactions that would provide funding for the development, construction and successful commercial production of both assets.
Fortune President Robin Goad stated "we are very pleased to be working with Deloitte again on this important corporate finance advisory mandate. Deloitte's work as our financial advisor in securing POSCO as a partner for the Mount Klappan Project demonstrated they have a leading global M&A capability focused on the mining sector. Their strong presence in critical Asian markets is especially important as Fortune looks to further advance its projects."
Jeremy South , Deloitte's Global Mining M&A Leader commented "Our team of Mining M&A professionals in Canada and Asia will work closely with Fortune's management team to deliver its goal of securing the funding required to advance the NICO and Mount Klappan projects to production. We look forward to leveraging our global reach and expertise to assist Fortune."
Mount Klappan Metallurgical Coal Project
Mount Klappan is one of the world's premier metallurgical coal deposits
, consisting of 15,866 hectares of coal exploration licenses in northwest BC and is located 330 km northeast of the port of Prince Rupert. The licenses straddle the BC Railway right-of-way and its partially constructed roadbed, 150 km north of the current terminus of track at Minaret where CN is operating under a long-term lease. Mount Klappan is in the environmental assessment process for the upgrade and expansion of the railway infrastructure and for the development of an open pit mine and wash plant that is expected to produce an initial 3 million tonnes per annum of premium ultra-low volatile pulverized coal injection ("PCI") products for the overseas steel industry. Fortune (80%) and POSCO Canada Ltd. ("POSCAN") (20%) are the current joint venture partners of the project ( See Fortune News Release, dated July 13 , 2011). POSCAN is the Canadian subsidiary of South Korea's POSCO, one of the largest steel producers in the world, and has investments in other North American coal companies and mineral development projects.
NICO Cobalt-Gold-Bismuth Project
The NICO Project is located 160 km northwest of the City of Yellowknife, NT and 50 km north of the Tlicho community of Whati. The 31 million tonne deposit will be developed using a combination of open pit and underground mining methods with ores projected to be processed at the rate of 4,650 tonnes per day in a mill at the site over an 18-year mine life. Other facilities that are planned at the site include a camp to accommodate employees working on a rotation basis, ancillary buildings and a 27 km all-season access road that will join the site to the proposed Tlicho Road connecting nearby communities with the highway to Yellowknife. The mill is expected to produce approximately 180 tonnes of bulk concentrate per day for shipment south to the Company's proposed hydrometallurgical refinery near Saskatoon and further processing. Fortune plans to be a significant, reliable North American-based supplier of high purity cobalt cathode, bismuth ingot, gold doré, and by-product copper cathode and nickel precipitates.
About Deloitte:
Deloitte's Global Mining Advisory Group offers sophisticated investment banking advice to mining companies participating in transactions globally. With over 3,000 M&A Advisory professionals, Deloitte has one of the largest M&A practices in the world. It has an extensive presence in Asia Pacific - with over 900 M&A professionals based in this region. Deloitte is also a leading global provider of professional services to the mining sector with extensive experience advising on middle market transactions, and a number of active engagements in the base metals, coal and steel segments. The core service team working with Fortune will be based in Deloitte's Global Mining Centers of Excellence in Vancouver , Beijing , Seoul , Tokyo , Mumbai and Melbourne ; also drawing on experienced professionals from other Deloitte Mining Centres in Toronto , Singapore , Sydney, Perth , Moscow , Johannesburg , and Sao Paulo.
About Fortune Minerals Limited:
Fortune is a diversified resource company with several mineral deposits and a number of exploration projects, all located in Canada. The Company is focused on the development of the Mount Klappan anthracite metallurgical coal deposits in BC and the NICO gold-cobalt-bismuth-copper deposit in the NT. As part of the development of the NICO deposit, Fortune is developing a hydrometallurgical plant in Saskatchewan to process NICO concentrates to high value metal products. The company has also acquired the buildings and equipment from the Golden Giant Mine at Hemlo, Ontario, which have been dismantled, moved, and stored for relocation to NICO. In addition, the Company owns the Sue-Dianne copper-silver-gold deposit and other exploration projects in the NT. Fortune is focused on outstanding performance and growth of shareholder value through assembly and development of high quality mineral resource projects. "
die hier sollts sein:
Fortune Minerals Retains Deloitte to Secure Strategic Partner(s) +Financing for Projects - Nov 3, 2011
http://finance.yahoo.com/news/Fortune-Minerals-Retains-cnw-3…
"LONDON , ON, Nov. 3, 2011 /CNW/ - Fortune Minerals Limited (TSX-FT) ("Fortune" or the "Company") announced today that it has engaged Deloitte & Touche Corporate Finance Canada Inc. ("Deloitte") to act as Fortune's financial advisor in pursuing strategic alternatives for the advancement of both the Company's flagship projects, the Mount Klappan Metallurgical Coal project in northwest British Columbia ("BC") and the NICO Gold-Cobalt-Bismuth-Copper project in the Northwest Territories ("NT"), Canada. Deloitte will assist Fortune in identifying potential financing partners and evaluating potential transactions that would provide funding for the development, construction and successful commercial production of both assets.
Fortune President Robin Goad stated "we are very pleased to be working with Deloitte again on this important corporate finance advisory mandate. Deloitte's work as our financial advisor in securing POSCO as a partner for the Mount Klappan Project demonstrated they have a leading global M&A capability focused on the mining sector. Their strong presence in critical Asian markets is especially important as Fortune looks to further advance its projects."
Jeremy South , Deloitte's Global Mining M&A Leader commented "Our team of Mining M&A professionals in Canada and Asia will work closely with Fortune's management team to deliver its goal of securing the funding required to advance the NICO and Mount Klappan projects to production. We look forward to leveraging our global reach and expertise to assist Fortune."
Mount Klappan Metallurgical Coal Project
Mount Klappan is one of the world's premier metallurgical coal deposits
, consisting of 15,866 hectares of coal exploration licenses in northwest BC and is located 330 km northeast of the port of Prince Rupert. The licenses straddle the BC Railway right-of-way and its partially constructed roadbed, 150 km north of the current terminus of track at Minaret where CN is operating under a long-term lease. Mount Klappan is in the environmental assessment process for the upgrade and expansion of the railway infrastructure and for the development of an open pit mine and wash plant that is expected to produce an initial 3 million tonnes per annum of premium ultra-low volatile pulverized coal injection ("PCI") products for the overseas steel industry. Fortune (80%) and POSCO Canada Ltd. ("POSCAN") (20%) are the current joint venture partners of the project ( See Fortune News Release, dated July 13 , 2011). POSCAN is the Canadian subsidiary of South Korea's POSCO, one of the largest steel producers in the world, and has investments in other North American coal companies and mineral development projects. NICO Cobalt-Gold-Bismuth Project
The NICO Project is located 160 km northwest of the City of Yellowknife, NT and 50 km north of the Tlicho community of Whati. The 31 million tonne deposit will be developed using a combination of open pit and underground mining methods with ores projected to be processed at the rate of 4,650 tonnes per day in a mill at the site over an 18-year mine life. Other facilities that are planned at the site include a camp to accommodate employees working on a rotation basis, ancillary buildings and a 27 km all-season access road that will join the site to the proposed Tlicho Road connecting nearby communities with the highway to Yellowknife. The mill is expected to produce approximately 180 tonnes of bulk concentrate per day for shipment south to the Company's proposed hydrometallurgical refinery near Saskatoon and further processing. Fortune plans to be a significant, reliable North American-based supplier of high purity cobalt cathode, bismuth ingot, gold doré, and by-product copper cathode and nickel precipitates.
About Deloitte:
Deloitte's Global Mining Advisory Group offers sophisticated investment banking advice to mining companies participating in transactions globally. With over 3,000 M&A Advisory professionals, Deloitte has one of the largest M&A practices in the world.
It has an extensive presence in Asia Pacific - with over 900 M&A professionals based in this region. Deloitte is also a leading global provider of professional services to the mining sector with extensive experience advising on middle market transactions, and a number of active engagements in the base metals, coal and steel segments. The core service team working with Fortune will be based in Deloitte's Global Mining Centers of Excellence in Vancouver , Beijing , Seoul , Tokyo , Mumbai and Melbourne ; also drawing on experienced professionals from other Deloitte Mining Centres in Toronto , Singapore , Sydney, Perth , Moscow , Johannesburg , and Sao Paulo. About Fortune Minerals Limited:
Fortune is a diversified resource company with several mineral deposits and a number of exploration projects, all located in Canada. The Company is focused on the development of the Mount Klappan anthracite metallurgical coal deposits in BC and the NICO gold-cobalt-bismuth-copper deposit in the NT. As part of the development of the NICO deposit, Fortune is developing a hydrometallurgical plant in Saskatchewan to process NICO concentrates to high value metal products. The company has also acquired the buildings and equipment from the Golden Giant Mine at Hemlo, Ontario, which have been dismantled, moved, and stored for relocation to NICO. In addition, the Company owns the Sue-Dianne copper-silver-gold deposit and other exploration projects in the NT. Fortune is focused on outstanding performance and growth of shareholder value through assembly and development of high quality mineral resource projects. "
Trading Spotlight
Foran Mining - Announces New Copper Resource, @McIlvenna Bay, 85% increase in the global tonnage of mineral resources in the indicated category +a 60%increase in the inferred category; P. Soares: "Based on the results of our successful PhaseI drill program @McIlvenna Bay, we have confirmed the excellent continuity +wide widths of the CSZ, allowing this large, copper-rich stockwork to be added to the adjacent existing mineral resources of the Deposit. Today, we have added a significant copper resource, with the overall tonnage @McIlvenna Bay almost doubling. The Deposit now stands @>12 million tonnes indicated +almost 10 million tonnes inferred, with potential to further grow the resource, confirming McIlvenna Bay as a major deposit within Canada's prolific Flin Flon Mining Belt. Exploration work in our PhaseII program is advancing well. The outcome of PhaseII will form the basis for a Preliminary Economic Assessment in ´12, as we continue to advance towards our ultimate goal of building a world-class mine @McIlvenna Bay" - Nov 2, 2011
www.foranmining.com/s/NewsReleases.asp?ReportID=488679&_Type…
www.foranmining.com/s/NewsReleases.asp?ReportID=488679&_Type…
möchte nicht wissen, wenn die in drei Jahre ca. produzieren wo Fortune M. dann steht
also ich möchte das schon wissen
.
Aber noch viel spannender finde ich die Frage, wo die Weltwirtschaft und das Welt-Finanzsystem in drei Jahren stehen...
Davon dürfte auch abhängen, wo Fortune stehen wird.
also ich möchte das schon wissen
.Aber noch viel spannender finde ich die Frage, wo die Weltwirtschaft und das Welt-Finanzsystem in drei Jahren stehen...
Davon dürfte auch abhängen, wo Fortune stehen wird.
möchte nicht wissen, wenn die in drei Jahre ca. produzieren wo Fortune M. dann steht-die Bewertung z.Z. ist doch der Lacher des Jahres. Ist halt ein Langfristinvest.
Schöner Artikel aus dem dem Canadian mining magazine:
http://www.fortuneminerals.com/Theme/Fortune/files/Pages%20f…
Slice
http://www.fortuneminerals.com/Theme/Fortune/files/Pages%20f…
Slice
http://resourceclips.com/2011/10/11/diversified-de-risked-un…
Diversified, De-risked, Undiluted
With two projects slated for production within 12 months of each other, the year 2014 should be a big one for Fortune Minerals Ltd TSX:FT. The projects are diverse—gold, cobalt, bismuth and copper at NICO in the Northwest Territories and anthracite coal at Mount Klappan in northwest BC. Both projects have been test-mined. Much of the infrastructure is either in place, on its way or in storage. Additionally, as President/CEO Robin Goad explains, the company intends to recruit deep-pocketed partners to reduce equity dilution.
Last August, Fortune teamed up with South Korea’s POSCO in a JV that gives the world’s third-largest steel producer a 20% interest in Mount Klappan. Fortune gets an estimated $181 million in return, with $30 million up front, to develop the mine and a rail connection. POSCO will fund 20% of operating costs and receive 20% of production from one of the world’s largest undeveloped anthracite deposits.
Mount Klappan’s four deposits total 107.9 million tonnes coal measured, 123 million tonnes indicated and 359.5 million tonnes inferred. Its Lost Fox deposit has a reserve of 85.6 million tonnes proven and 16.1 million tonnes probable. After wash-plant processing, that reserve translates into 51.6 million tonnes proven and 9.2 million tonnes probable reserves of the 10% ash pulverised coal injection (PCI) product used in steelmaking.
Last November’s feasibility study projects a $768.4-million CAPEX for the first four years of a minimum 20-year lifespan for an open pit producing an initial three million tonnes a year.
Based on a price of $175 per tonne PCI, the study projects a pre-tax IRR of 25.4% and an 8% discounted NPV of $1 billion. At $300 a tonne, the study projects a pre-tax IRR up to 60.2% and an 8% discounted NPV up to $ 3.8 billion.
The transportation plan entails building tracks on an existing CN rail bed to the main line 150 kilometres away, which connects with the Ridley Coal Terminal at Prince Rupert, gateway to Asia.
Electricity should be on its way to the region, with BC Hydro’s 344-kilometre transmission line expected for completion in 2013.
“Our POSCO agreement puts money in place to take Mount Klappan through permitting, detailed engineering and some additional work,” says Goad. “At the same time we’re working closely with the community, where we have very significant support, and on finding an additional minority partner that will fund the project into commercial operation.”
Fortune seeks a JV partner for NICO too. “Our plan is to fully finance both projects right through to commercial operation with minimal equity dilution,” he explains.
NICO has underground and open-pit proven and probable reserves of 907,000 ounces gold, 82 million pounds cobalt, 109 million pounds bismuth and 27 million pounds copper. The project’s 2008 feasibility study, however, is out of date.
“We’re now completing front-end engineering and design. We’re going to come out with a new financial model, and we’ll have a new reserve estimate coming out very shortly. At the same time, we’re completing the permitting process and working very hard on community engagement.” Goad says.
A key aspect of the project is the plan to ship concentrate to the company’s refinery in Saskatchewan. “NICO will be using a very simple flotation concentration process to reduce 4,650 tonnes of ore per day to only 180 tonnes of concentrate. That means only five truckloads of material, just 3.7% of the original mass, will leave the NICO site for Hay River each day. That’s a critical economic attribute.”
From Hay River, concentrate will travel by rail to Fortune’s Saskatchewan Metals Processing Plant near Saskatoon. The refinery will offer much lower costs for power, production and labour than could be found in the NWT.
At this advanced stage, NICO might be described as a mine in waiting. It’s also a mine in storage. Fortune has bought and dismantled Newmont’s TSX:NMC Golden Giant Mine buildings, metallurgical labs and other infrastructure, with the intention of shipping and reassembling them at NICO. Goad says the Golden Giant transplant offers another de-risk benefit.
“The Tlicho [aboriginal] government is generally very supportive of our project,” Goad says. The environmental review is progressing as well. “We just completed a conformity check on our developments assessment report [with the NWT Mackenzie Valley Review Board], and I think we’re the first company in history to have zero deficiencies.”
About 24 kilometres from NICO sits a possible satellite project, Fortune’s Sue Dianne Deposit. It hosts an indicated 43-101 of 149.1 million pounds copper, 19,000 ounces gold and 855,000 ounces silver, with an inferred category of 28.3 million pounds copper, 3,600 ounces gold and 122,000 ounces silver.
Goad concludes, “Both projects have been test-mined; both projects have been assessed in positive bankable feasibility studies; both have been pilot-plant processed. We’ve done things like buy the Golden Giant mine to reduce risks. We’ve not only offer compelling value, but we’ve done a lot to reduce risk in terms of diversifying our assets and the work that we’ve conducted to advance both projects.”
At press time Fortune had 110.79 million shares outstanding at $0.82 a share for a market cap of $90.85 million.
Ist schon Wahnsinn. Da verkauft Fortune 20 % von einem der beiden Projekte und bekommt dafür 181 Mio. $. Selber ist Fortune aber nur 90 Mio. $ wert...
Diversified, De-risked, Undiluted
With two projects slated for production within 12 months of each other, the year 2014 should be a big one for Fortune Minerals Ltd TSX:FT. The projects are diverse—gold, cobalt, bismuth and copper at NICO in the Northwest Territories and anthracite coal at Mount Klappan in northwest BC. Both projects have been test-mined. Much of the infrastructure is either in place, on its way or in storage. Additionally, as President/CEO Robin Goad explains, the company intends to recruit deep-pocketed partners to reduce equity dilution.
Last August, Fortune teamed up with South Korea’s POSCO in a JV that gives the world’s third-largest steel producer a 20% interest in Mount Klappan. Fortune gets an estimated $181 million in return, with $30 million up front, to develop the mine and a rail connection. POSCO will fund 20% of operating costs and receive 20% of production from one of the world’s largest undeveloped anthracite deposits.
Mount Klappan’s four deposits total 107.9 million tonnes coal measured, 123 million tonnes indicated and 359.5 million tonnes inferred. Its Lost Fox deposit has a reserve of 85.6 million tonnes proven and 16.1 million tonnes probable. After wash-plant processing, that reserve translates into 51.6 million tonnes proven and 9.2 million tonnes probable reserves of the 10% ash pulverised coal injection (PCI) product used in steelmaking.
Last November’s feasibility study projects a $768.4-million CAPEX for the first four years of a minimum 20-year lifespan for an open pit producing an initial three million tonnes a year.
Based on a price of $175 per tonne PCI, the study projects a pre-tax IRR of 25.4% and an 8% discounted NPV of $1 billion. At $300 a tonne, the study projects a pre-tax IRR up to 60.2% and an 8% discounted NPV up to $ 3.8 billion.
The transportation plan entails building tracks on an existing CN rail bed to the main line 150 kilometres away, which connects with the Ridley Coal Terminal at Prince Rupert, gateway to Asia.
Electricity should be on its way to the region, with BC Hydro’s 344-kilometre transmission line expected for completion in 2013.
“Our POSCO agreement puts money in place to take Mount Klappan through permitting, detailed engineering and some additional work,” says Goad. “At the same time we’re working closely with the community, where we have very significant support, and on finding an additional minority partner that will fund the project into commercial operation.”
Fortune seeks a JV partner for NICO too. “Our plan is to fully finance both projects right through to commercial operation with minimal equity dilution,” he explains.
NICO has underground and open-pit proven and probable reserves of 907,000 ounces gold, 82 million pounds cobalt, 109 million pounds bismuth and 27 million pounds copper. The project’s 2008 feasibility study, however, is out of date.
“We’re now completing front-end engineering and design. We’re going to come out with a new financial model, and we’ll have a new reserve estimate coming out very shortly. At the same time, we’re completing the permitting process and working very hard on community engagement.” Goad says.
A key aspect of the project is the plan to ship concentrate to the company’s refinery in Saskatchewan. “NICO will be using a very simple flotation concentration process to reduce 4,650 tonnes of ore per day to only 180 tonnes of concentrate. That means only five truckloads of material, just 3.7% of the original mass, will leave the NICO site for Hay River each day. That’s a critical economic attribute.”
From Hay River, concentrate will travel by rail to Fortune’s Saskatchewan Metals Processing Plant near Saskatoon. The refinery will offer much lower costs for power, production and labour than could be found in the NWT.
At this advanced stage, NICO might be described as a mine in waiting. It’s also a mine in storage. Fortune has bought and dismantled Newmont’s TSX:NMC Golden Giant Mine buildings, metallurgical labs and other infrastructure, with the intention of shipping and reassembling them at NICO. Goad says the Golden Giant transplant offers another de-risk benefit.
“The Tlicho [aboriginal] government is generally very supportive of our project,” Goad says. The environmental review is progressing as well. “We just completed a conformity check on our developments assessment report [with the NWT Mackenzie Valley Review Board], and I think we’re the first company in history to have zero deficiencies.”
About 24 kilometres from NICO sits a possible satellite project, Fortune’s Sue Dianne Deposit. It hosts an indicated 43-101 of 149.1 million pounds copper, 19,000 ounces gold and 855,000 ounces silver, with an inferred category of 28.3 million pounds copper, 3,600 ounces gold and 122,000 ounces silver.
Goad concludes, “Both projects have been test-mined; both projects have been assessed in positive bankable feasibility studies; both have been pilot-plant processed. We’ve done things like buy the Golden Giant mine to reduce risks. We’ve not only offer compelling value, but we’ve done a lot to reduce risk in terms of diversifying our assets and the work that we’ve conducted to advance both projects.”
At press time Fortune had 110.79 million shares outstanding at $0.82 a share for a market cap of $90.85 million.
Ist schon Wahnsinn. Da verkauft Fortune 20 % von einem der beiden Projekte und bekommt dafür 181 Mio. $. Selber ist Fortune aber nur 90 Mio. $ wert...
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