Nicht ganz neu, aber gerade erst gefunden:
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
On his trip, Goad visited prospective partners in Japan, Korea and
China, where he met with steel companies, trading firms and coal
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
Fortune is seeking to raise additional funding through a second
deal at the project, estimated to cost around $800-million to
“We’re looking for a minority project-level partner, [which will
provide] debt guarantees tied to offtake,” Goad told Mining Weekly
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
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
“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.