Business
Fortune Minerals engages Deloitte as Mount Klappan anthracite metallurgical coal project financial advisor
Fortune Minerals engages Deloitte as Mount Klappan anthracite metallurgical coal project financia...
About this update from Fortune Minerals Limited
[{"type":"text","content":"\n\n\n\n Jun. 30, 2010 (Canada NewsWire Group) -- Issued Capital: 94,779,407\n\n 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 the Company's world-class Mount Klappan anthracite metallurgical coal project in northwest British Columbia ("B.C."), Canada. Deloitte will assist Fortune in identifying potential strategic partners and evaluating potential transactions.\nFortune's wholly-owned Mount Klappan project contains very large resources and reserves of premium anthracite coal straddling the B.C. Railway right-of-way, 150 km northeast of the port of Stewart and 330 km northeast of the port of Prince Rupert. Both of these Pacific Ocean ports provide access to the global steel industry and are particularly well located to service growing demand for metallurgical coal in Asia.\nMount Klappan has already been assessed in a positive definitive feasibility study in 2008 by Marston & Marston Inc. (Marston), a St. Louis-based firm that, together with its Calgary subsidiary, provides engineering and other services to the coal and oil sands industries (see Fortune news release, dated August 7, 2008). This study assessed transportation infrastructure, an open pit mine, and wash plant that would produce 3 million tonnes per year of premium ultra-low volatile pulverized coal injection ("PCI") products for export to overseas steel customers. The Mount Klappan anthracite coal project is currently in the B.C. Environmental Assessment process.\n\n\n >\n\n\nAnthracite is the highest rank coal with the highest carbon and energy content and the lowest volatile (gas) content of all coals. These unique properties make anthracite ideal for use in a broad range of products, including reductants used in metallurgical processing, blend coals for blast furnace coke replacement, charge carbon for electric-arc steel manufacturing, sinter and PCI used in the manufacture of steel, and carbon filters for water purification. The Mount Klappan project is comprised of four separate deposit areas referred to as the Lost Fox, Hobbit-Broatch, Summit and Nass deposits, and collectively, these contain Measured Res...