Business
FORTUNE MINERALS PARTNERS WITH POSCO CANADA TO ADVANCE THE MOUNT KLAPPAN COAL PROJECT TO PRODUCTION
Jul. 13, 2011 (Canada NewsWire Group) -- Issued Capital: 107,549,427 LONDON, ON, July 13,...
About this update from Fortune Minerals Limited
[{"type":"text","content":"\n\n\n Jul. 13, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nIssued Capital: 107,549,427\n\n\nLONDON, ON, July 13, 2011 /CNW/ - Fortune Minerals Limited (TSX: FT) ("Fortune" or the "Company") is pleased to announce that its wholly-owned subsidiary, Fortune Coal\n Limited. ("Fortune Coal") has entered into a definitive agreement to\n form a joint venture (the "JV") with POSCO Canada Ltd. ("POSCAN") and\n its wholly-owned subsidiary, POSCO Klappan Coal Ltd., to advance the\n Mount Klappan Anthracite Metallurgical Coal Project in northwest\n British Columbia ("Mount Klappan" or the "Project") to production. \n POSCAN's parent company, POSCO is based in South Korea and is one of\n the world's largest steel producers. Pursuant to the agreement, POSCAN\n will acquire a 20% interest in Mount Klappan, and based on current\n capital cost estimates, is anticipated to make total payments and cash\n contributions of $181 million, including $30 million in upfront funding\n upon closing.\n\n\nJV Highlights:\n\n\n\nFormation of a JV to be owned 80% by Fortune and 20% by POSCAN to\n accelerate development of Mount Klappan by combining Fortune's local\n development and operations expertise and POSCAN's market knowledge and\n financial backing;\n\n\nAt closing POSCAN will provide $30 million in upfront funding to Fortune\n Coal, $20 million of which Fortune Coal will contribute directly to the\n JV;\n\n\nPOSCAN will pr...