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Fortune Minerals Ltd T.FT

Alternate Symbol(s):  FTMDF

Fortune Minerals Limited is a mining company. It is engaged in the exploration and development of mineral properties in Canada. It is focused on developing the NICO Cobalt-Gold-Bismuth-Copper Project in the Northwest Territories and Alberta that produces a bulk concentrate for shipment to a refinery that it plans to construct in southern Canada. It also owns the satellite Sue-Dianne copper-silver-gold deposit located 25 kilometers (km) north of the NICO Deposit and is a potential future source of incremental mill feed to extend the life of the NICO mill and concentrator. It also maintains the right to repurchase the Arctos anthracite coal deposits in northwest British Columbia. It also has a 100% interest in these 116 hectares of property south of Great Slave Lake with copper, silver, gold, lead and zinc showings. It has a 1% net smelter royalty covering 78 hectares of land positioned in a former silver mining district, located south of the Eldorado mining district at Great Bear Lake.


TSX:FT - Post by User

Post by parahyangamon Sep 07, 2022 6:02am
221 Views
Post# 34945762

ENJOY THE RIDE

ENJOY THE RIDEArctos was acquired by Fortune from Conoco-Philips in 2002. This 1 trillion dollar strategic global asset had had already 100 million invested, not including all the rail infrastructire paid for by the BC government.

Why was Fortune even allowed to own this asset? Even the BC government cannot be that stupid. It has a significant vested interest in this almost invaluable asset that goes way beyond base load tax payer funding. (Remember that China controls 65% of world anthracite production).

Fortune management had no track record or significant assets to speak of. In fact they eventually proved themselves to be utterly incompetent in the silver mine debacle. They actually pledged Arctos as collateral for a 30 million dollar loan. One trillion potential future value for a pittance and a default within 9 months. For good measure mgmt took Fortune's share price form 40 cents to 2 cents and blew the outstanding share count out the window.

How did Fortune acquire Arctos? 

Why did Conoco Philips not create a NEWCO and bring POSCO in as a partner and Procon to build the mine. Who the hell needed Fortune? They are a collection of chumps.

SOME RIDE.... INDEED !!!!
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