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 !!!!