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Fortune Minerals Ltd T.FT

Alternate Symbol(s):  FTMDF

Metals & Mining Industrial Metals & Minerals
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

Fortune Minerals Ltd > Fortune Minerals and the Arctos coal licenses
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Post by Nemesison Jun 27, 2023 12:53pm
187 Views
Post# 35516625

Fortune Minerals and the Arctos coal licenses

Fortune Minerals and the Arctos coal licenses
In accordance with the agreement reached in May 2015, the Arctos Anthracite joint venture (a 50-50 joint venture between Fortune Minerals and POSCO) has sold its interest in Klappan, totaling 16,411 hectares, to BC Rail for $18,308,000.

Press release at the time:
https://www.fortuneminerals.com/news/press-releases/press-release-details/2015/Fortune-Minerals-and-POSCAN-complete-sale-of-Arctos-coal-licenses-to-BC-Rail-with-a-10-year-repurchase-option/default.aspx


Excerpt:

[...] The AAJV partners maintain the exclusive right to purchase back the coal licenses at the same price for a 10-year option period. [...]


It is worth noting that the price of metallurgical coal has been rising ever since:
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As some have already noted on this forum, this asset appears to be grossly undervalued, considering that its current value is surely higher than the price obtained in 2015, and that it can be bought back at the same price until May 2025!
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