Fortune Minerals Limited (TSX:FT) announced the results from an updated Definitive Feasibility Study carried out at its Arctos Anthracite project in conjunction with POSCO Canada Ltd. POSCAN holds a 20% interest in the Arctos property.
Highlights of the updated study include:
- 17.5% increase in Run of Mine (“ROM”) Coal Reserves to 124.9 million tonnes (“Mt”) and 13.8% increase in 10% Ash Product Reserves to 69.2 Mt in the Lost Fox deposit area;
- Extension of mine life from 20 to 25 years;
- Production of premium pulverized coal injection (“PCI”) coal used to manufacture steel;
Fortune, President and CEO, Robin Goad, commented:
We are pleased to confirm the Arctos project as a future long-life, low-cost producer of high quality anthracite metallurgical coal and are especially pleased to have confirmed the capital requirements for this project with minimal escalation from the previous study.