Fortune Minerals hires Deloitte as advisor

Nov 03, 2011 | 04:36 PM | Chris Prentice

Tags  Fortune Minerals, Deloitte & Touche Corporate Finance, copper, coal, Mount Klappan, gold, cobalt, bismuth copper

NEW YORK — Fortune Minerals Ltd. has enlisted Deloitte & Touche Corporate Finance Canada Inc. as its financial advisor, at the same time that junior miners and small industrial players worry about the deteriorating European economic situation.

Deloitte will act as London-based Fortune’s advisor as it pursues strategic alternatives for the company’s two Canadian flagship projects, the Mount Klappan metallurgical coal project and the Nico gold-cobalt-bismuth-copper project, the company said in a statement.

"Right now, the marketplace has a lot of volatility and uncertainty in it," Julian Kemp, Fortune’s chief financial officer, told AMM. "It makes it very difficult for a junior mining company to finance the construction of these types of projects."....

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