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Fortune starts environmental assessment for Arctos venture

Keywords: Tags  Fortune Minerals, Poscan, Posco Canada, environmental assessment, coal, Stacy Irish

LONDON — Canadian diversified resource company Fortune Minerals Ltd. has started an updated environmental assessment on its Arctos Anthracite joint-venture mine with Posco Canada Ltd. (Poscan).

London, Ontario-based Fortune said it opened a 30-person field camp at the site July 2 to support the collection of environmental information to permit its mine, wash plant and railway for the coal mine.

Much of the environmental baseline information for the mine site has already been collected under a previous plan. The company submitted a revised environmental assessment in April. All information collected will contribute to the completion of the final environmental report, which will be filed in 2014, Fortune said.

The Arctos Anthracite Project is located in northwest British Columbia. Fortune holds an 80-percent stake in the venture, while Poscan, the Canadian subsidiary of South Korea’s Posco Ltd., owns 20 percent.

Poscan acquired its stake in 2011 and is responsible for funding 20 percent of the capital and operating costs for the project. It will receive 20 percent of the coal once production starts.

The company is aiming to start production at the mine in 2016, Robin Goad, president and chief executive officer of Fortune Minerals, told AMM sister publication Steel First in April.

Fortune plans to sell its anthracite metallurgical coal to international consumers, primarily in the pulverized coil injection and sinter markets for the steel industry in China and Vietnam. 

A version of this article was first published in AMM sister publication Steel First

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