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|Fortune Minerals Renames BC Metallurgical Coal Project|
|Thursday, 23 August 2012 10:14|
Fortune Minerals Ltd. and POSCO Canada Ltd. (POSCAN) announced that effective immediately, the Mount Klappan anthracite metallurgical coal project in northwestern British Columbia, Canada, has been renamed the Arctos anthracite project. The project is owned by the Arctos Anthracite Joint Venture (formerly the Klappan Coal Joint Venture), a joint venture between Fortune (80%) and POSCAN (20%), the Canadian subsidiary of Korean steel producer POSCO, the world’s third largest steel producer.
The name change signifies a new era for the proposed mine, and more accurately reflects the nature of the collaborative international development project. Robin Goad, president and CEO of Fortune, noted the motivation to rebrand was rooted in the fact that the former name for the proposed development led to incorrect impressions. “The previous name led some people to believe that the project would involve mining the entire mountain, which is incorrect,” said Goad. “In fact, our proposed mine involves an area north of the main peak around Lost Ridge.”
The project principals have learned – through discussions with the Tahltan people over the past several years – that the Klappan area encompasses a vast region beyond that of Mount Klappan or the Klappan River watershed.
Accordingly, use of the name Klappan can give the incorrect impression that the project will affect this entire area. In addition, a better appreciation of the significant spiritual and cultural importance of this area to the Tahltan and Iskut people contributed to the removal of the word Klappan from the project and joint venture names.
The new name—Arctos anthracite project—is a variant of the binomial nomenclature or ‘naming convention’ that is used to identify all living things. Ursus arctos most commonly refers to a brown bear, but the Greek word arctos was chosen in recognition that the bear is an enduring symbol of both strength and confidence. The choice of project name also reflects a desire to better acknowledge the land and environment in which the Arctos Anthracite Joint Venture operates.
“It is our goal to take any steps we can to build respectful, trusting relationships with Aboriginal groups and others with interests in the area,” said Yong Keun Kim, president, POSCAN. “The new name ensures that information on this project is clearer and can be better understood, but we hope it also helps us take one of many small steps toward enduring strong relationships with the populations who reside in our operating regions.”
The Arctos Anthracite Joint Venture is committed to the creation of a successful project in a manner that respects the land and its people. This means that the Arctos anthracite project will be developed in an environmentally sensitive manner that benefits Aboriginal people socially, culturally and economically. This will involve working in partnership with Aboriginal groups with interests in the area, relying on the most advanced mining and reclamation technologies in the industry, and committing to mining and transporting the anthracite coal in a sustainable manner that returns the land close to its previous state when the project is complete.
Arctos is one of the world’s premier metallurgical coal deposits and the most advanced Canadian deposit of high rank anthracite coal—a key ingredient in steel and metal processing. Previous expenditures total more than $90 million and have resulted in Measured Resources of 107.9 million metric tons (mt), Indicated Resources of 123 million mt and Inferred Resources of 359.5 million mt, and in-situ coal reserves of 106 million mt. The project is located 330 km northeast of the port of Prince Rupert, BC.