Fording announces higher coal prices Tight Market Conditions Contribute to Substantial Price Increase for 2005 Coal Sales CALGARY, Feb. 1 /PRNewswire-FirstCall/ -- Fording Canadian Coal Trust (TSX: FDG.UN, NYSE: FDG) announced today that Elk Valley Coal has completed almost all of its annual price and volume negotiations with its coal customers. Substantially all sales of metallurgical and other coal for the 2005 coal year beginning April 1, 2005 have now been priced at an average of U.S.$122 per tonne on an FOB west coast port equivalent basis. "The unprecedented demand for high quality hard coking coal has contributed to the significantly higher contract prices we have been able to secure for the 2005 coal year," said Jim Popowich, President of Fording Canadian Coal Trust. "Our decision to expand Elk Valley Coal's current metallurgical coal capacity by about 12% - from 25 million tonnes to 28 million tonnes - by the third quarter of 2005 should allow our unitholders to further benefit from these market conditions. Substantially all hard coking coal contracts for the 2005 coal year are priced at an average of U.S.$125 per tonne on an FOB west coast port equivalent basis. A small portion of 2005 calendar year sales are based on contracts that are not on the April 1 to March 31 coal year cycle. Sales for calendar 2005 also include some sales priced at 2004 coal year prices. In addition, some contracts include additional amounts for ocean freight and small volumes of PCI and thermal coal is sold for less than the hard coking coal price. Taking these factors into account, the weighted average price of 2005 calendar year sales for all coal is expected to be slightly over U.S.$100 per tonne, nearly double the average price of U.S.$52 per tonne obtained in 2004. Coal sales volumes for the 2005 calendar year are targeted to exceed 27 million tonnes, a 2 million tonne increase over our 2004 sales volumes. Achieving these targets will require Elk Valley Coal to continue running its operations at capacity and depends on the ability of rail and port service providers to handle the additional volumes, both of which are subject to many operating risks and other uncertainties. About Fording Fording Canadian Coal Trust is an open-ended mutual fund trust. Through investments in metallurgical coal and industrial minerals mining and processing operations, the Trust makes quarterly cash distributions to unitholders. The Trust, through its wholly-owned subsidiary, Fording Inc., holds a 60% interest in the Elk Valley Coal Partnership and is the world's largest producer of the industrial mineral wollastonite. Elk Valley Coal Partnership, comprised of Canada's senior metallurgical coal mining properties, is the world's second largest exporter of metallurgical coal, currently supplying approximately 25 million tonnes of high-quality coal products annually to the international steel industry. The Trust's shares are traded on the Toronto Stock Exchange under the ticker symbol FDG.UN and on the New York Stock Exchange under the symbol FDG. Forward-looking Information Certain information included in this document is of a forward-looking nature. Forward-looking information is subject to known and unknown risks, as well as uncertainties and other factors. Accordingly, actual results may differ materially from those expressed or implied in forward-looking information. Some of the risks, uncertainties and other factors affecting Fording Canadian Coal Trust are discussed in our public filings with the securities regulatory authorities in Canada and the United States. Copies of Fording Canadian Coal Trust's Canadian filings, including our most recent management information circular, annual information form, annual report, quarterly reports, material change reports and news releases, are available online at http://www.sedar.com/, and copies of our U.S. filings, including our most recent annual report on Form 40-F as supplemented by filings on Form 6-K, are available at http://www.sec.gov/. Information in this document is presented as of February 1, 2005 and is subject to change after this date. However, Fording Canadian Coal Trust disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. DATASOURCE: Fording Canadian Coal Trust CONTACT: Susan J. Soprovich, Director, Investor Relations, Fording Canadian Coal Trust, (403) 260-9834, ; Catherine Hart, Coordinator, Investor Relations, Fording Canadian Coal Trust, (403) 260-9817,

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