Fording provides synergies update
21 Giugno 2004 - 4:02PM
PR Newswire (US)
Fording provides synergies update CALGARY, AB, June 21
/PRNewswire-FirstCall/ -- Fording Canadian Coal Trust (TSX: FDG.UN,
NYSE: FDG) today announced that it has received the final opinion
report of the independent expert in respect of the synergies of Elk
Valley Coal Partnership for the coal year ending March 31, 2004.
The report indicates that sufficient synergies have been realized
such that the Trust's interest in the partnership would be reduced
to 60% effective April 1, 2004. The Trust and Teck Cominco are
reviewing the report. If either partner does not accept the
conclusions contained in the report, any outstanding dispute is to
be settled by binding arbitration. Accordingly, the actual change
in the Trust's ownership of the partnership will not be finalized
until this review process is completed. 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 65% ownership 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, capable of
supplying approximately 25 million tonnes of high-quality coal
products annually to the international steel industry. DATASOURCE:
Fording Canadian Coal Trust CONTACT: Catherine Hart, Coordinator,
Investor Relations, Fording Canadian Coal Trust, Ph. (403)
260-9817, Email:
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