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Strategies & Market Trends : Dino's Bar & Grill -- Ignore unavailable to you. Want to Upgrade?

To: Goose94 who wrote (10092)	11/7/2014 1:17:27 PM
From: Goose94	Read Replies (1) \| Respond to of 203958

Fortress Minerals (FST.H-V) has finished marketing $250-million in financings, most of which it will use to acquire Kinross's Fruta del Norte gold project in Ecuador. The offerings are expected to close on Nov. 25. Fortress will pay $190-million in cash and $50-million in shares. The Lundin Family Trust put up the first $100-million, and for the remainder Mr. Lundin says he was, "very pleased to see such strong demand . . . even in the face of such difficult market conditions." Fruta del Norte will be a good move, if Fortress can better navigate Ecuador's difficult government. The project has over 10 million ounces of gold, but after two years of unpleasant and unsuccessful negotiations Kinross stopped work entirely in June, 2013. Fortress is acquiring Fruta del Norte at one-fifth the price Kinross paid in 2008. It bought Fruta del Norte's owner, Aurelian Resources Inc., for $1.2-billion. By 2011, Kinross realized that Ecuador was a revolting place for foreign miners when the government proposed several unfavourable regulations, including a steep 70-per-cent windfall tax. It levied the tax on large miners in the summer of 2013.