Copper $ 5.575 / lb 0.22%

Brent Crude Oil $ 62.24 / bbl -0.30%

Palladium $ 1806.9 / ozt -8.49%

Crude Oil $ 58.35 / bbl -0.21%

Natural Gas $ 4.242 / Btu -3.92%

Silver Futures $ 71.685 / ozt 0.01%

Aluminum Futures $ 2865.75 / ton 0.00%

Micro Gold Futures $ 4535.1 / ozt -0.30%

Micro Silver Futures $ 71.685 / ozt 0.03%

Platinum $ 2247.8 / ozt -3.04%

Gold Futures $ 4502.8 / ozt -0.31%

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MINING.COM Staff Writer

Posts by MINING.COM Staff Writer:

Fortune Oil increases investment in Armenian iron ore mines

Fortune Oil has increased its investment in Armenian iron ore mines after amending an option agreement. In January, Fortune took a 35% equity interest in Bounty Resource Armenia, a company which controls three iron ore mines in Armenia, for $24m with an option to increase this holding to 50% for an additional investment of $16m. The option exercise consideration of $16 million will be financed from the company's existing cash reserves.

MINING.COM Staff Writer | June 14, 2011 | 6:32 pm