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.
