CALGARY - Fording Canadian Coal Trust (TSX:FDG.UN, TSX:TCK.B) said Thursday that the average price for the 2008 coal year is expected to nearly triple compared with a year ago.
The trust said, with Elk Valley Coal having completed negotiations for 90 per cent of its sales, the average price for 2008 coal year is forecast to be about US$275 per tonne for all coal products, compared with an average price of $93 for the 2007 coal year.
The coal year runs from April 1 to March 31.
The average price for the 2008 calendar year coal sales is forecast to be in the range of $195 to $205 per tonne, the trust said.
Through its 60 per cent stake in the Elk Valley Coal Partnership, Fording is the world's second-biggest exporter of hard coking coal used by global steelmakers to fire their blast furnaces.
Elk Valley has six mines in British Columbia and Alberta and is run by Teck Cominco Ltd., which owns 40 per cent of the partnership.
Teck Cominco also holds about'.95 per cent of Fording.
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