NEWS RELEASE

FOR: LUSCAR ENERGY PARTNERSHIP


AND LUSCAR COAL LTD.


February 28, 2003

Luscar Acquires Investment in Fording Canadian Coal Trust in Exchange for
Contribution of its Metallurgical Coal Assets

EDMONTON, ALBERTA--Luscar Ltd. today announced it has acquired 2.98 million
units (6.3%) of the Fording Canadian Coal Trust in exchange for the transfer of
its interests in its metallurgical coal assets and related port facility. The
units of the Fording Trust will trade on The Toronto Stock Exchange and the New
York Stock Exchange, beginning March 5, 2003. Luscar and CONSOL Energy Inc.
jointly owned the assets transferred. CONSOL has also transferred its share of
the assets to Fording on similar terms.

Luscar's investment in the Fording Canadian Coal Trust will allow it to benefit
from the operational and marketing synergy expected to result from the
consolidation of all the major metallurgical coal operations in Canada. The
Fording Trust is expected to pay quarterly cash distributions to unitholders,
the amount of which, if any, will depend on the profitability of its
metallurgical coal and other businesses. Luscar will no longer have any direct
holdings of metallurgical coal reserves and, as part of the transaction, has
agreed not to participate in the metallurgical coal business for a period of
five years from today's closing.

The transfer of the Luscar metallurgical coal operations is part of a larger
transaction that began when Sherritt Coal Partnership II (a partnership between
Sherritt International Corporation and Ontario Teachers' Pension Plan (and
Luscar's owners)) initiated a bid for Fording Inc., in October of 2002.
Subsequently, a multi-party agreement among Fording, Sherritt, Teachers', Teck
Cominco Limited, Westshore Terminals Ltd., CONSOL Energy and Luscar was reached
in early 2003, which has resulted in a restructuring of the Canadian coal
industry.

Sherritt Coal Partnership II has acquired Fording's thermal coal assets and
other mineral interests that formed their prairie operations. Luscar will manage
these operations. As part of the transaction, Fording has agreed not to
participate in the thermal coal business, other than as a by-product from its
metallurgical coal operations, for a period of five years from today's closing.
Sherritt and Teachers' are examining in which of their jointly owned corporate
entities the Fording prairie assets will be held, including within the Luscar
Energy Partnership.






Luscar has distributed $23 million (partially in the form of metallurgical coal
assets) to Sherritt and Teachers' coincident with the metallurgical coal
transactions. The asset portion of the distribution has been transferred by
Sherritt and Teachers' to Fording for 0.22 million units, bringing the total
number of units received for Luscar's metallurgical assets to 3.2 million or
6.8% of the Fording Trust.

The assets transferred include Luscar's:

* 50% interest in the Line Creek mine near Sparwood, B. C.;

* 50% interest in the Luscar mine near Hinton, Alberta;

* 50% interest in the Cheviot mine project;

* Related metallurgical reserves and resources; and

* 23.175% equity interest in the Neptune Bulk Terminals (Canada) Ltd. and its
terminal contract with Neptune.

Luscar will retain its share of certain reclamation liabilities associated with
the Luscar mine, now nearing the end of its reserve life. A portion of the
Luscar mine equipment and workforce will be retained to carry out reclamation.

Luscar is Canada's largest producer of thermal coal and operates nine coal mines
in Alberta and Saskatchewan, with the capacity to produce approximately 40
million tonnes annually. About 90% of the coal produced is sold under long-term
coal supply agreements to adjacent electric power stations that generate most of
the electric power required in those two provinces. About 10% of production is
sold to customers in Ontario and overseas markets. Luscar also receives royalty
income from production of its reserves and resources of thermal coal in western
Canada. In addition, Luscar produces value-added products related to its coal
mining operations, including char sold to charcoal briquette manufacturers and
humalite products sold to agricultural, environmental and industrial users.

Forward-Looking Information

This news release contains forward-looking statements. These forward-looking
statements are not based on historical facts, but rather on current expectations
and projections about future events and are subject to risks and uncertainties.
These risks and uncertainties could cause actual results to differ materially
from the future results expressed or implied by the forward-looking statements.






FOR FURTHER INFORMATION PLEASE CONTACT:

Luscar Energy Partnership
Ernie Lalonde
(416) 934-7655
Website: www.luscar.com

INDUSTRY:  MNG
SUBJECT:   STK

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