Thursday, June 23, 2011

Prophecy's Mongolian coal projects progressing

Prophecy Coal Corporation's Ulaan Ovoo coal mine in Mongolia, near the Russian border, has produced nearly 230,000 t of thermal coal, removing over 1.5 million bank-cubic-metres of waste in the process. The Canadian-based company has also added 20,000 tonnes of coal, ready for export, to its stock yard.

Similarly, the Chandgana Power Plant, Prophecy’s flagship operation, which is located on the company's Chandgana coal project in southeast central Mongolia, is progressing.

Prophecy received a mining license for 141 Mt of coal, and submitted a feasibility study to the Mongolian Ministry of Natural Resources and Energy for approval, which it hopes to receive in the third quarter. John Lee, Prophecy`s chairman, said the company is pleased with both the Ulaan Ovoo and Chandgana mines' progress.

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