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Prophecy Coal Corp. (TSX:PCY,OTCQX:PRPCF,FWB:1P2) reported that coal mining operations at Ulaan Ovoo, Mongolia, have been temporarily suspended since July 2012 because the current stockpile of coal (187,000 tonnes) is sufficient to meet contractual supply obligations through the balance of 2012.
As quoted in the press release:
Approximately 80 mining staff were laid-off and paid aggregate severance of approximately $100,000 to comply with local employment laws. Some 15 staff members remain on site for equipment and site maintenance, shipping and security operations during the shutdown. With little local employment competition, the local labour force is expected to remain available for prompt rehire when needed. The shutdown is expected to run for approximately 6 months but could end sooner if any significant new coal sale agreements are entered into.
Click here to read the Prophecy Coal (TSX:PCY,OTCQX:PRPCF,FWB:1P2) press release
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