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Prophecy Coal Corp. (TSX:PCY,OTCQX:PRPCF,FWB:1P2) announced its annual results for the 2013 fiscal year and provided an outlook for 2014. Highlights included $3.3 million in slaes revenue from its Ulan Ovoo mine, the sale of a coal shipment to a Russian customer with views to increase sales to Russia, and the completion of a feasibility study regarding the road from Prophecy’s Ulaan Ovoo mine.
As quoted in the press release:
Since resuming operations at Ulan Ovoo, management is primarily working towards improving mining practices in the areas of safety, cost containment and coal quality improvement. With these mandates and since near surface oxidized coal was removed in 2011 and 2012, the Company has been able to consistently mine higher grade thermal coal with GCV greater than 5,000 kcal/kg. With consistent, effective and efficient mining practices, management expects that approximately ninety percent of the coal mined at Ulan Ovoo will be greater than 5,000 kcal/kg in 2014 as was projected in the Wardrop Pre-Feasibility Study. As such, the Company is transitioning to supplying to a market for coal of GCV greater than 5,000 kcal/kg which realizes premium pricing, both in the Company’s domestic and neighbouring market, Russia.
Click here to read the Prophecy Coal Corp. (TSX:PCY) press release
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