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Prophecy Coal Corp. (TSX:PCY,OTCQX:PRPCF,FWB:1P2) reported that since September 2011, it has sold and delivered some 188,915 tonnes of thermal coal, including 8,055 tonnes to Russia, 23,543 tonnes to private Mongolian companies, and 157,317 tonnes to Mongolian government owned power plants. In 2012, it has contracts to deliver an additional 228,388 tonnes.
Prophecy Coal Corp. (TSX:PCY,OTCQX:PRPCF,FWB:1P2) reported that since September 2011, it has sold and delivered some 188,915 tonnes of thermal coal, including 8,055 tonnes to Russia, 23,543 tonnes to private Mongolian companies, and 157,317 tonnes to Mongolian government owned power plants. In 2012, it has contracts to deliver an additional 228,388 tonnes.
As quoted in the press release:
Since 2010, the Company has invested over $30 million at Ulaan Ovoo, including road and bridge building, mining fleet, mining camp, pre-stripping, and other infrastructure and community improvement. Since September 2011, Prophecy has sold and delivered some 188,915 tonnes of thermal coal, including 8,055 tonnes to Russia, 23,543 tonnes to private Mongolian companies, and 157,317 tonnes to Mongolian government owned power plants.
The Company has contracts to deliver an additional 228,388 tonnes in 2012, the majority of which is to be delivered to the Darhan and Erdenet power plants in Mongolia. In just over a year, Prophecy’s Ulaan Ovoo mine has become the largest independent supplier of coal to Mongolian power plants, for the benefit of Mongolians.
There are currently approximately 130,000 tonnes of coal stockpiled at Ulaan Ovoo. Total sales target for 2012 is 300,000 tonnes of coal. For the rest of 2012, the Company expects a stabilized production cost and minimal capital expenditures at Ulaan Ovoo.
Prophecy Chairman and CEO John Lee, said:
“Ulaan Ovoo produces highly desirable thermal coal of NAR 5,100 kcal/kg quality to fulfill the regional demand of the thermal coal market. The coal inventory levels at Mongolian power plants this past winter were down to only a few days, which created a national emergency. We are committed to delivering our quota to Mongolian power plants in 2012, while continuing to work with the Mongolian government on the 600 MW Chandgana Power Purchase Agreement to address the long-term energy needs of this rapidly developing country and at the same time, provide a stable return to our shareholders.”
Click here to read the Prophecy Coal Corp. (TSX:PCY) press release
Click here to see the Prophecy Coal Corp. (TSX:PCY) profile.