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Prophecy Coal Corp. (TSX:PCY,OTCQX:PRPCF,FWB:1P2) has entered into a coal sales contract for the sale of 22,100 tonnes of thermal coal to a local Mongolian direct reduced iron (DRI) manufacturing plant.
Prophecy Coal Corp. (TSX:PCY,OTCQX:PRPCF,FWB:1P2) has entered into a coal sales contract for the sale of 22,100 tonnes of thermal coal to a local Mongolian direct reduced iron (DRI) manufacturing plant.
As quoted in the press release:
The Buyer has indicated that the initial 22,100 tonne purchase is to meet shortfalls from current suppliers and that it would eventually like to increase the supply from Prophecy to 300,000 tonnes on an annual basis. The Buyer currently purchases in excess of 850,000 tonnes of coal annually from various local suppliers.
Prophecy Chairman and CEO John Lee said:
“As we move past the mine establishment phase at Ulaan Ovoo, we anticipate steadily decreasing operating cost and increasing sales quantity and price. Our goal is to make Ulaan Ovoo operations cash flow positive in the near term without relying on Russian or Chinese export markets.”
Click here to read the Prophecy Coal Corp. (TSX:PCY) press release
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