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Prophecy Coal Corp. (TSX:PCY) announced that it has restarted mining operations at its Mongolia-based Ulaan Ovoo coal mine. The resumption was both on time and on budget.
Prophecy Coal Corp. (TSX:PCY) announced that it has restarted mining operations at its Mongolia-based Ulaan Ovoo coal mine. The resumption was both on time and on budget.
As quoted in the press release:
Since 2010, the Company has invested over $55 million at Ulaan Ovoo. This includes road and bridge construction, mining vehicles, mining camp, pre-stripping, and other infrastructure and community improvement. The Ulaan Ovoo thermal coal mine is strategically located 17 km from the Russian border and 120 km from both Mongolian and Russian rail links. Wardrop Engineering (Tetra Tech) estimated 174 Mt of measured and 34 Mt of indicated coal resources in an NI 43-101 report in 2010. The coal is bituminous (5,040 kcal/kg), low ash (11.3%), low sulphur (0.40%), and suitable for export. The mine features a single massive coal seam that is 45-80 m thick with an average strip ratio of 1.8:1. The first 8 years of mining requires no coal washing.
Click here to read the full Prophecy Coal Corp. (TSX:PCY) press release.Â
