The Conversation (0)
Prophecy Coal Corp. (TSXV:PCY,OTCQX:PRPCF,FWB:1P2) announced that its wholly-owned Mongolian subsidiary, East Energy Development LLC, has received the license certificate from the Mongolian Energy Regulatory Authority to construct the 600 MW Chandgana power plant.
As quoted in the press release:
In terms of size, this 600 MW (150 MW x 4) thermal power plant license is the first ever issued by the Mongolian government.
The license issuance paves the way to conclude Engineering, Procurement and Construction contractor (EPC) selection, Power Purchase Agreement (PPA) and Project Financing arrangement in 2012. Many of these discussions have been ongoing since early 2011. The target construction commencement date is Q1 of 2013.
Prophecy Chairman and CEO, John Lee, states:
“Prophecy has distinguished itself as the premier candidate to build the next Mongolian thermal power plant. There is an understanding among all stakeholders that Mongolia, being one of world’s fastest growing economies, needs additional power. With the IMF projecting a deficit of over 600 MW by 2016, this need has become critically urgent and can no longer be delayed.”
Click here to read the Prophecy Coal Corp. (TSXV:PCY,OTCQX:PRPCF,FWB:1P2) press release
Click here to see the Prophecy Coal Corp. (TSXV:PCY,OTCQX:PRPCF,FWB:1P2) profile.