news is getting out media
Prophecy's Mongolian power plant gets nod
Mon Nov 21, 2011 3:38pm GMT
Nov 21 (Reuters) - Canada's Prophecy Coal Corp said authorities in Mongolia licensed its unit to construct a 600 megawatt power plant, sending the company's shares up 15 percent.Vancouver, British Columbia-based Prophecy said coal for the power plant, which will be located in Chandgana, will be supplied from one of the company's coal properties based in the same area.
The Chandgana Tal coal property contains 141 million tonnes of measured coal, the company said in a statement.
Chandgana, which is located in southeast central Mongolia, is linked by paved highway to both Mongolia's capital Ulaanbaatar and the Trans-Mongolian Railroad, making it directly accessible via rail to China.
Prophecy, which also owns properties in British Columbia and Ontario, said it expects to start construction of the power plant in the first quarter of 2013.
Shares of Prophecy were trading up 9 percent at 58 Canadian cents on Monday on the Toronto Stock Exchange.
© Thomson Reuters 2011. All rights reserved. Users may download and print extracts of content from this website for their own personal and non-commercial use only. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters and its logo are registered trademarks or trademarks of the Thomson Reuters group of companies around the world.