Prophecy’s Mongolian coal mine achieves record production

Prophecy Development (TSX: PCY) reported that its Mongolian Ulaan Ovoo mine achieved a record monthly coal production of 37,800 tonnes in June.

The output record follows the restart of operations after a two-month halt that was the result of a delay in the approval of the mine’s 2019 environmental plan.

Ulaan Ovoo, located in northern Mongolia some 17 kilometres from the Zeltura border to Russia, operates under a lease agreement whereby a private Mongolian company performs mining operations and pays Prophecy $2 for every tonne of coal shipped.

Ulaan Ovoo operation. Photo by Prophecy Development.

According to the Canadian company, the mine features an average strip ratio of 1.8 BCM waste/tonne of coal. The coal mined has yielded 5,000 kcal/kg GCV, less than 1% sulphur and low ash so it can be used for power plants, cement plants and heat boiler applications. 

Click here to continue reading...

Subscribe to the RSD email list and get the latest resource stock activity directly to your inbox, for free.

Part of the Stock Digest family of websites

Small Cap Stock Digest

MARKET SUMMARY

INDICES

Name Last Change
DOW 27025.90 0.09%
S&P 500 2997.95 0.28%
NASDAQ 8156.85 0.40%
TSX 16426.30 0.01%
TSX-V 544.07 0.00%

Resource Commodities

Name Last Change
Gold 1491.82 0.07%
Silver 17.54 0.00
Copper 2.59 2.587
Platinum 901.00 0.67%
Oil 53.93 1.06%
Natural Gas 2.32 0.65%
Uranium 24.88 0.00%