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VANCOUVER - Prophecy Coal Corp. ("Prophecy") is pleased to announce 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.
In terms of size, this 600 MW (150 MW x 4) thermal power plant license is the first ever issued by the Mongolian government. To ensure strict compliance with Mongolian laws and regulations in obtaining this license, Prophecy retained a number of Mongolian and international consultants over the past 18 months. Considerable efforts were also spent on community relations.
Coal for the Chandgana mine-mouth power plant will be supplied from Prophecy’s Chandgana Tal ("Tal") Deposit, for which the company has already obtained a full mining license. Tal contains 141 million tonnes of measured coal and is located just 9 km north of Prophecy’s Chandgana Khavtgai project; a deposit with over 1 billion tonnes of measured and indicated coal.
Chandgana is 60 km from Underkhann city (East Energy System), and 150 km from Baganuur city (Central Energy System). Construction of transmission lines linking the two cities through Chandgana is seen as a top priority for a much improved and efficient national Mongolian energy system.
John Lee, Chairman and CEO of Prophecy 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.”
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 has successfully navigated the permitting process through the diligent and concerted efforts of all those involved, and are grateful to the citizens and government of Mongolia for their continued support. With the above timeline in mind, we will focus on the next phases of development in order to achieve our goal of starting-up the first unit by January 2016. We look forward to working with all relevant agencies, authorities, and communities to commission the Chandgana plant. We are confident that our goals will be achieved within the stated timelines.” Mr. Lee states.
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