ProactiveInvestors: Prophecy Coal consolidates Chandgana Coal basin through Tugalgatai license deal

Prophecy Coal Corp. Monday entered into an agreement to acquire assets relating to certain Tugalgatai coal exploration licenses from Tethys Mining LLC. The Tugalgatai licenses are contiguous to the company’s Chandgana licenses which host a measured resource of 650 million tonnes and an indicated resource of 540 million tonnes of thermal coal. “By consolidating the Chandgana coal basin of approximately 300 square kilometers, Prophecy is looking for greater economies of scale to potentially produce low-cost electricity at the Chandgana mine mouth power plant, and further develop coal to chemicals and coal gasification projects,” Prophecy Coal chairman and CEO John Lee said. “It’s also possible to further increase the resource through exploration in this highly prospective basin.” To read the full article, click hereProphecy Coal consolidates Chandgana Coal basin through Tugalgatai license deal

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