Hier die offizielle Information, die ich per e-mail bekommen habe. Es muss jetzt jeder selbst entscheiden, ob das ein guter oder schlechter deal ist. Für mich persönlich ist das Abkommen das Lee hier erreicht hat sehr positiv. Er hat nun Einheimische an Board und das gibt bei der Regierung sicher Pluspunkte. Ich erwarte nun eigentlich einen wenn auch nur kleinen Kursschub.
Prophecy Coal Consolidates Chandgana Nyalga Coal Basin, and Enrols a Mongolian Shareholder to its Power Subsidiary
Vancouver, British Columbia, August 18, 2014 ? Prophecy Coal Corp. ("Prophecy" or the "Company") (TSX:PCY, OTCQX:PRPCF, Frankfurt:1P2) is pleased to announce that it has entered into binding agreements with Cosmo Coal LLC ("Cosmo") to:
1. Consolidate the assets of Prophecy"s wholly-owned subsidiary, Chandgana Coal LLC ("Chandgana Coal") with the assets of Tugalgatai Mining LLC ("Tugalgatai"), which is a wholly-owned subsidiary of Cosmo, into: Chandgana Tugalgatai Coal LLC, a newly-incorporated Mongolian company of which, Prophecy will own 51% and Cosmo will own 49%.
2. Transfer, for nominal consideration, 34% of the issued and outstanding shares of Prophecy"s wholly-owned subsidiary, Prophecy Power Generation LLC ("PPG") to Cosmo.
3. Accept Cosmo"s nomination of one new member to Prophecy's Board of Directors.
These actions are collectively referred to below as the "Transaction".
Further, Cosmo and Prophecy signed a non-binding intent letter in July whereby Cosmo agreed to assist PPG in securing a concession agreement and power purchase agreement, and Prophecy agreed to use its best efforts to bring to the power plant project equity investors, secure bank financing, and manage the equipment procurement and construction cycle.
Background and Rationale:
Chandgana holds the following exploration and mining licenses (collectively, the "Chandgana Licenses"):
Name NI43-101 Compliant Resource (million tonnes)*
Khavtgai Uul Exploration License XV-011654 509 measured, 539 indicated
Chandgana Tal Mining License MV-016767 110.9 measured
Chandgana Tal Mining License MV-010126 13.5 measured
Tugalgatai holds the following mining licenses (together, the "Tugalgatai Licenses"):
Name NI 43-101 Compliant Resource (million tonnes)
Tugalgatai Mining License MV-017399 N/A
Tugalgatai Mining License MV-017401 N/A
The Tugalgatai Licenses contain an estimated coal resource of 2.33 billion tonnes according to official records from the Minerals Resource Authority of Mongolia. The resource is considered a historic estimate derived from records prepared previously by a wholly-owned subsidiary of Vale S.A. This historic estimate was prepared to meet the Mongolian classification standard which may differ significantly from the Canadian Institute of Mining standard, was not prepared in accordance with NI 43-101, and uses resource categories that differ from those required under sections 1.2 and 1.3 of NI 43-101. The Company is unaware of the key assumptions, parameters and methods used to prepare the historic estimate and additional work would be required to verify the historic estimate as current mineral resources or reserves in accordance with NI 43-101. Prophecy expects to conduct exploration to prepare an NI 43-101 complaint estimate of the contained resource covered under the Tugalgatai Licences.
The Chandgana Licenses are contiguous to the Tugalgatai Licenses. The coal resources covered by the respective licenses are contained in the Nyalga Coal Basin located in Khentii Province in central Mongolia. The coal seams are continuous across the basin and outcrop to the north, with the main coal seam measuring up to 60m in thickness. The Chandgana Tal resource covered under mining licenses, located in the northeast part of the basin, is anticipated to be the starter pit with thick average coal seams of 40 meters and a mining strip ratio of 0.7 to 1.
By consolidating the resources of the Nyalga Coal Basin through the Transaction, Prophecy will control one of the largest undeveloped coal deposits in Mongolia. The Nyalga basin contains an abundant source of coal that is situated in an ideal location to develop major power, coal to gas, and coal to liquid projects. Consolidating control of the basin makes for the following positive attributes:
· It is located within only 5kms from the well-paved, trans-Mongolian highway, which should reduce construction and transportation costs;
· It is 135kms from Bagannur, which is connected to Ulaanbaatar via dual 220kv power transmission lines;
· It is located 350 kms from the nearest border to China;
· The coal resource consists of thick coal seams under shallow overburden making for favourable mining economics.
· The coal deposit contains low ash (i.e. less than 10%) and sulphur (i.e. less than 1%), with gross heat value of 3,300 to 3,600kcal/kg;
· The resources are located under flat surfaced land with no nearby forests, rivers or other features that would be an environmental concern;
· Approved land use rights are included which cover 5.5 square kms that are designated for power plant and industrial development;
· Approved environmental and construction licenses for the 600MW power plant are included; and
· Prophecy"s projects enjoy support from the local and regional communities.
If the 600MW power plant and coal mine begin operation, PPG and Chandgana are expected (based on current statistics) to be the largest private employer in Khentii province, and the largest private revenue contributor to the province.
The above land use rights, power plant construction and environmental licenses are all held by PPG, of which Cosmo will become a 34% shareholder (with Prophecy retaining 66%) upon completion of the Transaction.
Having a significant Mongolian shareholder in PPG could pave the way to the signing of a concession agreement and power purchase agreement with the Mongolian government.
Prophecy and Cosmo have met representatives from some of the world"s largest thermal power plant and coal to gas/coal to liquid developers. It is expected that the Transaction will bring about greater economies of scale, and enable synergies to fast-track the development of these projects.
The Transaction is expected to close by October 2014, subject to regulatory approval.
The technical contents of this news release have been reviewed and approved by Christopher M. Kravits, P.Geo, who is a Qualified Person as defined in NI 43-101. Mr. Kravits has 35 years of relevant US and international coal geology experience. He has been working actively in Mongolia since 2007.
* Khavtgai Uul and Chandgana Tal resource estimates are based on:
Updated Technical Report on the Coal Resources of the Chandgana Khavtgai Coal Resource Area, Khentii Aimag, Mongolia prepared by Kravits Geological Services LLC, dated September 28, 2010.
Technical Report Coal Resources and Preliminary Economic Assessment Coal Mine Component Chandgana Tal Coal Project, Khentii Province, Mongolia prepared by John T. Boyd Co., dated February 2014.
For the full version of the new release and disclaimer, please visit http://prophecycoal.com/...olian-shareholder-to-its-power-subsidiary/
About Prophecy Coal
Prophecy Coal Corp. is a Canadian company listed on the Toronto Stock Exchange engaged in developing energy projects in Mongolia. Further information on Prophecy Coal can be found at www.prophecycoal.com.
For more information about Prophecy, please contact
Mirza Rahimani
+1.604.563.0699
+1.888.513.6286
investorrelations@prophecycoal.com
www.prophecycoal.com
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