Off to the main board for New Millennium and Prophecy
TORONTO (miningweekly.com) – Two mining juniors are quitting kindergarten for big school on Wednesday, with iron-ore developer New Millennium Iron Corp. and Prophecy Coal, which has assets in Mongolia, both announcing approval to graduate to the TSX main board.
Both had been listed on the TSX Venture exchange, which is a useful place for exploration firms but, as these transform into producing companies, they usually look to move up.
Prophecy CEO and chairperson John Lee called the TSX the “premier global exchange for the mining industry”, and said having his company’s shares floated on it would broaden market exposure.
Some funds do not invest in perceivably risky TSX V-listed firms, only putting money into main-board listings.
New Millennium also said the move would increase its visibility to investors, and provide better access to capital.
The company owns iron-ore concessions in Labrador and Quebec, where it hopes to first build a smaller direct shipping ore operation, followed by a much larger mine and concentrator. India’s Tata Steel is a 27% shareholder in New Millennium.
Vancouver-based Prophecy, on the other hand, is developing the Ulaan Ovoo coal mine near Mongolia’s border with Russia.
It also hopes to build a power station at its Chandgana deposit, located east of Ulaan Bataar. The pan is to first construct a 600 MW plant to supply power to Mongolia, and later bump this up to 3 600 MW, which could also supply power to neighbouring China.
“Prophecy continues to achieve major milestones and expects to hear from the Mongolian government regarding license issuance of the company's flagship Chandgana power plant project soon,” Lee said in a statement.
Edited by: Creamer Media Reporter
Both had been listed on the TSX Venture exchange, which is a useful place for exploration firms but, as these transform into producing companies, they usually look to move up.
Prophecy CEO and chairperson John Lee called the TSX the “premier global exchange for the mining industry”, and said having his company’s shares floated on it would broaden market exposure.
Some funds do not invest in perceivably risky TSX V-listed firms, only putting money into main-board listings.
New Millennium also said the move would increase its visibility to investors, and provide better access to capital.
The company owns iron-ore concessions in Labrador and Quebec, where it hopes to first build a smaller direct shipping ore operation, followed by a much larger mine and concentrator. India’s Tata Steel is a 27% shareholder in New Millennium.
Vancouver-based Prophecy, on the other hand, is developing the Ulaan Ovoo coal mine near Mongolia’s border with Russia.
It also hopes to build a power station at its Chandgana deposit, located east of Ulaan Bataar. The pan is to first construct a 600 MW plant to supply power to Mongolia, and later bump this up to 3 600 MW, which could also supply power to neighbouring China.
“Prophecy continues to achieve major milestones and expects to hear from the Mongolian government regarding license issuance of the company's flagship Chandgana power plant project soon,” Lee said in a statement.
Edited by: Creamer Media Reporter
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