Prophecy Coal shares surge on 25 year power tariff agreement with Mongolian government
Prophecy Coal said that the numbers are in line with its final proposal submission to the Mongolian Ministry of Energy in February of this year. The numbers are in line with its final proposal submission to the Mongolian Ministry of Energy in February of this year.
Prophecy Coal Corporation surged on Friday after the company announced the final terms of a 25 year tariff agreement for the Chandgana coal mine mouth power plant project in Mongolia.
The major terms of the agreement include an initial tariff for the first year of the power plant operation, and a weighted average tariff for the remaining 24 years under the deal.
The company said that the numbers are in line with its final proposal submission to the Mongolian Ministry of Energy in February of this year.
Prophecy said that the deal is a major catalyst for the company that could lead to concluding the power purchase agreement with the government in an expedited manner, as well as to finalizing joint venture discussions with power companies, and the selection of a turnkey contractor for the project.
The Mongolian government assigned a working group for the Chandgana project, which was made up of 11 members, including officials from the Ministry of Energy, the Energy Regulatory Commission and private companies operating in the energy sector in the region.
With all major construction, environmental, mining, land use licenses and/or permits already in place, Prophecy said it is looking forward to possibly the country"s first major thermal independent power plant project.
Source-Proactive Investors
Prophecy Coal Corporation surged on Friday after the company announced the final terms of a 25 year tariff agreement for the Chandgana coal mine mouth power plant project in Mongolia.
The major terms of the agreement include an initial tariff for the first year of the power plant operation, and a weighted average tariff for the remaining 24 years under the deal.
The company said that the numbers are in line with its final proposal submission to the Mongolian Ministry of Energy in February of this year.
Prophecy said that the deal is a major catalyst for the company that could lead to concluding the power purchase agreement with the government in an expedited manner, as well as to finalizing joint venture discussions with power companies, and the selection of a turnkey contractor for the project.
The Mongolian government assigned a working group for the Chandgana project, which was made up of 11 members, including officials from the Ministry of Energy, the Energy Regulatory Commission and private companies operating in the energy sector in the region.
With all major construction, environmental, mining, land use licenses and/or permits already in place, Prophecy said it is looking forward to possibly the country"s first major thermal independent power plant project.
Source-Proactive Investors
Comments
Post a Comment