Prophecy Coal (T.PCY) lines up buyers for Mongolia coal
Prophecy Coal Corp. (TSX: T.PCY, Stock Forum) said Wednesday it has entered into binding coal sale contracts with a number of buyers, covering the sale of over 30,000 tonnes of coal per month from the company’s Ulaan Ovoo mine in Mongolia.
The buyers include cement plants, a metallurgical plant, a heat plant, chemical plants and Russian traders, the company said in a press release. All sales require pre-payment, Prophecy added.
Prophecy Coal shares were unchanged Wednesday at 12 cents, leaving the company with a market cap of $29.1 million, based on 242.9 million shares outstanding. The 52-week range is 19 cents and 8 cents.
The buyers include cement plants, a metallurgical plant, a heat plant, chemical plants and Russian traders, the company said in a press release. All sales require pre-payment, Prophecy added.
Prophecy Coal shares were unchanged Wednesday at 12 cents, leaving the company with a market cap of $29.1 million, based on 242.9 million shares outstanding. The 52-week range is 19 cents and 8 cents.
It is possibly very hard to imagine how different our world was 600 to 300 Million years ago. Back in the period that coal is formed from was dominated by plant live and very little animal life. The other factors were higher oxygen content in the atmosphere along with a much moister environment. Based on these factors being in place it is not that hard to visualize lush and plentiful plant growth. So in some areas large accumulations of plant material would accumulate on the ground and create bogs were the material was covered by water or other plant material and did not completely break down. With geological changes other materials were deposited on top of these bogs and with depth and pressure turned to rock. The pressure dries the material, compressed it and eventually turned it to Coal, a flammable rock. This way coal is formed & tends to be in veins and stratified. Various conditions created various qualities of coal deposits that are presently mined for energy.
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