Canada's Prophecy Coal signs 30,000 mt/month Mongolian offtake deal

London (Platts)--8Oct2013/102 pm EDT/1702 GMT

Canadian coal producer Prophecy Coal said late Monday it had signed an additional offtake agreement with an undisclosed buyer for thermal coal from its idled Ulaan Ovoo mine in Mongolia.

Under the contract, Prophecy will supply 30,000 mt/month to the buyer, which it said was a "new customer with substantial presence in the region."

The first shipment is planned for November.
In August, Prophecy announced that it had sealed multiple sales contracts with a number of buyers for Ulaan Ovoo coal totalling 30,000 mt/month.

Prophecy said that during September it loaded coal from existing stocks at the mine site and railed it to customers.

"Fulfilling the off-take agreements is contingent on the mine restart as the quantity and quality of the existing stockpile are insufficient to supply customer demand beyond October, 2013," Prophecy said in a statement.

Prophecy said it was targeting mine operations to restart in November.

Operations at Ulaan Ovoo were suspended in July 2012. At the time, Prophecy said existing stocks were sufficient to meet contractual supply obligations and that the management was using the downtime to work with Mongolian officials to seek road and bridge improvements and to open the Zelta border to facilitate Russia export sales.

The Ulaan Ovoo mine contains 174 million mt of measured and 34 million mt of indicated resources, according to Prophecy's website. The bituminous coal has a calorific value of 5,040 kcal/kg with low ash (11.3%) and low sulfur (0.4%) properties.

Source:Prophecy Coal


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