Prophecy Coal Corp. (TSX:PCY,OTCQX:PRPCF,FWB:1P2) launched Prophecy Power Corp., the Company’s wholly-owned Mongolian subsidiary focused on the power sector in Mongolia.
As quoted in the press release:
Prophecy Power, formerly known as East Energy Corp, was incorporated in 2010 with the specific business objective of supplying power to Mongolia through the construction of the Chandgana Thermal Power Plant. Prophecy Coal’s Chandgana LLC in parallel will develop the Chandgana coal project to ensure fuel supply to Prophecy Power.
Prophecy Power’s proposed 600 MW (150 MW x 4) mine mouth power plant complex is to be built next to Prophecy Coal’s Chandgana coal deposit located in Central Mongolia, next to a paved highway, just 60 km from Undurkhann (east electricity grid connection leading to Cholbbalsan, and 120 km from Baganuur (west electricity grid connection leading to Ulaan Baatar).