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Prophecy to write off Chandgana investment in FY'17 results

Prophecy Development Corp. said March 20 that it will write off its Chandgana coal project investment in Mongolia in its 2017 results on the back of slower-than-expected development due to continued political uncertainty in the country.

To date, the company has invested over C$14 million in project development. However, it will continue to explore strategic alternatives for the Chandgana Khavtgai and Chandgana Tal coal licenses to maximize shareholder value.

Prophecy added that it recently received unsolicited interest in leasing its Ulaan Ovoo coal project in Mongolia that has been on standby since 2014. The parties are continuing talks and due diligence, but there is no assurance that any potential transaction will be concluded.

Meanwhile, the company said its ASC Bolivia LDC Sucursal Bolivia unit is working to secure approval to mine the Pulacayo-Paca silver-lead-zinc project in Bolivia while transitioning from the current joint venture contract to a mining production contract.