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Prophecy inks 2 deals to sell 16,000 tonnes of coal from Ulaan Ovoo mine

Prophecy Development Corp. inked two sales and purchase agreements to sell a total of 16,000 tonnes of coal from its wholly owned Ulaan Ovoo coal mine in Mongolia.

The company will sell 10,000 tonnes of coal to Erdenet Mining Corp. and 6,000 tonnes to Selenge Energo Heat Plant, with the deliveries to be completed by February 2017.

Coal deliveries sourced from the existing Ulaan Ovoo stockpiles began in December, Prophecy said Dec. 28.

The company expects to generate positive cash flow from the deals.

In addition, Prophecy is evaluating and responding to the multiple unsolicited written expressions of interest it received from Russian, Chinese and Indian parties with regard to possible transactions including sales from Ulaan Ovoo or a joint venture involving the mine.

The company is also surveying existing and potential customers with a view to possibly restarting Ulaan Ovoo in 2017.