Prophecy Coal announced that the Mongolian Ministry of Natural Resources and Energy has officially endorsed its proposed Chandgana Power Plant project.
Last August, the company which is focused on energy, nickel and platinum group metals projects, appointed local Mongolian consultants to initiate feasibility and other studies on the planned 600MW Chandgana mine power plant as Prophecy holds the Chandgana coal deposit in central Mongolia.
The thermal power plant will be connected with Mongolia's existing Central and Eastern energy systems, part of the long-term development policy of the country to supply cleaner energy. It will be built directly beside Prophecy's permitted Chandgana Tal coal project.
The company said that as the power plant project scales up to 4,200MW there is potential to export the surplus power to China, with Beijing located just 1,000 kilometres to the south.
In April 2011, Prophecy submitted its application for power plant licensing to the Mongolian Energy Regulatory Authority which has also received the endorsement. Prophecy said it expects for the ERA to issue its final decision with regards to its application in the fourth quarter of the year.
Prophecy also said that it has been in discussions with several engineering, procurement and construction contractors in the hopes of finalizing an EPC contract immediately following the receipt of the power plant license.
(Sourced from www.steelguru.com)
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