Korea Zinc plans 10-for-1 stock split
Rival Young Poong and private equity firm MBK Partners have been trying to take over the world's biggest zinc refiner.
Prophecy Development (TSX: PCY) reported that its Mongolian Ulaan Ovoo mine achieved a record monthly coal production of 37,800 tonnes in June.
The output record follows the restart of operations after a two-month halt that was the result of a delay in the approval of the mine’s 2019 environmental plan.
Ulaan Ovoo, located in northern Mongolia 17 kilometres from the Zeltura border to Russia, operates under a lease agreement whereby a private Mongolian company performs mining operations and pays Prophecy $2 for every tonne of coal shipped.
According to the Canadian company, the mine features an average strip ratio of 1.8 BCM waste/tonne of coal. The coal mined has yielded 5,000 kcal/kg GCV, less than 1%
In an NI 43-101 prefeasibility study performed back in 2010, measured resources at Ulaan Ovoo were estimated at 174 Mt, while indicated coal resources were estimated at 34 Mt.
