Prophecy Coal says it has appointed its former chief executive officer as executive chairman of the Board in a bid to focus attention on the development of its Chandgana power plant in Mongolia. John Lee has now transitioned into the new role and will be negotiating the major government and joint venture agreements for Chandgana.
Prophecy has begun the search for a new chief executive officer to carry out the day-to-day management responsibilities as the company moves into becoming a developer of coal powered electricity. John Lee will continue in the position in the interim.
The company has also accepted the resignation of Jivko Savov as director. He will continue to assist the company as an advisor.
“In light of recent increases to his responsibilities as director of Global Business Development, M&A and Retail for Gazprom in London, Jivko Savov has decided to focus his attention on this position. The Board wishes to thank Jivko for his contribution to the company to date and looks forward to working with the company in the future,” says John Lee.
The Canadian-listed company is advancing development of a 600MW mine-mouth power plant adjacent to its Chandgana coal deposit. Prophecy’s Mongolian subsidiary, Chandgana Coal LLC, is expected to annually supply 3.5 million tonnes of coal to Prophecy Power for 25 years.
Chandgana Coal LLC controls more than 1.2 billion tonnes of thermal coal in the measured and indicated categories, including two mining licences containing 141 million tonnes of measured resource.
The Chandgana property comprises the Chandgana Tal and Khavtgai Uul licences. These resources are close to important infrastructure including towns, roads and electric transmission lines, and are linked by paved highway to Ulaanbaatar and the Trans-Mongolian Railway.