Tuesday, 28 February 2012

Prophecy Coal opens TSX

Coal miner Prophecy Coal (CVE:PCY) said Monday that it opened the Toronto Stock Exchange along with staff and senior representatives from the TMX Group

The company, a diversified thermal coal production business, held its official TSX listing ceremony at TMX Broadcast Centre in Toronto at 9 am.

Chief executive John Lee joined Robert Fotheringham of TMX Group to open the market, the company said Monday. 

Among the guests in attendance at the ceremony were the Mongolian Ambassador to Canada and the Mongolian Trade Commissioner & Acting Consul, among others.

In November 2011, Prophecy Coal, a Vancouver-based company, received a license from the Mongolian government to build a 600 megawatt power plant at its Chandgana Tal thermal coal deposit. It also said that it plans to finish a power purchase deal and project financing this year.

Prophecy Coal develops and explores energy projects in Mongolia. Its flagship Ulaan Ovoo property started production in 2010 and its Chandgana mine mouth power plant is currently being permitted.

The company’s share price traded steady at 76 cents each on the Toronto Stock Exchange on Monday afternoon.

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