INTERNATIONAL COAL NEWS

Prophecy taps new CFO

CANADIAN junior Prophecy Coal has appointed 20-year financial veteran Irina Plavutska as its new ...

Donna Schmidt

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She replaces Jeff Mason as CFO.

An internationally-experienced financial reporting, auditing and accounting expert who is fluent in English and Russian, Plavutska has been with the British Columbian miner since 2010 while serving as interim CFO and controller.

The company has also made Pat Purdy its corporate secretary.

Purdy, a senior corporate and securities paralegal with more than 20 years of experience in TSXV and TSX regulatory documentation and filings, joined Prophecy in April 2013.

Prophecy Coal announced late last month that it had entered into binding coal sales contracts for more than 30,000 tons per month of coal.

The company said buyers included cement plants, a metallurgical plant, a heat plant, chemical plants and Russian traders.

The miner’s flagship complex Ulaan Ovoo in Mongolia can support mining of up to 1 million tons per annum of coal with Prophecy saying it continued to survey its existing 28 customers and talk to new prospects to further increase its sales forecasts.

Mining at Ulaan Ovoo has been curtailed since July 2012 because the company had sufficient coal stockpiles to meet contractual supply obligations.

The first new-coal deliveries are anticipated to start in November when mining operations are expected to resume after pit-dewatering activities at Ulaan Ovoo are completed.

Some orders are being delivered now from an existing coal stockpile.

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