Prophecy, JUST Group Sign on Coal Purchase MOU

6 January 2011 (Last Updated January 6th, 2011 18:30)

Prophecy Resource has entered into a memorandum of understanding (MOU) with the JUST Group of Mongolia, which allows JUST to purchase a minimum of 1.2 million tons of coal from Prophecy's Ulaan Ovoo mine over the next three years. JUST will further re-sell the coal to end users in acc

Prophecy Resource has entered into a memorandum of understanding (MOU) with the JUST Group of Mongolia, which allows JUST to purchase a minimum of 1.2 million tons of coal from Prophecy's Ulaan Ovoo mine over the next three years.

JUST will further re-sell the coal to end users in accordance with back-to-back sales agreements entered into by all relevant parties, according to Prophecy.

The group will assist Prophecy with customer acquisition, revenue collection, customs and rail transportation within Russia's Buratya province.

Prophecy will offer a 3% commission of the final coal sales price to JUST as a consideration for its services.