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Silver Elephant Renewed DEIA License to Restart Ulaan Ovoo Operation
Vancouver, British Columbia--(Newsfile Corp. - September 18, 2023) - Silver Elephant Mining Corp...
About this update from Silver Elephant Mining Corp
[{"type":"text","content":"Silver Elephant Renewed DEIA License to Restart Ulaan Ovoo OperationVancouver, British Columbia--(Newsfile Corp. - September 18, 2023) - Silver Elephant Mining Corp. (TSX: ELEF) (OTCQX: SILEF) (FSE: 1P2) (\"Silver Elephant\" or \"the Company\") announces the Company has successfully renewed Detailed Environmental Impact Assessment license (\"DEIA\") required to restart Ulaan Ovoo coal operations. The DEIA is subject to renewal by the Ministry of Environment every 5 years. The Company has held 100% rights to Ulaan Ovoo mineral claims and mining licenses in Mongolia since 2007.Ulaan Ovoo features a single massive coal seam exposed to surface and highly sought-after quality of NCV 5000 kcal/kg, ash 5% and sulphur 0.3%. The Australia Newcastle thermal coal benchmark pricing currently quoted US$160 per tonne (NCV 6,000 kcal/kg, ash 15% sulphur 0.75%).A total of 18,757 tonnes of Ulaan Ovoo coal was exported to China via Erlian port from December 2022 to May 2023. The coal is then mostly transported to China eastern seaports from Erlian by rail. The Ulaan Ovoo operation stopped in May due to falling global thermal coal prices and scheduled equipment repair. The thermal coal prices in September have recovered since May however they are still trailing the prices at the start of the year. John Lee, CEO of Silver Elephant states: \"2023 was a remarkable year for the Company's Mongolia operation, which generated cashflow from Ulaan ovoo coal export to China. Our Mongolia subsidiaries are carefully managing expenses, while preparing to resume coal export as coal market conditions continue to improve alongside rising oil prices.\"The mine and coal export will remain on standby while Silver Elephant finalizes export pricing with potential coal buyers. About Mega Thermal Coal Corp.Mega Thermal Coal Corp. is a wholly-owned subsidiary of Silver Elephant, which owns and operates the Ulaan Ovoo mine. Ulaan Ovoo produced approximately 1 million tonnes of coal sold to over 30 international and Mongolian customers since 2007. Mega Thermal Coal Corp. also owns and operates Chandgana Khavtgai and Chandgana Tal coal mines in Mongolia. Further information on Mega Coal can be found at www.megacoal.ca.About Silver Elephant Mining Corp.Silver Elephant Mining Corp. is a premier silver mining company with its flagship Pulacayo-Paca silver projec...