Ulaan Ovoo operation. Photo by Prophecy Development.
Silver Elephant Mining (TSX:ELEF)and Battery Metals Royalties have announced that they have entered into a binding letter of intent pursuant to which Battery proposes to acquire a 45% equity interest of Silver Elephant’s wholly owned Mega Thermal Coal Corp. (formerly Asia Mining Inc.), which owns and operates the Ulaan Ovoo and Chandgana thermal coal mines in Mongolia through Mega Coal’s wholly-owned Mongolian subsidiaries for $6.3 million.
The proposed transaction, the company said, is a step to transform Silver Elephant to a pure silver mining and exploration company by monetizing non-core assets.
