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“Celsius will benefit from the experience and the track record of Molyneux as the company looks to progress its existing coking and thermal coal projects in Kyrgyzstan towards commercialisation,” Celsius said on Thursday November 29.
Molyneux was sacked from his position as ceo of Mongolia-focused SouthGobi after a deal with the Aluminum Corp of China (Chalco) fell through.
Chalco decided not to proceed with the acquisition of up to a 60% stake in SouthGobi as it saw “minimal prospect of obtaining the necessary regulatory approvals” at the time.
Celsius Coal is currently focused on exploring and developing coking and thermal coal deposits in Kyrgyzstan.
The company has a 90% interest in the Sary Mogol and Bel Alma coal projects in the Alai Range region of southern Kyrgyzstan, and more recently acquired an 80% interest in the Tuyuk-Kargasha, Kokkia and Min Teke coal assets in the Uzgen Basin.
Alexander Molyneux, who was let go by SouthGobi Resources in September, has been made executive chairman at Kyrgyzstan-focused Celsius Coal, effective December 1.