“The board has determined that the company has reached a critical stage and now requires Mr Lee to focus his time and attention on negotiating the major government and joint venture agreements for the development of the … Chandgana power plant project,” officials said.

The company has commenced a search for a new CEO to oversee the daily management responsibilities, with Prophecy hoping to complement Lee in his new role.

Lee will serve as interim CEO until a new candidate has been identified and appointed.

At the same time as Lee’s transition, Prophecy has also lost a director in Jivko Savov, who has resigned from the board.

“In light of recent increases to his responsibilities as director of global business development, merger and acquisition, and retail for Gazprom in London, Mr Savov has decided to focus his attention on his position with Gazprom,” the company said.

Savov will continue to assist Prophecy as an advisor.

The face of Prophecy has undergone many changes as of late – in November, it appointed Bailiikhuu Dambachultem as country adviser, Damdindjav Davaajav as a project manager and Bekzod Kasimov as business development manager.

The appointments came just after news the company had entered into a memorandum of understanding with an unnamed strategic partner to develop the Chandgana plant.