Aspire Mining receives favorable study results for railway
Aspire is the largest coal tenement holder in Mongolia’s Northern provinces and is focused on identifying, exploring and developing quality coking coal assets.
Aspire Mining receives favorable study results for railway. Aspire is the largest coal tenement holder in Mongolia’s Northern provinces and is focused on identifying, exploring and developing quality coking coal assets. Aspire is the largest coal tenement holder in Mongolia’s Northern provinces. Aspire Mining received the first stage feasibility study results for the Erdenet to Ovoot railway in Mongolia, which conclude the project to be financially feasible. The capital cost to construct the railway is estimated at some US$1 billion plus contingency for a 20 million tonnes per annum capacity single line. Aspire owns the Ovoot Coking Coal Project and its development is dependent on the construction of the Erdenet to Ovoot railway. Aspire’s subsidiary Northern Railways now has the opportunity to continue its review of the study prior to commitment to the final stage feasibility study, which will take an estimated six months, The study will be used by China Development Bank and other Chinese policy banks in assessing an investment in the Erdenet to Ovoot Railway.The study commenced in September 2016 and provides an interim review of the Erdenet to Ovoot railway including sufficient design engineering to provide a 10% capital estimate, a construction schedule, a bill of quantities and financial analysis including the capital and operating cost estimates. The construction timeframe for the entire line is programmed out at 60 months from commencement to commissioning.
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