Aspire Mining announced annual report to shareholders
Aspire Mining Limited provide the Company Annual Report to shareholders. The company said that it successfully completed a significant milestone in its progress towards development of the Ovoot Coking Coal Project in northern Mongolia by the completion of the Ovoot Pre-Feasibility Study.
One of the outstanding features of the PFS was the high level of Coal Reserves within the 4km long, 1.5km wide, 300m deep Ovoot Project open pit at 178 million tonne. The Ovoot Project is now capable of supporting a 15 year mine life supplying up to 12 million tonne per annum of high quality coking coal to the growing markets in Asia. The scale of the Ovoot Project is such that it is now regarded as the second largest coking coal project in Mongolia and at full production it would make Aspire one of the largest coking coal producers in the world.
The delivery of the positive PFS paved the way for the grant of the Ovoot Project Mining Licence which was issued in August 2012. It also set the stage for high level discussions with Mongolian government officials regarding permitting and environmental approvals. In addition, the PFS provided the basis for discussions with potential customers of Ovoot Project coking coal, infrastructure providers, partners and financiers. The PFS confirmed the robust economics of the Ovoot Project and outlined the strength of the strategy for the staged development of the project with the decision taken to promote the Ovoot railway as part of a special purpose vehicle to be financed as a third party infrastructure facility.
Infill Coal Reserve drilling at the Ovoot Project deposit and Coal Resource modelling for the PFS together with additional geophysics during the year has significantly enhanced the Company's understanding of the geology and prospectivity for additional coking coal deposits within the Company's 509km2 licence area over the Ovoot Basin.
The results of these efforts have confirmed the potential for the Ovoot Basin to host additional deposits of both open cut and underground coking coal deposits.
Importantly, Aspire demonstrated during the year that developing the Ovoot Project and Northern Rail Line would provide much needed economic and social benefits to the north of Mongolia. In fact, in addition to the several thousand jobs that the Ovoot Project mine and railway would create, it would also be the catalyst for transforming the opportunities for the mainly herding population of the Khuvsgul province by the benefits of establishing a new rail linked to the Trans Mongolian rail network at Erdenet.
Aspire is proud of the many projects that it has already contributed to in the Khuvsgul province including investment in hospitals, schools, education and training. In October 2012, Aspire will be present at the opening of a new 20 bed hospital in Tsetserleg, a joint venture between the Khuvsgul Provincial Government and Aspire.
Source - Aspire Mining Limited
(www.coalguru.com)
One of the outstanding features of the PFS was the high level of Coal Reserves within the 4km long, 1.5km wide, 300m deep Ovoot Project open pit at 178 million tonne. The Ovoot Project is now capable of supporting a 15 year mine life supplying up to 12 million tonne per annum of high quality coking coal to the growing markets in Asia. The scale of the Ovoot Project is such that it is now regarded as the second largest coking coal project in Mongolia and at full production it would make Aspire one of the largest coking coal producers in the world.
The delivery of the positive PFS paved the way for the grant of the Ovoot Project Mining Licence which was issued in August 2012. It also set the stage for high level discussions with Mongolian government officials regarding permitting and environmental approvals. In addition, the PFS provided the basis for discussions with potential customers of Ovoot Project coking coal, infrastructure providers, partners and financiers. The PFS confirmed the robust economics of the Ovoot Project and outlined the strength of the strategy for the staged development of the project with the decision taken to promote the Ovoot railway as part of a special purpose vehicle to be financed as a third party infrastructure facility.
Infill Coal Reserve drilling at the Ovoot Project deposit and Coal Resource modelling for the PFS together with additional geophysics during the year has significantly enhanced the Company's understanding of the geology and prospectivity for additional coking coal deposits within the Company's 509km2 licence area over the Ovoot Basin.
The results of these efforts have confirmed the potential for the Ovoot Basin to host additional deposits of both open cut and underground coking coal deposits.
Importantly, Aspire demonstrated during the year that developing the Ovoot Project and Northern Rail Line would provide much needed economic and social benefits to the north of Mongolia. In fact, in addition to the several thousand jobs that the Ovoot Project mine and railway would create, it would also be the catalyst for transforming the opportunities for the mainly herding population of the Khuvsgul province by the benefits of establishing a new rail linked to the Trans Mongolian rail network at Erdenet.
Aspire is proud of the many projects that it has already contributed to in the Khuvsgul province including investment in hospitals, schools, education and training. In October 2012, Aspire will be present at the opening of a new 20 bed hospital in Tsetserleg, a joint venture between the Khuvsgul Provincial Government and Aspire.
Source - Aspire Mining Limited
(www.coalguru.com)
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