FeOre waits the Mongolian Government approval
FeOre (ASX: FEO) can commence construction of infrastructure and other facilities at the Ereeny Iron Ore Project in Mongolia after receiving government approval for the project’s Feasibility Study.
The company has reached this milestone just three months after listing on the ASX
The study was approved by the Minerals Authority of Mongolia, with certain provisions relating to environmental aspects, local authorities’ requirements and renewal or modification of the Feasibility Study after three years.
Approval of the study is an important milestone leading up to the Ministry of Minerals and Energy will appoint a commission that will decide on the approval of mining operations.
Feore is aiming to have the Ereeny project in operation by the end of 2013.
Shares in Feore first began trading on the ASX on December 15, 2011, following a successful initial public offer of up to 140 million shares at A$0.25 to raise up to $35 million.
Ereeny project
FeOre’s 108.7 million tonne Ereeny iron ore project is located 60 kilometres from the major trans Mongolian railway line between Russia and China.
The project covers approximately 3.26 square kilometres and extends to depths of over 400 metres. It hosts an Indicated JORC Resource of 57.3 million tonnes and an Inferred JORC Resource of 51.4 million tonnes.
First rail haulage of iron ore from the project for sale is targeted within 24 months of FeOre’s listing on the ASX, which happened in December 2011.
Importantly, FeOre is in an ideal position to meet its goal having entered into a 10 year offtake agreement and a 10 year logistics agreement with China Railway Group subsidiary CRMI.
Through these two agreements CRMI has agreed to both transport and purchase FeOre’s iron ore product.
The company has reached this milestone just three months after listing on the ASX
The study was approved by the Minerals Authority of Mongolia, with certain provisions relating to environmental aspects, local authorities’ requirements and renewal or modification of the Feasibility Study after three years.
Approval of the study is an important milestone leading up to the Ministry of Minerals and Energy will appoint a commission that will decide on the approval of mining operations.
Feore is aiming to have the Ereeny project in operation by the end of 2013.
Shares in Feore first began trading on the ASX on December 15, 2011, following a successful initial public offer of up to 140 million shares at A$0.25 to raise up to $35 million.
Ereeny project
FeOre’s 108.7 million tonne Ereeny iron ore project is located 60 kilometres from the major trans Mongolian railway line between Russia and China.
The project covers approximately 3.26 square kilometres and extends to depths of over 400 metres. It hosts an Indicated JORC Resource of 57.3 million tonnes and an Inferred JORC Resource of 51.4 million tonnes.
First rail haulage of iron ore from the project for sale is targeted within 24 months of FeOre’s listing on the ASX, which happened in December 2011.
Importantly, FeOre is in an ideal position to meet its goal having entered into a 10 year offtake agreement and a 10 year logistics agreement with China Railway Group subsidiary CRMI.
Through these two agreements CRMI has agreed to both transport and purchase FeOre’s iron ore product.
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