Aspire Mining Ltd (ASX:AKM) owns 100% of the Ovoot Coking Coal Project in northern Mongolia, which ranks as the second largest coking coal Project by Reserves in the Country. Aspire is focussed on the development of the Ovoot Project targeting a large scale open pit mining operation, to commence in 2016, producing up to 12 Mtpa high quality coking coal at full production.
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Aspire Mining study results support open cut coal mine
Aspire Mining (ASX:AKM) has received results from a conceptual mining study evaluating the viability of a mining operation at its 45% owned Nuurstei Coking Coal Project in Mongolia.
The aim of the study was to assess the economics for a conceptual open cut pit that would enable a significant portion of the deposit's Indicated Resource to be mined.
A preliminary internal project development time line shows first production is possible within 12 to 15 months, subject to permitting and funding.
Results suggest an internationally competitive delivered cost onto Chinese rail for a washed hard coking coal.
The 2017 drilling and sampling program which is budgeted at US$1.5 million is planned to confirm the study assumptions.
David Paull, managing director, commented:
"The Nuurstei Coking Coal Project provides a potential path to production and associated rail connectivity and a long term cash-flow source while the company continues to evaluate the world class Ovoot Coking Coal Project."
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