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Aspire Mining Ltd’s (ASX:AKM) revised framework agreement for the construction of the railway servicing its Ovoot Coking Coal Project in Mongolia will have a positive impact.
The Northern Railway’s Erdenet to Ovoot Railway Consortium Agreement has been amended to include China Gezhouba Group International Engineering Co Ltd (CGGC).
CGGC will be the nominated joint EPC contractor for the rail project, and in combination with the China Railway Construction Corp subsidiaries it will provide technical and operational expertise.
CGGC to assist in fundingThere will also be financial benefits as the group will support Northern Railways LLC in sourcing debt and equity funding for construction of the railway project.
Aspire Mining has mining and exploration licences in Mongolia’s northern provinces and is focused on identifying, exploring and developing quality coking coal assets.
This progress comes on the back of the company appointing Neil Wilson, who has had substantial experience in Mongolian coal operations, as project manager.
Ovoot is its flagship project which is projected to initially produce 5 million tonnes per annum of saleable high-quality coking coal.
Based on the Ovoot Development Plan this will be loaded directly onto rail for delivery to markets including China, Russia, Eastern Europe and countries in northern Asia.
This article first appeared on www.proactiveinvestors.com.au
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