http://www.proactiveinvestors.com.au Proactiveinvestors RSS feed en Sat, 23 Jun 2018 18:35:54 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[Media files - Aspire Mining pleased with 'very good commercial outcomes' from rail feasibility study ]]> http://www.proactiveinvestors.com.au/companies/stocktube/9641/aspire-mining-pleased-with-very-good-commercial-outcomes-from-rail-feasibility-study-9641.html Thu, 21 Jun 2018 17:53:00 +1000 http://www.proactiveinvestors.com.au/companies/stocktube/9641/aspire-mining-pleased-with-very-good-commercial-outcomes-from-rail-feasibility-study-9641.html <![CDATA[News - Aspire Mining coking coal test results confirm premium product ]]> http://www.proactiveinvestors.com.au/companies/news/198982/aspire-mining-coking-coal-test-results-confirm-premium-product-198982.html Aspire Mining Ltd (ASX:AKM) has received results from pilot-scale carbonisation test work on a 300-kilogram bulk sample from its Nuurstei Coking Coal Project in Mongolia.

The tests confirm the presence of premium hard coking coal at Nuurstei which once washed will be very competitive on a quality basis with the best available coking coals on the market.

READ: Aspire Mining welcomes new Russia-Mongolia agreement lowering rail transit costs

Aspire’s executive chairman David Paull said: “These coke results demonstrate that coal from Nuurstei will be potentially sought after by Japanese and Korean steel producers as well as from Chinese steel mills where higher quality inputs into the steel industry are being sought.

“It also demonstrates that Mongolia can supply premium coking coals to the world’s steel industry.”

Results in prime hard coking coal category

The 300-kilogram washed sample was taken from a shallow open pit adjacent to the Nuurstei mining license, the coal being the up-dip surface expression of the Nuurstei deposit.

The coal scored a high CSR (coke strength reactivity) result of 78 - prime hard coking coals are normally specified at 68 to 72 CSR.

The coal’s CRI (coke reactivity index) score was a low 14.6, consistent with the high CSR score.

Two core coal assets in Mongolia

Aspire has two key assets in Mongolia, the wholly-owned Ovoot Coking Coal Project and a 90% stake in the Nuurstei Coking Coal Project.

Ovoot is a world-class asset containing 255 million tonnes of coal reserves which makes it the second largest coking coal project by reserves in Mongolia.

Aspire aims to commence a road-based production operation in the near-term at Nuurstei.

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Mon, 18 Jun 2018 09:28:00 +1000 http://www.proactiveinvestors.com.au/companies/news/198982/aspire-mining-coking-coal-test-results-confirm-premium-product-198982.html
<![CDATA[News - Aspire Mining welcomes new Russia-Mongolia agreement lowering rail transit costs ]]> http://www.proactiveinvestors.com.au/companies/news/198747/aspire-mining-welcomes-new-russia-mongolia-agreement-lowering-rail-transit-costs-198747.html Aspire Mining Ltd (ASX:AKM) stands to gain from the new cooperation agreement signed between Russia and Mongolia.

The agreement allows for Mongolian sourced freight to enjoy tariff discount on transit transport for its exports through Russia for 25 years.

Notably, Mongolian coal exports will receive a 66.4% discount and container transport a 52% discount on the Russian rail system.

Read: Aspire Mining welcomes growing support for rail for its coal mine

Aspire executive chairman David Paull said: “This rail cooperation agreement has two important positive impacts for Aspire.

“The first is that it lowers rail transit costs through Russia to Far East Ports and potentially west to the Black Sea Ports to a point where it is competitive with transport costs to Northern Chinese customers, opening up a larger and more diverse customer base.

READ: Aspire Mining responds to ASX price and volume query

Paull added “The second impact is the agreement from the Mongolian Government side to cooperate to assist Russian exports south from the Russian city of Kyzyl to connect with the Erdenet – Ovoot Railway once the Northern Corridor is completed.”

Aspire is the owner of the world class Ovoot Coking Coal Project in Mongolia. The full realisation of the project is dependent on the construction of the Erdenet to Ovoot Railway.

READ: Aspire Mining feasibility study review reduces railway construction cost

The Erdenet to Ovoot Railway extends 549 kilometres between the town of Erdenet and Aspire’s Ovoot Coking Coal Project.

It forms part of the proposed Northern Rail Corridor which extends across northern Mongolia into southern Russia.

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Wed, 13 Jun 2018 14:50:00 +1000 http://www.proactiveinvestors.com.au/companies/news/198747/aspire-mining-welcomes-new-russia-mongolia-agreement-lowering-rail-transit-costs-198747.html
<![CDATA[News - Aspire Mining responds to ASX price and volume query ]]> http://www.proactiveinvestors.com.au/companies/news/198736/aspire-mining-responds-to-asx-price-and-volume-query-198736.html Aspire Mining Ltd (ASX:AKM) yesterday received a query from the ASX related to the company’s shares rising from 2.1 cents last Friday to 2.7 cents yesterday.

The company responded to the query explaining that it was not aware of any information that had not been released to the market potentially responsible for the 28.5% price rise on high volume.

Trade meetings in China

Aspire did note that the Shanghai Cooperation Organisation had its meeting in Qingdao, China, over the weekend of 9 to 10 June 2018.

On the sidelines of this meeting, the three presidents of Russia, China and Mongolia had a separate meeting to discuss trade and transport infrastructure through Mongolia.

Reported by Russia’s TASS news agency

On 9 June 2018 Russia’s TASS news agency reported on a meeting between Russian President Vladimir Putin, Chinese leader Xi Jinping and Mongolian President Battulga.

In the news article President Putin noted:

• The rapid increase in container traffic via China, Mongolia and Russia including a 2.7 times increase in 2017 and nearly a 4 times increase in March 2018 quarter;
• That plans are in place to upgrade the Russian - Mongolian Ulaanbaatar railway and adjacent segments (a development program for this railway until 2030 is under preparation and the first stage provides for investments amounting to US$260 million during 2018 to 2020);
• That the three countries had been working together to remove excessive administration barriers in order to ensure uninterrupted trade flows; and
• That Russia supports a Mongolian initiative to build oil and gas pipelines from Russia to China via Mongolia subject to conducting a thorough feasibility study.

READ: Aspire Mining feasibility study review reduces railway construction cost

Aspire’s executive chairman David Paull said: “For Aspire’s rail subsidiary, Northern Railways LLC, progress on the expansion of the Ulaanbaatar Railway’s Central Line to make capacity available for the Erdenet – Ovoot Railway is welcome news.

“As is further confirmation of the rapid growth in container based trade volumes between Russia and China through Mongolia.

“It’s worth noting that the recently completed Rail Feasibility Study for the Erdenet – Ovoot Railway did not allow for any transit freight demand yet still demonstrated a competitive after tax rate of return on rail equity investment of 13.6%.”

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Wed, 13 Jun 2018 08:32:00 +1000 http://www.proactiveinvestors.com.au/companies/news/198736/aspire-mining-responds-to-asx-price-and-volume-query-198736.html
<![CDATA[News - Aspire Mining feasibility study review reduces railway construction cost ]]> http://www.proactiveinvestors.com.au/companies/news/198138/aspire-mining-feasibility-study-review-reduces-railway-construction-cost-198138.html Aspire Mining Ltd (ASX:AKM) has completed its review of the 547.7-kilometre Erdenet to Ovoot rail feasibility study.

Notably, the total construction cost in Chinese renminbi before contingencies is 11% less than the primary feasibility study estimate completed in January 2017.

Given movements in the exchange rate, the total cost in US dollars remains at US$1.25 billion.

Feasibility study work continues

While Aspire’s wholly owned rail subsidiary, Northern Railways LLC (NR) has completed its review of the rail study, work continues.

NR, China Gezhouba International Ltd (CGGC) and its engineers continue to address a number of matters and opportunities.

The rail feasibility study will now be provided to the Mongolian Ministry of Roads and Transportation for its review and approval.

READ: Aspire Mining welcomes growing support for rail for its coal mine

The rail feasibility study sets a minimum 8% after tax rate rail project rate of return with a minimum 12% equity after tax rate of return.

Applying a below rail or sometimes described as a capacity tariff, of US3.4 cents per tonne per kilometre to use the railway, provides the following financial outcomes.

This tariff both meets the minimum financial return hurdles and provides for a competitive transport cost for Ovoot Project and Nuurstei Project coking coal into end markets.

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Mon, 04 Jun 2018 10:49:00 +1000 http://www.proactiveinvestors.com.au/companies/news/198138/aspire-mining-feasibility-study-review-reduces-railway-construction-cost-198138.html
<![CDATA[News - Aspire Mining major shareholder purchases more stock on market ]]> http://www.proactiveinvestors.com.au/companies/news/197883/aspire-mining-major-shareholder-purchases-more-stock-on-market-197883.html Aspire Mining Ltd (ASX:AKM) has had major shareholder, Tserenpuntsag Tserendamba, increase its stake in the company to 16.10% from 14.77%.

The share purchases took place on-market across four consecutive trading days, the final day being yesterday.

In total, 39.23 million shares were purchased for about $664,000.

READ: Aspire Mining has numerous share price catalysts on the horizon

Aspire has two key assets in Mongolia, the wholly-owned Ovoot Coking Coal Project and a 90% stake in the Nuurstei Coking Coal Project.

Ovoot is a world-class asset containing 255 million tonnes of coal reserves which makes it the second largest coking coal project by reserves in Mongolia.

The reserve is largely from a single large open pit mine and supports a 21-year mine life producing up to 10 million tonnes per annum of ‘fat' coking coal.

This is sought after in the Chinese market due to its blend carrying characteristics and the ability to improve coke quality when blended with lower quality coking coals.

READ: Aspire Mining welcomes growing support for rail for its coal mine

Aspire stands to gain from the growing support for the Erdenet to Ovoot Railway from both within Mongolia and the Tuva Republic in the Russian Federation.

The Erdenet to Ovoot Railway extends 549 kilometres between the town of Erdenet and Aspire’s Ovoot Coking Coal Project, both in Mongolia.

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Wed, 30 May 2018 14:49:00 +1000 http://www.proactiveinvestors.com.au/companies/news/197883/aspire-mining-major-shareholder-purchases-more-stock-on-market-197883.html
<![CDATA[News - Aspire Mining welcomes growing support for rail for its coal mine ]]> http://www.proactiveinvestors.com.au/companies/news/197323/aspire-mining-welcomes-growing-support-for-rail-for-its-coal-mine-197323.html Aspire Mining Ltd (ASX:AKM) stands to gain from the growing support for the Erdenet to Ovoot Railway from both within Mongolia and the Tuva Republic in the Russian Federation.

The Erdenet to Ovoot Railway extends 549 kilometres between the town of Erdenet and Aspire’s Ovoot Coking Coal Project, both in Mongolia.

It forms part of the proposed Northern Rail Corridor which extends across northern Mongolia into southern Russia.

READ: Aspire Mining is one of the most traded stocks on the ASX today

Northern Railways LLC, a wholly-owned subsidiary of Aspire, received a senior delegation from the Tuva Republic during their official visit to Mongolia last week.

MoU signed supporting continued cooperation

As part of the visit, a memorandum of understanding (MoU) was signed with Northern Railways.

The MoU supports continued cooperation on seeing the rail corridor completed to Kyzyl and to support transit freight volumes.

The Northern Rail Corridor is an important part of the Tuva Republic’s economic development plan.

Tuva’s Deputy Chairman of Government said in an interview that the Russian Government is interested in the implementation of the Erdenet to Ovoot Railway Project which will boost trade and economic development between Russia and Mongolia. 

Further provincial support from Mongolia

During a recent Citizens’ Representative Council meeting in Khuvsgul Province where both Aspire’s Nuurstei and Ovoot Coking Coal Projects are located, the council reiterated its support for the Erdenet to Ovoot Railway.

In a following TV interview, the Governor of Khuvsgul emphasised the need for resource projects to fund needed infrastructure in the region and the rail benefits to the local community.

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Mon, 21 May 2018 09:49:00 +1000 http://www.proactiveinvestors.com.au/companies/news/197323/aspire-mining-welcomes-growing-support-for-rail-for-its-coal-mine-197323.html
<![CDATA[News - Aspire Mining is one of the most traded stocks on the ASX today ]]> http://www.proactiveinvestors.com.au/companies/news/196789/aspire-mining-is-one-of-the-most-traded-stocks-on-the-asx-today-196789.html Aspire Mining Ltd (ASX:AKM) is one of the most traded stocks today on the ASX by share volume.

Just after the midday, over 44 million shares in the company had exchanged hands on the ASX.

Shares in the company were also trading up 12.5% to 1.8 cents.

READ: Aspire Mining receives speeding ticket from ASX after shares surge 25% under high volumes

During late-April, the company received an ASX price and volume query after its shares surged as much as 25% in one day.

The company’s principal activities are the development of two coal projects in Mongolia.


Aspire has two key assets in Mongolia, the wholly-owned Ovoot Coking Coal Project and a 90% stake in the Nuurstei Coking Coal Project.

READ: Aspire Mining has numerous share price catalysts on the horizon

Ovoot is a world-class asset containing 255 million tonnes of coal reserves which makes it the second largest coking coal project by reserves in Mongolia.

The reserve is largely from a single large open pit mine and supports a 21-year mine life producing up to 10 million tonnes per annum of ‘fat' coking coal.

Nuurstei is a smaller nearer-term project targeting first production by the first quarter of 2019.

Following a large rights issue in December, drilling and a feasibility study should be completed on the Nuurstei project by mid-year.

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Fri, 11 May 2018 12:55:00 +1000 http://www.proactiveinvestors.com.au/companies/news/196789/aspire-mining-is-one-of-the-most-traded-stocks-on-the-asx-today-196789.html
<![CDATA[News - Aspire Mining receives speeding ticket from ASX after shares surge 25% under high volumes ]]> http://www.proactiveinvestors.com.au/companies/news/195605/aspire-mining-receives-speeding-ticket-from-asx-after-shares-surge-25-under-high-volumes-195605.html Aspire Mining Ltd’s (ASX:AKM) share price surged 25% on Monday under record volumes.

The company’s principal activities are the development of two coal projects in Mongolia.

In the absence of any news relating to those projects, the ASX has queried the share price spike.

High-volume trading

The ASX pointed to the intra-day high of 1.25 cents, up from the previous day’s close of 1 cent, implying a gain of 25%.

Drawing further attention to the group was the fact that more than 60 million shares were traded compared with average daily trading volumes of 2.5 million shares in March.

Aspire holds no explanation

Management said that it wasn’t aware of any information concerning it that had not been announced to the market.

Consequently, this could be a larger investor taking a sizeable position in the company ahead of some potentially market-moving upcoming milestones.

Aspire is preparing to bring the Nuurstei Coking Coal Project in Mongolia's north into production following the completion of a feasibility study.

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Tue, 24 Apr 2018 08:35:00 +1000 http://www.proactiveinvestors.com.au/companies/news/195605/aspire-mining-receives-speeding-ticket-from-asx-after-shares-surge-25-under-high-volumes-195605.html
<![CDATA[Media files - Aspire Mining on track with railway to exploit major Mongolian coking coal project ]]> http://www.proactiveinvestors.com.au/companies/stocktube/9117/aspire-mining-on-track-with-railway-to-exploit-major-mongolian-coking-coal-project-9117.html Fri, 20 Apr 2018 19:51:00 +1000 http://www.proactiveinvestors.com.au/companies/stocktube/9117/aspire-mining-on-track-with-railway-to-exploit-major-mongolian-coking-coal-project-9117.html <![CDATA[News - Aspire Mining has numerous share price catalysts on the horizon ]]> http://www.proactiveinvestors.com.au/companies/news/195198/aspire-mining-has-numerous-share-price-catalysts-on-the-horizon-195198.html Aspire Mining Ltd (ASX:AKM) has two key assets in Mongolia, the wholly-owned Ovoot Coking Coal Project and a 90% stake in the Nuurstei Coking Coal Project.

Ovoot is a world-class asset containing 255 million tonnes of coal reserves which makes it the second largest coking coal project by reserves in Mongolia.

The reserve is largely from a single large open pit mine and supports a 21-year mine life producing up to 10 million tonnes per annum of ‘fat' coking coal.

This is sought after in the Chinese market due to its blend carrying characteristics and the ability to improve coke quality when blended with lower quality coking coals.

Making progress with rail project

The commencement of production from Ovoot is planned to align with the commissioning of the Erdenet to Ovoot Railway.

Aspire only announced last week that it had entered into a new memorandum of understanding (MoU) with China Gezhouba Group International Engineering Co Ltd.

READ: Aspire Mining enters new MoU to progress railway for coal project

The Erdenet to Ovoot Railway extends 549 kilometres between the town of Erdenet and Aspire’s Ovoot Coking Coal Project, both in northern Mongolia, and forms part of the proposed Northern Rail Corridor.

The Erdenet to Ovoot Railway is part of the proposed Northern Rail Corridor.

Having delivered the draft Erdenet to Ovoot rail feasibility study in March 2018, the relevant parties are working quickly to finalise the feasibility study by May 2018.

Potential to ramp-up Ovoot to 10 million tonnes per annum

Examining Ovoot’s production profile, the expectation from the completion of two feasibility studies is that the project will initially produce 5 million tonnes per annum.

A high-quality coal is anticipated, which will be loaded directly onto rail for delivery to markets including China, Russia, Eastern Europe and North Asian countries.

As demand increases, Aspire believes it could ramp up production to 10 million tonnes per annum.

Asset valuations the near-term price driver

While developments regarding infrastructure are important from a longer-term perspective, the most likely near-term share price catalysts lie in the company’s ability to place a value on its assets.

This brings the Nuurstei project under the spotlight as management is targeting first production by the first quarter of 2019.

While Ovoot is potentially a large-scale, long-life project, it will take some time to bring into production.

Consequently, in focusing on near-term value drivers at Aspire, Proactive Investors puts the Nuurstei project under the microscope and assesses imminent share price catalysts.

Plans to upgrade and extend resource

As a backdrop, in August 2017 Aspire exercised its option to acquire a further 45% interest in the Nuurstei project, taking its total interest to 90%.

Nuurstei is being evaluated as a near-term mine development, producing a washed hard coking coal.

The project is about 10 kilometres from the Khuvsgul provincial capital of Moron which has recently been connected to the nearest railhead at Erdenet by a sealed road.

Nuurstei is around 160 kilometres east of the Ovoot project.

In October 2017, the company received a mining licence covering the Nuurstei resource area.

Previous drilling had identified a modest indicated resource of 4.7 million tonnes with 8.1 million tonnes in the inferred category.

A 2018 drilling program has been designed to upgrade and extend the resource base.

It is anticipated that this would support a mine development based on supplying a 1-million tonnes per annum on-site wash plant.

Healthy margins at US$200 per tonne CFR

Preliminary internal cost assessments, which are the subject of confirmation in the feasibility study, point to healthy margins at current pricing which is in the vicinity of US$200 per tonne CFR.

This implies that Aspire as the seller would be absorbing the cost of transport.

Aspire managing director David Paull said: “The market for coking coal remains robust with historically healthy pricing of hard coking coals of the quality that we expect Nuurstei can produce.”

Conceptual mining study indicates positive economic metrics

The key takeaway with Nuurstei is that a conceptual mining study of a near-surface mining area focused on the indicated resource has delivered positive economic metrics.

The study concluded that there was the potential for the Nuurstei project to become a competitive cost near-term producer of coking coal.

This is based on trucking coal 420 kilometres to the nearest railhead at Erdenet, and adopting the strategy of focusing on near-surface mineralisation drives down costs.

Nuurstei not reliant on big-ticket infrastructure projects

Unlike Ovoot, Nuurstei isn’t reliant on a major infrastructure project to be completed, a development that is capital intensive and time-consuming.

That said, costs would reduce significantly once coal from Nuurstei could be transported via the Erdenet to Ovoot Railway.

The Northern Rail Corridor also forms part of China's One Bel One Road initiative.

In the interim though, from a group perspective, Nuurstei would provide valuable cash flow to assist in perhaps expanding its production and/or developing Ovoot.

Share price catalysts leading up to production

There are a number of catalysts that could ignite Aspire’s share price prior to coming into production.

Management expects to have a feasibility study completed by the end of the June quarter of 2018 which will provide a significant insight into the project’s economic viability.

It will also provide investors with a reasonable indication of a likely timeline in terms of moving to production, often the most significant share price catalyst for any mining project.

Drill results and offtake agreements

Other key catalysts are the exploration program being undertaken by Aspire and the outcome of discussions with potential offtake customers in Korea and China.

A 58-hole, 10,000-metre infill and resource extension drilling campaign is targeting shallow open pit mineralisation.

READ: Aspire Mining commences resource conversion drilling ahead of feasibility study

The main objective is to convert a proportion of the inferred resource into the indicated category through additional sampling and for proximate and coal washability analysis.

100,000-tonne mining contract will be a test case

A mining contract has been let to a Mongolian contractor, PSST LLC, to mine 100,000 tonnes of raw coal from a mine adjacent to the Nuurstei mining licence.

This coal will be used by Aspire to test logistics and cost assumptions to be used in the Nuurstei project feasibility study.

Transport of this raw coal is along the existing road and rail facilities for delivery to export markets in China and potentially seaborne markets through Russian rail and ports.

Washable coking coal simulations

At this stage, management is assessing the potential to establish a 1 million tonnes per annum wash plant at Nuurstei, a system that will be employed by PSST LLC.

The coal seams being mined are extensions of the seams in the Nuurstei project and will also be used to provide washed coking coal simulations.

Commercial trial quantities will be used for marketing purposes through toll washing in China.

To assist with logistical operations for the trial, a weighbridge and mobile ash analyser have been acquired.

Along with the current infill drilling program and feasibility study, developments regarding the wash plant viability and associated funding could move the share price. 

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Wed, 18 Apr 2018 08:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/195198/aspire-mining-has-numerous-share-price-catalysts-on-the-horizon-195198.html
<![CDATA[News - Aspire Mining enters new MoU to progress railway for coal project ]]> http://www.proactiveinvestors.com.au/companies/news/194896/aspire-mining-enters-new-mou-to-progress-railway-for-coal-project-194896.html Aspire Mining Ltd (ASX:AKM) has entered into a new memorandum of understanding (MoU) with China Gezhouba Group International Engineering Co Ltd (CGGC).

The Erdenet to Ovoot Railway extends 549 kilometres between the town of Erdenet and Aspire’s Ovoot Coking Coal Project, both in Mongolia.

Having delivered the draft Erdenet to Ovoot rail feasibility study in March 2018, CGGC and Northern Railways have agreed to work quickly to finalise the feasibility study within May 2018.

The rail feasibility is a key document for targeting project financing.

READ: Aspire Mining receives draft study that confirms financial viability of Mongolian rail route

CGGC will look to fund the remaining Erdenet to Ovoot Rail concession agreement pre-development work as per the previous October 2017 MoU.

However, this will be subject to receiving a guarantee that the connecting rail line will have sufficient capacity to carry the additional freight once connected.

Also, that there be sufficient time to complete the remaining pre-development work and conditions precedent pursuant to the rail concession agreement.

Northern Rail will enter into an EPC contract with CGGC in November 2018 subject to construction funding being available.

Mongolian prime minister’s visit

The new MoU was signed as part of the Mongolian prime minister’s official visit to China.

This was an important official visit being the first for the current Mongolian prime minister, Ukhnaa Khuretsukh.

In August 2015, Northern Railways was granted an exclusive 30 years concession by the Mongolian government to build and operate the Erdenet to Ovoot Railway.

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Fri, 13 Apr 2018 09:07:00 +1000 http://www.proactiveinvestors.com.au/companies/news/194896/aspire-mining-enters-new-mou-to-progress-railway-for-coal-project-194896.html
<![CDATA[News - Aspire Mining appoints experienced corporate executive to its board ]]> http://www.proactiveinvestors.com.au/companies/news/194679/aspire-mining-appoints-experienced-corporate-executive-to-its-board-194679.html Aspire Mining Ltd (ASX:AKM) has appointed experienced corporate executive Alex Passmore as a non-executive director.

This fills a vacancy on the board of the Mongolian focused coal company caused by the recent retirement of long-serving non-executive chair David McSweeney.

READ: Aspire Mining chairman retires after eight years of service

Passmore will bring to Aspire’s board the benefits of a strong financial and technical background in the resource sector.

Aspire’s managing director David Paull said: “We welcome Alex to the board.

"With his extensive experience and knowledge of the resources industry and landscape, we are delighted that he has joined the board.”

Equity capital markets experience

Passmore has held technical roles in the mining industry and then senior positions in the institutional debt financing and equity capital market arenas.

More recently he has assumed executive positions with listed resource companies.

READ: Aspire Mining sends bulk Nuurstei coal sample for coke oven testing

Aspire will undertake a 58-hole drilling program at its near-term production asset, the Nuurstei Coking Coal Project in Mongolia.

The company is engaging the local community in additional consultation regarding the drilling and other project plans.

The drilling program aims to upgrade the JORC resource of 4.7 million tonnes of indicated resources and 8.1 million tonnes of inferred resources.

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Wed, 11 Apr 2018 08:24:00 +1000 http://www.proactiveinvestors.com.au/companies/news/194679/aspire-mining-appoints-experienced-corporate-executive-to-its-board-194679.html
<![CDATA[News - Aspire Mining sends bulk Nuurstei coal sample for coke oven testing ]]> http://www.proactiveinvestors.com.au/companies/news/193586/aspire-mining-sends-bulk-nuurstei-coal-sample-for-coke-oven-testing-193586.html Aspire Mining Ltd (ASX:AKM) is advancing a feasibility study for the Nuurstei Coking Coal Project in northern Mongolia with a bulk sample sent for coke oven testing.

An indicative sample taken from the project is on its way to Australia for comprehensive tests in a coke oven.

The tests are another step in the feasibility study for the project, in which Aspire holds 90%.

READ: Aspire Mining attracts $16.5 million to advance coking coal project in Mongolia

Aspire aims to begin a road-based operation at Nuurstei and then access the new Erdenet to Ovoot Railway two years later.

The proximity of Nuurstei to existing infrastructure provides Aspire with an opportunity to assess a road-based operation before construction of the rail line is complete.

Drilling program is delayed

An infill drilling program at Nuurstei has been temporarily delayed while the company engages in additional consultation with the local community.

The 58-hole program is aimed at converting a proportion of the JORC inferred resource inventory into an indicated resource.

Nuurstei has 4.7 million tonnes of indicated resources and 8.1 million tonnes of inferred resources.

READ: Aspire Mining commences resource conversion drilling ahead of feasibility study

Drilling is also aimed at extending the resource base to support a mine development based on supplying a 1 million tonnes per annum wash plant on site.

Managing director David Paull said: “The market for coking coal remains robust with historically healthy pricing of hard coking coals of the quality that we expect Nuurstei can produce.”

Depending on results of the 2018 drilling program, future positive economic studies, funding and granting of approvals and licences, a road-based operation could commence by 2019.

Contract at adjacent operation

Aspire has also entered a contract to buy 100,000 tonnes of raw coal from a mine adjacent to Nuurstei.

This coal is being mined by Aspire on behalf of the owner to provide commercial samples and confirm logistics paths and costs for the feasibility study.

The coal seams being mined are extensions of the seams in the Nuurstei project.

They will also be used to provide washed coking coal simulations and commercial trial quantities for marketing purposes through toll washing in China.

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Thu, 22 Mar 2018 09:55:00 +1100 http://www.proactiveinvestors.com.au/companies/news/193586/aspire-mining-sends-bulk-nuurstei-coal-sample-for-coke-oven-testing-193586.html
<![CDATA[News - Aspire Mining receives draft study that confirms financial viability of Mongolian rail route ]]> http://www.proactiveinvestors.com.au/companies/news/193584/aspire-mining-receives-draft-study-that-confirms-financial-viability-of-mongolian-rail-route-193584.html Aspire Mining Ltd’s (ASX:AKM) rail subsidiary Northern Railways LLC has received a draft feasibility study which confirms the financial viability of the Erdenet to Ovoot Railway in Mongolia.

The comprehensive draft was delivered by China Gezhouba Group International Ltd (CGGC) and Northern Railways has started reviewing and assessing the document.

Costs comparable to first study

After a preliminary review of the draft, Northern Railways has identified that costs of construction are comparable to the first stage feasibility study completed in January 2017.

CGGC continues to engage with a range of debt and equity providers interested in funding the project.

READ: Aspire Mining rail partners seek future freight capacity guarantees

These funding sources are conditional on completing outstanding conditions of the rail concession agreement, including a capacity guarantee on the Trans Mongolian Railway.

This section of rail is the first stage of the proposed Northern Rail Corridor linking Erdenet to Kyzyl in Russia.

CGGC a nominated EPC contractor

The rail concession agreement for the Erdenet to Ovoot section was recently amended to include CGGC as a nominated EPC contractor for the project.

All participants in the agreement, including the Mongolian Government, agreed to the amendment.

The combination of CGGC and the China Railway Construction Corp subsidiaries involved in the project provides a strong technical, operational and financially powerful alliance.

These subsidiaries are China First Survey & Design Institute Group Co Ltd and China Railway 20 Group Bureau Corporation, which is the other joint EPC contractor.

READ: Aspire Mining's revised rail consortium brings technical and financial benefits for Ovoot

The Northern Rail Corridor has attracted a high level of interest in China, partly owing to its implications in that country’s New Silk Road initiative to improve Euro-Asian trade.

The Northern Rail Corridor would form part of China’s New Silk Road initiative.

As such, China Development Bank and Silk Road Fund along with other potential investors have expressed some funding interest.

Russian design agreement

Northern Railways recently entered into an agreement with Russian design institute Mosgiprotrans to jointly prepare a preliminary economic assessment (PEA) for the next section of the Northern route.

This section will potentially extend from Ovoot to Arts Suuri at the Russian border and onto the city of Kyzyl in Russia.

Northern Railways will work with a Mongolian design institute to complete the PEA for the Mongolian section.

This PEA will then be jointly presented to Chinese funding institutions, including the Asian Infrastructure Investment Bank to seek funding for a feasibility study.

The agreement with Mosgiprotrans is evidence of the Russian support for the Northern Rail Corridor.

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Thu, 22 Mar 2018 09:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/193584/aspire-mining-receives-draft-study-that-confirms-financial-viability-of-mongolian-rail-route-193584.html
<![CDATA[News - Aspire Mining chairman retires after eight years of service ]]> http://www.proactiveinvestors.com.au/companies/news/193427/aspire-mining-chairman-retires-after-eight-years-of-service-193427.html Aspire Mining Ltd (ASX:AKM) non-executive chairman David McSweeney has retired from the board of directors.

McSweeney was appointed to the board in February 2010 with the acquisition of the Ovoot Coking Coal Project in Mongolia.

He has overseen the achievement of many milestones in his tenure.

David Paull to assume chairman role while replacement is identified

Aspire’s managing director David Paull said: “All at Aspire thank David for his invaluable counsel and contribution over his 8 years with us.

“Having recently completed the $16.5 million capital raising in December 2017, David has left the company is in an excellent position to pursue its objectives going forward.”

Paull will assume the executive chairman role on a temporary basis until a suitably qualified and experienced candidate is identified.

READ: Aspire Mining commences resource conversion drilling ahead of feasibility study

Aspire recently commenced a drilling program at its near-term production asset, the Nuuersti Coking Coal Project in Mongolia.

The drilling program aims to upgrade the JORC resource.

This will assist with the financing of an exploration program and feasibility study as it aims to bring Nuuersti into production by 2019.

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Tue, 20 Mar 2018 11:53:00 +1100 http://www.proactiveinvestors.com.au/companies/news/193427/aspire-mining-chairman-retires-after-eight-years-of-service-193427.html
<![CDATA[News - Aspire Mining commences resource conversion drilling ahead of feasibility study ]]> http://www.proactiveinvestors.com.au/companies/news/193192/aspire-mining-commences-resource-conversion-drilling-ahead-of-feasibility-study-193192.html Aspire Mining Ltd (ASX:AKM) has just embarked on its drilling program at the Nuuersti Coking Coal Project in Mongolia as it aims to upgrade the resource.

The company is cashed up following a capital raising in 2018.

This will assist with the financing of an exploration program and feasibility study as it aims to bring Nuuersti into production by 2019.

READ: Aspire Mining attracts $16.5 million to advance coking coal project in Mongolia

The company has mobilised rigs in preparation for the drilling of 58 holes.

Conversion of inferred resource to indicated category

The immediate aim is to convert a proportion of the JORC inferred resource inventory into and indicated resource through additional sampling.

As the company approaches the feasibility stage, it is drawing closer to production.

David Paull, managing director, said: “The market for coking coal remains robust with historically healthy pricing of hard coking coals of the quality that we expect Nuurstei can produce.”

Testing logistics and cost assumptions

Aspire will also mine the 100,000 tonnes of raw coal from the deposit adjacent to the Nuurstei Project mining licence.

This will provide the company with the information required to test logistics and cost assumptions that will be used in the Nuurstei feasibility study.

Transport of the raw coal is along the existing road and rail facilities for delivery to export markets in China and potential seaborne markets via the Russian rail and port system.

Coal seams are extensions to Nuurstei

The coal seams being mined in the adjacent area are extensions of the coal seams in the Nuurstei Project.

They will also be used to provide washed coking coal simulations and commercial trial quantities for marketing purposes through toll washing in China.

The Nuurstei Project development is subject to the outcomes of the current infill drilling programme, feasibility study and wash plant funding.

However, management noted that preliminary internal cost assessments which are the subject of confirmation in the feasibility study point to healthy margins at current pricing.

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Thu, 15 Mar 2018 09:17:00 +1100 http://www.proactiveinvestors.com.au/companies/news/193192/aspire-mining-commences-resource-conversion-drilling-ahead-of-feasibility-study-193192.html
<![CDATA[News - Aspire Mining rail partners seek future freight capacity guarantees ]]> http://www.proactiveinvestors.com.au/companies/news/191739/aspire-mining-rail-partners-seek-future-freight-capacity-guarantees-191739.html Aspire Mining Ltd (ASX:AKM) and its investment partner in the Erdenet to Ovoot Rail Project in Mongolia will extend the option period for an investment agreement in order to confirm future rail capacity guarantees.

China Gezhouba Group Corporation International Ltd (CGGC) has agreed with Aspire and its rail subsidiary Northern Railways LLC to extend the option for three months to 15 May 2018.

The future capacity guarantees are being sought for freight from Northern Railways south along the Trans Mongolian Railway.

READ: Aspire Mining's revised rail consortium brings technical and financial benefits for Ovoot

CGGC has confirmed that the guarantees are the only outstanding documentation required for approval of its investment into the project.

A binding MOU was signed in October 2017 providing for CGGC to complete the final feasibility study for the rail project.

CGGC was also given the opportunity to earn a 51% shareholding in Northern Railways by funding it to complete the other conditions of the concession agreement with a decision to be made by 15 February 2018.

Ulaanbaatar Railways JSC has confirmed that Northern Railways' freight demand along the Trans Mongolian Railway has been included in its forward capacity planning.

The extension will allow the partners to discuss with other stakeholders the securing of future commitments to carry freight.

Feasibility study completion brought forward

CGGC has also confirmed that the feasibility study, which was due to be delivered on or before 31 March 2018, is now expected to be submitted by the end of February.

Completion of the study is a key condition in the concession agreement and will allow for more advanced funding discussions with potential investors, including China Development Bank.

READ: Aspire Mining attracts $16.5 million to advance coking coal project in Mongolia

Aspire also has the Nuurstei and Ovoot coking coal projects, which will benefit from the Erdenet to Ovoot Rail Project and the eventual Northern Rail Corridor through northern Mongolia to Russia.

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Fri, 16 Feb 2018 08:55:00 +1100 http://www.proactiveinvestors.com.au/companies/news/191739/aspire-mining-rail-partners-seek-future-freight-capacity-guarantees-191739.html
<![CDATA[News - Aspire Mining's revised rail consortium brings technical and financial benefits for Ovoot ]]> http://www.proactiveinvestors.com.au/companies/news/190945/aspire-mining-s-revised-rail-consortium-brings-technical-and-financial-benefits-for-ovoot-190945.html 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 funding

There 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.

READ: Aspire Mining makes key appointment on coking coal production path Railway crucial in terms of bringing product to market

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.

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Thu, 01 Feb 2018 09:40:00 +1100 http://www.proactiveinvestors.com.au/companies/news/190945/aspire-mining-s-revised-rail-consortium-brings-technical-and-financial-benefits-for-ovoot-190945.html
<![CDATA[News - Aspire Mining makes key appointment on coking coal production path ]]> http://www.proactiveinvestors.com.au/companies/news/190271/aspire-mining-makes-key-appointment-on-coking-coal-production-path-190271.html Aspire Mining Ltd (ASX:AKM) has made a key operational appointment as it aims to begin producing coking coal from its 90%-owned Nuurstei project in northern Mongolia within 18 months.

Neil Wilson, who has experience in Mongolian coal operations, has been appointed project manager.

The role will involve managing an upcoming drilling and sampling program, the mining and delivery of raw coal purchases, and completion of a feasibility study.

He will also be involved in future mine construction and operation.

READ: Aspire Mining attracts $16.5 million to advance coking coal project in Mongolia

Wilson has had a long international history in the mining industry with five years of experience in Mongolia.

This included three years as mining director for Macmahon Mongolia running the Tavan Tolgoi coal operations on behalf of the Mongolian Government.

David Paull, managing director, said: “The development of the Nuurstei Coking Coal Project is a key strategy for the company in 2018.

“The funding from the recently completed rights issue places the company in a good position for what promises to be a busy 2018.”

Drilling and support services contract

Aspire has signed a drilling and support services contract with Ferrostaal Mining Services.

Ferrostaal will provide a full suite of project development services to enable Aspire to quickly and efficiently complete the project feasibility study.

Access and water permits are being prepared with Ferrostaal mobilisation to occur immediately after.

This company is a Mongolian/German joint venture headed by Julien Lawrence, formerly chief operating officer for TerraCom Limited in Mongolia.

A reserve statement will be completed

Aspire will also appoint RPM Global to provide technical advisory services, including JORC 2012 compliance oversight for the drilling and sampling program.

It will also provide a resource model including 2018 drilling program results, will update resources and complete a reserve statement.

Nuurstei has an indicated resource of 4.75 million tonnes and an inferred resource of 8.1 million tonnes.

Raw coal purchase

Aspire has agreed to purchase 100,000 tonnes of raw coal from the Mongolian Government agency which owns and operates a mine adjacent to Nuurstei.

This mine is producing small quantities of raw coal for local thermal uses.

The purchase price has been set at a cost plus margin basis with mining being undertaken by a contractor under Aspire supervision.

Aspire will also ensure that 16,000 tonnes of thermal coal will be provided to the agency so as it can meet local sales commitments.

It is estimated that it will take six months to mine this raw coal.

Testing logistics and cost assumptions

This strategy has been adopted to test logistics and cost assumptions to be used in the Nuurstei feasibility study by transporting this coal along existing road and rail facilities for delivery to export markets in China.

The raw coal for mining occurs as extensions of Nuurstei coal seams.

It will also be used to provide washed coking coal simulations and commercial trial quantities for marketing purposes through toll washing in China.

Mining licence received

In October 2017 the company received a mining licence covering 860.91 hectares of the Nuurstei project and providing Aspire with a minimum 30 year tenure over the area.

Nuurstei is viewed as a low capital cost starter project which could assist with development of Aspire’s much larger Ovoot Coking Coal Project 160 kilometres to the west.

READ: Aspire Mining's David Paull talked railway to production at Proactive's CEO Sessions

Full realisation of the Ovoot project is dependent on construction of the Erdenet to Ovoot Railway which is being progressed by Aspire subsidiary Northern Railways LLC.

It is intended to use road-based infrastructure for Nuurstei until such time as the Erdenet to Ovoot section of the proposed Northern Rail Corridor is built.

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Fri, 19 Jan 2018 10:10:00 +1100 http://www.proactiveinvestors.com.au/companies/news/190271/aspire-mining-makes-key-appointment-on-coking-coal-production-path-190271.html
<![CDATA[News - Aspire Mining’s major shareholder Noble Group increases stake ]]> http://www.proactiveinvestors.com.au/companies/news/188826/aspire-minings-major-shareholder-noble-group-increases-stake-188826.html Aspire Mining Ltd (ASX:AKM) has revealed major shareholder, Noble Group Limited (SGX:CGP), has increased its stake in the company to 19.9%.

Noble increased its stake from 18.2% as a result of the issue of shares in the recent rights issue.

READ: Aspire Mining attracts $16.5 million to advance coking coal project in Mongolia

Aspire recently successfully completed its fully underwritten $16.5 million pro-rata renounceable entitlement offer at an issue price of $0.012 per share.

The funds will be used to expedite development of Aspire’s 90% owned Nuurstei Coking Coal Project in Mongolia.

Aspire aims to take the project into production within 18 months.

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Fri, 15 Dec 2017 08:06:00 +1100 http://www.proactiveinvestors.com.au/companies/news/188826/aspire-minings-major-shareholder-noble-group-increases-stake-188826.html
<![CDATA[News - Aspire Mining attracts $16.5 million to advance coking coal project in Mongolia ]]> http://www.proactiveinvestors.com.au/companies/news/188692/aspire-mining-attracts-165-million-to-advance-coking-coal-project-in-mongolia-188692.html Aspire Mining Ltd (ASX:AKM) has successfully completed its fully underwritten $16.5 million pro-rata renounceable entitlement offer at an issue price of $0.012 per share.

The funds will be used to expedite development of Aspire’s 90% owned Nuurstei Coking Coal Project in Mongolia.

READ: Aspire Mining's David Paull talked railway to production at Proactive's CEO Sessions

Aspire aims to take the project into production within 18 months.

The company is now planning to undertake a drilling and exploration program at the Nuurstei project.

Rights issue details

Eligible shareholders had the opportunity to subscribe for six new shares for every five shares held at an issue price of $0.012 each.

The rights issue was fully underwritten by Patersons Securities Limited and sub-underwritten by the company’s major shareholder Noble Group (SGX:CGP).

Noble subscribed for the full amount of its entitlement (circa $2.97 million) and took up a further amount of $0.59 million on a priority sub-underwriting basis.

This takes Noble’s voting power in the company to 19.9% on an undiluted basis.

Drilling and exploration program commencing

Aspire has planned a $2 million drilling and exploration program at the Nuurstei Coking Coal Project.

The program aims to increase current resources and establish an ore reserve, which will then lead to a new resource model planned to be completed in the first quarter of 2018.

Capital costs for the development of Nuurstei have been further refined, with the current estimate of US$13 to US$14 million to be confirmed in the feasibility study process.

The end objective of these studies is to confirm an economically viable mining operation commencing within an estimated 18 month period.

READ: Aspire Mining rights issue to unlock coking coal production

David Paull, managing director, said: “Further to our announcement on Tuesday 5 December, we are pleased to have successfully raised the full amount of $16.5 million from the fully underwritten rights issue.

“The underwriting was supported by a strong panel of institutional sub-underwriters seeking to position themselves as shareholders and we welcome them in that capacity.

“Our focus is now squarely on confirming the feasibility and commencing the development of the Nuurstei Coking Coal Project.”

Debt reduction on track

Aspire intends to pay $0.19 million of the funds raised under the rights issue to Noble which, when combined with Noble’s participation in the rights issue, will result in a total reduction of $3.75 million in the amount owing to Noble.

This completes the first of a further series of transactions designed to reduce the existing US$6.65 million debt owing under the Noble Facility to US$1.8 million.

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Wed, 13 Dec 2017 11:27:00 +1100 http://www.proactiveinvestors.com.au/companies/news/188692/aspire-mining-attracts-165-million-to-advance-coking-coal-project-in-mongolia-188692.html
<![CDATA[News - Aspire Mining closes rights issue to support development of Nuurstei coal mine ]]> http://www.proactiveinvestors.com.au/companies/news/188315/aspire-mining-closes-rights-issue-to-support-development-of-nuurstei-coal-mine-188315.html Aspire Mining Ltd (ASX:AKM) has closed its 6:5 renounceable rights issue which will raise up to $16.5 million.

The funds will be used to expedite development of Aspire’s 90% owned Nuurstei Coking Coal Project in Mongolia.

The company aims to take the project into production within 18 months.

There was a shortfall in take up of the offer by eligible shareholders.

The rights issue is fully underwritten by the company’s major shareholder Noble Group (SGX:CGP).

READ: Aspire Mining rights issue to unlock coking coal production

Allocation of the shortfall will be made in consultation with the underwriter.

All new securities under the offer are expected to be issued on 11 December 2017.

Normal trading is expected to commence on 12 December 2017.

Board members support rights issue

Aspire’s board members agreed to take up entitlements to a combined total minimum of A$500,000.

The company now plans to undertake a drilling and exploration program at the Nuurstei project.

This aims to increase current resources and establish an ore reserve, which will lead to a new resource model planned to be complete in the first quarter of 2018.

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Wed, 06 Dec 2017 11:50:00 +1100 http://www.proactiveinvestors.com.au/companies/news/188315/aspire-mining-closes-rights-issue-to-support-development-of-nuurstei-coal-mine-188315.html
<![CDATA[News - Aspire Mining opens rights issue to fast-track coal mine development ]]> http://www.proactiveinvestors.com.au/companies/news/187493/aspire-mining-opens-rights-issue-to-fast-track-coal-mine-development-187493.html Aspire Mining (ASX:AKM) has today opened its 6:5 renounceable rights issue priced at $0.012 with a 1:4 attaching option to raise up to A$16.5 million.

Significantly, the rights issue is fully underwritten and the company’s major shareholder, Noble Group (SGX:CGP), has pre-committed to take up its entitlement in full. 

Funds raised are to be used to expedite development of Aspire’s 90% owned Nuurstei Coking Coal project in Mongolia with the aim of taking the project into production within 18 months.

The rights issue is scheduled to close at 5.00PM AEDT on Monday, 4 December 2017.

READ NOW: Aspire Mining's David Paull talked railway to production at Proactive's CEO Sessions READ NOW: Aspire Mining rights issue to unlock coking coal production ]]>
Mon, 20 Nov 2017 19:52:00 +1100 http://www.proactiveinvestors.com.au/companies/news/187493/aspire-mining-opens-rights-issue-to-fast-track-coal-mine-development-187493.html
<![CDATA[News - Aspire Mining's David Paull talked railway to production at Proactive's CEO Sessions ]]> http://www.proactiveinvestors.com.au/companies/news/187186/aspire-mining-s-david-paull-talked-railway-to-production-at-proactive-s-ceo-sessions-187186.html Aspire Mining Ltd's (ASX:AKM) managing director, David Paull, joined Proactive's CEO Sessions in Melbourne and Sydney this week.

Aspire is undertaking a transformational funding transaction allowing the company to pursue near-term coking coal production from Nuurstei in Mongolia.

Whilst Nuurstei can commence as a road based production operation, access to the proposed Erdenet to Ovoot Railway will reduce transport costs and unlock Aspire’s wholly-owned Ovoot Coking Coal Project.

Erdenet to Ovoot is 547 kilometres of rail that forms part of the Northern Rail Economic Corridor connecting China and Russia through Mongolia as part of China’s One Belt One Road Policy.

Aspire recently entered into a binding MOU to advance the rail project.

ACCESS THE FULL PRESENTATION HERE

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Fri, 17 Nov 2017 08:11:00 +1100 http://www.proactiveinvestors.com.au/companies/news/187186/aspire-mining-s-david-paull-talked-railway-to-production-at-proactive-s-ceo-sessions-187186.html
<![CDATA[News - Aspire Mining to discuss transformational funding at Proactive's CEO Sessions ]]> http://www.proactiveinvestors.com.au/companies/news/186894/aspire-mining-to-discuss-transformational-funding-at-proactive-s-ceo-sessions-186894.html Aspire Mining Ltd (ASX:AKM) is undertaking a transformation funding package which will be used to expedite development of the company's 90%-owned Nuurstei Coking Coal project in Mongolia.

The goal is to take the project into production within 18 months.

Significantly, Noble Group (SGX:CGP) has agreed to a series of transactions that will reduce the US$6.65 million owing under the Noble debt facility to US$1.8 million.

Find out more from David Paull at Proactive's CEO Sessions.

Click below to register by email

- Melbourne: Tuesday 14th November.
- Sydney: Wednesday 15th November. (Seats full, please email Pauline to place name on reserve list).
- Email Pauline here.
- Call office on (02) 9280 0700.

Presenter list

- Zelda Therapeutics (ASX:ZLD): Dr. Stewart Washer
- Thred Ltd (ASX:THD): Geoff Marshall
- De Grey Mining (ASX:DEG): Simon Lill
- Peninsula Energy (ASX:PEN): David Coyle
- Aspire Mining (ASX:AKM): David Paull

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Fri, 10 Nov 2017 10:15:00 +1100 http://www.proactiveinvestors.com.au/companies/news/186894/aspire-mining-to-discuss-transformational-funding-at-proactive-s-ceo-sessions-186894.html
<![CDATA[News - Aspire Mining rights issue to unlock coking coal production ]]> http://www.proactiveinvestors.com.au/companies/news/186706/aspire-mining-rights-issue-to-unlock-coking-coal-production-186706.html Aspire Mining (ASX:AKM) has proposed a 6:5 renounceable rights issue priced at $0.012 with a 1:4 attaching option to raise A$16.5 million.

Funds raised are to be used to expedite development of Aspire’s 90% owned Nuurstei Coking Coal project in Mongolia with the aim of taking the project into production within 18 months.

The rights issue is fully underwritten subject to the underwriter being satisfied with the upcoming prospectus to be issued.

Significantly, Noble Group (SGX:CGP) has agreed to a series of transactions that will reduce the US$6.65 million owing under the Noble debt facility to US$1.8 million.

The proposed $16.5 million raising, when combined with the debt reduction, will transform the company so that it can actively pursue a near-term production opportunity at Nuurstei.

Rights issue details

Each shareholder on the record date will have a right to acquire six shares for every five shares held at an issue price of $0.012.

For every four shares subscribed for, applicants will be entitled to one option exercisable at $0.018 expiring two years after the date of issue.

In a vote of confidence, Aspire’s board members have agreed to take up entitlements to a combined total minimum of A$500,000.

An indicative timetable for the process of the rights issue is as follows:

- 10 November: Prospectus lodged with ASIC and ASX;
- 14 November: Trading of rights commences;
- 15 November: Record date;
- 17 November: Despatch of notice of meeting to shareholders;
- 20 November: Opening date;
- 27 November: Trading of rights ends;
- 4 December: Offer closing date; and
- 11 December: Allotment of offer shares (including shortfall).

Restructure of Noble debt facility

In a show of support, major shareholder, Noble, has committed to take up its entitlement in full, and to sub-underwrite the rights issue to take its interest in Aspire to 19.9%.

Aspire currently has US$6.65 million owing under a loan facility with Noble that is due to be repaid on or before 17 August 2019.

In order to support Aspire’s recapitalisation and growth path, Noble has entered into a binding terms sheet reducing the amount owing to US$1.8 million through a series of transactions.

These transactions include:

- Noble’s participation and sub-underwriting of the rights issue;
- Noble agreeing to acquire an additional 10% equity interest in Northern Mongolian Railways Limited (NMRL) from Aspire; and
- Noble agreeing to acquire further equity in NMRL if required to maintain a 15% equity interest - or otherwise accept a prepayment of up to US$1 million in the form of Aspire shares.

The balance of US$1.8 million owing under that facility is to be repaid in instalments, with the first instalment of US$600,000 to be paid 6 months after the commencement of commercial production from the Nuurstei.

Next steps at Nuurstei Coking Coal Project

Subject to the successful completion of the rights issue, a proposed A$2 million drilling and exploration program is to be undertaken at the 90% owned Nuurstei Coking Coal Project.

The program aims to increase current resources and establish an Ore Reserve, which will then lead to a new resource model planned to be complete in the first quarter of 2018.

Capital costs for the development of Nuurstei have been further refined, with the current estimate of US$13 to US$14 million to be confirmed in the feasibility study process.

The end objective of these studies is to confirm an economically viable mining operation commencing within an estimated 18 month period.

Erdenet to Ovoot railway unlocks value

Whilst Nuurstei can commence as a road based production operation, access to the proposed Erdenet to Ovoot Railway will reduce transport costs and unlock Aspire’s 100% owned Ovoot Coking Coal Project.

Erdenet to Ovoot is 547 kilometres of rail that forms part of the Northern Rail Economic Corridor connecting China and Russia through Mongolia as part of China’s One Belt One Road Policy.

The Erdenet to Ovoot Railway is required for the development of Aspire’s 100% owned Ovoot Coking Coal Project, which is the second largest coking coal project by reserves in Mongolia.

Last month, Aspire entered into a binding MOU to advance the rail project.

READ NOW: Aspire Mining to complete bankable feasibility study for railway ]]>
Fri, 03 Nov 2017 16:09:00 +1100 http://www.proactiveinvestors.com.au/companies/news/186706/aspire-mining-rights-issue-to-unlock-coking-coal-production-186706.html
<![CDATA[News - Aspire Mining moves towards finalising raising to advance assets ]]> http://www.proactiveinvestors.com.au/companies/news/186525/aspire-mining-moves-towards-finalising-raising-to-advance-assets-186525.html Aspire Mining Ltd (ASX:AKM) has been granted additional time to finalise a capital raising by the ASX in the form of a voluntary suspension, which follows on from a two day trading halt.

Aspire expects to provide details before the commencement of trade on Thursday the 2nd November 2017.

The company remains focused on its coal assets in Mongolia, and advancing key infrastructure including railway.

READ NOW: Aspire Mining to complete bankable feasibility study for railway ]]>
Wed, 01 Nov 2017 09:44:00 +1100 http://www.proactiveinvestors.com.au/companies/news/186525/aspire-mining-moves-towards-finalising-raising-to-advance-assets-186525.html
<![CDATA[News - Aspire Mining to lift cash to advance Mongolian assets ]]> http://www.proactiveinvestors.com.au/companies/news/186372/aspire-mining-to-lift-cash-to-advance-mongolian-assets-186372.html Aspire Mining Ltd (ASX:AKM) remains focused on its coal assets in Mongolia, and advancing key infrastructure including railway.

Aspire has this morning been granted a trading halt by the ASX, pending details of a capital raising.

The halt will remain in place until the opening of trade on Wednesday 1st November 2017, or earlier if an announcement is made to the market.

READ NOW: Aspire Mining to complete bankable feasibility study for railway ]]>
Mon, 30 Oct 2017 09:41:00 +1100 http://www.proactiveinvestors.com.au/companies/news/186372/aspire-mining-to-lift-cash-to-advance-mongolian-assets-186372.html
<![CDATA[News - Aspire Mining to complete bankable feasibility study for railway ]]> http://www.proactiveinvestors.com.au/companies/news/185548/aspire-mining-to-complete-bankable-feasibility-study-for-railway-185548.html Aspire Mining (ASX:AKM) has entered into a binding memorandum of understanding (MOU) to advance the Erdenet to Ovoot Railway Project located in Mongolia.

The Erdenet to Ovoot Railway is required for the development of Aspire’s 100% owned Ovoot Coking Coal Project, which is the second largest coking coal project by reserves in Mongolia.

The MOU was signed with China Gezhouba Group International Company Limited (CGGC) and commits CGGC to completing the second stage of the bankable feasibility study.

David Paull, managing director, commented: “Aspire is very pleased to be able to add a very large and experienced sponsor for the Erdenet to Ovoot Railway Project.

“Being able to attract a large and significant engineering and construction company such as Gezhouba provides clear affirmation of the importance and role of the Ovoot to Erdenet Railway in fulfilling Mongolia’s potential to become a transit corridor for China-Europe Trade.”

MOU details

This MOU follows on from a June 2017 non-binding agreement between the parties to cooperate on developing the Erdenet to Ovoot Railway.

READ NOW: Aspire Mining enters agreement to advance railway

Under the current MOU, CGGC has agreed to complete the second and final stage of the Rail bankable feasibility study by 31 March 2018.

The MOU also sets out a pathway for the development of the Erdenet to Ovoot Railway Project as well as the potential extension of that project from Ovoot through to the Mongolian-Russian border.

Door is open for equity investment

The MOU also provides the framework by which CGGC can provide additional equity investment in Northern Railways, Aspire’s subsidiary.

The investment would be to fund the company through to meeting the outstanding conditions precedent for the Erdenet to Ovoot Rail Concession and for EPC funding.

Such an additional equity investment is proposed to be made on or before 15 February 2018.

Rail unlocks coking coal project

The Erdenet to Ovoot Railway is required for the development of Aspire’s 100% owned Ovoot Coking Coal Project.

Erdenet to Ovoot is 547 kilometres of rail that forms part of the Northern Rail Economic Corridor connecting China and Russia through Mongolia as part of China’s One Belt One Road Policy.

The more advanced this railway becomes the more value is realisable from Aspire’s 100% owned Ovoot Coking Coal Project.

While this longer-term project continues to progress, Aspire remains leveraged to nearer term coal production through its Nuurstei Coking Coal Project.

READ NOW: Aspire Mining receives landmark mining licence ]]>
Fri, 13 Oct 2017 14:58:00 +1100 http://www.proactiveinvestors.com.au/companies/news/185548/aspire-mining-to-complete-bankable-feasibility-study-for-railway-185548.html
<![CDATA[News - Aspire Mining receives landmark mining licence ]]> http://www.proactiveinvestors.com.au/companies/news/185217/aspire-mining-receives-landmark-mining-licence-185217.html Aspire Mining (ASX:AKM) has been granted and received a mining licence covering 860.9 hectares of its 90%-owned Nuurstei Coking Coal Project located in Mongolia.

The mining license provides Aspire with a minimum 30 year tenure over the licensed area.

Nuurstei is seen as a starter project for Aspire while it progresses the 100%-owned Ovoot Coking Coal Project, Mongolia’s second largest coking coal project.

A conceptual mine plan has been prepared based on Nuurstei's 12.85 million tonne JORC resource.

The plan indicates a potentially attractive mining proposition to truck coal 420 kilometres to the nearest railhead at Erdenet for export to North Eastern coking coal customers.

Nuurstei coking coal has been successfully tested in Chinese coke plants as a high-quality low sulphur hard coking coal.

David Paull, managing director, commented

“Securing a mining license is an important milestone and reflects the Mongolian Government’s continued support for the company and the coal industry in general.

“This vindicates our original decision in June 2014 to look to add a new coking coal project which is not rail dependent and the decision in July 2017 to exercise our option to move to a 90% interest.

“The company is now working very hard on commercialising this high-quality coking coal project as soon as possible.”

Preparing for a bulk trial

Aspire is currently preparing for a bulk trial of indicative Nuurstei raw coal to test logistics paths and costs targeting delivery into the Tangshan coking coal market.

This coal is planned to be washed at a toll facility in northern China before delivery into Tangshan.

The trial will also provide valuable data for future wash plant design, be important in completing a feasibility study, and provide commercial scale samples for targeted end customers.

Xanadu Mines to receive Aspire shares

The grant of the license will result in Aspire issuing 10 million shares to Xanadu Mines Ltd (ASX: XAM) as required under the 2014 sale and purchase agreement.

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Mon, 09 Oct 2017 10:07:00 +1100 http://www.proactiveinvestors.com.au/companies/news/185217/aspire-mining-receives-landmark-mining-licence-185217.html
<![CDATA[News - Aspire Mining rebalances finances, eyes near-term production opportunity ]]> http://www.proactiveinvestors.com.au/companies/news/182415/aspire-mining-rebalances-finances-eyes-near-term-production-opportunity-182415.html Aspire Mining Ltd (ASX:AKM) has now finalised a balance sheet restructure, while also moving to a 90% interest in the Nuurstei Coking Coal Project located in Mongolia.

Nuurstei provides Aspire with the opportunity to pursue a near-term production opportunity to take advantage of improving conditions in the coking coal market.

A conceptual mining study shows a competitive delivered cost for hard coking coal into northern Chinese markets based on trucking.

Nuurstei is seen as a starter project for Aspire while it progresses the 100% owned Ovoot Coking Coal Project, Mongolia’s second largest coking coal project.

During 2016, a maiden JORC resource at Nuurstei was estimated measuring 12.85 million tonnes.

The mining license application process is advanced and additional drilling and sampling is required to convert Inferred resources into Indicated resources and build mine life.

Balance sheet restructure

Aspire has closed its capital raising after receiving applications for 54.9 million shares at $0.02 and 54.9 million free attaching options exercisable at $0.025 within 12 months of grant to raise $1.1 million before costs.

When combined with the previously announced $2.6 million in debt and other obligations being converted to equity, a total of 186.6 million shares and 186.6 million options will be issued, increasing equity by $3.7 million.

Funding pre-development work

Aspire is currently investigating additional funding sources, which includes a coal presale facility to assist in funding pre-development work and a 2017 drilling and sampling program at Nuurstei.

The company is currently evaluating the opportunity to initially commence mining raw coal from Nuurstei for toll washing before delivery to customers in Northern China.

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Tue, 15 Aug 2017 08:49:00 +1000 http://www.proactiveinvestors.com.au/companies/news/182415/aspire-mining-rebalances-finances-eyes-near-term-production-opportunity-182415.html
<![CDATA[News - Aspire Mining extends raising timeline for Nuurstei Coking Coal project ]]> http://www.proactiveinvestors.com.au/companies/news/182228/aspire-mining-extends-raising-timeline-for-nuurstei-coking-coal-project-182228.html Aspire Mining Ltd (ASX:AKM) has extended the timeline of its capital raising programme where new funds will be used for the acquisition of a further interest in the Nuurstei Coking Coal project and a debt restructure.

Aspire currently owns 45% of the Nuurstei Coking Coal project located in Mongolia and it intends to exercise a US$1mln option to acquire an additional 45% interest in the project.

Funds raised under the placement will also be used for a 2017 drilling and sampling programme at Nuurstei.

The raising is now open until Monday 14th August 2017, and comprises up to 200 mln shares priced at A$0.02 to raise A$4 million.

Placement shares will come with a 1:2 attaching option exercisable at A$0.025 which expire 12 months from the date of issue.

Near-term opportunity at Nuurstei

A conceptual mining study shows a competitive delivered cost for hard coking coal into northern Chinese markets based on trucking.

Nuurstei is seen as a starter project for Aspire while it progresses the 100% owned Ovoot Coking Coal Project, Mongolia’s second largest coking coal project.

During 2016, a maiden JORC resource at Nuurstei was estimated measuring 12.85 mln tonnes.

The mining license application process is advanced and additional drilling and sampling is required to convert Inferred resources into Indicated resources and build mine life.

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Thu, 10 Aug 2017 10:31:00 +1000 http://www.proactiveinvestors.com.au/companies/news/182228/aspire-mining-extends-raising-timeline-for-nuurstei-coking-coal-project-182228.html
<![CDATA[News - Aspire Mining lowers cost estimate for Nuurstei Coal Project ]]> http://www.proactiveinvestors.com.au/companies/news/181610/aspire-mining-lowers-cost-estimate-for-nuurstei-coal-project-181610.html Aspire Mining (ASX:AKM) has received revised capital estimates for the development of its Nuurstei Coking Coal Project located in Mongolia.

The new estimates come from mining contract and services company, Ferrostaal Mining Services LLC, and from German washplant design and construction company, MBE Coal & Minerals Technology GMBH.

MBE has estimated a capital cost of US$10-12 million for the plant as well as foundations, piping and materials handling.

In addition, Ferrostaal has provided a desk top analysis of the cost of associated infrastructure required to establish an operation at Nuurstei.

The desk top estimation is in the range of US$5.75-7.75 million with a 10% contingency allowance.

The above translates into a capital cost estimate for the Nuurstei Project of circa US$16-20 million.

These estimates are preliminary and will continue to be confirmed over the course of 2017.

Near-term opportunity at Nuurstei

Aspire currently owns 45% of the Nuurstei Coking Coal Project located in Mongolia and has the option to exercise a US$1 million option to acquire an additional 45% interest in the project.

A conceptual mining study shows a competitive delivered cost for hard coking coal into northern Chinese markets based on trucking.

Nuurstei is seen as a starter project for Aspire while it progresses the 100% owned Ovoot Coking Coal Project, Mongolia’s second largest coking coal project.

During 2016, a maiden JORC resource at Nuurstei was estimated measuring 12.85 million tonnes.

The mining license application process is advanced and additional drilling and sampling is required to convert Inferred resources into Indicated resources and build mine life.

 

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Fri, 28 Jul 2017 12:29:00 +1000 http://www.proactiveinvestors.com.au/companies/news/181610/aspire-mining-lowers-cost-estimate-for-nuurstei-coal-project-181610.html
<![CDATA[News - Aspire Mining Ltd gets boost from Russian support ]]> http://www.proactiveinvestors.com.au/companies/news/180271/aspire-mining-ltd-gets-boost-from-russian-support-180271.html Aspire Mining Ltd (ASX:AKM) and its rail subsidiary, Northern Railways LLC have attended a conference in the Russian city of Kyzyl.

Kyzyl is located within the Tyva Republic within Russian and shares a border with northern Mongolia.

The Northern Rail Corridor travels through Mongolia from China’s northeast coast and crosses the Mongolian border into Tyva on its way to connect with the existing Trans-Siberian Railway.

At the conclusion of the conference, a letter of intent (LOI) was signed by the Tyva Republic Government and Northern Railways which noted that the Northern Rail Corridor is in the interests of both Northern Railways and the Tyva Republic Government.

The LOI included an agreement to share data and work together to see this Northern Corridor realised.


Rail unlocks coal project

The Erdenet to Ovoot Railway is required for the development of Aspire’s 100% owned Ovoot Coking Coal Project, which is the second largest coking coal project by reserves in Mongolia.

Erdenet to Ovoot is 547 kilometres of rail that forms part of the Northern Rail Economic Corridor connecting China and Russia through Mongolia as part of China’s One Belt One Road Policy.

The more advanced this railway becomes the more value is realisable from Aspire’s 100% owned Ovoot Coking Coal Project.

While this longer term project continues to progress, Aspire remains leveraged to nearer term coal production through its Nuurstei Project.


Funding near-term Nuurstei

Aspire is set to open a placement tomorrow aimed at raising up to $4 million through the issue of 200 million shares priced at $0.02.

Placement shares will come with a 1:2 attaching option exercisable at $0.025 and expiring 12 months from the date of issue.

The completion of the capital raising is an important milestone for Aspire as it will allow for the acquisition of a further interest in the Nuurstei Coking Coal Project and a debt restructure.

Aspire currently owns 45% of the Nuurstei Coking Coal Project located in Mongolia and it intends to exercise a US$1 million option to acquire an additional 45% interest in the project.

A conceptual mining study shows a competitive delivered cost for hard coking coal into northern Chinese markets based on trucking.

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Tue, 04 Jul 2017 14:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/180271/aspire-mining-ltd-gets-boost-from-russian-support-180271.html
<![CDATA[News - Aspire Mining Ltd to open capital raising for Nuurstei development ]]> http://www.proactiveinvestors.com.au/companies/news/180164/aspire-mining-ltd-to-open-capital-raising-for-nuurstei-development-180164.html Aspire Mining Ltd (ASX:AKM) is set to open a placement aimed at raising up to $4 million through the issue of 200 million shares priced at $0.02.

Placement shares will come with a 1:2 attaching option exercisable at $0.025 and expiring 12 months from the date of issue.

The completion of the capital raising is an important milestone for Aspire as it will allow for the acquisition of a further interest in the Nuurstei Coking Coal Project and a debt restructure.

Aspire currently owns 45% of the Nuurstei Coking Coal Project located in Mongolia and it intends to exercise a US$1 million option to acquire an additional 45% interest in the project.

Funds raised under the placement will also be used for a 2017 drilling and sampling program at Nuurstei.

The exercise of the option, combined with the proposed debt restructure, is expected to strengthen the company’s balance sheet and provide a clear path for financing the further development of the Nuurstei Project.

Nuurstei is seen as a starter project for Aspire while it progresses the 100% owned Ovoot Coking Coal Project, Mongolia’s second largest coking coal project.

During 2016, a maiden JORC resource at Nuurstei was estimated measuring 12.85 million tonnes.

The mining license application process is advanced and additional drilling and sampling is required to convert Inferred resources into Indicated resources and build mine life.

A conceptual mining study shows a competitive delivered cost for hard coking coal into northern Chinese markets based on trucking.

The placement will open this Wednesday 5 July and can accept oversubscriptions valued at $1 million.

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Mon, 03 Jul 2017 09:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/180164/aspire-mining-ltd-to-open-capital-raising-for-nuurstei-development-180164.html
<![CDATA[News - Aspire Mining increases exposure to near-term coal production ]]> http://www.proactiveinvestors.com.au/companies/news/179274/aspire-mining-increases-exposure-to-near-term-coal-production-179274.html Aspire Mining (ASX:AKM) has entered into an agreement to facilitate the exercise of its option to increase its ownership to 100% from 50% in the Ekhgoviin Chuluu Joint Venture (ECJV).

The ECJV owns a 90% interest in the near-term development opportunity, the Nuurstei Coking Coal Project located in Mongolia.

Nuurstei contains a JORC resource of 4.75 million tonnes in the Indicated category and 8.1 million tonnes in the Inferred category.

Aspire has also agreed to restructure existing debt and interest obligations as well as undertake a capital raising, which is expected to significantly strengthen the Aspire balance sheet.

These are important steps in the recapitalisation and repositioning of the company as a near term Mongolian coking coal miner, which can see the company achieve a valuation re-rating.


Capital raising details

In connection with these transactions, Spectral Investments Pty Ltd and major shareholder Mr Bat-Erdene Khadbaasan have agreed to convert amounts drawn down by Aspire under a short term debt facility into equity.

Each of these transactions is subject to Aspire successfully completing a proposed capital raising and shareholder approval.

Aspire is seeking to raise up to A$4 million by issuing up to 200 million shares priced at $0.02 in a prospectus offering.

Shares will come with a 1:1 attaching option exercisable at $0.025 expiring in 12 months.

The company will be able to accept oversubscription applications for an additional 50 million shares or A$1 million.


Financing details

The payment for exercise of the ECJV option is US$1 million and the grant of a royalty in respect to future production of saleable coking coal from the Nuurstei Coking Coal Project. 

It has further been agreed that the US$1 million payable can be satisfied through the issue of US$1 million in equity securities on the same terms as those issued under the capital raising.

Aspire also has debt outstanding that includes US$5 million under a long term debt facility and US$1.5 million under a short term facility.

It has been agreed that the US$1.5 million short term facility will be rolled into the long term debt facility, which has had its repayment date extended to 17 August, 2019.

Aspire has agreed to pay down the loan from 50% of net free cash flow before interest and tax from the Nuurstei Coking Coal Project once that project moves into production.

The impact of the debt for equity conversions, along with the option payment in shares results in the issuance of circa 131.6 million shares and options for a value of A$2.6 million.


Analysis

Collectively, these transactions are expected to significantly strengthen the Aspire balance sheet by:

- Aspire acquiring an additional 45% beneficial interest in the Nuurstei Coking Coal Project;
- Consolidating and extending existing debt facilities out to August 2019;
- Adding up to A$4 million in cash (less capital raising expenses) pursuant to the capital raising; and
- Facilitating the issue of circa A$2.6 million in equity in lieu of cash payments (pursuant to the ECJV option exercise arrangements as well as existing debt and interest payment obligations).

By advancing Nuurstei into production, Aspire will expect a re-rating of its current valuation.

If the proposed capital raising and debt-equity swaps are completed, Aspire will have a market cap of circa $24.4 million and enterprise value of circa $29 million.

With Nuurstei in production, Aspire will join the ASX junior coal miner ranks alongside:

- Stanmore Coal (ASX:SMR) $83.3 million market cap and $91 million enterprise value;
- TerraCom (ASX:TER) $86.8 million market cap and $288 million enterprise value; and
- Universal Coal Plc (ASX:UNV) $75.7 million market cap and $86 million enterprise value.

While Nuurstei is only seen as a starter project for Aspire while it progresses Ovoot, Mongolia’s second largest coking coal project, it can still act as an important value catalyst for the company.

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Thu, 15 Jun 2017 11:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/179274/aspire-mining-increases-exposure-to-near-term-coal-production-179274.html
<![CDATA[News - Aspire Mining to reveal acquisition and other key details ]]> http://www.proactiveinvestors.com.au/companies/news/179106/aspire-mining-to-reveal-acquisition-and-other-key-details-179106.html Aspire Mining (ASX:AKM) has been granted a trading halt by the ASX, with its shares placed in pre-open.

Aspire requested the halt pending details of a proposed asset acquisition, finance re-arrangements and balance sheet restructure.

The halt will remain in place until the opening of trade on Thursday 15th June 2017, or earlier if an announcement is made to the market.

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Tue, 13 Jun 2017 10:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/179106/aspire-mining-to-reveal-acquisition-and-other-key-details-179106.html
<![CDATA[News - Aspire Mining enters agreement to advance railway ]]> http://www.proactiveinvestors.com.au/companies/news/178874/aspire-mining-enters-agreement-to-advance-railway-178874.html Aspire Mining (ASX:AKM) has entered into a non-binding cooperation agreement with China Gezhouba Group Company Limited (CGGC) to advance the Erdenet to Ovoot Railways Project.

The Erdenet to Ovoot Railway is required for the development of Aspire’s 100% owned Ovoot Coking Coal Project, which is the second largest coking coal project by reserves in Mongolia.

The combination of Aspire’s subsidiary, Northern Railways LLC and CGGC would create a powerful and compelling consortium to attract funding for this rail project.

David Paull, managing director, commented: “Aspire through its subsidiary, Northern Railways LLC, is directly participating in the One Belt One Road initiative, a vision to enhance trade connectivity with China which will have dramatic and far reaching consequences for global trade.

“This has been recognised by China Gezhouba Group, a very large state owned enterprise which is also one of the preeminent international Chinese contractors with a deep experience base in arranging funding for large projects that they participate in, as well as providing direct investment.”


Cooperation agreement details

The non-binding cooperation agreement between Northern Railways and CGGC is to advance the Erdenet to Ovoot Railways Project as part of the Northern Rail Corridor. 
CGGC works in 142 countries and has established 99 overseas branches with 30,000 employees worldwide

Combining the large scale construction and financing expertise of CGGC with the rail technical abilities of the Northern Railways consortium member, China Railway 20 Bureau Group Corporation (CR20BGC), would create a powerful and compelling consortium to attract funding for this rail project which is part of China's One Belt One Road initiative.

Northern Railways will provide CGGC with access to the existing technical database and will work with CGGC to source debt and equity funding for the Rail Feasibility Study and EPC construction funding from Chinese funding institutions.

CGGC and Northern Railways will also work together to promote the Northern Rail Corridor and connectivity with the Russian Rail system. 


Northern Rail Corridor gaining momentum

This railway is 410 kilometres long with construction expected to be completed by 2022.

It is being financed through a concession agreement with the owners, at a total cost estimated at 163.5 billion roubles.


Background

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 100% owner of the world class Ovoot Coking Coal Project, which is the second largest coking coal project by reserves in Mongolia.

The Ovoot project development is dependent on the construction of the Erdenet to Ovoot Railway which is being progressed by Aspire’s subsidiary Northern Railways LLC.

Production from the Ovoot Project can coincide with the commissioning of the Erdenet to Ovoot Railway.

Aspire also has a 45% interest in the Nuurstei Coking Coal Project which has a 12.85 million tonne JORC resource.

Recently, Aspire signed a memorandum of understanding to mine and purchase raw coal from a coal mine adjacent to Nuurstei.

Analysis of the adjacent coal mine has indicated that it has similar hard coking coal qualities to Nuurstei even though the coal is being sold for local thermal consumption.

The strategy is to wash this purchased coal at Nuurstei for delivery of a washed coking coal to customers in China.


Analysis

The Erdenet to Ovoot  547 kilometre railway segment is a part of the Northern Rail Economic Corridor connecting China and Russia through Mongolia as part of China’s One Belt One Road Policy.

China’s One Belt One Road initiative is set to be the world’s largest infrastructure project costing an estimated $5 trillion and spanning across 60-plus countries in Asia, the Middle East, Europe, and Africa.

Aspire is well positioned to gain from this economic initiative and the combination of CR20BGC and CGGC further demonstrates the strategic regional importance of the Northern Rail Corridor.

The more advanced this railway becomes the more value is realisable from Aspire’s 100% owned Ovoot Coking Coal Project, the second largest coking coal project by reserves in Mongolia.

While this longer term project continues to progress, Aspire remains leveraged to nearer term coal production through its Nuurstei Project.

During April, Aspire received a conceptual mine plan for the Nuurstei Project which confirms its near term potential based on trucking coal to the nearest rail head.

Subject to funding, a US$1.5 million drilling and sampling program is planned to confirm assumptions used in the conceptual mine plan and provide the basis for a development decision.

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Wed, 07 Jun 2017 08:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/178874/aspire-mining-enters-agreement-to-advance-railway-178874.html
<![CDATA[News - Aspire Mining takes important step towards coal mine licence ]]> http://www.proactiveinvestors.com.au/companies/news/178522/aspire-mining-takes-important-step-towards-coal-mine-licence-178522.html Aspire Mining (ASX:AKM) has had the registration approved by the Mongolian Resource Authority for its 45% owned Nuurstei Coking Coal Project located in Mongolia.

This registration is an important procedural step in the application and issuance of a mining license will provide an initial 30 year tenure over Nuurstei’s deposit.

During April, Aspire received a conceptual mine plan for the Nuurstei Project which confirms its near term potential based on trucking coal to the nearest rail head.

Subject to funding, a US$1.5 million drilling and sampling program is planned to confirm assumptions used in the conceptual mine plan and provide the basis for a development decision.

David Paull, managing director, commented: “Gaining the approval for the registration of the Nuurstei Coking Coal Project is an important milestone in its development.

“The mining license is now anticipated to be received in the next few weeks.”


Nuurstei Coking Coal Project

The 45% owned Nuurstei Coking Coal Project is located in northern Mongolia and is held in the Ekhgoviin Chuluu Joint Venture (ECJV) with the Noble Group.

It contains a JORC resource of 4.75 million tonnes in the Indicated category and 8.1 million tonnes in the Inferred category.

Nuurstei can be viewed as a starter project which assists with the development of Aspire’s much larger and 100% owned Ovoot Coking Coal Project which is 160 kilometres further to the west.

Recently, Aspire signed a memorandum of understanding to mine and purchase raw coal from a coal mine adjacent to its Nuurstei.

Analysis of the adjacent coal mine has indicated that it has similar hard coking coal qualities to Nuurstei even though the coal is being sold for local thermal consumption.

The strategy is to wash this purchased coal at Nuurstei for delivery of a washed coking coal to customers in China.

Furthermore, Aspire has the option to increase its ownership to 90% in Nuurstei through the payment of $1 million and royalties.


Funding for Nuurstei

During May 2017, Aspire received an expression of interest (EOI) to fund a modular coal handling and processing plant at Nuurstei.

The EOI was from ODDO BHF, a German private bank and financial services group.

The terms and conditions are to be negotiated and approved following final confirmation of the economic feasibility of the Nuurstei Project.

The funding would likely be done under Hermes Fund cover, which is a German Government backed export credit agency.

Joint venture partner, Noble Group, has also confirmed that it will assist mine development funding using trade based funding opportunities including arranging coal pre-sales.

The EOI follows a recently executed an off-take agreement with Noble for 6 months of production from Nuurstei.

The off-take agreement covers the first six months of anticipated production in 2018.

A 400 kilogram bulk sample of raw coal is to be transported to toll washing facilities in China to produce washed hard coking coal marketing samples.

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Wed, 31 May 2017 12:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/178522/aspire-mining-takes-important-step-towards-coal-mine-licence-178522.html
<![CDATA[News - Aspire Mining receives interest to fund modular coal plant ]]> http://www.proactiveinvestors.com.au/companies/news/177616/aspire-mining-receives-interest-to-fund-modular-coal-plant-177616.html Aspire Mining (ASX:AKM) has received an expression of interest (EOI) to fund a modular coal handling and processing plant at the Nuurstei Coking Coal Project in Mongolia.

The EOI is from ODDO BHF, a German private bank and financial services group.

The terms and conditions are to be negotiated and approved following final confirmation of the economic feasibility of the Nuurstei Project.

The funding would likely be done under Hermes Fund cover, which is a German Government backed export credit agency.

Joint venture partner, Noble Group (SGX:N21), has also confirmed that it will assist mine development funding using trade based funding opportunities including arranging coal pre-sales.


Nuurstei Coking Coal Project

The 45% owned Nuurstei Coking Coal Project is located in northern Mongolia and is held in the Ekhgoviin Chuluu Joint Venture (ECJV) with the Noble Group.

It contains a JORC resource of 4.75 million tonnes in the Indicated category and 8.1 million tonnes in the Inferred category.

Nuurstei can be viewed as a starter project which assists with the development of Aspire’s much larger and 100% owned Ovoot Coking Coal Project which is 160 kilometres further to the west.

Recently, Aspire signed a memorandum of understanding to mine and purchase raw coal from a coal mine adjacent to its Nuurstei.

Analysis of the adjacent coal mine has indicated that it has similar hard coking coal qualities to Nuurstei even though the coal is being sold for local thermal consumption.

The strategy is to wash this purchased coal at Nuurstei for delivery of a washed coking coal to customers in China.

Furthermore, Aspire has the option to increase its ownership to 90% in Nuurstei through the payment of $1 million and royalties.


Recent off-take with Noble

Aspire recently executed an off-take agreement with Noble for 6 months of production from the Nuurstei Coking Coal Project.

The off-take agreement covers the first six months of anticipated production in 2018.

A 400 kilogram bulk sample of raw coal is currently being transported to toll washing facilities in China to produce washed hard coking coal marketing samples.

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Thu, 11 May 2017 08:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/177616/aspire-mining-receives-interest-to-fund-modular-coal-plant-177616.html
<![CDATA[News - Aspire Mining signs coal off-take with Noble Group ]]> http://www.proactiveinvestors.com.au/companies/news/177195/aspire-mining-signs-coal-off-take-with-noble-group-177195.html Aspire Mining (ASX:AKM) has executed an off-take agreement with Noble Group (SGX:N21) for 6 months of production from the Nuurstei Coking Coal Project located in Mongolia.

Nuurstei is 90% owned by a 50:50 joint venture between Aspire and Noble meaning Aspire has a 45% interest in the project.

The off-take agreement covers the first six months of anticipated production in 2018.

A 400 kilogram bulk sample of raw coal is currently being transported to toll washing facilities in China to produce washed hard coking coal marketing samples.

David Paull, managing director, commented: “The off-take agreement with Noble Group is an important step in the continuing commercialisation of the Nuurstei Coking Coal Project”.


Nuurstei Coking Coal Project

The 45% owned Nuurstei Coking Coal Project is located in northern Mongolia and is held in the Ekhgoviin Chuluu Joint Venture (ECJV) with the Noble Group.

It contains a JORC resource of 4.75 million tonnes in the Indicated category and 8.1 million tonnes in the Inferred category.

Nuurstei can be viewed as a starter project which assists with the development of Aspire’s much larger and 100% owned Ovoot Coking Coal Project which is 160 kilometres further to the west.

Most recently, Aspire signed a memorandum of understanding to mine and purchase raw coal from a coal mine adjacent to its Nuurstei.

Analysis of the adjacent coal mine has indicated that it has similar hard coking coal qualities to Nuurstei even though the coal is being sold for local thermal consumption.

The strategy is to wash this purchased coal at Nuurstei for delivery of a washed coking coal to customers in China.

Furthermore, Aspire has the option to increase its ownership to 90% in Nuurstei through the payment of $1 million and royalties.


Analysis

The off-take agreement shows that Nuurstei can operate as a near-term starter project for Aspire and provide the company with an opportunity for early cash flow.

The deal with Noble is significant given their status as a large exporter of Mongolian coals into Chinese markets facilitating transport through to end customers.

Noble has previously noted that Nuurstei coking coal will attract significant demand and that over time, the coal will have a pricing advantage over Chinese domestic competitors on a delivered-to-end-user basis.

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Wed, 03 May 2017 11:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/177195/aspire-mining-signs-coal-off-take-with-noble-group-177195.html
<![CDATA[News - Aspire Mining's coal purchase strategy to de-risk Nuurstei ]]> http://www.proactiveinvestors.com.au/companies/news/177121/aspire-mining-s-coal-purchase-strategy-to-de-risk-nuurstei-177121.html Aspire Mining (ASX:AKM) has signed a memorandum of understanding to mine and purchase raw coal from a coal mine adjacent to its Nuurstei Coking Coal Project in Mongolia.

Analysis of the adjacent coal mine has indicated that it has similar hard coking coal qualities to Nuurstei even though the coal is being sold for local thermal consumption.

The strategy is to wash this purchased coal at Nuurstei for delivery of a washed coking coal to customers in China.

Regular purchases are conditional on the establishment of the Nuurstei Coal Project Wash Plant.

David Paull, managing director, commented:

"The ability to purchase material quantities of coal from an existing mine adjacent to the Nuurstei Coking Coal Project helps in de-risking development and is a further important step in the continuing commercialisation of the Nuurstei Coking Coal Project."


Agreement details

Aspire has entered into a memorandum of understanding (MoU) agreement to mine and purchase raw coal from an existing mine adjacent to Nuurstei.

The adjacent coal mine is currently being operated to produce small quantities of raw coal for local thermal consumption.

The coal purchase pricing will be based on the raw coal pricing received by the owner from existing local sales.

Aspire is to provide technical and other assistance as required, including facilitating the mining of
16,000 tonnes of raw coal in 2017 for the adjacent mine to meet its local sales commitments.

The coal purchases are expected to provide around 10% of the feed to a proposed modular coal wash plant to be acquired, constructed and located at Nuurstei.


Nuurstei Coking Coal Project

The 45% owned Nuurstei Coking Coal Project is located in northern Mongolia and is held in the Ekhgoviin Chuluu Joint Venture (ECJV) with the Noble Group.

It contains a JORC resource of 4.75 million tonnes in the Indicated category and 8.1 million tonnes in the Inferred category.

Nuurstei can be viewed as a starter project which assists with the development of Aspire’s much larger and 100% owned Ovoot Coking Coal Project which is 160 kilometres further to the west.

Aspire plans to confirm the study assumptions with the planned 2017 drilling and sampling program which is budgeted at US$1.5 million.

Conversion of Nuurstei’s exploration license to a 30 year mining license is well advanced as the company works towards a potential operational start in 2018.

Furthermore, Aspire has the option to increase its ownership to 90% in the project through the payment of $1 million and royalties.

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Tue, 02 May 2017 12:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/177121/aspire-mining-s-coal-purchase-strategy-to-de-risk-nuurstei-177121.html
<![CDATA[News - Aspire Mining study results support open cut coal mine ]]> http://www.proactiveinvestors.com.au/companies/news/176621/aspire-mining-study-results-support-open-cut-coal-mine-176621.html 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."


Nuurstei Coking Coal Project

The Nuurstei Coking Coal Project is located in northern Mongolia and is held in the Ekhgoviin Chuluu Joint Venture (ECJV) with the Noble Group.

It contains a JORC resource of 4.75 million tonnes in the Indicated category and 8.1 million tonnes in the Inferred category.

Nuurstei can be viewed as a starter project which assists with the development of Aspire’s much larger and 100% owned Ovoot Coking Coal Project which is 160 kilometres further to the west.

Aspire plans to confirm the study assumptions with the planned 2017 drilling and sampling program which is budgeted at US$1.5 million.

Conversion of Nuurstei’s exploration license to a 30 year mining license is well advanced as the company works towards a potential operational start in 2018.

Furthermore, Aspire has the option to increase its ownership to 90% in the project through the payment of $1 million and royalties.


Analysis

Nuurstei provides Aspire the opportunity to generate both cash flow and useful operational and logistics knowledge to assist in the development of the much larger Ovoot project.

The project could also benefit through future access to the planned Northern Rail Line just 70 kilometres to the south.

Given a successful 2017 drilling and sampling program and access to required funding, it is possible for a 2018 start to mining operations. 

Aspire is the largest coal tenement holder in Mongolia’s Northern provinces, and the key to unlocking the deposit is infrastructure.

Production from the company's Ovoot Project can coincide with the commissioning of the Erdenet to Ovoot Railway.

Aspire stands to potentially gain significantly from China’s One Belt One Road policy, one of the world’s largest infrastructure initiatives.

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Thu, 20 Apr 2017 09:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/176621/aspire-mining-study-results-support-open-cut-coal-mine-176621.html
<![CDATA[News - Aspire Mining: Access latest PPT from Proactive's CEO Sessions ]]> http://www.proactiveinvestors.com.au/companies/news/176395/aspire-mining-access-latest-ppt-from-proactive-s-ceo-sessions-176395.html Aspire Mining's (ASX:AKM) managing director, David Paull, joined Proactive's CEO Sessions in Sydney on Wednesday, 12th April.

Aspire is the largest coal tenement holder in Mongolia’s Northern provinces, and the key to unlocking the deposit is infrastructure.

Production from the company's Ovoot Project can coincide with the commissioning of the Erdenet to Ovoot Railway.

ACCESS THE FULL PRESENTATION HERE

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Thu, 13 Apr 2017 13:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/176395/aspire-mining-access-latest-ppt-from-proactive-s-ceo-sessions-176395.html
<![CDATA[News - Aspire Mining highlights benefits to Mongolia for Erdenet to Ovoot Railway ]]> http://www.proactiveinvestors.com.au/companies/news/175499/aspire-mining-highlights-benefits-to-mongolia-for-erdenet-to-ovoot-railway-175499.html Aspire Mining (ASX:AKM) is the largest coal tenement holder in Mongolia’s Northern provinces, and the key to unlocking the deposit is infrastructure.

Aspire has now, through its rail subsidiary, Northern Railways LLC, entered into a Memorandum of Understanding (MoU) with MTGT LLC, the 100% owner of the Huren Chuulut Iron Ore Project.

Huren Chuulut is a large iron ore deposit located 50 kilometres to the north west of the Khuvsgul capital of Moron and 60 kilometres north of the approved rail alignment for the Erdenet to Ovoot Railway.

This project needs rail to Erdenet to be able to connect to customers in China.

Mongolia currently exports iron ore to Chinese customers along the Trans Mongolian Railway.

The importance of the nearby iron ore deposit is that this increases the number of other large users of rail services other than Ovoot.

If the owners of these deposits grow in confidence that infrastructure will be in place, then this could be a catalyst for development capital to flow to these projects.


MoU details

The MoU covers the sharing of development progress, mutual support in funding activities and the provisional allocation of 5 Mtpa of freight capacity.

This would be as soon as the rail line has been extended to the proposed connection point, which is around two thirds along the total 549 kilometre Erdenet to Ovoot Railway.

It is expected that the Northern Rail Corridor will see significant demand for its freight capacity of at least 15Mtpa, growing to 30Mtpa in the long term.

David Paull, managing director for Aspire, said that the MoU demonstrated that the Erdenet to Ovoot Railway will not only benefit Mongolia’s coking coal industry.

"Once completed, the Northern Rail Corridor, of which the Erdenet to Ovoot Railway is an important part, will see transport of a range of resources, agriculture and manufactured goods."

Production from the Ovoot Project can coincide with the commissioning of the Erdenet to Ovoot Railway.

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Tue, 28 Mar 2017 12:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/175499/aspire-mining-highlights-benefits-to-mongolia-for-erdenet-to-ovoot-railway-175499.html
<![CDATA[News - Aspire Mining signs agreement to advance coal railway ]]> http://www.proactiveinvestors.com.au/companies/news/173363/aspire-mining-signs-agreement-to-advance-coal-railway-173363.html Aspire Mining (ASX:AKM) has signed a memorandum of understanding with a Mongolian and Russian government joint venture to progress the commercialisation of the Erdenet to Ovoot Railway.

Aspire owns the Ovoot Coking Coal Project and its development is dependent on the construction of the Erdenet to Ovoot railway, which is being progressed by Aspire’s subsidiary Northern Railways LLC.

The 547 kilometre railway segment has been included in a new Northern Rail Economic Corridor connecting China and Russia through Mongolia as part of China’s One Belt One Road Policy.

The Mongolian and Russian government joint venture, Ulaanbaartar Railways JSC (UBTZ) manages all railway operations in Mongolia and owns the Trans Mongolian Railway.

David Paull, managing director, commented: “A close working relationship between Northern Railways and UBTZ will be essential for the successful development of the Northern Rail Corridor which will add significant long term demand for UBTZ’s rail services”.


Memorandum of understanding details

The memorandum of understanding (MOU) that has been signed between UBTZ and Northern Railways aims to cooperate and negotiate with relation to:

- Access to the UBTZ rail network from Erdenet;
- Technical specifications of rolling stock required on the UBTZ Rail Network;
- Management of transport operations along the Erdenet to Ovoot Railway and integration into Trans Mongolian Rail traffic;
- Maintenance of the Erdenet to Ovoot Railway post commissioning; and
- Cooperation on the rehabilitation of the Erdenet to Salkhit spur line that connects onto the Trans Mongolian Railway.
The signing occurred during a conference in Ulaanbaater sponsored by UBTZ focusing on developments that will see substantial freight volume growth through to 2030.


Background

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 100% owner of the world class Ovoot Coking Coal Project, which is the second largest coking coal project by reserves in Mongolia.

The Ovoot project development is dependent on the construction of the Erdenet to Ovoot Railway which is being progressed by Aspire’s subsidiary Northern Railways LLC.

Production from the Ovoot Project can coincide with the commissioning of the Erdenet to Ovoot Railway.

Aspire also has a 45% interest in the Nuurstei Coking Coal Project which has a 12.85 million tonne JORC resource.

While tonnages at Nuurstei are modest, the project presents as a commercial scale pilot project for logistics and market development.


Analysis

The MOU will help progress a number of key commercial agreements required to support construction funding of the Erdenet to Ovoot Railway.

These include the commercial terms upon which the Erdenet to Ovoot Railway users can access the UBTZ line to move freight through to end markets in Mongolia, south to China or north to Russia.

The signing of the MOU continues the recent strong momentum gained from the positive first stage feasibility study results, received in January.

The study reduces the risk for investors to invest in the project now to fund the second and final stage of the feasibility study and other predevelopment works and permitting.

Importantly, it will also now enable China Development Bank and other Chinese policy banks to conduct commercial due diligence on investment for the construction contract.

Aspire shares have increased over 4x in the past 12 months and are currently trading at $0.029.

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Mon, 20 Feb 2017 09:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/173363/aspire-mining-signs-agreement-to-advance-coal-railway-173363.html
<![CDATA[News - Aspire Mining reveals Erdenet to Ovoot Rail concession extended ]]> http://www.proactiveinvestors.com.au/companies/news/172749/aspire-mining-reveals-erdenet-to-ovoot-rail-concession-extended-172749.html Aspire Mining (ASX:AKM) has outlined that it has received confirmation from Mongolia’s National Development Agency that it has approved an 18 month extension to the time required to complete the conditions precedent for the Erdenet to Ovoot Rail Concession Agreement.

These activities include completion of feasibility studies, environmental studies and permits, land use agreements, commercial agreements including the EPC Contract and its funding.

Northern Railways, a wholly-owned subsidiary of Aspire, now has until August 2018 to complete all the conditions precedent for the Erdenet to Ovoot Railway.

The Mongolian Cabinet also approved a submission from Northern Railways to alter the alignment as it approached Erdenet to avoid a potential overlap with other infrastructure.

This opened the way for approval for the extension in accordance with the Rail Concession Agreement.

Engineering work performed as part of the submission shows that the alternative alignment does not add to the capital or operating costs of the Erdenet to Ovoot Railway.


Background

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 100% owner of the world class Ovoot Coking Coal Project, which is the second largest coking coal project by reserves in Mongolia.

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Tue, 07 Feb 2017 15:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/172749/aspire-mining-reveals-erdenet-to-ovoot-rail-concession-extended-172749.html
<![CDATA[News - Aspire Mining receives favourable study results for railway ]]> http://www.proactiveinvestors.com.au/companies/news/171289/aspire-mining-receives-favourable-study-results-for-railway-171289.html Aspire Mining (ASX:AKM) has 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 US$1.25 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.


Study details

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.

The financial model gives a before tax net present value of US$665 million and hence the project has been deemed financially feasible, necessary and it is recommended that it be implemented as soon as possible.


Background

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 100% owner of the world class Ovoot Coking Coal Project, which is the second largest coking coal project by reserves in Mongolia.

The Ovoot project development is dependent on the construction of the Erdenet to Ovoot Railway which is being progressed by Aspire’s subsidiary Northern Railways LLC.

Production from the Ovoot Project can coincide with the commissioning of the Erdenet to Ovoot Railway.


Analysis

The results from the first stage feasibility study are an important step in acceptance of the merits of the Erdenet to Ovoot Railway.

The study reduces the risk for investors to invest in the project now to fund the second and final stage of the feasibility study and other predevelopment works and permitting.

Importantly, it will also now enable China Development Bank and other Chinese policy banks to conduct commercial due diligence on investment for the construction contract. 

The study has shown the railway to be consistent with Mongolia’s mineral resource development strategy to be supported by growth in rail infrastructure.

It will play a significant role in the promotion of regional and social development and is recommended to be implemented as soon as possible. 
Aspire has a 45% interest in the Nuurstei Coking Coal Project which has a 12.85 million tonne JORC resource.

Nuurstei is well placed to be an early user of the proposed Northern Railway Project which will service Aspire’s Ovoot Coking Coal Project.

While tonnages at Nuurstei are modest, the project presents as a commercial scale pilot project for logistics and market development.

Shares in Aspire are up 350% over the past 12 months.

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Mon, 09 Jan 2017 11:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/171289/aspire-mining-receives-favourable-study-results-for-railway-171289.html
<![CDATA[News - Aspire Mining director exercises in-the-money options ]]> http://www.proactiveinvestors.com.au/companies/news/170825/aspire-mining-director-exercises-in-the-money-options-170825.html In total Lithgow exercised 3,333,333 options and therefore investing $100,000 in Aspire, bringing his stake to circa 182.6 million shares, and further aligning himself with the company.

Aspire is the largest coal tenement holder in Mongolia’s Northern provinces and is the 100% owner of the Ovoot Coking Coal Project which is the second largest coking coal project by reserves in Mongolia.

The Ovoot project development is dependent on the construction of the Erdenet to Ovoot railway which is being progressed by Aspire’s subsidiary Northern Railways.

Production from the Ovoot project can coincide with the commissioning of the Erdenet to Ovoot railway.

Aspire also currently owns a 50% interest in and is the operator of the Ekhgoviin Chuluu Joint Venture (ECJV), and has an option to increase its ownership to 100% of the ECJV.

The ECJV owns a 90% interest in the Nuurstei Coking Coal Project which has a 12.85 million tonne JORC resource.

Nuurstei is well placed to be an early user of the proposed Northern Railway Project which will service Aspire’s Ovoot Coking Coal Project.

Nuurstei is viewed as a low capital cost starter project which could assist with the development of the much larger Ovoot Coking Coal Project which is 160 kilometres further to the west.

The stock is up 300% or 4x year to date trading at $0.031.

Aspire’s inclusion in the Economic Corridor in late June has been a key price catalyst for the stock.

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Thu, 22 Dec 2016 09:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/170825/aspire-mining-director-exercises-in-the-money-options-170825.html