Sign up Australia
Proactive Investors - Run By Investors For Investors

Aspire Mining lowers cost estimate for Nuurstei Coal Project

The new data results in a capital cost estimate for the Nuurstei Project of circa US$16-20 million.
Picture of David Paull
David Paull, managing director, Aspire Mining

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.

 

View full AKM profile View Profile

Aspire Mining Ltd Timeline

Related Articles

Aspire Mining: Access latest PPT from Proactive's CEO Sessions
April 13 2017
David Paull talked world-class deposit and infrastructure options with investors.
Picture of coal
May 11 2017
Pakistan has its problems but there is an improving degree of political stability,

© Proactive Investors 2017

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use