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Aspire Mining responds to ASX price and volume query

Over the weekend a Russian news agency released a potentially supportive article.
two traders looking at a computer screen
Yesterday's volume was the highest experienced since 21 May 2018

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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