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Aspire Mining has strategic development and associated funding news pending, trading halt granted

The trading halt will remain in place until start of trade on Wednesday, August 29, or when an announcement is released.
ASX sign
The company has coking coal assets in northern Mongolia

Aspire Mining Ltd (ASX:AKM) has been granted a trading halt by the ASX pending news of a strategic development and associated funding package.

The halt will remain in place until the start of ASX trading on Wednesday, August 29, 2018, or when the announcement is released to the market, whichever occurs earliest.

Aspire’s shares last traded at 2 cents at the close of trade last Friday.

 

The company has two coking coal projects in northern Mongolia, Ovoot and Nuurstei, and its subsidiary, Northern Railways LLC, is advancing the proposed Northern Rail Corridor.

This corridor includes as its first stage the Erdenet to Ovoot rail concession, which would provide freight options for the coal projects.

READ: Aspire Mining coking coal test results confirm premium product

Aspire has recently received results from pilot-scale carbonisation test work on a 300-kilogram bulk sample from the Nuurstei project.

These 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.

Managing director and 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.”

READ: Aspire Mining’s subsidiary granted extension to complete conditions relating to Mongolian rail concession

Northern Railways was recently granted an 18-month extension to complete conditions relating to the Erdenet to Ovoot rail concession.

The concession agreement amendment extends the date for completion of the conditions precedent from to February 20, 2020, from August 20, 2018.

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