Aspire raises A$4.4m for coal studies
PERTH (miningweekly.com) – Coal developer Aspire Mining has raised A$4.39-million through a share placement to fund exploration work at its Nuurstei and Ovoot coking coal projects, and to negotiate a rail agreement in Mongolia.
The share placement, which was launched in April this year, was priced at 2c a share, with a one-for-two free attaching option at an exercise price of 3c each, over a two-year term.
MD David Paull told shareholders that the company was encouraged by the strong support from existing and new shareholders during the capital raise.
“The company looks forward to commencing its exploration programme at Nuurstei in 2015 and continuing to make good progress on the development of rail infrastructure in northern Mongolia, which will benefit both the company’s Ovoot and Nuurstei coking coal projects,” Paull said.
The Mongolian government recently approved a new national rail policy, which included the extension of a rail from Erdenet to Aspire’s Ovoot coking coal project, and on to the Russian border at Arts Suuri. The new rail line was considered an important link between Russia, Mongolia, and through the Trans-Mongolian Railway, to China.
The $144-million Ovoot project would have an initial production of five-million tonnes a year, with first production targeted for 2017.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation