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.