https://www.miningweekly.com
Coal|Contractor|Financial|Mining|PROJECT|Waste|Waste|Operations
Coal|Contractor|Financial|Mining|PROJECT|Waste|Waste|Operations
coal|contractor|financial|mining|project|waste-company|waste|operations

Aspire adjusts Ovoot economics, waits for shareholder vote

11th November 2019

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – Coal developer Aspire Mining has reported improved financial outcomes for its Ovoot early development project (OEDP), in Mongolia.

Aspire on Monday said that recent mining contractor quoted rates have reduced mine gate cost per tonne by around 19%, from $32.80/t to $26.40/t over the life of the project.

C1 cash costs have also fallen from $83/t to $78/t for coal delivered to the Chinese border.

In its June quarterly report, Aspire reported an optimised re-scheduled start-up mine plan, whereby initial waste removal was deferred until the second and third year of  operations, which is expected to result in a 34% reduction in the required up-front capital investment, which now stood at $31-million, down from $47-million.

The OEDP is expected to deliver four-million tonnes a year of washed saleable coal over an initial 12.5-year period, from a single openpit operation that will make use of only a small portion of the overall Ovoot project reserves.

Aspire shareholders are expected to vote on a A$33.5-million share placement to shareholder Mr Tserenpuntsag on November 29 in Perth. If shareholders approve the 2.1c a share placement, Tserenpuntsag’s shareholding in Aspire will increase from his current 27.5% to 51%.

The Aspire board will subsequently be restructured, reduced from seven members to five, while a ten-for-one share consolidation would also be on the cards to reduce the number of shares on issue.

Edited by Creamer Media Reporter

Comments

Latest News

Resources Watch
Resources Watch
27th March 2024

Showroom

SABAT
SABAT

From batteries for boats and jet skis, to batteries for cars and quad bikes, SABAT Batteries has positioned itself as the lifestyle battery of...

VISIT SHOWROOM 
Werner South Africa Pumps & Equipment (PTY) LTD
Werner South Africa Pumps & Equipment (PTY) LTD

For over 30 years, Werner South Africa Pumps & Equipment (PTY) LTD has been designing, manufacturing, supplying and maintaining specialist...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Resources Watch
Resources Watch
27th March 2024

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.138 0.172s - 93pq - 2rq
Subscribe Now