https://www.miningweekly.com

Aspire raises A$4.4m for coal studies

10th June 2015

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

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.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

ABB Electrification
ABB Electrification

Electrifying the world in a safe, smart, and sustainable way, ABB Electrification is a global technology leader in electrical distribution and...

VISIT SHOWROOM 
Environmental Impact Management Services
Environmental Impact Management Services

EIMS is an independent specialised environmental consulting firm offering the full spectrum of environmental management services across all sectors...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

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:0.045 0.972s - 111pq - 2rq
Subscribe Now