Wednesday, July 4, 2012

[CPSI NewsAlert: Cabinet Adds Erdenet to Aspire's Ovoot Railway Plan in Concession List]

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AKM closed +7.14% to 15c

Cabinet Adds Erdenet-Murun-Ovoot Railway Plan in Concession List, Construction to Benefit Aspire’s Ovoot Coking Coal Mine

July 4 (Mogi) Regular Cabinet meeting today got acquainted with the 628 km Erdenet-Murun-Ovoot Railway Plan and resolved to add the plan to the concession list as a “Build, Operate, Transfer” type project. Related parties were told to prepare a proposal and present to the Cabinet. The total cost of the project will be $2.2 billion.

Ovoot is Aspire Mining’s (ASX:AKM) flagship coking coal project.

Ovoot-Murun route is projected to carry 13.5 million tonnes, Murun-Erdenet 22.2 million tonnes per day.

Link to Cabinet press release (in Mongolian)



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