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Haranga signs MOU to Secure 5Mtpa Rail Capacity for the Selenge Iron Ore Project
August 27 -- Haranga Resources (ASX:HAR) has entered into a Memorandum of Understanding (MOU) with both the Mongolian Railway Authority and the Mongolian Government Ministry for Road, Transportation, Construction and Urban Development to enable the allocation of up to 5Mtpa of export rail capacity for iron ore produced from the Company’s Selenge Project.
The key points contained within the MOU are as follows:
· Mongolian Railways and the Ministry shall support the allocation of up to 1Mtpa of export rail capacity for iron ore from Selenge to the Company upon commencement of mining.
· Mongolian Railways and the Ministry shall support the allocation of 5Mtpa of export rail capacity for iron ore from Selenge to the Company from 2015 onwards.
· The Company shall keep the other Parties informed of its iron ore and other bulk transportation plans as they develop.
· The Company shall share feasibility study results on any proposed new rail infrastructure (including any rail track and loading/unloading facilities) to be constructed for Selenge.
· Mongolian Railways and the Ministry shall make best endeavours to enable the Company to obtain all required licences and operating permits to build and operate any new rail infrastructure and facilities proposed by the Company.
Looking ahead:
· The Company’s priority is to continue to drill and build the resource inventory.
· Selenge is progressing rapidly with nine drilling rigs now in operation at site.
· The Company expects to complete and submit its Mining Licence application by October 2012.
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"Mogi" Munkhdul Badral
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CPS International is a marketing arm of CPS Securities in Mongolia. CPS Securities is a Perth, Western Australia based AFSLicense Holder. To trade ASX and international stocks, feel free to contact me at mogi@cpsinternational.mn or +976-99996779.
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