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Tuesday, August 11, 2015
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Cabinet approves signing concession agreement with Aspire Mining to build Erdenet-Ovoot railway
August 11 (infomongolia.com) At the regular Cabinet meeting of the Government held on August 11, 2015, Minister of Industry D.Erdenebat and the Invest Mongolia Agency are authorized to establish the concession agreement on building railroad to connect Erdenet with Ovoot coal mine.
The Government permitted the Minister of Industry to sign the “build-operate-transfer” agreement on behalf of Mongolian Government with “Northern Railways” LLC, an Aspire Mining subsidiary.
The State Policy on Railways, ratified by State Great Khural (Parliament) decree No.32 in 2010, states immediate construction planning of Western region railway have to be implemented in compliance with the mineral deposits' future utilization and natural relief in connection with regional development strategy and population in the region. Also in accordance with the General Guidelines of Mongolia for Economic and Social Development in 2015, ratified by decree No.53 in 2014, construction of 500 km Mogoin Gol - Erdenet railroad have to be implemented using non-budget funds, or by concession agreement.
By the Program on Measures for Overcoming Economic Difficulties, construction of Erdenet - Ovoot railroad are supposed to start in the second half of this year.
The company entering into an concession agreement will provide the estimated cost of USD 1.3 billion, as reflected in the prefeasibility study, for completing the construction of the 547 km railroad within five years, according to the draft agreement. The project execution, railroad and base structure, will be transferred to the Government after 30 years.
Ovoot coking coal deposit, which is located in Tsetserleg Sum, Khuvsgul Aimag, is the second largest in Mongolia and has estimated reserves of 255 million tonnes, with growing potential. The new railroad will transport 13.5 million tons of coal from Ovoot to Murun Sum, the center of Khuvsgul Aimag, and 22.2 million tons of coal from Murun to Erdenet city per year.
Related:
Mines to Be Connected by Railroad Built on Concession Agreements – Montsame, August 11
547 km railway from Erdenet City to Khuvsgul Ovoot deposit to be built – gogo.mn, August 11
Trading halted mid-session. AKM last traded A$0.016
Aspire Mining in Trading Halt Pending Announcement on Railway Concession
August 11, Aspire Mining Ltd. (ASX:AKM) -- Pursuant to Listing Rule 17.1, Aspire Mining Limited hereby requests that its securities be placed in an immediate trading halt.
The reason for the request is an announcement regarding the resolution by the Cabinet of the Mongolian Government to enter into a concession agreement with Northern Railways LLC, an Aspire subsidiary, in respect of the Erdenet to Ovoot railway.
The trading halt is requested until the earlier of the announcement to the market on the rail concession agreement or the opening of trading on Thursday 13 August 2015.
The Company is not aware of any reason why the trading halt should not be granted.
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