Aspire Mining delivers robust PFS, on path to early coking coal production from Ovoot
Aspire Mining Ltd (ASX:AKM) is on a path to early production of high-quality ‘fat' coking coal from the world-class Ovoot project in northern Mongolia after receiving robust financial outcomes from a pre-feasibility study (PFS).
The company said that the Ovoot Early Development Project (OEDP) PFS completed by it and lead PFS consultants FMS LLC confirmed a compelling strategy to unlock value from a base case starter pit.
This project involves mining relatively low ash, low strip ratio and high yielding ‘fat' coking coal from a starter pit that sits within the existing 255 million tonnes Ovoot JORC-compliant ore reserve.
Aspire's executive chairman David Paull said the OEDP was set to transform Aspire into a significant long-term coking coal producer.
He said the OEDP pit would only mine 15% of the Ovoot project reserves, while the company awaited a rail connection to facilitate mining the remainder.
Further potential upside would come from the full rail development or further extensions to the OEDP open pit.
Investors have responded positively with shares up 32% to 2.5 cents in early trading.
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