Aspire Mining up 80%, Mongolian president re-elected
Aspire Mining (ASX: AKM) shares have soared 80% to $0.063 intra-day today, compared to their closing price on Wednesday 26th June, with the company receiving an ASX price query.
The Mongolian coking coal company said in a reply to the ASX that the company is aware of the announcement on Thursday 27 June 2013 of the re-election of the incumbent President of Mongolia, and the consequent demonstration of a return to political stability.
President Tsakhia Elbegdorj received just over 50% of the vote, and in doing so was re-elected for a second four-year term.
The re-election is a positive for mining and resource companies operating within Mongolia, which in recent years has seen an influx of money from foreign mining companies.
Elbegdorj’s re-election is viewed as a reassurance to foreign investors that conditions will remain basically stable in the country.
Elbegdorj is likely to continue on with his growth policies that have seen the country’s economy expand by 12% last year and 17% in 2011, along with an anti-corruption agenda.
Aspire's Ovoot hosts Mongolia's second largest coking coal Reserve
Aspire owns 100% of the Ovoot Project, which is the second largest coking coal Reserve in Mongolia at 219 million tonnes. Aspire has received its mining licence.
Aspire said in a response to the ASX: "The company is continuing to work on completing its own developed modeling of the Ovoot coal deposit with the aim of identifying opportunities to significantly extend Mineral Resources and Ore Reserves estimates within the Ovoot Coking Coal Project.
"That work remains ongoing, and it remains uncertain as to whether it will result in any material change to the current Mineral Resources and Ore Reserves estimates in relation to this project."
Ovoot has robust economics with a NPV after tax estimated US$1.7 billion, and a Net Cash Surplus after tax US$8.3 of billion.
Resources and Ore Reserves estimates
Aspire included in its ASX response: "The company is not in a position to determine whether there will be any material change to the Mineral Resources and Ore Reserves estimates for the Ovoot Coking Coal Project until it completes this modeling work.
"Any potential change would also need to be signed off by a competent person before there is sufficient certainty to publicly announce such a change to the existing Mineral Resources and Ore Reserves estimates."
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