Aspire Mining Ltd, listed on the Australian Stock Exchange (ASX), announced to pay MNT 2.3 trillion for taxes to the state in the first 10 years of its Ovoot Coking Coal Project (Ovoot) implementation. Of which, about MNT 193 billion will be allocated to the Khuvsgul province budget.
Aspire is a large coal tenement holder in the Orkhon-Selenge Coal Basin in northern Mongolia with a 100 percent interest in the world-class Ovoot project, a 90 percent interest in the Nuurstei Coking Coal Project, and a strategic infrastructure owner via its 80 percent interest in Northern Railways LLC.The company plans to create at least 40 workplaces, employing at least 40 local people, through the Ovoot project. The Ovoot project has an estimated 227 million tons of coking coal resources, according to the Mineral Resources Professional Council.The company is aiming to invest about MNT 700 billion in the first phase within the project to set a factory with a capacity producing four million tons of enriched coal annually. Aspire Mining also planned to build a 560 km toll road from Ovoot to Erdenet to transport coal. Achit-Erdene Darambazar, CEO of Aspire Mining said, “Although Ovoot is not a strategically large deposit as Oyu Tolgoi and Tavan Tolgoi, it has a significant impact on the economy of the northern region of Mongolia.”

Published Date:2019-12-26