Ovoot Coking Coal Project (100%)

The Ovoot project is a large scale coking coal project with a current JORC Probable Reserve of 255Mt.

Ovoot will be developed as a large single open pit to produce initially 5 Mtpa, increasing up to 10 Mtpa of saleable metallurgical coal.  Initial production is subject to the completion of construction of the Erdenet to Ovoot railway.

Nuurstei Coking Coal Project (90%)

Nuurstei is a hard coking coal project with 4.7 Mt in indicated and 8.1 Mt of inferred resources.   The Company is undertaking a drilling and sampling campaign in 2018 and to complete a Feasibility Study. It is looking to become a producer in 2019.

Northern Railways LLC (80% – diluting to 34%)

Northern Railways is a Mongolian registered infrastructure company established by Aspire as a special purpose vehicle to progress the development of the Erdenet to Ovoot railway in northern Mongolia.

The Erdenet to Ovoot railway represents a section of the Mongolia’s national rail policy, which extends its existing rail network to connect northern Mongolian with the Russian city of Kyzyl thereby creating an international rail link.  Norther Railways is backed by a consortium including Aspire and China Railways 20 Bureau Group Corporation (CR20G) and China Gezhouba Group International Ltd (CGGU).

Other partners supporting the Erdenet to Ovoot railway development includes Noble Group who has contributed to the pre-development expenditure and currently owns a 20% equity interest.

Northern Railways has a 30 year Build Operate Transfer Concession from the Mongolian Government to build the Erdenet – Ovoot Railway which is part of Mongolia’s Steppe Road Policy to position Mongolia as a transit corridor between China, Russia and Europe.