Railroads to be expanded in northern Mongolia
Railroads are to be expanded in northern Mongolia.
Railroads are to be expanded in northern Mongolia. Aspire Mining Company, which is actively developing projects in Mongolia, announced it is working with China Railways Bureau 20 Group toward a debt facility to fund pre-development rail activities. Aspire's Mongolian rail infrastructure subsidiary, Northern Railways is working to source bridge funding from a Chinese bank. The proposed funding is a line of credit to enable completion of all pre-development activities required under the Erdenet to Ovoot Rail Concession Agreement. The Rail Project spans 547 kilometers and forms part of Mongolia’s Rail Policy to provide rail access to its northern provinces through the extension of its existing rail network from Erdenet to Ovoot to the Russian/Mongolian border with a Russian connection planned to Kyzyl. At full operation, the Rail Project will have capacity to move 30 million tons per annum of bulk commodities, agricultural, general and passenger freight including transit freight between Russia and China. Upon completion, the line will increase Mongolia’s access to Russian, Chinese and seaborne metallurgical coal markets.
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