Aspire Mining signs coal off-take with Noble Group
The off-take covers the first six months of anticipated 2018 production.
Aspire Mining signs coal off-take with Noble Group. The off-take covers the first six months of anticipated 2018 production. Aspire Mining has executed an off-take agreement with Noble Group for 6 months of production from the Nuurstei Coking Coal Project located in Mongolia. The off-take agreement shows that Nuurstei can operate as a near-term starter project for Aspire and provide the company with an opportunity for early cash flow. The deal with Noble is significant given their status as a large exporter of Mongolian coals into Chinese markets facilitating transport through to end customers. Nuurstei is 90% owned by a 50:50 joint venture between Aspire and Noble meaning Aspire has a 45% interest in the project. A 400 kilogram bulk sample of raw coal is currently being transported to toll washing facilities in China to produce washed hard coking coal marketing samples. The strategy is to wash this purchased coal at Nuurstei for delivery of a washed coking coal to customers in China. Furthermore, Aspire has the option to increase its ownership to 90% in Nuurstei through the payment of $1 million and royalties.
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