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Aspire Mining unit signs nonbinding agreement to develop Ovoot railways project

Aspire Mining Ltd. said June 6 that its Northern Railways LLC unit signed a nonbinding cooperation agreement with China Gezhouba Group Co. Ltd., or CGGC, to advance the Erdenet-to-Ovoot railways project as part of the Northern Rail Corridor.

The development of Aspire Mining's Ovoot Coking coal project in Mongolia hinges on the progress of the Erdenet-to-Ovoot railways project, which forms part of China's "One Belt, One Road" trade initiative.

Northern Railways will provide CGGC with access to its technical database and will work with CGGC to source debt and equity funding for a rail feasibility study, as well as engineering, procurement and construction funding from Chinese financial institutions.

CGGC and Northern Railways will also work together to promote the Northern Rail Corridor and connectivity with the Russian Rail system.

Aspire Mining signed a memorandum of understanding with Ulaanbaartar Railways JSC in February to support the development of the railway after securing an 18-month extension for the railways project earlier that month.