Aspire Mining updates Ovoot Coking Coal Project resources

Aspire Mining (ASX:AKM) completed an updated estimation of coal resources and coal reserves for its Ovoot Coking Coal Project, conducted by SRK Consulting MGL.

The review has affirmed the world-class status of the project, which is essential to the company's financing strategy.

The updated estimate reports a total Coal Resource of 219.4 million tonnes, categorised into 99.5 Mt measured, 100.9 Mt indicated, and 19.0 Mt inferred.

The detailed life-of-mine plan depicts a conservative span of 31 years of production at a rate of up to 5 Mtpa.

Aspire Mining is also providing optimistic economic projections, with expected low initial capital costs and a forecasted net present value of just under US$1.6 billion ($2.47 billion).

The company anticipates a quick payback period within three years of production commencement.

"This has been an extensive exercise with a significant amount of work completed to support this process," the company said in a statement, highlighting the work done on transportation and logistics systems.

Aspire Mining is a coking coal development company. It owns 100% of the Ovoot Coking Coal Project, and 90% of the Nuurstei Coking Coal Project, both located in Khuvsgul aimag of northwestern Mongolia.
 
At the time of reporting, Aspire Mining's share price was $0.32.