Modun Resources has signed a binding Memorandum of Understanding (MoU) with the Mongolian mining ministry and the Ulaanbaatar City Air Quality Agency (CAQA) supporting the supply of coal briquettes.
Under the terms of the agreement, Modun is responsible for developing a coal mine and constructing a coal briquette at its Nuurst Coal Project, subject to raising the necessary funds. The company is also responsible for delivering a quantity of coal briquettes, as set out in the terms of an offtake agreement currently under negotiation with the Mongolian government.
The Mongolian mining ministry has committed to providing the necessary policy support required by Modun to deliver the project, and CAQA agrees that is related organisations will buy the coal briquettes for the next 5 years.
CAQA will also be responsible for monitoring the quality of the coal briquettes to ensure they meet the air pollution reduction standards.
Rick Dalton, Managing Director of Modun commented: “The signing of the Memorandum is an important and final precursor to endorse the formal Off-take Agreement for the supply of the coal briquettes to the Mongolian Government. The Memorandum clearly outlines the responsibilities of the government departments and ensures each parties’ interests are aligned and focused on delivering the project”.
Adapted from press release by Katie Woodward
Read the article online at: https://www.worldcoal.com/coal/14102013/coal_briquettes_for_mongolia_124/
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