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Aspire Mining announces 2H15 loss

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World Coal,

Mongolia-focused coal company, Aspire Mining, has released its 2H15 results, announcing an after-tax loss of US$1.27 million for the six months to 31 December.

This compares to an US$11.8 million loss over the same period in 2014 – a result that was impacted by a US$10.2 million writedown on its Northern Railways subsidiary.

Aspire Mining holds stakes in various metallurgical coal projects in Mongolia, as well as a rail project in northern Mongolia though Northern Railways. It is the largest coal tenement holders in the Orkhon-Selenge Coal Basin in northern Mongolia, were its fully-owned Ovoot project and 50%-owned Nuurstei project are located.

At the end of 2H15, Aspire had US$1.4 million in cash and cash equivalents compared to US$4.0 million at the end of June 2015.

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