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Oyu Tolgoi agreement good for Mongolian mining

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World Coal,

The developer of the Ovoot metallurgical coal project in northern Mongolia, Aspire Mining, was welcomed the agreement between Rio Tinto, Turquoise Hill Resources and the Mongolian government over the development of the Oyu Tolgoi copper mine.

“The plan represents a key milestone for Mongolia and confirms the country as an attractive jurisdiction for large-scale capital investment,” the company said in a statement. “Aspire expects the plan will also act as a catalyst for further foreign investment.”

Oyu Tolgoi is located in the South Gobi region of Mongolia and is a copper-gold mine with some US$6 billion invested to date.

“The timing of this announcement is fortuitous given that Aspire is currently conducting a prospectus-based capital raising seeking to raise up to AUS$6 million,” concluded David Paull, Managing Director of Aspire.

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