Aspire Mining Ltd. has announced its predictions about increase in demand for metallurgical coal due to the Indian, Japanese and South Korean markets. The company oversees its ‘Ovoot’ project in Mongolia. 

The pre-feasibility study by JORC standard estimated that the ‘Ovoot’ project has 247 million tons of coal, and it is able to supply 10 million tons of coal to other markets through railway every year. A ton of coal where 1/3 is consists of coking coal is sold at 650-700 yuan on Ceke port, and washed high quality coking coal is sold at 1,100 yuan per ton on Gantsmod port. 

At the Tangshan port, Mongolia’s washed high-quality coking coal price has reached 1,515 yuan, while Australia’s has reached 1,388 yuan, according to the Aspire Mining. Mongolian coal is now able to introduce new markets as it is able to transport coal through rail freight via the Russian Federation with tariff discounts. 

The company’s shares are traded at AUD 0.019 at the Australian Securities Exchange. 

Source: BloombergTv.mn