Australia-based, Mongolia-focused coking coal explorer Aspire Mining Limited has announced that it has signed non-binding memoranda of understanding (MoU) with four North Asian steel mills and coking coal buyers for the purchase of coking coal to be produced from the Ovoot coking coal project located in northern Mongolia.
The four MoUs total a possible commitment by Chinese customers to purchase up to 5.6 million mt per year of coking coal, representing nearly all of the planned total saleable production from the Ovoot project's stage 1 development.
Aspire stated that it has also met with many other large-scale potential Chinese customers as well as with steel mills and coke producers in Japan, Russia and eastern Europe, which have indicated additional significant buying interest.