Нүүр English news November start for Mongolian mine

November start for Mongolian mine

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ASX-listed Guildford Coal was expecting coal production from its Mongolian operation to start in November this year, after its 75%-held subsidiary Terra Energy said that mining would start in the September quarter.The North Pit of the South Gobi operation was expected to deliver some three-million tons a year of coking coal in the first full year of operation, ramping up to four-million tons a year during the following year.Terra Energy said in a statement that the future development of additional pits would likely increase mine production up to ten-million tons a year from the multiple pit complex within an anticipated five-year timeframe.

The start-up capital for the North Pit was expected to be in the range of around A$10-million, the coal developer said.

The South Gobi project consists of five tenements in Mongolia’s South Gobi province. Terra Energy was planning a conventional opencut strip mine for the North Pit, using hydraulic excavator and truck combinations.

The project hosts an estimated Joint Ore Reserves Committee-compliant resource of 704-million tons of coking coal, consisting of an indicated resource of 39.7-million tons, and an inferred resource of 30.7-million tons.

An exploration target of between 70-million and 892-million tons has also been estimated, which was in addition to the current mineral resource.

Terra Energy said that negotiations have progressed with short-listed parties from the offtake tender process, and a non-binding heads of agreement had been reached with Sojitz and its joint venture partner Erdos, which locked in key terms that would form the basis for the development of a long-term offtake agreement.

It was hoped that negotiations would be completed by the end of September this year.


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