Mongolia Energy's Khushuut open pit coal mine expects 135 million tonnes over 19 years

Mongolia Energy Corporation (MEC) has announced the conclusions of the independent technical review it engaged John T. Boyd Company to of the proposed Khushuut open pit coal mine in Khovd Province, Mongolia.

The report found that the life expectancy of the Khushuut Mine is estimated at 19 years and that the Khushuut Mine area of approximately 600 hectares, contains approximately 156.2 hectares of coal bearing strata. The total run-of-mine coal resources is estimated to range between 134.7 million to 140.9 million tonnes at the assumed price for the Blended Product between US$60 to US$135 at the mine.
The total capital expenditure for developing the Khushuut Mine, excluding the construction of the Khushuut Road, was estimated to be HK$1,582.9m over two years, with HK$789m for the first year and HK$794m for the second.

The total capital expenditure to be incurred on equipment, including both initial and replacement expenditure, for mining at the Khushuut Mine over its 19 years for an eventual 8.0Mtpa operation is estimated to be HK$3.5bn.

MEC intends to engage an experienced international mining contractor to manage and conduct the mining operations, who will be responsible for the majority of the above equipment capital expenditure; and the total cash operating cost to be incurred for developing the Khushuut Mine over its 19 years LOM for an eventual 8.0Mtpa operation is estimated to be HK$22.2bn.

MEC is currently building a road to link the Khushuut Mine to the Yarant Border Station at the Mongolia-Chinese border, a distance of approximately 310 kilometres. Construction of the foundation is substantially complete and has cost approximately HK$975m. Next year, MEC will complete the road surfacing for an estimated HK$553.8m.

Mongolia Energy Corporation Limited ("MEC") is an energy and resources developer, and has inter alia approximately 330,000 hectares of concession areas in western Mongolia for coal, ferrous and non-ferrous metal resources, aside from other projects in Mongolia and Xinjiang provicnce, PRC.

Source:http://www.proactiveinvestors.com.hk/stock_news/1778-mongolia-energy-s-khushuut-open-pit-coal-mine-expects-135-million-tonnes-over-19-years.html

website of the company:www.mongolia-energy.com

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