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Aspire Mining Limited (ASX:AKM)

ALERT: Price-sensitive ASX Announcement for AKM
Current share price for AKM : $0.200 -0.055 (-21.57%)+
Announcement
Release
18 Dec 2025 10:56AM
Price at Release
$0.255
Full Release
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Summary
Aspire Mining Limited, through its subsidiary Khurgatai Khairkhan LLC, has executed an Engineering, Procurement, and Construction (EPC) contract with the International Engineering Company of China Coal Technology and Engineering Group Corp. for the development of the Ovoot Coal Handling and Preparation Plant (CHPP) and the Erdenet Rail Terminal (ERT). Valued at US$69.9 million, this contract significantly secures the capital costs for the Ovoot Coking Coal Project, reducing cost and schedule uncertainties with a clear pathway set towards first coal production and export by Q4 2027. The project involves processing and handling infrastructure capable of supporting up to 2.5 Mtpa of ROM coal at the CHPP and transloading 2.0 Mtpa at the ERT. The EPC schedule aligns with infrastructure readiness to enable first coal sales, with CCTEG-IEC appointed as a tier-one execution partner, ensuring comprehensive delivery capabilities. The contract also incorporates standard risk allocations under the FIDIC Silver Book framework, with a focus on performance guarantees and a 12-month defects liability period.
Key Points
  • Aspire Mining has secured a US$69.9 million EPC contract for Ovoot CHPP and ERT.
  • Contract executed with CCTEG-IEC for substantial capital cost security.
  • First coal production and export are targeted for Q4 2027.
  • The EPC contract includes processing up to 2.5 Mtpa of ROM coal at CHPP.
  • ERT infrastructure will handle transloading of 2.0 Mtpa of coal.
  • CCTEG-IEC brings over 50 years of coal industry expertise.
  • The project supports the production and efficient export of coking coal.
  • Key EPC contract terms include single-point contractor responsibility.
  • The fixed-price structure reduces exposure to inflation and design creep.
  • Deferred payments ease peak funding requirements, securing project financing.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.