Over a minimum period of five years, the two MOUs cover an initial commitment to potentially purchase up to 1.3 million tons of coking coal per annum, to be produced from the Ovoot coking coal project in northern Mongolia.

The blending properties of the Ovoot project coking coal, which compliments many coals from Russia’s ageing Kuzbass basin, where fluidity and caking properties are declining due to the increasing depth of mining.

Aspire’s Ovoot project coking coal is classified in Russia as a Fat Coking Coal (KZh), an in demand blending feedstock for coke plants.

Through its Russian marketing agent, Aspire secured a non-binding memorandum of understanding to secure up to 2 Mtpa rail and port capacity.

Under the agreement, Aspire will transport 2 Mtpa of Ovoot coking coal through Russian Federation rail systems and reloading of coal at Russian Far East Ports at competitive tariffs.

Aspire managing director David Paull said, "We are pleased that we have been able to also now generate buying interest in Russia which has a significant steel making industry and where Ovoot Project coking coal compliments product offerings from established Russian coal miners.