Aspire Mining Limited (ASX:AKM) conducted tests on samples from its Ovoot Coking Coal Project in northern Mongolia. The Coal washability test results have indicated a very high theoretical yield of 87.7% to produce a simulated product with 9.5% ash content and a CSN of 9.
Based on the early results from the testing conducted by the company the Ovoot washed coal will be a high fluidity, mid volatile coking coal that would be well received in metallurgical coal markets. The consistency of the product has been confirmed by testing of further 97 samples from across the deposit. These have been collected from 18 holes and represent about 65% of the total samples that the company managed to collect in its drilling program in 2010.
Noble Group Limited has confirmed an investment in Aspire Mining. The company currently holds 4.1 % of the total issued share capital of Aspire Mining. Aspire's Managing Director David Paull said that Noble was one of the world's largest marketers of coking coal and Aspire welcomed news of its significant investment in the company. He also added that since Noble was active in Mongolia, Aspire and Noble have had very preliminary discussions about how the two companies can cooperate in the future.