MONGOLIA - Aspire’s Ovoot PFS delayed

A pre-feasibility study (PFS) at Aspire Mining’s Ovoot coking coal project in Mongolia has been delayed to allow for the inclusion of quality data for resource and reserve remodeling. It’s now expected the company will release the study results by mid-May.  1

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MONGOLIA - CHALCO bid for SouthGobi Resources

China’s largest aluminium producer CHALCO has launched a bid for a proportional takeover of SouthGobi Resources, offering Can$8.48 each for up to 60% of the company’s issued and outstanding common shares.  1

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MONGOLIA - Court decision refuses Khan claim on ARMZ

A Canadian Superior Court justice has upheld an appeal by Atomredmetzoloto JSC (ARMZ) of the 2011 court decision that validated service of a statement of claim from Canadian uranium company Khan Resources. This decision means Khan cannot proceed in Ontario with its $300 million damages lawsuit against ARMZ and JSC PIMCU.

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MONGOLIA - Further funds for Oyu Tolgoi development

Ivanhoe Mines has secured up to US$4billion from Rio Tinto to fund the completion of the Oyu Tolgoi copper-gold-silver project in southern Mongolia. The new omnibus agreement includes US$1.8 billion in equity financing and will ensure the project through to commercial production and additional expansion. Rio Tinto will also provide additional bridging finance which is being negotiated with multi-national banks.  1

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