Approval for the Northern Rail Line is part of a new National Rail Policy. It paves way for a new rail connection between Russia, Mongolia and through the Trans-Mongolian Railway to China.
Aspire Mining managing director David Paull said: "The Mongolian Parliament’s decision provides the rail solution to unlock the value of the Ovoot Project.
"We expect that this railway, along with the current expansion of the Trans Mongolian Railway towards 100mtpa, will have a dramatic effect on the competitiveness of northern Mongolian coal in both the Chinese and seaborne coking coal markets."
Construction of the Northern Rail Line is planned to be commissioned and available for use in 2017.
Located in north-western Mongolia, Ovoot project comprises a mining and three contiguous exploration licences across 430km². It is said to host JORC compliant coal resource and coal reserve area, the new coal discovery area, and the Hurimt and Zuun Del prospects.
