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| Thursday, 3 June 2010, 15:17 HKT/SGT | |
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Source: MEC | |
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HONG KONG, June 3, 2010 - (ACN Newswire) - Mongolia Energy Corporation (HKSE: 276) ("MEC") has awarded Leighton Asia an AUD273 million, 6-year contract to develop and operate the Khushuut coal mine project in western Mongolia.
This is the second contract that MEC has awarded to Leighton Asia in western Mongolia. The contract is based on a mine plan which ramps up to an initial 3 million tonnes of coking coal per year and includes 48.5 million cubic metres of material movement and anticipated ramp up to 5 to 6 million tonnes or more of coking coal per year. Leighton Asia is responsible for all mining activities including load and haul of waste, load and haul of coal, drill and blast, mine planning, technical support, site camp management and catering services. In November 2009, Leighton Asia was awarded the contract to provide an initial 3 million tonnes per annum mine plan study.
Leighton Asia Managing Director Mr. Hamish Tyrwhitt said, "This award represents an important milestone to our business in Mongolia bringing our total number of mines to 3. Our work in hand at Leighton Asia has now reached a record level of AUD6 billion."
MEC Chief Executive Officer Mr. James Schaeffer Jr. said, "This award represents completion of a major step forward in the implementation of our business model as an energy and resources developer. Our selection of Leighton as mining contractor will assist in the efficient and professional development of our initial project at Khushuut and demonstrates MEC's commitment to building professional and local relationships for further projects."
MEC has, at Khushuut, 149 million tonnes of JORC* coal resources, substantially coking coal. This is within 600 hectares of around 330,000 hectares of MEC's concession areas in western Mongolia. MEC has upgraded a 310 km roadway for transportation of coking coal from the Khushuut Mine to Xinjiang, China.
* JORC - JORC stands for the Australasian Joint Ore Reserves Committee, which is sponsored by the Australian mining industry and its professional organizations. The JORC Code is its Code for Reporting of Mineral Resources and Ore Reserves. It provides a mandatory system for classification of tonnage/grade estimates according to geological confidence and technical / economical considerations, and is widely accepted as an international standard for professional reporting purposes.
Please note: The above information contains forward-looking statements that involve risks and uncertainties and are based on information of the parties in good faith believes to be reliable as of the date thereof. The actual results may differ. Please exercise care and caution and read the information with the public announcements and circulars and information set out under their respective websites at www.mongolia-energy.com and www.leighton.com.au, which the information is subject to. All figures are approximation.
About Leighton Asia
Leighton Asia is part of the Leighton Group, Australia's largest project development and contracting group with annual revenues exceeding US$16.5 billion. Leighton Asia has been operating in Asia for 35 years. Based in Hong Kong, the company also operates in Macau, China, Mongolia, Taiwan, the Philippines, Guam, Thailand, Vietnam, Laos, Cambodia, Indonesia and Kazakhstan. Focused on success and with a unique combination of local knowledge and international experience, Leighton Asia is the region's international contractor of choice. For further information on Leighton Asia Limited, please visit: www.leightonasia.com For further information on the Leighton Group, please visit: www.leighton.com.au.
Contact:
MEC
Mr. Gordon Poon
Director of Corporate Development and Investor Relations
Tel: +852-2138-8000
Fax: +852-2138-8111
Email: ir@mongolia-energy.com
Website: www.mongolia-energy.com
Leighton Asia Limited
Ms. Gloria Mok
Corporate Affairs Manager
Tel: +852-2823-1110
Fax: +852-2529-8784
Email: gloria.mok@leightonasia.com
Website: http://www.leightonasia.com
Topic: Contract Awarded
Source: MEC
Sectors: Metals & Mining, Energy, Alternatives
https://www.acnnewswire.com
From the Asia Corporate News Network
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