An environmental impact assessment of the Nuurst thermal coal project by the Mongolian Ministry of Nature has found no issue with the development of the operation. Modun Resources says this is the crucial milestone in obtaining a mining licence for the site, and the company has now submitted all the relevant documentation to the Mineral Resources Authority of Mongolia (MRAM) for final review of its licence application.

Modun’s managing director Rick Dalton says, “The progress towards obtaining the mining license for Nuurst continues. As we enter the final stage of the process, we remain on track to achieve project development and first mining of coal in the next 12-18 months.”

The 489 million tonne JORC-compliant resource is in central Mongolia, about 120km south of Ulaanbaatar. The project takes in a 34.5sqkm area about 600km from the Chinese border, and 6km from existing rail infrastructure.

Meantime, Modun has appointed a new director of its wholly-owned Mongolian subsidiary, Modun Resources LLC Mongolia. Archit-Erdene Darambazar is the founder and president of leading investment banking firm Mongolia International Capital Corporation (MICC) and has been an innovator in the Mongolian finance sector for almost a decade.

He has acted as an advisor to both government and private sector organizations in many significant financial transactions, and will oversee potential involvement in additional Mongolian projects for Modun.

“Archit-Erdene is a welcome addition to Modun’s in-country Mongolian team as we change our focus from exploration to development of Nuurst. His local experience and expertise has been and will continue to be invaluable as we work in conjunction with the Mongolian government and business partners to advance the Nuurst coal project and pursue several other local opportunities that are arising as we move towards production,” says Rick Dalton.

www.modunresources.com

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