SouthGobi Receives Mining Licence for Mongolia Deposit

10 July 2011 (Last Updated July 10th, 2011 18:30)

SouthGobi Resources subsidiary SouthGobi Sands has received a mining licence for the Soumber deposit in Mongolia. Mongolia's mineral resource authority granted the licence for the 109km² area for an initial term of 30 years, with an option for two 20-year extensions. Accor

SouthGobi Resources subsidiary SouthGobi Sands has received a mining licence for the Soumber deposit in Mongolia.

Mongolia's mineral resource authority granted the licence for the 109km² area for an initial term of 30 years, with an option for two 20-year extensions.

According to the resource estimate by Minarco MineConsult, the Soumber deposit consists of 61.4Mt of measured and indicated resources and 65.8Mt of inferred resources of coal.

SouthGobi Resources president and CEO Alexander Molyneux said that with the receipt of the mining licence, the firm will move towards finalising the mine development plans.