On Friday the Australia-listed company announced it had signed two non-binding memorandums of understanding with two separate coal terminal operators located at the Taman port on the Russian Black Sea coast and the Nakhodka port on Russia’s Far East coast.

Russian port capacity provider Oteco is building the Taman port on the Black Sea.

The deal between Aspire and Oteco will cover a period of five years commencing from the first delivery and will handle volumes of up to 2 million tons per annum.

Aspire said the port was accessed by Cape size bulk vessels, which can travel to destinations either bordering the Black Sea or Europe, opening the ability to deliver coal from the company’s flagship Ovoot project to steel industries in Turkey and eastern and southern Europe.

The second non-binding MoU was signed with a terminal operator in Russia’s Far East.

It covers access to the port of Nakhodka specifically but does not limit the provision of port services to this terminal alone.

The term of the MoU is for a period of five years, commencing from first delivery of coal, handling volumes of up to 2Mtpa.

Aspire managing director David Paull said the non-binding MoUs were important for geographically diversifying the customer base for Ovoot.

“There is now an identified path for Ovoot project coking coal from northern Mongolia to penetrate European markets,” Paull said.

“The agreement with the [second] Russian coal terminal operator along with the previously disclosed Noble agreement now provides for sufficient volume and flexibility in meeting the Ovoot project’s Far East Russian port needs in delivering coking coal into north Asia’s seaborne markets.”

Aspire’s wholly owned subsidiary Northern Railways is continuing to progress the development of railway that will connect the Ovoot project directly to the existing Mongolian rail network.

Aspire is targeting first production of 5Mtpa at the in 2017 subject to funding, approvals, licenses and construction of rail infrastructure.