The Directors of Aus Tin Mining Limited (Aus Tin Mining or the Company) are pleased to announce that the Company has signed a binding term sheet with Laneway Resources Limited (Laneway) and Renison Coking Coal Pty Ltd (Renison), a wholly owned subsidiary of Laneway, to acquire the Ashford Coking Coal Project (Ashford Project) located in northern New South Wales. The Ashford Project is owned by Renison and has a resource of 14.8Mt (comprising both inferred and inferred resources - refer below for further details), with coal quality studies indicating a potential semi-hard coking coal product could be produced. Additional exploration upside is evident at the Ashford Project. Upon completing an initial 40 percent acquisition of the Ashford Project, Aus Tin Mining intends to undertake a feasibility study and progress a Mining Lease Application before committing to the balance of the acquisition within a three-year period. The acquisition is being made at a time when the global price for coking coal has softened as a result of reduced global steel production, but the medium-term price is forecast to rise as steel production is anticipated to recover to meet demand created by infrastructure build stimulus programs.
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