The LOI covers the supply of 30-35 megawatts per annum of power supplied from the Zavkhan Power Plant, which is expected to be commissioned in late 2015.
The coal-fired Zavkhan power plant is about 70km south of the Ovoot project and is being constructed by New Asia Group LLC.
Electricity produced from the power plant will feed directly into the existing 110kV power grid that runs directly through the Ovoot project licence area.
Aspire MD David Paull said: “The signing of this letter of intent for power supply highlights the ready accessibility of power to the Ovoot Coking Coal project.
“Access to sufficient quantities of power and water are essential to a successful coal mining operation.
“We are fortunate that both are readily available to the Ovoot project.”
Aspire has also signed a non-binding memorandum of understanding with Sainshand Industrial Complex SOE relating to the future potential supply of coking coal produced at Ovoot.
The Sainshand Industrial Complex SOE is a Mongolian government entity established to oversee the development of the Sainshand Industrial Park, the largest industrial development project in Mongolia.
The Sainshand Park infrastructure has been designed by Fluor Corporation and it is intended to house both coke and steel plants, among other industries.
Sainshand Park is located along the existing Trans-Mongolian Railway with rail and road access to northeast China.