AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
As announced in the releases dated 25 October 2019 and 05 December 2019, the ASX-listed metallurgical coal explorer and developer Aspire Mining Limited (ASX:AKM) has completed the executive and management changes.
In the milieu of which AKM Chairman Mr David Paull has transitioned into the role of Non-Executive Chairman from Executive Chairman, as recommended earlier following the placement of A$33.5 million to Mr Tserenpuntsag on 03 December 2019. The Chief Operating Officer (COO) Mr Sam Bowles has taken up his role on a full-time basis based in Ulaanbaatar, Mongolia.
Aspire is a Cash Backed Bargain, Positive for Investors! Click to Read More.
Why are these changes made and What is their Importance?
Well, to gauge the significance of management changes, let's look back at the previous announcement.
On 25 October 2019, AKM announced that Mr Bowles would take the role of COO of the Company, starting with consulting services, and by March 2020, moving towards the full-time appointment. This step was also taken in line with the commercialisation of Ovoot Coking Coal Project, where Mr Bowles will oversee the delivery of the project start-up.
Do You Know that AKM to Help the Community? Click to Read.
Later, on 05 December 2020, post the completion of the placement, Mr Tserenpuntsag foreshadowed the reduction of Directors from seven to five, in which Mr Gan-Ochir Zunduisuren and Mr Messrs Alexander Passmore had agreed to resign as a Directors of Aspire.
However, Mr Gan-Ochir Zunduisuren continued heading the executive management role in the Mongolian Company.
Also, Mr Archit-Erdene Darambazar was appointed as a Managing Director for a two-year contract and the Company’s Executive Chairman, Mr Paull was to move in the Non-Executive Chairman role in March 2020.
The step was taken to put Aspire in a strong position in funding and support by the Mongolian towards the development of the metallurgical coal project, i.e. Ovoot Coking Coal Project.
Mr Sam Bowles is a highly qualified coal mining executive with over ~18 years of experience in the Mongolian region. He held a graduate degree from University of NSW and began his career in 2002 as a mining engineer at NSW’s Dartbrook Collery. Mr Bowles later shifted to Hail Creek operations of Rio Tinto.
Before joining Aspire, Mr Bowles was leading the Mongolian Business Unit of TerraCom (ASX:TER) supervising the \ Baruun Noyon Uul coking coal mine operations in southern Mongolia. He has also been the COO of Mongolian Mining Corporation managing Baruun Naran and Ukhaa Khudag coal mines operations and associated infrastructure.
Mr Bowles is also a member of AIMM, i.e. Australasian Institute of Mining & Metallurgy.
Profile of Mr David Paull – Chairman of Aspire Mining
Mr David Paull holds a graduate degree in B. Com. from the University of Western Australia and MBA with distinction from Cornell University, New York along with fellow of the Financial Services Institute of Australia. He has over 25 plus year of experience in industrial mineral marketing and resource business development. Mr Paull has been the Managing Director of Aspire since the last eight years before completion of the Placement to Mr Tserenpuntsag.
Interesting Read to Stay Updated, Click To Read: Aspire Mining – Glimpse At Company’s Update.
About the Company
As of now, the Company is aiming to advance towards the first-stage development of Ovoot Project known as OEDP (Ovoot Early Development Plan) for an early phase washed coking coal production. OEDP focuses on the development of overall infrastructure, i.e. truck and rail to deliver the 4Mtpa coking coal to the end markets.
Must Read: Aspire Inspecting Steel Mills Customer in China: MoU Signed BY Sinosteel MECC.
Stock Information
The AKM stock ended the day’s trade at A$0.065 on 17 March 2020.
