Aspire Mining releases December 2019 Quarter Report

  • Jan 31, 2020 AEDT
  • Team Kalkine

Coking Coal explorer and developer, Aspire Mining Limited (ASX: AKM) closed the December 2019 quarter with a cash balance of $42.2 million and made considerable progress towards funding and commencing the Ovoot Early Development Project, the first stage of its flagship Ovoot Coking Coal Project (100%-owned).

In November 2019, the company released an update to the OEDP Pre-Feasibility Study Extended Case based on lower contract mining costs from quotes received which resulted in reduction in C1 cash costs to the China border from USD 8 \ tonne to USD 76\ tonne over the life of mine. Also, at the November 2019 AGM, AKM received shareholder approval for the $ 33.5 million placement and $ 2.75 million option exercise to its major shareholder, Mr. Tserenpuntsag Tserendamba.

 

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