Aspire Mining settles the placement to Mr Tserenpuntsag; announces Board Changes

  • Dec 05, 2019 AEDT
  • Team Kalkine
Aspire Mining settles the placement to Mr Tserenpuntsag; announces Board Changes

Aspire Mining Limited (ASX: AKM), the leading pure-play metallurgical coal project developer based in Australia, is currently advancing the first stage of its flagship world-class asset-the Ovoot Coking Coal Project (100%-owned) located in the Orkhon-Selenge Coal Basin in northern Mongolia with a rapidly developing coal mining industry.

Recently on 3 December 2019, Aspire Mining announced that it has completed the placement to Mr Tserenpuntsag after receiving shareholder approval and receipt of the $ 33.5 million consideration for the 1,595.9 million shares at 2.1 cents each to increase his investment stake from 27.5 per cent to 51 per cent in the company. An additional $ 2.75 million is to be received on the committed exercise of 153.3 million, 1.8 cent options held by Mr Tserenpuntsag on or before expiry of the options on 11 December 2019.

The placement was approved by an overwhelming majority of Shareholders at Aspire Mining’s Annual General Meeting held in Perth on 29 November 2019.

The company now holds ~$ 41 million in cash at bank and no debt, which makes it ideally positioned to advance works related to OEDP.

Aspire Mining is pursuing early production from Ovoot through the first stage Ovoot Early Development Plan (OEDP), wherein 4Mtpa of high-quality coking coal would be produced and transported through a road and rail mode to neighbouring steel mill customers in Russia and China. A Definitive Feasibility Study (DFS) for OEDP is currently underway with scheduled completion by May 2020, subject to receipt of approvals and permits to wind up drilling first. Once the finance is also secured, Aspire Mining aims to begin pre-stripping of waste at Ovoot Project from Q3 2020.

Aspire’s Executive Chairman Mr David Paull expressed his gratitude to Mr Tserenpuntsag for fulfilling his financial support commitments to develop Ovoot, a world-class coking coal project and has the potential to transform the economic fortunes of northern Mongolia.

Read More: Evolving shareholding structure of Coking Coal Developer Aspire Mining in line with OEDP

Leadership Changes

In accordance with Mr Tserenpuntsag further increasing his significant shareholding in the company, Aspire Mining announced some Board changes as foreshadowed in the Explanatory Statement to the Notice of the Annual General Meeting dated 24 October 2019.

  • Appointments: Mr Archit-Erdene Darambazar has been appointed as Managing Director on a two-year contract with an annual base salary of USD 180,000, effect immediately. Upon receiving shareholder approval in future, Aspire Mining will also offer Mr Darambazar three million Performance Rights under Aspire’s existing Performance Rights Plan.

In addition, Aspire’s Executive Chairman, Mr David Paull, would transition to the role of Non-Executive Chairman from March 2020.

  • Director Resignations: As per the Subscription Agreement with Mr Tserenpuntsag, Aspire Mining has reduced the number of Directors from seven to five whereby Messrs Alexander Passmore and Gan-Ochir Zunduisuren have agreed to resign after having provided their sage advice and guidance to the Board. However, Mr Zunduisuren would continue in an executive management role with Aspire in Mongolia.


This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. The above article is sponsored but NOT a solicitation or recommendation to buy, sell or hold the stock of the company (or companies) under discussion. We are neither licensed nor qualified to provide investment advice through this platform.


There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.

Are you wondering if the year 2020 might not have taken the right start? Dividend stocks could be the answer to that question.

As interest rates in Australia are already at record low levels, find out which dividend stocks are viewed as the most attractive investment opportunity in the current scenario in our report.



All pictures are copyright to their respective owner(s) does not claim ownership of any of the pictures displayed on this website unless stated otherwise. Some of the images used on this website are taken from the web and are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it below the image.


We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK