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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 Miningâs 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.
Aspireâs 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 Aspireâs existing Performance Rights Plan.
In addition, Aspireâs 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.
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