Coking coal explorer and developer, Aspire Mining Limited (ASX: AKM) experienced a 17.24% uptick in its share price to $ 0.170 on 13 December 2019 with ~ 1.62 million shares traded, surpassing the yearly average volume of 1.59 million shares traded. The stock has performed well in the last five days, generating a return of 20.83% for its shareholders. AKM has also delivered a 1-month return of 3.57%.
The investment follows the $ 33.5 million share placement at 2.1 cents each completed on 3 December 2019, as both the placement and exercise of the options received an overwhelming support from the company shareholders at Aspire Mining’s Annual General Meeting held in Perth on 29 November 2019.
With the recent increase in investment, Mr Tserenpuntsag’s shareholding in Aspire increases to approximately 52.5%. As a result, the company’s cash at bank stands at $ 43 million with no debt, leaving it ideally positioned and optimally funded to advance the OEDP.
Major headways have been achieved so far, as Aspire Mining is aiming to start production of washed coking coal from Ovoot through the OPED, with an initial 4Mtpa of high-quality coking coal production that would be transported via road and rail to steel mill customers in the Chinese and Russian markets.
A Definitive Feasibility Study (DFS) is currently being finalised and is scheduled for completion around May 2020, subject to receiving the mandatory approvals and permits. If both the permits and funding are secured and in place by Q1 2020, Aspire Mining has indicated that the company would commence pre-stripping of waste at Ovoot from Q3 2020.
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