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Aspire Mining appoints two to board following strategic financing

The company is progressing its 100% owned Ovoot Coking Coal Project in Mongolia.

three empty board seats
Near-term production is possible via early development through trucking coal

Aspire Mining Ltd (ASX:AKM) has appointed non-executive director Achit-Erdene Darambazar and executive director Boldbaatar BatAmgalan to its board.

The appointments are a direct result of the recent completion of strategic financing to principally fund feasibility and other studies for the Ovoot Early Development Plan (OEDP).

The two directors represent Mongolian businessman Tserenpuntsag Tsedendamba, a major shareholder of Aspire.

READ: Aspire Mining completes $15 million financing for Ovoot early development

Aspire’s executive chairman David Paull said: “We welcome Archit and Boldbaatar to the board.

“With their relevant in-country and international experience and qualifications, we are delighted that they have joined the board as we implement the OEDP.”

Non-executive director Darambazar is financial adviser to Tserenpuntsag Tsedendamba and president and CEO of a leading Mongolian investment banking firm.

Executive director BatAmgalan will use his background in public relations and government to help advance the OEDP.

PFS expected to be complete by January 2019

Ovoot, a potential future open pit and underground mining project hosts JORC-compliant reserves of 255 million tonnes of premium coking coal.

A PFS has been completed and Aspire is now fast-tracking studies for a trucking based solution via the OEDP.

The OEDP means production from the project can be unlocked earlier due to the project no longer being entirely tied to rail infrastructure.

The PFS for the OEDP is expected to be completed by January 2019.

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ASX:AKM
Market: ASX
Market Cap: $39.92 m
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Aspire Mining PFS shows 'fantastic financial outcome' with further optionality

Aspire Mining Ltd (ASX:AKM) managing director David Paull talks Proactive Investors through the outcomes of a Pre Feasibility Study on the Ovoot Early Development Project. The company is seeking the near-term production of coking coal from the Mongolian asset, to feed Chinese...

on 1/3/19

2 min read