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Aspire Mining appoints new managing director

Changes to the board follow the $33.5 million equity raising completed earlier this week.

Aspire Mining Ltd - Aspire Mining appoints new managing director
The DFS for the Ovoot Coking Coal Project is due May 2020

Aspire Mining Ltd (ASX:AKM) has appointed Archit-Erdene Darambazar as its managing director on a two year contract.

The move follows the successful placement of stock to Mr Tserenpuntsag earlier this week that raised $33.5 million.

Aspire’s executive chairman David Paull will transition to the role of non-executive chairman from March 2020.

The company has also agreed to decrease the board to five members from seven with Alex Passmore and Gan-Ochir Zunduisuren agreeing to step down.

Targeting early production from Ovoot Project

Aspire is targeting early production from Ovoot through the start-up Ovoot Early Development Plan (OPED).

The OPED will see an operation delivering up to 4 million tpa of high-quality coking coal via road and rail to steel mill customers in China and Russia.

A definitive feasibility study (DFS) is underway and scheduled for completion around May 2020, subject to receiving permits and approvals to complete drilling.

Assuming finance is secured and all permits received by the March quarter 2020, Aspire expects to commence pre-stripping of waste at Ovoot from the September quarter 2020.

Quick facts: Aspire Mining Ltd

Price: 0.087 AUD

ASX:AKM
Market: ASX
Market Cap: $44.16 m
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Aspire Mining Ltd (ASX:AKM) managing director and chairman David Paull updates Proactive on receiving additional commitments from major shareholder Mr Tserenpuntsag in relation to his proposed $33.5 million equity investment in company. Mr Tserenpuntsag will exercise all his 153.3 million...

on 14/11/19

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