Aspire Limited (ASX:AKM) Advances OCCP Development and Strengthens Financial Position
Operational Achievements
Aspire Limited (ASX:AKM) reported significant progress in the development of its Ovoot Coking Coal Project (OCCP) in Mongolia. The company issued Requests for Tender for the Coal Handling and Preparation Plant (CHPP) and Erdenet Rail Terminal (ERT) infrastructure, expecting contract awards in Q2 2025. Detailed Engineering Design for the Ovoot permanent camp has commenced, aiming for construction completion within 2025. Additionally, Aspire commissioned the Toson Thermal Power Plant, which integrates into Mongolia’s central power grid, reducing capital and operating costs.
Resource and Reserve Updates
The company updated its JORC (2012) Coal Resource Estimate to 219.4 Mt and Coal Reserve Estimate to 130.1 Mt. SRK Consulting is preparing an Independent Technical Report to support debt financing, with final review expected in February 2025. Aspire also secured a bulk coal sample from the Mogoin Gol mine for marketing purposes, enhancing its position in the Chinese market.
Financial Performance
Aspire maintained a strong financial position with USD 4.6 million in cash and cash equivalents and USD 9.1 million in bonds, bills, and term deposits. Investment earnings of USD 0.1 million offset quarterly expenditures, including USD 0.173 million in director remuneration. The company strategically manages its USD 13.6 million in investments to support ongoing projects.
Corporate Developments
Mr Tristan Garthe was appointed as Chief Financial Officer effective from 25 November 2024, bringing over 20 years of financial expertise to Aspire. The Board acknowledged the contributions of the outgoing CFO, Mr Jules Grove, in enhancing the company’s financial structure.
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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