Substantial shareholder in Aspire Mining, Spectral Investments Pty Ltd ATF The Lithgow Family Trust, has increased its interest in the company to 19.45% from 12.42% through participation in Aspire’s recent share placement.
Spectral acquired 100 million shares worth a total of $2 million under the placement, taking its total interest to 179,278,501 shares. Aspire’s non-executive director Neil Lithgow is a director of Spectral.
ASX-listed Aspire is the largest coal tenement holder in Mongolia's northern provinces and is focused on identifying, exploring and developing quality coking coal assets. It owns a 50% interest in and is the operator of the Ekhgoviin Chuluu Joint Venture, and has an option to increase its ownership to 100% of the JV.
The JV owns a 60% interest in the Nuurstei Coking Coal Project with an ability to increase this to 90%. Following a successful 2014 exploration program the JV plans to conduct additional exploration work through 2015 with the aim of identifying a JORC 2012 coal resource and defining coal quality across the deposit.
Aspire’s subsidiary Northern Railways LLC, is also planning to extend Mongolia’s rail network in the country’s north. In May, Aspire received a formal invitation to commence negotiations with the Mongolian Government’s multi departmental Working Group for a Rail Concession. The working group comprises representatives from the Ministries of Roads and Transportation, Environment, Finance and Investment Agency.
The company has also entered into a Consortium Agreement with China Railways 20 Bureau Group Corporation who will provide its subsidiary Northern Railways with exclusive rights to technology required to construct the Erdenet to Ovoot Railway.
CR20G is a wholly-owned subsidiary of China Railways Construction Corporation, a Fortune-500 company with a US$42 billion market cap and one of the world’s largest international rail engineering construction firms.