Mongolian rival snares big Aspire stake

MONGOLIAN coal miner South Gobi Resources bought a 9.026% stake of Mongolian coking coal explorer Aspire Mining last week.
Mongolian rival snares big Aspire stake Mongolian rival snares big Aspire stake Mongolian rival snares big Aspire stake Mongolian rival snares big Aspire stake Mongolian rival snares big Aspire stake

 

Blair Price

According to the Form 603 document (notice of an initial substantial holder), SGR acquired almost 63.5 million ordinary shares of the Australia-listed Ovoot Basin explorer through broker Quam Securities.

With shares at 5c on the acquisition day and at 4c the previous day, the amount spent by Toronto and Hong Kong-listed SGR would appear to fall within a $2.5 million to $3.2 million range.

Aspire had not commented on the move by 2.15pm AEDT yesterday – with the shares down 2.1% or 0.1c to 4.7c at that time.

Aspire is initially targeting 5 million tonnes per annum of coking coal production at Ovoot in 2018 and had been granted a mining licence for the project more than two years ago.

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