Aspire Mining Ltd (ASX:AKM) chairman David Paull, who has been with the Mongolian coal explorer since 2010, has advised the company that he will not be seeking re-election at the upcoming annual general meeting (AGM).
Non-executive director and significant shareholder Neil Lithgow has also advised that he intends to resign as a director of the company with effect from the close of the 2022 AGM.
Long-standing directors
Paull and Lithgow both joined the board of Aspire as part of the company’s acquisition of the Ovoot Coking Coal Project in Mongolia in 2010 and the associated recapitalisation of the company.
Since then, Aspire has confirmed a world-class coking coal resource base at Ovoot and completed a number of pre-feasibility studies into the mine development and the associated infrastructure required to transport Ovoot coal to market.
The company is now nearing conclusion of a definitive feasibility study pending final permitting approvals.
About Aspire
Aspire is 100% owner of the world-class Ovoot Coking Coal Project, and 90% owner of the Nuurstei Coking Coal Project, both in Khuvsgul aimag (province) of north-western Mongolia.
The company is focused on the engineering, permitting and financing of the Ovoot project with the intention to mine coking coal by open pit, wash it on site and then truck the washed coking coal to a company-owned rail terminal facility in Erdenet for delivery to customers in China and Russia via the existing Mongolian rail network.
Candidate nominations
Aspire has also received nominations and consents to act as non-executive directors from each of Michael Avery and Russell Taylor, with the candidates being nominated to act as directors by the company’s major 52.5% shareholder Tserenpuntsag Tserendamba.
Resolutions to consider the appointment of each of the candidates as directors will be included in the 2022 Notice of Annual General Meeting and Explanatory Statement that will be dispatched to shareholders in late October 2022, with the 2022 AGM itself scheduled to be held on Tuesday, November 29, 2022.