Aspire Mining Limited [ASX:AKM] have been experiencing positive share growth since last month.
Their upward trend continues this month, as their shares are up 11.76% today, from the closing price yesterday.
The increase in share value may come from coal projects which Aspire owns large portions of.
In its most recent activities report, Aspire are displaying positive results in its coal assets, at their Mongolian Nuurstei project and Ovoot Project.
Drilling plans approved by the Mongolian Resource Authority
Aspire mining are able to further expand its drilling capabilities after 54 holes were approved by the Mongolian government back in late March.
This allowed Aspire to send coal samples back to Brisbane for the purpose of proper speculation for the product’s strengths.
Aspire also purchased 100,000 tons of coal from the Mongolian Government.
Their mines don’t produce enough quantities of raw coal for thermal usage, as a result they were required to purchase raw coal to help the mines function properly.
The coal will also be transported to export markets in China, Russia, Japan and Korea.
In its quarterly report, Aspire have displayed some positive figures in regards to its cash and debt positions.
Currently its market cap is valued at $48.525 million.
At the end of March, Aspire reported to have $9.585 million in the bank.
Aspire also managed to convert some of its debt into equity, due to agreements that took place with China Gezhouba Group, which helped them provide additional funding for its Northern Railways LLC investments.
Aspire Mining currently have infrastructure investments in Northern Railways and Northern Mongolian Railways Limited.
Aspire Mining wrote in its quarterly activities report,
…‘Noble Group will convert an additional US$1m of the current debt facility into a further equity interest in Northern Railways LLC. Should China Gezhouba Group not take up its option to invest in Northern Railways, Aspire has the right to convert the US$1m in debt into equity in Aspire anytime before 19 August 2019.’
This will help Aspire focus in its Ovoot Coking Coal Project and Nuurstei Project, to further generate income for the company.
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