Aspire Mining Limited (ASX: AKM) has announced it has regained exclusive marketing rights over its Ovoot and Nuurstei coking coal projects by extinguishing all legacy contract rights. Aspire Mining is advancing the Ovoot Coking Coal Project (OCCP) in northern Mongolia and is focused on developing premium coking coal deposits. This strategic move is triggered upon completion of Talaxis’s off-market sale of its 13.08% AKM shareholding to NordSteppe Private Investment Fund (NordSteppe PIF), with no new AKM shares being issued. Completion of the Talaxis share sale is targeted by March 2026.
Under the agreement, Aspire will pay a 0.75% royalty to NordSteppe PIF on gross sales from the Ovoot mining license as consideration for securing the termination of the contract rights. Additionally, Talaxis will transfer its 20% interest in Northern Infrastructure Limited (NIL) to Aspire for US$1, making NIL a wholly owned subsidiary of Aspire. This transaction is expected to significantly benefit Aspire through lower costs by removing legacy marketing fees and cost-plus logistics margins, as well as full commercial control by terminating third-party marketing allocations and first/last rights of refusal across fuel and logistics.
The restored marketing rights also provide Aspire with a stronger funding pathway, enabling direct negotiation of offtake and prepayment structures with end users, reducing reliance on equity and minimising potential dilution. The company anticipates simpler and faster contracting with a single counterparty for sales and logistics, improving execution certainty and time to market. Moreover, Aspire expects improved price realisation by allocating tonnes to highest-value customers and optimising product mix and timing.
Aspire’s CEO, Sam Bowles, commented that retiring these legacy rights is a straightforward but significant value unlock for Aspire. He further stated that the practical outcome is a lower-cost, simpler contracting model and a stronger funding pathway for Ovoot, which will help advance development while minimising dilution for shareholders.
