A few people have noted Mr Tserenpuntsags (Mr T) political connections already, but I was just doing some extra research today and thought I would explain the significance with relation to Aspires mine. Please correct anything I have wrong here. My explanation is not to say that he would use his power inappropriately, but rather just to show that he has a level of respect and influence in the community and the government in the region on the mine.
But who is Mr T?
According to Aspire"Mr Tserenpuntsag is a Mongolian entrepreneur and businessman with strong business and government relationships across all levels in Mongolia and a desire to see Ovoot developed for the benefit not just of Aspire shareholders but also the people of Mongolia." Mr T is also a former Judo champion and a provincial politician.
As most will know, Mr Tserenpuntsag also has a majority 51% share in Aspire mining, and obtained this through a $33.5 million placement just over a year ago. He has also made another $100 million available to the mine.
According to the
2020 annual report late last year, "The transaction with Mr Tserenpuntsags also offered other benefits. He has made a commitment to provide loads and/or guarantees for an amount of up to
$100 [million] and to support future equity raising to support Ovoot [OEDP]...".
In the
2020 Mongolian legislative election he was appointed as the member for the province of Zavkhan. This is the neighbouring province to where the Ovoot mine is located (Khovsgol).
source:
WikipediaImportantly (I believe), the election results had the majority Mongolian Peoples Party win both of these provinces outright. So Mr T belongs to the same party as the politicians from the province where the mine is located. Surely this means that he is in the best possible position to influence and convey the benefits to the local economy from a "top down" perspective. Hopefully this means that once the currently outstanding community consultation ("bottom up") is completed, things will move more quickly. This would be in everyones interest.
Mr T's investment also means that the mine is cashed up and has a very healthy runway of funds that can be leveraged to move things along once all of the approvals are in place.
https://en.wikipedia.org/wiki/List_of_MPs_elected_in_the_2020_Mongolian_legislative_electionhttps://en.wikipedia.org/wiki/Provinces_of_Mongoliasource:
Pattersons research note
(20min delay)