In a response to the price enquiry, the Mongolia-focused coal explorer and developer said political conditions might be responsible for the sudden rise.

“The company is aware of the announcement on Thursday 27 June 2013 of the re-election of the incumbent president of Mongolia and the consequent demonstration of a return to political stability,” Aspire said on Monday.

President Tsakhia Elbegdorj received just over 50% of the vote, returning him to office for a second four-year term.

In recent years, Mongolia has seen an influx of investment from foreign mining companies and Elbegdorj’s re-election is viewed as a reassurance to foreign investors that conditions will remain predominantly stable within the country.

Aspire said it was continuing work completing deposit modeling at its 100%-owned Ovoot coking coal project in northern Mongolia, with the aim of extending its mineral resources and ore reserves.

“That work remains ongoing and it remains uncertain as to whether it will result in any material change to the current mineral resources and ore reserves estimates in relation to this project," the company said.

"Any potential change would also need to be signed off by a competent person before there is sufficient certainty to publicly announce such a change to the existing mineral resources and ore reserves estimates."

Last year Aspire completed a prefeasibility study and received a mining license for the 219 million ton project, with first production slated for 2016.

It is targeting a large-scale open pit mine with production of up to 12 million tons per annum over a 20-year mine life.