# Achit-Erdene Darambazar Executive Chairman ## Career chronology - **Executive director from 7 December 2018; executive chairman from 8 September 2025: Aspire Mining Limited** — Executive Chairman; previously Managing Director and Executive Director. [Annual Report year ended 31 December 2025]() (Directors report: information on directors) - **Founded 2005; exact end date not established: Mongolia International Capital Corporation** — Founder and President. [Appointment of Mongolian director]() (Page 1: appointment of Mongolian director and biography) ## Education and qualifications ### Reported education [achit_degrees] 2013 announcement · issuer reported · low materiality A 2013 Modun announcement reports a master’s degree in international relations from Columbia University and a bachelor’s degree from Middlebury College. The credentials were not independently verified with the institutions. **Attribution:** Responsibility not applicable. Issuer biography reports the degrees; direct university confirmation not found. **Relevance:** Relevant to finance and governance role. [Appointment of Mongolian director]() (Page 1: appointment biography) ## Contributions and company outcomes ### Initial Ovoot bond funds raised [achit_finance] September–October 2026 · issuer reported · medium materiality Aspire reported that its Ovoot subsidiary had raised US$11.2 million across ten bond tranches by 28 October 2026, toward a US$60 million program; the issuer also reported cash of US$2.1 million at 30 September. Further funding is not guaranteed. **Attribution:** Role overlaps event; causation unproven. Company-level funding result during his tenure; the extent of personal contribution is not established. **Relevance:** Shows progress alongside continuing financing needs. [September 2026 quarterly activities report]() (Pages 2–3, quarter highlights and Ovoot Bond) ## Governance and interests ### Ovoot subsidiary excluded from 2023 EITI reconciliation [achit_eiti] 2023 reporting, report issued 2024 · documented · high materiality The Mongolia EITI report for 2023 lists Khuragtalkhairkhan, registration 5104424, as excluded for reason “Refused” and names Darambazar as executive officer. Mongolian government records identify the matching registration as Khurgatai Khairkhan; Aspire identifies the latter as its wholly owned Ovoot subsidiary. The report does not identify who made the decision or state that a law was breached. Searches of the later 2024 reconciliation report did not establish a later disposition. **Attribution:** Role overlaps event; causation unproven. The report names him as executive officer, but does not attribute the refusal decision to him. **Relevance:** Transparency and governance evidence relevant to the project-owning entity. [Mongolia 18th EITI reconciliation report for 2023]() (Table 11, enterprise 2); [Mongolian government payment record]() (Page 2, payment record 5104424); [Annual Report year ended 31 December 2025]() (Notes: controlled entities, Khurgatai Khairkhan); [Mongolia 19th EITI reconciliation report for 2024]() (Main report and annex search for name and registration 5104424) ### Related-party services disclosed [achit_related] FY2025 and first half 2026 · issuer reported · medium materiality Aspire’s 2025 report and June 2026 financial statements disclose services purchased from MICC, an entity related to Darambazar. Disclosure alone does not establish improper terms or a breach. **Attribution:** Role overlaps event; causation unproven. The related-party relationship is disclosed; personal transaction approval and any impropriety are not established. **Relevance:** Relevant to conflict-management transparency. [Annual Report year ended 31 December 2025]() (Financial statement notes: related parties); [Half-year report 30 June 2026]() (Note 17: related parties) ## Evidence gaps - Underlying correspondence or explanation for the EITI nonparticipation was not obtained; the later participation status is not established. - Credentials were not independently checked with the universities. - Individual contribution to bond proceeds and private finance transactions was not independently quantified. - Mongolian-language court and regulator records and past roles could not be exhaustively searched.