Aspire Mining's (ASX:AKM) Mongolian subsidiary Khurgatai Khairkhan launched its $60 million Ovoot Bond on Mongolia's regulated over-the-counter market, according to an Australian bourse filing on Sept. 11 after market hours.

The bond has raised $9.6 million across five tranches as of Sept. 9, with coupon rates ranging from 11% to 13%, per the filing.

The funds will support the development of the Ovoot coking coal project, which is expected to produce premium washed coking coal for the Chinese market, the filing said.

The company is continuing its placements and may seek approval for a second $60 million bond program next year, potentially raising total bond financing to $120 million, subject to market conditions and alternative funding options, including coal offtake prepayments, the filing added.