Wednesday, April 21, 2010

Mogi's April 20, 2010 Morning News

Mongolian parliament speaker meets governor of China's Shanxi province

ULAN BATOR, April 19 (Xinhua) -- Speaker of the Mongolian parliament Khural Demberel Damdin on Monday met a delegation led by Yuan Chunqing, governor of Shanxi province of China, the parliamentary press and information service said.
Yuan said that the delegation of Chinese business representatives arrived in Mongolia with a key aim to strengthen the mutual understanding and friendship. There is a great potential for Mongolia and Shanxi to develop cooperation in trade and tourism.

China Stocks Tumble Most in Eight Months on Property Loan Curbs

April 19 (Bloomberg) -- China’s stocks plunged, driving the benchmark index down the most in almost eight months, on concern a government crackdown on the property market will increase bad loans and damp consumer spending.

Ivanhoe to announce OT development plan

April 19 ( An independent development plan for the Oyu Tolgoi copper mine in Mongolia is slated to be announced after a shareholder meeting in May, Ivanhoe Mines Executive Chairman Robert Friedland has said. Ivanhoe is now looking at "a number of interesting alternatives to enhance our shareholder value," he told a conference. Ivanhoe has hired Citigroup Inc. and Hatch Corporate Finance, a London-based mining adviser, to explore financing options.

Finance Minister gives outlines of budgets to come

April 19 ( Finance Minister S.Bayartsogt submitted broad outlines of the budget for 2011 and draft assumptions for the budget for the two years after that to Parliament Speaker D.Demberel on Saturday. The outlines are based on the National Policy for Development, the Directives for Economic and Social Development of 2010-2015 and the Government’s action plan for 2008-2012.

The mid-term budget assumption estimates budget income for 2011 will be 46.9 percent of the GDP, for 2012, 42.8 percent, and for 2013, 34 percent, after taking into account the Government’s development policies and programs, and international developments. The average price for copper in 2011-2012 was taken to be USD 6,800-7,000 per ton, while the gold price was estimated at USD1,100-1,200 per ounce.

The Government intends to adopt an amended Mineral Law by 2011. This will levy taxes on increased prices in the international market, with no relation to investors’ profits.

It was indicated that the money from Human Development Fund will be distributed fully in 2011-2012. The budget expense needs to be cut by MNT338 billion to keep the deficit at roughly about four percent of the GDP.

(note: 3 month copper on LME at $7,680 (source:, gold futures at $1136. source: bloomberg)

Centerra Gold First Quarter 2010 Results Conference Call and Webcast

TORONTO, ONTARIO, Apr 19, 2010 (MARKETWIRE via COMTEX) -- Centerra Gold Inc. (CA:CG 11.55, +0.10, +0.87%) will host a conference call and webcast of its 2010 first quarter financial and operating results on Thursday, April 29, 2010 at 11:00 am Eastern time. The results are scheduled to be released after the market close on Wednesday, April 28, 2010.

Minimum wages to be fixed in new way

April 19 ( With 73.2 percent of MPs voting for it, Parliament approved on Friday the proposed law to change the procedures of computing minimum wages. The law comes into force on January 1, 2011.

Wages in certain jobs will be calculated on the basis of MNT 670 per hour. This will allow many, including students, to hold part time jobs. The minimum wages will vary from sector to sector, with workers in the mining or infrastructure sectors not bound by the minimum rate of MNT108,000 per month. Every sector will determine its own minimum wages.

Loss of livestock is MNT360 billion

April 19 ( A special Government meeting on Friday adopted a comprehensive plan on improving conditions in the animal husbandry sector hit by natural disaster, and also approved a temporary measure to provide animals to herders who are left with no livestock.

The Geography of Chinese Power

April 19 (NYT, op-ed) ...

Having once conquered Outer Mongolia to gain access to more cultivable land, Beijing is poised to conquer Mongolia again, albeit indirectly, through the acquisition of its natural resources.

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