market intelligence firm covering #Mongolia. Contact firstname.lastname@example.org to subscribe to CoverMongolia NewsWire. Posted here with a two-week delay. Follow the news on twitter.com/CoverMongolia, facebook.com/CoverMongolia, plus.google.com/b/112644890687463904849, instagram.com/covermongolia, covermongolia.tumblr.com
Khan Resources' shareholder calls meet on takeover
April 22 (Reuters) - Laramide Resources Ltd (LAM.TO), which holds a 13.2 percent stake in Canadian explorer Khan Resources Inc (KRI.TO), has called for a special meeting with shareholders regarding the introduction of new members to Khan's board. ... Full Article
Khan Resources points out anomalies in Nuclear Energy Agency’s action
The company has issued a statement pointing out several inconsistencies and anomalies in the NEA action. “Despite the fact that the Nuclear Energy Law stipulates that exploration licenses must be re-issued within three months and mining licenses within six to 12 months, the license re-registrations of Khan are still pending. Khan has made repeated requests for an official update as to the status of these applications and its licenses. However, until now, Khan has not yet received any official response from the NEA.”
... "It is entirely unclear and completely nonsensical as to why the State Specialized Inspection Agency would continue to inspect the Dornod licenses and engage in communications and discussions with Khan and its subsidiaries concerning the Dornod licenses with a view to coming to a formal decision at some point in the future, if in fact that licenses were invalidated in October 2009, as the NEA now alleges," Quick said. ... Full Article
Individual miners’ issues to be regulated
April 22 (news.mn) The Government will submit to Parliament three draft amendments seeking to coordinate issues related to extraction work in small and unorganized mines. They pertain to the law on mineral resources, the law on income tax covering persons whose business income is impossible to determine, and the law on land.
SouthGobi is making “very strong” margins at its mines in Mongolia, Molyneux said. Since April 1, the company has been selling unprocessed coal at USD40 a metric ton while the cost of extraction is about USD20 a ton, he said. “So you make USD20 a ton, and that’s pretty good money,” he said. “Our exploration and corporate overhead costs will remain relatively flat as the earnings grow from the mining business.” ... Full Article
Government gives preliminary approval to Tavantolgoi documents
The investment agreement will be between the State-owned Erdenes MGL Company, the chosen investor company /consortium, and the Government of Mongolia. The investors will be foreign companies. The draft investment agreement has 19 chapters, 143 articles and two appendices.
After a company or consortium is finally chosen, it will be asked to submit documents from its side within 2 months.
As of today, Extrata (Australia), a consortium of Peabody Energy (USA) and Shenhua Energy (China), Vale (Brazil), Jindal Steel and Power (India), Sojits (Japan), Marubeni, Itochu (Japan), COPEC (South Korea), Mitsui (Japan), Sumitomo (Japan), Erdos Chinglon Coal /China/, and Russian Railway /Russia/ and others are bidding to jointly exploit the Tavantolgoi coal deposit.
April 22 (news.mn) The National Development and Innovation Committee has developed general policy directives for Mongolia for 2011. The human development index now standing at 0.731 is planned to be raised to 0.758 by next year. Norway tops the index with 0.971. Russia’s present score is 0.817, and China’s 0.773. Mongolia is ranked 115th among 182 countries.
The committee estimates the price of gold per ounce to be above USD1,000, and that of copper per ton to be USD7,200 this year. By 2013, Mongolia will have 8.2 percent economic growth and per capita GDP will exceed USD2,000. Foreign trade will show a surplus.
April 22 (Seeking Alpha) The elevated price of gold has gold miners and ETFs that cover them holding their shares salivating. If gold’s price remains as high as it is now, deals and investments could shift the gold mining landscape for good. ... Full Article
Peabody Beats, Sees Demand Rise
April 22 (Zacks) Peabody Energy (NYSE: BTU - News) reported first-quarter 2010 earnings of 52 cents per share, higher than the Zacks Consensus Estimate of 41 cents and the year-ago profit of 50 cents. The better-than-expected result was due to improved pricing, coupled with higher volumes from the company’s Australian operations. ... Full Article
Protestors in Mongolia officially stops hunger strike
ULAN BATOR, April 22 (Xinhua) -- Demonstrators protesting a variety of government policies said Thursday they have stopped a hunger strike now that their representatives and Parliament have reached agreement. ... Full Article
Mongolian president to visit China
BEIJING, April 22 (Xinhua) -- Mongolian President Tsakhia Elbegdorj will pay a state visit to China from April 28 to May 3 at the invitation of Chinese President Hu Jintao, Foreign Ministry Spokeswoman Jiang Yu announced here Thursday.