Tuesday, April 27, 2010

Mogi's April 26, 2010 Morning News

Elbegdorj temporarily suspends transfer and new issuance of mining licences

April 23 (translation) ( Elbegdorj, as chairman of the National Security Council, announced that he has given directions to relative authorities to temporarily suspend all transfers, new issuance, reissuances of mining licenses until a new law on mining comes in to effect. This announcement was done with consultation with the other two members of the council, the Prime Minister and Speaker. This suspension is to take effect as of April 20, 2010. Reasons for the decision, according the announcement on the President's own website, is that half of exploration licenses holders do not act responsibly, do not submit annual reports, and their only interest is to use them as tools for capitalization.
(english version will be distributed as soon as it is released)

Original Announcement (in Mongolian)

Ivanhoe Mines Amends Shareholders' Rights Plan

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 22, 2010) - The Board of Directors of Ivanhoe Mines Ltd. announced today that it has amended the shareholders' rights plan previously adopted on April 5, 2010. The amendments to the plan can be summarized as follows:

  • the definition of "Acquiring Person" has been revised to enable a person who becomes the beneficial owner of 20% or more of the common shares through a combination of listed provisions to acquire an additional 1% of Ivanhoe's shares without triggering the plan;
  • the definition of "Beneficial Ownership" has been revised to delete the reference to ownership by way of "Derivative Contracts";
  • the definition of "Exempt Acquisition" has been revised to cap the exemption for issuances under incentive plans and to modify the provision related to permitted treasury issuances; and
  • the shareholder approval provision has been revised to clarify that separate shareholder approvals of the plan will exclude both "Acquiring Persons" and "Grandfathered Persons".
Full Article

Govt Will Name OT Board of Directors Shortly

April 23 (UB Post) Mongolian government will name three members of Oyu Tolgoi LLC’s Board of Directors soon. D.Sugar, Chairman of the State Property Committee, who refused to disclose the names of the candidates, said they will represent 34 percent stake of the Mongolian government at the major copper-gold project.
Full Article

Tavan Tolgoi Agreement to be Exhibited to Parliament

April 23 (UB Post) The government, which has taken 100 percent interest of the project through its wholly-owned Erdenes MGL Company, agreed to submit draft investment agreement of Tavan Tolgoi with potential strategic investors to National Security Council headed by the President Ts.Elbegdorj for recommendations.
Full Article

Mongolia, South Korea to build waste recycle plant in Ulan Bator

ULAN BATOR, Apr. 24, 2010 (Xinhua News Agency) -- Mongolia and the Republic of Korea on Saturday signed a cooperation agreement to build a waste recycling plant in the Mongolian capital city.

The cooperating parties are the Ulan Bator municipal administration and the Korea International Cooperation Agency, according to the city's administrative office.

The waste recycling plant, to be completed in 2011 at a cost of 3.5 million U.S. dollars, will sort out, recycle and burn combustible wastes to generate power.
Link to Article

Mongolia and China agreed to coordinate when submitting reports to UNESCO about objects of cultural heritage

April 5 (Montsame) Mongolian delegation headed by the minister of education, E. Otgonbayar held discussions with China about the questions of cultural heritage and concluded an agreement. According to the signed document, now, in a case of submitting an application about entering a cultural heritage into the UNESCO list, both sides are expected to discuss it and come to an agreement, using flexibility and showing respect to one another’s spiritual and cultural heritage.
Link to Article

Protesters reach agreement with MPs’ group, call off hunger strike

April 25 ( The hunger strike by some protesters was called off on Thursday after a series of talks between leaders of the movement and an MPs’ group set up by Parliament to settle the issue. The protest is being led by the Civil Movement Demanding Fulfillment of Pre-Election Promises, the Independence Alliance, My Mongolian Land Movement, the National Soyombo Movement, the Reform Movement, and the National Khas Movement. The parties signed a memorandum incorporating the terms of agreement reached at the talks.
One of their leaders, D.Battsogt, said their talks with the group led by MP U.Enkhtuvshin had led to agreement on the following.

  1. Restoration of the child allowance.
  2. The promise to pay every citizen MNT 1.5 million will be kept.
  3. Repealing seven amendments to the State Constitution approved when the MPRP was in power in 2000.
  4. Amending the Mineral Law to make it comply with the Constitution and the Concession law.
  5. Holding a meeting urgently on the Oyutolgoi investment agreement to bring it in line with the 40th and 57th protocols of Parliament.
  6. The working group on the July 1 incidents must report openly to the people. Parliament must order the State General Prosecutor to reveal how exactly the five people were killed.
  7. The sides will jointly monitor the implementation of the agreement.
  8. There will be no hunger strikes, sit-ins or any other form of public protest until the terms of the agreement are fulfilled.
  9. The people will be told of the agreement and its progress through Mongolian National Public Broadcaster.

Government to issue up to 170 bln MNT government bond in FY2010

April 26 (in Mongolian) (Montsame) Finance Minister Bayartsogt handed in 3 draft laws and 1 draft resolution to the Speaker on Friday. ...

Link to Article

Parliament ratifies law on asset-backed securities

April 26 (in Mongolian) (Montsame) On Friday session, parliament passed the law and the necessary amendments to other laws regarding asset-backed securities.
(no details were specified in this article. details will be distributed as it becomes known)

Link to Article

Hunnu Coal acquiring 60% interest in Unst Khudag coal mine

Fortress Corporate Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 23, 2010) - Fortress Minerals Corp. (TSX VENTURE:FST - News; "Fortress" or the "Company") reports that Zebra Holdings and Investments S.a.r.l. ("Zebra"), an insider of the Company, has agreed to provide an unsecured demand loan to Fortress in the amount of $500,000 CAD at an interest rate of prime plus 2% for short term working capital purposes. The principal amount of the loan and all accrued and unpaid interest thereon is payable on demand or, in any event, not later than October 15, 2010. However, Fortress may prepay the principal sum and all accrued and unpaid interest at any time, without penalty.
Link to Article

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