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Ivanhoe Mines Nominates Mongolian Diplomat to Lead Board of Company Building the Oyu Tolgoi Mine
ULAANBAATAR, MONGOLIA--(Marketwire - May 12, 2010) - Peter Meredith, Deputy Chairman of Ivanhoe Mines, announced today that Mongolian diplomat Galsan Batsukh has been nominated to become Chairman of the Board of Directors of Oyu Tolgoi LLC, which is building, and will operate, the Oyu Tolgoi copper-gold project in southern Mongolia. ... The Ivanhoe Mines appointees for Oyu Tolgoi LLC directorships are:
- Galsan Batsukh. Ambassador Batsukh presently is Ambassador at Large for Mongolia's Ministry of Foreign Affairs and Trade. He was formerly Mongolia's ambassador to Canada between 2001 and 2005, with additional accreditations to Peru, Brazil and Paraguay, and ambassador to China between 2005 and 2009, with additional accreditations to Australia, New Zealand and Pakistan. A career diplomat since 1992, Mr. Batsukh holds a doctoral degree in international relations and previously was an executive with Mongolia's National Tourism Administration for eight years, including two years served as Chairman. ... http://www.marketwire.com/press-release/Ivanhoe-Mines-Nominates-Mongolian-Diplomat-Lead-Board-Company-Building-Oyu-Tolgoi-Mine-TSX-IVN-1258665.htm
MSE management to be contracted out within 3 months
May 11 (summarized from Mongolian) Cabinet meeting on Tuesday deemed the draft "Selection Process Documents" and the draft "Management Contract" to be 'acceptable', and appointed the Chairman of the State Property Committee Mr. D. Sugar to oversee the selection of a management team and present the results within 3 months.
The winning entity or consortium must be experienced, specifically in developing the capital market in developing countries. The bidders will present a 3 year development plan.
(Mogi: 3 months seems a bit too short of a notice. Perhaps the government already has a winner in mind)
Head of Cabinet Secretariat Mr. Ch. Khurelbaatar was also appointed to oversee the mid-term capital market development list, specifically until 2012. The list provides a time-frame and comprises of 1. improving the legal environment and 2. event organizing.
Sainshand Industrial Complex Development Council to be head by PM
May 11 (summarized from Mongolian) The same cabinet meeting on Tuesday created the Council to oversee the development of the complex. Deputy Chairman of the council will be the First Deputy PM Mr. N. Altankhuyag.
The complex is to include a copper smelter, coke-chemical plant?!, construction material factory, coal-chemical plant?!.
Stock investors money to be transferred directly to bank accounts
May 12 (summarized from news.mn) Previously, investors only had access to their money through their broker. Starting from this month money will be directly transferred from the Securities Clearing House and Central Depository Company (SCHCDC) to their bank account.
Summary of an interview with the Head of the Securities Department at MSE, Mr. E. Ganbat:
- Proxy activities of some brokers with weak financial capacities have been temporarily suspended. - Risk fund of brokers is to be placed at SHCCDC instead of a bank. Risk fund will cease to be 100% cash, but also include liquid stocks. - Procedures will be installed so that when a transaction is to be taken, the bank informs the client and gets approval before any activity takes place.
* Worst winter in 50 years decimated key livestock
* Natural disaster declared in nearly all provinces
* U.N. seeking $16 million to help worst hit
GENEVA, May 12 (Reuters) - Mineral-rich Mongolia is in the grips of a natural disaster after its worst winter for 50 years wiped out huge livestock populations vital to the country's herders, the U.N. said on Wednesday. ... Flowers, in Geneva to launch the appeal at a meeting of donor countries, said that during the long snows transport across Mongolia had frequently been interrupted, but that there seemed to have been no effect on mining. ... http://uk.reuters.com/article/idUKLDE64B25920100512
Silent spring for Mongolians after winter kills herds
DUNDGOBI, May 12 (Jargal Byambasuren for Reuters) The winter camps of southern Mongolia are quiet during this year's breeding season, after an unusually harsh winter wiped out herds and left nomadic families with little but debt to their name.
... In Mongolia's southern Dundgobi province, about three-quarters of nomads now live below the poverty line, from half before the winter struck. Most herders are left with less than 250 animals. ... Some herders are scraping up some cash by burying their dead livestock. The UNDP promises 870 tugrug (0.63 U.S. cents) for each goat or sheep and 2300 ($1.66) for each cow, horse or camel buried in pits. ... http://uk.reuters.com/article/idUKTRE64B2TP20100512
Stocks Gain as Europe Crisis Eases; Treasuries Fall, Gold Rises
May 12 (Bloomberg) -- Stocks rallied, with the Standard & Poor’s 500 Index recovering losses from its May 6 plunge, as a successful Portuguese bond sale and planned budget cuts in Spain and the U.K. bolstered optimism the European debt crisis is subsiding. Treasuries fell and gold rose to a record. ... http://www.bloomberg.com/apps/news?pid=20601010&sid=aMtmCGaORgS4