Saturday, May 15, 2010

Mogi's Friday, May 14, 2010 Morning News

Mongol-999 Appoints Exec. Director

May 13 (summarized from Thursday's board meeting appointed "Tur" company director Mr. U. Batbayar as the executive director to carry out day to day operations, but the executive management team is to be chosen through an international open tender.

The article says Mr. Batbayar was born in 1972, electric engineer by profession, graduated college in Japan, Vice President of JCI Asia-Pacific.

Listing rules cloud HK's mining IPO hopes

May 13 (Reuters) - Hong Kong's ambition to turn its stock exchange into a major destination for mining IPOs may be a slow burn given its existing ban on pure exploration companies and the bourse's fuzzy record on disclosure.

The Hong Kong Stock Exchange -- heavy with property and financial companies -- is courting miners from Russia and across Central Asia in a bid to capitalize on the commodity price boom and China's insatiable appetite for natural resources.

Yet unlike major mining-focused indexes in Sydney and Toronto, HKEx does not permit exploration companies to list unless they prove the existence of exploitable natural resource reserves, and lay out a clear production plan.
In September, HKEx launched a formal consultation with industry experts about Chapter 18 in a bid to make the city's bourse more miner friendly.
HKEX is scheduled to release consultation results soon, but a change in the ban on pure exploration companies looks unlikely in the near future.

Also at issue is the exchange's record of allowing exceptions to the rules, or overlooking loopholes, which sends mixed messages to the market, analysts say. Some miners have been able to skirt the rules through backdoor listings.

In 2007, coal miner Mongolia Energy Corporation listed when its assets were bought by New World Cyberbase, a tech company, which renamed itself Mongolia Energy. The miner has yet to turn a profit from its coal operations.

"The only way for MEC to list was by selling all its projects to a company that was already listed," Mongolia-based Frontier Securities said in a report.
Still, even without major reform, some mining executives continue to pump up HKEx's potential.

In March, Ivanhoe Mines' colorful chairman Robert Friedland, told a conference: "Hong Kong will become the largest mining finance market in the world."

MNT 147.1 bln was spent on exploration last year

May 13 (summarized from Ministry of Mineral Resources and Energy's (MMRE) various agencies held a round table meeting yesterday. They exchanged ideas on state policy on exploration. During the
meeting Mineral Resources Authority's department of exploration presented numbers:

- 677,7 mln MNT was contributed to the state budget as fees for reviewing exploration reports. 133 mln MNT in 2010 as of May 11.
- in 2009, reserves were approved for 19.9 tonnes of gold in 38 deposits, 51.46 thousand tonnes of copper in 3 deposits, 68722 tonnes of lead in 1 deposit, 256.9 mln tonnes of iron in 13 deposits, 536.1 mln tonnes of coal in 16 deposits, 395.47 mln tonnes of limestone?!, in 13 deposits and raw construction construction materials in 22 deposits.
- Licensed explorers spent 147.1 bln MNT on exploration in 2009

Mongolian Export grows 64.2 percent in first four months

May 13 (NSO) According to National Statistics Office Mongolian GDP grew 7.6 percent in the first quarter. Foreign trade turnover January-April has reached 1552.2 million USD, from which exports totaled 729.4 million USD, imports 822.8 million USD. Therefore exports grew 64.2 percent and imports grew 53.1 percent compared to the same period last year.

Domestic private sector presents proposal on Tavantolgoi to PM

May 12 ( Prime Minister S.Batbold has assured Mongolian companies that the Government would encourage their participation in the Tavantolgoi project. Over 1,550 companies have come together to form Mongolia 999+” and yesterday the Mongolian National Chamber of Commerce and Industry presented him their business plan to work on the project.
The present proposal divides Tavantolgoi into six sections and every section will have both Mongolian and foreign companies. The national business entrepreneurs who jointly developed the plan with the MNCCI include MCS Holdings, Oyunii Undraa Group, Nomin Holding Group, Naran Trade Group, Sergen Mandalt Group, Erel Group, Bridge Group, Monos Group, CFC Group, Sodmongol Group, Mongol Daatgal, Vitafit, Gan Khiits, Itgelt Audit, Material Impex, Eermel, Golomt Bank, Xas Bank, Khan Bank, and MAK Corporation. It also includes NGOs such as the
Mongolian Association of Mining-Enrichers and Coal Association.
Their plan includes development of an industrial complex, a plant to produce liquid fuel from coal, a power plant, infrastructure and construction of 30,000 household apartments in Ulaanbaatar.

Mongolia - FMD spreads through Asia

May 14 (Meet Trade News Daily) The Mongolian Ministry of Food and Agriculture has reported a case of foot and mouth disease (FMD) in the East of the country.

The outbreak was confirmed on the 21st April and since then a total of 269 cattle have been destroyed.

In response to the outbreak a total of 4455 cattle have been vaccinated. Other control measures including quarantine, movement control, disinfection and screening have been carried out.

Canadian Stocks Fall as Gold Slips From Record, Banks Decline

May 13 (Bloomberg) -- Canadian stocks fell for the first time this week as gold retreated after surging to a record on European debt concerns and financial shares slipped after a report of more probes into U.S. firms’ mortgage-bond deals.
“The market’s starting to realize that Europe is going to have a hard time trying to grow out of this mess they’re in when you have governments slashing spending,” said Luciano Orengo, who oversees C$1.2 billion ($1.18 billion) as a money manager at MFC Global Investment Management in Toronto.

Gold stocks retreated for the first time in four days as the metal fell 1.1 percent to $1,229.20 an ounce.

Asian Stocks Fall the Most This Week on Sony, Yen, Commodities

May 14 (Bloomberg) -- Asian stocks fell the most this week after Sony Corp. forecast profit that missed analyst estimates, the euro and dollar weakened against the yen and commodity prices declined.
The MSCI Asia Pacific Index fell 1.2 percent to 119.64 at 10:25 a.m. in Tokyo, with more than four stocks declining for each that advanced. The index has risen 1.1 percent this week after a 5.9 percent plunge last week.
Today is the peak for earnings reports this season, with 84 of the 983 companies in the MSCI Asia Pacific Index scheduled to release results, according to data compiled by Bloomberg.

SLT Director Responds to Tough Question about “Good Mining” in Mongolia

May 13 (Snow Leopard Trust) We received a great question recently from Snow Leopard Trust member and donor Kurt Weideling, regarding our recent series of posts about mining in Mongolia. We imagine that other Trust members have had similar concerns, and Kurt has given us permission to post his exchange with Executive Director Brad Rutherford. Kurt’s question appears in green, and Brad’s response follows.

Culture & Sports & ...

The Genghis Khan Exhibition at The Tech Museum

Thursday, May 20 10:00a to 9:00p at The Tech Museum, San Jose, CA

No comments:

Post a Comment