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TORONTO, May 14 (Reuters) - Ivanhoe Mines (IVN.TO), which owns the Oyu Tolgoi copper-gold deposit in Mongolia, said on Friday its first-quarter net loss more than tripled, due largely to a $154 million loss on the conversion of a convertible credit facility. ... Revenue rose to $13.9 million from $3.5 million, thanks to coal sales at the company's SouthGobi Energy Resources (SGQ.TO) subsidiary. ... http://uk.reuters.com/article/idUKN1421146320100514
SouthGobi Q1 loss widens on CIC debentures, derivatives
May 14 (Reuters) - Canadian coal miner SouthGobi Energy Resources Ltd's (1878.HK) (SGQ.TO) first-quarter loss widened as the company lost millions in China Investment Corp [CIC.UL] convertible debentures and derivatives. ... SouthGobi, which launched an IPO in Hong Kong in January, posted a net loss of $168.3 million, or $1.09 a share, compared with $10.0 million, or 8 cents a share, a year ago.
However, revenue soared to $13.9 million from $3.5 million last year on the back of higher coal shipments and better prices.
The company said it shipped about 0.43 million tons of coal at $36 a ton, compared with 0.13 million tons at $29 a ton last year.
The company also said it expects higher demand for its coal from China.
Shares of the company closed at C$11.50 Friday on the Toronto Stock Exchange.
May 16, Ulaanbaatar, /MONTSAME/ Five stock trades were held at Mongolia's Stock Exchange (MSE) during the week from May 10 to May 14. Overall 279.5 thousand shares of 46 JSCs were sold totaling 134.8 million MNT trade.
Index top-20 is 9545.44 points was decreased by 228.25 units, or 2.3% against the previous week. The total market capitalization was set at MNT 15.1 billion, decreased by MNT 15.1 billion or 1.8%.
Shares of "Mogoin gol" JSC (32.5%), "UBBUK" (31.0%) and "Mongoliin gegee" (15.0%) were increased, but shares of "Sor" (27.3%), "Makh impex" (20.0%), and "Olloo" (16.7%) JSCs were decreased at the MSE. A total of 46 shares were sold. Of them, rate of 12 shares were increased, rate 21 shares was decreased, and rate of 13 shares were stable.
Shares of "Hermes center" JSC (143.9 thousand units), "Khokh gan" (63.2 thousand units) and "Genco tour bureau" (20.1 thousand units) JSCs were actively traded in terms of trading volume, but in terms of trading value "Tavan tolgoi" (MNT 40.1 million), "APU" (MNT 15.7 million) and "Bayangol hotel" (MNT 13.2 million) JSCs were actively traded at MSE last week.
May 14, Ulaanbaatar, Mongolia, /MONTSAME/ At the plenary meeting of the parliamentary session held Friday, a current head of the Presidential Office D.Dorligjav was appointed the State Prosecutor-General gaining 92 per cent votes of MPs. ... There were no MPs who put questions to the new Prosecutor.
May 13 (Seeking Alpha) Option selling has abounded as the volatility has leaked out of the market, and we see another example in Ivanhoe Mines (IVN).
IVN closed yesterday at $15.30, up 0.92 percent on the session. The stock's volatility has risen as its price gapped higher on Monday, lost most of that gain Tuesday, and then yesterday rebounded off losses that had taken shares back to Friday's close.
Chinese agricultural experts give assistance to Mongolia
May 14 (People's Daily Online) Fourteen agricultural experts from Inner Mongolia selected by the Ministry of Agriculture recently left for Mongolia to participate in the two-year China—Mongolia "South-South Cooperation" Project, providing technological aid.
Mongolia's mining wealth is cause for concern (Opinion Article)
As more corporations vie for contracts to mine Mongolia's rich resources, the poor are sold the idea of a better quality of life
May 15 (guardian.co.uk) "Mongolia is a young nation!" "Mongolia has just discovered that it is actually rich!" "Mongolia is in line to become another Kuwait or Saudi Arabia!" These sentences seemed to resurface in conversations with residents of UlaanBaatar during my brief visit last month. The conversations were about Mongolia's mining wealth, and the booming interest from international governments and multinational corporations. ... http://www.guardian.co.uk/commentisfree/2010/may/15/mongolia-mining-wealth-concern
Support For Mongolia's Development
International experience can be helpful as Mongolia makes choices about its future.
(VOA News Opinion Article) "Mongolia will determine the choices it makes about its own future," said United States Ambassador to Mongolia Jonathan Addleton, "but international experience, both good and bad, can also be helpful and offer useful and important insights as Mongolia learns from both the successes and failures of others." ... http://www1.voanews.com/policy/editorials/Support-For-Mongolias-Development-93800184.
Mongolia looks toward Beijing (Opinion Article)
May 14 (Global Times) Michael Aldrich, a partner at the Hogan Lovells law firm in Beijing, divides his time between the capital city and Mongolia, where he works with a local law firm to develop Lovells' practice in Mongolia. Aldrich has observed the development of Mongolia's mining-dependent economy and the flow of investment northwards from China. ... How does legal work in Ulan Bator compare to that in Beijing?
There are some similarities. The legal systems of all former-socialist states tend to have much in common, but Mongolia has a greater respect for the freedom of individuals who enter into contracts without obtaining governmental agency approval, or those who don't necessary comply with regulatory restrictions that may or may not be enforced. Establishing a wholly owned subsidiary with foreign investment in Mongolia can be completed in several days, as opposed to the weeks of processing required in China. ... http://www.globaltimes.cn/www/english/metro-beijing/two-cents/opinion/2010-05/531799.html
Optimism about growth in Internet and e-commerce usage
May 14 (news.mn) Some technology companies from countries like South Korea and China have started to open offices in Mongolia, focusing on software development rather than hardware production, and the telecommunication and Internet market represents a small but growing sector in the country. Government initiatives, like the e-Mongolia National Program proclaimed in the mid-1990s, are helping spread Internet awareness and usage throughout the country. There has been successful liberalization of all market segments, partial privatization of the fixed-line incumbent operator, Mongolia Telecom, and establishment of an independent regulator. ... http://english.news.mn/content/11790.shtml
Culture, Sports, ...
Mongolian Climbers Shine in Asian Climbing Championship