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May 24 LONDON (SHARECAST) - Coal specialist Polo Resources has signed a memorandum of understanding to sell its half stake in its Mongolian joint venture to Winsway Coking Coal for $35m.
Peabody-Polo Resources, the joint venture with US firm Peabody, currently holds all of Polo's coal and uranium assets in Mongolia. Under the MOU, Winsway will pay a non-refundable deposit of $1.75m and will get exclusivity to conclude a deal until 20 July 2010.
The initial consideration is $15m cash plus a further $20m payable over 12 months in cash or Winsway shares.
May 23 Ulaanbaatar, /MONTSAME/ Five stock trades were held at Mongolia's Stock Exchange (MSE) during the week from May 17 to May 21. Overall 4.8 million shares of 44 JSCs were sold totaling 838.1 million MNT trade.
Index top-20 is 9620.15 points was increased by 74.71 units, or 0.8% against the previous week. The total market capitalization was set at MNT 802.9 billion, decreased by MNT 0.6 billion or 0.07%.
Shares of "Mogoin gol" JSC (45.4%), "Monit buligaar" (32.0%) and "UBBUK" (21.6%) were increased, but shares of "Hermes center" (37.5%), "Dornod khudaldaa" (15.0%), and "Erdenet khuns" (16.7%) JSCs were decreased at the MSE. A total of 44 shares were sold. Of them, rate of 18 shares were increased, rate 18 shares was decreased, and rate of eight shares were stable.
Shares of "Khokh gan" JSC (2.8 million units), "Berkh uul" (1.7 million units) and "Genco tour bureau" (98.7 thousand units) JSCs were actively traded in terms of trading volume, but in terms of trading value "Khokh gan" (MNT 423.1 million), "Berkh uul" (MNT 249.7 million) and "APU" (MNT 41.7 million) JSCs were actively traded at MSE last week.
Mongolian mining companies to attend event at London Stock Exchange
May 20 (news.mn) The London Stock Exchange will hold a Mongolian Mining Companies’ Day on June 28. Northernsec is behind the event and its Director, B.Ulziibayar, gives more information on the planned day. ... http://english.news.mn/content/12642.shtml
Parliament allows certain imported equipment to be stored longer
May 21 (news.mn) Parliament has approved changes in the Customs regulations to allow certain equipment and machinery imported into the country to be stored with the Customs for a longer period. At present they can be so stored for one year at the most, but MPs decided, after along discussion, that anything to do with petroleum exploration work authorized by the Government, and also with aircraft can be kept for 3 years and 6 months. ... http://english.news.mn/content/12999.shtml
Rio Tinto says tax makes Australia top sovereign concern
May 24 (Reuters) - Global miner Rio Tinto (RIO.AX) (RIO.L) said it is reviewing all investments in Australia due to a proposed new tax, describing the country as its No.1 sovereign risk concern and sending a weak Australian dollar even lower.
... Albanese's comments helped drive the Australian currency down against the greenback and the yen by more than 1 percent, on mounting concerns that Rio, BHP, Fortescue Metals Group (FMG.AX) and other miners could deliver on their threats to pull billions of dollars of investments. ... Shares in Rio rallied along with the rest of the Australian stock market .AXJO, rising 3.5 percent. ... http://uk.reuters.com/article/businessNews/idUKTRE64N0A320100524