market intelligence firm covering #Mongolia. Contact info(at)covermongolia(dot)com to subscribe to CoverMongolia NewsWire. Posted here with a two-week delay. Follow the news on twitter.com/CoverMongolia, facebook.com/CoverMongolia, instagram.com/covermongolia,
Mogi: in light of S&P recent downgrading of 3 EU countries: Greece, Portugal, Spain, and perhaps further more to come, I looked up Mongolia's credit ratings at S&P, Moody's, Fitch:
Long Term Domestic Rating, Foreign Rating, T&C Assessment is BB- Stable, BB- Stable, BB, respectively. Domestic and Foreign ratings were last updated on December 13, 2007, with T&C rating updated last on November 20, 2009.
Long Term Issuer Default Rating, Local Currency Long Term Default Rating both at B Stable, with Country Ceiling at B. Ratings were last updated on October 12, 2009
Foreign Currency and Local Currency bond ratings at B1 Stable with foreign currency bond ceiling rating at Ba2. rating last updated on November 25, 2009.
China's voting power in World Bank ascends to third place (news i've forgotten to include last time, i apologize for the tardiness)
WASHINGTON, April 25 (Xinhua) -- World Bank member countries reached an agreement on Sunday to shift more power to emerging and developing nations, under which China's votes increased to 4.42 percent from 2.77 percent, making it the third largest voting power holder in the Washington-based international institution. ... The United States currently still holds a 16.4-percent voting share in the World Bank, and Japan 7.9-percent.
(Mongolia's voting power thus increases from 0.04% to 0.06%)
Revised budget to reflect copper price rise (english article on previously sent news)
May 2 (news.mn) Presenting the draft revised budget to the Parliament Speaker on Thursday, April 29, 2020 Minister of Finance S.Bayartsogt said revenues are expected to be MNT 2.7 trillion, rising MNT364.2 billion over what was approved earlier. Expenses have also been raised by MNT465.9 billion to reach MNT 3.2 trillion. The resulting deficit will be MNT460.3 billion or 6.4 percent of GDP. The revised estimates are based on average copper price at USD 7.500 per instead of the earlier USD5,800, raising income by MNT209.3 billion. Gold price average is now estimated at USD 1,100 per ounce in place of USD900.
EITI Board allows Mongolia to remain Candidate until further decision
April 30 (news.mn) The Extractive Industries Transparency Initiative (EITI) board recently agreed to allow Mongolia to remain an EITI Candidate. Mongolia, which is yet to be confirmed as EITI Compliant, submitted its final EITI validation report before its deadline of March 9. The Board welcomed the country"s achievements in EITI implementation and noted that the validation report concludes that further steps need to be taken to achieve EITI Compliant status. ... http://english.news.mn/content/9373.shtml
International Miners Voice Support for Latest Licensing Developments
April 30 (UB Post) ...
Hunnu Coal stated that it fully supports the decision believing that the action will enhance the investment environment for long term investors.
“I think this is just a temporary situation,” told Alexander Molyneux, chief executive officer of SouthGobi Energy, to Bloomberg. “The government is checking mining licenses to make sure they are in order. If your license is in order then there shouldn’t be a problem.”
May 30 (UB Post) Santiago of Chile is a city of 470 years history, stretching out the western skirt of majestic Andes range. New part of the old city is called Manhattan in Santiago or in brief Sanhattan, since it resembles Manhattan of New York for its unique architecture of glass skyscrapers, looming up as if competing with the high peaks of mountains. ... http://ubpost.mongolnews.mn/index.php?option=com_content&task=view&id=4770&Itemid=41
This Undervalued Gold Company is Set to Surge
April 30 (opinion article) I've found one small exploration stage company in the mineral game in Mongolia, the United States, and China. The company looks for copper, gold, molybdenum, and coal.
Its principal property is a 100% interest in the Lookout Hill property, comprising 179,590 hectares located in South Gobi region of Mongolia. ... ... this company is easily undervalued by half. ... I was in Mongolia a few months ago and spoke with the decision makers in government and business, including the top people who worked out the OT deal ... (Mogi's note: the junior in question is Entree)
Report blames mining, global warming for loss of 4,000 rivers, lakes in Mongolia
ULAN BATOR, April 29 (Xinhua) -- A total of 4,149 rivers and lakes in Mongolia have dried up since 2007, the country's Ministry of Ecology and Travel reported Thursday. ... The Mongolian parliament discussed Thursday a national water program aimed at protecting water sources and promoting water use efficiency.
April 30 (opinion article by Zeal LLC) Since most countries accurately report mine output, and several agencies catalog this information, we know where in the world gold is being produced. But where in the world are the juniors exploring for gold? Are they spinning their drills proportionate in geography to where the miners are operating? I hear questions like this all the time, but unfortunately there is no collective means of knowing where the juniors are concentrating their efforts. ... Asia is the world’s largest gold-producing continent, yet only 7% of the junior population owns a project there. Africa is the second-largest producer, yet only 9% of the juniors are exploring there. Brazil (50t) and Chile (40t) are just outside the top 10, placing South America right on North America’s heels for the third-largest producer, yet less than 1 in 5 juniors explore there. And at 4%, Australia is a virtual no-man’s land for these juniors.
As you can see North America is the big winner on the junior gold exploration front. An incredible 71% of all juniors have at least one project in the world’s third-largest gold-producing continent. Why is this? Why North America and why aren’t the juniors exploring for gold proportionate to where it is being produced? ... Mongolia has a rich gold-mining history and massive known resources. And the mining industry was thrilled when the country recently enacted a new mining law favoring foreign investment and removing an awful windfall-profits tax. But with the Mongolian President since throwing a fit over existing mining licenses and placing a moratorium on issuing any new ones, this country’s geopolitical risk just got upgraded. ... http://www.marketoracle.co.uk/Article19088.html
ADB, Commerzbank sign agreement
Uzbekistan, Tashkent, May 1 / Trend D. Azizov /
Today, the Asian Development Bank (ADB) and Commerzbank AG have signed an agreement on the allocation of risks to promote international trade in developing Asia, the ADB said.
... In accordance with the signed document, Commerzbank and the ADB will distribute risks to promote trade in developing Asia, particularly in countries such as Bangladesh, Indonesia, the Kyrgyz Republic, Mongolia, Nepal, Pakistan, Philippines, Sri Lanka, Tajikistan, Vietnam and others. ... http://en.trend.az/capital/banks/1680022.html
Landdrill International Inc - Year End Financial Results
MONCTON, NB, April 30 /CNW/ - Landdrill International Inc. (TSX.V:LDI) has released results for the year ended December 31, 2009. The Company reports revenue of $14,957,000 which is a decrease of $9,503,000 (39%) from 2008's comparable amount of $24,460,000. A net loss of $4,487,000 was incurred in 2009, compared to net income of $511,000 in 2008.
East Asia Minerals Finalizes Private Placement Terms
VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 30, 2010) -East Asia Minerals Corporation (TSX VENTURE:EAS) is pleased to announce the terms of a non-brokered financing. The Company will raise up to $18.85 million through the issuing of up to 2.5 million shares at $7.54 per share. This non-brokered financing is for common shares only, with no warrants attached, and no fees are being paid. The transaction is subject to TSX Venture Exchange approval.
East Asia Minerals will use the proceeds of the offering for further exploration of the Miwah Gold Project, advancement of its Indonesia gold and gold-copper portfolio, and unallocated working capital.
HOHHOT, May 2 (Xinhua) -- Seventy photographs showcasing Mongolian culture, history and sights will be exhibited in Hohhot, capital of north China's Inner Mongolia Autonomous Region, for the Mongolian Cultural Week which began Sunday, said the city government's information office. ... http://news.xinhuanet.com/english2010/culture/2010-05/02/c_13276150.htm
UN thanks Russia for humanitarian aid to Mongolia
April 30 (Voice of Russia) The UN's Food and Agriculture Organization has thanked Russia from providing aid to Mongolia which was on the edge of humanitarian catastrophe this winter. An official with the organization stressed that Russia's role in the organization is becoming stronger. In winter Russia provided 47 tons of grain to Mongolia, which faced the risk of starvation due to severe frosts.
Mongolia: Country Plan 2009-2010 (MAAMN001) Annual Report
April 30 (ReliefWeb) Summary:
The year of 2009 was an rewarding period for the Mongolian Red Cross Society (MRCS) as it highlighted the National Society's accomplishments since its establishment 70 years ago, and demanding as the country faced a number of natural disasters and public health emergencies unprecedented in the last decade.
Mongolia: Ulaanbaatar Activists Say Government Beginning to Listen
April 30 (Eurasianet.org) A primary cause of upheaval in Central Asia over the past five years has been the inability of governments in the region to respond to popular concerns and complaints. The leaders of Mongolia appear determined not to make the same kind of mistakes, and in recent months they have taken steps to demonstrate a greater degree of accountability.
... The change has been a long time coming, says Sanjaasuren Oyun, ..., "In 2000, the Civil Will Party was a lonely voice calling for good governance and didn’t get much support. But in the last few years, there’s more," she tells EurasiaNet.org. Now, "parliament is more aware of the right and responsibility for oversight."
... "The population feels that the [quality of living] is worse [now] than at the same time last year," says political analyst Luvsandendev Sumati, whose Sant Maral Foundation conducts polling across the country. ... Editor's note: Andrew Cullen is a freelance journalist based in Hovd, Mongolia.
Centerra Gold operations untouched by revolution, license suspensions
April 30 (mineweb.net) RENO, NV - Centerra Gold is managing to chart a smooth operational course in both the Kyrgyz Republic and Mongolia, despite strife and ever-changing mining regulations.
... oza Otunbayeva, who now heads the interim government, visited the Bishkek Business Council last week. She reassured council members, including Kumtor representatives that foreign companies would be able to continue to do business without disruption and that the government would honor agreements and commitments that were made by the previous government, Lang said. ... Lang told analysts Thursday, he feels "the order is aimed at speculation and non-compliance by license holders" and does not affect Centerra's existing licenses at the Boroo gold mine and the Gatsuurt gold project, both in Mongolia.
Meanwhile, Lang said the company is "making good progress on permits" for Centerra's Gatsuurt gold project, also in Mongolia. However, he admitted, "The whole process is somewhat slower than we'd like, but we're confident we will have the necessary approvals in place" to begin processing of Gatsuurt oxide ore in the third quarter.
Ulaanbaatar, May 2 /MONTSAME/ Five stock trades were held at Mongolia's Stock Exchange (MSE) during the week from April 26 to April 30. Overall 580.4 thousand shares of 44 JSCs were sold totaling 248.9 million MNT trade.
Index top-20 is 10154.91 points was decreased by 212.56 units, or 2.1% against the previous week. The total market capitalization was set at MNT 842.3 billion, decreased by MNT 11.5 billion or 1.3%.
Shares of "Olloo" (45.3%), "UBBUK" (24.9%) and "Bi Di Sec" (22.7%) were increased, but shares of "Dornod khudaldaa" (15.0%), "Khishig-Uul" (14.5%), and "Erchim Bayan-Olgii" (13.0%) JSCs were decreased at the MSE. A total of 44 shares were sold. Of them, rate of 15 shares were increased, rate 16 shares was decreased, and rate of 13 shares were stable.
Shares of "Khokh gan" (274.6 thousand units), "Olloo" (178.7 thousand units) and "Monninjbar" (29.5 thousand units) JSCs were actively traded in terms of trading volume, but in terms of trading value "Khokh gan" (MNT 47.4 million), "Gobi" (MNT 33.3 million) and "Bayangol hotel" (MNT 32.9 million) JSCs were actively traded at MSE last week.
President Elbegdorj Attends the Forum of Mongolian and Chinese Businessmen
April 30 (Mongolianportfolio.com) A Forum of Mongolian and Chinese businessmen was held within the confines of the visit of the President of Mongolia to the People’s Republic of China.
The Forum, held at the International Trade Promotion Society of China, convened over two hundred businessmen representing large Mongolian and Chinese firms and companies. ... Chinese businessmen expressed interest to cooperate in mining, infrastructure and agriculture, and have also expressed support to the issue of creating a free trade zone. ... China is one of the major investors in Mongolia, and as of the end of 2009, there were 4927 entities with Chinese investment registered in Mongolia, with the overall volume of investment of 203 billion USD. Last year the volume of trade turnover between Mongolia and China accounted to 1.92 billion USD.