market intelligence firm covering #Mongolia. Contact email@example.com to subscribe to CoverMongolia NewsWire. Posted here with a two-week delay. Follow the news on twitter.com/CoverMongolia, facebook.com/CoverMongolia, plus.google.com/b/112644890687463904849, instagram.com/covermongolia, covermongolia.tumblr.com
"Dornod Uran" to be presented to cabinet soon, Japan chosen as strategic investor
May 10 (summarized from news.mn) Head of Nuclear Materials Department of Nuclear Energy Agency Mr. T. Bayarbayasgalan gave an extensive interview. Summary:
- Out of 164 licenses of 27 companies confiscated by the agency, 130 licenses of 20 companies have been issued back - All the issued licenses are exploration, no exploitation licenses have been issued so far - Review period of exploitation licenses ends on May 15, but due to ongoing legal disputes, issuance of A licenses will probably have to wait till it finishes. - Reasons for suspending Central Asian Uranium Company's (CAUC) (58% Khan owned) license 9282Х (exploration) and license 237А (exploitation) are violations of certain articles in Law on Underground Wealth, Minerals Law, Company Special Permit Law. Additionally, CAUC was first granted its A license in 1997; by law, exploitation has to start in 3 years, but wasn't the case. Moreover, resources has to be submitted before being granted an A license, this wasn't done. - Plans to form "Dornod Uran" to be handled by NEA and Rosatom - Mongolia is sure to hold 51%. 3rd party strategic investor is being studied but unofficially it has been settled on Japan. Other offers will be received. - Offer was made to compensate Khan's exploration expenses
Mongol Bank raises policy rate by 1 point to 11% May 10 (summarized from mongolbank.mn) Mongol Bank held a press conference on Monday announcing its decision, stating rising inflation as the reason. Mongol Bank's intention was to ease its money policy in 2010, but inflation in UB being 11.4% year to date, 8.4% annualized (according to National Statistics Office's April Update), has prompted Mongol Bank to take action. The increase will also prompt a 1 point increase in refinancing rates. Mongol Bank stated the reasons for the inflation as
7.5 million livestock dead due to the dzud, affecting the supply and price of meat.
Utilities such as electricity, water, fixed line telephone rose 10-37.5%, compared with the same period last year.
Decision was made to hand out 120,000 MNT to every citizen this year from The Human Development Fund. February and April, the months which 70,000 of it was started to be handed out, inflation was high compared with the previous month
Public sector salary is to be increased by 30% in October. This will prompt a salary hike in the private sector as well.
Petro Matad Limited Announces Holding Interest Of Petrovis LLC
May 5 - The Company was notified that on 5 May 2010, Petrovis LLC (“Petrovis”) disposed of a total of 1,509,400 Petro Matad ordinary shares of $0.01 per share (“Shares”) through the market. Following this disposal Petrovis has an interest in 50,190,032 Shares representing 36.09 per cent. of the Company’s issued share capital.
(Mogi: it says $0.01 per share but MATD's shares closed at 50 pence or yesterday)
HALIFAX, NOVA SCOTIA--(Marketwire - May 10, 2010) - Erdene Resource Development Corp. ("Erdene") (TSX:ERD) is pleased to provide an update on coal exploration activities in Mongolia.
"... we have evaluated every known coal occurrence in Mongolia and completed over 250 site evaluations. Through that process, we have narrowed our focus to certain prospective areas and potential acquisitions that are now the target of our 2010 field exploration activities and additional due diligence projects." said Peter Akerley, President and CEO of Erdene.
... a 404,937 hectare application program, comprising six applications in Southwest Mongolia. ... All applications have recently been approved by the Mongolian Cadastre Office ...
May 10 (news.mn) Mongolia is among the new sources Kuwait is studying for imports of sheep to make up for shortage of the cattle imports from Australia, the country"s long-time main exporter of this meat. A team from the Arab Gulf country is due to visit in the next few days Mongolia, Georgia and Azerbaijan, whose livestock is well known for high quality. ... http://english.news.mn/content/10941.shtml
Mongolia donates 50,000 dollars to China over earthquake
Kepco Is in Talks to Buy Australian Uranium Assets This Year
May 10 (Bloomberg) -- Korea Electric Power Corp., South Korea’s biggest electricity provider, is in talks to buy Australian uranium assets this year to meet demand for the nuclear fuel, an executive said. ... ... “We will need one or two investments in uranium mines every year,” he said. Kepco is keen to buy stakes in uranium mines in Africa, Mongolia, Australia and Europe, the company said in March. ... Australia’s proposed tax on resource company earnings won’t have a bearing on the South Korean company’s potential investment because Kepco is focused on uranium security more than the profitability of any purchased asset, Chung said. ... http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a_k0toAmyOWs
Asian Stocks Advance for Second Day After European Bailout Plan