Wednesday, June 9, 2010

[CPS NewsWire, Wednesday, June 9, 2010]

U.S. company opens talks with MonAtom on jointly working in uranium sector

June 8 ( U.S.-based Mongolia Forward has opened talks with MonAtom, Mongolia’s State-owned uranium development company, to form a joint venture to explore, mine, and process uranium in Mongolia. In accordance with the recently enacted Mongolian Nuclear Energy Law, MonAtom will own 51% of the project.

Leo A. Giacometto is Chairman and CEO of Mongolia Forward. He and another company of his, GAGE International, are key advisors on multiple projects in Mongolia including the joint venture between PepsiCo International and GN Beverages, and Gemnet, an Internet service provider. 
Promising that Mongolia Forward will bring the world’s best standards and practices to Mongolia’s uranium mining sector, Giacometto has said in a statement, “We intend to work side by side with MonAtom and the Mongolian Government to create a successful and sustainable uranium fuel sector in Mongolia.” 
Mongolia Forward has several Mongolian businessmen on its Board of Directors, along with uranium mining professionals, and political and financial notables, such as John Bolton, former U.S. Permanent Ambassador to the UN.

SouthGobi Resources Announces Common Share Repurchase Program

HONG KONG, CHINA--(Marketwire - June 8, 2010) - SouthGobi Resources Ltd. announced today that its Board of Directors has authorized a share repurchase program to purchase up to 2.5 million common shares of the Company on each or either of the Toronto Stock Exchange ("TSX") and the Hong Kong Stock Exchange ("SEHK"), in aggregate representing approximately up to 5 million common shares or 2.7% of the current outstanding common shares of the Company. Except for exceptions related to block trades, for purchases made on the TSX the Company also is subject to a daily restriction of purchasing no more than 28,003 common shares representing 25% of the average daily trading volume for the last 6 months. At the close of business on June 8, 2010 the Company had 183,779,817 issued and outstanding common shares.
The share repurchase program will commence on June 15, 2010 and will remain until June 14, 2011, or until the purchases are completed or the program is terminated by the Company.
SouthGobi's Board of Directors believes that a share repurchase program at this time is in the best interests of the Company and its shareholders as the current market price may not reflect the underlying value of SouthGobi's common shares.

Hunnu further expands coal footprint in Mongolia

June 8, PERTH ( – Mongolian coal developer Hunnu has yet again increased its footprint in that country with the acquisition of a 60% interest in the Buyan coal project, within the Taval Tolgoi coking coal field.

The ASX-listed Hunnu said on Tuesday that the acquisition of the Buyan project was strategic, as it had existing infrastructure in place, and was within one of the world’s largest coking coal fields.

All set for Parliament to debate draft Tavantolgoi agreement

June 8 ( Following the unanimous approval given to the draft Tavantolgoi investment agreement by both party groups in Parliament on Monday and a similar consensus in the Standing Committee on the Economy on Tuesday to allow the draft to be debated in Parliament, the way seems to be clear for a smooth passage of the bill. No date, however, has been fixed for the debate in Parliament.

World Bank representatives urge Speaker to review budget revision

June 8 ( Parliament Speaker D.Demberel yesterday met two World Bank officials who deal with Mongolia, Jim Hagan and Claus Roland. Jim Hagan, who was in charge of Mongolia in the mid-1990s, said Ulaanbaatar has become unrecognizable after 13 years. The population has grown, certainly leading to new problems but “properly managed urban growth is a measure of a country’s development,” he said.

With few economic options, Mongolians turn to gold mining

June 8 (MSNBC) In Mongolia, herders are losing their animals in a series of summer droughts and increasingly harsh winters. Combined with the global recession and the end of Soviet subsidies, the country is facing an unemployment crisis, with herders turning to artisanal gold mining to make ends meet. Multimedia journalist Ana Brigida documented their lives and work last fall.


June 8 (President’s Office) President Elbegdorj arrived in Istanbul, Turkey on June 7th to participate in the 3rd Summit of the Conference on Interaction and Confidence Building Measures in Asia, the CICA. 

MONGOLIA - IOM to Assess Needs of Rural Families Displaced by Extreme Winter

June 8 (ReliefWeb) IOM (International Organization for Migration), in cooperation with UN partners including UNICEF, is to launch an Emergency Displacement Assessment to investigate the situation of thousands of rural Mongolian families forced to migrate from their homes to the capital Ulaanbaatar by one of the coldest winters on record.


Rudd holds secret tax talks with BHP boss

June 9 (Business Day) KEVIN RUDD has begun to engage directly in the damaging dispute with the mining industry by meeting secretly with the BHP Billiton boss, Marius Kloppers.

Sources said the meeting took place in Sydney yesterday before Mr Rudd flew to Perth to fight for his mining tax as well as the government's other key policy, the health reform package.
Mr Rudd will be in Perth until tomorrow and is also understood to have scheduled a meeting with another vocal critic of his resources super profits tax, the head of the Fortescue Metals Group, Andrew ''Twiggy'' Forrest.
BHP said the company's position on the tax ''remains unchanged and we continue to encourage the government to engage in genuine consultation with the industry for the benefit of all Australians''.

Miners fear not this tax but copycats worldwide

June 9 (Business Day) –
if Australia's proposed resource rent tax can be stopped before it starts it won't be copied worldwide. Governments far more cash-strapped than Australia's are waiting to see what happens. If Rudd wins, India, Canada, Peru, Chile and the nation that's hosting the World Cup might follow, making mining less profitable all over.

Mining tax is 'starting to hurt'

June 9 (Business Day) A RESERVE Bank board member says the federal government's proposed resource rent tax combined with economic jitters coming out of Greece are starting to hurt consumer confidence.
Ms Broadbent, one of the RBA's longest-serving board members, painted an upbeat picture on the outlook for the Australian economy despite rising concerns over Europe's debt problems.
''We are probably close to the top of the 'V' in the economic recovery,'' she said.


Gold Climbs in Asia, Nears Record as Europe Boosts Haven Demand

June 9 (Bloomberg) -- Gold gained to within 0.9 percent of a record as concern about Europe’s debt crisis grew after Fitch Ratings called the U.K.’s fiscal challenge “formidable,” boosting the appeal of the metal as a haven.

Bullion for immediate delivery rose as much as 0.4 percent to $1,240.85 an ounce, after hitting an all-time high of $1,252.11 yesterday, and traded at $1,238.97 at 8:50 a.m. in Singapore.

Gold climbed to a record in euros, pounds and Swiss francs yesterday as investors sought to preserve their wealth against declining currencies. The precious metal also advanced to a 15- month high in New Zealand dollar terms and to the highest level since February 2009 in Australian dollars.

Asian Stocks Fall, Yen Strengthens Amid Europe Debt Concerns

June 9 (Bloomberg) -- Asian stocks fell, led by Japanese exporters, and the yen strengthened to near an eight-year high against the euro on growing concerns that Europe’s debt crisis will hurt global economic growth.
Copper for three-month delivery in London traded was little changed at $6,166.50 a metric ton, having advanced as much as 1.3 percent earlier.


June 8 (Live Trading News) The EuroZone looks pretty weak, and the with the US’s media propping up Obama’s jobless domestic “recovery”,  the US Dollar remains the currency of choice for global investors seeking safety.
Right now, China is making some quiet moves that point to their flagging faith in the USD, this is not media or political rhetoric. What China is doing is moving to corner the World Gold supplies.


China Passing Growth Peak Insufficient to Tame Prices 

June 9 (Bloomberg) -- China’s policy makers may see evidence this week that economic growth peaked in the first quarter, strengthening their opposition to higher interest rates even as inflation accelerates.

Consumer prices jumped 3 percent, hitting the government’s targeted full-year ceiling, after a 2.8 percent increase in April, according to the median of 32 estimates in a Bloomberg News survey before the June 11 release. In contrast, lending, investment and industrial output figures due this week may show a slower pace of gains, according to survey estimates.

Hong Kong Cautions Home Buyers After Land Auction 

June 9 (Bloomberg) -- The Hong Kong government’s HK$10.9 billion ($1.4 billion) sale of a residential site at a publicauction beat estimates and showed home demand is withstanding efforts to cool the market.
Home prices have risen 41 percent since the end of 2008, prompting the government to tighten down-payment requirements for luxury homes in October to curtail speculation after record- low interest rates fueled the surge. Financial Secretary John Tsang on May 12 pledged to keep boosting land supply.

"Mogi" Munkhdul Badral
CPS Mongolia
Mobile: +976-9999-6779

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