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UPDATE on Cabinet Decision to Reclaim for "Special Use"
Mogi: According to a credible source* at the Ministry of Roads, the
land to be claimed for "special use" will not affect any existing
mining/exploration licenses, but only a few land permits granted by
local authorities.
An official clarification will be sought after.
*The source in question was deemed "credible" and "reliable" by
myself, but claim no responsibility for the accuracy.
Montsame (State News Agency) report on this matter:
http://www.montsame.mn/index.php?option=com_news&mt=normal_news&tab=201006&task=news_detail&ne=159
Aspire Mining Limited Announces Capital Raising
June 2 (Reuters ) Aspire Mining Limited announced that it has received
irrevocable commitments from sophisticated and institutional investors
to subscribe for 50 million fully paid shares at a price of AUD0.09
per share raising AUD4.5 million. The placement was managed by
Argonaut Securities Pty Ltd and settlement for the placement is due on
June 9, 2010.
(Mogi: Aspire (formerly Windy Knob Resources) completed 100% purchase
of Ovoot Cooking Coal Project\and announced a placement of AUD2.65
million in Feb. 2010)
http://www.reuters.com/finance/stocks/keyDevelopments?rpc=66&symbol=AKM.AX×tamp=20100602231300
Petro Matad Faces Another Frustrating Delay In Mongolia As Local
Authorities Deal With Foot-And-Mouth Outbreak
June 2 (oilbarrel.com) Shareholders in Petro Matad Limited, the
explorer targeting frontier lands on the Mongolian-Chinese border,
must be wondering what next will come between them and the company's
first well on the Davsan Tolgoi prospect. First, it was an unusually
long and severe winter that forced a suspension of operations on Block
XX in Mongolia; now an outbreak of foot-and-mouth disease has led to a
blanket vehicle and personnel movement ban in the Dornod Aimag
province, site of the DT-1 well site.
...
And then foot-and-mouth hit. It is not the first time this cattle
disease has disrupted drilling operations in the country:
London-listed SOCO International, which exited Mongolia in 2005 when
it sold its properties to Daqing for US$93 million, also had its
operations impeded by foot-and-mouth back in 2001.
...
Petro Matad's CEO Douglas McGay said the delay was "inopportune and
mildly frustrating" but said the company would cooperate fully with
the local authorities. "It is more important to protect the health of
the livestock and the herders of our area of operation, in addition to
the well-being of our own people and those of our contractors," said
McGay.
...
http://www.oilbarrel.com/nc/news/display_news/article/petro-matad-faces-another-frustrating-delay-in-mongolia-as-local-authorities-deal-with-foot-and-mout/860.html
Frontier Securities Present The Mongolia: Capital Raising Conference,
June 15-16, 2010
Ulaanbaatar, June 3, 2010 (ABN Newswire) - Frontier Securities is
organizing an annual conference, under the title "Mongolia: Capital
Raising", which will be taking place at Chinggis Khaan Hotel,
Ulaanbaatar, on June 15-16, 2010.
...
Speakers include:
Takou Kidokoro: Naomitsu Abe:
Ambassador/ Senior Manager - Asia Pacific/
Embassy of Japan The London Stock Exchange (LON:LSE)
Khangai Altai: Yutaka Ito:
COO, First Deputy Executive Chief Operating Officer/
Director/ Tokyo Aim Inc.
Mongolia Stock Exchange
Lawrence FOK: Batbayar Purevjargal:
Chief Marketing Officer/ Associate Banker, Natural Resources/
Hong Kong Stock Exchange EBRD
(HKG:0388)
Justin Reynolds: Patrick Loftus-Hills:
Managing Director - MD, Investment Banking/
Asia Pacific/ Ipreo LLC Joint Head of Asian Industrial Groups,
UBS Investment Bank (NYSE:UBS)
Rayon Chu: Jay Hyuk Lee:
Partner, Capital Market Assurance Manager/
Services/ Samil PricewaterhouseCoopers
PricewaterhouseCoopers
James Reichert: Graeme Hancock:
Senior Infrastructure Senior Mining Specialist/
Specialist/ The World Bank
The World Bank
Miguel Perez-Lafaurie: Jung-Suk Jo:
Asia Pacific Head of Head of Asia-Pacific/Europe/
Depository Reciepts/ Korean Stock Exchange
Citigroup Inc (NYSE:C)
View the Conference Brochure: http://www.frontier.mn/Downloads/3.pdf
Steel, Coke, and Iron Ore Prices are Rising
The Commodity Super-Cycle Continues
June (Wealth Daily) Global steel production just hit a new record.
Numbers put out by the World Steel Association said that steel
production increased by 31.8% year over year in the first quarter of
2010.
The world is now producing 467.8 million tons every three months.
...
This increase in production and consumption is being driven by the
same old suspects: emerging markets, most notably China.
China increased production by 25.4% in the first four months of the
year to 213.9 million tons. The county also hit an all-time high of
55.4 million tons produced in April.
...
A recent report from Citigroup said that coking coal will be in tight
supply this year as imports to China go up. Though China is blessed
with coal, it is of poor quality; domestic coke production can't meet
demand.
The report predicted that prices will hit $300 a ton in the second
half of this year, which would equal the top of the commodity boom of
2008. It would seem that the global commodity super-cycle continues.
...
Three Mongolian coal plays
I have three companies that are producing coal in Mongolia and are
extremely undervalued.
One has a market value of only $18 million... And yet it produces
500,000 tons of coal a year. Furthermore, it has 70 million tons of
reserves.
Most similar coal companies trade for around $8 per ton of reserves;
to hit this value, this unknown Mongolian coal producer would have to
increase its share price by 3,000%. That's just absurd.
One of the biggest problems with Mongolia is that the rest of the
world doesn't know about it. Recently, a New York hedge fund with a
long history of extracting value out of these small forgotten
companies bought 54% of this company.
(Mogi: the production tonnage doesn't match but most definitely it's
Firebird buying Sharyn Gol JSC. Shary Gol Market Cap (June 2, 2010) is
$19.3 mln. news on this deal:
http://uclalum.blogspot.com/2010/04/us-investment-fund-firebird-that-owns.html)
I expect the news of this undervalued gem to get out over the next few months.
http://www.wealthdaily.com/articles/keyword-rich-titlesteel-coke-and-iron-ore-prices-are-rising/2519
Mongolia Energy awards $232 mln contract to Leighton
June 3 (Reuters) - Mongolia Energy Corp (0276.HK) has awarded
Australian construction company Leighton Holdings Ltd (LEI.AX) a A$273
million ($232 million) contract to develop and operate its Khushuut
coal mine project in western Mongolia.
...
Mongolia Energy said the new contract was based on the mine plan,
which ramps up to an initial 3 million tonnes of coking coal per year
and an anticipated rise to 5 to 6 million tonnes or more of coking
coal per year, it said.
...
http://uk.reuters.com/article/idUKTOE65205Q20100603
McNally eyes Mongolia, South Africa, Indonesia
June 3 (DNAIndia.com) Kolkata: McNally Bharat Engineering Co of the B
M Khaitan Group has set its sights on new global markets such as
Mongolia, South Africa and Indonesia to set up coal washeries and
mineral and material beneficiation plants.
...
McNally Bharat has been advised by consultants KPMG to drive its
future plans with aggression through joint ventures, strategic
partnerships and collaborations for a targeted turnover of Rs 7,000
crore in the next 5 years.
...
...In Mongolia, we are pursuing aggressively and there are encouraging
reports of teams which have just visited the country."
...
http://www.dnaindia.com/money/report_mcnally-eyes-mongolia-south-africa-indonesia_1391244
D.LUNDEEJANTSAN MEETS IMF PERMANENT REP
June 3, Ulaanbaatar, Mongolia, /MONTSAME/ A head of Mongolian People's
Revolutionary Party's (MPRP) faction at the State Great Khural
D.Lundeejantsan received Thursday Mr. Parmeshwar Ramlogan, a permanent
representative of the International Monetary Fund (IMF) to Mongolia.
...
Mr. Ramlogan ... said Mongolia should keep the budgetary deficit
within five per cent of the Gross Domestic Product and to create a
long-year accumulation by an excess of fixed budget incomes.
...
http://www.montsame.mn/index.php?option=com_news&mt=normal_news&tab=201006&task=news_detail&ne=252
Mongolia, India to strengthen parliamentary ties
Ulaanbaatar (Mongolia), June 2 (Montsame) Lok Sabha speaker Meira
Kumar is expected to visit Mongolia this month as part of the efforts
to enhance parliamentary ties between the two countries.
...
http://www.ptinews.com/news/688783_Mongolia--India-to-strengthen-parliamentary-ties-
Global News
Asian Stocks Drop on China Demand Concern; Baoshan Iron Falls
June 4 (Bloomberg) -- Asian stocks fell for the third time in four
days, after the world's two largest copper producers warned China's
plans to curb its economy will lower demand for the metal.
...
http://www.bloomberg.com/apps/news?pid=20601087&sid=a.gxok9ukQLQ&pos=1
G20 to back euro zone on debt
June 4, South Korea (Reuters) - G20 finance ministers and central
bankers will endorse efforts to douse the euro zone's debt crisis but
are far apart on the contentious issue of a global bank levy, a senior
South Korean official said on Friday.
...
http://uk.reuters.com/article/idUKTRE6530H220100604
Hu to discuss Central Asian security at SCO
June 4 (China Economic Net) Security in Central Asia will be on the
agenda as Chinese President Hu Jintao attends the Shanghai Cooperation
Organization summit next week in Uzbekistan.
...
http://en.ce.cn/National/Politics/201006/04/t20100604_21481054.shtml
Project to make fibers from coal largest of its kind
Shenhua Baotou Coal-to-Olefins Project, which uses chemical processes
to make synthetic fibers from coal, was completed in Baotou, Inner
Mongolia Autonomous Region on May 31. The project is the world's
largest.
...
http://english.people.com.cn/90001/90778/90860/7011238.html
A row over mining taxes in Australia
June 3 (The Economist) MINING, as both the firms doing it in Australia
and the government would acknowledge, is the goose that laid the
golden egg. But the two camps have sharply divergent views of the
government's proposed new tax on it: it is either an innocent
egg-collecting operation or a vicious goose-killer. The so-called
Resource Super-Profits Tax (RSPT) would be levied from 2012 on mining
profits above a "normal" rate of return (defined as the ten-year
government bond yield, currently below 6%), at the stiff rate of 40%.
...
http://www.economist.com/businessfinance/displaystory.cfm?story_id=16274311
Climate, Culture, Misc.
Mongolia's Unforgiving Freeze
June 3 (NYT blog) --
http://lens.blogs.nytimes.com/2010/06/03/showcase-170/
Vegetarians Rebel Against Mongolian Meat Culture
June 3 (Eurasianet.org) An unlikely vegetarian movement is taking root
in Mongolia, where livestock outnumber people 14 to 1, and annual meat
consumption tops 200 pounds per person.
...
http://www.eurasianet.org/node/61212
Mongolian is first naturalized poll winner
June 4 (JoongAng Daily) Lee Ra became the nation's first foreign-born
citizen elected as a proportional representative of the Grand National
Party for Gyeonggi (Province) on Wednesday.
...
http://joongangdaily.joins.com/article/view.asp?aid=2921382
Most Toys in Mongolia Toxic
June 1 (UB Post) --
http://ubpost.mongolnews.mn/index.php?option=com_content&task=view&id=4913&Itemid=36
Exhibition Opens in Khan Bank Art Gallery
June 1 (UB Post) A special exhibition featuring art works of talented
young children was opened on the occasion of the International Child
Right Day, in the Khan Bank Art Gallery, the bank's website reported
Friday.
...
http://ubpost.mongolnews.mn/index.php?option=com_content&task=view&id=4906&Itemid=43
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