(US Market are closed on Monday for an extended 4th of July weekend)
Ming Hing newly buy Mongolia coal mine to start operation by 2010
July 3 (SteelGuru) It is reported that Ming Hing Waterworks Holdings Ltd acquired Mongolia Tugrug Nuur coal mine owned by Well Delight Holdings Ltd in mid-June and planned to put it into operation by the fourth quarter of this year.
Tugrug Nuur is estimated to have 92 million tonnes coal reserves, mainly thermal coal used for fuels. The coal mine is expected to produce 100,000 tonnes each month, totaling 300,000 tonnes in the first three months of operation. However, the annual production is targeted to be 2 million tonnes next year and to reach 8 million tonnes by 2019.
(Mogi: Ming Hing Waterworks is listed in Hong Kong: HKG:0402. Market cap: HK$923 mln (US$118.4 mln) as of today’s intraday trading, July 5
Ming Hing announced on Dec. 30, 2009 that it acquired Well Delight Holdings for HK$1,937.5 million. Well Delight holds one exploration licence and three mining licences regarding the coal mine located in Mongolia. It also owns three mines with coal, gold and copper deposits located in Mongolia, says the announcement. )
Draft TT Resolution Proceeds to Final Reading; TT Share Distribution to Citizens Registered to New Registration
July 2-5 (summarized from open-government.mn and open-parliament.mn) Draft TT resolution has cleared for final committee reading by the Great Khural Plenary Session on Friday, clearing the way for approval as early as this July
10% share distribution to citizens will be to those who have registered to the new Registration System, which starts today, July 5.
Mongolian National Life Insurance LLC Teams up with Golomt Bank to Boost its Activities 30th June, 2010
The National Life Insurance, LLC (NLIC) of Mongolia today announced effective MOU signed with a local Mongolian leading commercial bank "Golomt", "Bodi daatgal" general insurance company of Mongolia and "Sun reinsurance brokers" of UAE.
(PRWEB) July 2, 2010 -- The National Life Insurance LLC of Mongolia today announced effective MOU signed with a local Mongolian leading commercial bank "Golomt", "Bodi daatgal" general insurance company of Mongolia and "Sun reinsurance brokers" of UAE.
Parties of this MOU are to introduce a bancassurance distribution model in Mongolia that will maximize bank customers services with life insurance through the provision of wider range of products and solutions.
Hind Copper eyeing mines in Chile, Peru, Mongolia, Nambia
July 2 (Press Trust of India) State-owned Hindustan Copper today informed a Parliament panel about its plans to acquire mining assets in countries like Chile, Peru, Mongolia and Namibia.
Hindustan Copper has an annual production capacity of 3.2 million tonnes of copper and is working to increase it three-fold through an estimated investment of Rs 4,280 crore.
"Members were informed that Hindustan Copper has prepared an expansion plan to increase its mine capacity to 12 million tonnes per annum at an estimated cost of Rs 4,280 crore," the ministry added.
“Discover Mongolia 2010” Announces Keynote Speakers and Sponsors (September 8-10, 2010)
Ulaanbaatar, Mongolia (PRWEB) July 5, 2010 -- The Organizing Committee of “Discover Mongolia Investors Forum” is pleased to announce this year’s keynote speakers as well as the Premier and Gold Sponsors of the event.
As previously reported, the Investors’ Forum will take place on 8-10 of September 2010. The keynote speakers at the conference will feature Mr. Bernard J. Guarnera, President of Behre Dolbear Group Inc and Mr. Warren Gilman of CIBC World Markets, Managing Director, Head of Asia Pacific Region. The Forum’s main focus will be centered on Mongolia’s Mining and Exploration industry, at the same time we put significant emphasis on global and regional trends in the industry with our Commodity Review session. “I am sure having such distinguished speakers will add more excitement to the event,” said Ankhbayar Gurdorj, Chairman of the Organizing Committee.
Each year the conference selects one premier sponsor and five gold sponsors. This year’s premier sponsor will be South Gobi Resources. Gold sponsors are as follows: Erdene Resource Development Corp, Prophecy Resources Corp, Hunnu Coal Limited, Geosan LLC, and Micromine Mongolia LLC.
Peabody Energy Completes Mongolia's First Coal Mine Restoration Project
ST. LOUIS, July 1 /PRNewswire-FirstCall/ -- Peabody Energy has completed Mongolia's first coal mine restoration project at the former Ereen Mine near the city of Bulgan in northern Mongolia. The project restores a 16 hectare area to hardy pastureland with native forage species, and develops a new community well and a surface pond for livestock.
Peabody has a representative office in Ulaanbaatar and is working with the government to pursue development opportunities for the Tavan Tolgoi reserve.
Mongolia's anti-corruption chief under investigation
June 30 (Xinhua) Mongolia's State Prosecutor's office on Tuesday requested job suspension of the head of the country's anti-corruption agency.
The head of the investigation unit of the prosecutor's office said during a press conference that "Ch. Sangaragchaa overstepped his authority on many things, including financial and investigative matters."
(old news but reported on Xinhua)
Polo Resources Limited ("Polo" or "the Company") - Potential Special Dividend of 3 pence per share
TORONTO, July 2 /CNW/ - Polo Resources Limited (AIM and TSX: POL) is pleased to announce that it is continuing its efforts to sell its shareholding in one of its portfolio assets. Subject to receipt of any shareholder approval which may be necessary for any such sale, completion of the sale and receipt of cash proceeds of sale, the board of Polo intends to utilise part of the proceeds of sale to fund a special dividend to shareholders of 3p per share.
(Mogi: the sale in question most probably refers to Polo’s sale of its 50% stake in Peabody-Polo JV in Mongolia to Winsway Coking Coal Holdings for )
Nepal to sign MoU with 3 countries on finance trading
KATHMANDU, July 5 (Xinhua) -- Nepal is to sign a memorandum of understanding (MoU) with Mongolia, Thailand and Malaysia on financial information exchange to prevent money laundering and terrorist financing at the 13th annual general meeting of the Asia- Pacific Group on Money Laundering (APG) to be held in Singapore on July 12-16. Nepal is a member of the APG.
Shares slip to 11-month low in lacklustre trade
July 5 (AAP) Close, Shares fell to an 11-month low in a very quiet trading day, as the market failed to hang on to early gains on the back of several takeover bids.
At the close, the benchmark S&P/ASX200 index was down 16.6 points, or 0.4 per cent at 4222.1 points, while the broader All Ordinaries index lost 14.3 points, or 0.3 per cent, to 4250.6.
‘‘This is a tough market. Investors must have confidence to buy into this market,’’ Ms Chan said.‘‘You look at this market and some of the stocks have to be a screaming buy - they’re so low.’’
Market heavyweight BHP Billiton eased 11 cents to $36.98 while rival Rio Tinto lost 5 cents to $65.25.
Gold stocks made marginal gains with Newcrest Mining up 10 cents to $34.34 and Lihir Gold firming 1 cent to $4.21.
Dollar stabilises ahead of RBA meeting
July 5 (Reuters) The Australian dollar struggled to gain ground on Monday, hampered by worries of a slowing world economy which pulled 10-year Australian government bond yields to 14-month lows.
At the local close, the dollar was trading at $US0.8458, up from the day's low of $US0.8374, to be steady on Friday's $US0.8449. It shed 3.8 per cent last week as fears of a slowdown led investors to cut debt-backed bets.
Offshore takeover bids for two Australian companies provided some support for the currency, as did remarks from ratings agency Moody's that mining giants BHP Billiton and Rio Tinto should not suffer "undue negative" effects from Australia's proposed new mining tax.
For now, all eyes will be on the Reserve Bank of Australia, which holds its monthly policy meeting on Tuesday. It is widely expected to keep rates unchanged at 4.50 per cent, but may offer more guidance on the outlook for policy in the face of all these global doubts.
More mining tax breaks in the air
July 5 (Reuters) The federal government may make more concessions on its mining tax to iron ore miners, the Chamber of Minerals and Energy of Western Australia says.
Federal Resources Minister Martin Ferguson had agreed to consider requests to provide tax rebates for exploration costs and to exempt the burgeoning magnetite sector from the tax during a period of industry consultation, the chamber's chief executive, Reg Howard-Smith, told Reuters.
Mr Ferguson told about 150 mining executives in Perth there was plenty of time to work through their concerns before the new tax due to take effect in 2012, but did not guarantee any exemptions, according to Mr Howard-Smith.
China’s Stocks Fall to 15-Month Low on Economy, Profit Outlook
July 5 (Bloomberg) -- China’s stocks declined, driving the benchmark index to a 15-month low, on concern a slowdown in the world’s third-largest economy and fundraising by banks will dent profits and hurt existing shareholders’ stakes.
The Shanghai Composite Index retreated 18.95, or 0.8 percent, to 2,363.95 at the close, the lowest close since April 8, 2009. The gauge fell 6.7 percent last week, the most since February 2009, after manufacturing growth slowed more than economists forecast in June and the Conference Board lowered its April gauge for China’s economic outlook. The CSI 300 Index slid 0.9 percent to 2,512.65 today.
Declines in Chinese stocks may signal the nation’s economic growth is slowing, said Mark Mobius, who oversees about $34 billion in emerging markets as executive chairman of Templeton Asset Management Ltd. in Singapore.
The Chinese economy may grow 10 percent “going forward,” though the pace may fall to 9 percent, he told reporters in Paris July 2. Mobius said he’s still buying stocks in China.
AgBank Shrinking Discount Makes Record IPO Hard Sell
July 5 (Bloomberg) -- Agricultural Bank of China Ltd.’s valuation discount to its closest rivals has halved in seven trading days, making the world’s biggest initial public offering in almost four years less appealing to investors.
The narrowing discount, the result of a drop in shares of publicly traded rivals such as Industrial & Commercial Bank of China Ltd., may make it harder for Chairman Xiang Junbo to raise the maximum $20.1 billion he’s seeking in Hong Kong and Shanghai. It may also dim the prospect of eclipsing ICBC’s record $21.9 billion IPO in October 2006, even when taking into account an option to boost the sale by 15 percent.
Most Asian Stocks Advance on Australia Takeovers, Weaker Yen
July 5 (Bloomberg) -- Most Asian stocks rose, following the MSCI Asia Pacific Index’s biggest weekly drop in more than a month, amid takeover news in Australia and as a weaker yen boosted the outlook for Japan’s exporters. Chinese banks dropped.
The MSCI Asia Pacific Index gained 0.3 percent to 112.01 as of 3:45 p.m. in Tokyo. The gauge has fallen 13 percent from its high this year on April 15 on concern Europe’s debt crisis and Chinese steps to curb property prices will hurt global growth. Companies in the measure trade at an average of 13.6 times estimated profit, the lowest level since December 2008.
Japan’s Nikkei 225 Stock Average rose 0.7 percent.
China’s Shanghai Composite Index sank 0.7 percent and Hong Kong’s Hang Seng Index fell 0.1 percent as a Chinese services- industry index slid to a 15-month low in June, adding to signs that the world’s third-biggest economy is cooling.
Futures on the Standard & Poor’s 500 Index rose 0.4 percent. The gauge retreated 0.5 percent on July 2 after government reports said U.S. payrolls decreased by 125,000 last month, the first drop this year, and factory orders declined.
"Mogi" Munkhdul Badral
CPS International is a marketing arm of CPS Securities in Mongolia. CPS Securities is a Perth, Western Australia based ASX Licensed Financial Services Company. To trade ASX stocks, feel free to contact me at email@example.com or +976-9999-6779.