ER to Sell Coking Coal to Europe
July 7 (summarized from news.gogo.mn) Energy Resources has signed a 2 year sales contract with Thyssen Krupp MinEnergy GmbH thus paving the way to export its premium coking coal to the European market, the article says.
Thyssen Krupp MinEnergy is a subsidiary of Thyssen Krupp.
"ThyssenKrupp is a global integrated materials and technology group with almost 188,000 employees in more than 80 countries developing ideas and innovations to offer solutions for sustainable progress. In the 2008/2009 fiscal year they generated sales of more than €40 billion." according its website
(Mogi: No news of this found in either ER's or Thyssen Group MinEnergy's website or any other news outlet. Will keep an eye on this to confirm)
EBRD loans $180 million for Mongolia coal washing plant
July 6 (Platts) London, The European Bank for Reconstruction and Development said Tuesday it agreed to a $180 million loan for the construction of the first coal washing plant in Mongolia at Energy Resources' Ukhaa Khudag (UHG) coking coal mine in South Gobi.
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The EBRD said in March 2009 it was taking an equity stake in privately-held Energy Resources through an investment of up to $30 million.
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Entre Gold receives new coal mining licence, Mongolia
VANCOUVER, July 6 /CNW/ - Entre Gold Inc. (TSX:ETG; NYSE AMEX:EGI; Frankfurt:EKA - "Entre" or the "Company") has received a mining licence covering its Nomkhon Bohr coal discovery, outlined through exploration efforts in 2008-2009. The new mining licence comprises approximately 14,030 hectares and covers the northwest corner of the former Togoot exploration licence. The portion of the property included in the mining licence is mainly underlain by Permian sediments which are known to host rich coal deposits in this part of the Gobi Desert.
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The Nomkhon Bohr thermal coal occurrences lie within Permian sedimentary rocks thought to be of similar age to those hosting the multi-billion tonne Tavan Tolgoi thermal and metallurgical coal deposits. Tavan Tolgoi is located approximately 80 kilometres to the northwest.
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The outline of the Togoot mining licence can be viewed at www.entreegold.com.
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Prophecy Resource Corp: New Junior Resource Stock of the Week by Ubika Research
July 6 (COMTEX) TORONTO, Canada: Ubika Research has released a profile report on Prophecy Resource Corp. (TSXV: PCY, OTC:PRPCF, FRANKFURT:1P2) under its new weekly series called "Junior Resource Stock of the Week" that identifies interesting junior exploration companies.
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Among successful coal exploration companies with properties in Mongolia include SouthGobi Resources Ltd (TSX:SGQ), which is majority owned by Ivanhoe Mines Ltd (IVN:TSX, NYSE, NASDAQ).
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Prophecy Resources To Bring Coal Production Online By August
July 6 (Proactive Investors) Prophecy Resources (TSX-V:PCY, OTC:PRPCF) is a well connected Canadian based mining and exploration company, which is expecting to bring its key Ulaan Ovoo Coal Project, located in Northern Mongolia, into production by the end of August this year.
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While Prophecy has a market capitalization of around $90 million, South Gobi (which holds similar properties in the same region) is now valued at $2.36 billion; indicating a lot of upside potential for Prophecy going forward.
All told, the company controls NI 43-101 compliant measured and indicated mineral resources of 263 million pounds of nickel, 1 billion tonnes of coal and 116 million pounds of copper, as well as inferred resources of 82 millions pounds of nickel, 500 million tonnes of coal, and 593 million pounds of copper.
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The Ulaan Ovoo Coal Project holds 208.8 million tonnes of NI 43-101 compliant measured and indicated coal resource, composed of bituminous, low ash, low sulphur thermal coal suitable for export. The site is composed of a single massive coal seam which is …
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To assess the potential for Prophecy, one only has to look to its Canadian peer, South Gobi Energy Resources, who hold similar properties in the Gobi region of southern Mongolia, including one producing mine; Ovoot Tolgoi. …
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While South Gobi does hold slightly higher value coal, Prophecy has a much higher quantity of resources and in much thicker occurrences. Measured and indicated resources for South Gobi are 307.6 million tonnes, with total resources of 405.6 million tonnes. Prophecy however, holds 1,028.5 million tonnes of measured and indicated resources, with total resources measuring 1,504.4 million tonnes. This occurs at a thickness of around 40 to 60 meters, compared to South Gobi, whose coal is at a thickness of around 10 to 20 meters.
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Going forward, all that is left for Prophecy to do at their Ulaan Ovoo property is to finalize off take agreement for 160,000 tonnes per month, and have the Pre Feasibility Study finalized by Wardrop. Both of these are expected to be completed by the end of this month, with the Ulaan Ovoo mine expected to go into production in August. It is, therefore, a company well worth keeping an eye on over the next month or so, with the potential for its valuation to increase rapidly as production comes online.
China Economic News in Brief: Exports from China's Inner Mongolia to Mongolia soar
BEIJING, July 6 (Xinhua) -- The following are some Chinese economic news items in brief:
INNER MONGOLIA EXPORTS TO MONGOLIA SOAR 80 PCT IN FIRST HALF
The Inner Mongolia Autonomous Region's exports to neighboring Republic of Mongolia soared 80 percent year on year to 600 million U.S. dollars in the first half of this year, the region's customs authorities said Monday.
The exports mainly consisted of textiles, vegetables, fruit, daily necessities, machinery products and automobiles.
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Trade and Development Bank of Mongolia successfully complete certification in Visa with support from Compass Plus
July 6 (bobsguide.com) –
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Mongolia continues fight against foot-and-mouth disease
ULAN BATOR, July 6 (Xinhua) -- The government will continue to fight foot-and-mouth disease in eastern Mongolia by vaccinating millions of livestock, officials said Tuesday.
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The commission said the government has spent 326 million Tugrig (0.22 million U.S. dollars) on the vaccination of cattle herds. So far, 1,400 infected cattle have been slaughtered and buried in Dornod province.
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PEACEKEEPERS AWARDED
July 6, Ulaanbaatar, Mongolia, /MONTSAME/ Pursuant to a decree of the President Ts. Elbedgorj, state prizes were awarded Tuesday to 264 Mongolian troops who had served as peacekeepers for the "MINURCAT" operations with UN mandate in Chad and the Central African Republic.
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Heat wave causes numerous wild fires in central Mongolia
ULAN BATOR, July 6 (Xinhua) -- Wild fires have raged across central Mongolia due to the ongoing hot, dry weather, fire officials said Tuesday.
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The fires occurred in Selenge and Tov provinces, said Zaluukhuu, head of the fire department of the general emergency management authority.
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Authorities have barred people from traveling to areas with extreme dry conditions and have asked for all-round support in helping firefighters battle the blazes. …
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Australia
Big miners fail to buoy shares
July 7 (AAP) Close, Australian shares fell today despite a good showing by the big miners, as investors focused on global economic worries.
At the close, the benchmark S&P/ASX200 index was down 21.5 points, or 0.5 per cent, at 4254.6, while the broader All Ordinaries index fell 21.9 points, or 0.5 per cent, to 4277.8.
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need2know:
- Asian shares drop on US economic data
- The dollar hovers at 84.5 US cents
- Oil holds above $US72
- Gold stabilises at $US1196
- Dow futures are 38 points lower at 9644
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"Despite markets across Europe performing strongly a late sell-off in the US gave us a weaker lead into today's session," said CMC Markets senior dealer Rob Mulcahy.
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''The market seems a bit more bullish than what it was a few days ago,'' he said.''Nonetheless, everybody is waiting for positive signs to emerge from the upcoming US second quarter earnings season before they look to put money to work.''
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Gains among the major mining stocks were offset by losses in the banking sector. BHP Billiton added 28 cents to $37.43 and Rio Tinto gained 74 cents to $65.84.
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The gold miners all fell as the precious metal's value fell below $US1200 an ounce in New York trade overnight. Newcrest Mining dropped 68 cents, or 2 per cent, to $33.48 and Lihir Gold slipped 8 cents, or 1.9 per cent, to $4.13.
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China
Chinalco eyes on copper, rare metals in next 5 yrs
July 6 (Reuters) - Aluminum Corporation of China
(Chinalco), China's top producer, is not keen to expand capacity of the metal as it plans to upgrade smelting facilities and make more value-added products in the next five years. State-owned Chinalco, the parent of Chalco (2600.HK) (601600.SS) which last week terminated an agreement to build a huge alumina complex in Australia, would expand capacity of copper and rare metals, Vice-President Lu Youqing said on Tuesday.
Lu said talks continued with relevant parties on possible investment in the Oyu Tolgoi copper and gold mine in Mongolia.
Shenhua Group's 2013 Profit May Exceed $15 Billion
July 6 (Bloomberg) -- Shenhua Group Corp., China's biggest coal producer, expects profit to exceed 100 billion yuan ($15 billion) by 2013 as the company develops projects in Australia, Indonesia, Mongolia and Russia.
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Tax changes to boost China's western regions
BEIJING, July 7 (Xinhuanet) -- China will cut corporate income tax in the country's western regions and will alter resource taxes there as part of a strategy to boost development in a poor and remote part of the country.
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The economy of China's vast west - an area that stretches from the grasslands of the Inner Mongolia Autonomous Region to the forests of Yunnan Province and deserts of the Xinjiang Uygur Autonomous Region - has lagged far behind that of the booming eastern coastal regions.
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The premier also confirmed resource taxes on coal, oil, gas and other natural resources in west China will be based on sales price, instead of output.
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Global
Asian Stocks Fall, Yen Gains on U.S. Service Industries Report
July 7 (Bloomberg) -- Asian stocks fell for the first time in three days, U.S. stock futures dropped and the yen gained after American service industries expanded at a slower pace than expected, adding to concern the global recovery will weaken.
The MSCI Asia Pacific Index slid 0.7 percent to 113.08 at 4 p.m. in Tokyo, halting a two-day, 1.9 percent rally. The Stoxx Europe 600 decreased 0.9 percent to 240.56 at 8 a.m. in London. The yen strengthened against all 16 of its most-active counterparts, rebounding from near a one-week low against the euro. Standard & Poor's 500 Index futures declined 0.3 percent.
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Japan's Nikkei 225 Stock Average fell 0.6 percent, led by Honda Motor Co. and Sony Corp., while the Kospi index fell 0.6 percent in South Korea. Hong Kong's Hang Seng Index retreated 1.1 percent after Ma Jiantang, head of the National Bureau of Statistics said in the bureau's newspaper today that China's economy faces increasing uncertainties and the economic situation is becoming more complex.
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In Sydney trading, BHP Billiton Ltd., the world's largest mining company, rose 0.8 percent and Rio Tinto Group, the third biggest, gained 1.1 percent. Copper futures for September climbed 1.9 percent in New York yesterday and retreated 0.9 percent to $6,546.50 a metric ton today.
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--
"Mogi" Munkhdul Badral
CPS International
Email: mogi@cpsinternational.mn
Mobile: +976-99996779
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 mogi@cpsinternational.mn or +976-9999-6779.
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