Petro Matad says tests confirm oil find, shares up
* DT-1 well in Mongolia finds net pay of 12 metres
* Rig moves to drill company's second well
* Shares rise as much as 29 pct
LONDON, July 30 (Reuters) - Mongolia-focused oil explorer Petro Matad <MATD.L> said that analysis carried out on the drilling results of its first well in Eastern Mongolia confirmed that oil was present, sending its shares soaring.
Petro Matad on Friday said that its Davsan-Tolgoi-1 exploration well encountered a 12 metre zone of oil, having said earlier in July that the well had seen oil shows and elevated mud gas as it neared its total depth of 1,220 metres.
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Shares in Petro Madad rose as much as 29 percent and were up 24 percent to 160.5 pence at 1316 GMT, valuing the company at 251.5 million pounds .
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Matad's DT-1 well was the first of its planned three well drilling campaign. The rig will now be moved to drill its second well, Matad said.
Aspire Mining to form joint venture with Blue Sky Minerals
Jul 30, 2010 (Datamonitor Financial Deals Tracker via COMTEX) -- Aspire Mining Limited (formerly Windy Knob Resources, Ltd.), an Australia-based junior resources exploration company, has agreed to form a joint venture on the Shanagan Coal Project in Mongolia with Blue Sky Minerals LLC, a mining company.
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Under the terms of the agreement, Aspire Mining will have an exclusive 12 month option period to explore the project upon the payment of a $60,000 option fee.
If Aspire spends more than $300,000 on exploration within the 12 months, it can earn a 51% interest in the project.
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Leyshon continues to review investment opportunities
July 30 (Business Financial Newswire) - Leyshon Resources has continued to review and is undertaking due diligence on a number of project investment opportunities - some of which have the potential to meet its investment criteria.
The company says it remains alive to possibilities both internationally and within China.
It is currently focusing on coking coal, iron ore, copper and gold opportunities in north-western China and southern Mongolia.
Centerra Gold Declares Inaugural C$0.06-Shr Dividend
July 30 (Bloomberg) -- Centerra Gold Inc., a mining company with operations in Mongolia and Kyrgyzstan, said it will pay its first dividend, 6 Canadian cents a share, to be paid Sept. 8 to shareholders of record Aug. 18.
Japan - Press Conference by the Deputy Press Secretary, 29 July 2010
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13. Questions concerning negotiations with Mongolia on natural resources development and an Economic Partnership Agreement
Q: When Foreign Minister Okada was in Hanoi I believe he had a bilateral meeting with the Foreign Minister of Mongolia, and during that time there was a news report that the Foreign Minister expressed interest in natural resources development with Mongolia, and now we just hear from you that actually the Natural Resources Minister is here, very quickly. Could you give us some idea about what sort of natural resources development is Japan interested in? Basically Mongolia has coal and uranium. Are these talks going to deal with both of these, or one of them in particular? And secondly, I believe there is also some talk of a free-trade agreement that may be negotiated between Japan and Mongolia. What is the status of the free-trade agreement, or the Economic Partnership Agreement (EPA), as Japan calls it.
Mr. Sobashima: On the first question, you are quite right, there were discussions between my Foreign Minister and the Foreign Minister of Mongolia, and the discussions covered the natural resources, so it is very opportune that the minister in charge of natural resources is in Tokyo. You are correct that Mongolia is rich in coal, and they have uranium, but I am not able to specify what type of mineral resources. You can certainly imagine.
Q: And how about the EPA question?
Mr. Sobashima: I am sorry to dissatisfy you two times. Yes we are interested in the further increased economic relationship between the two countries, but I don't have immediately available information. Can I come back to you later?
Q: As part of that I hope you will let us also know what is Mongolia interested in getting from Japan? Have they expressed any interest in what they want from Japan, in what kind of aid or assistance or trade are they asking from Japan as part of that bargain?
Mr. Sobashima: They understand that Japan is interested in the mineral resources. Of course, it is naturally expected that if you are going to sell those things that you would have the payment, therefore it is not necessary to speculate what additional element should be involved on the part of Mongolia in considering selling those things. But anyway, they of course showed interest of the cooperation, and they showed the willingness to consider selling the resources to Japan, but I don't think we need to link those economic things to other things like ODA.
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Profit from Mongolian Coal Stocks
This is the Most Undervalued Energy Company in the World
Friday, July 30th, 2010. By Christian A. DeHaemer
Over the past few months, I've been telling you about the world's most undervalued oil company.
It's up 727% since I recommended it, and is still undervalued by more than 1,000%...
And this play, dubbed Stalin's Lost Oil, still has plenty of room to run.
But today, I'd like to tell you about a company that could be the next big energy winner.
It's the world's most undervalued coal producer.
And the value numbers are staggering.
In fact the next sentence sums it up:
This 45-year-old company has more than 100 million tonnes of high quality, thermal coal, and yet it has a market cap of only $20 million.
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But just a few months ago, a private New York-based hedge fund acquired 54% of the company. This company has been near the top of list in Barron's for profitable hedge funds. It makes its living by buying undervalued companies in frontier markets and unlocking that value.
This time, the plan is to take the company public in Hong Kong..
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The company is so inexpensive that the rail spur it owns to the Trans-Mongolian Railway is worth $40 million alone.
Again, this company has a market cap of $20 million and is sitting on 100 million tonnes of coal. It would have to go up by 25 times to be of fair value even to its Mongolian peers!
But you can't wait. The shares are starting to move. It was up 11% last week to 4,001. (USD1 = 1352.5 Mongolian Turgid (MNT))
That puts your per share price at $2.95.
This is one of those trades that comes along once a decade. It's not for the herd.
(Mogi: The Mongolian coal company is Sharyn Gol JSC (MSE:SHG), the Stalin's Lost Oil is Petro Matad (AIM:MATD) and the New York hedge fund is Firebird Management)
Link to Firebird Mongolia Fund here
Mongolian police was 'deliberately obstructive' in probing Briton's murder 13 years ago
An inquest was held today into the death of Tim Jarman of Northampton Street, who was killed in his apartment while working on an eight-month operation in the Mongolian capital of Ulaan Bator in June 1997.
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Evidence was heard from a number of witnesses including the 50-year-old's friend and colleague, Robert Walters.
Mr Walters was working alongside agricultural consultant Mr Jarman at the time and was initially questioned as part of the investigation.
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The inquest heard there was speculation that Mr Jarman was assassinated because he may have found evidence of corruption involving the distribution of aid money through his work in the capital for a development bank.
Ms Ohmahn suspected this was the case. Her statement, read by coroner's officer Laurie Cook, said: "I thought he knew something about the funds and was going to blow his whistle on Monday."
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He described how he was interrogated for hours by the force and felt as though he was being led by officers.
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"I started to see things that hadn't happened and was starting to confess the confession they wanted."
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A BBC Article on the verdict here
Australia
Stocks post broad gains as earnings hopes rise
August 2 (AAP) Stocks started the week with broad-based gains as investors prepared for positive earnings news. Gold miners lead resource shares higher.
The benchmark S&P/ASX200 index ended the day up 48.1 points, or 1.1 per cent, at 4541.6 points, while the broader All Ordinaries index rose 47 points, or 1 per cent, to 4554.4 points.
Among sub-indexes, gold stocks rose 2.4 per cent, while materials added 1 per cent. Financials rose 1.3 per cent and industrials gained 1 per cent.
What you need to know:
· The Australian dollar was buying 91 US cents
· Asian stocks extended gains
· Spot gold hovered at $US1183 an ounce
· Crude oil was steady at $US79 a barrel
· Dow futures were up 61 points to 10,478
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Among the big miners, BHP Billiton closed 18 cents firmer at $40.30, while Rio Tinto advanced 54 cents to $71.15. Fortescue Metals was 11 cents higher at $4.40.
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Preliminary market turnover was 1.49 billion securities worth $3.29 billion, with 663 stocks up, 377 down and 358 unchanged.
On the Sydney Futures Exchange, the September share price index contract was 52 points higher at 4,516 points, with 20,878 contracts traded.
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Runge (ASX:RUL) upgrades FY10 forecast by 15%
August 2 (CFO World) Mining technology company Runge (ASX:RUL) has upgraded its FY10 guidance by 15%, due to rising demand for its services.
The company is now forecasting an FY10 net profit of between $2.1 million and $2.3 million, and an underlying ebita of $5.6 million to $5.9 million.
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Runge recently opened offices in Mongolia and Russia, and expects future business in those areas to be "very positive," he added.
Asia
Asian Stocks Advance on Profits, Forecasts; Honda, Hitachi Rise
Aug. 2 (Bloomberg) -- Asian stocks rose, extending four consecutive weekly gains, as companies from Honda Motor Co. to Hyundai Mobis Co. reported higher earnings or forecasts.
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"Positive earnings are easing investor concerns about the global economy," said Naoki Fujiwara, a fund manager in Tokyo who helps oversee about $5.8 billion at Shinkin Asset Management Co. "While uncertainties linger, investors don't have to be fearful of current conditions."
The MSCI Asia Pacific Index rose 1.2 percent to 120.51 as of 5:02 p.m. in Tokyo, with more than twice as many stocks advancing as declining. The gauge, which climbed 5.6 percent in July, is headed to its highest level since May 13. It lost 6.8 percent from its high this year on April 15 on concern Europe's debt crisis and China's steps to curb property prices will slow global economic growth.
Japan's Nikkei 225 Stock Average rose 0.4 percent, paring an earlier gain of as much as 1.5 percent. Hong Kong's Hang Seng Index gained 1.8 percent, and South Korea's Kospi Index increased 1.3 percent. Australia's S&P/ASX 200 Index rose 1.1 percent, as a survey released in Canberra showed manufacturing growth accelerated. Taiwan's Taiex index climbed 2 percent.
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Futures on the U.S. Standard & Poor's 500 Index advanced 1 percent. The gauge was little changed on July 30 after reports showed higher-than-estimated consumer confidence and business activity, and slower-than-estimated economic growth.
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U.S. Consumer Confidence
"Earnings are in good shape, and we are seeing upward revisions to forecasts," said Tomochika Kitaoka, a senior strategist at Mizuho Securities Co. in Tokyo.
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Sales at U.S. retailers fell in June for a second month, the Commerce Department said on July 14, while the Conference Board said July 27 that its index of consumer confidence fell in July from June. Separately, Japan's statistics bureau reported last week that unemployment rose to a seven-month high.
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Misc
Two Tied for Lead in Women's Chess Grand Prix
It appears that no one is going to run away with the fifth Women's Grand Prix, as happened with the fourth tournament.
Humpy Koneru of India, the top seed, was held to a draw by Betul Cemre Yildiz of Turkey, the lowest-ranked player, in Round 3 on Sunday in Ulan Bator, Mongolia, the site of the competition. That allowed Zhao Yue of China to catch Koneru after she beat Zhu Chen of Qatar.
There were two other decisive games in Round 3. Hou Yifan of China beat her countrywoman, Xu Yuhua, a former women's world champion, and Batkhuyag Munguntuul of the host country, lost to Antoaneta Stefanova of Bulgaria, another former world champion.
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YOUNG CHESS PLAYER A.ENKHTUUL BECOMES WORLD CHAMPION
Ulaanbaatar, Mongolia, /MONTSAME/ An international master of sports A.Enkhtuul won Friday a gold medal of the Sixth World School Chess Championship organized by the World Chess Federation (FIDE) took place from July 20 through August 31 in Kayseri city, Turkey.
A.Enkhtuul competed in women's contest of under 17 years. …
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Playtime-2010 Rock Music Festival at Gachuurt
July 30 (UB Post) Previously, we announced the 9th annual "Playtime- 2010" live rock festival will take place on August 7 and 8, 2010, in the tourist complex "Mongol Shiltgeen", Gachuurt district.
"Hi-Fi" records and the "Lemons" studio will co-organize this festival.
The Playtime-2010 will have more than 40 rock bands such as "Nisvanis", "Aysiin salkhi", "Mohanik", "Madness", "Fire", "L-Guards", "The Lemons", "The Pips", "Bulsara", "Honour the Sacrifice" and also Russian band "Shtorm" performing and alternative bands and singers on stage. New young bands will also perform in there first time.
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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 and international stocks, feel free to contact me at mogi@cpsinternational.mn or +976-9999-6779.
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