Garrison Provides Tovshiir Site Progress Update and Resignation of Director
TORONTO, ONTARIO--(Marketwire - Aug. 23, 2010) - Garrison International Ltd. (TSX VENTURE:GAU) is pleased to announce that construction of the processing plant building on site at the Tovshiir Gold Project is well underway with all concrete foundation footings and beams installed, concreted and welded in place. All steel upright columns and roof beams, including C-channels have also been installed. Insulated wall and roof panels will be installed within a week. Preparatory work has commenced on the ball mill foundation with the foundation pit formed and ready for concreting with the formwork being built to be equipped for fast pouring. The ball mill has now been obtained from storage in Ulaan Baatar and has been prepared for transport to the site. Photographs of the shed and ball mill can be viewed on Garrison's website at www.garrison-intl.com.
Resignation of Director
Garrison announces that Danny Sun has resigned from its Board of Directors. Mr. Sun has served for more than two years as a member of Garrison's Board of Directors. Blair Krueger, CEO of Garrison, and the entire Board of Directors, have expressed their appreciation to Mr. Sun for all that he has done for Garrison during his time as director.
South Korea To Help Mongolia Achieve Maritine Transportation Capability
SEOUL, Aug 24 (Bernama) -- South Korea plans to help Mongolia to build up maritime transportation capability in exchange for gaining access to the landlocked country's abundant natural resources, Yonhap news agency said Tuesday.
The Ministry of Land, Transport and Maritime Affairs said Seoul aims to train sailors, share commercial maritime management systems and allow Mongolian ships to use its port facilities.
"Under the scheme, Mongolian natural resources can be moved by rail and ship to South Korea where they will be shipped out to other countries," a ministry official said.
He added this relationship could be a win-win arrangement since Mongolia can diversify where it sells its natural resources and create an indigenous maritime transportation industry that can lead to more jobs vital for sustained economic growth.
For South Korea, closer cooperation with Mongolia can allow it to gain access to natural resources and win orders for vessels and ship-related financial services down the road.
The ministry, in addition, said that Seoul also can assist Mongolia secure the use of foreign ports in China and Russia so it can better export its resources.
NASDAQ OMX hopes to be chosen to develop Mongolian Stock Exchange
August 23 (news.mn) Among those bidding to be chosen to manage and coordinate the work of the proposed Mongolian Stock Exchange joint venture is a partnership enterprise between Mosdaq of Mongolia and NASDAQ OMX, the world’s largest exchange company. The Government expects the JV to substantially increase both the volume and worth of stocks traded at the exchange, to raise total market capitalization to 46% of GDP, and to ensure that at least 10% of all capital investment in Mongolia is channeled through the stock exchange.
Two representatives of the partnership – Ulf Carlsson, General Manager, NASDAQ OMX North Asia & Japan, and J. Erdenebat of Mosdaq – recently spoke to media. Asked if it is reasonable to expect the joint venture to perform as an international exchange without corresponding changes in the country’s economic scene and legal environment, Carlsson conceded that big investors usually do not favor financial markets in developing countries with a small economy, but he was confident that use of state-of-the-art technology will change that mindset, as long as Mongolia followed international norms in implementing laws, setting up a stable tax network, and conducting corporate business in a transparent way.
The Government wants the selected company to provide the funds for the entire program and has not specified how it will be allowed to recoup its investment. Erdenebat declined to go into details, but indicated they would be interested in shares of the Mongolian Stock Exchange when it becomes a joint venture.
Vietnam, Mongolia promote parliamentary cooperation
Regular exchanges between the Vietnamese and Mongolian parliaments have helped strengthen cooperative relations between the two countries, said Deputy Speaker of the Mongolian Parliament G.Batkhuu.
August 23 (VOV News) At a recent reception for a delegation of Vietnamese and Mongolian members of parliament (MPs), Mr Batkhuu praised the activities of the two groups of friendship MPs and said that the speaker of the Mongolian Parliament, D. Demberel, is due to visit Vietnam in December.
Livestock Insurance Program Speed up in Mongolia
August 24 (UB Post) The Government of Mongolian with the help of the World Bank is implementing the Index-Based Livestock Insurance Program (IBLIP) since 2006.
The pilot project for IBLIP was launched in 2006 and was implemented into three of 21 provinces, including Bayankhongor, Uvs and Khentii. Six further provinces were added in 2009 and 2010. Following the pilot program’s success, IBLIP has received funding to eventually expand to reach herders in all of Mongolia’s 21 provinces by 2013. The Project Implementation Unit has prepared a detailed action plan to support the scale up and has completed the recruitment process for province coordinators.
TRAINING RUNS ON RESPONSIBLE MINING
Ulaanbaatar, Mongolia, /MONTSAME/ Dedicated to administrative staffers training "Responsible mineral industry-Specialized inspection" has been organized with a financing from the Asia Foundation and General Agency for specialized inspection (GASI).
The training has been attended by some 45 people from General Agency for Specialized Inspection, the city and 21 provinces' specialized inspection agencies, international border checkpoints and other related institutions.
Mongolia-Russia Summit Holds in UB
The Mongolia-Russia 2010 Summit will be held in Ulaanbaatar on September 11-17, 2010.
Top officials and businessmen from the two countries will come together in order to discuss wide range of issues concerning the bilateral cooperation in fields such as energy supply, water management, renewable energy etc.
Besides, the summit participants are to visit the Terelj Gorhi National Park near Ulaanbaatar, the Atanbulag Free Trade Zone in Selenge Province and the Selena Tourist Camp to hold a separate meeting on Mongolia’s tourism and hospitality industry. As part of the summit, the sides will organize a round table meeting entitled “Mongolia-Russian Cooperation and Further Challenges” and an exhibition “Ulaanbaatar 2010”.
Shares slide amid political stalemate
Shares fell about 1 per cent today, following weak overseas leads and as the unclear election result continued to weigh on the market.
At the close, the benchmark S&P/ASX200 index was down 47.7 points, or 1.1 per cent, at 4381.3, while the broader All Ordinaries fell 42.1 points, or 0.9 per cent, to 4418.4.
Overnight, the Dow Jones Industrial Average was up as much as 91 points in early trading but turned mixed for much of the day. A slump in the final half-hour of trading amid left the Dow with a loss of 39 points.
And Japan's Nikkei average hit a 15-month closing low below 9000 points today, with hedge funds and foreigners selling amid mounting concern about the authorities' inaction on a strong yen, which threatens a fragile economic recovery.
BHP Billiton was sold off ahead of its annual profit announcement on Wednesday, closing down 57 cents, or 1.5 per cent, at $37.54.
Chinese Demand for Coal Spurs 9-Day Traffic Jam on Expressway
Aug. 24 (Bloomberg) -- Chinese demand for coal to produce electricity for the world’s fastest-growing major economy is creating traffic jams lasting as long as nine days on roads connecting mines in the nation’s hinterland to its eastern ports.
Thousands of trucks were stuck along the Beijing-Tibet Expressway for as many as nine days, China Business News reported today. The blockage, which began to ease yesterday, was created by a surge in trucks carrying coal from the province of Inner Mongolia, the newspaper reported. Road maintenance since Aug. 19 has been a major cause of the congestion, the Global Times newspaper said today.
Inner Mongolia passed Shanxi province last year to become China’s biggest coal supplier after the government closed mines on safety concerns following a series of deadly accidents in Shanxi. A dearth of railway capacity connecting Inner Mongolia to port cities such as Caofeidian, Qinhuangdao and Tianjin, where coal is shipped to power plants in southern China, has forced suppliers to rely on trucks.
“The situation may ease in three or four years, when rail capacity from Inner Mongolia to Caofeidian gets upgraded and the new rail line to Liaoning province starts,” David Fang, a director at the China Coal Transport and Distribution Association, said by telephone today.
link to article
China's massive traffic jam could last for weeks
August 24 (AP) BEIJING — A massive traffic jam in north China that stretches for dozens of miles and hit its 10-day mark on Tuesday stems from road construction in Beijing that won't be finished until the middle of next month, an official said.
Rio mulls tilt at Potash, trumping BHP: report
August 24 (AAP) Mining giant Rio Tinto is considering making a bid for a Canadian fertiliser company targeted for acquisition by BHP Billiton, according to a Canadian newspaper.
An article published on the Globe and Mail's website quotes unnamed sources saying Rio Tinto's considering making a bid for the Potash Corp of Saskatchewan in conjunction with a Chinese player.
BHP Billiton, the world's biggest resources company, has made a hostile $US40 billion ($A45 billion) offer for Potash Corp.
Last year, Rio Tinto divested itself of undeveloped potash assets it held in Argentina.
''Given Tom Albanese's comments, it would be a shock,'' Mr Schroeders said.
A Rio Tinto spokesman declined to comment on the article's claims.
Asian Stocks Fall on Economic Growth Concerns; Yen, Dollar Gain
Aug. 24 (Bloomberg) -- Asia’s stocks dropped on concern the global recovery is faltering as a report on U.S. home sales later today may show the world’s biggest economy slowed. The yen and dollar climbed against most major currencies.
The MSCI Asia Pacific Index fell 0.8 percent to 117.46 as of 4:08 p.m. in Tokyo, led by Japan’s Nikkei 225 Stock Average slump into a bear market. The yen advanced to an eight-year high against the euro and the dollar rose to a six-week high versus the common currency. Standard & Poor’s 500 Index futures slid 0.5 percent after the benchmark slid to a five-week low. The Stoxx Europe 600 Index lost 1 percent.
The Nikkei 225 declined 1.3 percent, falling more than 20 percent from its high this year on April 5, a drop that analysts define as a bear market. Australia’s S&P/ASX 200 Index fell 1.1 percent, while Vietnam’s VN Index slumped 3 percent, also entering a bear market after falling 21 percent from its May 6 peak this year. The Philippine Stock Exchange Index slid 2.3 percent, the most in 11 weeks, after a bus hostage siege in Manila ended with the deaths of eight Hong Kong tourists.
Asian Currencies Drop
Australia’s dollar fell 0.7 percent to 75.39 yen amid falling prices for commodities, which make up 60 percent of the nation’s exports. The South Korean won lost 0.7 percent to 1,189.85 per dollar on speculation overseas investors are paring holdings of riskier emerging-market assets. The Philippine peso declined 0.6 percent to 45.315
Oil declined for a fifth day, dropping 0.5 percent to $72.80 a barrel in New York, after analysts estimated that U.S. inventories of crude rose last week, indicating slowing demand in the world’s largest user of the fuel.
Mongolia is the unsung success story of Asian human rights
Descriptions of Nazism and xenophobia are unfair and unrepresentative, says Michael Aldrich
August 24 (by Michael Aldrich for The Guardian) It is a pity that Tania Branigan overstates the influence of "Mongolian neo-Nazis" in her article (Mongolian neo-Nazis: Anti-Chinese sentiment fuels the rise of ultra-nationalism, 2 August). She says that "a new strain of Nazism has found an unlikely home" in Mongolia and that "ultra-nationalists are … becoming more sophisticated and, quietly, more powerful" here. To illustrate this assertion, Branigan's article carries an alarming photograph of six swastika-bedecked Mongolian skinheads rigidly standing to attention with their right arms thrust in a "Heil Hitler" salute.
As a regular visitor to Mongolia since 1993 and a resident in Ulan Bator over the past 18 months, I find this skewed depiction of life here to be demeaning and unfair to Mongolians.
There is a dearth of understanding about Mongolia in the west. Sadly, in the absence of any image of Mongolia in the public mind, the image of six Mongolian skinheads in Branigan's article will linger on long past its sell-by date.
(Mogi: Mr. Aldrich is a partner at Lovells LLP law firm and a consultant and advisor to Lovells local partner GTs Advocates, a Mongolian law firm)
The U.S., blowing stuff up in Mongolia
August 23 (Eurasinet.org) The U.S.'s annual military exercise in Mongolia, Khaan Quest, is underway, and the organizers have put some photos on flickr. One of the components of the exercise is apparently a "counter IED team post-forensic analysis."
"You need to have someone who watches keiko (practice) closely, someone who knows the ins and outs of sumo," added the 25-time Emperor's Cup winner, back in Japan to make courtesy visits ahead of his retirement ceremony scheduled for Oct. 3 at Tokyo's Ryogoku Kokugikan.
Khaan Quest 2010 Wrap-up
The international, peace supporting operational exercise “Khaan Quest 2010” closed on August 21 at the Tavan Tolgoi Training Area, outside Ulaanbaatar City. It was co-sponsored by the Mongolian Armed Forces (MAF) and the U.S. Pacific Command (USPACOM), and executed by U.S. Army Pacific, with support from the U.S. State Department.
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