Khan wins Mongolian case, says to re-register licences
* Says court declared NEA decision invalid and illegal
* Shares jump as much as 32 percent
August 3 (Reuters) - Khan Resources Inc (KRI.TO) said a Mongolian Administrative court ruled in its favor and invalidated the Nuclear Energy Agency's (NEA) decision to cancel its unit Khan Resources LLC's mining licence, sending its shares up 32 percent.
North Asia Resources to acquire iron ores in Mongolia
Aug. 4, 2010 (China Knowledge) - North Asia Resources Holdings Ltd<0061>, formerly known as Green Global Resources Ltd, on Tuesday announced plans to spend HK$195.5 million to acquire iron ore assets in Mongolia from Inner Mongolia Taishen Mining Co Ltd.
Pursuant to a framework agreement signed by the two partners, the iron mine's reserves exceed 79 million tons, and the Hong Kong-listed firm hopes to expand its business in Mongolia.
In earlier last month, North Asia Resources Holdings kicked off construction on a 20-heactare site to build a large handling yard in Mongolia. In the new handing yard, iron ores will be unloaded and transported to China.
According to North Asia Resources Holdings' website, the firm currently has reserves of 148.9 million tons of iron and 174,000 tons of pure copper.
Mongolia may kill Aussie coal: Friedland
August 4 (AAP) Mongolia's lower-tax coal sector could rob global market share from Australia, Canadian billionaire mining executive Robert Friedland says.
Mr Friedland, who chairs the Toronto stock exchange-listed miner Ivanhoe Mines Ltd and its 90 per cent owned Ivanhoe Australia Ltd, said "Mongolia could kill Australian coal" because its mining tax was lower than in Australia.
Ivanhoe Mines' 79 per cent-owned coal company South Gobi Energy Resources Ltd is the largest coal producer in Mongolia in terms of export sales.
The tax on mining profits in Mongolia was 25 per cent compared to Australia's proposed 30 per cent mining tax, Mr Friedland said.
Mongolia had a clear advantage in that it neighboured its Chinese customers.
"They're closer to China than your lucky island," Mr Friedland told the Diggers and Dealers mining conference in Kalgoorlie, Western Australia on Wednesday.
UB Railway back posting profits
August 3 (news.mn) Russian Railways Vice President Vadim Morozov told the recent meeting of Ulaanbaatar Railway that the Russian government’s decision in 2009 to transfer its stake in the company “to the beneficial ownership of Russian Railways represented an important step in improving the efficiency of the joint venture railway”.
UAE newspaper says Mongolian Stock Exchange offers ray of hope
August 3 (news.mn) The main English-language newspaper in the United Arab Emirates, the Gulf News, wrote recently that sentiment on the major stock exchanges around the world may be gloomy but there is always a ray of hope at the exotic market places of the so-called frontier markets, which have performed surprisingly well in times of economic difficulties and uber-cautiousness in the rest of the financial world.
NEA chief wants more scope for nuclear science studies
August 3 (news.mn) –
“Rather than working with any one country, we have opted for many partners,” and investment from Saudi Arabia and Kuwait is expected soon. “The Mongolian Government will not have any shares in all these investment to control the interests of any of these countries; rather, the job of our Government is to define policy parameters, systemize regulatory principles, and provide fair and untroubled working conditions for them.
INT`L INVESTERS PAY ATTENTION TO MONGOLIA
August 3 (Montsame) Ulaanbaatar, Mongolia, /MONTSAME/ The Minister of Road, Transportation, Construction and Urban Development D.Battulga received Tuesday a delegation led by Mr. M.Bai, a head of the Deutsche Bahn, Germany's national railway company. On Monday, a representation of the "Galaxy Group" of Hong Kong paid a visit to the Minister as well.
International Investors are paying great attention to Mongolia due to projects such as ''State Policy on Railway Transportation", ''New creation'' and other policy documents approved by parliament.
At the two meetings the sides discussed these matters, then the Mongolian side introduced the visitors to the projects and programs.
G.PUREVDORJ SPEAKS ABOUT SITUATION AND FORECAST OF MONGOL BANK
August 3 (Montsame ) Ulaanbaatar, Mongolia, /MONTSAME/ The President of the Bank of Mongolia G.Purevdorj has given a report on situation and forecast of the Mongol Bank and Mongolia's economy.
… the Bank has recovered gross international reserves to the tune of USD 1.3 billion, thanks to strong macroeconomic policies and the support of the International Monetary Fund. …
Optimistic Economic Forecast
A Liberalized Economy
MONSTAT FRIENDSHIP PROJECT SIGNED
August 3, Ulaanbaatar, Mongolia, /MONTSAME/ Representatives led by S.Mendsaikhan, a Head of National Statistics Committee of Mongolia, paid Monday a working visit to Federal Statistical office in Wiesbaden city, Germany.
There the sides signed a contract of Monstat Multiplex Friendship project.
The sides will now cooperate in frames of the project that is to be financed by the World Bank and to target at strengthening the national statistical capacity of Mongolia in a period of 2010-2014.
Stocks end lower as banks, resources weigh
August 4 (AAP) The Australian stock market has closed lower, with weakness among financial and resources stocks helping to snap a two-day rally.
On the Sydney Futures Exchange, the September share price index contract was 26 points lower at 4511 points, with 22,866 contracts traded.
BHP Billiton ended down 30 cents at $40.68 and Rio Tinto declined 16 cents to $72.84.
Stocks to buck the trend included Whitehaven Coal, which was the best performer on the S&P/ASX200 climbing 6.11 per cent, or 33 cents, to $5.73.
The spot price of gold in Sydney was $US1193.40 per fine ounce, up $US9.95 on Tuesday's close of $US1183.45.
Dollar's rise set to end
August 4 (BusinessDay) The Australian dollar's sharp rise over recent months is set to come to an end as investors weigh up the prospect that a future interest rate rise could be some way off.
Since May, the dollar has climbed significantly, rising almost 12 per cent from a low that month of 81.6 US cents - but that buoyancy is about to be tempered.
Yesterday, the Reserve Bank opted to keep the official cash rate on hold at 4.5 per cent. Rates are all-important for the strength of the Australian dollar - high rates make Australia an attractive option for international investors, and that increases demand for the currency.
OzForex senior FX Manager Jim Vrondas forecast the dollar would remain at about 92 US cents before easing back to 90 cents in coming weeks.
“We think that Australian dollar is a touch expensive relative to fundamentals, but if strong world growth continues, commodity prices will rise, and fundamentals which catch up to the level of the currency.”
Asian Stocks Fall as U.S. Economic Data Prompt Growth Concerns
Aug. 4 (Bloomberg) -- Asian stocks fell for the first time in three days as weaker-than-estimated U.S. home sales, factory orders and consumer spending prompted concern about the strength of the global economy.
The MSCI Asia Pacific Index fell 0.7 percent to 120.95 as of 3:13 p.m. in Tokyo, snapping a two-day, 2.2 percent increase. The gauge has lost 6.3 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.
The Nikkei 225 Stock Average slumped 2.1 percent amid concern the yen’s appreciation to an eight-month high against the dollar will hurt the value of Japanese exports. Australia’s S&P/ASX 200 Index lost 0.7 percent.
China’s Shanghai Composite Index fell 1.1 percent, and South Korea’s Kospi Index dropped 0.1 percent. The Hang Seng Index was little changed in Hong Kong, where property developers gained after the city’s home sales increased last month.
Futures on the Standard & Poor’s 500 Index lost 0.4 percent. The index sank 0.5 percent yesterday after the National Association of Realtors’ index of pending home resales dropped 2.6 percent in June from May, compared with a 4 percent gain expected by economists in a Bloomberg News survey.
Shares of raw-material suppliers declined after metal prices retreated. Copper futures in New York fell 0.4 percent in after-hours trading, extending yesterday’s 0.9 percent drop, which was the most since July 16. The London Metal Exchange Index of six metals lost 1 percent, the first drop in five days.
First foreigner to head HUFS department
August 4 (The Korea Herald) Otgontsetseg Damdinsuren, a 34-year-old Mongolian female professor, was appointed as the Mongolian-language department head at the Hankuk University of Foreign Studies on Sunday.
Children from China's quake-hit Qinghai province visit Mongolia
ULAN BATOR, Aug. 3 (Xinhua) -- A group of children from China's earthquake-stricken Qinghai province arrived in Mongolia on Tuesday for an eight-day visit.
"Mogi" Munkhdul Badral
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