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.
Hunnu Coal update on Unst Khudag coal mine exploration
August 6, Hunnu Coal announced the results of the recently completed exploration drilling program at the Unst Khudag Coal Mine and surrounding licenses in Mongolia. The Company is extremely encouraged with these results and is pleased to announce the immediate commencement of an extensive drilling program to further expand the Unst Khudag Coal Mine.
Key points:
· A total of 34 drill holes have been completed, 28 of which are located on the existing mining license and six are located on the adjoining exploration license.
· All but three drill holes intersected coal seams, with single seams thicknesses up to 25.6 metres less than six metres from surface. Combined seam thicknesses are up to 43.7 metres.
· A total of three diamond core drill holes were completed for coal quality parameters at an internationally certified coal laboratory.
· The coal analyses revealed a high quality thermal coal with Qdb = 5,289 kCal/kg to 5,941 kCal/kg, Qdaf = 6,311 kCal/kg to 6,572 kCal/kg, Ash = 9.6% to 27.5%, and Analytical moisture = 6.71% to 9.34%.
· Unst Khudag has a Exploration Target* of 250Mt to 500Mt.
· Off-take agreements are currently being negotiated with Mongolian and Chinese thermal coal users.
· The Company is very pleased to announce the results of the recently completed exploration drilling programme at the Unst Khudag Coal Mine and surrounding licenses.
· The Company is extremely encouraged with these results and is pleased to announce the immediate commencement of an extensive drilling programme to further expand the Unst Khudag Coal Mine.
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SouthGobi Resources to Announce Second Quarter 2010 Financial Results on August 11, 2010
HONG KONG, CHINA--(Marketwire - Aug. 3, 2010) - SouthGobi Resources Ltd. (TSX:SGQ)(SEHK:1878) will release its second quarter 2010 financial results on Wednesday, August 11, 2010, after the close of trading on the TSX.
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Mines in Orkhon basin under special investigation
August 5 (news.mn) The Ministry of Nature, Environment, and Tourism recently instructed concerned organizations to immediately inspect the activities of companies extracting minerals in areas falling under the Orkhon river basin area.
This will be part of a special program of the State Specialized Inspection Agency (SIA) to check on the ways mining companies work in all 21 provinces. The Head of SIA’s Environmental and Mining Monitoring Department, D. Tserendav, has said seven teams are engaged in the program that will last a month.
Referring to the special instruction regarding the Orkhon river basin, Tserendav said 11 companies do extractive work there. …
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1,000 Young People To Get Skills Beginning from Sep 1
August 6 (UB Post) On July 9, the Ministry for Education and the Oyu Tolgoi Project signed a memorandum of mutual understanding (MoU) to prepare 3,000-3,5000 mining workers in next three years.
The signing parties have decided to commence the training of first 1,000 workers by September 1, 2010.
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PRESIDENT IS IN GOOD HEALTH
August 5 (President’s Office) Yesterday President Elbegdorj had a small intestine surgery as had been planned earlier. The operation took place at a Mongolia-Korea jointly operated “Songdo” Hospital—one of the best in the country. The operation went well and done by experienced Mongolian and Korean surgeons. President feels well and his condition is normal.
PRESIDENT ELBEGDORJ INVITED TO BECOME A MEMBER OF WORLD ECONOMIC FORUM’S GLOBAL AGENDA COUNCIL ON CLIMATE CHANGE
August 6 (President’s Office) President Elbegdorj received an invitation from Professor Klaus Schwab, Founder and Executive Chairman of the World Economic Forum to become a Member of the World Economic Forum’s Global Agenda Council on Climate Change.
Professor Schwab wrote: “Dear President, Thank you for your participation and contributions to Global Agenda Council on Climate Change in Year 2009 as our distinguished guest. I am pleased to invite you to become a Member of the World Economic Forum’s Global Agenda Council on Climate Change 2010 given your thought and leadership in this field.
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MONGOLIA-VIETNAM BUSINESS MEETING HELD
August 6, Ulaanbaatar, Mongolia, /MONTSAME/ Mongolia-Vietnam business meeting has been held in Hanoi city, Vietnam, in conjunction with an approach of the 14th inter-governmental meeting on cooperation in trade, economy, sciences and technology whjich is expected August 25-29 in Ulaanbaatar.
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Ivanhoe 'trillions' reports send ripples
August 6 (AAP) Confusion surrounding reports about Ivanhoe Mines Ltd's colossal joint venture with Rio Tinto Ltd in Mongolia has sent ripples throughout the global financial community, Ivanhoe says.
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Canadian billionaire and Ivanhoe Mines chairman Robert Friedland showed the conference, in a PowerPoint presentation, a $US16,078,743,199 after tax net present value (NPV) figure for Oyu Tolgoi based on recent metal prices, but said the figure could rise to "trillions".
An Ivanhoe spokesman told AAP on Friday that the project indeed contained an estimated $US1 trillion worth of metal in situ, but corrected widespread reports that the NPV was a monumental $US16 trillion plus.
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Australia
Shares extend winning streak to a fifth week
August 6 (AAP) Shares capped five weekly gains in a row despite a mixed day on the markets as investor confidence holds firm.
The benchmark S&P/ASX200 index ended the day down just 0.4 points at 4,566.1 points, while the broader All Ordinaries index was up just 1.4 points at 4,586.3 points.
For the week, the ASX200 was up 1.6 per cent, extending the run of weekly advances to their longest stretch since the middle of April.
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What you need to know:
· The Australian dollar was buying 91.6 US cents
· Asian shares were mixed after US jobs report
· Spot gold hovered at $US1197 an ounce
· Crude oil futures were steady at $US82 a barrel
· Europe's Stoxx 50 index was 0.5% in early trading
· Dow futures were up 2 at 10,637 points
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BHP Billiton ended on its high for the day at $41.13, up 29 cents, or 0.71 per cent.
Rio Tinto ended at $73.20, up 19 cents, or 0.26 per cent, just a shade off its intra-day peak of $73.32.
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Preliminary market turnover was 1.71 billion shares worth $4.07 billion, with 530 stocks up, 480 down and 400 unchanged.
On the Sydney Futures Exchange, the September share price index contract was two points lower at 4,535 points, with 16,862 contracts traded.
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Resource Tax Would Shift Mining Overseas
August 5 (NewsDesk) Australia's proposed resource tax would force its miners overseas, industry leaders say.
In opening the typically apolitical "Diggers & Dealers" annual forum in the Outback region this week, the gathering's chairman called the government's proposed mining tax "economic terrorism," China's state news agency Xinhua reported.
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In his speech to the mining forum, Robert Friedland, chairman of Ivanhoe Mines, warned that Mongolia, with its lower-tax regime compared to Australia's looming resources tax, is an attractive destination for mining investment.
Noting that its gross domestic product is expected to grow 110 percent over the next four years, "Mongolia could kill Australian coal," Friedland said, The Australian newspaper reports.
Ivanhoe's Oyu Tolgoi copper and gold project in Mongolia had a net present value of $16 billion and was "firmly on track" to become one of the top three copper-gold mines, Friedland said.
The Gillard administration struck a deal with mining giants Rio Tinto, BHP Billiton and Xstrata, cutting the proposed 40 percent "super profits" tax to a 30 percent levy on iron ore and coal mine profits.
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Global jostling for Queensland's coal reserves
ROBERT Freidland might reckon Mongolia is a substantive threat to Australia's coal future.
August 7 (The Australian) But the new money flowing here from global coal's biggest customers, both established and emerging, is telling us something very different.
While Canada's billionaire controversialist spruiks the very real and personally enriching opportunities of Mongolian mining, the new kings of coal, producers and customers alike, are moving with intent to establish a firm beachhead on territory that will be home to the next generation of Australian coal production.
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So, by 2015, Mongolia might very well be on track to deliver on Freidland's expectations but, at very best, it will be producing only about 60mtpa and, given the constraints of the logistical infrastructure, pretty much all of that will have to go to China.
Which means the rest of the world is left looking at the emerging Australian basins and Indonesia's Kalimantan. But the expectation is that Indonesian power demand is very quickly going to start sucking back the coal that is currently heading into the seaborne market.
And that leaves, well, pretty much just Queensland.
Global
Ivanhoe’s Friedland Says Copper Will Outperform Gold on China
Aug. 4 (Bloomberg) -- Ivanhoe Mines Ltd., developing the Oyu Tolgoi mine in Mongolia with Rio Tinto Group, said copper will outperform gold because of Chinese demand and the nascent electric car industry.
“We need more copper in the next 20 years than was mined in the last 110 years,” Ivanhoe Chairman Robert Friedland said today at the Diggers and Dealers conference in Kalgoorlie, Western Australia. “Those of us in the business don’t have any idea where this metal is going to come from.”
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Ivanhoe closed 2.3 percent higher to C$18.56 on the Toronto Stock Exchange yesterday. The shares have more than doubled in the past 12 months.
Rio Tinto's record profit tops forecasts
* Underlying earnings $5.8 bln vs $5.5 bln forecast
* Pays 45 cent dividend in line with forecast
* Plans to spend $9 billion on projects in 2011
* May invest more in aluminium, alumina
MELBOURNE, Aug 5 (Reuters) - Global miner Rio Tinto (RIO.AX) committed to step up spending on projects to boost growth, after reporting a record first-half profit on Thursday, driven by booming sales of iron ore to China.
Rio Tinto, the world's second-biggest iron ore miner, said it would pump up capital spending by 50 percent in 2011 to $9 billion, and would spend more on its Oyu Tolgoi copper and gold project in Mongolia and possibly invest more in aluminium and alumina.
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Rio Tinto reaffirmed it planned to pay out at least $1.75 billion in dividends this year, at least in line with 2008, and said it would spend at least $6 billion on projects this year, up from an earlier forecast of $5 billion.
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U.S. Stocks Advance, S&P 500 Reaches Two-Month High on Earnings
Aug. 7 (Bloomberg) -- U.S. stocks advanced this week and the Standard & Poor’s 500 Index climbed to the highest level since May after companies from Pfizer Inc. to News Corp. beat earnings estimates and reports showed expansion in the service and manufacturing industries.
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The S&P 500 rose 1.8 percent to 1,121.64 and reached a two- month high of 1,127.24 on Aug. 4. The Dow Jones Industrial Average climbed 187.62 points, or 1.8 percent, to 10,653.56.
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European Stocks Post Weekly Advance as Bank Profits Offset Data
Aug. 7 (Bloomberg) -- European stocks climbed this week as earnings from HSBC Holdings Plc to BNP Paribas offset weaker- than-forecast U.S. data that reignited concerns about the strength of the recovery in the world’s biggest economy. HSBC, the region’s largest bank, BNP Paribas and Lloyds Banking Group Plc all climbed after posting profit that topped analysts’ estimates. Aviva Plc jumped 6.8 percent after the insurer reported higher profit. Yara International ASA led gains in agriculture-related companies after wheat prices surged to the highest level in almost two years.
The Stoxx Europe 600 Index gained 1.3 percent to 258.71, extending last month’s gain of 4.9 percent as company earnings helped alleviate concern about global growth. About 55 percent of the gauge’s members that have posted results since July 12 have topped estimates for net income, according to data compiled by Bloomberg.
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Asian Stocks Rise for Fifth Week as Earnings Bolster Confidence
Aug. 7 (Bloomberg) -- Asian stocks rose for a fifth consecutive week, the longest winning streak in more than a year, after companies reported higher earnings or raised forecasts.
HSBC Holdings Plc, Europe’s largest bank, increased 3.7 percent in Hong Kong and Cathay Pacific Airways Ltd., Hong Kong’s largest carrier, gained 7.1 percent. Honda Motor Co., Japan’s second-largest automaker, advanced 7.5 percent in Tokyo. Mitsubishi Corp., Japan’s largest commodities trader, climbed 5.2 percent on higher prices for metals and oil.
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The MSCI Asia Pacific Index rose 2.8 percent this week to a three-month high of 122.40, capping its longest streak of weekly gains since April 2009. The gauge has slumped 5.2 percent from its high this year on April 15 as Europe’s debt crisis, China’s measures to cool its property market and signs of a U.S. economic slowdown fueled concern that global growth may falter.
Japan’s Nikkei 225 Stock Average gained 1.1 percent this week and South Korea’s Kospi Index rose 1.4 percent. Hong Kong’s Hang Seng Index advanced 3.1 percent, while China’s Shanghai Composite Index increased 0.8 percent. Australia’s S&P/ASX 200 Index climbed 1.6 percent as a survey released in Canberra showed manufacturing growth accelerated.
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Misc
UNESCO permits Mongolia to register Khuumii jointly with China
August 5 (news.mn) UNESCO has amended its procedures to allow more than one country to jointly apply for registering intangible cultural heritage that they share. This means Mongolia can now join other countries, including China, to claim the khuumii as its cultural heritage.
National Guard troops head to Mongolia for joint exercise
August 6 (KTUU) ANCHORAGE, Alaska -- Alaska National Guardsmen will be spreading their wings this month.
Units from the Army National Guard's 38th Troop Command Unit, along with Air Guard members of the 1-76th Medical Group, will be going to Mongolia this weekend.
The Alaska troops will be joining 220 members of the Mongolian armed forces for Khan Quest 2010.
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South Korea To Send Officers To U.S.-Supported Military Exercise In Mongolia
SEOUL, Aug 7 (Bernama) -- South Korea will send seven staff-level officers to a US-supported peacekeeping military exercise in Mongolia, the Joint Chiefs of Staff (JCS) said Saturday, Yonhap News Agency reported.
The Khaan Quest 2010 exercise, which kicked off earlier in the day and runs through Aug 22, is a US Pacific Command assisted endeavor designed to train military personnel from many countries to assist United Nations peacekeeping operations (PKO) around the world.
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DALAI LAMA DONATES MONEY
August 6, Ulaanbaatar, Mongolia, /MONTSAME/ The Foundation of the 14th Dalai Lama has donated USD 100 thousand to Mongolia for abolishing the consequences of the zud disaster of the last winter. This news was reported Friday by the Ministry of Foreign Affairs of Mongolia.
His Holiness donated the allowance after considering the colossal loss of livestock, and says that he is praying for easing the human suffering.
Fewer marriages, more divorces
August 4 (news.mn) The National Statistics Office reveals an increase in the number of divorces, especially among young couples. The number of people getting married reached a peak in 2006, but that figure of 48,996 has been falling ever since, hitting 34,071 in 2009. The number of divorces rose by two times in 2009 compared to 1,448 in 2006. The rush to get married was caused by election promises and hope of allowances.
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Mongol Rally: Incident Report
August 7 (mongolrally.theadventurists.com) We are deeply saddened to announce the death of a participant taking part in the Mongol Rally 2010. Our deepest sympathies and thoughts are with the family and friends of the deceased at this difficult time.
The team were involved in a serious traffic accident on Friday 6th August. Two team members were injured and are now in hospital in a stable condition. Sadly one of the members of the team died as a result of his injuries.
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Link to Mongol Rally Wiki-page
Mongolian marathon
August 5 (The National, UAE) On August 22 last year, 25 riders weighed in for the inaugural Mongol Derby. The challenge was to cover nearly 1,000 kilometres from the start outside the old capital, Kharkhorin, a five-hour drive west of Ulan Bator, the present capital, to the finish in the Buryat village of Dadal, reputedly the birthplace of Genghis Khan. The route starts in Steppe country, grassy plains stretching into infinity, and ends among lakes and forests near the Russian border far to the north.
The derby is a multi-horse event, with each competitor riding a horse for up to 40km from one checkpoint to the next before changing mounts, and is now established in the Guinness Book of Records as the longest horse race in the world. The game plan requires 700 horses, selected from an estimated three million roaming semi-wild over the steppe. In some cases, semi-wild means hardly ever saddled. For the contestants, the luck of the draw that decides their first mount is crucial.
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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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