CPS International is a marketing arm of CPS Securities in Mongolia. CPS Securities is a Perth, Western Australia based AFSL License Holder. To trade ASX and international stocks, feel free to contact me at mogi@cpsinternational.mn or +976-99996779.
(Mogi: My apologies for lack of newswires the past few days. Last week has been packed with conferences and due to technical problems at mail server is resigned to send it using my gmail)
Origo Partners and Monnis International form Mongolian joint venture
Sep 09, 2010 (Datamonitor Financial Deals Tracker via COMTEX) -- Origo Partners PLC (formerly Origo Sino-India PLC.), a China-based provider of private equity investment and consultancy services, has formed a joint venture with Monnis International Co., Ltd., a Mongolian industrial holding company, to establish Resource Investment Capital, Ltd.
The new joint venture company, headquartered in Ulaanbaatar, Mongolia, will provide corporate finance advisory services primarily to companies active in or seeking to enter the Mongolian natural resources sector.
Origo will own 35% of Resource Investment Capital, with the balance being held by Monnis, private investors, and the company's management.
IFC Proposes Investment in Mongolia Dairy Processor
Sept 10 (IFC) - IFC's specialist has reviewed technical information provided by Suu JDC ("Suu" or the "Company"), a 94% privately owned dairy processing company whose remaining shares are traded on the Mongolian stock exchange.
The scope of IFC's appraisal primarily included a compliance review of Suu's operations with IFC's Performance Standards and Mongolian environmental, social and occupational health and safety regulatory requirements. IFC also reviewed the Company's management capacity and organizational structure to provide adequate oversight of environmental, social, health and safety aspects of its business operations.
The review relied on documents and reports made available by Suu and interviews conducted during meetings with senior management team of Suu in Ulaanbaatar, Mongolia. Site visits to Suu's processing facilities in Ulaanbaatar and three milk supplier sites within the Tuv and Selenge provinces which supply milk to the Company were also included as part of the scope of IFC's review.
Project description
Suu was founded in 1958 as a state owned company and was subsequently partially privatized in 2002 with full privatization occurring in 2006. Suu is the leading Mongolian dairy processor, with a current processing capacity of 150t/day, producing 51 different products comprising milk, yogurt, butter, curd and ice cream. Presently, Suu's milk supply is sourced via 19 milk collection points, where more than 2,189 herders supplied their production in 2009/ 2010
IFC's investment will:
(i) increase of the dairy production capacity, including purchase of additional milk packaging, butter packaging, BactoScan milk quality laboratory equipment, an additional ice cream machine, an Alfa Laval separator and company infrastructure renovations (factory and buildings);
(ii) extension of the raw milk supply chain, including the establishment and development of 22 milk collection points (MCPs), 13 milk cooling units (MCUs), two milking parlors and working capital to source additional milk purchases;
(iii) Introducing and implementing management systems consistent with ISO and HACCP.
IMF Executive Board Completes the Final Two Reviews under Stand-By Arrangement with Mongolia
September 9 (IMF) The Executive Board of the International Monetary Fund (IMF) has completed the fifth and the sixth reviews of Mongolia's economic performance under a program supported by an 18-month Stand-By Arrangement (SBA). The Board also approved the Mongolian authorities' request for rephasing the final disbursement. While the completion of the final two reviews under Mongolia's SBA enables the disbursement of an amount equivalent to SDR 30.66 million (about US$46.4 million), the Mongolian authorities do not intend to draw this amount. Total disbursements under the arrangement remain an equivalent to SDR 122.64 million (about US$185.4 million).
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Following the Executive Board's discussion on Mongolia, Mr. Naoyuki Shinohara, Deputy Managing Director and Acting Chair, stated:
"The Mongolian economy is undergoing a brisk recovery. International reserves are at historic highs, the fiscal position has strengthened, and pro-poor spending has been protected. These developments are a testament to the authorities' unwavering commitment and policy performance under the Fund-supported program. Close engagement with the Fund, together with technical support and outreach efforts, has contributed to the program's success in stabilizing the economy and the financial market.
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"Significant progress has been made in reforming the banking system. The Empowering the Banking Sector and Capital Support Program, a comprehensive bank restructuring and recapitalizing framework, has been submitted to parliament. Its implementation will help ensure prudent, transparent use of public resources. The recently issued banking regulations are an important step toward strengthening banking supervision, critical to preventing a re-emergence of vulnerabilities," Mr. Shinohara stated.
Ivanhoe sees output from Oyu Tolgoi in late 2012
* Says construction of Oyu Tolgoi proceeding on schedule
* Says first ore likely to be processed in Q4 2012 (All figures in U.S. dollars, unless noted)
September 7 (Reuters) - Ivanhoe Mines (IVN.TO) expects to process the first ore from its flagship Oyu Tolgoi copper-gold project in Mongolia in the fourth quarter of 2012, the company said on Tuesday.
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The company expects average annual production at Oyu Tolgoi during the first 10 years of operation to exceed 1.2 billion pounds (544,000 tonnes) of copper and 650,000 ounces of gold. ($1= $1.04 Canadian) (Reporting by Euan Rocha; Editing by Lisa Von Ahn)
Manas Petroleum Announces That It Has Entered Into a Contract for Seismic in Blocks 13 and 14 in Mongolia
BAAR, SWITZERLAND--(Marketwire - September 8, 2010) - Manas Petroleum Corp. ("Manas") (OTCBB: MNAP) is pleased to announce that it has entered into a contract with a seismic company to acquire 300 km of 2D seismic for the Company's project on blocks 13 and 14 in Mongolia. Manas has agreed to a turn-key rate of $3,500/km, with no stand-by fees, for an aggregate total of $1,050,000, payable according to a specific schedule. Manas is required to provide a bank guarantee over the outstanding amount, which is to be reduced according to the same schedule.
The agreement is with a Chinese data acquisition company known as DQE International, a subsidiary of CNPC Daqing Petroleum, which has been in operation since the 1970s and has a total of 16 seismic crews, 76 drilling crews, 60 well logging crews and 10 cementing crews. This group has established a quality assurance system and all its subsidiaries have passed ISO9000 Series authentication and established HSE management systems. The group has operated various projects in the Peoples Republic of China ("PRC"). Internationally, the group has operated in Venezuela, Sudan, Indonesia, Egypt, Iran and Mongolia.
Manas owns 84% of the rights to blocks 13 and 14, 10% of which is held in trust for a Mongolian oil and gas company, subject to regulatory approval and negotiation. The two blocks cover an aggregate of over 20,000 square kilometers, or almost five million acres, of land located on Mongolia's southern border. The production contracts provide for a five-year exploration period (with two optional six-month extensions allowed) from an effective date of April 21, 2009, and a twenty-year exploitation period (with two five-year extensions allowed). The remaining 16% interest in blocks 13 and 14 is held by two investor groups.
NAR Issues Up to US$33,000,000 of Convertible Bonds
Hong Kong, Sept 09, 2010 (ACN Newswire via COMTEX) -- North Asia Resources Holdings Limited ("NA" or the "Company") (stock code: 61) today announced that it has entered into a subscription agreement (the "Subscription Agreement") with Business Ally Investments Limited (the "Subscriber"), to issue up to US$33,000,000 aggregate principal amount of convertible bonds ("Convertible Bonds") due three years from the date of issue of the Convertible Bonds. The Subscriber is a wholly-owned subsidiary of CCB International Asset Management Limited which is in turn wholly-owned by CCB International (Holdings) Limited ("CCBI"). CCBI is the investment banking flagship established in Hong Kong and wholly-owned by China Construction Bank Corporation.
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Other than keeping a close eye on other possible acquisitions in the future, we also plan to use these funds to facilitate present working capital of the Group, acquisition of iron concession in Mongolia, thereby bringing maximum returns to our shareholders."
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About North Asia Resources Holdings Limited
North Asia Resources Holdings Limited (SEHK:OO61) and its subsidiaries entered into the resources mining business in Mongolia in December 2009. Subsequently, the Company acquired two alluvial gold mineral licenses in Mongolia. The Company now owns and operates an iron/copper and an alluvial gold mining project in Mongolia. Please visit www.northasiaresources.com.
Mongolia favours Russia as rail route for minerals
* $8.8 billion required in critical rail infrastructure
* Mongolia has picked route to Russia over direct line south
* Major copper, coking coal deposits are near China border
ULAN BATOR, Sept 7 (Reuters) - Linking Mongolia's desert mines with foreign clients will require billions of dollars of investment over a decade and some investors fear suspicion of China, rather than pure economic logic, is shaping its plans.
Mongolia's vice-minister of transportation, Amarjargal Gansukh, told Reuters in an interview on Tuesday that the country would need to spend $8.8 billion to build 5,600 km of critical railway infrastructure over the next few years to deliver its surging mineral output to foreign markets.
But analysts say the country's dependence on its powerful and resource-hungry neighbour China worries policy makers.
So instead of building a direct route south, it has chosen a more circuitous and expensive option that will connect its mines to Russia and the Pacific via a huge new industrial park aimed at adding value to its mineral reserves.
Graeme Hancock, senior mining specialist with the World Bank, said overdependence on China was a concern but the difference between a 1,500 km trip to a Chinese port and a 4,500 km trip to the Russian Far East was considerable.
"If you can make a margin of $70 a tonne selling through China or $5 a tonne selling through Russia, which would you do? You have to look at the economic fundamentals."
"Sacrificing commercial value for a political objective needs to be very carefully weighed."
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Peter Geerdts, geologist with Gobi Coal and Energy, which owns mines in Mongolia's southwest, said his company would initially use trucks to ship 2 million tonnes of coal a year to China's northwestern regions of Gansu and Xinjiang, but once output reaches 10 million tonnes, that will not be feasible.
"We will really need the railway," he said.
Mongolia eventually plans to build a rail route crossing the country from west to east, but Gansukh said it was unclear when construction on the western section of the project would begin.
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TRANS-SIBERIA
In June, Mongolia's parliament, the Great Hural, said priority would be given to a rail link from the Tavan Tolgoi project to an as yet uncompleted industrial park in Sainshand, where it can be processed and shipped north to Russia.
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According to a World Bank report, shipment costs via a rail link to the Chinese city of Baotou would stand at $33 per tonne, but it would cost $95 to transport it to the Russian border.
The decision was made even though private financing had been made available for a dedicated 270-km route from Tavan Tolgoi to the border with China. That project has been consigned to the second phase.
Gansukh said discounts had already been negotiated with Russia's rail network, and the Pacific option could even be cheaper than the route to China's ports.
"Mining companies are saying it is too expensive, but we are arranging it so it is not so expensive," he said.
"We have negotiated with Russian Railways and they have already given us a 65 percent discount."
He said after the concessions are granted, the cost of delivering a tonne of coal to Russia's far eastern coast would stand at $27, compared to $35 to the Chinese port of Tianjin.
He said financing the project would also be straightforward.
"We're going to set up a joint venture, and we are already negotiating with two big potential investors in South Korea."
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The Mongols Ride to New Highs
September 9 (Money Show) What sort of market conquers fears and cows doubters by galloping 44% higher in three weeks? The one serving the descendants of Genghis Khan, of course.
On August 17th, the MSE Top 20 Index, representing the cream of the equity crop in Ulan Bator, Mongolia, closed at 10,188. That was already good for a 67% windfall so far this year, although it was well off the 2007 record above 13,000.
Fast forward to Tuesday, when the MSE closed at 14,676. Not even the khans moved this fast.
The Ulan Bator exchange trades for 90 minutes a day out of a former movie theater, eking out daily turnover in the neighborhood of $70,000. Although the benchmark index is up more than tenfold in four years, its total market capitalization hasn't quite topped $1 billion, making it cheaper than Jack in the Box (Nasdaq: JACK) or Buckle (NYSE: BKE).
It's a market suitable only for well-informed insiders and the craziest speculators, which may be part of its rogue charm. Beyond the vicarious thrill, Mongol mania shows what gets people excited these days. Mongolia's sitting on a supposed treasure trove of untapped mineral riches, next door to mineral-craving China.
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INT'L ADVISORY COMPANY FOR MONGOLIA TO BE SELECTED
September 8, Ulaanbaatar, Mongolia, /MONTSAME/ The cabinet issued Wednesday a resolution on selection of an advisory company in a need to have an international advisory company for Mongolia.
The advisory company will have obligations to participate in trials and arbitration courts in foreign countries representing Mongolia as a claimant or defendant, and to render legal assistance to Mongolia for establishing some contracts and agreements in frames of the biggest projects and programs.
Recent years, state organizations of Mongolia have been drawing into complicated disputes which need a lot of money and into trials and arbitration courts in foreign countries as a defendant. Apart of this matter, the state needs to work out the biggest various projects and programs in accordance with international standards in times of the great construction works with an aim to develop infrastructure, mining and manufacturing.
The head of the Cabinet Secretariat of Government Ch.Khurelbaatar has been ordered to carry out a selection of the advisory company and to establish a related contract.
NEW LAB OPENS TO PROCESS COAL
September 9, Ulaanbaatar, Mongolia, /MONTSAME/ A ceremony took place Tuesday to open the Mongolia-Japan joint laboratory of researching and processing coal in Mining Institute, Mongolia's University of Science and Technology (MUST).
In the lab, the countries are going to implement the biggest joint program for reducing raw coal burning and producing coked coal. The lab has been invested by Japan's "Nedo" organization.
A director of the Mining Institute B.Purevtogtokh said that, in frames of the project the Japanese experts made some experiments and have produced two tons of coked brickets from brown coal taken from the Baganuur mine. They plan to continue the experiments in order to see results of the brickets by using them in some ger areas.
The results are supposed to be concluded February 2011.
DISCOVER MONGOLIA-2010 INT`L MINING INVESTORS FORUM HELD
September 9, Ulaanbaatar, Mongolia, /MONTSAME/ The "Discover Mongolia 2010" 8th International Mining Investors Forum took place September 8-9 in the Children's Palace. Number of participants in the forum was more ten times than at the first forum.
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PwC opens Mongolian office
September 7 (Accountancy Age) PwC has set up shop in Mongolia where it hopes to take advantage of a burgeoning natural resources market, the Big Four auditor said in a statement today.
The new audit office, in the capital Ulaanbaatar, will provide assurance, advisory and tax services to companies operating in the country which is credited as the first nation to use paper money.
Twenty partners and staff, including Mongolians, will work in the office after the firm obtained its auditing license last spring.
Dan Feder, managing partner, PricewaterhouseCoopers Mongolia, said the new office support the local economy.
"We look forward to supporting the future development of this increasingly important economy by supporting the education and professional skills development of our Mongolian staff, as well as the accounting and advisory profession in Mongolia," he said.
Alper Akdeniz, senior managing partner, PricewaterhouseCoopers Central Asia, said Mongolia was becoming a significant part Asia's economic growth.
"With PwC's extensive resources in central asia and globally, we can play a pivotal role in supporting the future economic development of Mongolia and its people," he said.
Mongolia heats up the market for coal exports
September 9 (The Australian) MONGOLIA is moving closer to Australia in the race to supply China with coking coal for its voracious steel industry.
Exports are up 100 per cent this year.
The country's government has also opened a tender for a mining contractor for its 6 billion tonne Tavan Tolgoi deposit. Leighton Holdings is well-placed to bid.
The country is poised to expand the opportunity for international companies at the world's largest untapped coal deposit by putting a proposed 30 per cent of the project up for sale to a cornerstone investor, possibly paving the way for BHP Billiton to re-enter the country.
Australia's share of coal exports to China is expected to fall from 66 per cent last year to 47 per cent this year, with Mongolia's share jumping from 11 per cent to 39 per cent, said Alex Molyneux, chief executive of Canadian-owned Mongolian coalminer SouthGobi Resources.
Due to increasing safety standards and more complex mining sites, Chinese coking coal prices have doubled in three years to $US90 per tonne while Mongolian producers are mining for $US60-$65 per tonne. Australian coal is priced at about $US90 per tonne after shipping.
"China is not the logical supplier of its own needs," Mr Molyneux said.
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The Mongolian government plans to retain 50 per cent of the deposit, listing 10 per cent, handing 10 per cent of shares to the Mongolian people and selling off a 30 per cent stake.
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"MODELLING OF CLIMATE CHANGE IN MONGOLIA UNTIL 2080"
September 9, Ulaanbaatar, Mongolia, /MONTSAME/ A presentation of the scientific studies themed "Modelling of climate change in Mongolia until 2080" ran in the "Civil Hall", the President's office, September 8.
The presentation has been given by Evan H.Girvetz, Affiliate Assistant Professor, University of Washington of the USA and Senior Scientist of the Global Climate Change Program in the Nature Conservancy (NGO).
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MPRP`S CONFERENCE HELD
September 7, Ulaanbaatar, Mongolia, /MONTSAME/ The Mongolian People's Revolutionary Party (MPRP) held Tuesday its 12th regular conference. The conference discussed three main issues in accordance with an agreement of the leading board and brought together 80 per cent of the conference's members. Former chairmen of the MPRP N.Enkhbayar and M.Enkhbold did not take part in the conference.
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International Investment Bank Eyes Bulgaria, Mongolia
September 9 (novinite.com) The International Investment Bank, formed as an initiative of the Soviet Union in 1970, has started to actively invest in the countries of the former Eastern Bloc, including Bulgaria.
The Russian RBC Daily has reported that the International Investment Bank, together with the International Bank for Economic Cooperation, is planning to invest up to EUR 500 M in different projects.
About EUR 9 M have already been invested in construction of commercial properties in Slovakia. Bulgaria and Mongolia are also on the list to receive funding for construction of commercial properties in the near future.
RBC Daily also reported that two projects, a commercial property in Bulgaria and a hotel in Mongolia, have been started. According to the Russian media, the investments for each project will be up to EUR 10 M.
Prophecy Reports 5 Major IP Anomalies and Commencement of Drilling at its Lynn Lake Project, Manitoba
Prophecy Resource Corp. ("Prophecy" or the "Company") (TSX VENTURE:PCY)(OTCQX:PRPCF)(FRANKFURT:1P2) announces the commencement of a 3,000 metre drilling program at its Lynn Lake Project, located in Lynn Lake, Manitoba. The drilling program is designed to test newly discovered targets from its recently completed Induced Polarization (IP) survey (see Prophecy July 7, 2010 news). Five new target areas have been delineated using a proprietary deep-seeking IP-method that penetrates to depths that were previously unexplored through VTEM. The five anomalies have been dubbed the 'North', 'East', 'West', 'Middle-East', and 'Centre' anomalies based on their spatial distribution on the property.
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About Prophecy
Prophecy Resource Corporation is an internationally diversified company engaged in developing energy, nickel and platinum group metals projects. The company controls over 1.4 billion tons of open-pittable thermal coal in Mongolia (839 Mt Measured, 579 Mt Indicated). In Canada Prophecy owns Lynn Lake Nickel Project, a 10% equity stake in Victory Nickel and agreed to merge with Northern Platinum (TSX-V: NTH) on June 15, 2010. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
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EXCHANGE RATES
Ulaanbaatar, Mongolia, /MONTSAME/ Official currency exchange rates as of September 10 set by the Bank of Mongolia:
USD U.S. Dollar 1,319.86
JPY Japanese Yen 15.78
CHF Swiss Franc 1,300.74
GBP British Pound 2,034.17
HKD Hong Kong Dollar 169.83
RUB Russian Rouble 42.72
CNY Chinese Yuan 194.49
KRW Korean Won 1.13
AUD Australian Dollar 1,218.30
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Australia
| Close: Shares of Mongolia Related ASX Listed Companies, September 10, 2010 |
| ||||||||
| 0.900 | 0.010 | 0.890 | 0.900 | 0.900 | 0.900 | 0.900 | 65,600 |
| |
| 0.013 | 0.001 | 0.013 | 0.014 | 0.014 | 0.014 | 0.013 | 4,733,820 |
| |
| 0.185 | -0.005 | 0.185 | 0.190 | 0.185 | 0.185 | 0.185 | 316,000 |
| |
| 0.100 | 0.000 | 0.100 | 0.105 | 0.105 | 0.105 | 0.096 | 2,589,405 |
| |
| 0.110 | 0.010 | 0.105 | 0.110 | 0.105 | 0.115 | 0.105 | 131,000 |
| |
| 33.370 | -0.150 | 33.360 | 33.430 | 33.840 | 33.840 | 33.100 | 717,165 |
| |
| 74.250 | 0.350 | 74.150 | 74.250 | 74.000 | 74.360 | 73.670 | 2,619,154 |
| |
| 37.960 | -0.220 | 37.960 | 37.980 | 38.200 | 38.390 | 37.960 | 7,972,860 |
| |
An * next to the security code indicates there has been an announcement today relating to that security. Click on the * to view the list of today's announcements.
Source: asx.com.au
Shares dragged down by miners
September 10 (AAP) Close Australian shares pared weekly gains as miners and energy stocks posted losses on Friday.
The benchmark S&P/ASX200 index closed down 21.9 points, or 0.5 per cent, at 4560.3, while the broader All Ordinaries index fell 20.6 points, or 0.5 per cent, at 4600.7.
Among the major sectors, materials fell 0.7 per cent, energy shares dropped 1 per cent and financials slipped 0.2 per cent.
need2know:
- Europe shares fall 0.4% in early trade
- The dollar rises to 92.3 US cents
- Asian stocks gain on Japanese growth
- Gold falls to $US1245 an ounce
- Oil heads towards $US75
- Dow futures are 10 points up at 10,348
Miners, which have among the highest weight in the index, were largely weak as metal prices fell and investors awaited Chinese CPI data for direction. China is the biggest consumer of Australian minerals.
Beijing moved the release of the key economic data for August to Saturday from Monday, prompting speculation the numbers could trigger a strong reaction on financial markets, traders said.
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'Most of the damage has come from the energy and materials sectors, which were weaker throughout the day,'' Mr. Potter said. ''Financials had some early gains, but they have given most of those up,'' he said.
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Preliminary national turnover was 1.95 billion shares worth $4.63 billion, with 538 stocks up, 531 down and 364 unchanged.
---
"Mogi" Munkhdul Badral
Executive Director
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 AFSL License Holder. To trade ASX and international stocks, feel free to contact me at mogi@cpsinternational.mn or +976-99996779.
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