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.
Ivanhoe Mines Shares Hits All Time High
September 17 (Mogi) IVN reached intraday high of C$20.99 in Toronto and U$20.47 in NY during yesterday’s overnight trading.
IVN closed at C$20.89 and U$20.36 respectively, also all-time high closing prices.
See IVN’s performance chart in Toronto, NY
Ivanhoe appoints two Rio nominees to its board
* Appoints Michael Gordon and Dan Westbrook to its board
* Says Rio has option to nominate a further two directors
TORONTO, Sept 16 (Reuters) - Ivanhoe Mines (IVN.TO) said on Thursday it has appointed two new Rio Tinto (RIO.L)(RIO.AX) nominees, Michael Gordon and Dan Westbrook, to its board of directors.
Anglo-Australian miner Rio Tinto owns a 34.9 percent stake in Ivanhoe and has the option to increase its stake to 46.65 percent, under the terms of an October 2006 private placement agreement signed by both companies.
The agreement gives Rio Tinto the right to nominate a proportionate share of members to the Ivanhoe board, based on its shareholding in Ivanhoe. Rio, which already has one nominee on Ivanhoe's board, has to option to appoint a further two directors to the Ivanhoe board.
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General Mining Share Spike Prompts ASX Please Explain
September 17 (Proactive Investors Australia) Perth based General Mining (ASX: GMM) has responded to an ASX price and volume query, stating that it is not aware of any information concerning the company which could explain the recent share trading.
General shares jumped to an intra-day high of $0.18 on Friday 17 September, well advanced from the $0.13 closing price on Thursday 16 September.
The stock has subsequently eased in afternoon trading, although still up 27% on the day at $0.165, on volume of 1.3 million shares.
General announced last month that it will commence drilling in September at its fully owned Uvs Basin potash project in Mongolia, once all necessary approvals are received.
(ASX:GMM closed 4c higher or up 30.77% to 17c. Intraday high was 18c. Link to chart)
NAR Completes the Initial Blasting of the Oyut Ovoo Iron Ore Mine in Mongolia
Hong Kong, Sept 16, 2010 - (ACN Newswire) - North Asia Resources Holdings Limited ("NAR" or the "Company") (stock code: 61) today announced that the Company has successfully completed the mine design, dry processing equipment installation and the initial blasting of approximately 20,000 tonnes of iron ore for immediate trial production at a mine located in Oyut Ovoo, Dundgobi Aimag (province), Mongolia on 11 September 2010.
This major step forward has been made following the acquisition of the entire issued share capital of North Asia Resources Group Limited on 16 December 2009 and the further completion of the acquisition of approximately 9.999% equity interests in Golden Pogada LLC ("Golden Pogada"), making Golden Pogada a 99.99%-owned subsidiary of the Group, on 26 April 2010. Golden Pogada possesses the mining rights licence covering a 1,201-hectare area of the Oyut Ovoo mine in Mongolia. A transit and loading dock (the "Dock") in close proximity to the train station of Choir, Govisumber Aimag in Mongolia (the "Choir Train Station") as well as a restricted rail extension line linking the Dock to the main rail line of the Choir Train Station have been under construction. The Dock facilitates the transportation of iron ore from the Oyut Ovoo mine in Mongolia directly to China, the largest steel producer in the world.
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According to the Independent Technical Report completed by SRK Consulting China Limited, a total JORC-equivalent Measured, Indicated and Inferred resources of 148.9 million tonnes of iron resources and 34.58 million tonnes of copper ore are estimated in the first mine area alone (which covers only 100 hectares / approximately 8.33% of the total mine area).
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.
Solartech Raising U$18.5M for Copper Plant in Mongolia
Sept. 17 (Bloomberg) –
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Solartech International Holdings Ltd. (1166 HK): The cable and wire maker will raise as much as HK$144 million in a private sale of 7.2 billion new shares at 2 Hong Kong cents each, and will use HK$75 million of the proceeds to fund a copper processing plant at its mine in Mongolia. The stock gained 7.1 percent to 3 Hong Kong cents.
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(Mogi: Solartech announcement dates September 16, shares rose to as much as 3.3c on that day. Solartech closed 2.5c on September 17)
ADVERTISEMENT FOR PROGRAM MANAGEMENT CONSULTANT PLUS SERVICES
September 17 (Montsame) --
1. The National Development and Innovation Committee of Mongolia (“NDIC”) is accepting proposals from international engineering, construction and project management companies to serve as Program Management Consultant Plus (“PMC-Plus” or “PMC+”) in connection with the greenfield development and construction of certain industrial and infrastructure projects (“Projects”) in Sainshand, Mongolia. Details of the Project are described in the tender documents.
2. The anticipated PMC-Plus services will include the development of a Master Plan, the provision of overall program management consulting services for all of the Projects, plus the provision of EPC or EPCM services for offsites and utilities and for certain individual Projects on as required basis. The PMC-Plus should have experience for providing PMC+ services for similar integrated industrial and infrastructure projects with capital expenditures in excess of US$5 billion over the last five (5) years.
3. A consultant submitting an expression of interest should provide statement of qualification for executing such services.
4. Interested parties should submit their expression of interest and purchase tender documents no later than 5:00 p.m. on September 30, 2010, and should submit their proposal no later than 5:00 p.m. on October 29, 2010, in each case, at the address given below. The proposals should be valid for 30 days from the opening date. This is a one step tender process where short listing will be done after acceptance of proposals and qualified participants might be called for a subsequent interview.
5. A description of the Projects, the Program Manager’s anticipated services, and other pertinent information can be found at following website link: http://www.ndic.gov.mn/english.
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Academics and analysts join MPRP debate on ideology
September 17 (news.mn) Academics and analysts met at Government House on September 15 to join the ongoing debate on the MPRP changing its basic ideology from the present democratic socialism to national democracy. The Terelj Manifesto prepared by its Managing Council calls for the change and the coming General Assembly will take the final decision. MPRP Chairman, Prime Minister S. Batbold, and the party’s General Secretary, U. Khurelsukh, attended yesterday’s meeting.
Some speakers noted how the MPRP followed a national democratic ideology in the 1920s and later adopted a more leftist orientation, retaining this democratic socialist thrust until today. A return to the initial ideology may seem to conflict with this thrust but will not necessarily mean abandoning the leftist view. Similar ideological reviews were now taking place in left-of-center parties in many places of the world, they said. Pragmatism was being favored over ideological purity, both on the right and the left.
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Oil refinery by 2014, Prime Minister asserts
September 17 (news.mn) Prime Minister S. Batbold announced after watching the exploration work of the 100% Chinese company Donshen in the Gobi that Mongolia’s first oil refinery will be ready by 2014. Donshen has a product sharing agreement with the Government and hopes to begin oil extraction before the end of this year. Exploration results so far indicate there is enough oil for the fields to be operated for 30 years.
The oil refinery is planned to be built in the Sainshand industrial complex and 10 companies have already expressed their interest in taking up the work. The Prime Minister said Mongolia has enough oil reserves to be self-sufficient and once refineries start processing the crude for domestic use, the country will leave behind its traditional 100% dependence on import.
New petrol prices announced
September 17 (news.mn) The Government yesterday decided to change the excise duty rate on several oil products from Rosneft. Following this, the price of AI-92 will go up by USD42 or MNT56,000, and of diesel by USD36 or MNT48,000. The price of A-80 will, however, be USD10 less per ton. The new prices become effective on Friday.
IFJ Condemns Confiscation Of Newspaper (Niigmiin Toli) Computer In Mongolia
The International Federation of Journalists (IFJ) joins journalists in Mongolia to condemn the confiscation by the country’s authorities of a newspaper’s main computer, which contained details of confidential sources.
Officers of Mongolia’s General Authority for Implementing Court Decisions (GAFICD) entered the premises of the daily Niigmiin Toli (Public’s Mirror) in Mongolia’s capital, Ulaanbaatar, on August 27 and confiscated the paper’s host computer.
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The confiscation is connected to the daily’s publication on September 1, 2009, of a letter from citizens of Bayan-Olgii, in Mongolia’s far western Kazakh province, in which they made allegations of corruption by local government officials.
Bayan-Olgii Governor S. Khaval and another seven public officials named in the letter brought a civil defamation case to the Chingeltei District Court and demanded MNT 13 million (about USD 10,000) in compensation.
The court found the newspaper guilty of slander and defamation on December 24, 2009, and ordered a retraction and apology be published and MNT 1.7 million be paid to the complainants.
The paper appealed, but the Capital City Court reaffirmed the district court decision in March 2010.
Bayan-Olgii citizens have conducted a hunger strike and more than 3000 people signed a petition to demand that Khaval be removed from his position. Niigmiin Toli’s head of administration, B. Yondonduichir, said on August 30 that the ongoing protests and petition by the citizens of Bayan-Olgii proved the paper’s publication of the letter was not groundless.
Mongolia asks Turkey for technical assistance to dam project
Mongolian Environment Minister visited Turkish counterpart Eroglu to receive technical assistance for The Orkhon-Gobi pipeline project
September 17 (World Bulletin) Mongolian Environment Minister Luimed Ganskhuk visited Turkish Environment and Forestry Minister Veysel Eroglu Thursday to receive technical assistance for "the Orkhon-Gobi Multipurpose Irrigation Pipeline project".
Speaking to reporters before the private meeting in Istanbul, Eroglu said under the project construction of a dam over the Orkhon river was planned in order to generate electricity and supply water to the mining facilities in Southern Mongolia, irrigation systems as well as drinking water networks.
Eroglu said Mongolia requested technical assistance from Turkey and Turkish experts prepared a preliminary study for the $600 million project. He said experts would now make a feasibility study for the construction of the dam, the hydro power plant and the pipeline, with the build-operate-transfer model.
In his part, Mongolian Environment Minister Ganskhuk said that they were carrying talks with Turkish officials to see if the project could be funded by the Turkish International Cooperation and Development Agency (TIKA).
He said they were looking to take decision in the Turkish-Mongolian Joint Economic Council for the signing of an agreement between the environment ministries of the two countries for the implementation of the feasibility report.
Mongolia Signs Agreement with Kuwait
September 17 (UB Post) Kuwait Capital Governor Sheikh Ali Al-Jaber Al-Sabah met here on Tuesday with Mongolian Parliament Speaker Demberel Damdin and Mongolian Prime Minister Sukhbaataryn Batbold discussing aspects of the two countries ties.
During his visit, Sheikh Ali held talks on Monday with Deputy Governor of the Mongolian capital city of Ulaanbaatar and discussed joint cooperation. The two sides also signed a twinning agreement between the two governorates.
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MONGOLIAN ELECTED HEAD OF UN'S ECONOMIC AND FINANCE COMMITTEE
September 17, Ulaanbaatar, Mongolia, /MONTSAME/ A former staffer of the Ministry of Foreign Affairs of Mongolia and the Permanent Representative of Mongolia to the United Nations Mrs. O. Enkhtsetseg has been elected as the head of the Economic and Finance Committee of the UN in accordance with a decision of a regular session of the UN General Assembly.
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ENTRÉE GOLD TO ACQUIRE INTEREST IN LUKKACHA PROPERTY, PERU
VANCOUVER, Sept. 16 /PRNewswire-FirstCall/ - Entrée Gold Inc. (TSX:ETG; NYSE AMEX: EGI; Frankfurt:EKA - "Entrée" or the "Company") is pleased to announce that it has entered into a conditional agreement with a private Peruvian company whereby Entrée, through its wholly-owned Peruvian subsidiary, Exploraciones Apolo Resources S.A.C. ("Apolo"), may acquire an initial 70% interest in the Lukkacha property located in Tacna Province of southeastern Peru.
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Entrée Gold's Blue Rose Joint Venture Sells Iron Ore Rights To Bonython Metals In AUD$25m Deal
Entrée Gold (TSX:ETG; NYSE AMEX:EGI; FSE:EKA), through a joint venture between its subsidiary PacMag Metals and Giralia Resources (ASX:GIR), has agreed to sell 100% of its iron ore rights on the Blue Rose exploration property to Bonython Metals Group (BMG), a private Australian resource company.
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EXCHANGE RATES
Ulaanbaatar, Mongolia, /MONTSAME/ Official currency exchange rates as of September 17 set by the Bank of Mongolia:
USD U.S. Dollar 1,338.18
AUD Australian Dollar 1,253.94
EUR Euro 1,741.57
JPY Japanese Yen 15.67
GBP British Pound 2,089.63
HKD Hong Kong Dollar 172.28
RUB Russian Rouble 43.25
CNY Chinese Yuan 198.82
KRW Korean Won 1.15
CAD Canadian Dollar 1,304.52
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Australia
| Close: Shares of Mongolia Related ASX Listed Companies, September 17, 2010 | ||||||||
| 0.850 | 0.000 | 0.850 | 0.860 | 0.840 | 0.850 | 0.840 | 268,134 | |
| 0.013 | -0.001 | 0.013 | 0.014 | 0.014 | 0.014 | 0.013 | 1,333,334 | |
| 0.185 | 0.000 | 0.185 | 0.195 | 0.190 | 0.190 | 0.185 | 407,500 | |
| 0.140 | 0.005 | 0.140 | 0.145 | 0.135 | 0.145 | 0.130 | 2,477,578 | |
| 0.170 | 0.040 | 0.165 | 0.170 | 0.140 | 0.180 | 0.130 | 1,563,061 | |
| 34.020 | 0.450 | 34.020 | 34.100 | 34.420 | 34.700 | 33.660 | 1,406,942 | |
| 75.530 | 1.740 | 75.500 | 75.540 | 74.570 | 75.790 | 74.430 | 3,784,880 | |
| 38.900 | 0.150 | 38.900 | 38.920 | 39.080 | 39.210 | 38.900 | 11,345,708 | |
Shares rally for third week
September 17 (AAP) Close, The sharemarket extended its rally to take gains to three straight weeks, pushed higher today by resource companies including gold miner Newcrest, which rose to an all-time high.
At the close of trade, the benchmark S&P/ASX200 Index was up 33.6 points, or 0.7 per cent, at 4638.9, taking gains for the week to 1.7 per cent. The broader All Ordinaries Index climbed 35.1 points, or 0.8 per cent, to 4685.1.
The gains were broad-based, with energy shares jumping 1.5 per cent, materials up 0.9 per cent and financials gaining 0.6 per cent. Telecommunication was the only sector to post losses, dropping 0.3 per cent.
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need2know:
- Gold rises to new high above $US1280
- The dollar jumps above 94 US cents
- Oil hovers around $US74.50
- Dow futures are 46 points higher at 10,596
Burrell Stockbroking associate Peter Wright said it was encouraging to see broad market gains.
“It’s a nice change from the last few years,’’ he said.
Resource companies did particularly well, with gold miner Newcrest recording an all-time high share price of $41.50 - up $1.32, or 3.3 per cent.
“There aren’t many stocks, at that market capitalisation, that can make that claim at the moment,’’ Mr Wright said.
Underpinning Newcrest’s strong showing was the spot price of gold, which hit a new record of $US1280 in Asian trade.
The two big miners also finished in positive territory, with BHP Billiton adding 15 cents, or 0.4 per cent, to $38.90 and Rio Tinto climbing $1.74, or 2.4 per cent, to $75.53. Fortescue Metals lost 2 cents, or 0.4 per cent, at $4.84.
What's next for Leighton?
In other news, Leighton Holdings’ German parent Hochtief received a takeover offer from Spain’s ACS, prompting a flurry of activity on German and Spanish stock exchanges. Hochtief owns 54 per cent of Leighton and has four seats on the Sydney-headquartered company’s board. Leighton stocks rose 45 cents, or 1.3 per cent, to $34.02.
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Analysts polled by Reuters predict Australian shares will rise 15 per cent through to the middle of next year, with the US economic recovery set to slowly recharge investor confidence
Exquisite timing: Wal King may have the last laugh
September 17 (AAP) Leighton boss Wal King has spent quite a bit of time in the Middle East in recent years, overseeing the company's troubled Dubai operations.
But he has long been a devotee of that old Arabic proverb: The enemy of my enemy is my friend.
Barely a week after announcing his departure from Leighton after a 23-year reign, King's cozy relationship with Spanish construction giant ACS looks set to pay dividends.
ACS owns a 29.9 per cent stake in Hochtief, the ailing German construction giant that is Leighton's major shareholder with a 54 per cent stake and King's nemesis.
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Global
Asian Stocks Gain as Oracle, RIM Boost Tech Stocks, Yen Weaken
Sept. 17 (Bloomberg) -- Asian stocks gained, driving the MSCI Asia Pacific index higher for a third week, as technology shares gained after Research In Motion Ltd. and Oracle Corp. reported better-than-estimated profits, and the yen weakened.
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The MSCI Asia Pacific Index rose 1 percent to 124.46 as of 7:46 p.m. in Tokyo, the highest level since May 3. The gauge has climbed 2.2 percent this week. Japan’s Nikkei 225 Stock Average increased 1.2 percent as the yen maintained its weakness against the dollar after the Japanese government said it intervened in the foreign-exchange market on Sept. 15.
U.S. Futures
Australia’s S&P/ASX 200 Index climbed 0.7 percent while South Korea’s Kospi index rose 0.9 percent. Taiwan’s Taiex Index increased 0.7 percent. China’s Shanghai Composite Index lost 0.2 percent, erasing earlier gains of as much as 0.5 percent.
Hong Kong’s Hang Seng Index rose 1.3 percent, erasing its loss for the year.
Futures on the Standard & Poor’s 500 Index climbed 0.7 percent. The index fell less than 0.1 percent yesterday in New York as a lower-than-estimated profit forecast from FedEx Corp., considered an economic bellwether because it ships everything from industrial goods to consumer electronics and medicines, overshadowed gains in technology shares.
Research In Motion, the Canadian maker of the BlackBerry smartphone, reported second-quarter revenue and profit that beat analysts’ estimates on rising demand for advanced phones that can surf the Web and manage e-mail. Oracle also beat estimates as sales of database software and Sun Microsystems server computers helped it capitalize on a recovery in information- technology spending.
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Japanese exporters extended gains today after Japan’s government said it intervened to weaken the yen after it reached its highest level versus the dollar since 1995 on Sept. 15. A stronger currency hurts the value of overseas income at Japanese companies when repatriated.
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Yen Weakens
Honda gained 1.9 percent to 3,015 yen in Tokyo. Toyota Motor Corp., the world’s largest automaker, rose 0.8 percent to 3,085 yen. Sony Corp., which receives about 73 percent of its revenue abroad, increased 1.4 percent to 2,678 yen.
The yen depreciated to as low as 85.93 from 85.36 at the close of stock trading in Tokyo yesterday. Against the euro, it fell to 112.98 from 110.85.
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BHP increased 0.4 percent to A$38.90 in Sydney. Nippon Steel Corp., Japan’s No. 1 steelmaker, gained 0.7 percent to 297 yen in Tokyo. Newcrest Mining Ltd., Australia’s largest gold producer, rose 3.3 percent to A$41.50 after the price of the precious metal climbed to a record $1,279.55 an ounce today in Singapore.
Metals Climb
The London Metal Exchange Index of six metals including aluminum and copper advanced 0.8 percent yesterday to the highest level since April 26. Copper futures rose to a one-week high in New York yesterday as the dollar’s decline boosted the appeal of metals as an alternative investment.
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“If the yuan appreciates, then Hong Kong company earnings should be adjusted up, based on simple mathematics,” said Danny Yan, Hong Kong-based portfolio manager at Taifook Asset Management, which oversees about $400 million. “Earnings should increase if the yuan appreciates.”
China’s currency had its biggest advance since May 2008 this week, extending gains after Geithner on Sept. 8 said China should “move more quickly” to ease restrictions on its currency.
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Global Mining Sector Deals To Resemble Global Arms Race: PwC
September 17 (Procactive Investors Australia) PricewaterhouseCoopers study published Wednesday says more large pension funds will invest in mining, "one of the few bright spots in the global economy."
In the PwC briefing "M&A in the Global Mining Sector-No Stone Unturned," PwC suggests, ‘As the potential for commodity scarcity escalates, M&A activity in the global mining sector will likely intensify, mimicking a ‘global arms race.'"
"With few large targets in play and diminishing key resource reserves, we expect global miners will continue to scour the globe for projects and broaden their deal strategies," PwC forecast in a special mining industry briefing. "Acquisitions in new geographies, including West Africa, Baffin Island and Mongolia, and a continued shift in senior producer M&A focus away from acquisitions of producing niche assets to acquisitions of a varied array of exploration and development assets, including rare earth elements is likely."
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Consumer Prices in U.S. Probably Rose, Confidence Strengthened
Sept. 17 (Bloomberg) -- The cost of living in the U.S. probably rose in August for a second month, easing concern that the cooling economy will cause a protracted drop in prices, economists said before a report today.
The consumer-price index increased 0.3 percent for a second month, according to the median forecast of 77 economists surveyed by Bloomberg News. Separate figures may show consumer confidence climbed in early September.
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"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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