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.
Northern Platinum Shareholders Approve Proposed Acquisition By Prophecy Resource
Vancouver, British Columbia, September 3, 2010: Prophecy Resource Corp. ("Prophecy") (TSX-V:PCY, OTCQX: PRPCF, Frankfurt: 1P2) and Northern Platinum Ltd ("Northern") (TSX-V: NTH) (together, the "Companies") announce that the shareholders of Northern have approved the acquisition of Northern by Prophecy by way of a Plan of Arrangement. The votes were tabulated during an annual and special shareholder meeting held earlier today. 99.9% of votes supported the transaction.
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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.
Erdenes Tavan Tolgoi will be a model company, Mines Minister says
September 6 (news.mn) Minister of Mineral Resources and Energy D.Zorigt has said that his first priority is to see that Erdenes Tavan Tolgoi works as an internationally competitive company, belying “not unjust” popular fears that a State-owned entity will not deliver the goods. Asked how he will do this, Zorigt told The Mongolian Mining Journal, “There should be transparency in selecting the management team, and professionals with international experience should be chosen. Only then shall we have a company drawing international attention and respect for its model corporate management, efficiency, and profitability.”
The Minister said work has begun on many fronts. He “does not see much merit in deciding everything beforehand” and prefers crossing bridges only when he comes to them. “We shall certainly have a general long-term vision and goal, but once we begin, there must be freedom to improvise, to respond to situations as they emerge. Deciding everything in advance is a sure prescription to failure. Personally, I’m happy to have an open mind,” he said.
He indicated that the Tavan Tolgoi reserves will be updated and the final figure could well be higher than the presently accepted 6.4 billion tons, of which some 3 billion tons were coking coal. More exploration will be done, especially in the eastern areas of Shar Tolgoi and Bor Tolgoi, before arriving at the final figures to be incorporated in the feasibility study.
Japan offers to train Mongolian industrial workers
September 6 (news.mn) Minister of Labor and Social Welfare T. Gandhi and officials in the Ministry yesterday met with Kenzuke Tsuzuki, Vice President of JITKO, Japan’s international training organization, to discuss labor conditions and laws in Mongolia, so that a framework for cooperation can be prepared. The Ministry wishes to set up proper regulations, complying with international norms, for both sending workers abroad and importing labor.
Ms. Gandhi noted that she had been approached for help and special permission to create conditions for Mongolian workers to work for Japanese industry. JITKO is willing to train such workers, and she will arrange for the stay and visas for such trainers from Japan and their family.
Closer Mongolian ties forged
September 3 (Yonhap) Korea will hold its first major business consultation event in Mongolia next week to help Korean investors find local partners for new business opportunities there, a local trade agency said yesterday.
The South Korea-Mongolia Economic Cooperation Partnering event will be held in Ulan Bator on Monday and will involve 15 officials from 13 South Korean firms and some 100 local business representatives, according to the Korea Trade-Investment Promotion Agency.
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The country also has 20 to 30 oil fields with at least 100 million tons of oil reserves that can produce large amounts of oil in about 10 years, Kotra said.
The Korean delegation includes officials from Hyosung Group, the parent company of textile maker Hyosung Corporation, Korea Institute of Maritime and Fisheries Technology and renewable energy developer Eco Energy Holdings.
Kotra said companies were interested in Mongolia’s state infrastructure projects.
FACTBOX-Key political risks to watch in Mongolia
BEIJING, Sept 4 (Reuters) - Landlocked Mongolia sits on vast quantities of untapped mineral wealth and analysts say it could be one of the fastest growing economies of the next decade, as well as a key investment target for global mining giants.
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EXCHANGE RATES
Ulaanbaatar, Mongolia, /MONTSAME/ Official currency exchange rates as of September 6 set by the Bank of Mongolia:
USD U.S. Dollar 1,327.58
EUR Euro 1,703.42
JPY Japanese Yen 15.75
GBP British Pound 2,049.25
HKD Hong Kong Dollar 170.78
CAD Canadian Dollar 1,260.58
AUD Australian Dollar 1,208.23
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Australia
| Close: Shares of Mongolia Related ASX Listed Companies, September 6, 2010 | | ||||||||
| 0.910 | -0.010 | 0.880 | 0.910 | 0.930 | 0.935 | 0.890 | 653,327 |
| |
| 0.012 | -0.001 | 0.012 | 0.013 | 0.013 | 0.013 | 0.012 | 4,767,202 |
| |
| 0.190 | 0.005 | 0.190 | 0.195 | 0.190 | 0.190 | 0.190 | 16,730 |
| |
| 0.080 | -0.001 | 0.076 | 0.080 | 0.081 | 0.081 | 0.080 | 139,303 |
| |
| 0.115 | -0.010 | 0.110 | 0.120 | 0.120 | 0.120 | 0.115 | 100,000 |
| |
| 32.170 | -0.410 | 32.150 | 32.170 | 32.400 | 32.470 | 31.550 | 1,043,699 |
| |
| 75.000 | 1.210 | 74.970 | 75.000 | 74.000 | 75.000 | 73.860 | 2,623,353 |
| |
| 38.550 | 0.220 | 38.520 | 38.560 | 38.480 | 38.580 | 38.250 | 11,347,977 |
| |
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 shake off Macquarie shock to push higher
September 6 (AAP) Close, A broad-based rally pushed the sharemarket higher today, with gains accelerating in the afternoon as banking stocks and miners rose, eclipsing heavy losses by Macquarie Group after it issued a profit warning.
At the close, the benchmark S&P/ASX200 index was up 34.3 points, or 0.8 per cent, at 4575.5, while the broader All Ordinaries index rose 38.1 points, or 0.8 per cent, at 4615.7.
Among the sectors, materials and financials stocks both rose 0.8 per cent, while energy stocks edged up 0.2 per cent.
need2know:
- European stocks rise in early trade
- Asian shares rise on US jobs data
- The dollar rises to 91.7 US cents
- Oil slips to $US74
- Gold hovers around $US1250
- US markets are closed for a public holiday
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The jobs report, seen as a crucial litmus test for the strength of the US recovery after recent weak data, lifted buying momentum in late Tokyo trading as other Asian equity markets posted solid gains. The Nikkei index of the Tokyo Stock Exchange added 187.19 points, or more than 2 per cent, to 9301.32.
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The materials sector was nearly 1 per cent higher, with gains to big miners, including a small rise to BHP Billiton, despite the world’s largest resources company going ex-dividend. BHP Billiton shares ended 22 cents higher at $38.55.
The gold sector had a good day, with Norton Gold Fields jumping 20 per cent to 21 cents after it completed a litigation settlement. Gold explorer Andean Resources gained nearly 10 per cent, to $7.00, after it emerged from a trading halt following a takeover bid from Goldcorp.
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Preliminary national turnover was 2.09 billion shares worth $4.84 billion, with 704 stocks up, 400 down and 345 unchanged.
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Global
(US Markets closed today on Labor Day holiday)
Asian Stocks Rise as U.S. Jobs Report Eases Growth Concerns
Sept. 6 (Bloomberg) -- Asian stocks rose, driving the MSCI Asia Pacific Index higher for the fourth consecutive day, as better-than-estimated jobs data in the U.S. eased concern that global economic growth is faltering.
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The MSCI Asia Pacific Index gained 0.3 percent to 120.37 as of 9:40 a.m. in Tokyo, taking its four-day advance to 3.3 percent. Japan’s Nikkei 225 Stock Average climbed 0.8 percent, while Australia’s S&P/ASX 200 Index gained 0.2 percent.
New Zealand’s NZX 50 Index increased 0.7 percent, led by building-related companies on speculation work tied to the clean-up of an earthquake in Christchurch will boost profits.
Futures on the Standard & Poor’s 500 Index gained 0.1 percent. The gauge rose 1.3 percent on Sept. 3 after a government report showed private payrolls climbed by 67,000 in August, more than the median forecast for an increase of 40,000 in a Bloomberg economist survey.
European shares gain for 2nd session on U.S. data
(Reuters) - European equities extended the previous session's gains on Monday, supported by banks, with encouraging U.S. jobs data on Friday easing concerns about the world's largest economy facing a double-dip recession.
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At 0704 GMT, the FTSEurofirst 300 .FTEU3 index of top European shares was up 0.5 percent at 1,068.47 points after closing 0.8 percent higher on Friday and registering its best weekly performance since early July.
"After a string of disappointing numbers, the data last week provided an element of stability and helped increase risk appetite," said Henk Potts, equity strategist at Barclays Wealth.
"When you couple that with the outlook for corporates, it looks pretty good."
Financial stocks were among the top gainers, with the STOXX Europe 600 banking index .SX7P rising 0.5 percent. Barclays (BARC.L), BNP Paribas (BNPP.PA), Societe Generale (SOGN.PA) and Natixis (CNAT.PA) rising 0.7 to 3.2 percent.
Misc
Chinggis Khaan Hotel, in Ulaanbaatar, Mongolia joins Summit Hotels & Resorts
September 5 (Hotel Biz India) Chinggis Khaan Hotel in Mongolia has joined Summit Hotels & Resorts, a brand of Preferred Hotel Group. The Chinggis Khaan Hotel is located in Ulaanbaatar, the capital of Mongolia. The hotel has 196 guestrooms and suites include two Presidential Suites.
According to a report in www.etravelblackboardasia.com, comprehensive meetings facilities are offered in three function rooms hosting up to 300 people. Fully equipped with the latest audio and video equipment, including wireless simultaneous translation and Internet access, the hotel caters to international standard meetings and conventions. The hotel also offers three restaurants and an indoor swimming pool.
Mark Simmons, Area Managing Director - Asia of Preferred Hotel Group said, “Ulaanbaatar is a unique destination with thriving industries that attract the international corporate travel sector and adventure travellers en route to the famed Gobi Desert. Summit Hotels & Resorts is thrilled to include the city’s finest business hotel in our collection.
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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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