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: Dear subscribers, due to my mail server spam blocking my newswires, I'm sending them from an internet account. In replying back, please direct them to mogi@cpsinternational.mn. Thank you.
*Notice: All HK Orders are day only. Unfilled orders must be reinstated the next day*
Aspire Mining Inks Maiden 330.7Mt JORC Coking Coal Resource At Ovoot, Mongolia
October 14 (Proactive Investors Australia) Just eight months after acquiring the Ovoot Coking Coal and the Nuramt Coal projects in Mongolia, Aspire Mining (ASX: AKM) has defined an initial maiden 330.7 million tonnes JORC coking coal resource at Ovoot.
Over 80% of the resource is in the measured and indicated categories, and 75% of the coal resource is above 250 metres vertical depth, a large scale open pit mining becomes a distinct possibility.
The Ovoot Coking Coal project encompasses an area of approximately 509 square kilometres, with only 10% of the project area being drilled to date, allowing for a potentially significant increase in the JORC resource.
Initial coal quality parameters indicate a high quality coal, low in moisture. However, follow up testwork will be undertaken to establish washing yield, product specifications and coking properties.
The maiden resource includes these substantial near surface intersections:
DH 224 interested a total of 58.2 metres of coal including:
- 6.7 metres of coal from 77.3 metres;
- 6.0 metres of coal from 117 metres;
- 12.5 metres of coal from 161.5 metres; and
- 33 metres of coal from 182.5 metres.
DH 243 intersected a total of 42.3 metres of coal from 74.8 metres depth.
These new coal intersections are located at the eastern extremity of the resource area, which Aspire said indicates a continuation of substantial widths of shallow coal, therefore highlighting the significant potential for shallow large tonnage targets exploration targets to the east.
Aspire will be looking to develop an infrastructure strategy for a rail connection from Ovoot.
Mogi: AKM reached an intraday high of 18c, up by 4c, before closing at 16c, or 14.3% higher than previous close, making its market cap A$68.1M. Total trading value was A$1.45M. Link to chart
Trade and Development Bank of Mongolia Said to Plan $150 Million, 3-Year Bond Sale
Oct. 14 (Bloomberg) -- Trade & Development Bank of Mongolia LLC plans to sell $150 million of three-year notes, according to a person familiar with the matter who asked not to be identified as details are private.
The lender hired ING Groep NV to help it organize meetings with credit investors in Asia and London, another person familiar with the matter said on Oct. 12.
MMC up 5.6% higher, intra-day high of HK$7.86 on 2nd day
October 14 (Mogi) – Total trade amount was a little higher than third of yesterday, but MMC caps a fine 2nd day.
HK:0975 Snap quote, October 14 (all in HKD. USD=7.7598HKD, Source: Bloomberg):
· Listing price: $7.02
· Open: $7.80
· High: $7.86
· Low: $7.58
· Volume: 66.186 million shares
· Total turnover: $514.7 million (around US$66.33 million)
· Market cap (on close): $27.9 billion (around US$3.6 billion)
Link to real-time quotes and charts of MMC (sites licensed by HKEx): ETNET, AAStocks
MERITUS ANNOUNCES NON BROKERED PRIVATE PLACEMENT
Oct 12, 2010 (TheNewswire.ca via COMTEX News Network) Vancouver, B.C.: Meritus Minerals Ltd. (TSX-V - MER) (the "Company") announces it will be conducting a non-brokered private placement of up to 2.6 million units ("Units") at a price of $0.25 per Unit to raise proceeds of up to $650,000. Each Unit will consist of one common share and one a share purchase warrant with each warrant entitling the holder to acquire one additional common share at a price of $0.35 per share for a period of one year from closing (the "Unit Warrants"). The Unit Warrants are subject to the right of the Company to accelerate the exercise period for the Unit Warrants if the common shares of the Company trade above $0.50 for a period of 10 consecutive days.
Finders' fees in accordance with TSX.V policies may be payable in respect to the placement.
…
MERITUS CONTINUES DRILLING IN MONGOLIA
Oct 13, 2010 (TheNewswire.ca via COMTEX) -- (via Thenewswire.ca)
Vancouver, B.C. Meritus Minerals Ltd. (the "Company") (TSX-V - MER) announces that its previously announced drill program at its property at Gutain Davaa, Mongolia continues on schedule. The Company announced assay results on September 20, 2010.
The Company confirms that it has no material changes to report at this time.
Mogi: MER is up 275% in 1 month to 13th. Closed at CA$0.45 yesterday. Link to chart
Rio Says Oyu Tolgoi Spending More Than $5 Billion
Oct. 14 (Bloomberg) -- Rio Tinto Group, the world's third largest mining company, said capital spending on the Oyu Tolgoi copper project in Mongolia is likely to be greater than $5 billion.
The project has a potential life of more than 50 years, Peter Nicholls, general manager commercial of Rio Tinto's copper unit, said in slides at the Mongolia investment conference in Hong Kong today.
First output is scheduled for 2013, Nicholls said, with full underground production expected in 2018.
Rio Tinto and Ivanhoe Mines Ltd. are developing Oyu Tolgoi, which London-based Rio has called the world's largest copper resource.
Mogi: IVN hitting another historical high in early trading today of $26.14 in NY today. IVN's previous high was yesterday. Link to chart
S3 Investment Company Announces Expansion of Redwood Subsidiary Services to Include Risk Investigation and Evaluation Division
DANVILLE, Calif., Oct 13, 2010 (GlobeNewswire via COMTEX) -- S3Investment Company, Inc.(OTC:SIVC)today announced that the company's Redwood Group International subsidiary has formed a risk investigation and evaluation division as part of Redwood's overall company subsidiary expansion, which is designed to increase its revenue streams and provide additional synergistic services to clients in the greater China region, including Mongolia. The Redwood subsidiary expansion has included the opening of new offices in Ulaanbataar, Mongolia and Hong Kong as well as the establishment of the Redwood Asia Fund LP, a private equity fund which was formed to facilitate faster capital response to the financing needs of Redwood Capital clients and greater participation in clients' future growth.
…
Teck Looks To Broaden Operations In Africa, Asia
SYDNEY, Oct 14, 2010 (Dow Jones Commodities News via Comtex) –
…
LONDON (Dow Jones)--Canadian diversified miner Teck Resources Ltd. (TCK) is looking at broadening its geographical reach across Africa and new Asian frontiers, such as Mongolia, the company's senior vice president of corporate development has told Dow Jones Newswires.
…
Previously sent related article: Something Up in Mongolia – resourcesinvestor.com
Mongolia: Eco-Warriors Call Attention to Economic Development Dilemma
October 13 (Eurasianet.org) In early September at a small outpost 110 kilometers north of the Mongolian capital Ulaanbaatar, four environmental activists armed with hunting rifles opened fire on gold mining equipment owned by two foreign companies. The incident has come to symbolize the challenges faced by the Mongolian government as it strives to balance environmental protection and economic growth in the development of the country's immense mineral wealth.
To a certain extent, the early September shooting incident is a reflection of the wrenching economic changes already underway. The shooters, members of the United Movement of Mongolian Rivers and Lakes, caused only minimal property damage, just a few dents in a bulldozer tread and a busted radiator. But they sent a powerful message: Puraam, a Chinese firm, and Centerra Gold, a Canadian-operated company, aren't welcome in the area, one of Mongolia's few forested regions.
The activists were also protesting the government's failure to properly implement environmental regulations, including a one-year-old law prohibiting exploration or mining at the headwaters of rivers. Mining experts and activists agree the government is at fault for enacting laws it has neither the ability, nor perhaps the will, to enforce.
Centerra Gold and Puraam are operating on 168 hectares of land in the headwaters of the Selenge, Mongolia's largest river, which feeds Lake Baikal, the world's largest freshwater lake.
In the rush to develop the site, the local environment has suffered, activists contend. "We targeted these companies because they are mining illegally in a historically important place and right next to the headwaters of two crucial rivers in a healthy forest region in defiance of existing laws. They need to be shut down," alleged Tsetsegee Munkhbayar, a former herder turned conservationist and recipient of a 2007 Goldman Environmental Prize.
A 1991 discovery led to the present day gold rush in the area around the former logging hamlet of Tunkhel. The Gatsuurt deposit, currently managed by Centerra, contains an estimated 1.3 million ounces of gold, according to the company's website.
Activists became alarmed after traces of arsenic were found at the site. "When you're talking about risks like arsenic, responsible and transparent mining does not work," said Dambiinyam Dashdorj, a retired Tunkhel resident who is now campaigning for the closure of the Gatsuurt mines. Outside the fenced-off mining sites, a herder says he can no longer access a well now within company's work zone and must instead rely on the polluted rivers for drinking water.
…
Some officials hint that the reason for government inaction could be that environmental protection legislation is too expensive to implement. "The principle of the law is right. The government adopted the law with a view to protect the environment, but the implementation side has many issues," admits Tamir Tegshsaikhan, an official at the Mineral Resources Authority of Mongolia, the state's implementation agency for the law.
Licenses of mining companies operating less than 200 meters from a water source may be revoked or modified, provided the government compensates license holders for exploration expenses already incurred, or lost revenue from mining operations already initiated. Technically, mining companies can continue operating until they've been compensated, Tegshsaikhan told EurasiaNet.org. Currently, the total compensation that would have to be paid out in order for the law to be fully implemented stands at a staggering $4 billion.
"When you make a law, you have to put a lot of thought into it, and in this case, it looks like the homework was not done very well," said Rena Guenduez, senior mining advisor at the USAID-sponsored Economic Policy Reform and Competitiveness Project.
…
Foreign company representatives also express frustration about the legislative framework. Centerra Gold's vice president for Mongolia, Doug Krahn, told EurasiaNet.org that his firm had done nothing illegal and fully supported environmental protection provisions. But he added there was not enough consultation done with the industry to create a law that could be effectively implemented. He also blamed pollution at the Gatsuurt site on previous operations there, undertaken prior to the start of Centerra's activity. "That entire valley is covered in tailings from work that previous companies have done before us," he said. He stressed that all water currently discharged from area mines is treated to meet required groundwater standards.
Although many Mongolians are dazzled by economic growth projections, some, like Munkhbayar of the United Movement of Mongolian Rivers and Lakes, are already convinced that the social and environmental costs are too high.
While he had neither heard of the term "eco-terrorism," nor thinks it applies to him, Munkhbayar readily acknowledged to EurasiaNet.org that he broke the law and he could end up with a five-year prison term. It is a sentence, he said, that he is more than willing to endure, if it will help preserve Mongolia's environment.
"Exploiting everything is not development," Munkhbayar said.
Centerra Gold (TSE:CG) up 85% year to date. Link to chart
Mongolia Bridges the Divide
October 13 (by Mark Sedon, bigthink.com) The Mongolian People's Revolutionary Party, the successor to the Mongolian Communist Party, has been in power for fourteen years out of sixteen years of post Communist Governments (Mogi: As far as I know, it was never called Mongolian Communist Party. It has always been MPRP, since changing from its original name of The Mongolian People's Party. On top of this, MPRP is the SAME party that ruled Mongolia in the Socialist Era. Not stopping here, post-communist Mongolia is 20 years old, not 16, and MPRP has been ruling Mongolia in 14 out of those 20 years. Again, as far as I know). The party asked me to contribute to the discussion it is having today - and in particular what lessons it could learn from Western social democratic parties:
All around the World, parties of the Left are looking for new answers, new policies and new identities. Old certainties were swept away with the fall of the Berlin Wall, and the ending of Soviet style socialism, and equally old certainties were swept away amongst many of the social democratic parties of Western Europe and Australasia, which had traditionally sought a parliamentary road to democratic socialism.
…
But the crisis in the Western banking system and the failure to regulate the markets and the financial sector, has in turn turned many European social democratic parties – including the British Labour Party – away from so called 'Third Way' solutions. Classic Keynesian economic interventionism saved many of the Western economies from deep depression, and the nationalisation of the banks prevented those same banks from collapsing. The social democratic parties had finally come to realise that they had been mistaken about 'soft touch regulation' and that their acceptance that the market should be the controlling economic factor, had also been a mistake.
…
But it is the global economic recession that has finally begun a process whereby left parties feel the need to re-evaluate their philosophies, in order to re-connect with the people. That this process is now also underway in Mongolia should be welcomed by all who wish the country well, and who hope that the needs of ordinary people must always come first. As part of that process, and in advance of the election in 2012 the Mongolian People's Revolutionary Party will no doubt be seeking advice and experience from other members of the Socialist International, but should never forget that solutions flow first from the grass roots, and in particular the Mongolian grass roots.
IHG expands further in Asia
October 14 (FT) Intercontinental Hotels Group will double the number of its hotels in the Asia Pacific region by 2014, possibly sooner, chief executive Andrew Cosslett is expected to say at a hotel investment conference on Thursday.
The UK-based group, the world's biggest by number of rooms, on Wednesday signed deals to add four new hotels to what it calls its "Greater China" portfolio, which includes China, Taiwan and Mongolia.
…
Australia
| Close: Mongolia Related ASX Listed Companies, October 14, 2010 | ||||||||
| HUN | 0.960 | 0.070 | 0.950 | 0.965 | 0.960 | 1.020 | 0.925 | 1,727,838 |
| VOR | 0.038 | 0.001 | 0.038 | 0.039 | 0.039 | 0.041 | 0.037 | 5,281,793 |
| LRL | 0.240 | -0.005 | 0.240 | 0.245 | 0.245 | 0.245 | 0.235 | 2,102,837 |
| AKM * | 0.160 | 0.020 | 0.150 | 0.160 | 0.145 | 0.180 | 0.135 | 9,249,469 |
| GMM | 0.170 | 0.005 | 0.165 | 0.170 | 0.175 | 0.175 | 0.170 | 110,000 |
| LEI | 36.780 | 0.750 | 36.710 | 36.780 | 36.500 | 36.790 | 36.100 | 1,068,812 |
| RIO * | 82.080 | 3.460 | 82.070 | 82.080 | 80.460 | 82.160 | 80.440 | 4,099,892 |
| BHP | 41.660 | 0.840 | 41.660 | 41.670 | 41.420 | 41.790 | 41.360 | 10,716,959 |
An * next to the security code indicates there has been an announcement today relating to that security. Click on the * to view the announcement.
Source: asx.com.au
Shares rally as money floods in
October 14 (AAP) Close The Australian sharemarket rallied today, led by resource companies as investors sought higher yielding assets such as equities and the Australian dollar.
At the close, the benchmark S&P/ASX200 index was 79.2 points higher, or 1.7 per cent, at 4699.1, while the broader All Ordinaries index jumped 74.8 points, or 1.6 per cent, to 4765.9.
All sectors except for health care posted gains, with materials rising 2.6 per cent, gold up 2.9 per cent and financials gaining 1.7 per cent. Health care stocks fell 0.5 per cent.
The Australian dollar hit a new post-float high of 99.81 US cents this afternoon on the back of strong inflation expectations data and rising sharemarkets. Metals marked strong rises and gold hit another record as investors shunned the greenback.
need2know:
- Asian shares jump as optimism grows
- The dollar closes locally at 99.60 US cents
- Gold hits new all-time high at $US1377
- Oil climbs close to $US84
- Dow futures are up 37 points at 11,079
A global flood of money and subsequent short squeeze combined to push the market higher, said CityIndex head of dealing Michael McCarthy.
"Metals prices extended their booming gains over night, pushing resource shares up strongly," he said.
"Global giant Rio Tinto has led the sector, playing catch up with the London listed shares which leapt more than 4 per cent overnight."
Rio Tinto a standout
The major miners closed stronger, with Rio Tinto a standout.
The mining giant said this afternoon it had produced record amounts of iron ore, alumina and coking coal in the September quarter. Rio finished up $3.46, or 4.40 per cent, to $82.08.
Rival BHP Billiton closed up 84 cents at $41.66, while Fortescue Metals Group ended up 8 cents at $6.38.
Gold miner Newcrest Mining was up $1.34, or 3.25 per cent, at $42.52, boosted by another surge in the gold price.
…
Preliminary market turnover was 2.86 billion securities worth $5.99 billion, with 730 stocks up, 434 down and 355 unchanged.
Australian dollar within a whisker of greenback parity
October 15 (AAP) THE Australian dollar has leapt to within a whisker of parity with the US dollar, as financial markets bet the world's biggest economy will soon resume printing money.
Last night the currency struck a fresh 28-year high of US99.94c, sparking predictions the dollar would overtake the world's reserve currency within days.
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Ivanhoe Australia seeks Canada listing
October 14 (AAP) Ivanhoe Australia Ltd (ASX:IVA) says it has applied for a compliance listing on Canada's Toronto Stock Exchange (TSX) to gain exposure to a wider investment audience.
The company is a 62 per cent held subsidiary of Vancouver-based Ivanhoe Mines Ltd, which trades on the Toronto, New York and NASDAQ stock exchanges and is virtually a household name in North America.
Ivanhoe Australia said in a statement on Thursday that it could be listed on the TSX by next month.
Ivanhoe Australia chief executive Peter Reeve said no prospectus needed to be submitted or equity offered under compliance listings.
Its shares would be fungible - that it, tradeable between the two markets.
Mr Reeve said the TSX listing would allow Ivanhoe Australia to leverage Ivanhoe Mines' strong presence in the Canadian equity market and its long-established relationships with institutional and retail shareholders.
"Ivanhoe Mines is trading at an all-time high at the moment and there's Oyu Tolgoi (Ivanhoe Mines' huge copper and gold joint venture with Rio Tinto Ltd in Mongolia)," he told AAP.
Mr Reeve said the Ivanhoe Mines brand had been well promoted by its chairman, billionaire Robert Friedland, which meant North American investors should be interested in its Australian subsidiary.
…
Mr Reeve said the Australian market valued production, whereas North American investors also valued in-ground resources.
"You get much better valuations in North America than in Australia."
About 55 per cent of the world's mining stocks are listed on the TSX.
The company will maintain its listing on the Australian stock exchange while keeping its headquarters in Melbourne.
IVA shares closed 5c higher today at A$3.05. Link to chart
Global
Asian Stocks Rise as Economic, Earnings Data Bolster Optimism
Oct. 14 (Bloomberg) -- Asian stocks rose, sending the regional equity benchmark index to its highest level since July 2008, as strengthening economic and corporate earnings data boosted confidence in a global recovery.
BHP Billiton Ltd., the world's largest mining company and Australia's biggest oil producer, advanced 2.1 percent in Sydney as oil and metal prices gained, while rival Rio Tinto Group surged 4.4 percent. Toyota Motor Corp., a carmaker that gets more than 70 percent of its sales overseas, increased 3 percent. Yahoo Japan Corp., operator of Japan's most-visited Internet portal, jumped 6.4 percent amid speculation AOL Inc. is among companies exploring a deal for part-owner Yahoo! Inc.
The MSCI Asia Pacific Index advanced 1.9 percent, the most since June 21, to 132.10 as of 7:31 p.m. in Tokyo, with all 10 industry groups rising, led by materials companies. More than seven stocks climbed for every two that fell on the nearly 1,000-member gauge as investors viewed U.S. profit reports and a record climb in China's foreign-currency reserves as adding to signs that global demand will pick up.
"The positive tone of recent economic and earnings releases is generating a growing momentum of confidence," said Tim Schroeders, who helps manage about $1 billion at Pengana Capital Ltd. in Melbourne. "Asian markets are attractive because investors are increasingly looking to faster-growing economies that are less reliant on policy stimulus to achieve adequate rates of return."
The MSCI Asia Pacific Index has climbed 4.6 percent this month on speculation central banks in developed countries will increase efforts to boost economic growth after Japan last week cut its benchmark interest rate and Australia unexpectedly kept its key rate unchanged.
Riskier Assets
The S&P/ASX 200 Index increased 1.7 percent, with Australia's currency nearing parity with the U.S. dollar as investor appetite for riskier assets rose. Japan's Nikkei 225 Stock Average advanced 1.9 percent today. Hong Kong's Hang Seng Index climbed 1.7 percent.
Futures on the Standard & Poor's 500 Index rose 0.5 point, or less than 0.1 percent. The contract has risen for eight days in a row, the longest winning streak since March.
The S&P 500 rose 0.7 percent yesterday in New York to the highest close since May 3. CSX Corp., the second-largest publicly traded U.S. railroad, reported profit that exceeded analysts' estimates, and China said its foreign-exchange reserves increased by a record to $2.65 trillion at the end of September.
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"China, which is a major source of demand, is unexpectedly good," said Mitsushige Akino, who oversees about $450 million in assets in Tokyo at Ichiyoshi Investment Management Co. "Global economic sentiment is moderately recovering and excessive pessimism is receding."
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Misc
Visiting professor on a quest to 'green' Mongolia
October 13 (ASU News) Although Mongolia has a long and distinguished history, as an emerging democracy it is experiencing some growing pains that are impacting the country's social-ecological systems as it moves from its pastoral and nomadic past into the 21st century.
Visiting Professor Chuluun Togtokh feels that better public policies are needed to make the transition to a democratic country a "greener" one.
Chuluun is housed in Arizona State University's Center for the Study of Institutional Diversity, where he will obtain a better understanding of how sustainability and land-use policies can help preserve and protect the country's pastoral and urban social-ecological systems.
…
"Ulaanbaatar is the capital city and is home to half of the country's total population. There are huge air pollution and urban planning problems, and energy issues are very important as well," said Chuluun, director of the Department of Environmental Policy and Science, the Mongolian Development Institute in the Office of the President of Mongolia. "The city is the second coldest capital city in the world (Mogi: I thought it WAS the coldest. Maybe I'm wrong), and heating demands in the city's urban core continue to climb rapidly. We need to address this issue in a sustainable way."
While at the center, Chuluun plans to continue his research on how to integrate climate change adaptation into sustainable development projects in Mongolia.
Designating Mongolia's Gobi Desert region as both a world natural and cultural heritage site is another idea of Chuluun's. The Gobi Desert covers much of the southern part of Mongolia and is the fifth largest desert in the world.
He wants to conserve the nomadic cultural resilience in the region, which he said is disappearing. "We have a great opportunity to conserve nature and culture in the Gobi; it has a globally significant agricultural heritage. I want to continue to bring new green technologies, such as renewable energy and wireless communication technology, to the region, and develop the area in a sustainable way."
Chuluun will also continue to work on his proposal to add a "green" index to the United Nations Human Development Index, which measures a country's well-being based on its gross domestic product per capita, health (life expectancy) and education.
…
<Mogi & Friends Fund A/C>
Up 25%
Mogi & Friends Fund is a tiny fund of US$6,000 I created with a few friends to put my own (and a few friends') money where my mouth (just mine) is.
Mogi: Yes, that's right. Up 25%. Did I sell? Nope. Why? Hmmm, we'll have to see if I made the right decision. Had I sold my (sorry guys, I meant OUR) shares at today's closing price, I stood to make almost $1500 profit after brokerage. With the aussie dollar getting closer to parity with its American counterpart, in greenback terms it's still almost 1500 bucks. Divide that by 6 people, minus the bla bla, I might just be 240 bucks richer in real, cash-in-my-hands terms.
Volume was nice too. Well, nice in a if-I-had-to-sell-my-measly-few-shares terms. I think volume picking up is a sign of nice things to come! We'll see.
Signing out,
Mogi
"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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