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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*Notice: All HK Orders are day only. Unfilled orders must be reinstated the next day*
| Close: Mongolia Related ASX Listed Companies, October 29, 2010 |
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| Code | Last | $ +/- | Bid | Offer | Open | High | Low | Volume |
| HUN | 1.000 | 0.030 | 0.960 | 1.025 | 0.985 | 1.000 | 0.950 | 422,560 |
| VOR | 0.040 | -0.002 | 0.040 | 0.042 | 0.042 | 0.044 | 0.040 | 7,973,696 |
| ALG | 0.410 | 0.035 | 0.400 | 0.500 | 0.380 | 0.410 | 0.380 | 35,037 |
| 0.315 | 0.050 | 0.315 | 0.320 | 0.270 | 0.315 | 0.270 | 9,361,744 | |
| GMM | 0.160 | 0.015 | 0.155 | 0.160 | 0.155 | 0.160 | 0.155 | 40,000 |
| LRL | 0.280 | 0.015 | 0.275 | 0.280 | 0.265 | 0.280 | 0.265 | 1,221,178 |
| LEI | 36.700 | 0.110 | 36.700 | 36.860 | 36.800 | 37.250 | 36.600 | 1,589,483 |
| RIO * | 82.690 | -1.100 | 82.540 | 82.690 | 83.790 | 83.790 | 82.000 | 7,425,424 |
| BHP | 41.920 | -0.070 | 41.910 | 41.950 | 42.260 | 42.450 | 41.850 | 27,044,516 |
ASX releases, October 29, 2010
- Aspire Mining Ltd (ASX:AKM) - Quarterly Cashflow Report, Quarterly Activities Report
Coal train leaves on trial run to Russian port
October 31 (news.mn) The first trainload of coal from the Mongolian Gobi left on Thursday on a trial run all the way from Choir to the Vostochny port in Russia. The coal will first go to Naushki, 638 km from Choir, where Russian Railway will take over from Ulaanbaatar Railway for the final 4,041 km of the total 4,679-km journey. The Infrastructure Development LLC is responsible for the epoch-making run.
Among those who watched the train leave Choir were D. Jigjidnyamaa, Acting Head of Ulaanbaatar Railway; V.I. Yakunin, President of Russian Railway; V.V. Morozov and L. Khangai, respectively Executive Director and Managing Council Chief of the Russia-Mongolia joint venture, Infrastructure Development; Russian Ambassador V.V. Samoilenko; South Korean Ambassador John Il, and Japanese Ambassador Takyo Kidokoro. The last two represent countries that are likely to be the end buyers of Mongolian coal.
The train carries 2,000 tons of coal from Tavantolgoi. After a year of talks Russian Railway has agreed on a 52% discount on freight tariff, making it three times cheaper than the rates charged by China. Ulaanbaatar Railway, however, has not lowered its rates that were raised on September 25.
The trial run is to check if international transportation regulations can be met, and to try out the loading and unloading process, and to see how much time all the paperwork takes. Altogether one million tons of coal will be transported this way every year.
Yakunin noted that the locomotive being used for the trial is of the most advanced type. Upgrading of Ulaanbaatar Railway will be needed to allow easy rides for 30 such locomotives planned to be used for coal transportation. The upgrading work will be done by Russian Railway once it gets loans for this from Russian banks. Once Russian Railway has laid new tracks over a 108-km stretch, the train could travel 120 km an hour between Mandal and Davaa.
Yakunin yesterday called on Prime Minister S. Batbold, who referred to the significance of the trial run, and stressed the need to overhaul the entire technology used by Ulaanbaatar Railway so that its operations can reach international standards. Yakunin informed the Premier of plans in this respect. He also hinted that the next head of Ulaanbaatar Railway could be a Mongolian and mentioned three names from which one could be chosen. They are L. Khangai, a former Ambassador to Russia; L. Khaltar, Deputy Director for Social Issues with the railway, and T.Ochiukhuu, Deputy Minister of Finance.
The Russian team also attended a meeting of the railway's General Committee.
Winsway's Over-Allotment Option Partially Exercised
October 31 (Winsway) The Company announces that the Over-allotment Option has been partially exercised by Goldman Sachs (Asia) L.L.C. (the "Stabilising Manager") on behalf of the International Underwriters on 30 October 2010 to require the Selling Shareholders to sell an aggregate of 84,026,000 additional Shares (collectively, the "Over-allotment Shares"), representing in aggregate approximately 8.49% of the Offer Shares initially available under the Global Offering. The Over-allotment Shares will be sold by the Selling Shareholders at HK$3.70 per Share (excluding brokerage of 1%, SFC transaction levy of 0.003% and Hong Kong Stock Exchange trading fee of 0.005%), being the Offer Price per Share under the Global Offering.
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The shareholding structure of the Company immediately before and immediately after the sale of the Over-allotment Shares by the Selling Shareholders is as follows:
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The Company will not receive any proceeds from the sale of the Over-allotment Shares.
IFC to Help Mongolia Identify Public-Private Partnerships to Develop Infrastructure
October 29 (The FINANCIAL) -- IFC, a member of the World Bank Group, on October 28 signed a memorandum of understanding with the government of Mongolia in support of its program to expand the country's infrastructure through the implementation of three pilot public-private partnership projects.
"IFC, in cooperation with the World Bank , will help Mongolia's State Property Committee screen, prioritize, and identify out of a pool of 121 projects three that are most viable for implementation by the private sector as public-private partnerships. Subsequently, IFC will support the government in selecting the private partners by helping to prepare, structure, market, and implement competitive tenders for each of the three pilot projects. IFC will also train government officials in these tasks throughout the process," IFC reported.
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Mongolia to join International Uranium Enrichment Center in Russia
MOSCOW, Oct 29, 2010 (Xinhua via COMTEX) -- Mongolia would one of the founders of the International Uranium Enrichment Center, Sergei Kiriyenko, head of Russia's state-run nuclear corporation Rosatom, said Friday.
"The Mongolian government has shown big interest in this regard, so the inter-governmental agreement will be signed on Nov. 1," said Kiriyenko, who is visiting Mongolia.
Currently, the project has three partners, Russia, Kazakhstan and Ukraine. Ulan Bator has been seeking access since May 2008.
Upon closing the deal, Mongolia will get guaranteed access to the uranium-enrichment facilities in Angarsk, a city in Russia's Irkutsk Oblast region.
EBRD Signs Financing Agreement with Monos
October 29 (The FINANCIAL) -- A senior delegation from the European Bank for Reconstruction and Development (EBRD), led by Olivier Descamps, the Managing Director for Turkey, Eastern Europe, the Caucasus and Central Asia, visited Mongolia during 25-29 October.
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The EBRD delegation also met with senior managers and owners of the companies representing the Bank's existing as well as prospective clients.
During the visit, Olivier Descamps signed a debt and equity transaction with the Bank's new client, Monos Holding, -- largest pharmaceutical company in Mongolia -- in support of the expansion of its wholesale and manufacturing activities, including the construction of a green-field GMP-standard pharmaceutical production facility," EBRD says.
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Since the beginning of its operations in Mongolia in October 2006, the EBRD in Mongolia has invested approximately US$ 360 million in 29 projects, with currently 100 per cent of the projects representing investments into the private sector.
SouthGobi Repurchases 252,250 Shares YTD
October 29 (Mogi) SouthGobi Resources Ltd (TSX:SGQ, HKG:1878) released a statement saying it bought back and cancelled 36,500 shares in Canada on September 29 and October 7 and had it cancelled on October 28, 2010, representing 0.0198% of existing issued share capital.
Year to date, SouthGobi has repurchased 252,250 shares in HKEx and TSX, representing 0.1371% at the time SouthGobi had announced its shares repurchase program in June 8, 2010.
Gulfside Minerals Sells Stake in Erdenetsogt Property
Mogi: GMG shares were hit hard over the duration of this litigation. GMG was C$0.70 same period last year. Dropped as low as C$0.08 last month, picked up to C$0.20 about two weeks ago, perhaps over the imminence of this announcement. GMG shares closed at C$0.165 on Friday in Toronto, up almost 18%
Oct. 28, 2010 (Market News Publishing) --
GULFSIDE MINERALS LTD. ("GMG-V") - Erdenetsogt Property Sale
Robert L. Card, President of Gulfside Minerals Ltd. (Gulfside or the Company), is pleased to report that the Company has signed a Share Purchase Agreement (SPA) with Mangreat Ltd. (Mangreat), the majority owner of ECM LLC (ECM), a Mongolian corporation which holds the exploration license to the Erdenetsogt project, providing for the sale of the Company's 5% interest in ECM.
The Company will receive up to $US3, 000,000 under certain conditions. Mangreat has paid $US500, 000 into escrow with a balance of $US1, 500,000 due within one year. The Company will transfer its 5% interest in ECM and terminate its current litigation in Mongolia upon receipt of the first $US2, 000,000. If the property is sold or joint ventured to a third party for a value greater than $US40, 000,000 the Company will receive an additional $US1, 000,000. Under the SPA the parties have also agreed to abandon all litigation over the property and the license. The transaction is subject to receipt of all documentation and agreements being executed and delivered to the Escrow Agent.
History of the Project: Gulfside entered into a Memorandum of Understanding (MOU) in June of 2007 and agreed to expend monies on the Erdenetsogt project to develop the coal resource. The Company eventually produced a National Instrument (NI) 43-101 technical report. The parties negotiated a sale price of the property to Gulfside but differences arose which delayed the agreement in November 2007.
In March 2008 the parties signed an agreement to purchase the property but before the agreement was approved by the TSX Venture Exchange, differences again arose and the agreement was not ratified.
Later in 2008 the company took legal action under the terms of the original MOU of June 2007 to protect its rights under the MOU.
In early 2009, the Company prevailed in the Supreme Court of Mongolia and was awarded a 5% interest in ECM. Later in 2009, the Company commenced an action in Mongolian courts to assert its rights of first refusal to additional shares of ECM. This action is currently pending in the courts and will be abandoned under the new SPA. The Company had also commenced an arbitration action in the Courts of England which action will also be terminated under this SPA Once the sale agreement is concluded.
The Company plans to concentrate its interest on the Onjuul project and seek funding to continue with the Onjuul development program.
MEC and Directors Censured by HKEx
October 28 (Mogi) Mongolia Energy Corporation (HKG:0276) was censured for breaching HKEx rules in 2007. HKEx Listing Committee reached a decision stating MEC and directors released misleading announcements and failed to clarify it properly. The decision is as follows:
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The Listing Committee of The Stock Exchange of Hong Kong Limited (the "Listing Committee") censures the following parties for breaching the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Exchange Listing Rules"):
1. Mongolia Energy Corporation Limited (the "Company") (Stock Code: 276);
2. Mr Lo Lin Shing Simon, executive director of the Company ("Mr Lo"); and
3. Ms Yvette Ong, executive director of the Company ("Ms Ong").
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The Listing Division alleged that the Company breached:
1. Rule 2.13(2) in making the Statements in the Announcements which were not accurate in all material respects and were misleading to the Company's shareholders and the investing public; and
2. Rule 13.09(1)(b) in failing to clarify the identity of Counterparty 3 in the morning of 11 September 2007 when there was indication in the market that investors were confused about the identity of Counterparty 3.
Decision
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The Listing Committee on review decided to impose a public censure on the Company and each of the Relevant Directors for their respective breaches mentioned in 1 and 2 above.
Further, the Listing Committee on review made the following directions:
1. each of the Relevant Directors to undergo training on compliance and corporate governance matters for 24 hours to be given by a recognised professional organization satisfactory to the Listing Division to be completed within six months from the publication of this news release. The Company is to provide the Listing Division with the training provider's written certification of full compliance with this training requirement by the Relevant Directors within two weeks after their full compliance with the training requirement;\
2. the Company to publish an announcement to confirm that the direction in paragraph 1 above has been fully complied with within one week after the fulfilment of the direction; and
3. the Company to submit drafts of the announcement referred to in paragraph 2 above for the Listing Division's comment and only to publish the announcement after the Listing Division has confirmed it has no further comment on it.
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Lotus Resources to sell Mongolian mining subsidiary
October 29 (StockMarketWire.com) - Lotus Resources (PLUS:LOTP) has reached an agreement for the sale of its Mongolian mining subsidiary, Lotus Minerals Mongolia, to a company controlled by James Rodriguez de Castro.
The consideration is expected to be around £200,000 in cash, after certain deductions for the settlement of outstanding creditors and payments relating to unpaid licence fees.
LMM has had no revenues during the last year.
Lotus said the disposal forms a major part of the fundamental strategic review announced by the company on 14 September and leaves Lotus with net cash of approximately £200,000 and debt-free.
Lotus said the board intended to make further announcements relating to the future strategy of the company in the near future.
The September 14 Announcement - Lotus scraps AIM plans and looks at Mongolia business
TV, radio to be brought under regulatory guidelines and go digital in 2014
October 28 (news.mn) The Government has entrusted the Committee on Telecommunications to prepare by the first quarter of 2011 regulatory guidelines for TV and radio journalism. The need for state regulation was felt as both media are powerful instruments to influence social behavior and are liable to be misused.
With their increasing audience, TV and radio can serve the nation by helping protect the national culture and heritage. Their popularity among children can be used to form good and ethical habits in children. The Government also wants more information on the source of funds and ownership of TV channels and radio stations.
Yesterday's Government meeting also decided that all Mongolian TV channels will go digital by July 31, 2014. A national program to implement the decision would need MNT 47.4 billion. This will come from the state budget, with assistance from both foreign countries and the private sector.
Operations at Gashunsukhait have to be streamlined, says Minister Zorigt
October 29 (news.mn) After a recent visit to the border checkpoint at Gashunsukhait, where the volume of traffic often leads to a 5-km-long line of vehicles, Mineral Resources and Energy Minister D. Zorigt told The Mongolian Mining Journal that coal export has been increasing lately, but there has been little expansion of facilities at the checkpoint. The most urgent task is to get a new border port complex under the Concession Law. Not just the work facilities, the living and working conditions of the staff have to be improved in tandem.
As for now, a streamlining of operational practices is essential to ease the chaotic conditions. More than 300 vehicles pass the border every day and the number is increasing with material for Oyu Tolgoi coming in. Stuff worth USD500 million will come for Oyu Tolgoi before the end of 2010 and the Minister thought it would be helpful if there was a separate channel for them. "Some such simple changes will have to do until a large-scale overhaul can start," he said, adding, "All the people there work very hard in trying conditions, but things can be improved if there is proper coordination between the responsibilities of various organizations."
Another border point, Zamin-Uud, has an urban status, has an Administrator and its expenses come from the province's budget, which makes planning easy. However, Gashunsukhait does not have the status and has no financial autonomy. Workers' families are expected to arrive shortly and many things should be made ready for them. The local administration has started working on the issue. A small township will be built within two years at a place 5 km from the border. Only the decision has been taken, and no work is yet done on planning and design. The Government has allowed the local administration to spend USD2 billion for improving work at the port in cooperation with the major companies operating in the Gobi.
Told of the local perception that the Chinese are not interested in any improvement, the Minister said, "I haven't noticed anything like this. It is always helpful to have similar infrastructure development on both sides of a border crossing. The Chinese side of the port is already better equipped and it is for us to match their facilities."
Giving his impression of the work of the three mines close to one another in Umnugobi province, Tavantolgoi, Energy Resource, and Erdenes MGL, Zorigt said, " In Ukhaa Khudag, things are world class. Erdenes MGL will also work well and efficiently. On the other hand, we visited Tavantolgoi, a company owned by the local government and the Director could not even recall the names of the companies that worked there as operators and could give us no idea of operations in any of the four territories."
Transport Authority of Mongolia Inspects Coal Transportation Companies
October 29 (UB Post) Transportation Authority of Mongolia has recently taken inspection measures on coal transportation companies on the southern border. More than 150 companies have been covered by the inspection measures, 46 of them have been qualified, 36 companies were shut down, and 26 were temporarily closed down by the authority.
Most of the transportation operator companies were found to have no fleet of vehicles, and adequate human resource available. A total of 3,150 vehicles have passed the technical specification requirements, more than 80 percent of which were imported from China.
Also, coal transportation companies were strongly warned to hire more Mongolian drivers as more than 1,800 Chinese drivers were counted to be working for those coal transportation companies.
Loan amounts rise, repayment improves
October 28 (news.mn) Ts. Nyam-Ochir and U. Otgonbayar, Chief and Deputy Chief respectively of The Small and Medium Enterprise Office, a Government Implementation Agency, told a press conference yesterday that the Government granted such enterprises soft loans amounting to MNT60.8 billion in 2009 and 2010 combined. Of this MNT20.15 billion was distributed in 2010. More loans have gone to trade, service and light industry, in place of the earlier public service and construction.
The loans have stimulated small businesses run by citizens, helping retain and generate jobs, and reduce prices. With things now produced locally people in the provinces do not have to pay transportation costs from Ulaanbaatar.
Loans in 2009 tended to be between MNT1 million and MNT10 million but rose to between MNT20 million and MNT30 million in 2010. Repayment rates have also improved. Oyutolgoi LLC will distribute USD1 million in loans to small and medium enterprises in Umnugobi aimag with help from Khas Bank.
STOCK EXCHANGE WEEKLY REVIEW
October 31, Ulaanbaatar, Mongolia, /MONTSAME/ Five stock trades were held at Mongolia's Stock Exchange (MSE) from October 25 to October 29. In overall, 1.8 million shares of 45 JSCs were sold totaling 1.5 billion MNT trade.
Index top-20 was 12915.30 points decreasing by 58.16 units, or 0.4%, against the week earlier. The total market capitalization was set at MNT one trillion and 173.9 billion increasing by MNT 7.0 billion or 0.6%.
Shares of "Takho co" JSC (14.8%), "Darkhan teever" (14.5%) and "Mongol dizel" (14.1%) were increased, but, "Jinst uvs" (14.5%), "Makh impex" (5.0%), and "Olloo" (4.5%) JSCs were decreased at the MSE. A total of 45 shares were sold. Of them, rate of 22 shares were increased, rate of 11 shares were decreased, and rate of 12 shares were stable.
Shares of "Hermes center" JSC (1.3 million units), "Baganuur" (162.3 thousand units) and "Remikon" (116.5 thousand units) JSCs were actively traded in terms of trading volume, but in terms of trading value "Baganuur" (MNT 1.04 billion), "Shivee ovoo" (MNT 183.9 million) and "Hermes center" (MNT 64.2 million).
Prophecy Completes $2,030,000 Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 29, 2010) - Prophecy Resource Corp. ("Prophecy" or the "Company") (TSX VENTURE:PCY)(OTCQX:PRPCF)(FRANKFURT:1P2) is pleased to announce that it has completed the non-brokered flow through private placement previously announced on September 21, 2010 and amended on October 25, 2010. A total of 3,830,189 flow through units (each a "Unit") were placed at a price of $0.53 per Unit generating gross proceeds of $2,030,000.
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Proceeds of the placement will be applied to the Company's Lynn Lake Property in Manitoba and the Wellgreen Property in Yukon Territory.
Movers & Shakers: Lee aims for commodity leverage in Mongolia
Prophecy makes coal a priority as it bids to generate cash flow at Ulaan Ovoo
October 29 (Stockhouse.com) He wears a track suit to work, is careful about what he eats, and is chief executive officer of Prophecy Resource Corp. (TSXV:PCY) a junior company with mining assets in Mongolia and Canada.
But that doesn't mean John Lee wants to be compared with Robert Friedland, the mine financier who also got his start in Vancouver and is leading the international race to develop huge coal and copper-gold projects in Mongolia.
In an interview, Lee said it's just "pure coincidence" that Prophecy's key assets include two Mongolian coal projects and a nickel-rich polymetallic property in the Canadian Yukon that once belonged to former Friedland company Galactic Resources.
"It isn't so much that Robert Friedland was there and I'm following in his footsteps'' said Lee.
Rather, he wants to deliver on a strategy that aims to offer financial leverage to rising commodity prices through the acquisition of overlooked coal, platinum group metal and nickel assets.
Entrepreneurial itch
Lee is the 36-year-old son of a Taiwanese diplomat who went to boarding school in England and has developed a view of the world that is based on the experience of having lived in Asia, Europe and North America.
His involvement in Mongolia stems from the April merger of Red Hill Energy Inc. and Prophecy, a shell company that Lee had dusted off in order to relieve an entrepreneurial itch that couldn't be scratched when he was running MAU Capital Management of Point Roberts, Wash.
Trading at 76 cents on Friday in a 52-week range of 99 cents and 30 cents, Prophecy has a market value of $96 million, based on the 126 million shares outstanding (160 million fully diluted).
Lee was an early investor in Red Hill which had two coal properties in Mongolia, including:
The Ulaan Ovoo, which hosts 209 million tonnes of thermal coal and is located about 10 kilometres from the border with Russia.
The much larger Chandgana project, which hosts about 1.2 billion tonnes of coal, but is located "in the middle of nowhere" in eastern Mongolia, according to Lee.
Ulaan Ovoo is the more advanced of the two. Having recently received permission to start production, the company is already sending coal from Ulaan Ovoo to local power plants in the Mongolian cities of Darkhan and Erdenet.
The larger goal is to ship coal through Russia and the eastern seaboard, where it will eventually be sold to buyers in Japan and Korea.
In keeping with that strategy, Prophecy is currently negotiating off take agreements with a number of Russian companies, and is waiting for final mining permits to be issued.
"We are very optimistic about obtaining an off take agreement by the end of this year,'' Lee said.
Other projects
With a production target of between 1.2 million tonnes and 1.4 million tonnes in 2011, Lee is hoping that his company can generate about $10 million of cash flow in 2011. (That estimate is based on the off take agreement talks).
That money will be used to finance other projects in Prophecy's portfolio, including Chandgana, where the remote location appears to be the main challenge.
"The problem with coal sitting in the middle of nowhere is that the transportation costs negate the margins that we can command when we try to get to the eastern seaboard,'' said Lee.
Prophecy hopes to overcome this problem by applying for a licence to build a 600 megawatt power plant at the site. It also hopes to have its environmental impact assessment approved by the end of this year.
Once the coal operations are churning cash, Prophecy can turn its attention to the Canadian projects.
Justify Development
That includes exploration at the Wellgreen property in the Yukon which Prophecy acquired via a merger in September with Northern Platinum Ltd., a company whose involvement dates back to 1993, when Galactic Resources filed for bankruptcy.
While Prophecy needs to outline a large enough deposit to justify development, Lee saw the Wellgreen project as a cheap entry into the nickel and PGM sector, one that would balance any perceived political risks associated with Mongolia.
In financial documents, Prophecy said there can be no assurance that its assets will not be subject to nationalization, requisition, or confiscation by any body or authority.
It also said it can offer no assurances that provisions under Mongolian law for compensation and reimbursement of losses to investors under such circumstances would be effective in restoring the value of the company's original investment.
Meanwhile, Prophecy has yet to structure an agreement that would give Mongolia an active stake in its coal operations. Such an agreement could have a lifespan of 20 years.
When Stockhouse visited Lee's Vancouver office recently, he had just returned from Mongolia and was scrambling to hire the personnel that will be required to steer his company through its next stage of growth.
With the official opening ceremony at Ulaan Ovoo just weeks away, Lee is actively looking for a chief operating officer, a vice-president of exploration and vice-president, marketing.
"We have a lot of shoes to fill,'' he said.
Aside from hiring, a key priority will be to gain a listing on the Mongolian stock exchange, a move that should allow native Mongolians to invest in his company.
"It's our number one priority,'' he said.
John Lee BIO
Since 2001, John Lee has been a mining analyst and accredited investor in the resource sector. In 2004 he founded Mau Capital Management and has researched hundreds of mining companies and personally met with dozens of management teams. He became President of Prophecy in 2009.
Mongolia Mining and Winsway join two Hong Kong indexes
October 29 (news.mn) Mongolia Mining Corp. and Winsway Coking Coal Holdings have been added to both the MonBiz Mongolia Index and MonBiz Hong Kong Index after their recent IPOs in Hong Kong, says Eurasia Capital. The two companies add USD5.6 billion in market capitalization value to each index, an amount that is larger than Mongolia's 2009 GDP of USD4.2 billion. The MonBiz Mongolia Index now has 26 members with a total market capitalization of USD29.3 billion or near 700% of Mongolia"s GDP. Meanwhile, the MonBiz Hong Kong Index reached 9 members and USD10.6 billion in market capitalization or twice the size of the country"s GDP.
With USD3.8 billion in market capitalization, MMC now ranks as the largest Mongolian-owned company and third largest Mongolia-focused internationally listed company after Ivanhoe Mines and Centerra Gold. Winsway is ranked 6th. As a result, the expanded MonBiz Mongolia Index now includes six companies with market capitalization exceeding USD1 billion, four of them listed in Hong Kong. Thanks to MMC and Winsway, the market capitalization of the MonBiz Hong Kong Index has more than doubled to USD10.6 billion and the HKEx"s share in the Index"s total market capitalization jumped to 36% from 23%.
Russian firm offers to produce energy from garbage
October 31 (news.mn) Tarrell Estit Ltd of Russia has offered to build a garbage processing factory here and has assured Mayor G. Munkhbayar that the energy to be generated will be enough to meet the heating needs of ger districts. The company's Executive Director, Tatyana Serpkova, says construction material can also be produced by recycling construction garbage.
The Mayor asked Serpkova to discuss the issue in more detail with General Manager Ch. Bat and said the Civil Representatives Assembly can consider the proposal for the garbage recycling plant when it discusses the city budget in December.
Azerbaijan, Mongolia's customs authorities decide on cooperation areas
Azerbaijan, Baku, Oct.30 / Trend Akhundov /
The Azerbaijani State Customs Committee (SCC) Chairman Aydin Aliyev and Mongolian Customs General Administration head Derje Tseveenjav signed a protocol on cooperation in professional training and skill development in the customs sphere in Baku, the Committee's published report says.
During the meeting of the two countries' customs agencies' heads, which was held in Baku, Aliyev stressed Azerbaijan's interest in close cooperation with Mongolia in many areas, including customs.
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Mongolia Recognized for Improved Budget Transparency
Ottawa, Canada (Vocus) October 27, 2010. FreeBalance, a global Government Resource Planning (GRP) software company, announced that three of its government customers: Afghanistan, Liberia and Mongolia, have been recognised by the International Budget Partnership (IBP) for substantially increasing their levels of budget transparency in the IBP Open Budget Survey (OBS). In the 2010 OBS Survey, Afghanistan's score jumped 13 points from 8 in the 2008 Survey to 21; Liberia's score jumped 37 points as it increased from 3 in the 2008 Survey to 40 in the 2010 Survey; and Mongolia's score doubled from 18 in the 2006 Survey to 36 in 2008 and further increased by 24 points to 60 in the 2010 Survey. The OBS is available for download at http://internationalbudget.org.
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China
China trials yuan investment settlement in Xinjiang
Oct 30 (Reuters) - China will let some cross-border investment flows in the far western region of Xinjiang be settled in yuan, the country's first such trial after a scheme for yuan trade settlement was expanded this year, the Xinhua news agency said.
The experiment marks the latest step by authorities to give the yuan a greater role internationally as it gradually lifts the capital controls that are at the heart of debate about the currency's value.
Xinhua cited Hu Xiaolian, vice governor of the central bank, as telling a launch ceremony for the project in regional capital Urumqi that it was aimed at mitigating foreign exchange risks and fostering Xinjiang's economic ties with neighbouring countries, which include Mongolia, Kazakhstan and Russia.
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Australia
Shares ease as investors turn jittery
October 29 (AAP) Close The Australian stockmarket was lower today, as a slew of upcoming offshore events led to renewed caution among investors, but Macquarie Group bucked the trend after posting a better than expected first-half result.
At the close, the benchmark S&P/ASX200 Index was down 23.3 points, or 0.5 per cent, at 4661.6 points, while the broader All Ordinaries Index fell 19.3 points, or 0.4 per cent, to 4733.5.
For the week, the ASX200 eked out a 0.3 per cent increase. October was another winning month - the third in the past four - with the benchmark index up 1.7 per cent. September's gain was 4.1 per cent.
Despite strong gains in Macquarie shares on Friday, financials lost 0.4 per cent, shedding some of the previous sessions' gains. Materials slipped 0.2 per cent, energy shares fell 0.9 per cent, while gold stocks rose 1.4 per cent.
need2know:
- The dollar treads water around 97.5 US cents
- Asian shares drop for second weekly decline
- Oil falls below $US82 a barrel
- Gold slips to $US1139 an ounce
- Dow futures shed 37 points to 11,012
"Today saw the market slip away with investors feeling jittery ahead of another big week," said CMC Markets analyst David Taylor.
"The market is looking at a quantitative easing announcement by the FOMC on November 3, and there are also mid-term elections in the US."
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"It seems our banks are holding up well – especially the National Australia Bank and the ANZ," he said. "Both saw increased net interest margins, higher dividends, growing cash profits and more confident outlook statements.
The miners closed mostly lower. BHP Billiton was down 7 cents at $41.92 and Rio Tinto was $1.10 lower at $82.69. Fortescue Metals was eight cents higher at $6.25.
Mr Taylor said the miners experienced profit-taking.
''Last night the US dollar didn't move much and the commodities have stalled as a result,'' he said. ''(So) investors are taking time to clean up and get their cash off the table.''
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Bourse operator ASX Ltd lost another 2.0 per cent on concern that an $8.4 billion takeover bid from the Singapore Exchange would be blocked by politicians, while Origin Energy fell 1.9 per cent after reaffirming guidance.
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Preliminary market turnover was 2.90 billion shares worth $8.51 billion, with 539 stocks up, 620 down and 357 unchanged.
US
Most U.S. Stocks Retreat as Investors Await Fed, Elections
Oct. 30 (Bloomberg) -- Most U.S. stocks fell this week and the Standard & Poor's 500 Index completed its second straight monthly gain as investors awaited congressional elections and the Federal Reserve's plans for economic stimulus.
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US stocks to dance to big swings, earnings
October 30 (Reuters) US stocks could see big swings to the downside this week on any remotely "bad" news since volatility indexes are at levels considered too low.
Investors also will face a blizzard of earnings, which many analysts believe will continue to support the rally that began early this month. But any disappointments in either earnings or outlooks could, of course, trigger a sharp sell-off.
What's more, the market is likely to continue to garner support from investors' hopes that the Federal Reserve will take more steps to stimulate the economy, in what is known as "quantitative easing" or "QE2". The Fed is expected to unveil its initial commitment under QE2 at its Nov. 2-3 meeting.
The Chicago Board of Options Exchange Volatility Index, or VIX, a gauge widely used to measure investors' anxiety levels, fell 2.54 per cent on Friday to close at 18.78, its lowest level since April. The VIX, which rose to near 50 in May, has been around or under 20 for the past two weeks.
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Misc
THE HIGHEST BUILDING IN ULAANBAATAR MONGOLIA - BLUE SKY TOWER
THE YEAR 2010 WILL MARK THE LAUNCHING OF THE HIGHEST BUILDING IN MONGOLIA.
CURRENTLY THE TALLEST BUILDING IN MONGOLIA, BLUE SKY TOWER STANDS AT A HEIGHT OF 105 METERS AND IS LOCATED AT THE HEART OF ULAANBAATAR, FACING THE SUKHBAATAR SQUARE.
October 29 (Mongol Messenger) Last month, Blue Sky Tower was featured in the list of tallest buildings in the world recorded by The Council on Tall Buildings and Urban Habitat (CTBUH), based in USA. The structure commands such magnificence and modern elegance that it provokes a sense of pride in anyone who takes a glance at it. The development was inspired by the growth and prosperity of Mongolia and its developer, "Chono Corporation", commenced the construction in July 2006 with a vision to create the capital city's flagship property. The architectural renderings were designed by "A Group", a leading architecture, planning and construction engineering company from South Korea. The building's design is distinctly reminiscent of a sailing ship and the glass exterior represents the color of the clear blue sky of Mongolia. Its unique design combined with the state-of-the-art construction technology notes the beginning of a new age in construction, engineering and operation of tall buildings in the country.
Blue Sky Tower consists of 25 stories and features an international five-star hotel, grade-A commercial office space and penthouse residences in addition to such amenities as meeting and convention facilities, a fitness center with a 20-meter long swimming pool, luxury retail boutique shops as well as various fine dining restaurants. Currently, the construction work is nearly complete and all mechanical and engineering fit-outs are finished. By the end of this year, Blue Sky Tower will be ready to receive its first clients as the offices and residences will be launched along with Blue Sky Lounge at the very top. Upon full opening, Blue Sky Tower will create over 400 new jobs. Moreover, at the onset of the tremendous development of Mongolia's mining sector, Blue Sky Tower is fully geared to provide foreign investors and their associates with a full range of world-class services.
<Mogi & Friends Fund A/C>
Stuck on 20
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: Well, stuck on 20%. Hoping this will change.
The company has several farm-in agreements on several JVs. Hoping those JVs will find something nice. Still reading that annual report, though.
Mogi
"Mogi" Munkhdul Badral
Executive Director
CPS International LLC
Mobile: +976-99996779
Email: mogi@cpsinternational.mn
Suite 906, Central Tower
Sukhbaatar District, Ulaanbaatar
Mongolia
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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