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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| Close: Mongolia Related ASX Listed Companies, November 12, 2010 |
| |||||||
| Code | Last | $ +/- | Bid | Offer | Open | High | Low | Volume |
| HUN | 1.190 | 0.035 | 1.190 | 1.200 | 1.155 | 1.240 | 1.150 | 2,406,402 |
| VOR * | 0.039 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0 |
| ALG | 0.440 | 0.000 | 0.440 | 0.510 | 0.440 | 0.440 | 0.440 | 15,000 |
| AKM * | 0.325 | -0.005 | 0.320 | 0.325 | 0.325 | 0.330 | 0.320 | 2,049,864 |
| GMM * | 0.130 | -0.040 | 0.130 | 0.135 | 0.170 | 0.170 | 0.125 | 2,291,579 |
| LRL | 0.265 | 0.000 | 0.265 | 0.270 | 0.265 | 0.265 | 0.265 | 249,000 |
| LEI * | 31.790 | -0.310 | 31.750 | 31.800 | 32.050 | 32.150 | 31.780 | 991,025 |
| RIO * | 86.860 | -0.500 | 86.860 | 86.950 | 88.050 | 88.550 | 86.800 | 3,122,732 |
| BHP | 44.300 | -0.290 | 44.270 | 44.330 | 44.700 | 44.950 | 44.060 | 13,008,687 |
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
Credit Suisse Becomes and Ceases to be Substantial Holder in Hunnu Coal in 1 Day
Mogi: HUN was 4c shy of its all-time high of A$1.28 in today's trading, which was back in April 28, 2010, two and a half months after having listed. HUN closed the day at A$1.19 with a trade volume of 2.4M shares. CPS Securities was a lead broker in Hunnu's February 2010 A$20M at 20c IPO and A$40M at 80c placement in October.
November 12 (Mogi) Credit Suisse became a 5.23% holder in Hunnu Coal's (ASX:HUN) total outstanding shares on November 8, according to a notice made to the Hunnu on November 10. Subsequently the next day, another notice was given to Hunnu, of ceasing to become a substantial holder on November 9.
Prophecy gets coal mining permit in Mongolia
Mogi: PCY closed almost 16% higher on Thursday to C$0.95.
* Gets OK to start operations at Ulaan Ovoo coal project
* Says mine is production ready
Nov 11 (Reuters) - Canada's Prophecy Resource Corp (TVE:PCY) said it received the final permit to start mining operations at its Ulaan Ovoo coal project in Mongolia, making it one of the few global firms to get mining rights in the country.
Vancouver, British Columbia-based Prophecy said in a statement the mine is production ready and that an official opening ceremony will be held on Nov. 20.
Canada's Khan Resources Inc (TSX:KRI) has been caught in a legal tangle with Mongolian authorities over its mining licenses at Dornod, the country's biggest uranium deposit. [ID:nSGE69Q0KG]
Prophecy shares, which have gained 67 percent in value since the company secured a $10 million loan for its coal mine in September, closed at 82 Canadian cents on Wednesday on the Toronto Venture Exchange.
TDB opens subordinated debt market for Mongolian lenders
Trade & Development Bank of Mongolia has become the first Mongolian bank to sell subordinated bonds, returning to investors only weeks after issuing a senior international deal that was a rarity in its own right.
November 11 (Euroweek.com) The issuer raised $25m from its lower tier two bond this week, which was also the third bond of any type from Mongolia — the previous two were also sold by TDB.
"This transaction brings Mongolia a little bit further forward on investors' radar screens," said Florian Schmidt, head of DCM Asia at ING, the sole bookrunner of the transaction. "We have now seen within the Mongolian context a big senior bond, an IPO and a subordinated issue, all within a short period of time."
The IPO was the $650m equivalent Hong Kong flotation of Mongolian Mining Corp, which priced in October.
TDB's latest deal is set to mature in five years and one day, the lowest maturity that qualifies as lower tier two under Mongolian rules. ING priced the deal at 99.999 with a 12.5% coupon, around 1.5 times the yield on the issuer's October 2013 bonds, which were yielding 8.1% this week.
The subordinated bond came with a conversion option, also necessary for it to qualify as lower tier two under Mongolian rules, according to Schmidt. The conversion price has not been set, and will not be decided until the deal is near maturity.
The conversion option would have helped the lead manager pitch the deal, said William Mak, a bank analyst at Nomura in Hong Kong. "The conversion to equity feature is the investors' option not the issuer's option, so it's bondholder friendly."
But the deal was pitched as a pure bond deal, and the conversion to equity is subject to approval by the company.
"Shareholders' and board of directors' resolutions with a majority of 66.66% are required to facilitate the conversion of notes into shares," said Schmidt. "This makes the conversion a right but not an obligation, and as such the issue was marketed as debt rather than equity-linked."
ING bankers first approached investors with the idea of a subordinated deal when they were pitching TDB's $150m 2013 deal in the middle of last month — only the second ever deal from the country following an issue from TDB three years earlier.
The lead manager approached a handful of investors with the deal, and five accounts participated.
TDB has previously raised capital in the loan markets, including borrowing money from multilaterals such as Asian Development Bank and International Finance Corp.
But it has now boosted its capital adequacy ratio to 19.5% from 13.8% in July, according to Mak — and opened up a source of capital that could be tapped by other banks.
"Mongolian banks need to bolster the capital base if they want to participate in the commodity-induced growth story that is in store," said Schmidt. "Against this backdrop this product is definitely something that can be pitched to other banks."
GMM Shallow Drilling Program Finds No Salt
November 12 (Mogi) General Mining Corporation Ltd (ASX:GMM) released a statement today.
8 holes were drilled to a maximum of 150m. No salt was detected at these shallow depths. "However this does not downgrade the potential of the overall Uvs Potash project in anyway", according to the company. GMM shares dropped 23.5% today.
Further, the company moved the rig to a different location and drilled series of holes to a depth of 25m with 1m intervals to check the potential for gold and PGE alluvials inside its Uvs tenements. Samples were shipped to UB for testing.
TSX Venture Approves Garrison International's Placement to Creditors
Mogi: GAU last traded at 5c on Wednesday.
November 10 (TradingMarkets.com) TSX Venture Exchange has accepted for filing the Company's (TSX-V:GAU) proposal to issue 3,835,046 shares at a deemed price of $0.05 per share to settle outstanding debt for $191,752.29.
| Creditor | Insider=Y /Progroup=P | Amount owing | Deemed price per share | # of Shares |
Jia Yun International Investment Company Ltd. (Blair Krueger) | Y | $50,000.00 | $0.05 | 1,000,000 |
Asian Intercept Mongolia LLC (Tony Bainbridge) | Y | $141,752.29 | $0.05 | 2,835,046 |
Ivanhoe's Oyu Tolgoi mine work ahead of schedule
Mogi: IVN closed flat on Thursday.
* Expects initial production at Oyu Tolgoi in late 2012
* Posts narrower loss in Q3
* Says debt financing package discussions progressing (Adds detail)
Nov 11 (Reuters) - Ivanhoe Mines (TSX:IVN, NYSE:IVN) reported a narrower third-quarter loss and said full-scale construction at the Oyu Tolgoi copper and gold mine in Mongolia is progressing ahead of schedule.
For the quarter, the company posted a loss of $24.9 million or 5 cents per share versus a net loss of $69.8 million or 18 cents per share a year ago.
Vancouver-based Ivanhoe reported quarterly revenue of $6.6 million, mainly from its Ovoot Tolgoi coal mine in southern Mongolia.
It expects to begin initial production of copper and gold at Oyu Tolgoi in late 2012.
Ivanhoe is developing the nearly $5 billion Oyu Tolgoi project in partnership with the Anglo-Australian miner Rio Tinto (ASX:RIO, LON:RIO) and the government of Mongolia.
The long delayed project finally got a go-ahead from Mongolian authorities in October 2009, following years of negotiations. [ID:nSP495396]
The company said discussions with a group of international financial institutions on a separate debt financing package are progressing and are expected to close in the first half of 2011.
Shares of Ivanhoe closed up 13 Canadian cents at C$26.26 on the Toronto Stock Exchange on Wednesday.
Manas Petroleum Corp. Announces the Completion of Seismic Acquisition on Block 13 & 14 in Mongolia
BAAR, SWITZERLAND--(Marketwire - November 10, 2010) - Manas Petroleum Corporation (OTC:MNAP) ("Manas") is pleased to announce that the seismic acquisition on blocks 13 & 14 has been completed without incident. The Chinese contractor DQE International Tamsag (Mongol) LLC acquired 300 km of 2D seismic, representing 100% of the total seismic program 2010 on blocks 13 & 14. Manas expects that the processing of the data will be completed by the end of December 2010.
Manas intends to use the additional 2D seismic data to improve its technical database and its chance of drilling a successful exploration well. After interpretation of the full dataset, Manas will decide whether it is ready to drill one or more exploration wells or that it needs to acquire 3D seismic to define the drilling prospects in better detail. Depending on this decision, Manas hopes to spud the first well in 2011.
SouthGobi Resources Provides Operational Update; Coal Quality Review
HONG KONG, CHINA--(Marketwire - Nov. 10, 2010) - Alexander Molyneux, President and CEO of SouthGobi Resources Ltd. (TSX:SGQ)(SEHK:1878), (the "Company" or "SouthGobi") today announced a broad operational update.
Highlights from operational update:
· Higher sulphur observed to date is primarily due to near-surface factors and as the Ovoot Tolgoi open-pit deepens the sulphur levels are expected to drop.
· Secondary coal processing is planned, which is expected to improve the value of higher-ash, higher-sulphur coals at Ovoot Tolgoi.
· Wet washing of the higher-ash, higher-sulphur coals will upgrade the coal to a semi-soft coking coal product at a 65-75% overall yield.
· Approximately US$55 million is budgeted for new open-pit mining equipment to expand capacity beyond original plan and improve fleet flexibility and productivity.
…
SouthGobi Resources Announces Third Quarter 2010 Financial and Operating Results
HONG KONG, CHINA-- (Marketwire - Nov. 10, 2010) - SouthGobi Resources Ltd. (TSX:SGQ)( SEHK:1878) (the "Company" or "SouthGobi") today announced its financial results for the nine months ended September 30, 2010. All figures are in US dollars unless otherwise stated.
HIGHLIGHTS
The Company's highlights for the quarter ended September 30, 2010 and subsequent weeks:
· Signed a special coal sales agreement for 1.2 million tonnes.
· Entered into a contract for $48 million to design and construct a paved coal haul highway.
· Third mining fleet commissioned ahead of schedule.
· Total sales for the three months ended September 30, 2010 were 194,000 tonnes and contracted sales for the month of October 2010 were 527,000 tonnes.
· Direct mining cash costs were $18.59 per tonne, a reduction of 13% compared to the quarter ended June 30, 2010.
· Average realized selling price for the third quarter of 2010 was $37 per tonne compared to $28 per tonne for the third quarter of 2009.
· Strategic investment in Aspire Mining Limited.
…
OUTLOOK
It is difficult to reliably forecast commodity prices and customer demand for the Company's products; however the Company's sales and marketing efforts continue to provide positive results. There is informal evidence that suggests Mongolia will set a new record for coal shipments to China in 2010 and become a significant supplier of China's coal needs.
In the results for the quarter ended June 30, 2010 the Company highlighted two issues which had the potential to impact the second half of 2010. Firstly, that the near-term mine plan included proportionately less of the better quality raw semi-soft coking coal coming from the Sunset Pit No. 5 seam. Secondly, the Company is currently experiencing areas of higher sulphur than originally anticipated in mine plans and studies. The Company went further to indicate that some of the higher sulphur coal would potentially not be attractive to customers in its current form and may need to be stockpiled until appropriate processing is in place or blending opportunities arise.
…
MMC Nominated for "Deal of the Year" by Mining Journal
November 8 (Mining Journal) Having reviewed nominations from Mining Journal readers for this year's Outstanding Achievement Awards (for the 12 months to end September) the following have been shortlisted (in five award categories) for voting by their industry peers. A further two categories are subject to panel adjudication.
This shortlist is now subject to a vote by Mining Journal subscribers, with voting closing on Friday, November 19. The awards will be presented at a Black-Tie Awards Dinner on Wednesday, December 1, at the Winter Garden of the Honourable Artillery Company, London.
…
DEAL OF THE YEAR
Takeover, merger or listing that has most captured the imagination of the financial community.
…
Mongolia Mining Corp: Widely regarded as the most successful mining IPO in Hong Kong this year. Funds from the coking-coal producer's US$680 million listing are earmarked for expansion projects in the Tavan Tolgoi region.
…
MMC closes at HK$8.68
November 12 (Mogi) Mongolian Mining Corporation (HK:975) update:
HK:0975 Snap quote, November 12 (all in HKD except where noted. Source: ETNET):
· Close: $8.68
· Open: $8.95
· High: $8.95
· Low: $8.28
· 52w High: $9.72
· 52w Low: $7.02
· Listing price: $7.02
· Volume: 6.66 million shares
· Total turnover: $57.56 Million
· Market cap (on close): $33.1 Billion (around US$4.27 billion (Bloomberg October 26: US$=HK$7.7509))
Link to real-time quotes and charts of MMC (sites licensed by HKEx): ETNET, AAStocks
MONGOLIAN DELEGATION STUDIES U.S. EXPERIENCE IN URANIUM EXPLORATION
November 12, Ulaanbaatar, Mongolia, /MONTSAME/ Mongolian delegation--P. Altangerel and Ts. Batbayar MPs, a director of "Monatom" company R. Badamdamdin--was on a mission in Washington November 7-9 within the "Mining sector institutional technical asistance project".
The delegation has studied the U.S. experience in uranium exploring, using and enriching it, in nuclear fuel production, also got acquainted with legal regulations, orders and instructions concerning uranium exploration and with controlling procedures for these provisions. In particular, a detailed presentation has been given to the delegation on the process of working out the orders and rules needed for the observing the law on Nuclear regulatory commission. The sides have come to an agreement to cooperate in preparing staff for the uranium field.
Mongolian MPs have had meetings with U.S. deputy secretary of energy Daniel Poneman, head of U.S. Nuclear Regulatory Commission Gregory Jaczko, director of NRC's office of International programs Margaret M. Doane and representatives of U.S. National mining association. They have exchanged views on bilateral cooperation.
Japan, Mongolia to launch talks on free trade, rare earths
Japan and Mongolia are expected to agree on starting talks on a bilateral free-trade deal next week that would include a stable supply of rare earth minerals, a government official said Friday.
November 12 (AFP) Japanese Prime Minister Naoto Kan and Mongolia's President Tsakhia Elbegdorj are expected to agree on the launch of the trade talks early next year when they meet next week in Tokyo, a foreign ministry official told reporters.
Japan has worked to strengthen ties with the resource-rich Mongolia amid the rise of their powerful neighbour China and concerns over the supply of rare earth minerals, of which Beijing controls more than 95 percent.
Elbegdorj will arrive in Japan next Monday for a five-day visit including talks with Kan and with trade minister Akihiro Ohata, and a visit to Nippon Steel Corp.'s plant, the official said.
Kan and Elbegdorj will also discuss "ways to cooperate in development of mineral resources in Mongolia, including rare earth minerals" crucial for Japan's manufacturing of high-tech products, he said.
Tokyo has accused China of restricting shipments of rare earths -- elements used in high-tech products from iPods to cars -- since a September maritime incident in disputed waters sparked a bitter diplomatic row.
China has denied any embargo, but a Japanese trade ministry survey in October found that all 31 companies handling rare earths in Japan had reported disruption to shipments.
Rocky relations between China and Japan led to the cancellation of a planned meeting between the two countries' premiers at a Southeast Asian summit last month.
There are no definite plans for their leaders to hold bilateral meetings at the G20 or at the Asia-Pacific Economic Cooperation (APEC) summit in Yokohama this weekend, officials in each country have said.
"I heard it's under coordination," Japan's chief cabinet secretary Yoshito Sengoku told reporters Friday, asked if the meeting between Kan and Chinese President Hu Jintao will take place at the APEC summit.
In a bid to diversify Japan's supply of the crucial minerals, Kan last month agreed with his Vietnamese counterpart Nguyen Tan Dung that Vietnam will help to supply Japan with rare earth minerals.
Turkey, Mongolia struggle to boost ties
November (Asia Times) Turkey and Mongolia held their sixth Joint Economic Commission (JEC) meeting in Ulan Bator on October 26. Deputy Prime Minister Bulent Arinc headed the Turkish delegation, and Mongolia's Environment and Tourism Minister, Luimed Gansukh, signed a memorandum of understanding to boost economic and commercial relations.
…
There is a considerable trade imbalance in favor of Turkey, which exports processed food, machinery and soap and imports some animal products. Turkish investments and construction operations in the country have also remained negligible. Various Turkish trade associations, seeking to expand Turkish business opportunities in Mongolia, had urged Turkish firms to invest in energy, natural resources, agriculture, telecommunications, construction and tourism.
…
Unlike the poor standing of their economic ties, Turkey and Mongolia have close political relations, as was reflected in a myriad of bilateral agreements and mutual visits, and Mongolia is one of the major recipients of development assistance provided by Turkey's official agency, the Turkish Cooperation and Development Agency (TIKA). Since 1994, TIKA has carried out various educational, social and cultural programs in Mongolia, and opened a coordination office in 2005. TIKA projects focused on the improvement of Mongolia's administrative infrastructure, training of bureaucrats and security personnel, developing statistics and accounting practices, among other initiatives.
…
Turkish analysts further contend that the poor standing of economic relations between Turkey and Mongolia, and their inability to develop closer military cooperation are largely due to pressures from Russia and China. Moscow and Beijing have blocked Turkey's shipments of military equipment to Mongolia or joint exercises between the Turkish and Mongolian Special Forces.
…
Westhouse Encouraged By Additional Work Phase At Petro Matad's Oil Block
November 9 (Proactive Investors) Westhouse was encouraged by yesterday's news from Petro Matad (LON:MATD) which secured a winterised rig to overcome the severe conditions of the Mongolian winter and drill an extra well this year.
According to the broker, the news confirmed that Petro Matad has been successful in its efforts to extend 2010 drilling activities, which was made possible by a recent fundraising as well as the availability of a winterised rig.
The contract is for the drilling of up to two exploration wells on oil Block XX in Mongolia.
The first, Davsan Tolgoi-4, will target a fault block prospect named Davsan Tolgoi West. The well is scheduled to be completed before mid-December.
Even though there is potential for the drilling of the fifth well, Westhouse said that DT-4 would likely be the last well of the year given the onset of winter and the timing related to its drilling.
…
The broker looks to the drilling campaign with confidence, maintaining its 'buy' recommendation and the 250 pence target for the company, whose shares last traded at 125 pence.
"We are encouraged by this additional phase of work within Block XX where the group was already pressing ahead with seismic re-processing and remapping activity, potential acquisition of additional 2D and 3D seismic and revising volume estimates," said Westhouse in the note.
Last week Petro Matad called a close to the successful three-hole campaign, which propelled the company's shares to a massive rally from 45 pence at the start of drilling to a new high at 199 pence back in October.
Each of the previous wells discovered oil in Block XX's Greater Davsan Tolgoi prospect.
Davsan Tolgoi West has an estimated 21 million barrels of oil and it is separate from the Greater Davsan Tolgoi prospect.
The company highlighted that once DT-4 has been drilled, it will have tested a combined 142.5 million barrels from the pre-drill inventory – which has a pre-drill recoverable resource estimate of 882 million barrels
Away from Block XX, a gravity in-fill survey is to be integrated with the recently completed 345 kilometre (km) 2D seismic survey on Blocks IV and V, which is undergoing processing.
EXCISE DUTY ON OIL PRODUCTS DECREASES
November 11, Ulaanbaatar, Mongolia, /MONTAME/ On its regular meeting held Wednesday, the cabinet discussed an issue of decreasing excise tax on some oil products.
Excise tax on AI-92 petroleum, imported through Sukhbaatar, Zamyn-Uud and Altanbulag border check-points, has been decreased to Tgs 170 thousand from Tgs 200 thousand per tonne. The size of excise duty for on diesel fuel has been decreased to Tgs150 thousand from Tgs 210 thousand.
The government has decided to hold unchanged the excise duty for petroleum and diesel fuel being imported through the remoted border check-points. This decision will come into effect from 12 November 2010 and will allow to keep the prices of oil products comparatively stable in the domestic market.
The reason these changes in the excise duty on fuel are made is that AI-92 petroleum price to be supplied in November increases Tgs 41 thousand per tonne, diesel--by Tgs 184 thousand and A-80 petrolium--by Tgs 81 thousand.
EU to Grant €15M Financial Aid to Mongolia 2011-2013
November 11, Ulaanbaatar, Mongolia, /MONTSAME/ On Thursday, November 11, in the State palace ran a signing ceremony of Memorandum of mutual understanding on the Multiannual Indicative Plan /MIP/ between European Union /EU/ and Mongolia for the period of 2010- 2013. The Memorandum has been inked by Finance minister of Mongolia S. Bayartsogt and by Mr Michael Pulch, a deputy head of EU delegation to Beijing at presence of the Ambassadors of EU member-countries in Mongolia.
The MIP 2011-2013 provides the framework for future bilateral cooperation of 5 million euro per year, representing a 40 percent increase of funding to Mongolia as compared to the 2007-2011 period.
According to the Memorandum, EU will grant a non-refundable financial aid worth 15 mln to Mongolia that will be allocated to two major programmes--eight mln euros will be spent on implementing the programme in support of public sector employees' capacities within the objective set by the Governement of Mongolia to adopt European standards in the country, and seven mln. euro programme will be carried out in support of Technical and Vocational Education AND Training.
Copper May Drop After Advancing to Record Price, Survey Shows
Nov. 12 (Bloomberg) -- Copper may drop as investors judge that the metal's climb to a record level leaves prices no longer reflecting the outlook for demand, a survey showed.
Eight of 15 analysts, investors and traders surveyed by Bloomberg, or 53 percent, said the metal will fall next week. Seven predicted higher prices. Copper for delivery in three months was up 2.4 percent for this week at $8,865 a metric ton at 1 p.m. yesterday on the London Metal Exchange after reaching an all-time high of $8,966.
"All of these commodities are in unsustainable price bubbles," said Donald Selkin, chief market strategist at National Securities Corp. in New York.
LME copper's 14-day relative strength index, a gauge of whether a commodity is overbought or oversold, rose above 69.5 this week, data compiled by Bloomberg shows. That's near the level of 70 viewed by some analysts who study technical charts as signaling a potential impending drop. The metal touched its previous peak of $8,940 a ton in July 2008.
…
The weekly copper survey has forecast prices accurately in 52 of the past 111 weeks, or 47 percent of the time.
Australia
Shares notch worst week in 3 months
November 12 (AAP) Australian shares posted their worst week in three months as a sell off of commodities sent resources stocks lower.
National Australia Bank and Westpac joined CommBank and ANZ bank in lifting their standard mortgage lending rate by more than the Reserve Bank's 25 basis point move. NAB's rates will rise by 43 points on Monday, with Westpac's going up by 35 basis points the following day.
In late-afternoon trade, the benchmark S&P/ASX200 index was off 35.3 points, or 0.7 per cent, at 4693.2, while the broader All Ordinaries index fell 31.6 points, or 0.7 per cent, to 4778.7.
At current levels, the ASX200 is off about 2.3 per cent for the week, its worst performance since the middle of August.
Need2know:
Australian dollar drops to 99 US cents
Asian stocks slide on China concerns
Gold futures sink to $US1385 an ounce
Oil futures hover at $US86 a barrel
Dow futures down 68 points to 11,174
European stock futures down 1-2%
Among major sectors for the day, financials were down 0.9 per cent, materials slipped 0.7 per cent, gold stocks were off 1.1 per cent, and energy stocks were off 0.3 per cent.
The dollar fell below parity overnight, as growing worries over euro-zone debt strengthened the US dollar. The Aussie was recently trading at 99 US cents.
…
Big miners
Among the miners, BHP Billiton was down 29 cents at $44.30, Rio Tinto was 50 cents weaker at $86.86 and Fortescue Mining was up six cents at $6.86.
In the energy sector, Woodside was up 34 cents at $43.08, Oil Search gave up five cents to $6.52 and Santos was four cents cheaper at $13.37.
The spot price of gold in Sydney at 1622 AEDT was $US1,386.50 per fine ounce, down $US21.90 from Thursday's local close of $US1,408.40.
…
Preliminary national turnover was 3.06 billion shares worth $5.5 billion, with 486 stocks up, 660 down and 356 unchanged.
At 1617 AEDT, the December share price index futures contract was 34 points lower at 4,708 points, with 31,227 contracts traded.
<Mogi & Friends Fund A/C>
Commitment from New Investors
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.
November 12 (Mogi) In my last entry, I mentioned that Mogi & Friends Fund has put a A$10K subscription for Haranga Resources IPO shares. As reported earlier this week, Haranga has lodged its Prospectus on Monday and is on track for December 10 listing.
I also stated in my last entry that the Fund is open to more "Friends", as I'm reluctant to sell in order to buy. My first and only investment has proven successful, reaching as high as 58%, but in my opinion has not reached its full potential.
Accordingly, I began my Mogi & Friends Fund "Roadshow" with close contacts. I'm happy to report that preliminarily I have received commitments for over A$10K more investment in the fund. Well enough to cover the Fund's Haranga Subscription.
The "Roadshow" continues!
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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