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 16, 2010 |
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| Code | Last | $ +/- | Bid | Offer | Open | High | Low | Volume |
| HUN | 1.160 | -0.020 | 1.160 | 1.165 | 1.190 | 1.205 | 1.135 | 746,703 |
| 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 | 0.300 | -0.005 | 0.295 | 0.300 | 0.305 | 0.320 | 0.300 | 2,453,576 |
| GMM | 0.130 | 0.010 | 0.115 | 0.130 | 0.120 | 0.130 | 0.120 | 130,000 |
| LRL | 0.265 | 0.000 | 0.260 | 0.265 | 0.265 | 0.265 | 0.265 | 359,594 |
| LEI | 32.250 | -0.250 | 32.200 | 32.500 | 32.500 | 32.600 | 32.050 | 827,234 |
| RIO | 86.440 | -0.600 | 86.400 | 86.450 | 87.200 | 87.200 | 85.830 | 2,178,147 |
| BHP | 44.450 | 0.310 | 44.390 | 44.460 | 44.420 | 44.560 | 44.050 | 12,386,712 |
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
Petro Matad spuds Davsan Tolgoi-4 well in Mongolia
November 16 (Proactive Investors) Petro Matad (LON:MATD) said it spudded the Davsan Tolgoi-4 (DT-4) exploration well, which could be the last well to be drilled in 2010 on the Greater Davsan Tolgoi prospect in Mongolia's Block XX.
The company announced plans to drill the well last week, when it announced it secured a specially 'winterised' rig in eastern Mongolia.
The DT-4 well is being drilled vertically to an estimated target depth of approximately 2,020 metres. The well is being drilled by contractor DQE International.
A further announcement will be made once drilling is completed, or as appropriate. The well will test a four-way fold closure which forms part of the previously untested Davsan Tolgoi West 1 prospect. DT-4 is 3.4 kilometres west of DT-1.
Early this month, 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.
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Davsan Tolgoi West has an estimated 21 million barrels of oil and it is separate from the Greater Davsan Tolgoi prospect.
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Under normal Mongolian winter conditions the specialised rig can operate until mid-December. However Petro Matad said that conditions are unpredictable and can be severe.
DT-4 is scheduled to be completed before mid-December, but mid-winter conditions in Mongolia are unpredictable and can be severe. Accordingly the company said it is reluctant to forecast the possibility of commencing what would be a fifth well, DT-5, in calendar year 2010 although the contract with DQE extends to drill a further well using the same rig.
Mongolian govt approves Prophecy Resource's environmental impact report for Chandgana coal project
November 16 (Proactive Investors, UK) Prophecy Resource Corp (TSX-V:PCY, OTCQX: PRPCF, FSX: 1P2) said Monday that the detailed environmental impact assessment (DEIA) report pertaining to the company's Chandgana coal project has been approved by the Mongolian government.
The company said that the study concludes that there are no major impediments to the project, which aims to build a coal-fired plant serviced by coal produced from the site. The DEIA is a 139 page document, which was prepared by an independent Mongolian environmental consulting firm, and considers social and labour issues, climate and environmental circumstances of the proposed project.
Prophecy has been planning the construction of a pit-mouth 600MW coal fired power plant at Chandgana. Mongolia, with a population of 2.7 million and an aging installed base of 650 MW, runs an energy deficit of over 120 MW, which is made up from Russian electricity import at over US 7 cents per kilowatt hour. The deficit is expected to balloon to 500MW by 2013, fueled by its GDP growth and new mill and smelter openings.
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The company, which controls over 1.4 billion tons of open-pittable thermal coal in Mongolia, said it is currently evaluating proposals and offers on off take, design and construction agreements as well as investment.
Prophecy jumped more than 15% on Monday, trading at $1.07 as of 12:30pm EST.
SouthGobi May Report Profit Next Year as Sales Rise
Nov. 15 (Bloomberg) -- SouthGobi Resources Ltd. (TSX:SGQ, HKG:1878), a coal producer backed by China's sovereign wealth fund, may post a profit next year as increased output boosts sales by two-thirds, Chief Executive Officer Alexander Molyneux said.
The Toronto and Hong Kong-listed coal producer may expand sales to 4.5 million metric tons in 2011 from about 2.7 million tons this year, Molyneux said in an interview.
The coal producer posted a loss of $110.8 million last year after the startup of its Ovoot Tolgoi mine in Mongolia and costs increased. The company may report "robust" earnings next year as production expands, according to Molyneux in April.
SouthGobi will produce more higher-quality coking coal to ramp up sales, Molyneux said in his office in Hong Kong today. The company has been investing in mining equipment at Ovoot Tolgoi pit to help boost output, he said.
The coal producer's mining operations made a loss of $6.7 million in the third quarter and revenue slumped 44 percent to $6.6 million partly because of sales of lower-quality coal with a higher ash content, the company said in a statement on Nov. 11.
The shares have fallen 23 percent since it started trading in Hong Kong on Jan. 29, compared with the 19 percent gain in the benchmark Hang Seng Index. SouthGobi rose 2.8 percent to close at HK$85.75.
SouthGobi may post a loss of $139 million this year, falling to $20.5 million next year, according to a median estimate of three analysts surveyed by Bloomberg. Nine out of 11 analysts surveyed by Bloomberg rate the stock a "Buy," while two rate the stock a "Hold."
The coal producer aims to get a mining license for a second pit in Mongolia by the year-end, Molyneux said on Aug. 13. About $205 million is needed to develop the mine, according to the chief executive.
China Investment Corp., the nation's sovereign wealth fund, owns about 13 percent of the mining company's shares.
AMEC Awarded Oyu Tolgoi Mining Deal In Mongolia; Fee Undisclosed
November 16, LONDON (Dow Jones)--AMEC PLC (AMEC.LN), an international engineering and project management company, Tuesday announced it has been commissioned for an undisclosed fee by Oyu Tolgoi LLC to undertake the feasibility study for Lift 1 of the underground Hugo North block cave operation of its copper and gold mining project in Mongolia.
MAIN FACTS:
-Over the next 25 months, AMEC will work with Oyu Tolgoi's engineering team to develop designs, specifications, cost estimates and a construction schedule for an 85,000 tons-per-day block cave operation.
-Oyu Tolgoi is the world's largest undeveloped copper-gold project.
-AMEC has partnered with RSV of South Africa for shaft engineering, AC-Tek for dynamic simulation of underground conveyors and Analytical Laboratory Consultants for laboratory service design.
-Shares closed Monday at 1,112 pence valuing the company at GBP3.68 billion.
Manas Petroleum Corp.: Financial and Operations Update
BAAR, SWITZERLAND--(Marketwire - November 16, 2010) - Manas Petroleum Corp. ("Manas") (OTCBB: MNAP) is pleased to report that it has filed on EDGAR and on SEDAR its quarterly report on Form 10-Q for the third quarter of 2010. The complete document can be viewed at either www.sedar.com or www.sec.gov.
Results of Operations
Net income for the nine month period ended September 30, 2010 was $65,530,401 as compared to a net loss of $18,792,985 for the comparable period ended September 30, 2009. This increase is basically attributable to three components. Firstly, Manas realized a gain from the sale of its subsidiary in Albania of $57,850,918. Secondly, the value of Manas' investment in associate, i.e. Petromanas Energy Inc., increased during this reporting period by $13,635,118. Thirdly, Manas had a charge of $10,592,637 during the nine months period ended September 30, 2009 due to changes in the fair value of warrants. For the nine month period ended September 30, 2010, Manas reported a gain of $533,223 due to changes in the fair value of warrants.
Operating expenses for the nine month period ended September 30, 2010 decreased to $6,099,437 from $7,426,013 reported for the same period in 2009. This is a decrease of 18% or $1,326,576. This decrease is mainly attributable to lower personnel costs and lower administrative costs.
Liquidity and Capital Resources
The company's cash balance as of September 30, 2010 was $3,318,465. Total current assets as of September 30, 2010 amounted to $3,986,616 and total current liabilities were $428,543 resulting in a net working capital of $3,558,073. In addition, of the 200,000,000 common shares of Petromanas Energy Inc. held by Manas, 25,000,000 were freely tradable as of September 30, 2010. On September 30, 2010, the market value of these freely tradable shares was $8,750,000.
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Going Concern
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Management has projected that Manas will need $8,280,000 to fund its projected operations over the next 12 months and that, between net working capital and its shares of Petromanas, it does not expect that it will need additional funding from external sources to cover its commitments until October 2011. However, in order to continue operations beyond October 2011 and execute on its strategy to develop its assets, Manas believes that it will require further funds.
Recent Developments
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Mongolia
A team of geologists and geophysicists from the company's Ulan Bator office has initiated the re-interpretation of existing geological data and is planning an upcoming gravity survey. This is to further define the location of lines for the seismic campaign on blocks 13 and 14 which will consist of around 300 linear km. A plan for environmental protection and restoration to be approved by the Ministry of Environment is currently being prepared.
Data from total 451 existing wells drilled in Zuunbayan and Tsagaan Els oil fields area and in prospects were collected. All well data was translated from Russian and Mongolian into English for analysis by international experts.
On November 10, 2010, Manas announced the completion of the 2010 seismic acquisition program for block 13 and 14. The company intends to use the additional 300 km of 2D seismic data to improve its technical database and its chance of drilling a successful exploration well. After interpretation of the full dataset, it intends to decide whether it is ready to drill one or more exploration wells or acquire 3D seismic to define the drill prospects in better detail. Depending on this decision, Manas hopes to spud the first well in 2011.
Mongolia to Start Talks with Japan on Rare Earth
November 16 (UB Post) Japan and Mongolia are to launch talks on a bilateral free-trade deal, as the President of Mongolia Elbegdorj Tsakhia has arrived in Tokyo for a five-day visit. The talks include a stable supply of rare earth minerals.
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Funding sources for Development Bank identified
November 16 (news.mn) Funding sources for Development Bank identified Minister of Finance S. Bayartsogt answered questions from members of the DP group in Parliament at their meeting yesterday to discuss the draft combined budget of 2011. The MPs felt the only way large projects could be taken up without increasing the budget deficit was to get the Development Bank to provide the capital. They felt it is urgent to formulate and adopt the legal principles that would make this possible.
The head of the group, Ch. Saikhanbileg, later answered media questions.
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What are these steps?
The Government has identified five possible sources to finance the Development Bank. These include issue of domestic and foreign bonds, using the amounts received as advance payment from mining investors, and a part of the foreign currency reserves held by the Mongol Bank. Around MNT12.1 trillion can be raised this way. The DP group favors this policy.
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Committee sends property tax increase to Parliament
Novebmer 16 (news.mn) The Standing Committee on the Budget has agreed that Parliament should discuss the proposal to raise property tax from 0.6% to 2%. However, if Parliament approves the reaise, all civil representatives' assemblies will then decide whether they want the increased rates in their areas or not.
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STOCK EXCHANGE WEEKLY REVIEW
November 14, Ulaanbaatar, Mongolia, /MONTSAME/ Five stock trades were held at the Mongolia's Stock Exchange from November 8 to November 12. In overall, 895.7 thousand shares of 39 joint - stock companies totaling 739.2 mln MNT trade.
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"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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