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, January 21, 2010 | | |||||||
Code | Last | $ +/- | Bid | Offer | Open | High | Low | Volume |
1.380 | -0.030 | 1.350 | 1.380 | 1.390 | 1.390 | 1.345 | 1,216,341 | |
0.055 | -0.006 | 0.055 | 0.056 | 0.059 | 0.066 | 0.054 | 40,640,544 | |
0.490 | 0.000 | 0.450 | 0.490 | 0.490 | 0.490 | 0.490 | 60,000 | |
0.735 | -0.035 | 0.725 | 0.740 | 0.760 | 0.760 | 0.710 | 1,218,552 | |
0.145 | -0.005 | 0.145 | 0.150 | 0.150 | 0.155 | 0.145 | 418,000 | |
0.340 | 0.010 | 0.340 | 0.355 | 0.330 | 0.350 | 0.325 | 452,791 | |
0.635 | -0.015 | 0.630 | 0.650 | 0.640 | 0.640 | 0.600 | 537,290 | |
0.695 | -0.040 | 0.685 | 0.695 | 0.740 | 0.740 | 0.680 | 654,767 | |
31.300 | -0.050 | 31.150 | 31.300 | 31.490 | 31.500 | 30.890 | 770,171 | |
84.380 | -1.190 | 84.370 | 84.400 | 84.490 | 84.750 | 84.040 | 3,505,637 | |
44.710 | -0.480 | 44.700 | 44.710 | 44.600 | 44.730 | 44.240 | 13,545,796 | |
Source: asx.com.au
Mongolian Government Pressing for TT IPO by May-June
January 20 (Reuters Press Digest) –
SOUTH CHINA MORNING POST
-- The Mongolian government is pressing ahead to hold an initial public offering of shares in the Tavan Tolgoi coal deposit before May or June in Hong Kong, London or Mongolia, an official from the Mongolian State Property Committee said. Investment banks have been asked to pitch for roles advising on the offering by Jan. 31, according to people with knowledge of the situation.
Every Citizen of Mongolia Would Own 550 Shares in Tavantolgoi
January 21 (UB Post) The Government has established a working group led by First Deputy Prime Minister N. Altankhuyag to monitor implementation of Parliament’s protocol No.39.
Minister for Mineral Resources and Energy D.Zorigt, Minister for Finance S.Bayartsogt, Minister for Road, Transportation and Urban Development Kh.Battulga and Chairman of Cabinet Secretariat of the Government Ch.Khurelbaatar are included in the working group.
Its responsibility is to implement open tender selection for Tavantolgoi mine’s consortium of domestic and foreign investors along schedule. Head of working group N.Altankhuyag, Director of Erdenes Tavantolgoi LLC B.Enebish and Chief of State Property Committee D.Sugar met with journalists to give information about Tavantolgoi issue.
Officials inform that international consortium tender selection will be discussed on January 24; while the operating company’s tender selection’s discussion will take place on January 27. A preliminary plan was processed to distribute 10 percent of Tavantolgoi shares equally to the people. According to this, every citizen of Mongolia would own 550 shares. The citizens should open private account due to share owning. Furthermore, economic entities could buy 30 thousand shares by nominal price from the Government. There are 43 thousand economic entities at present. But economic entities with foreign investment over 25 percent could not own Erdenes Tavantolgoi shares. Economic entities that have been established before June 30, 2010 and paid all the taxes have the right to own shares and sell shares to others.
Mongolia (OT) deal a big win for Fuller Industrial
January 18 (Northern Ontario Business) Fuller Industrial, a Sudbury-based company specializing in rubber linings, pressure piping and pipe and fitting fabrication, has clinched a deal in Mongolia.
The company will supply almost six kilometres of rubber-lined pipe and fittings for the concentrator being built by the Ivanhoe Mining / Rio Tinto Oyu Tolgoi project. Slated for production in 2013, this will be one of the world's largest copper and gold mines.
Fuller will produce the goods and manage the project from its Sudbury plant.
The project begins in the first quarter of 2011 and is scheduled for completion in the fall.
63% of OT Project Staff is Mongolians
January 21 (UB Post) At the last meeting of the Cabinet on Wednesday, Minerals and Energy Minister D. Zorigt introduced latest updates on the implementation of Oyu Tolgoi Project to exploit gold and copper in Oyu Tolgoi Deposit.
The Government of Mongolia and the investor are taking all necessary actions to comply with the plan of actions to be done in six months after the signing of the Investment Agreement and to provide the validating conditions of the Agreement.
For instance, in November 2009 “Ivanhoe Mines Mongolia Inc” was renamed “Oyu Tolgoi” LLC under the Shareholders Agreement.
On March 31, 2010, the Mongolian Government confirmed that the procedural and administrative conditions contained in the Investment Agreement had been satisfied within the allocated six-month period that has followed the agreement’s official signing in October 2009. The comprehensive Investment Agreement now has taken full legal effect.
Initially, commercial production of the Oyu Tolgoi Project was planned to start in 2013 as stated in the Feasibility Study. “Commercial production can start in 2012 because the Oyu Tolgoi complex construction is progressing ahead of schedule” said Zorigt.
If to compute that the world price of pure copper fluctuates at US$4408.0 in average during the project term, Mongolian side is estimated to earn US$29.1 billion from the Oyu Tolgoi Project as various taxes, levies and dividends, while the investing side is estimated to make US$25.7 billion in total.
Following the Investment Agreement took full legal effect on March 31, 2010, the state-owned “Erdenes MGL” LLC of Mongolia became fully entitled entity to represent the Government of Mongolia and own 34 percent of shares of Oyu Tolgoi LLC pursuant to the Shareholders Agreement. Since March 31, 2010, meetings of Board of Directors and Shareholders of “Oyu Tolgoi” LLC took place twice respectively.
After repeated talks, the sides agreed to set up a Steering Council of Oyu Tolgoi LLC with the staff of three persons.
As Minister Zorigt said, 63% or 5700 of all 5700 employees and workers in the Oyu Tolgoi Project is of Mongolian nationality as of October 2010.
Since the beginning of 2010, US$887.0 million worth contracts were awarded under the OT Project to companies operating in Mongolia. Additionally, there is a fresh list of work and service worth US$238.8 million to be executed by Mongolian companies.
There are 2400 Mongolia-registered companies that supply services and products to OT Project.
Quick View: London’s Mongolian manoeuvre
January 20 (FT) Mongolian yak butter futures, anyone?
This week the London Stock Exchange said it had agreed a “strategic partnership” with the Mongolian Stock Exchange.
The what?
Does the LSE really share any strategic interests with a tiny stock exchange on the outer fringes of the world – one established only in 1991?
Actually yes. The LSE is, together with the Canadian exchanges operated by TMX Group, the biggest home to mining and energy company listings in the world.
And Mongolia has vast untapped reserves of coal, copper and gold, as investors and prospectors are realising. Mongolia is the latest frontier market du jour, as FT colleague Geoff Dyer explains in a piece this week reported from Ulan Bator.
A piece we ran in October had this headline: “Laugh if you like, but Mongolia is a serious play”.
…
D. Sugar, chairman of the Mongolian State Property Committee, which owns the Mongolian bourse, said the London exchange would help create “a new capital markets infrastructure worthy of Mongolia’s increasing significance on the world stage”.
The agreement provides for the usual technical assistance and advice. But it also stipulates, interestingly, that the LSE will “appoint a management team at the Mongolian Stock Exchange to oversee its development and privatisation”.
MillenniumIT, the Sri Lankan company that the LSE bought in 2009, is to provide trading technology and surveillance systems. So this looks quite involved.
In future it may not be far-fetched to see the Mongolian exchange trading in securities of Rio Tinto, the mining giant that is building a vast new copper mine in the country, as well as the many smaller miners who see Mongolia as the “next great frontier” of the industry.
And for the LSE, the obvious long-term goal is to attract Mongolian energy and mining companies to list in London. The LSE already has one Mongolian company listing: Petro Matad, an oil and gas explorer, which listed on Aim in May 2008.
Can it be long before we see yurts erected in Paternoster Square?
Mongolia makes tracks to escape neighbour
January 19 (FT) In October, a train with 30 coal wagons left Ulan Bator destined for the Russian port of Vostochny, the first rail freight service to link the Mongolian capital with the Pacific coast. It took four days to travel the 4,769km.
Waved off by Russian and Mongolian dignitaries, the train was important because of where it did not go. The coal came from Tavan Tolgoi, a vast and largely untapped reserve in the South Gobi Desert, which also happens to be less than 200km from the border with China.
Landlocked and long ignored, Mongolia is using an instrument of 19th-century geopolitics – railway-building – as a means of navigating 21st-century globalisation.
The country is at one of the sweet spots of the global economy. It sits atop huge deposits of the commodities that China needs to feed its growth.
Yet Mongolia is also one of the countries most unsettled by China’s rise. Having freed themselves from Soviet rule two decades ago, Mongolians fear they will be smothered by China. To avoid becoming captive to Chinese demand, Mongolia is planning an expensive rail network to link into Russia, its Pacific ports and, beyond that, to other Asian markets.
“The opportunity to go to an eastern Russian seaport provides us with some comfort,” says Sukhbaatar Batbold, Mongolia’s prime minister. “We want to create a balance of interests among the partners working with Mongolia.”
Mongolia’s insecurity is an acute version of the anxiety that is starting to be felt across Asia, and which could yet become a barrier to China-led integration of the region.
The dynamism of the Chinese economy has never been more attractive in Asia. China’s urbanisation plans and growing consumer market are likely to make it the anchor of the regional economy for several decades to come.
Yet amid signs that China is more determined to flex its diplomatic muscles, Mongolia is not the only Asian nation worried about being pushed around. South Korea, Japan and Vietnam have all strengthened military ties with the US over the past year.
…
The economy will also have to navigate the capital inflows that will start from 2013, when operations at the two large mines in the south start to ramp up. The central bank is trying to develop tools to prevent sharp currency appreciation, which could damage non-mining sectors. As Lhanaasuren Purevdorj, governor of the central bank, says: “Our currency war begins in 2013.”
Reagan inspired Mongolia's president to seek democracy
January 19 (USA Today) Tsakhia Elbegdorj never met Ronald Reagan. Yet the young Mongolian found the American president's words so inspiring while he was studying in the Soviet Union during the 1980s that they changed his life — and the course of his own country.
After hearing Reagan denounce the Soviet Union as "an evil empire" and then watching Soviet President Mikhail Gorbachev institute reforms, Elbegdorj became a leader in the effort to transform his native land from longtime Soviet influence to democracy and free markets.
Now, as Mongolia's democratically elected president, Elbegdorj has hung a portrait of Reagan and his frequent ally, former British prime minister Margaret Thatcher, on the wall of his office in Ulaanbaatar, also known as Ulaanbaatar.
Elbegdorj, who was born in 1963, remembers the electrifying impact Reagan had on students behind the Iron Curtain.
"Most of the young people, my generation, actually thought that the Soviet Union was evil ..., but we couldn't tell that," Elbegdorj said in a telephone interview with USA TODAY from the Mongolian capital. "But President Reagan said that — 'evil empire' — and he also related with the Berlin Wall: 'Tear down this wall, Mr. Gorbachev.'
…
The non-partisan Freedom House now rates Mongolia as "free," rating it "2" — 1 represents countries with the most freedom, 7 those with the least — on both civil liberties and political rights.
His nation still has many problems, Elbegdorj acknowledges, and the democratic process can be difficult. "This is often a mess," he says. "But this is a nice mess."
More power to the Mongolian people
January 20 (Oliver Belfitt-Nash for bne) Residents wake everyday to thick smog and the whiff of open coal fire smoke that clings to clothes. On warm days power cuts are still common enough to be the bane of computer users but uncommon enough to cause them to act to prevent losing all their work next time it happens. Welcome to Ulaanbaatar, Mongolia's capital.
Economists stare in awe at Mongolia's natural resources and the predicted economic growth rates they will back, but you'll have a hard time persuading a shivering family whose heating has been cut off on a -40° Celsius night that Mongolia is an economic wunderkind.
The country's infrastructure can barely support the population as it is, and with a development sprint about to start, the locals are beginning to worry about the effects from all this growth. Roads must be built, services improved, jobs created and corruption quashed, but nothing is possible without more electricity.
…
<Mogi & Friends Fund A/C>
148.5%
Mogi & Friends Fund is a tiny fund of A$21.8K I created in late September with a few friends to put my own (and a few friends’) money where my mouth (just mine) is.
Down a bit from high.
Mogi
Disclosures
· I personally and through my “Mogi & Friends Fund” hold 75,000 HAR shares in aggregate.
· Jason Peterson, CPS Securities Director, holds shares (approx. 6,500,000) and options (1,000,000) in HAR.
· CPS holds 500,000 options in HAR for corporate advice provided to HAR – Jason Peterson is a 33% shareholder in CPS.
· CPS and CPSI directors and employees hold shares in HAR and may buy and sell these shares as and when they see fit.
· Jason Peterson is a non-executive director of HAR but not involved in the day to day running of HAR.
· CPS has received an IPO management fee of $250,000 and a 5% fee for any funds placed to its clients under the prospectus.
· HAR has paid for Jason Peterson’s travel and accommodation expenses to and in Mongolia – this must be disclosed as a soft dollar commission.
· Please refer to the prospectus for further disclosures.
---
"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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