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Close: Mongolia Related ASX Listed Companies, February 11, 2010
Hunnu Coal Investor Presentation, February 2011
February 10 (ASX:HUN) --
Haranga Resources Annual Report 2010
February 10 (ASX:HAR) --
Aspire appoints CFO and operations GM
February 11, PERTH (miningweekly.com) − Mongolia-focused coal explorer Aspire Mining (ASX:AKM) has appointed Phil Rundell as CFO and Fergus Campbell as GM of operations to bolster the company as it brings its Ovoot coking coal project into production.
Rundell would take on the role of CFO in addition to his current role as company secretary. He has over 30 years of experience as a chartered accountant.
(Oil) PRODUCTION-SHARING CONTRACTS APPROVED
February 10, Ulaanbaatar, Mongolia, /MONTSAME/ The cabinet has approved a production-sharing contract established between the Oil Authority and the "Apex-pro Investment Ltd" LLC, on carrying out activities on the "Dariganga-XXIV" area in Sukhbaatar aimag.
In accordance with the contract, the sides have agreed to improve general terms of this contract and to run negotiations on altering the draft contract. A payment for using the non-reproducible natural resources (the royalties) has been increased up to 10.75% from 10%. A minimum size of production-sharing for the governmental side will start from 43%, which used to be 40%, whereas the maximum size will start from 60%.
The cabinet has also backed in principle a draft production-sharing contract to be established between the Oil Authority and the "Mongolyn Alt" LLC, on oil exploration. It will be introduced to the National Security Council. The "Mongolyn Alt" LLC takes a responsibility to invest USD 22 million and 390 thousand for five year within the period of exploration for running geology, exploration, geophysics and seismic researches and for drilling.
25 FIELDS HAVE BEEN IDENTIFIED FOR OIL EXPLORATION AND PRODUCT SHARING AGREEMENTS HAVE BEEN SIGNED FOR 18 OF THEM UNTIL THE END OF LAST MONTH
OF THE 13 COMPANIES WORKING IN OIL EXPLORATION AND PRODUCTION, 33% ARE MONGOLIAN, 39% CHINESE, AND THE REMAINING 28% ARE FROM OTHER COUNTRIES
February 9 (M.A.D.) USD1.5 million has been invested since 1993 and 813 bore holes drilled. A million tons of oil has been produced since 1998 and 975,600 tons of this has been exported to China. The state budget has so far earned MNT144.1 billion from sale of crude and other oil-related sources.
In 2010, 295,100 tons of oil was exported for MNT57.2 billion.
After reviewing a report from Petro China Dachin Tamsag LLC, it has been decided to record that Toson-Uul XXI has a confirmed reserve of 119.02 million tons of oil. Present estimates are that 12.6 million tons of this will be produced there until 2029, earning USD1.6 billion.
Crude production and export have been increasing in recent years, following intensive exploration and exploitation in Tamsag and other basins of Dornogobi aimag. The 2010 export of 294,200 tons was 1.8 times more than in 2008.
Answering a query from P.Altangerel, Amarsaikhan said preparatory work on a draft law on petroleum was almost done and it would soon be ready for submission to Parliament. Mongolia imports all the petroleum it uses.
The import figures for 2008, 2009 and 2010 are, respectively, 884,100 tons, 779,600 tons, and 886,400 tons. Russia was the source for 98.2% of this last year, while 1% came from China and 0.8% from South Korea. With growing industrial demand, it is estimated that Mongolian consumption will increase to 1,200,000 tons in 2015
CB subscriber alleges North Asia Res (00061) on deal breach
February 10 (ETNet) North Asia Resources (00061) said it received a letter from the subscriber of convertible bonds stating that the resignation of King Jun Chih Joseph and Chan Kwan Hung as Directors on 27 January 2011 had constituted a breach of the subscription agreement.
The subscriber further alleged that the resignation of King had also constituted a change of control event as defined in the conditions, which would entitle the subscriber to require North Asia Resources to redeem all or some of the convertible bonds.
The subscriber stated in the letter that it may not exercise its right to require North Asia Resources to redeem all or some of the convertible bonds until 31 December 2011 on certain conditions.
If necessary, the North Asia Resources Group will utilize its internal resources and/or seek appropriate financing channels (such as through debt financing, equity issue or through a combination of these methods) which are considered to be most appropriate with reference to the then prevailing commercial conditions to repay and/or redeem the convertible bonds. (HL)
North Asia Res (0061) in early talks to buy mining resources
February 11 (ETNet) North Asia Resources (00061) said it is in preliminary negotiations on a possible acquisition and a possible disposal of certain mining resources which may constitute notifiable transactions.
These preliminary discussions are still in progress, and may or may not lead to the execution of binding agreements.
North Asia Resources further announced that the Board has resolved to accept the offer from the subscriber as set out in the letter regarding the convertible bonds.
Further announcement(s) may be made in relation to any material development as and when appropriate. (HL)
Mongolia Energy Declines Most in More Than a Year
February 11 (Bloomberg) Mongolia Energy Corp. (HKG:0276), the mineral and energy explorer, declined the most in more than a year in Hong Kong trading after the company was removed from the MSCI Hong Kong Index.
Winsway (01733) forms coal logistics JV in Inner Mongolia
February 1 (ETNet) Winsway Coking Coal (01733) said its wholly-owned subsidiary Inner Mongolia Haotong Energy Joint Stock Co., Ltd established a joint venture company named as Inner Mongolia Huayuan Logistic Company Limited in Inner Mongolia on 27 January 2011 jointly with Inner Mongolia Hutie Investment Center, a subsidiary of Hohhot Railway Bureau.
Huayuan Logistics will mainly engage in the business of coal and mineral products transportation logistics.
Huayuan Logistics is incorporated with a registered capital of Rmb742 million. Winsway will invest Rmb66.78 million and for a 9% equity interest in Huayuan Logistics through Inner Mongolia Haotong as the second largest shareholder after Hohhot Railway Bureau, which will hold a 20% equity interest in Huayuan Logistics through Hutie Center.
Huayuan Logistics will purchase 3,300 C70 type rail trucks for the transportation of coal and mineral products inside and outside Inner Mongolia.
As one of the shareholders of Huayuan Logistics, Winsway will be able to obtain extra railway transportation capacity from Huayuan Logistics. Winsway thus expected the quota of its railway transportation capacity will increase by about 1.2 million tons per year. (HL)
Dalanzadgad power station repaired
February 8 (news.mn) Normal power and heating supply was resumed in Dalanzadgad town in Umnugobi aimag when extensive repair work in the local power station was completed yesterday. This ended a disruption in supply that had lasted days, causing severe hardship to residents. The power station serves Dalanzadgad town, Bayandalai, Bulgan, Nomgon, Khankhongor and Khurmen soums.
The State Emergency Commission released funds from its reserve capital for the cost of repairs and necessary equipment.
LAW ON ENERGY TO BE AMENDED
February 10, Ulaanbaatar, Mongolia, /MONTSAME/ A draft amendment to the law on energy was discussed and backed at the regular cabinet meeting held Wednesday.
The amendment, to be submitted to parliament later, has been initiated in order to index the price of electricity, reduce negative influences of losses created by sudden factors and force majeure, to tackle financial sources for creating an energy safety stock and to create a legal environment.
The amendment states that the government has rights to approve rules for indexing energy prices and tariffs, endorse a list of the energy safety stocks, collect resources and tackle its capital source, and to approve a market rule to regulate trade activities of the unified network.
Additional clauses have been placed in the law's chapter on rights and responsibilities of state central administrative bodies as making and approving some rules for drawing up energy sector's policy, fixing the periods of heating, implementing human resources policy.
PREMIER TO PAY OFFICIAL VISITS TO AUSTRALIA AND SINGAPORE
February 11, Ulaanbaatar, Mongolia, /MONTSAME/ The Prime Minister of Mongolia S.Batbold will pay official visits to the Republic of Singapore on February 16-19 and to Australia on February 19-24. He has been invited by his counterparts of the countries Mr. Lee Hsien Loong and Mrs. Julia Gillard.
The Premier S.Batbold is to hold talks with the prime ministers of Singapore and Australia, and share views on the bilateral friendly relations and widening the cooperation in the trade, investment, science, technical and other spheres. During the official visits, the Mongolia-Singapore and the Mongolia-Australia business forums will be held.
In addition to it, the Premier will give a lecture on development of Mongolia in the Lee Kuan Yew School of Public Policy, and will open an international exhibition called "Heritage of Chingis Khaan" to be mounted in the Marina Bay Sands Art Museum.
In frames of the official visit to Australia, the Premier will sign memorandums to be established between the ministries of agriculture and education of the countries, and between the National University of Australia and the Mongolian State University.
<Mogi & Friends Fund A/C>
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.
As mentioned previously, Mogi & Friends is taking part, its 2nd time, in a capital raising. This raising is in connection to a reverse takeover. Re-quotation is scheduled for next week.
Fund return is at 139%, considering the 10K invested in the raising at face value.
· 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
CPS International LLC
Suite 906, Central Tower
Sukhbaatar District, Ulaanbaatar