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, February 18, 2010 | | |||||||
Code | Last | $ +/- | Bid | Offer | Open | High | Low | Volume |
0.125 | 0.010 | 0.125 | 0.130 | 0.120 | 0.135 | 0.120 | 45,628,892 | |
1.220 | 0.010 | 1.195 | 1.220 | 1.170 | 1.220 | 1.170 | 469,970 | |
0.580 | 0.010 | 0.570 | 0.580 | 0.570 | 0.580 | 0.520 | 666,481 | |
0.710 | 0.030 | 0.700 | 0.715 | 0.685 | 0.720 | 0.680 | 731,451 | |
0.500 | 0.050 | 0.480 | 0.520 | 0.470 | 0.500 | 0.470 | 38,300 | |
0.026 | 0.002 | 0.026 | 0.027 | 0.025 | 0.029 | 0.025 | 17,517,358 | |
0.010 | 0.000 | 0.010 | 0.011 | 0.000 | 0.000 | 0.000 | 0 | |
0.140 | 0.000 | 0.135 | 0.140 | 0.140 | 0.140 | 0.140 | 38,000 | |
0.355 | 0.000 | 0.340 | 0.355 | 0.360 | 0.360 | 0.355 | 116,885 | |
0.640 | -0.005 | 0.635 | 0.640 | 0.645 | 0.645 | 0.635 | 562,585 | |
31.370 | -0.420 | 31.370 | 31.390 | 31.760 | 31.880 | 31.250 | 1,101,281 | |
87.610 | -0.040 | 87.580 | 87.890 | 87.270 | 87.700 | 87.070 | 1,542,694 | |
46.560 | -0.080 | 46.550 | 46.580 | 46.370 | 46.610 | 46.270 | 7,568,130 | |
Source: asx.com.au
Mogi: MMC shares are up 44% after listing in October from its offer price as of Friday. Up 64% at its all-time high. Real-time quotes at ETNet
MMC Corporate Presentation, February 2011
February (Mogi) Mongolian Mining Corporation (HKG: 0975) presents its Corporate Presentation, dated February 2011.
Mongolia PM sees sovereign bond issue early as H2 2011
* Issue as early as H2 2011, latest next year
* Mongolia sits on vast mineral deposits
* Govt to appoint bankers to manage IPO on coal mine
SINGAPORE, Feb 18 (Reuters) - Mongolia's prime minister said on Friday the country may issue a sovereign bond as early as the second half of this year.
"We are still working on it. The latest is next year, but it might be in the second half of this year. We might come with a bond issue," said Sukhbaatar Batbold, who was in Singapore attending a lecture at the National University of Singapore.
Last November, an official of the Mongolian central bank in London said the north Asian nation may raise as much as $700 million from a debut international bond issue.
The bond could be launched in early 2011, Enke Enkhjargal, chief representative of the London office of Mongolia's central bank, said at that time.
…
Steel Authority Seeks to Acquire Coking Coal Mines in Mongolia
February 18 (Bloomberg) Steel Authority of India Ltd., the nation’s second-largest producer, is seeking to purchase at least two coking coal mines in Mongolia, which holds the world’s largest deposit of the steelmaking raw material.
Steel Authority, in talks to build a $3 billion factory in the land-locked North Asian country, aims to buy one mine itself and another through a venture with other state-run metal and energy companies, Chairman C.S. Verma told reporters today in New Delhi. The company asked the Indian government for bi- lateral assistance for the mines, he said, without giving details about the size, location or time of investment.
Mongolia, which shares a border with China and Russia and has some of the world’s largest untapped mineral reserves, is seeking developers to help it feed demand for raw materials from its neighbors, while maintaining control over the deposits. The Tavan Tolgoi region holds more than 6 billion metric tons of coal in the deserts of southern Mongolia.
International Coal Ventures Ltd., in which Steel Authority holds a 26 percent stake, has bid for a Mongolian block estimated to hold 1 billion tons of coal, Steel Secretary P.K. Misra said on Jan. 31. As much as 70 percent of the deposit may be coking coal, he said.
…
Related article:
India's Steel Authority Plans a $3-Billion Mongolia Plant – WSJ, February 18
Fortescue puts Mongolian coal on the menu
February 18 (AAP) Fortescue Metals Group has expressed interest in acquiring the Tavan Tolgoi coal deposit in Mongolia, but insists it remains focused on iron ore.
Executive director Russell Scrimshaw says the miner is ‘‘very focused’’ on expanding its iron ore operations in Western Australia’s Pilbara region, but will also consider coal mining in Mongolia.
He said Fortescue had submitted a capability statement and expression of interest for the Tavan Tolgoi asset.
‘‘In Mongolia, we responded to an expression of interest, so we’re one of a large number of people, and we’ll just see what happens with that one,’’ Mr Scrimshaw told a media teleconference today.
‘‘It’s reflective of the fact that our customers ask us first of all ‘how much iron ore can I have? Please, I want some more’, but also ‘what other things can you provide to me?’.
‘‘So we will always look at good opportunities if they are there and, of course, if we choose to pursue them, we’ll let the market know.’’
Tavan Tolgoi is reportedly the world’s largest untapped coking coal deposit and bidding to acquire it is fierce.
Reports claim steelmaking giant ArcelorMittal and the world’s largest iron ore miner, Brazil’s Vale, are among 15 bidders vying for the project.
It was revealed in August last year that Fortescue was considering branching into coal when the miner advertised in an Aspermont publication for a specialist coal geologist to assess opportunities offered to Fortescue.
Mr Scrimshaw said Mongolia was becoming a top mining region.
‘‘Mongolia is a rapidly growing resources opportunity, as are many other parts of the world. So, may I add, is the Pilbara. ‘‘That’s our principal organisation focus in the months and years ahead.
‘‘The Pilbara has proven to be a wonderful home for us and we will continue to grow that opportunity.
‘‘Being a big and successful company that we now are, we regularly see opportunities presented to us all over the world.’’
Mongolian equities: “Ulan Qatar”?
February 18 (FT Blog) Mongolian equities were the world’s best performing last year, gaining an eye-watering 140 per cent in dollar terms. It is, it seems, the place to buy into China’s booming demand for commodities – mainly coal – and has investment bankers literally slugging it out for a piece of the business.
If 2010 was the year when equities on the exchange in Ulan Bator, the capital, skyrocketed, then 2011 looks like the year they went into orbit.
Here’s what the MSE20 (read Leslie Hook’s account of the Mongolian boom here) has done since the start of 2010 (FYI: it’s up 370 per cent). This year it’s already up over 100 per cent again, and almost 300 per cent in local currency. You have to wonder whether, with Mongolia’s citizens entitled to share of any state-owned assets listed on the exchange, the country’s 2.7m people may one day enjoy GDP per capita akin to Abu Dhabi or Qatar.
…
TNK-BP and the Mongolian Oil Agency sign Memorandum of Understanding
February 19 (The FINANCIAL) -- TNK-BP and the Mongolian Government Oil Agency have on February 18 signed a memorandum of understanding concerning the delivery of Russian oil products to Mongolia.
The Document was signed by Jonathan Kollek, the TNK-BP Vice-President for sales, trading and logistics, and by Amraa Tsengemaa, deputy director of the Mongolian Oil agency.
In accordance with the memorandum, TNK-BP will consider the possibility of concluding mutually beneficial agreements with Mongolian companies on the delivery of oil products. The mix of products, delivery methods, technical characteristics, prices and terms of payment will be agreed between TNK-BP and the Mongolian participants, as determined by the Mongolian Oil Agency.
In the case of such agreements being concluded, TNK-BP will then explore the opportunity of delivering oil to Mongolian Refineries, as soon as their respective operations start.
“TNK-BP’s emergence into the dynamic and developing Mongolian market will help to promote a competitive environment and to satisfy the growing demand for quality oil products. One of TNK-BP’s priorities is to diversify our sales markets, and the development of the Mongolian economy is opening up promising prospects for the expansion of our business in the country,” said Jonathan Kollek, TNK-BP Vice-President for sales, trading and logistics.
Mogi: ERD closed 3.5% higher on the release. Up 345% in last 6 months
Erdene's Zuun Mod Results Continue to Enhance Potential of Copper and Molybdenum Porphyry Complex in Mongolia
Drill Results Include 118 metres of 0.11% Molybdenum and 0.10% Copper.
HALIFAX, NOVA SCOTIA--(Marketwire - Feb. 17, 2011) - Erdene Resource Development Corp. ("Erdene") (TSX:ERD) is pleased to provide the complete results from the 2010 drill program at its Zuun Mod molybdenum and copper project in southwestern Mongolia.
"The recent drilling program at Zuun Mod has been a tremendous success," said Peter Akerley, President and CEO. "We have accomplished our main goal of expanding the higher-grade zones within this very large molybdenum-copper deposit and have discovered a significant new zone of porphyry copper mineralization situated over 2 kilometres from the main deposit. As a result, we are now planning an expanded drilling program to further define these exciting new results."
Highlights:
· Higher grade molybdenum and copper zones expanded within the Racetrack deposits
· New higher grade molybdenum and copper zones discovered at depth
· A significant new copper zone, Khuvyn Khar, discovered 2.2 kilometres northwest of the main Racetrack deposits
· Recent results enhance potential for further mineral resource expansion and discovery
· Major drilling program planning underway
…
Mogi: GAU closed 13% lower on the news. Down 38% in last 6 months.
Garrison International Ltd.: Update Regarding Debentures
TORONTO, ONTARIO--(Marketwire - Feb. 17, 2011) - Garrison International Ltd. (TSX VENTURE:GAU) ("Garrison") reports that it has received notices from holders of debentures having a principal amount outstanding of $1,475,000 that they consider Garrison to have defaulted on its obligations on those debentures. These debenture-holders have demanded repayment of all principal and interest due under the debentures.
The debentures were originally issued as part of a secured debt financing in December 2009 and February 2010. Debentures having a principal amount of $3,000,000 were issued in the financing, all bearing interest at 10% per annum, with interest payable semi-annually (on June 30 and December 31).
Garrison failed to make the most recent interest payment of $150,000, and has now received default notices from holders of approximately half of the secured debt.
Garrison continues to work towards making the interest payment that is now past due and otherwise returning these debentures to good standing. Management is currently negotiating with representatives of certain of the debenture-holders who have delivered default notices, and is optimistic that it will soon reach an acceptable solution to resolve this matter. In addition, management continues to pursue other corporate financing transactions to ensure that future interest and principal payments are made when due, or that would otherwise result in the debentures being retired.
Mogi: 402 dropped 85% in last 1 year.
Mongolia Inv (00402) issues no notes on Well Delight buyout
February 17 (ETNet) Mongolia Investment (00402) said no compensation note will be issued to Best State Holdings Limited regarding the acquisition of Well Delight Holdings Limited and its subsidiaries.
In June 2010, the group completed its acquisition of the entire interest in Well Delight, which together with its subsidiaries holds four mining licenses for a coal mine in Tugrug Valley, southeast of Ulaanbaatar, Mongolia.
According to the agreement, Mongolia Investment may issue compensation note to Best State in case the fair value of Camex LLC (a wholly owned subsidiary of Well Delight) and its subsidiaries (excluding the value of the TNE mine and its licenses) as shown in the second technical and valuation reports being not less than HK$1,550 million within eight months after the acquisition is completed.
However, as the technical report for the valuation of the other mines has not been completed by the deadline, no compensation note will be issued to Best State. (KL)
IMF warns Mongolia of dangers of large public spending
February 18 (Xinhua) Parmeshwar Ramlogan, Mongolia's resident representative to IMF, has warned the large government spending could result in higher inflation and surging imports, local media reported Friday.
At a press conference held here Thursday, Ramlogan said "economic growth for Mongolia for 2011 is projected to remain strong and is set to accelerate to around 10 percent. Higher copper prices and rapid increase in coal production are fueling strong export growth that has helped boost international reserves to an all-time high."
Despite positive economic signs, the representative also warned, "large government spending is creating excess demand that will result in higher inflation and surging imports. Inflation rate could reach some 20 percent by year-end."
A statement issued by the IMF warned such high inflation will have an especially hard impact on the poor by pushing the staple food items' prices even higher.
According to the Mongolian official statistics, about one-third of Mongolia's 2.8 million people live below poverty line. Mongolia had extremely severe winter in 2009-2010 and lost about 7.8 million heads of livestock animals. Poverty and high unemployment rate are increasing problems facing Mongolia.
IMF suggested the central bank of Mongolia should adopt a more proactive policy and promptly initiate a tightening cycle starting with an up-front hike in interest rates in line with the surging inflation.
Mongolia, which registered an over 6-percent increase, became one of the fastest growing economies in the world in 2010, but the surging inflation has posed a major threat to its economy.
Describes the preliminary findings of IMF staff at the conclusion of certain missions (official staff visits, in most cases to member countries). Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF's Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, and as part of other staff reviews of economic developments.
Mongolia— IMF Preliminary Conclusions Of The 2011 Article IV Mission
February 17, 2011 (IMF) The 2011 Article IV consultation discussions took place against the backdrop of a strong economic recovery in Mongolia and signs that the economy is overheating. Inflation is already too high and the large increase in fiscal spending underway will make matters worse. Discussions focused on the policies for managing the current business cycle and for ensuring Mongolia’s vast mineral deposits lead to lasting prosperity.
1. Recent developments. Growth rebounded strongly last year to 6.1 percent. This recovery is all the more impressive in light of the severe winter that led to a sharp contraction in agriculture, especially animal husbandry. The shock to food supply, however, helped drive inflation into the double digits for much of the year, led by rising meat prices. Higher copper prices and a rapid increase in coal production are fueling strong export growth that has helped boost international reserves to an all-time high.
2. Outlook. Growth this year is projected to remain strong and is set to accelerate to around 10 percent. The large increase in fiscal spending underway, however, is creating excess demand that will result in higher inflation and surging imports. Inflation could reach some 20 percent by year-end. Over the medium-term growth will be driven by an increase in mining output, with an especially large boost around 2013 when production from Oyu Tolgoi starts.
3. 2011 Budget. With around one-third of Mongolians living below the poverty line and the effects of the economic crisis and last year’s severe winter still lingering, the government’s desire to provide immediate support to the population is understandable. However, the large increase in spending this year will actually do more economic harm than good. Any immediate benefits will be dissipated through higher inflation, crowding out of private sector activity, and faster real exchange rate appreciation. So, in the end, real household purchasing power could actually go down, imports will surge as they become cheaper relative to domestically produced goods, and local business will become less competitive with knock-on effects for investment and employment. International experience also shows that such high inflation—particularly given its concentration in staple food items—will have an especially hard impact on the poor whose consumption basket contains a high share of such foods and who have little means to shield themselves from the impact inflation has in eroding their real incomes. Therefore, the 2011 budget should be amended to reduce spending substantially.
4. Medium-term fiscal framework. A sound fiscal policy is necessary for ensuring that Mongolia’s mineral wealth leads to lasting prosperity for all Mongolians. In practical terms, this means managing public spending growth in a way that (i) helps smooth economic growth (through a counter-cyclical fiscal policy); (ii) leaves room for the private sector to thrive; and (iii) provides buffers to insulate the budget—and the economy—against a downturn in global commodity prices. The adoption of the fiscal stability law last year was a landmark achievement in this regard. However, the 2011 budget is a big step backwards. The fiscal stability law will succeed only if it is strictly adhered to in letter and spirit; failure to do so will undermine its credibility and impact on preventing a recurrence of the policy driven, boom-bust cycles that Mongolia has experienced in the past. This will entail expenditure restraint in the coming years, for example by keeping spending frozen in real terms, to bring the fiscal position in compliance with the numerical rules that start in 2013. Moreover, it is equally important not to circumvent the law by using off-budget vehicles or government guarantees that would, in effect, undo the economic benefits of adhering to the law and come with the additional costs of an increase in fiscal risks and a loss of transparency. The Development Bank, public-private partnerships, and public guarantees are sources of such quasi-fiscal risk and, if such operations are to proceed, need to be managed prudently and in line with international good practices.
5. Structural fiscal reforms. The efforts underway to advance structural fiscal reforms are welcome and should proceed. A top priority is the introduction of a targeted poverty benefit, as part of social transfer reform, that would help Mongolia’s most vulnerable citizens and increase fiscal flexibility. The adoption of an integrated budget law, in line with the government’s plans, would help modernize the framework for intergovernmental fiscal relations, strengthen budget execution, and improve the planning process for public investment and medium-term fiscal policy. Efforts to strengthen the large taxpayer office should continue and will yield dividends in terms of providing better taxpayer services and larger and more efficient revenue collection. In contrast, increasing exemptions or otherwise using the VAT to target preferred sectors would prove to be highly inefficient—as well as ineffective—yet come with the costs of substantially complicating tax administration and risking revenue leakage.
6. Monetary policy. Inflation is already too high, and the substantial increase in fiscal spending underway will push it up further. There are limits to what monetary policy can achieve if budget spending this year is not scaled back. Nonetheless, the central bank should be more proactive in fighting inflation and promptly initiate a tightening cycle, starting with an up-front hike in interest rates. The central bank policy rate is already very negative in real terms and will become even more so as inflation rises. Higher interest rates will be essential in tempering the rise in inflation. Inevitably, such a tighter monetary policy stance will lessen the availability of credit to the private sector and slow private activity. This crowding out of the private sector, while undesirable, is better than the alternative of allowing inflation pressures to build-up further. However, responsibility for such crowding out lies firmly in the decision to put in place a very loose fiscal policy that the monetary authorities now need to offset with the tools at their disposal. This ongoing fight against inflation would be greatly helped by giving the central bank a more explicit mandate to make inflation the primary objective of monetary policy.
7. Macroeconomic policy mix. The expansionary fiscal policy and concomitant need for a tighter monetary policy is an inefficient policy mix. It results in macroeconomic volatility and higher inflation. The higher inflation also carries large social costs and it takes an especially hard toll on those already living in poverty, as the spike in prices reduces their purchasing power significantly. It also erodes the real value of savings and hurts those on a fixed income, such as retirees. A better macroeconomic mix would significantly scale back the increase in government spending this year and thereby reduce the amount of monetary tightening needed. This mix would result in lower inflation this year and next, a smoother growth path, lower interest rates, and less real exchange rate appreciation. Outcomes that would help improve the competitiveness of the local economy and create a better environment for the private sector.
8. Exchange rate policy. The flexible exchange rate regime has been working well over the past 1½ years. International reserves are at an all time high, and the nominal exchange rate has evolved in line with market conditions. The central bank has succeeded in dampening excess volatility in the exchange rate stemming from large and lumpy foreign exchange flows, and this intervention strategy remains fully appropriate for the period ahead. Moreover, the nominal appreciation that took place last year helped to tighten monetary conditions and reduced the increase in inflation. Looking forward, the flexible exchange rate regime will continue to be well suited for the Mongolian economy. Specifically, it will help control inflation, provide a shock absorber against external shocks, and facilitate the real exchange rate adjustment that is likely to take place over the medium-term with the rapid growth in the mineral sector.
9. Banking system. A healthy banking system is important for promoting the development of the private sector. This includes ensuring that entrepreneurs, farmers, and businesses all have access to credit on reasonable terms while safeguarding depositors’ money through effective supervision and regulation. The recent progress, therefore, in strengthening the framework for banking supervision is welcome. Now, it is critical to strictly enforce existing regulations and replace supervisory forbearance with resolute action against any banks that are not in compliance. At the same time, implementation of the Empowering the Banking Sector and Capital Support Program would offer a transparent and fair means of providing temporary financial support to any bank that needs time to come into full compliance. Prompt passage of this legislation should be a top priority. In addition, all existing and future costs of bank restructuring should be promptly covered by the budget and not borne by the central bank.
10. Medium-term outlook. The Mongolian economy has a bright economic future, as development of the mineral sector will lead to a substantial growth and an opportunity to spread prosperity to all Mongolian citizens. Such prosperity, however, is not guaranteed. Many countries have experienced the “resource curse” which underscores that the risk of failure is real, and Mongolia’s recent crisis illustrates that the cost of failure is high. Success will require disciplined macroeconomic policies, including (i) containing fiscal spending pressures and strictly adhering to the fiscal stability law; (ii) gearing monetary policy toward containing inflation, including by timely adjusting interest rates in line with the evolving price pressures; (iii) maintaining a flexible exchange rate regime; and (iv) safeguarding the banking system through prudential regulation and supervision. Pursuing such a combination of policies would leave Mongolia well poised to ensure that its mineral wealth translates into strong, sustained, and equitable growth.
* * *
The mission would like to express its sincere appreciation to the Mongolian authorities for their gracious hospitality and for the frank and candid nature of our discussions.
Singapore-Mongolia economic ties growing steadily
February 17 (CNA) SINGAPORE: Economic ties between Singapore and Mongolia are growing, said Prime Minister Lee Hsien Loong as he met his Mongolian counterpart who is in Singapore on an official visit.
Mr Lee noted that with huge mineral reserves of coal, copper, gold and uranium, the Mongolian economy has the potential to grow rapidly in the coming decade and this would create opportunities for businesses on both sides to work together.
PM Lee said: "Singapore also welcomes Mongolia's continued participation in the Singapore Co-operation Programme.
"More than 800 Mongolian officials have received training under this programme in diverse fields such as public administration, education and healthcare.
"Singapore is a small country with limited resources, but we will do our best to share our experiences in areas that are relevant and useful to Mongolia."
Mongolian Prime Minister Sukhbaatar Batbold said: "I am confident that my present visit will be an important step forward in deepening friendly ties between Mongolia and Singapore, particularly in the fields of trade, economy, investment and other sectors.
"We are keen to learn from your valuable development experience, specially from your knowledge-based economic development as well as banking and finance system, with a view to adapt them in Mongolia."
…
GTSO and Rare Earth Exporters of Mongolia Appoint New Director of Shipping and Exports
SAN JOSE, Calif.--(BUSINESS WIRE)--Green Technology Solutions, Inc. (OTCBB:GTSO) and Rare Earth Exporters of Mongolia (REE) today announced the appointment of Atarbold Chimedregzen as their new Mongolian Director of Shipping and Exports. GTSO and Rare Earth Exporters of Mongolia announced the formation of a joint venture earlier this month to procure rare-earth mining claims and operations in the nation of Mongolia.
Atarbold Chimedregzen is a citizen of Mongolia and is qualified and experienced in transporting and exporting products in and from the former Soviet state. Chimedregzen will manage shipping and export operations at the joint venture’s new transportation offices recently opened in the capital city of Ulan Bator.
The new office is located in the northern portion of the city with direct access to Mongolia’s major road and rail hub. Mongolian rail is connected to the Trans-Siberian Railway in neighboring Russia. The joint venture plans to utilize that transportation infrastructure to convey Mongolian rare-earth mining products to the international Russian seaport of Vladivostok, where they can be sent on to the U.S., Japan and South Korea without traveling through China. Rare Earth Exporters of Mongolia’s transportation strategy can be seen at http://www.rareearthexporters.com/mission.html
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Related article:
GTSO: Chinese Minister Highlights Need for Rare Earth Suppliers Outside of China – GTSO, February 18
DBS technology steppes out in Mongolia
February 18 (Farm Weekly) FORGET overnight express delivery when you're farming the Mongolian steppes.
To be precise, farming 1000km east of the Mongolian capital of Ulaanbaater.
According to Ausplow Eastern States distributor Ashley Smart, things move fairly slowly in what he describes as "frontier country".
But when it comes to establishing a crop, the pace is almost frenetic with about a four week window to sow and only hours each day to spray.
"If you haven't finished your spraying by 9am, forget it," Ashley said.
"There's just too much wind."
Ashley and his son Aaron first visited Mongolia in 2007 to set up an Ausplow 10.9m (36ft) DBS precision seeder for Melbourne-based consultant economist Chris Lightfoot, who bought a 9500ha property near the Chinese border in 2006.
"The commonly used practice is to strip-plough the previous August and after the snow melts in April, they do a weed cultivation, then sow," Ashley said.
"The strip ploughing is purposely done to minimise wind erosion in paddocks which are basically two square kilometres in size.
"The common seeding equipment used in the country is a Russian-made spring tine combine seeder, so the DBS was a real eye-opener.
"Chris is the first farmer in the area to use DBS direct drilling technology."
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Mongolian spy chief can be extradited to Germany
A Mongolian spy chief who claimed he was tricked into coming to the UK so he could be arrested can be extradited, a court has ruled.
February 18 (BBC) District Judge Quentin Purdy, at City of Westminster Magistrates' Court, ruled Bat Khurts should be sent to Germany on a European arrest warrant.
Mr Khurts, 41, is wanted for the kidnap and false imprisonment of a Mongolian national suspected of murdering a government official.
His lawyer said he intended to appeal.
Mr Khurts was allegedly involved in the 2003 kidnap of Enkhbat Damiran, who was taken from France to Berlin, drugged and flown to the Mongolian capital, Ulan Bator.
Mr Damiran was wanted in connection with the murder of Mongolia's Infrastructure Minister Zorig Sanjasuuren in 1998.
…
Related articles:
Extradition for Mongolian spy – The Independent, February 19
British Court Allows Extradition Of Mongolian Spy Chief To Germany – RTT News, February 18
British judge rules Mongolian spy chief can be extradited to Germany – Deutsche Welle, February 19
Mongolian spy chief loses British extradition case – AFP, February 19
A new start for a land where Buddha meets Louis Vuitton
February 19 (Sydney Morning Herald) Weathered old folk in fur hats and goatskin gowns and young couples wearing designer sunglasses are squeezing into Gandan monastery to lay money at the feet of a small and ornate statue of Buddha. The room has the yak butter smell of monasteries in Lhasa but the scene is otherwise more natural, lively and shambolic.
Portly old monks in maroon robes are counting bundles of money and child trainees are stifling yawns. They've been sitting and chanting all day and into the night for most of the two-week celebration for Mongolia's lunar new year.
I ask my friend what they are chanting about as he stops my coat from catching fire on the coal stove. ''I don't really know,'' he says. ''Actually, nobody does. It's all in Tibetan - we just have to trust them.''
Ninety-eight per cent of the country's 2.7 million people count themselves as Tibetan Buddhists, thanks to ties that go back centuries. But only a few hundred trained monks can read the scriptures of their faith. My friend, a Mongolian neighbour from Beijing, has brought me here to pray for good health and fortune in between his meetings about national politics and personal uranium exploration.
He has also been dodging a guy from Goldman Sachs who wants his help in getting in on the next mega-mining float. We push our way out through the in-coming crowd into the central Asian sun.
''Spring is coming,'' he says, as I glance again at the weather gauge on my phone. We resume an old argument about whether minus 27 degrees is ''cold''. Admittedly, it doesn't feel that bad, so long as the sun is shining and the wind doesn't blow.
Tibetan Buddhism is not the only foreign idea that Mongolia has absorbed and adapted in its own idiosyncratic way. Only two decades ago the country flicked a switch from being a dour Marxist-Leninist satellite of the Soviet Union to boisterously democratic market economy.
''We have 17 free-to-air TV stations and 16 cable channels,'' says a market researcher, Andreu Enkhtuvshin. ''And every politician feels they need to own their own newspaper because it's cheaper than advertising.''
He calculates that the entire media market is valued at only $US35 million.
As night falls, down at the main square, the ice rink is filling up with young folk spinning and slipping over to Guns N' Roses and Mongolian hip-hop, while wishing each other ''Happy Valentine's Day''.
The stately little building on the east side of Sukhbaatar Square used to be the old Soviet cinema. It has now been painted pink and revamped as the Mongolian Stock Exchange. It would be wrong to suggest this bourse ranks among the world's cleanest and most efficient but, like most things in Mongolia, it seems to be heading in the right direction.
''Our 344 listed companies have a market capitalisation of about $US2 billion and daily trading volumes of about $200,000,'' says Altai Khangai, the chief executive of the stock exchange. ''It's not the biggest in the world but it has become critical for us to build capacity.''
On the Square's southern edge is an impressive all-glass high-rise in the shape of a sail. I was told it was bought by the former Thai prime minister, Thaksin Shinawatra, while he spent a month at the Genghis Khan Hotel. I was also told it was owned by a former Mongolian prime minister, and the South Koreans, and that they were fronting for the Japanese Yakuza, and that it would have to be torn down because it was crooked.
The real and surreal seem happily interchangeable around here. On the west side of the square is the city's tallest building, where three years earlier I had watched Chinese construction workers laying bricks on its second floor. They had been there all year but hadn't once left the site. The first two floors of this now-sparkling 17-floor edifice are occupied by the likes of Ermenegildo Zegna, Montblanc and Louis Vuitton.
''If you want to really see leapfrog development you'll notice we don't have McDonald's or Starbucks but we do have very good French, Japanese and Korean restaurants with international chefs,'' says Ganhuyag Chuluun, another of the country's rising stars, who is the Vice-Minister of Finance. ''Mongolians didn't really shop around for Levi's. We went straight from riding horses to Louis Vuitton.''
Misc
No quarters given as Mongolia says no to Azkals' bid
February 19 (Manila Bulletin) MANILA, Philippines — The Philippine Azkals will push through with their training in Japan next month after the Mongolian Football Federation turned down the team’s request to train there one week before their AFC Challenge Cup qualifying rematch against the Blue Wolves.
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<Mogi & Friends Fund A/C>
135%
Mogi & Friends Fund is a tiny fund of A$19.8K I created in late September with a few friends to put my own (and a few friends’) money where my mouth (just mine) is.
Fund’s new $10K investment is scheduled to relist next week and 135% is calculated based on 10K being currently 10K in value. We’ll soon find out its market value once trading resumes.
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.
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"Mogi" Munkhdul Badral
Executive Director
CPS International LLC
Telephone/Fax: +976-11-321326
Mobile: +976-99996779
Email: mogi@cpsinternational.mn
P Please consider the environment before printing a copy of this email.
Suite 906 · Central Tower · 2 Sukhbaatar Square
Sukhbaatar District 8 · Ulaanbaatar 14200 · 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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