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Thursday, March 24, 2011

[cpsinewswire] [CPSI NewsWire: Board Dispute in Mongolia Investment Group (HKG:0402)]

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, March 24, 2010

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HUN

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HAR

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AKM

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ALG

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BDI

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GMM

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LRL

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XAM

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LEI

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RIO

 81.600  Up

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BHP

 44.710  Up

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 10,210,634

Source: asx.com.au

 

Mongolian Investment Group (HKG:0402): Announcement

On 23 March 2011, Lim Siong Dennis ("Mr Lim"), Mashbat Bukhbat, Tan Kah Hock, Yeo Cheow Tong, Batsukh Yadamsuren, Lim Shi Hui Celestina and Enebish Burenkhuu ("Mr Enebish") instructed lawyers to take out an originating summons ("Summons") in the High Court of Hong Kong. Mr Lim and Mr Enebish are 2 of the Company's 12 directors. The Defendants listed in the Summons include the Company and the remaining 10 directors of the Company.

The Summons includes the following claims against the Defendants:—

1. A declaration that the resolution purportedly passed by the Board of Directors of Mongolia Investment Group Limited on 21st March 2011 regarding the proposed placing of shares (the "Purported Resolution") is invalid and of no effect;

2. A declaration that any issue of shares of Mongolia Investment Group Limited pursuant to the Purported Resolution is null and void;

3. An injunction preventing the Defendants from proceeding in any way with the proposed placing of shares pursuant to the Purported Resolution; and

4. Costs of and incidental to these proceedings.

The Summons was served on the Company after the trading hours on 23 March 2011.

The Company is of the view that there is no merit in the claims and the Company and the other defendants have strong defence. The Company has already retained solicitors to defend the claims.

The Company will make further announcements on the claims as and when appropriate.

Link to release

 

402 dropped 0.07c to HK$0.076 in last 2 days since placement

Mongolia Inv (00402) places up to 1.32bn shares for HK$86.5m

March 23 (HTNet) Mongolia Investment Group (HKG:402) said it agreed to place, on a best effort basis, up to 1.32 billion shares at HK$0.067 apiece, representing a discount of about 19.28% to the closing price of HK$0.083. 

The placing shares represent about 15.63% of the enlarged issued share capital of Mongolia Investment. 

The maximum gross proceeds are expected to be around HK$88.4 million. The net proceeds of about HK$86.5 million will be used as general working capital of the Group. 

Mongolia Investment said it has not conducted any equity fund raising activities in the past 12 months. (HL) 

Link to article

Link to company release, March 22, 2011

 

MMC Annual Results

March 22, Mongolian Mining Corporation (HKG:0975) --

HIGHLIGHTS

The Group's revenue amounted to approximately USD277.5 million for the year ended 31 December 2010, representing an increase of approximately USD210.5 million, or approximately 314.3% as compared to approximately USD67.0 million for the year ended 31 December 2009.

The profit attributable to the equity shareholders of the Company for the year ended 31 December 2010 was approximately USD 60.1 million, representing an increase of approximately USD49.8 million, or approximately 485.6% as compared to approximately USD10.3 million for the year ended 31 December 2009.

Free cash flow generated from operations amounted to approximately USD69.6 million for the year ended 31 December 2010.

The basic earnings per share attributable to the equity shareholders of the Company amounted to approximately US1.91 cents for the year ended 31 December 2010, as compared to approximately US0.34 cents for the year ended 31 December 2009.

In view of the major infrastructure, production and acquisition project committed or being planned by the Company, the Board decided not to pay any dividend for the year ended 31 December 2010 despite MMC's record earnings and large cash balances (dividends in 2009: nil).

Link to report

Link to Results Webcast

Link to Results Presentation

 

Prophecy Resource to export 520,000 tons of coal from Ulaan Ovoo in 2011

March 23 (Proactive Investors) Prophecy Resource Corp (CVE:PCY)(OTCQX:PRPCF) said Wednesday that it anticipates exporting approximately 520,000 tons of coal in 2011 from its Ulaan Ovoo mine in Mongolia, which was fully commissioned last November.

To date, 333,760 tons of in-situ "export-quality" coal has been exposed at the site and is ready to mined. The company has already begun the trucking of export coal from Ulaan Ovoo to the Sukhbaatar railway, located 120 kilometres from the mine by road.

Prophecy said it expects 5,000 tons of export coal will be on stock ready for rail loading by April 1, which will then be delivered to the Russian domestic market, as well as to the Russian Eastern Sea Coal terminals for shipment to overseas customers.

Since commissioning the mine last year, Prophecy has transported and sold 27,597 tons of 3,500 kcal/kg coal to local power plants and companies in Mongolia, and anticipates exporting approximately 520,000 tons in 2011.

By the end of the year, the company plans to ramp up production to a rate of 1 million tons per year, and reach positive operating cash flow by the second quarter.

Prophecy controls over 1.4 billion tons of surface minable thermal coal in Mongolia, and has nickel and other mineral properties in Canada.

Link to article

Link to company release

 

SouthGobi Resources Q4 loss narrows on higher coal

March 21 (Reuters) - Canadian coal miner SouthGobi Resources Ltd (1878.HK) (SGQ.TO) posted a narrower quarterly loss, as it sold more mineral at a higher price, and said it sees further improvement in prices in the first quarter.

The company, which owns the Ovoot Tolgoi Mine and two development projects in Mongolia, expects first-quarter average realized selling price per ton to rise by half, sequentially.

It sees sales to exceed the previous comparable quarter's 426,000 tons, but to be lower sequentially.

SouthGobi Resources, which sells metallurgical and thermal coal to customers in China -- one of the largest consumers of coal in the world, sold 1.5 million tons at an average realized price of $32 per tonne in the quarter, up from sales of 0.36 million tons at $29 per ton, last year.

For the October-December quarter, the company posted a net loss of $28.7 million against last year's $69.2 million.

Revenue quadrupled to $41.6 million.

China's coal imports have more than quadrupled since 2006 to 165 million tons last year, overtaking South Korea to be the world's No. 2 buyer after Japan.

Shares of the company closed down about 4 p[percent at $14.13 on Monday on the Toronto Stock Exchange.

Link to article

Link to SGQ release

 

Winsway (HKG:1733): PROPOSED ISSUE OF USD DENOMINATED FIXED-RATE SENIOR NOTES

March 24, The Directors announce that the Company proposes to conduct an international offering of the Notes. The terms of the Notes, including their price and coupon, have yet to be determined.

The completion of the Notes Issue is subject to market conditions and investor demand.

As no binding agreement in relation to the proposed issue of the Notes has been entered into as at the date of this announcement, the proposed issue of the Notes may or may not materialise. Investors and shareholders of the Company are urged to exercise caution when dealing in the securities of the Company. A further announcement in respect of the proposed Notes Issue will be made by the Company should the final terms of the Purchase Agreement be finalised.

The Directors also announce intended updated business strategies, the use of proceeds of the Notes, should the Notes Issue be completed, and updated operational information.

Link to release

 

Fitch rates Winsway Coking Coal 'BB'; outlook stable

(Reuters) (The following was released by the rating agency)

March 24 - Fitch Ratings has today assigned Winsway Coking Coal Holdings Limited (Winsway) a Long-Term Foreign-Currency Issuer Default Rating (IDR) of 'BB' with a Stable Outlook and a foreign-currency senior unsecured rating of 'BB'.

Link to article

 

S&P: rates Winsway, proposed notes BB- ; outlook stable

(Reuters) (The following was released by the rating agency)

March 24, 2011 -- Standard & Poor's Ratings Services assigned its 'BB-' long-term corporate credit rating to Winsway Coking Coal Holdings Ltd. The outlook is stable. At the same time, Standard & Poor's assigned its 'BB-' issue rating to the company's proposed issue of senior unsecured notes due 2016. The rating on the notes is subject to Standard & Poor's review of the final documentation for the notes issuance.

Link to article

 

MERITUS ANNOUNCES NON-BROKERED PRIVATE PLACEMENT

Mar. 23, 2011 (TheNewswire.ca) -- Vancouver, B.C.: Meritus Minerals Ltd. (TSXV:MER) (OOTC:MERMF) (MML)(TSX-V - MER)(the "Company") announces it will be conducting a non-brokered private placement of up to 8 million units (the "Units") at a price of $0.12 per Unit to raise proceeds of up to $960,000. Each Unit will consist of one common share and one half of a share purchase warrant with each full warrant entitling the holder to acquire one additional common share of the Company at a price of $0.20 per share for a period of 12 months from closing (the "Unit Warrants"). Finders' fees in accordance with TSX.V policies may be payable in respect to the placement.

The proposed private placement is subject to approval of the TSX Venture Exchange and the funds raised are to be used on the Company's exploration properties and for general corporate purposes.

Link to release

 

APIP aims for US$300m HK IPO in 2012

March 24 (IFRAsia) Asia Pacific Investment Partners, an investment-operating entity in Mongolia, aims to raise US$200m–$300m through a Hong Kong IPO in 2012. The company invests in five key industries with growth potential in Mongolia – property, natural resources, securities, construction, and construction materials.

Link to article (Subscriber based)

 

GTSO JV Signs Another New LOI To Develop Rare Earth Mine In Northern Mongolia

March 24 (BusinessWire) Less than a week after announcing a letter of intent to help develop a third new rare earth mining property in Mongolia, the joint venture formed by Green Technology Solutions Inc. (OTCQB:GTSO) and Rare Earth Exporters of Mongolia (REE) today disclosed a fourth site.

The joint venture's agent company signed a letter of intent to help finance, market and develop a new mineral-rich site in the Bulgan province, located in northern Mongolia. The property is part of the province's Dashinchilen district, home to a population of about 2,300. The letter was co-signed by the executive director of Bouo LLC, the company that owns the property's mining rights. GTSO and REE now have the right to scientifically evaluate the site's mining potential in performing due diligence toward a definitive agreement. Bouo LLC will retain authority to mine the location with the joint venture entitled to a share of the profits.

The Bulgan site is the fourth Mongolian property being evaluated currently by GTSO and REE. The joint venture is also analyzing two sites in the country's Tuv province and another in Dornogobi.

"This will likely be our last letter of intent signed in Mongolia until we're able to review the mineral contents of each site," said GTSO President and CEO John Shearer. "We will continue, however, to seek out promising rare earth mining properties throughout the country and elsewhere. Mongolia is key to our plans to help break China's stranglehold on the world's supply of rare earth elements."

A minerals lab will analyze the Bulgan site's properties and report to the joint venture how many grams per ton of the soil comprise rare earth elements, Shearer said.

Link to release

 

China to impose rare earth resource tax from April 1

HOHHOT, March 24 (Xinhua) -- China will impose a tax on rare earth minerals starting April 1, according to a statement issued jointly by the Ministry of Finance and the State Administration of Taxation to rare earth producers.

Zhang Zhong, general manager of Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co., the country's leading rare earth producer, confirmed Thursday that the company had received the statement.

According to the statement, the tax rate of mined light rare earths is 60 yuan (9.1 U.S. dollars) per tonne, while that of medium and heavy rare earths is set at 30 yuan per tonne.

Zhang said the tax would increase the company's production costs by about 720 million yuan this year.

Link to article

 

S. Korea, Mongolia to seek 'clean coal' production

March 22 (Yonhap News) South Korea and Mongolia will engage in a "clean coal" development project that can improve energy efficiency of the fossil fuel resource, the government said Tuesday.

The memorandum of understanding (MOU) reached between the two countries in Seoul calls for South Korea to transfer technology related to upgrading coal quality used for heating and power generation, the Ministry of Knowledge Economy said.

It also outlined the creation of a joint venture company and cooperation in the development of coal mines and other mineral resources in the landlocked Asian country.

The pact, in addition, calls for eco-friendly dimethyl ether production that can be used like diesel oil or liquefied petroleum gas.

Besides supporting projects that can allow Mongolia to make better use of its energy resources, South Korea will also seek to secure stakes in coal mines that can better insulate it from sudden hikes in international prices and supply shortfalls.

The ministry said that Korea Gas Corp., Korea Coal Corp., POSCO and SK Innovation Ltd. are interested in developing resources in Mongolia.

Mongolia is estimated to have 12.6 billion tons of coal, roughly 1.5 percent of the world's total, and is rich in other resources.

Link to article

 

S. Korea, Mongolia talk economic, civilian ties

March 24 (Korea Herald) Prime ministers and foreign ministers of South Korea and Mongolia held talks here Thursday, discussing how to improve their economic ties and better cooperate in easing tensions on the peninsula, the Seoul government said. 

Meeting with his South Korean counterpart Kim Hwang-sik, Mongolian Prime Minister Sukhbaatar Batbold expressed "solid support" about Seoul's planned investment in developing mineral resources in his country and agreed on taking active measures to expand economic cooperation. 

In a joint press release, the two countries also agreed to positively consider forging a free trade deal, expand cooperation on education, construction, energy, farming and green growth, and increase cultural exchanges. 

Mongolia also expressed support about Seoul's policies toward North Korea, echoing demand that the communist state must give up its nuclear facilities based on a U.N. Security Council resolution and its previous pledge made during the six-nation talks. 

South Korea will continue and increase financial support to Mongolia for development particularly in the fields of medical and environment, the Prime Minister's Office said. 

Link to article

 

DLA enters Mongolia market with alliance deal

March 24 (Legal Week) DLA Piper is set to enter the Mongolian legal market after securing an alliance with local firm C&G Partners.

The two-partner Mongolian firm will become a DLA Piper 'focus firm', with DLA targeting local work in sectors including mining, capital markets, banking, project finance, hospitality and leisure and infrastructure.

DLA Piper Asia-Pacific managing director Alastair Da Costa commented: "The relationship with C&G will enable the firm to have a presence in an emerging economy where our clients are doing increasing volumes of business.

"Mongolia is attracting considerable investment from neighbouring G20 economies, Russia, China, Korea, Japan and Australia and as such it is an important market for us to engage with."

The relationship with C&G will be managed by Beijing corporate group head Steven Liu, Hong Kong partner Paul Lee and London solicitor Martin Navias.

C&G managing partner Sainzaya Chimid said: "We are delighted with this arrangement and the opportunity it creates for our clients to access the considerable resources and expertise DLA Piper offers across its global platform.

"We look forward to continuing our relationship with DLA Piper and capitalising on substantial inbound and outbound work occurring in Mongolia at present."

Hogan Lovells last year became the first transatlantic firm to enter Mongolia after agreeing a formal alliance with Ulaanbaatar firm GTs Advocates. The alliance came after an existing informal referral relationship between GTs and legacy Lovells.

Link to article

 

China Gold Int'l says plans to acquire overseas (including Mongolia)

March 23 (Reuters) - Hong Kong- and Toronto-listed gold producer China Gold International Resources Corp Ltd (2099.HK) (CGG.TO) plans to boost production of copper and to acquire gold and copper mines outside China, the company's executive vice-president said.

China Gold International, 42 percent owned by state-owned gold mining major China Gold Corp, aimed to acquire gold and copper-gold mines in neighboring countries of China, including Russia and Mongolia, Jerry Xie told Reuters on the sidelines of the Mines and Money Conference in Hong Kong on Wednesday.

Link to article

 

Mongolia in the spotlight

EVERY one seems to want a piece of the Mongolian coal action these days.

March 22 (The Australian) And it is not just the Chinese market – big as it is – that beckons. There is also the growing prospect of railing coal through Russia to shipping on the Pacific coast.

Just two weeks ago Thai coal giant Banpu injected $45 million into Hunnu Coal as a means of getting a foothold in Mongolia. The move was described as a low-risk way for Banpu to familiarise itself with the Mongolian coal industry.

Today Aspire Mining reported that commodity trading house Noble Group had acquired a further 18m shares, giving it an undiluted 8.6 per cent stake in Aspire. The Australian junior has its wholly-owned Ovoot coking coal project in northern Mongolia which has a maiden resource of 330m tonnes

It was just six weeks ago that Noble formed a strategic alliance with another of our Mongolian coal hopefuls, Xanadu Mines. The deal did not affect Xanadu's Galshar and Khar Tarvaga thermal coal projects, but opened the way for the new partners to find other energy and mineral projects in the landlocked northern Asia country.

And Fortescue Metals Group had an attempt to get a foothold in Mongolia with its unsuccessful bid to be short-listed for the Tavan Tolgoi project, the world's largest known untapped coking coal deposit. The successful companies for the short list included Vale, Xstrata, AOA Russian Railways, Shenhua Group, ArcelorMittal and Peabody Energy.

Link to article

 

Mongolian rescue team comes back from Japan

March 22 (Xinhua) The Mongolian rescue team that worked in Miyagi prefecture of Japan came home on Monday evening.

The 12-member rescue team including a chemist, a medical doctor and a psychologist started its work since March 15 in Miyagi prefecture of Japan, the area worst affected by the tsunami and earthquake.

Amgalanbayar, chairman of Mongolian National Emergency Management Authority, said radiation level is increasing in Natori city of Miyagi prefecture where the rescuers were working. As there was no living person under the rubble of the city now, they decided to withdraw.

It is not clear if Mongolia will send another group of rescuers to Japan.

Mongolia had already donated one million U.S. dollars and relief supplies of cashmere blanket for Japan. 

Link to article

 

U.S. Ambassador to Mongolia Visit Troops

March 23 (NATO) KABUL, Afghanistan -- United States Ambassador to Mongolia Jonathan Addleton visited a small contingent of Mongolian counterinsurgency trainers deployed to Camp Julien, here March 22.

Ambassador Addleton paid a visit to express his thanks and gratitude to the Mongolians deployed for their contributions to NATO Training Mission – Afghanistan as they prepare to redeploy back to their home stations.

Link to article

 

Mongolia to Step Up African Peacekeeping Contributions

March 21 (Eurasianet.org) Mongolia is proposing to send 1,500 peacekeepers to Cote d'Ivoire, in what would be by far its largest troop contribution to an international mission (and, if we want to be cute about it, the largest troop deployment abroad since the days of the Mongol Empire).

The United Nations made the request of Mongolia last month, but bureaucratic wrangling appears to be holding up the deployment, according to the country's defense minister Luvsanvandan Bold:

The Government has approved the request but some high state officials' bureaucratic attitude is stalling any further action, to the dismay of the Ministry of Defense. We can send a large contingent of 1,500 soldiers to help in peace keeping there but officials at the Ministry of Foreign Affairs and Trade are sitting on the issue. The UN request came more than a month ago, but no reply has been sent.

An earlier report suggested that Mongolia was asked to send 850 troops, and it's not clear what accounts for the increase.

This blog often neglects poor Mongolia, but the country is doing interesting things with its military, and is a useful comparison to other post-Soviet states, in particular Central Asian ones, which have similar cultures and histories. But Mongolia has been much more active than any of those countries in contributing to UN missions. Over 2,300 Mongolian peacekeepers have served in Sierra Leone alone, with contributions in several other UN missions, as well as in Kosovo, Iraq and Afghanistan.

The only comparable country in the Caucasus and Central Asia would be Georgia, which has contributed several thousand troops to the U.S.-led efforts in Iraq and Afghanistan. But while Georgia is trying, with its contributions, to gain favor with the West and especially the U.S., Mongolia is taking the UN peacekeeping approach to gain international support, stuck as it is between two large powers, China and Russia.

Mongolia now has 228 (pdf) soldiers on UN missions, mainly Sudan and Sierra Leone. Compare that to 22 UN peacekeepers from Kyrgyzstan, 2 from Kazakhstan, and not a one from any other country in the Caucasus or Central Asia.

Sending an additional 1,500 troops to Ivory Coast would make Mongolians about 1/6 of the total force there, where 54 UN troops have already been killed.

Link to article

 

Mongolia faces critical water shortfall warns UNEP report

March 22 (UNEP) Climate change and rapid urbanization are threatening fragile water resources in Mongolia, where more than half of the inhabitants have no access to clean water, says a report released today by the Mongolia Water Authority and the United Nations Environment Programme (UNEP).

According to the 'Urban Water Vulnerability to Climate Change in Mongolia' report, extreme temperatures and natural disasters such as droughts, flooding and heavy snowfalls are becoming more frequent and annual average temperatures have increased by 2.1° Celsius since the 1940s.

According to the report, the Mongolian climate will continue to change dramatically over the next century. Study results are emerging on the likely pattern of this future climate and projections suggest higher temperatures all year round, with more snow in winter and less rain in summer.

'Mongolia's temperature has already risen by more than 2°C in the last seventy years. The study's climate scenarios suggest that the country will have to get used to having much less water in the future,' says Dr. Z. Batbayr, Deputy Director of Mongolia Water Authority. 'The impact of this will be seen across the board, through the degradation of the natural environment, ecosystems, and harm to the economy.'

All surface water in Mongolia is covered by ice for about six months a year and so groundwater is the primary source of water supply for major urban and industrial centres and the extensive animal husbandry sector. It is expected that climate change will affect groundwater resources throughout the country.

The effects of climate change have been compounded by rapid urbanization, reducing the availability of water for domestic and industrial use.

The situation is particularly serious in urban areas like the capital of Ulaanbaatar, where nearly 40 percent of the country's population resides and where increasing demand and pollution is exerting added pressure on water supplies, sanitation and other public services, adds the report.

Link to article

 

UN releases pledges by poor countries to curb climate change: expand forests, go green energy

March 22 AMSTERDAM (AP) — Mongolia says it will erect solar power plants in the frigid Gobi desert. The Central African Republic says it will expand its forests to cover a quarter of its territory. Mexico promises to slash carbon emissions by 30 per cent by the end of the decade.

Mongolia, in addition to solar units in the desert, wants to give nomadic herders portable wind turbines. It said it still needs to burn coal for home heating in a country were temperatures drop to -40 degrees Celsius (-40 Fahrenheit), but pledged to install more efficient boilers.

Link to article

 

<Mogi & Friends Fund A/C>

97%

Mogi & Friends Fund is a tiny fund of A$20.8K I created in late September with a few friends to put my own (and a few friends') money where my mouth (just mine) is.

Up 13% from last report.

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.

·         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.

 

---

"Mogi" Munkhdul Badral

Executive Director

CPS International LLC

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Telephone/Fax: +976-11-321326

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Email: mogi@cpsinternational.mn

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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.

 

Disclosure/Disclaimer

CPS Securities, its directors and employees advise that they may hold securities, may have an interest in and/or earn brokerage and other benefits or advantages, either directly or indirectly from client transactions mentioned in correspondence from CPS International.

CPS International advise this email contains general information only and does not include advice. In preparing this communication, CPS International did not take into account the investment objectives, financial situation and particular needs of any person. As with any speculative mining company there are significant risks.

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