Monday, April 18, 2011

[cpsinewswire] [CPSI NewsWire: RBS Launches Listed Mongolia Index]

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Close: Mongolia Related ASX Listed Companies, April 15, 2010



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RBS index taps Mongolian growth potential

April 15 (, source: Royal Bank of Scotland has launched the RBS Mongolia Opportunity (TR) Index, which provides German investors with access to one of the fastest-growing economies in the world

Royal Bank of Scotland (RBS) has launched an index and a certificate listed on the Frankfurt, Stuttgart, and the Six Swiss Exchange,  that provide access to Mongolia, home to the world's fourth-largest copper reserves and ninth-largest coal reserves, as well as substantial deposits of gold, uranium, rare earths and zinc.

Read more: – Financial risk management news and analysis. Take a 1 month free trial to Risk now!

The RBS Mongolia Opportunity (TR) Index targets companies that conduct most of their business in Mongolia but are listed abroad. Constituents must generate at least 50% of their revenue in Mongolia or focus at least 50% of their business activities on the Mongolian commodities sector.

"Prices are quite high for commodities and the country itself is still very poorly developed. We are trying to generate access to its economic development," says Kemal Bagci, director of equity derivatives and structured retail at RBS in Frankfurt.

The equities initially included in the index are listed on stock exchanges in Canada, Australia, Hong Kong and the UK, and denominated in Canadian, Australian and Hong Kong dollars and UK sterling, respectively.

"We had to create a concept that contains enough constituents to make it diversified and fulfil the liquidity criteria so that we can market it and investors can get in and out as they please," says Bagci.

The index is calculated by Standard & Poor's and comprises nine equities from the mining sector, which are weighted initially according to their market capitalisation at flotation, then re-weighted twice a year. New companies can be added: "if the local companies in Mongolia get bigger and more liquid, we can include them," says Bagci.

The bank has seen demand for the index from insurance companies and asset managers, as well as retail investors.

Mongolia's gross domestic product (GDP) of just $5.8 billion and population of three million translates into per-capita income of $3,300, placing it in the poorest quarter of world economies, according to RBS research.

Link to article

Link to Index Page

Link to Index Brochure and Termsheet


Xanadu finalises Noble JV in Mongolia

Mongolian-focused Xanadu Mines Ltd has finalised the terms of an alliance with Noble Group that will give the Hong Kong-based commodities trading house a 9.9 per cent stake in the minerals explorer.

April 14 (AAP) Xanadu shares had jumped six cents, or 10.71 per cent, to 62 cents by 1403 AEST.

Xanadu and Noble's 50:50 joint venture company will explore and develop coking coal, iron ore and ferro alloy projects in Mongolia.

Xanada's existing assets will not form part of the alliance.

"The initial focus of the joint venture will be the pursuit of a number of opportunities already identified," Xanadu said in a statement on Thursday.

Xanadu will place up to 9.68 million shares with Noble at 69.89 cents each, worth $6.7 million.

Funds from the placement, together with a similar amount contributed to the joint venture by Noble, will be applied to opportunities in Mongolia, Xanadu said.

"The alliance ... will also allow Xanadu to continue to advance its existing Galshar and Khar Tarvaga thermal coal deposits and its copper gold assets in north west Mongolia and south east Gobi," Xanadu chairman Brian Thornton said.

Link to article

Link to company release


Voyager Resources: Khongor Presentation, April 2011

April 13, Voyager Resources Limited (ASX:VOR) --


Ø  Potential world class copper-gold property (Khongor - 100% Voyager Resources)

Ø  High grade surface oxide zone with 18m at 1.84% copper & 0.43 g/t gold in trenching

Ø  Extensive drill intercepts including 50m at 1.0% copper and  0.3 g/t gold

Ø  High Grade structural zones, including 14.1m at 2.4% copper & 0.64 g/t gold

Ø  Geologically similar to Oyu Tolgoi (3.75 billion tonnes at 0.98% copper and 0.38 g/t gold**)

Link to presentation


Haranga Resources: Appointment of Chief Operating Officer

April 14, Haranga Resources Limited (ASX:HAR) --

Haranga Resources Limited is pleased to announce the appointment of Mr. Erdene Tsengelbayar as Chief Operating Officer (COO) of the Company.

A Mongolian national, Erdene has more than 16 years  experience in mineral economics and consulting, mineral asset assessment, mineral project finance and M&A advisory for both the public and private sector in Mongolia.

Erdene  joins Haranga Resources from a Mongolian investment bank where he was a Senior Vice President and latterly Managing Director, Metals and Mining. He holds a Master of Science degree in mineral economics from Michigan Tech University in the USA and a degree in mining engineering and economics from Sankt-Petersburg Mining Institute in Russia.

Erdene has extensive operational, management and project acquisition expertise in Mongolia and has previously acted in an advisory role for the Company and assisted in the acquisition of a number of the Company's current projects. He has an extensive network in the mining and resources sector in Mongolia having worked with both the Mineral Resource Authority of Mongolia and the former Ministry of Industry and Trade. He also has experience preparing and assessing technical/resource reports and feasibility studies for a number of major mining projects in Mongolia including the large Oyu Tolgoi copper/gold project.

The COO role will be based in Ulaanbaatar and be responsible for local operations and assisting in project generation for Haranga Resources.

Erdene will also act as Executive Director of the Company's Mongolian subsidiaries.

Link to release


Metals X Acquires 17.11% Interest in Alamar Resources Limited

13 April 2011 (Perth, WA) Metals X Limited is please to advise that it has increased its holding in Alamar Resources Limited ("Alamar") (ASX: ALG) to 17.11% from 3.48% following its participation in Alamar's recent capital raising and acquisition of exciting gold assets in Mongolia. 

Alamar has acquired all the issued capital and assets of MRCMGL LLC ("MRC") to make it a wholly owned subsidiary.

Alamar has advised its initial focus is to upgrade and increase production from its gold assets located within the North Khentei gold belt of Mongolia.  This gold belt includes several historical mines and deposits including the Boroo and Gatsuurt gold mines, Bumbat, Erren, Khargant and Sujigtei gold deposits.

Alamar's  two key projects are:

1.   Kargana (Blue Eyes) Gold Project (85%)

The Blue Eyes Gold Project contains an existing mining operation that has mined for over 80 years by artisanal miners.  MRC has commenced mining with development advancing on three levels at 60m, 120m and 150m vertical depth.

The existing plant at Blue Eyes consists of a Jaw Crusher, Hammer Mill, two Ball Mills, four shaking tables, and a tailings dam. Current capacity of the plant is 50tpd (tonnes per day). Work has commenced on an upgrade to increase capacity to 200tpd and addition of a CIP circuit.

2.   Sujigtei Gold Project (90%)

The Sujigtei Project is located approximately 7km North East of the Blue Eyes Project on the same mineralised trend.

Sujigtei was actively explored and developed in the late 1960's by the East German Geological Department, with exploration adits driven along the main vein on 5 levels and over a vertical extent of 150m.

In recent years the Sujigtei project has been worked by various artisanal mining groups, with exceptionally high grade vein material processed at the Bornuur community milling facility.

In addition to the gold prospects,  MRC holds exploration permits covering the Barglit Iron Ore Prospect and the Doshin Thermal Coal Prospect.

No JORC compliant resources currently exist at either of the projects. A detailed drilling and sampling program is planned to begin in the near future to define JORC compliant resource estimates.

Metals X Managing Director said:

"Following a recent visit to the projects in Mongolia, Metals X considers the projects to have outstanding potential for significant gold discoveries and low cost production. We are pleased to join with the majority Mongolian ownership in Alamar as a platform to build a specialist Mongolian focused gold company".  

Link to release


Origo in Kincora deal with Brazilian Diamonds (for a reverse takeover)

April 15 ( - Private equity investor Origo Partners plc has reached agreement with Toronto-listed Brazilian Diamonds Limited for the acquisition of Origo's interest in Kincora Group.

Kincora, a BVI-registered copper and gold exploration company focused on Mongolia, owns a 100% stake in the Bronze Fox copper-gold prospect through a Mongolian subsidiary.

In September, Origo acquired a 25% stake in Kincora for $3m, together with an exclusive option exercisable by June 30 to increase its shareholding to 75% for an additional $12m. 

In March this year, Origo agreed to lend Kincora up to $1.5m, of which $0.5m has been disbursed.

Brazilian Diamonds will acquire Origo's 25% stake, the loan and option in return for shares representing an equity interest in the company of 31-35%. BZD will also provide funding required to exercise the option immediately on completion of the agreement.

The transaction constitutes a reverse takeover under Toronto Venture Exchange rules. It is conditional on BZD raising $10-15m via a placing.

Origo CEO Chris Rynning said, 'We believe this proposed transaction will enable Kincora to establish itself as a first-tier copper and gold explorer and consolidator in Mongolia, with Bronze Fox as its flagship project. 

'Bronze Fox is an advanced exploration project where the initial exploration focus remains on a known and large copper-gold feature at the surface. The license is over 22,000 hectares and features numerous highly prospective target zones.'

Link to article

Link to Origo release, April 15

Link to BZD release, April 14


Mongolia to pick more than 1 winner for Tavan Tolgoi coal mine

April 13 (Reuters) - Mongolia plans to pick more than one winner in bidding to develop the Tavan Tolgoi coal mine, with results expected in May, a government official said on Wednesday.

ArcelorMittal , Vale and Xstrata are among six bidders short-listed to develop the mine, the world's largest untapped coking coal deposit. [ID:nL3E7E70CI]

U.S. coal miner Peabody , a consortium of Chinese energy firm Shenhua and Japan's Mitsui & Co , and a separate consortium of Japanese, South Korean and Russian firms are the other preferred bidders.

"It is likely that there will be more than one winner ... We will make a combination of the six bidders," Erdenepurev Amarkhuu, director general of the fuel department of the Mongolian Ministry of Mineral Resources, told reporters on the sidelines of an industry conference in Beijing.

The government is still considering all six bidders and has not eliminated any party from the list.

Amarkhuu said key issues being discussed include the investment amount, percentage of upfront payment, construction of infrastructure, safety and environmental considerations as well as the development of other value-added projects.

"We are looking for someone who can also bring in new technology and potentially develop things such as coal-to-gas, coal-to-liquids or coal upgrading projects," he said.

The government is also hoping the final winners will use Mongolians for as much as 90 percent of the project's total workforce, as an effort to create jobs and train workers.

"Strategic investors can first bring in foreign workers but they will then make Mongolians into qualified personnel to replace the foreigners," Amarkhuu said.

The six bidders are vying to develop Tavan Tolgoi's west Tsankhi block, which has 1.2 billion tonnes of coal reserves and could produce 15 million tonnes annually for more than 30 years.

Mongolia is widely regarded as one of the last mining frontiers. Some analysts say it could be one of the fastest growing economies of the next decade because of its vast quantities of untapped mineral wealth.

Link to article

Link to related articles:

Mongolia May Unveil Winning Bids for Tavan Tolgoi Next Month Bloomberg, April 13

Foreign firms aim to win big on Mongolia coal mineAFP, April 14


President holds high-level meeting on Tavantolgoi

April 13 ( President Ts.Elbegdorj on Monday discussed distribution of Tavantolgoi shares with Deputy Prime Minister N.Altankhuyag, Minister for Finance S.Bayartsogt, Chairman of the Cabinet Secretariat Ch.Khurelbaatar, Chief of the State Property Committee D.Sugar and Director of Erdenes MGL LLC and of Erdenes Tavantolgoi LLC, B.Enebish. MPs B.Batbayar, N.Batbayar, Z.Enkhbold and D.Zorigt, former Prime Minister D.Sodnom, Honored Miner B.Khurts, Head of the Center for Citizens' Alliance J.Zanaa also attended the meeting and stated their opinion. 

Elbegdorj asked why Erdenes MGL had halted its exploitation activity and Enebish explained that Erdenes Tavantolgoi was waiting for a protocol of Parliament and the National Security Council.

The President asked how the coal from the Tavantolgoi deposit would be transported and felt Parliament should review the discuss Tavantolgoi coal and shares issues. The suspension of grant of new exploration and exploitation licenses ends on April 30 and the next step should be discussed before that, he told the meeting. 

Link to article


CAML: Financial Results for the year ended 31 December 2010

April 15, Central Asia Metals PLC ("CAML" or the "Company"), (AIM:CAML), a mining exploration and development company focused on base and precious metals in Central Asia, announces its financial results for the year ended 31 December 2010.


·         Successful listing on AIM on 30 September 2010 raising $60.3million

·         Cash balances of $47.4million as at 31 December 2010 and no outstanding debt

·         Construction of the SXEW plant at Kounrad commenced in July 2010 and is on schedule for completion and production in Q4 2011

·         Capital expenditure of $4.4million spent at Kounrad with further commitments of $4.3million as at 31 December 2010

·         Licence extension for Alag Bayan to April 2012

·         30 year mining licence awarded for the Ereen gold project

·         Sale of Tochtar completed after year end

Nick Clarke, Chief Executive Officer of CAML, commented:

"We are pleased to report our first year of results as a public listed company, with the highlight of the year being our successful listing on AIM.  The Company has sufficient cash balances to undertake the construction of the Kounrad SX-EW copper plant, which is well advanced and will be completed and in production by the end of 2011.

We look forward to the next financial year as the Company undertakes the development necessary to target initial production at the Kounrad SX-EW copper plant and provide positive cash flow for the company."

Link to release


Erdene Provides Project Updates and Reports Year End Financial Results

HALIFAX, NOVA SCOTIA--(Marketwire - April 12, 2011)Erdene Resource Development Corp. ("Erdene" or "Company") (TSX:ERD), today provided an update on the Company's principal projects in conjunction with the release of its year-end financial results.

2011 Project Highlights and 2010 Year-end Financial Results

·         Xstrata Coal delivers internal Donkin prefeasibility; Marston now working on 43-101 report

·         Drilling commences on Khuvyn Khar copper discovery

·         Zuun Mod resource report initiated by Runge (Minarco-MineConsult) incorporating new results

·         Copper-gold drill targets established at Nomin

·         Aggregates USA advancing Granite Hill royalty project to commercial production

·         Aggressive drill program underway by Xanadu on Galshar coal project; Xstrata Alliance coal evaluations continue

·         60% owned Advanced Primary Minerals increases revenues by 68% year-over-year

·         Erdene's 2010 expenditures directed toward the advancement of the Company's primary projects; ends year with $8.4 million in cash and cash equivalents.

On March 8th, 2011 Xanadu Mines Ltd. commenced an extensive drilling programme at its Galshar coal project in South East Mongolia, 250km South East of Ulaanbaatar. As announced previously, Galshar has a coal exploration target on the area and the aim of the current drilling programme is to enhance and extend that target into a JORC code compliant resource. Erdene holds a royalty interest from any coal mined from the property.

Link to release


Khan Applies to Court Regarding ARMZ Litigation

TORONTO, ONTARIO--(Marketwire - April 12, 2011) - Khan Resources Inc. (TSX:KRI) ("Khan") announced today that it has filed materials with the Ontario Superior Court of Justice on a motion by Khan to dispense with or order substitute service on Atomredmetzoloto JSC ("ARMZ") in respect of Khan's $300 million lawsuit for damages against ARMZ. The motion will be heard by the Court on April 18, 2011.

The application to the Court follows Khan's February 7, 2011 announcement that the Russian Ministry of Justice refused to effect service on ARMZ. The Ministry of Justice cited Article 13 of the Hague Convention that provides that "the State addressed may refuse to comply only if it deems that compliance would infringe its sovereignty or security."

Mr. Grant Edey, President and Chief Executive Officer of Khan, commented "it is unfortunate that, as a company with an increasing presence in the international uranium and nuclear community, ARMZ has resorted to these extraordinary measures to avoid service in a Canadian court action."

Khan intends to continue to vigorously defend its rights and interests, including pursuing all available rights and remedies in Canada and elsewhere.

The Statement of Claim against ARMZ is available on the Company's website

Link to release



ULAANBAATAR and HONG KONG – April 13, 2011 – Frontier Securities today announced a partnership with Quam Asset Management to distribute the Quam Silk Road Mongolia Fund, a new fund launched by Quam Asset Management which invests in globally listed companies focused on Mongolian economy. The Fund targets long term investment growth through stakes in companies with strong fundamentals and main business operations and/or assets in Mongolia. The Fund is an open-end investment vehicle, primarily investing in Mongolia-related liquid global equities with a selective approach to MSE-listed equities. The benchmark is the Silk Road Investment Mongolia Index.

"We believe that this partnership to distribute Quam funds creates a solid relationship in the industry, and we are delighted to be partnered with Quam Asset Management," said Masa Igata, CEO of Frontier Securities. "Our partnership with a high-caliber organization such as Quam Asset Management will certainly help us accelerate our expansion plans in Mongolia and in the Asia region.

By partnering together, Quam and Frontier can bring even more value to their regional clients and, ultimately this partnership will ensure that we continue to perform above expectations of our clients."

Richard Harris, CEO of Quam Asset Management, said; "Partnership with Frontier gives our clients the ideal combination of local frontier market expertise together with the Asia regional platform of Quam Asset Management.

Frontier, through its brokerage services, will provide Quam with insights into MSE-listed equities, which will be a powerful addition to our investment capabilities."

The transaction is subject to the satisfaction of documentation conditions and is expected to close shortly.

Link to release


Mongolian province to attract foreign investment: forum

ULAN BATOR, April 17 (Xinhua) -- A two-day investment forum aimed at boosting development in Mongolia's Dornogobi province will be a new start to attract investors to the landlocked Asian nation, a senior official has said.

"Many companies are interested in investing in our province as we are going to have a large infrastructure project in the province," Dornogobi governor P. Gankhuyag said at the forum, which ended Saturday. He was referring to the Mongolian government's plan to develop a heavy-industrial park in Sainshand that includes a cooking coal plant, a copper smelter plant and an oil refinery.

Dornogobi, which borders China, has Mongolia's only railroad running through its provincial capital Sainshand to China. Known for its rich mineral resources, the province has seen operations of many international companies such as Dongsheng Petroleum of China and Areva Group of France.

As Mongolia is also going to build new railways from large mining sites in South Gobi region to eastern province, "Sainshand is going to be a key hub of railroad and motor-road," Gankhuyag added.

Chinese Ambassador to Mongolia Wang Xiaolong, who also attended the forum, hailed Dornogobi's rich natural resources, saying he believed the province would have a bright future.

"Development of the province not only contributes to Mongolian economy, but also to the development of China and strengthening of friendly relations between China and Mongolia," Wang said.

Cooperation between the two sides goes beyond the mining sector, said the ambassador, adding it has also covered humanitarian and other valued-added production fields.

Link to article


GTSO Moves Toward Selection of Rare Earth Refiner for New Mongolian Ores

President John Shearer Vetting Refineries Across the Globe for Mongolian Mineral Exports

April 14, SAN JOSE, Calif.--(BUSINESS WIRE)--Green Technology Solutions Inc. (OTCQB:GTSO) President and CEO John Shearer announced today that the company is close to selecting a rare earth refinery to process rare elements exported from the nation of Mongolia.

"We intend to maximize the profitability of these elements by having them refined into finished products," Shearer said. "There are several refineries around the world we are investigating that are capable of performing the necessary work. We expect to make a decision soon based on careful cost/benefit analysis."

Shearer said he has researched rare earth refineries in Malaysia, Canada, Kazakhstan and Myanmar. GTSO plans to transport rare earth ore from Mongolia to the international seaport of Vladivostok, Russia, to be shipped to a refining facility. Once processed, the rare elements will be sold to buyers in South Korea, Japan, the U.S. and elsewhere.

"We're working to begin production of Mongolian rare earth elements as quickly as we can," Shearer said. "Certainly, it takes time to achieve a commercial scale of production, but as the world faces projected supply deficits, we expect demand for rare earths to grow stronger still in the near future and beyond."

Link to release



Former Joint Venture Partner Soon to Be a Wholly Owned Subsidiary

April 13, SAN JOSE, Calif.--(BUSINESS WIRE)--Green Technology Solutions Inc. (OTCQB:GTSO) today signed a letter of intent to acquire Rare Earth Exporters of Mongolia (REE) and make the company's former joint venture partner a wholly owned subsidiary of GTSO.

"Making Rare Earth Exporters of Mongolia a wholly owned subsidiary is an intriguing new opportunity that we feel is too good to pass up," said GTSO President and CEO John Shearer. "GTSO is formulating plans now to make our first export shipment of rare earth ore from Mongolia, and we fully intend to take the lead in rare element production in the region. We anticipate that acquiring REE could make the development of these new mining operations a more streamlined and profitable venture for GTSO."

Shearer announced earlier this week that he will travel to Mongolia next month to inspect the mineral-rich properties that GTSO plans to develop into rare earth mines. In acquiring mining rights to these sites, GTSO hopes to capitalize on skyrocketing rare earth prices and demand worldwide by exporting the elements to buyers in South Korea, Japan and the U.S. Shearer said on Tuesday that GTSO has already received inquiries from manufacturers around the world, including buyers from 3M and others.

"Global demand for rare earths is currently threatening to exceed supply," Shearer said. "GTSO is working diligently to help secure an abundant, affordable supply of rare elements to the U.S. and its allies so that we do not fall behind in the race to create the next generation of cost-competitive green technologies."

Link to release


GTSO to Initiate Talks With S. Korean Buyers for Mongolian Rare Earth Exports

Company Expects First Shipment of Mongolian Ores Could be Bound for Seoul Soon

SAN JOSE, Calif.--(BUSINESS WIRE)--Green Technology Solutions Inc. (OTCQB:GTSO) announced today that the company anticipates its first rare earth exports from Mongolia to be sold to buyers in South Korea.

GTSO President and CEO John Shearer said Monday that the company has engaged a South Korean business consultant to assist in coordinating shipments of Mongolian rare earth ores to Seoul from the international seaport of Vladivostok, Russia. GTSO plans to soon acquire the mining rights to four mineral-rich properties in Mongolia for development into new rare earth mines.

Link to article


Turkey, Mongolia to build cooperation in energy, mining

April 17 (Anatolia News Agency) Mongolia and Turkey may develop cooperation in some fields such as energy, mining and water resources in which Turkish companies show a great interest, according to Mongolian Minister of Minerals and Energy Dashdorj Zorigt.

Mongolia is rich in minerals, which constitute 25 percent of the country's gross domestic product, or GDP, Zorigt said, speaking at a meeting held by the Turkish-Mongolian Business Council of the Foreign Economic Relations Board, or DEİK, on Friday.

Noting that a total of 20 million tons of coal was produced in Mongolia last year, Zorigt said steel production would have an important volume in the upcoming years and copper production will also increase by nearly fivefold.

"The Mongolian government has allocated $800 million for infrastructure studies of energy, railway, highway and water plants for the next two years," Zorigt said.

Noting that Turkish companies from furniture and food sectors have begun to invest in Mongolia, Zorigt said: "Turkish investments in Mongolia total nearly $50 million. Companies from Turkey show interest in energy, mining sectors and water resources in Mongolia. We may develop cooperation in these fields."

The trade volume between the two countries was around $6 million in 2009, Zorigt said. "We may benefit from Turkey's experience in free-trade zones."

Link to article

Related article:

Turkey, Mongolia sign cooperation deal on energy resourcesAA, April 14


Geosan Purchases First Microsoft UltraCamXp Wide Angle Camera in Mongolia

Graz, Austria — April 14, 2011 (Vexcel Imaging GmbH) — Geosan LLC has contracted with Vexcel Imaging GmbH, a Microsoft® company, to purchase an UltraCamXp Wide Angle digital aerial photogrammetric camera system. With this purchase, Geosan becomes the first commercial provider of photogrammetric services in Mongolia to own a digital aerial camera. 

"Geosan thoroughly researched our options before selecting the UltraCamXp Wide Angle as our first digital aerial camera," stated Altantsetseg Purevsuren, Photogrammetric Specialist at Geosan. "We were impressed with the camera's efficient collection capabilities over large areas, which are complementary to the strengths of our Cessna Grand Caravan aircraft."

The mining sector in Mongolia has been a primary driver of economic growth over the past few years, and demand for all kinds of mapping is on the rise. Geosan provides aerial mapping services for infrastructure development, urban planning, cadastral and topographic mapping, environmental assessment, mining and environmental monitoring, and disaster management. Customers include the Government of Mongolia, international environmental groups, and companies running mining and exploration operations in Mongolia.

"Microsoft is very happy to enter the Mongolian market at this time," said Alexander Wiechert, Microsoft Business Director for Vexcel Imaging GmbH. "Geosan recognizes the need for increased mapping capacity within the country, and the UltraCamXp Wide Angle is an excellent choice for high-volume data collection."

Link to article


Kerry Gold Mines appoints Mr Bill Colvin as CEO and MD 

April 14 (Fortbridge) Mongolia-focused exploration and development company, Kerry Gold Mines Limited (KGM) announces the appointment of Mr Bill Colvin as CEO and Managing Director.

KGM is a privately held company that has been established by the Kuok Group of Hong Kong to explore and develop mineral resources in Mongolia. The appointment of Mr Colvin highlights the company's strategy to progress its open-cut gold and underground copper-gold projects into production.

Mr Colvin brings a wealth of gold mining and managerial experience to lead KGM. He joins KGM following five years as CEO of BCD Resources Ltd (ASX: BCD), where he was instrumental in bringing the Tasmania Mine back into commercial production and restructuring BCD. Prior to his time with BCD Resources, Bill had been General Manager of the Stawell Gold Mine (MPI Mines/Leviathan Resources), General Manager-Group Operations at Goldfields Ltd and General Manager of the Henty Gold Mine.

"Mongolia has become a region of global significance for the mining industry. It is very exciting to be involved with the challenge of developing new gold and copper-gold mining operations at this stage of the industry's development in the country," Mr Colvin said.

Link to release


Gulfside Minerals Ltd. Closes Private Placement

VANCOUVER, April 14 /CNW/ - Robert L. Card, President Gulfside Minerals Ltd. ("Gulfside" or the "Company") (TSXV: GMG) is pleased to announce that it has closed its private placement announced on February 28, 2011 and March 28, 2011 issuing 3,100,000 flow through units and 5,140,000 hard dollar units a price of $0.10 per unit, for gross proceeds of $824,000.

The proceeds of the flow-through financing will be used to conduct exploration on its recently-acquired Northern Treasure gold property, located 120 km south of Atlin, BC. The claims are on geological trend 12 km from the Inlaw/Trapper Lake group (a joint venture between Ocean Park Ventures Ltd. and Constantine Metal Resources Ltd.) and 70 km from the Golden Bear mine and mine access road which was developed by Chevron Minerals of Canada. The proceeds of the non-flow portion of the financing will be used for general working capital and in its coal interests in Mongolia.

Link to release


Garrison Intl Ltd: Trading Halt

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 14, 2011) - The following issue(s) have been halted on the TSXV today:

Company / Compagnie


TSXV Symbol / Symbole


Reason / Motif


Halt Time / Heure de l'Arrêt

9:49 E.S.T.

Link to release


Budget shows surplus, inflation falls by 0.8%

April 14 ( According to figures released by the National Statistics Committee, increased mineral resources exploitation has begun to show a positive impact on the economy. The budget deficit has turned into a surplus at the end of March. Revenue, including aid, stood at MNT925.4 billion, while expenses, including loan repayment, totaled MNT821.5 billion, making for a surplus of MNT103.9 billion. 

Turnover of trade with 101 countries reached USD1,830 million, with exports accounting for USD742.1 million and imports for USD1,087.8 million. 

Inflation dropped by 0.8% in March to stand at 11%.  

Link to article


Financial Regulatory Authority wants more amenities, equipment

April 13 ( The Standing Committee on the Economy yesterday reviewed the work report of the Financial Regulatory Authority (FRA) and found its performance satisfactory. The FRA has mentioned certain obstacles to its working better. One is that its computers are not high-speed enough and are also not secure against hacker attacks, posing a threat to the confidentiality of individual and corporate financial data. The FRA also does not have its own office and lacks enough mining finance professionals. It wants to send its officials abroad for training in mineral resources trade

Members also decided to prepare some issues, such as capital market development following expansion of mining, for Parliament to decide.

Link to article


PM among those blamed most by National Audit Office

April 15 ( Prime Minister S. Batbold and Minister for Mineral Resources and Energy D.Zorigt are among those the National Audit Office has blamed most for accounts irregularities and faulty reporting in Ministries and Agencies under them. The audit has found many instances of incorrect reporting, inflated expenses, failure to record income, diversion of budget money, unauthorized spending, and issue of bad loans. 

Among the others blamed for the way accounts have been kept in organizations under them are Ministers for Foreign Affairs G.Zandanshatar, for Road, Transportation and Urban Development Kh.Battulga, and for Food, Agriculture and Light Industry T.Badamjunai. The auditors have also expressed displeasure at the way things functioned under the Chief of the Financial Regulatory Authority, D.Bayarsaikhan, and the Secretary of the National Security Council, Ts.Enkhtuvshin.

The audit was satisfied with the performance of organizations under Speaker D.Demberel, Ministers for Defense L.Bold, and for Education, Culture and Science Yo.Otgonbayar, the Chief of the Human Rights Commission, the Chief of the State Service Council and the Judge General of the Supreme Court.

Link to article


Top Banker Questioned

April 15 (UB Post ) Governor of Mongolia's central bank together with his senior banking officials is under interrogation by both the anti-corruption agency and state investigation authority, local media has reported.

The law enforcement agencies charged L.Purevdorj, President of the Bank of Mongolia, for illegal transfer of capitals investment of Zoos Bank, a private commercial bank now under government management after it went bankrupt.

N.Ariunbat, top managing official of the newly named State Bank, is also reportedly connected to large sums of money that was returned "illegally" to D.Batbayar, a former presiding member of the Zoos Bank board of directors.

According to local media reports, properties worth more than MNT3.6 billion was found returned to Batbayar, who used to hold 51 percent shares of the bankrupt bank.

The anti-corruption authority considered the case as multibillion Tugrik corruption case that may cause the reason for criminal proceedings against the central bank officials. 

Link to article

Mongolia: Boldly Go Where No Investor… 

April 14 (CNBC) The Mongolian economy is not one that grabs a lot of attention on the global stage.

Landlocked between China and Russia the Mongolian economy had for years been dominated by Agriculture and herding until it became clear there was gold in them there hills.

But it is not just gold reserves sitting in the mountains and deserts of Mongolia, a country similar in size to Alaska.

The CIA world fact book says the North Asian country is also rich in copper, coal, molybdenum, fluorspar, uranium, tin and tungsten deposits.

"The undeveloped mineral wealth in Mongolia is spectacular – this is a country that really is sitting on a pot of gold. It has one of the largest undeveloped copper, gold and uranium deposits in the world and is believed to have the largest untapped supply of coal," said Edison Research in a briefing on the country that has not been fashionable since Genghis Khan struck fear into the region in the 13th century.

Bold Baatar is a former Wall Street banker and now the chairman of the Mongolian Stock Exchange and says the challenge for Mongolia is to use the countries huge natural resources to drive sustainable development.

"The Mongolian people are now all watching the copper price and are excited about cashing in on their countries new found wealth," said Baatar in an interview with on Thursday in London.

The Oyu Tolgoi venture is a joint venture between Rio Tinto, Ivanhoe Mines and the Mongolian government.

"Whilst Australia needs a rail road, a port, a ship and another port to get raw materials to China we can simply drive it into China over 300 kilometres of desert," said Baatar, who admits big investment is needed to help get its huge natural resources to market.

"Access to ports in China and Russia will be important to help us diversify our buyers," he said. "We want to target markets like India, Japan and South Korea"

"Much progress has been made but it is still in transition to a market economy. This is evident both from the debate between the "new" breed of politicians that embrace globalization and the still-strong nationalists that believe in protectionism and full state ownership of assets, and in the underdeveloped legislative infrastructure to support a free market," said Edison Research.

Clearly the nationalists are a risk to foreign investment, but if the so-called new breed can make the most of its opportunity, higher standards of living and quality of life for the locals could help entrench the rule of law and protection of foreign investors.

Link to article


MCS wins tender to build power transmission lines

April 13 ( MCS International LLC has won the tender to build the transmission lines for a power plant to come up in the near future to provide electricity to some parts of the gobi and to mines there. A 12-mw power station has already been built in Ukhaa  Khudag near the Tavantolgoi deposit mine. Also, transmission lines from Baganuur to Tsagaan Suvarga deposit mine are under construction. 

Link to article


KOICA to set up lab to record mining-related pollution

April 14 ( A project to be funded by South Korea as part of the Climate Partnership of Eastern Asia will record the pollution caused by mining and also the extent of environmental recovery. A state of the art laboratory will be set up to test soil and water samples and all results will be kept in a data base. Mongolian employees will be trained in South Korea to successfully use the laboratory. The project will be implemented by KOICA.

Link to article


Landlocked Asia-Pacific countries pledge at UN meeting to build cooperation (in Mongolia)

14 April 2011 (UN News Centre) – Landlocked developing countries in the Asia-Pacific region today pledged during a United Nations-backed meeting in Mongolia to promote greater cooperation and to reduce trade and transport barriers in an effort to achieve mutual sustainable development.

"Landlocked developing countries, made most vulnerable by their geographical isolation, are often the hardest hit by rapid global economic swings," said Noeleen Heyzer, the Executive Secretary of the UN Economic and Social Commission for Asia and the Pacific (ESCAP).

"We need to deepen regional cooperation and invest in the people, institutions and ecosystems of these countries to support their journey to shared prosperity, reduce poverty and improve the quality of life of their people," she said at the end of the three-day meeting of the region's landlocked developing countries (LLDCs) in the Mongolian capital, Ulaanbaatar.

Ministers and senior government officials from Afghanistan, Armenia, Azerbaijan, Bhutan, Kazakhstan, Kyrgyzstan, Laos, Mongolia, Nepal and Tajikistan met to review progress in implementing the Almaty Programme of Action and assess challenges arising from the severe socio-economic impact of the food, fuel and financial crises on the LLDCs.

The eight-year-old programme of action reaffirms the LLDCs' right of access to and from the sea, urging cooperation between LLDCs and transit countries for that purpose. The high-level meeting adopted an Ulaanbaatar Declaration and requested Dr. Heyzer to submit it to ESCAP Member States to recommend necessary measures for its speedy implementation.

The Declaration expressed concern at the widening disparities within LLDCs in achieving the Millennium Development Goals (MDGs), noting that even relatively better off countries have glaring urban-rural and gender-based disparities. It also highlighted the need for greater regional cooperation and continued international support to help the LLDCs progress towards the MDGs and other internationally agreed development goals.

Stressing that the interests of LLDCs should be taken fully into account to ensure that they have free access to international waters, delegates at the meeting resolved to work together to establish transit transport systems to benefit from the region's dynamism.

Expressing concern at rising food and energy prices and special vulnerabilities of LLDCs, the delegates noted that the greatest challenge for Asia-Pacific LLDCs is poverty reduction. They underscored the need for increased and reoriented public investment on social protection and health, education, water and sanitation services.

The Ulaanbaatar meeting welcomed Dr. Heyzer's launch of a young leadership programme to train young LLDC leaders to engage effectively in multilateral forums, negotiations and processes.

The declaration recognized that non-physical barriers such as customs clearance and border crossing procedures, as well as red tape, were major impediments to efforts by LLDCs to reach their full potential for growth and development.

Link to article

Related article:

International organization to be established in Mongolia, April 13


China to fund rehabilitation center for Mongolian troops

April 13 ( Mongolia and China have signed an agreement to use a grant of CNY 40 million to set up a rehabilitation-and-relaxation center for Mongolian troops who return from UN peacekeeping operations. Ts.Sukhbaatar, Ambassador of Mongolia to China, and Maj-Gen Jia Xiaoning, deputy director for foreign affairs of the Chinese Defense Ministry, also agreed to name the center after the two countries. The center is expected to be ready for use in September, when the Defense Ministry of Mongolia celebrates its 100th anniversary. 

At the signing ceremony in Beijing, both the Ambassador and General Jia expressed satisfaction at this gesture of military cooperation. 

Link to article


Venezuelan firm presents technology to election committee

April 14 ( Smartmatic LLC of Venezuela yesterday gave a presentation on its automatic vote counting technology to the General Election Committee. The company designs and deploys end-to-end, custom-made technology to work with the utmost efficiency. The Smartmatic system has been used in several Asian, African, American and Caribbean countries with large electorates. 

Its presentation to the GEC showed how voters will be registered and the votes counted promptly and automatically.

Link to article


Strategic Alliance Agreement Signed (by Bodi Group & Worley Parsons)

April 14 ( Bodi Group signed on Strategic Alliance Agreement with Worley Parsons of Australia. Bodi Group and Worley Parsons associates work together on a preferential basis to utilize the strengths of both sides to pursue the projects of energy, infrastructure and construction sectors, and to benefit from mutual experiences, capabilities, resources, technologies and customer relations.

Link to article


2012 Olympic medals from Mongolia, Utah

April 14, LONDON (AP) — The gold, silver and copper that will be used in the 4,700 medals at the 2012 London Olympics will be provided by international mining company Rio Tinto.

By signing up as a tier-three backer of the games, Rio Tinto's sponsorship will be worth about $16 million.

Rio Tinto has supplied the metals for Olympic gold, silver and bronze medals once before — at the 2002 Salt Lake City Games.

The metals for the London medals will come from the Kennecott Utah Copper mine in Salt Lake City and the Oyu Tolgoi site in Mongolia.

Rio Tinto chief executive Tom Albanese says the company is "excited to have the special job once again of digging the ore that will become treasured medals for the world's elite athletes."

Link to article



Ulaanbaatar, Mongolia, /MONTSAME/ A ceremony took place Wednesday to sign a memorandum of mutual understanding on cooperation between the Government of Mongolia and the International Examinations Center of the University of Cambridge.

The memorandum has been inked by Yo.Otgonbayar, the Minister of Education, Culture and Science, and by Ann Puntis, Chief Executive of the Cambridge International Examinations Center.

Present at the ceremony were the Premier S.Batbold and Simon Lebus, a Group Chief Executive of Cambridge Assessment.

Then a director of the state-owned "New era" school, the city's #115 secondary school in the Khan-Uul district, B.Amartuvshin has gas been granted a certificate to affirm that this school has been selected the Cambridge branch school.

The Premier has underlined that Mongolia made important step to introduce the internationally-accepted educational system for developing Mongolia and its people.

Link to article


<Mogi & Friends Fund A/C>

2.8% MtD with new investment and purchase

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.

I was away for the last 3 weekdays of last week. But before I left, I purchased a new stock with the fund's new investment from a friend. The stock did well while I was away.




·         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

CPSI Logo (Small)

Telephone/Fax: +976-11-321326

Mobile: +976-99996779


P Please consider the environment before printing a copy of this email.


Suite 1213 · 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 or +976-99996779.



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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