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Close: Mongolia Related ASX Listed Companies, May 10, 2011 | ||||||||
Code | Last | $ +/- | Bid | Offer | Open | High | Low | Volume |
0.058 | 0.001 | 0.058 | 0.059 | 0.058 | 0.059 | 0.056 | 5,457,303 | |
1.570 | 0.030 | 1.540 | 1.570 | 1.525 | 1.600 | 1.510 | 642,789 | |
0.380 | 0.000 | 0.380 | 0.385 | 0.380 | 0.380 | 0.340 | 455,100 | |
0.775 | -0.025 | 0.775 | 0.790 | 0.810 | 0.810 | 0.760 | 2,126,878 | |
0.525 | 0.025 | 0.500 | 0.525 | 0.525 | 0.525 | 0.525 | 5,000 | |
0.016 | -0.001 | 0.016 | 0.018 | 0.017 | 0.017 | 0.016 | 350,000 | |
0.006 | -0.002 | 0.006 | 0.007 | 0.007 | 0.007 | 0.006 | 3,947,026 | |
0.065 | 0.005 | 0.065 | 0.066 | 0.062 | 0.065 | 0.059 | 9,569,732 | |
0.200 | 0.010 | 0.195 | 0.200 | 0.195 | 0.205 | 0.195 | 1,238,120 | |
1.140 | 0.040 | 1.100 | 1.140 | 1.110 | 1.150 | 1.100 | 1,234,637 | |
0.265 | 0.000 | 0.265 | 0.270 | 0.265 | 0.275 | 0.265 | 611,857 | |
0.540 | 0.010 | 0.535 | 0.540 | 0.540 | 0.540 | 0.540 | 301,374 | |
22.580 | -0.250 | 22.560 | 22.580 | 22.830 | 22.830 | 22.510 | 1,165,522 | |
79.650 | -0.360 | 79.650 | 79.850 | 80.400 | 80.500 | 79.650 | 2,275,952 | |
44.530 | -0.220 | 44.520 | 44.530 | 44.960 | 45.100 | 44.500 | 9,873,735 | |
Source: asx.com.au
Russia to supply only 10,000 tons of fuel
May 10 (news.mn) Mongolia’s fuel reserves have dropped to 13 days’ stock and Russia has said it would supply only 10,000 tons of petroleum in May. The Ministry of Mineral Resources and Energy now has to find alternative sources to meet the country’s monthly demand of 84,000 tons. It has already held talks with petroleum importers on how to hold prices.
The Government also has to ensure fuel for spring planting operations to proceed smoothly. Fuel stations have already imposed a 30-liter limit on every consumer.
SouthGobi facing fuel shortages in Mongolia
May 10 (Reuters) - Coal miner SouthGobi Resources Ltd (SGQ.TO) warned on Tuesday that it is facing fuel shortages and may have to curtail operations following Russia's recent move to curb fuel exports.
Last month, the world's largest oil producer Russia said it would raise export duties on fuel, due to shortages in its own domestic market. [ID:nLDE73R0P7]
Russia is the primary supplier of fuel to Mongolia and it has substantially cut fuel exports to Mongolia for the month of May, the company said.
SouthGobi said its fuel supplier has claimed force majeure and will be unable to meet contracted fuel supply this month. The company said it has managed to secure an agreement with a new supplier to offset some of the shortfall.
The company said the new supply combined with its existing diesel stocks will allow its Ovoot Tolgoi mine to operate for about 45 days under normal conditions, or around three months if operations were partially curtailed to preserve fuel.
U.S., Japan Deny Plans to Send Spent Nuclear Fuel to Mongolia
May 9 (WSJ) WASHINGTON—The U.S. and Japan confirmed Monday that they have held discussions with Mongolia about nuclear waste management, but both denied that they have any plans to send their spent nuclear fuel to the lightly populated Asian nation.
On Monday Japan's Mainichi newspaper reported that the U.S., Japan and Mongolia were set to sign an agreement over the project in February, but put it off after objections from Japan's Foreign Ministry. The newspaper said it would be easier for the U.S. and Japan to sell their nuclear-reactor technology overseas if they could offer countries a place to put their nuclear waste.
A Department of Energy spokeswoman said: "The U.S. government is not negotiating a deal to send spent nuclear fuel to Mongolia." She added, "No discussions or potential fuel leasing services involve U.S.-origin spent nuclear fuel."
Asked whether Japan was talking with Mongolia about nuclear-fuel storage, Japan's deputy foreign minister, Chiaki Takahashi, said at a news conference Monday that the countries had held an "informal exchange of views" about the subject. He said the talks didn't reach a conclusion and Japan doesn't intend to send its spent nuclear fuel to Mongolia.
The U.S. and Mongolia signed a memorandum of understanding on nuclear power in September 2010, when deputy energy secretary Daniel Poneman visited the Mongolian capital of Ulan Bator. A U.S. official said that accord included "waste management" but didn't give details.
A U.S. State Department official in charge of nuclear issues, Richard Stratford, said March 29 that the U.S. Department of Energy was talking to Mongolia about storing other countries' spent fuel, including possibly fuel that originated in the U.S.
In April, the U.S. Embassy in Ulan Bator said Mr. Stratford's comments "may have been misinterpreted" and it is "not correct" that the U.S. was talking to Mongolia "about the establishment of a storage facility to accept foreign spent nuclear fuel."
Both the U.S. and Japan are struggling with the long-term handling of nuclear waste. Under a 2002 U.S. law, Nevada's Yucca Mountain is the designated repository site for the nation's high-level nuclear waste, including spent nuclear fuel from commercial power plants, but construction has stalled amid political and legal fights.
Officials at the Mongolian Embassy in Washington couldn't be reached for comment.
Related:
Japan has no plans to dump spent nuclear fuel abroad - state secretary for foreign affairs – RIA Novosti, May 9
Nuclear Waste Dump: Mongolia Possible Site for Japan and U.S.: “Abandoned quarters built by the former Soviet Army stand in the Mongolian village of Bayantal, the most likely site for the construction of a nuclear power plant. (Mainichi Daily News)” – Allvoices, May 9
B.Enebish: Operator for Erdenes Tavan Tolgoi will soon be chosen
May 9 (business-mongolia.com) B.Enebish, Executive Director of Erdenes MGL was interviewed regarding the latest on Erdenes Tavantolgoi’s investment agreement.
Q: Why is the discussion with the investor consortiums are taking long? Will it affect the time for Erdenes MGL to enter the international stock market?
A: The meetings to select the strategic investors for Western Tsanhi of Tavan Tolgoi started on 11th of March. We are now at the 3rd stage of the discussions and we will soon select the investor consortium. I cannot go into further details. Yes it is taking long, we are not only discussing about the coal mine but also the railways, infrastructure and factories for value added products.
ith the investors should be clear. We are closely working with consortiums from three different countries.
Q: The operator companies are not chosen but are there any mining processes at Erdenes Tavantolgoi at the moment?
A: The work of removing the soil started on 27th of August, 2010. Enormous amount of soil is already removed and reached the coking coal layer. The plan is to start the coal export from the beginning of the next month.
Q: There is much negative news about the investor banks, how reliable are they?
A: The banks that we are working with are the largest in terms of stock market. They are the best in the world and from our point of view, we should not be worried. If there is negative news, then they should be questioned. We believe that they are the selected ones to make our IPO successful.
Khan Files Second Quarter 2011 Financial Results
TORONTO, ONTARIO--(Marketwire - May 10, 2011) -Khan Resources Inc. (TSX:KRI) ("Khan" or "the Company") announced today that it has filed its financial statements and management's discussion and analysis for the three and six month periods ended March 31, 2011 on SEDAR and has posted these documents to its website www.khanresources.com.
From a financial perspective, the Company's net loss for the three month period and six month period ended March 31, 2011 was $0.02 and $0.02 per share respectively compared to losses of $0.02 and $0.04 for the same periods in the prior year. During the second quarter, the Company also subscribed for 3 million units of Macusani Yellowcake Inc. ("YEL") each unit consisting of one common share and one half share purchase warrant exercisable at $0.85 per share for two years. The Company's investment in YEL at March 31, 2011 was $8.1 million based on period end market values and $4.3 million based on cost.
Significant developments during the second quarter included the filing on January 10, 2011 of an international arbitration action against the Government of Mongolia for its unlawful and expropriatory treatment of Khan in respect of the Dornod deposit. The Tribunal will consist of three well-known and highly respected international arbitrators: Mr. L. Yves Fortier of Canada (appointed by Khan); Mr. Bernard Hanotiau of Belgium (appointed by Mongolia); and Mr. David A.R. Williams of New Zealand (appointed as the presiding arbitrator by Messrs. Fortier and Hanotiau). The Tribunal is expected to convene an in-person hearing to discuss the procedure by which the arbitration will proceed in the very near future.
In addition, subsequent to the end of the second quarter, Khan and ARMZ entered into settlement discussions in an attempt to resolve Khan's $300 million lawsuit against ARMZ. The discussions were not successful and Khan will reintroduce a motion in the Ontario Superior Court of Justice to dispense with or order substitute service in respect of the suit.
Entree Gold sells non-core assets for US$3.2 million
May 10 (The Canadian Press) VANCOUVER - Entree Gold Inc. (TSX:ETG) says it has sold non-core assets for more than US$3.2 million.
The non-core assets were acquired as part of the company's June 2010 acquisition of PacMag Metals Ltd.
Entree Gold said Tuesday it had completed the sale of its stake in two Australian listed companies. The holdings, valued at US$895,273 when the PacMag deal closed, were sold for just under US$3.2 million.
The Vancouver-based miner focuses on the worldwide exploration and development of copper and gold projects.
The company's flagship Lookout Hill property in Mongolia surrounds the Oyu Tolgoi project owned by Ivanhoe Mines (TSX:IVM) and the Mongolian government.
In North America, the company is exploring for copper in Nevada, Arizona and New Mexico.
WB: Mongolia Quarterly Economic Update - April 2011
May 5 (World Bank) --
EXECUTIVE SUMMARY
Medium-term look
· Mongolia’s prospects in the medium term look excellent from a growth perspective as well as a fiscal management perspective.
· Staying the course in the medium term means implementing the landmark Fiscal Stability Law (FSL) passed last year, and adopting a supportive integrated budget law this spring session of parliament.
Economic Growth
· The economy grew 6.1 percent year-on-year in 2010, following a contraction of 1.3 percent in 2009.
· The last quarter of 2010 ended with a broad-based recovery, supported by transportation, construction and wholesale and retail trade.
· For the employment of the poorest segments of society, the agriculture sector (down 17 percent yoy in 2010) experienced double digit contractions in all four quarters in 2010.
· March data show a moderation in the headline UB inflation to 7.4 percent yoy, following an 11 percent yoy increase in the previous month. However, food prices are rising in Russia and China, from where Mongolia imports the bulk of its main food commodities.
Budget
· The latest fiscal data show continued improvement in the budget outturns. On a 12-month rolling basis, the fiscal surplus increased to 2.4 percent of GDP in March 2011, up from a 5 percent deficit in March last year.
· The 2011 Budget of Mongolia envisages a steep increase in government spending to an unprecedented MNT 779 billion (over 52 percent of GDP).
Trade
· Imports increased to record levels of 86 percent yoy in March as the trade deficit continued to widen reaching US$ 646 million.
· Exports were up 71 percent yoy supported by the upward momentum in metal prices and large coal and copper imports by China, which absorbs 90 percent of Mongolia’s exports.
Banking Sector
· In the banking sector, the steady rise in NPL ratios in 2009 has been reversed. However, there continue to exist solvency concerns for small and medium banks.
· The stock of loans outstanding is on the rise since December 2009, up 35 percent yoy in March 2011 or 29 percent in real terms.
· With credit growing this fast, as was the case prior to the 2008 crisis, regulatory and oversight issues among Mongolian banks (along with capital adequacy) remain crucial.
Labor Markets
· Due to the increased activity in the construction sector, the number of informal workers in construction material markets rose while the number of informal workers declined in the other markets.
· Workers’ real informal market wages on average increased by about 18 percent from December to March 2011, due to improved weather and moderated inflation.
· Of the most vulnerable in society, about 40 percent of those surveyed continue to indicate that their earnings do not meet their basic needs, while the rest rely on these markets for food and shelter only.
Similarities with before the 2008 crisis
· The plans include large cash handouts, exerting upward pressure on prices for the second half of 2011, with the risk of substantial second-round effects in the form of a wage-price spiral.
· While real interest rates are currently positive due to the fall in inflation, upward pressure on prices warrants a close watch on these rates, which could return to negative territory as was the case before the crisis.
· With the trade deficit continuing to widen with the mining boom, the current account is also in deficit—as was the case prior to the crisis. Consequently, there is a risk of returning to the boom-bust scenario that prevailed before 2008.
· High domestic inflation will cause the currency to appreciate in real terms, ultimately hurting the export sectors, and possibly creating a macroeconimic scenario called the Dutch Disease.
Prospects
· Mongolia has the opportunity now to exercise prudent fiscal and macroeconomic policies so it can steer clear of the mistakes made by other resource rich economies and achieve its potential.
· The Integrated Budget Law, which reforms the budget process and supports the implementation of the FSL, will be debated in Parliament’s spring session and would be an important step in permanently locking in prudent fiscal policies and mechanisms
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MONGOL BANK: MONGOLIAN TO USD EXCHANGE RATES WILL DECREASE.
THE MONGOL BANK HAS MADE A CURRENCY SWAP CONTRACT WITH THE CHINA CENTRAL BANK TO SUPPORT YUAN PROCUREMENT.
THIS NEW CONTRACT WILL ALLOW THE MONGOLIAN GOVERNMENT TO TRADE IN YUAN, FACILITATING TRADE WITH ITS CLOSEST NEIGHBOUR AND MOST IMPORTANT TRADING ALLY.
May 9 (business-mongolia.com, source: gogo.mn) This landmark and much delayed agreement means that Mongolia is stepping closer to the global market place by allowing it to trade in new currencies.
Today, over 80% of foreign trade within Mongolia is carried out in United States Dollars, this places too much of a reliance on the USD rates and puts our own economy at risk. The Mongol Bank believes that by signing this contract with China, we will decrease our USD reserves and it is likely that the dollar will decrease leading to a lower exchange rate.
To clarify the situation, we had a brief interview with the Vice President of the Mongol Bank, Mr. B.Javkhlan.
-Could you tell me what are the advantages of signing this contract with China?
-We do 80% of foreign trade with the American dollar. This contract will reduce this volume and diversify our own currency portfolio. Mongolia has a lack of Yuan which means that we have a very unstable exchange rate. It will now be possible to carry out increased trade with China in their own currency, thereby stabilising the exchange rate and benefiting our own traders.
-Will this decision modify the dollar exchange rate?
-Well the exchange rate will not change drastically today or even tomorrow, we are likely to see a decrease in the rates within a few months.
-Dollar exchange rate has decreased from yesterday. Is that because of this contract?
-The increasing dollar exchange rate was a bubble, it was a fake exchange rate and the rate is now seeing a correction.
Voyager Resources Investor Presentation, May 2011
May 10, Voyager Resources Limited (ASX:VOR) --
Lucky Strike Terminates Changyun Project, Clarifies Changyun and Nkak Coal Project Disclosures
Vancouver, Canada, May 09, 2011 –(PR.com)– Lucky Strike Resources Ltd. (TSX-V:LKY) (the “Company” or “Lucky Strike”), advises that it has terminated the Letter of Intent to acquire an interest in the Changyun project as a result of the Company’s inability to resolve certain due diligence issues, negotiate a formal definitive agreement, secure financial and technical control of the project, and obtain sufficient and acceptable security in order to advance further funding for the Changyun project. On May 6th, the Company formally advised Cheung Wan (Groups) Energy Development Limited (“Cheung Wan”) of the termination of the Company’s rights under the Letter of Intent announced on October 29, 2010, given the difficulties to date and the requirement for the technical report which would not be fulfilled in the short term without the cooperation of Cheung Wan. Consequently, Lucky Strike wishes to focus on more favorable projects.
As a result of a review by the British Columbia Securities Commission, the Company is issuing the following news release to clarify disclosure regarding the Changyun coal project in the People’s Republic of China, and the NKAK coal and transportation project in Mongolia.
…
The NKAK Project, Mongolia
The company clarifies that indications of “near-term cash flow” and “coal revenue” in its Stockwatch eblast and in Infostock dated April 27, 2011, do not pertain to the NKAK Property, which is an exploration stage property without a defined resource, and where the quality and quantity of coal is yet to be determined. A reconnaissance survey in July 2010 resulted only in the delineation of coal occurrences, and this data is not sufficient to complete a NI 43-101 technical report. The delineation of coal occurrences should not be relied on until they are independently verified and supported by a technical report.
In the event the company receives a coal resource estimate that is a material change to its affairs, it will promptly disclose the results and file a supporting technical report as required by NI 43-101.
Coal Transportation
The company also clarifies information about transport contracts for one million tonnes coal/year indicated by the Stockwatch eblast and Infostock. Before additional exploration determines suitable quality and quantities of coal at NKAK and a relevant economic analysis is prepared, there can be no certainty that any quantities of coal suitable for transport may be available on the NKAK property.
Pursuant to the Letter Agreement announced on April 27, 2011, the Representative has agreed to use its reasonable commercial efforts to secure and assign transportation contracts to the JV Company for the transportation of a minimum of one million tonnes of coal per annum (“tpy”) from Mongolia to China within the first three years of operation. The Representative’s affiliate company holds a transportation licence and contract and has transported 500,000 tonnes of coking coal from Tavan Tolgoi to Tsagaan Had, a reloading station, through the Gashuun Suhait Mongolian-Chinese border to the final destination of Gants Mod in China. The Company anticipates that these contracts may provide revenue while it completes exploration on the property and, if successful, would provide means to deliver the coal directly to the market.
Financial Terms
In order to acquire up to a 75% ownership interest in the JV Company, Lucky Strike is required to: (a) make a non-refundable payment of US $300,000 to the Representative upon execution of the Letter Agreement; (b) make US $600,000 in cash payments to the Representative over a three year period of which US$500,000 is payable upon receipt of TSXV approval, US$50,000 is payable on the first year anniversary of the approval date and US$25,000 is payable on both the second and third anniversary of the approval date; and (c) complete a minimum of US$8 million in exploration and development expenditures over a three year period of which US$1 million to be spent by the first year anniversary of the approval date, US$2 million to be spent by the second year anniversary of the approval date and US$5 million to be spent by the third year anniversary of the approval date. The acquisition is subject to completion of legal and technical due diligence and acceptance by the TSX Venture Exchange.
Finder’s fees may be paid, and will be in accordance with TSX Venture Exchange policies, and is subject to the approval of the regulatory authorities.
Property Review
Lucky Strike signed a letter agreement (the “Letter Agreement”) with a private Mongolian company (the “Representative”) that represents the owner of two exploration licenses covering an area of 8,736 hectares 3 km west of the Olonbulag coking coal deposits in the aimag of Hovd in southwest Mongolia. The properties are known as the Nariin Khargait and Ar Khadnii Ovoo coal properties (the “NKAK Properties”). Under the terms of the Letter Agreement, the NKAK Properties will be assigned into a joint venture company (“the JV Company”). Lucky Strike can earn a 75% ownership interest in the JV Company.
…
36 coal mines under active exploitation
May 9 (news.mn) The Mineral Resources Authority has revealed that around 50 organizations currently exploit coal in 36 mines. Two of these are state owned, three are owned by province administrations, and the remaining 45 are private companies.
According to the Authority, Mongolia has geological coal reserves of 163.2 billion tons in 300 deposits and occurrences in 15 coal basins, falling in 3 major regions. Of the 172 mining licenses issued to 123 companies, 105 are in active use by these 50 or so companies. 39 coal mining licenses were issued at Nalaikh district of Ulaanbaatar.
Mongolia is one of the ten countries in the world with the most coal reserve, and further exploration could increase its reserves.
Mining Companies Given Notice of Termination of Licenses
May 10 (UB Post) According to the information received from the Mineral Resources Authority of Mongolia, there are 5234 mining licenses which are valid in Mongolia.
Over 100 companies are about to receive notice of the revocation or suspension of its exploration or mining licenses for failing to comply with the Mongolian law.
According to the law passed on the 9th of July, 2009 regarding prohibition of mineral prospecting, exploration and mining in water basins and forest areas in the territory of Mongolia, licenses issued around water basins and forests may be cancelled.
Due diligence on mining companies will include investigation of the fulfillment of all its legal obligations in relationship to its licenses, including geological, environmental plans and reports, annual environmental reports, land rights, safety measures, warranties and pledges.
This investigation is crucial since an investor can have its license revoked for many reasons such as: non-payment on time and in full of annual license fees, failure to protect the environment, failure to maintain safety measures, transfer of the license to another legal entity.
Due to the action the companies are demanded to send competency reports to the Mineral Resources Authority of Mongolia. If they don’t send the materials in time (May, 11th), their licenses will be annulled.
Also they were warned that there is a possibility of terminating the special licenses of over 100 companies who had not paid the bill on time according to the law and who had not made their competency reports.
Standing Committee approves two bond issues
May 10 (news.mn) The Standing Committee on the Budget today approved proposals to issue one set of bonds worth MNT55.5 billion to plug the budget deficit in 2011 and another worth MNT72 billion for long-term apartment loans to state officials and citizens. Ts.Sedvanchig criticized the latter proposal, saying this increases demand for apartments and allows construction companies to raise prices. He also said state officials get preference in loans and in their terms and urged that these be made the same for all.
GENERAL GOVERNMENTAL BUDGET IN STATISTICS
May 10, Ulaanbaatar, Mongolia, /MONTSAME/ In the first four months of 2011, total revenue and grants of the General Government Budget (GGB) amounted to MNT 1219.5 billion and total expenditure and net lending amounted to MNT 1,149.5 billion, representing surplus of MNT 70.0 billion in the GGB overall balance.
Compared to the same period of previous year, the decrease of MNT 260.2 billion in budget deficit was mainly due to the 56.2 per cent increase in budget revenue, and 18.4 per cent increase in budget expenditure, that is the revenue growth pace exceeded the expenditure growth by 37.8 percentage points.
Current revenue of the GGB amounted to MNT 1,195.8 billion and current expenditure reached MNT 1,014.4 billion. Thus, the budget current balance was in surplus of MNT 181.4 billion. Against the previous year, tax revenue increased MNT 402.8 billion or 60.3 per cent due to the increases of MNT 16.8 billion or 6.5 per cent in income tax, MNT 31.8 billion or 35.5 per cent--in social security contribution, MNT 166.6 billion or 81.4 per cent--in taxes on goods and services, MNT 44.3 billion or 2.0 times--in taxes on foreign trade, MNT 141.9 billion or 3.1 times--in other taxes.
The non-tax revenue increased by MNT 39.3 billion or 45.7 per cent against the previous year due to the increases of MNT 19.8 billion or 27.0 times in revenues from dividends, MNT 2.4 billion or 27.1 per cent--in revenues from interest and fines, MNT 3.8 billion or 36.7 per cent in revenues from oil petroleum, MNT 1.4 billion or 13.3 per cent--in revenues from navigation fee, MNT 11.0 billion or 23.8 per cent--in revenues from budget entities, MNT 0.8 billion or 9.0 per cent--in other revenues.
In the first four months of 2011, total expenditure and net lending of the GGB increased by MNT 178.4 billion or 18.4 per cent to MNT 1,149.5 billion against the previous year due to increases of MNT 159.8 billion or 38.3 per cent in subsidies and transfers, MNT 86.6 billion or 25.9 per cent--in expenditure of goods and services, MNT 4.9 billion or 42.5 per cent--in interest payments, MNT 32.4 billion or 34.8 per cent--in capital expenditure, although there was MNT 105.4 billion or 91.7 per cent decrease in other lending minus repayments.
Spending of MNT 125.5 billion on capital expenditure in the first four months of 2011 was higher by MNT 32.4 billion or 34.8 per cent compared to the same period of the previous year. The increase in capital expenditure was due to the increases of MNT 1.8 billion or 2.4 times in foreign financed capital expenditure, and MNT 30.6 billion or 33.3 per cent--in capital expenditure of domestic sources.
MONEY SUPPLY INCREASES
May 10, Ulaanbaatar, Mongolia, /MONTSAME/ According to Bank of Mongolia, money supply (broad money or M2) at the end of April 2011 reached 5,350.5 billion togrog, increasing 395.4 billion togrog or 8.0 percent against the previous month, and 2,187.6 billion togrog or 69.2 percent against the same period of previous year.
At the end of April 2011, currency issued in circulation reached 628.6 billion togrog, increasing 97.5 billion togrog or 18.4 percent compared to the previous month, and by 183.6 billion togrog or 41.3 percent compared to the same period of previous year. Loans outstanding at the end of April 2011, amounted to 3,973.9 billion togrog up by 243.1 billion togrog or 6.5 percent compared to the previous month, and by 1,209.0 billion togrog or 43.7 percent compared to the same period of the previous year.
Principals in arrears at the end of April 2011, reached 82.2 billion togrog reflecting an increase of 1.7 billion togrog or 2.1 percent compared to the previous month, and decrease of 56.8 billion togrog or 40.9 percent compared to the same period of the previous year.
Non-performing loans over the bank system reached 381.5 billion togrog, showing an increase of 9.4 billion togrog or 2.5 percent compared to the previous month, and a decrease of 34.5 billion togrog or 8.3 percent compared to the same period of the previous year.
There were 21 trading days and 35.4 million shares valued at 10.2 billion togrog were traded.
GDP AND NAT`L CONSUMER PRICE INDEX IN FIGURES
May 10, Ulaanbaatar, Mongolia, /MONTSAME/ In the first quarter of 2011, Gross Domestic Product (GDP) reached MNT 748.3 billion at current prices increasing by MNT 339.4 billion or 24.1 per cent against the previous year. The increase was mainly due to the growth in output of industry, construction, and net taxes on products.
In the first quarter of 2011, the GDP reached MNT 840.3 billion at 2005 constant prices increasing by MNT 74.2 billion or 9.7 per cent against the previous year. The increase was mainly due to the 21.8 per cent growth in net taxes on products.
The national consumer price index in April, 2011 decreased by 0.2 percent against the previous month increasing by 2.5 per cent from December 2010; and 5.5 per cent against the previous year. The decrease in national index compared to the previous month was mainly due to 1.0 and 0.3 per cent decreases in food and non-alcoholic beverages, and housing, water, electricity and fuels groups.
STOCK EXCHANGE WEEKLY REVIEW
May 9, Ulaanbaatar, Mongolia, /MONTSAME/ Five stock trades were held at Mongolia's Stock Exchange on May 2-6. In overall, 204.4 thousand shares were sold of 56 joint-stock companies totaling MNT 238.6 million.
Index TOP-20 was 20291.05 points decreasing 762.53 units or 3.6% against the week earlier. The total market capitalization was set at MNT two trillion and 1.3 billion decreasing by MNT 103.4 billion or 4.9%.
Shares of "Sodot" /51.5%/, "Darkhan nekhii" /50.5%/, and "Mon asar" /14.8%/ increased, but shares of "Aduunchuluun" /26.2%/, "Mongol shevro" /19.9%/, and "Mogoin gol" /16.0%/ decreased.
19 stocks closed higher, 25 shares declined and 12 shares remained unchanged. Shares of "Hermes center" /70.9 thousand/, "Remikon" /41.1 thousand units/ and "Genco tour bureau" /32.2 thousand units/ were the most actively traded in terms of trading volume and in terms of trading value--"Baganuur" (MNT 34.9 million), "Tavan tolgoi" (MNT 34.7 million), and "Sharyn gol" (31.7 million).
Move to grant voting rights to Mongolians abroad
May 10 (news.mn) The Civil Will-Green Party and an NGO, Tsahim Urtuu Kholboo, yesterday signed an agreement of cooperation to grant voting rights to Mongolians abroad. Secretary General G.Gankhuu and D.Sainbayar signed the agreement for the CW-GP and the NGO respectively.
There are 120,000 Mongolians outside the country who cannot vote in elections. The agreement calls upon the CW-GP to propose the necessary legislation in Parliament, while the NGO will help create popular support for the move.
HEALTH MINISTRY: LIVE BIRTHS DECREASE
May 10, Ulaanbaatar, Mongolia, /MONTSAME/ According to Ministry of Health, 21,534 mothers delivered 21,681 live births in the first four months of 2011 showing a decrease 726 or 3.3 per cent, and reflecting a decline by 664 or 3.0 per cent against the previous year.
In the first four months of this year, at national level infant mortality decreased 107 or 21.2 per cent to 398, and child mortality aged 1-5 decreased by 49 or 35.5 per cent to 89.
Mongolia, Sri Lanka and Iraq: the growth states of 2050
May 10 (citywire) In an otherwise moribund economy, recent years have witnessed one area of runaway growth: the creation of quirky acronyms to describe the next hotspots of emerging world development.
Alongside the market-leading Brics, the Next 11 and the Seven Percent Club have been among the more coherent and less annoying. Others have owed more to snappy phrasemaking than a well-conceptualised outlook on economic history and what it tells us about new markets.
Step forward Willem Buiter. Rather than drawing up a ragbag of frontier growth prospects, the Citibank chief economist has created a development model and ranked leading states by index positions.
His index – Bangladesh, China, Egypt, India, Indonesia, Iraq, Mongolia, Nigeria, Philippines, Sri Lanka and Vietnam lead it up to 2050 and compares predicted GDP data versus the past 10 years of growth.
While it does have a brand name, the 3G Index (or global growth generators) has a more diligent rationale underpinning it than some other attempts to sell the next sources of growth.
‘We don’t want 3G to join the list of patronising acronyms or even the list of cute but uninformative and pointless ones (although at one point we flirted with an intriguing/confusing label like the Magnificent Seven, the Nine Nazgûl or the 39 Steps),’ said Buiter. ‘Instead, we view it as a question. What are the generators of global growth and profitable investment opportunities or the next 40 years?’
Working from a baseline prediction of purchasing power adjusted GDP growth rates, inflation and market exchange rates for 85 countries over the next 40 years, supplied by 50 economists, Buiter and his colleague Ebrahim Rahbari compared these to the recent past.
Over these they applied aggregated key growth catalysts such as capital formation, domestic savings, institutional quality, human capital, trade openness and starting levels of per capita income.
The growth we are predicting will either be “green” and sustainable or it won’t occur. It is therefore encouraging that the main driver of environmental degradation and excessive natural resource use – population growth – is expected to peter out,’ Buiter said.
‘Global GDP growth will mainly be driven by growth in GDP per capita, especially in the later decades.’
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"Mogi" Munkhdul Badral
Executive Director
CPS International LLC
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