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Close: Mongolia Related ASX Listed Companies, June 23, 2011
WILL PEOPLE GET ANOTHER SHARES OF "ERDENES-TAVAN TOLGOI"?
June 23, Ulaanbaatar, Mongolia, /MONTSAME/ The cabinet on Wednesday discussed and then backed in principle a draft resolution on transferring additional 10 per cent of the total shares of the "Erdenes-Tavantolgoi" company to citizens.
It has been drawn up by D.Odbayar, B.Batbayar, Ya.Batsuuri, Kh.Jekei and D.Khayankhyarvaa MPs. As they consider, a decision to sell in OIP ten per cent of the "Erdenes-Tavantolgoi" company to entities is "a sort of discrimination and unequal distribution for those who made investments to enterprisers or for other people". They want to annul the shares for entities.
In addition to it, the cabinet has backed in principle a draft resolution drawn up by Ya.Batsuuri and Bat.Batbayar MPs. The draft initiators consider that the uncontrolled sale of the mining stocks to all entities might boost a dependence of the economics from the mining sector, and that criteria for entities to buy stocks are not understandable.
Petro Matad breaks winning streak as DT-6 well comes up dry
June 23 (Proactive Investors UK) Petro Matad’s (LON:MATD) winning streak has come to an end. This afternoon it confirmed that the Davsan Tolgoi-6 (DT-6) well, on Block XX in Mongolia, failed to find hydrocarbons.
The preceding five wells all discovered oil. Chairman Douglas McGay described the outcome of DT-6 as a ‘statistically acceptable’ result.
"The absence of hydrocarbons in DT-6 is disappointing,” McGay said.
“When taken into the context of the previous five successful wells and the complex nature of the Davsan Tolgoi Prospect, it represents a statistically acceptable result.”
DT-6 was drilled to total depth of 1,923 metres into volcanic basement rocks, below the Tsagaantsav reservoir objectives. Petro Matad completed wireline logging and petrophysical analysis, but found no hydrocarbons through either method. The well has now been cased and cemented.
The well was targeting the centre of a large seismic anomaly in the Uppermost Tsagaantsav formation. In DT-6 the target was 404 metres lower than the oil accumulations encountered in both DT-1 and DT-2.
Petro Matad said that the well encountered this primary objective between 1,532 and 1,690 metres, where the reservoir rock exhibited good reservoir development but negligible hydrocarbon saturation.
It will now integrate the results from DT-6 and DT-5 results, along with 3D seismic interpretation.
“The presence of significant hydrocarbon saturation at DT-5 and its absence at DT-6 will require adjustment to the initial trap model for Uvgan Gol Prospect,” the company said.
Meanwhile the site for DT-7 is being prepared. This next well is designed to test a different target, the Davsan Tolgoi Mod prospect – about 2.25 kilometres southeast, and approximately 360 metres higher than DT-6.
McGay added: “The company is pursuing an evolving, but aggressive exploration programme on Davsan Tolgoi and the data from this and previous wells is assisting our exploration professionals in their understanding of the Prospect, and the location of future drilling."
Prophecy advances Mongolian coal projects, produces 230,000t of coal at Ulaan Ovoo
June 23 (Proactive Investors USA & Canada) Prophecy Coal (CVE:PCY) announced positive operational results for its first quarter on Thursday, despite widening losses.
The Mongolia-focused coal development company said that its losses stem from its merger with Prophecy Holdings and Northern Platinum, since larger companies often incur greater expenses, it said.
MRC: Investor Presentation June 2011
June 23, Mongolian Resource Corporation Limited (ASX:MUB) --
Mongolia Growth Group Ltd. Closes Private Placement Offering
Calgary, Alberta CANADA, June 23, 2011 /FSC/ - Mongolia Growth Group Ltd. (YAK - CNSX),is pleased to announce that on June 23, 2011, the Company closed the non-brokered private placement which was announced on June 2, 2011 (the "Offering"). The Company issued 4,871,673 common shares in the capital of the Company ("Common Shares") at a price of CDN $3.51 per share for aggregate gross proceeds of $17,099,572.
Certain directors and officers of the Company have acquired Common Shares under the private placement. Harris Kupperman (President, CEO and Director) subscribed for CDN $526,500 or 150,000 Common Shares and William Fleckenstein (Director of the Company), through Fleckenstein Partners Fund, subscribed for CDN $526,500 or 150,000 Common Shares.
Participation by the foregoing officers and directors is considered to be a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101"). The Offering was approved by the directors, who in good faith determined that the transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the aggregate Common Shares issued to nor the consideration paid by such persons exceed 25% of the Company's market capitalization as at May 31, 2011.
Prior to the completion of the Offering, the foregoing parties directly or indirectly owned or controlled the following percentages of outstanding Common Shares: Harris Kupperman: 20.06%; and William Fleckenstein: 9.73%. As a result of the completion of the Offering, the foregoing parties now directly or indirectly own or control the following percentages of outstanding Common Shares: Harris Kupperman: 17.33%; and William Fleckenstein: 8.66%.
The Company intends to use the proceeds to purchase leasable real estate, take advantage of investment opportunities and general corporate purposes.
All of the Common Shares issued pursuant to the Offering are subject to a four-month hold period and may not be traded under applicable securities laws until October 24, 2011.
Ivanhoe Mines Crosses Below its 10-day MA
June 23 (FNNOnline) Ivanhoe Mines (NYSE:IVN) shares have crossed bearishly below their 10-day moving average of $22.67 on a volume of 1 million shares. This may provide swing traders with an opportunity for a short position as such a crossover often suggests lower prices in the near term. Watch for a close below this moving average level for confirmation.
In the past 52 weeks, shares of Ivanhoe Mines have traded between a low of $12.39 and a high of $30.03 and are now at $22.39, which is 81% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.19% while the 200-day MA has risen 0.26%.
Ivanhoe Mines Ltd. explores for and develops gold, copper, uranium, and coal. The Company operates in Mongolia, China, and Australia.
IFC Helps Improve Food-related Inspections in Mongolia through Business Reforms
The FINANCIAL -- Ulaanbaatar, Mongolia, June 23, 2011—IFC, a member of the World Bank Group, and the Mongolian Food Industry Association are helping raise public awareness on food-safety issues and promote the adoption of international food-safety practices and standards among Mongolian food business operators to boost consumer confidence in their products and improve their products’ export potential.
On June 24, IFC will participate in the Mongolia Food Safety Forum 2011, organized by the Mongolian Food Industry Association and the Ministry of Agriculture, Food, and Light Industry. IFC will address current challenges on food safety in Mongolia, suggest possible solutions, and share its global knowledge and expertise on the issue. The forum will be attended by more than 150 participants from the government, business community, and academia.
“The forum provides an opportunity for state agencies, nongovernmental organizations, international organizations, businesses, and manufacturers to jointly discuss and exchange ideas on Mongolia’s food safety policy and its strategy on food supply, quality, safety inspections, and prices,” said D. Terbishdagva, President of the Mongolian Food Industry Association and a member of parliament. “I fully support activities on food safety-related inspections reforms that are carried out by the government under the guidance of IFC.”
Launched in 2009, IFC’s business inspection reform program helps the government make inspection rules and practices more transparent, efficient, and less costly. It also helps introduce best practices in the inspection process of food business operators.
With assistance from IFC, the General Agency for Specialized Inspections, the main inspecting body in Mongolia, has adopted more than 10 checklists this year to be used during inspections of food business operators. IFC, together with the association, also has conducted a series of training workshops on food-safety international best practices for private businesses.
“Our collaboration with the Mongolian Food Industry Association is a new step for IFC to create opportunity for small and medium businesses to increase their knowledge on safety,” said Hyun-Chan Cho, IFC Country Manager for China and Mongolia. “Going forward, we plan to replicate this model with other public and private institutions to further support business inspection reforms.”
Rosneft renews demand to set up 100 gas stations in Mongolia
June 23 (news.mn) The President`s Foreign Policy Advisor, L Purevsuren, has denied media reports of any letter to Ts.Elbegdorj from the Director of the Rosneft Group in Russia. At the same time, an official of The Petroleum Authority has said such a letter was indeed received by Mineral Resources and Energy Minister D.Zorigt after the President`s visit to Russia in June where talks were held on fuel supply to Mongolia.
Contrary to media speculation, there is nothing new to Mongolians in the letter. Rosneft has merely repeated the offer to set up 100 gas stations in Mongolia that it first made in 2008 when, too, there was a fuel shortage. Implicit in the offer then, as now, was an assurance of uninterrupted supply if the demand was accepted.
In the event, nothing came of the offer/demand as the crisis blew away. Ironically, nothing else has also happened in the oil sector. There has been no progress in the oil refinery issue. A former Fuel and Energy Minister, Ch. Khurelbaatar, had said it would take around four years to build an oil refinery. Unfortunately, even a decision to build one is yet to be taken after talk of it began more than four years ago.
Rosneft can be allowed to own 100 gas stations in Mongolia only if the oil product law is changed. At present it bars exporters who supply more than 30 percent of the domestic use from selling directly in the domestic market. It is quite possible the authorities will this time agree to amend the law article, for the people have a perception that oil importing monopolies are behind the price rise.
MINISTER OF MINERAL RESOURCE ABOUT RUSSIANS LETTER
June 23, Ulaanbaatar, Mongolia, /MONTSAME/ At the regular cabinet meeting on Wednesday, a Minister of Mineral Resources and Energy D.Zorigt told about a meeting that ran June 2 on oil products supply among him and Russian officials--Deputy Prime Minister A.Sechin, Deputy Minister of Energy A.Shisnkin, and president of the “Rosneft” state-owned company E.Khudainatov.
He also has spoken about a letter from Russians. "Recently, some media say this letter that puts a pressure on the Mongolian side in oil matters has been sent to our President Ts.Elbegdorj and Ministers. It is not true, besides, this was sent to me," said the Minister to the press after the meeting. ”It is not a pressure, it is just a position of one Russian company--"Rosneft"--on oil issues, like erecting its fuel stations here and selling fuel. This is usual for the bilateral relations," he has added.
But how to deal with this request is our own business, he has underlined, adding that it would be discussed in frames of the oil sector policy.
Mongolia is importing large amounts of oil products from Russia, and some parts from Kazakhstan and China. The Minister of Mineral Resources and Energy has been ordered to introduce the cabinet to present situation and further measures in the oil products supply.
CABINET BACKS GENERAL CREDIT AGREEMENT
June 23, Ulaanbaatar, Mongolia, /MONTSAME/ The cabinet decided Wednesday to submit a draft law on ratifying a general credit agreement to the State Great Khural.
The general credit agreement has been established between the Ministry of Finance of Mongolia and the Export-Import Bank of China for exploiting an export loan of USD 500 million to be rendered from China.
Out of these money, some US 200 million will go for erecting processing factories of meat, powdered milk and flour, a for grain elevator, for buying small tractors, implementing a project on foods and agriculture.
The 300 million part will be spent for financing projects like “Education for new century”, “E-health”, “Multilevel intersections” and “Crossroads and bridges”, in accordance with an agreement with China.
The repayment period is 20 years, the credit interest stands at two per cent.
TWO FINANCING AGREEMENTS BACKED
June 23, Ulaanbaatar, Mongolia, /MONTSAME/ On Wednesday, the Cabinet meeting supported in principle a finance agreement of the “Mine's infrastructure investment support" which has been concluded between Mongolia's Government and the International development association.
A decision also has been made to consult the Standing committee on security and foreign policy about this agreement and to submit to parliament a draft law on ratifying the finance agreement. The project has three parts--to draw up technical economic justification and run researches and prepare cadres for dealing with these documents, a leadership of the contract, and management of internal waters.
The project is to be implemented from July 1 of 2011 to May 30 of 2016 at 25 million US dollars.
The Cabinet also has made a decision to submit to parliament a draft law on ratifying a finance agreement of “Development of market and pasture management” project which has been concluded between Mongolia's Government and International fund for Agricultural development /IFAD/ of UN.
Aims of it to support and boost small production in soums and provinces that are involved in the project in frames of "Mongolian livestock" and "Cooperative development" programmes, to create jobs, to support herders in adjusting a livestock production to environment and climate changes, to assist low income families and herders.
DRAFT RESOLUTION WILL BE SUBMITTED ON GIVING STATUS TO SOUMS
June 23, Ulaanbaatar, Mongolia, /MONTSAME/ A Cabinet meeting on Wednesday supported a parliament draft resolution on giving to some soums of provinces a "city with state significance" status.
The draft will be submitted to parliament. The draft resolution says that soums such as Khovd, Uliastai, Kharkhorin, Erdenet, Darkhan, Zuunmod, Choibalsan, Ondorkhaan, Sukhbaatar (Selenge aimag), and Zamiin-Uud of Dornogobi aimag must be granted this status.
These soums operate many important industries, services, universities and research organizations, which play their own roles in the country's development, and Sukhbaatar and Zamiin-Uud are the main international transport junctions through which flow international auto roads and railway.
If to get this status, these soums can develop independently and their part in the state, region and province will rapidly increase, and a migration to the UB city will decrease as well, think the MPs.
CABINET MEETING IN BRIEF
June 23, Ulaanbaatar, Mongolia, /MONTSAME/ The cabinet considered Wednesday as necessary to discuss an introduction to implementation of the state policy on railway transport at the National Security Council. The cabinet has approved a set of designs of a master plan for the " Zamyn-Uud" economic free zone.
It has been planned to place money for this plan to be implemented until 2029 in the basic guidelines of socio-economic development and in local budgets, to involve it in other projects, implemented by foreign countries and banking and financial organizations, and to raise money from a private sector. The master plan will be realized tied up with basic solution of general developmental plan of Zamyn-Uud soum.
A the cabinet meeting, a report was given by a research section that is responsible for analyzing conditions and possibility of establishing a Mongolia-Japan agreement on economic partnership. In conjunction with this, a working group has been set up to hold talks on establishment of the agreement, under a leadership of D.Tsogtbaatar, a State Secretary of the Ministry of Foreign Affairs.
The cabinet has backed ratifying of the 8th Additional Protocol to Constitution of Universal Postal Union which was approved by the session of the Universal Postal Union (UPU) in 2008. It will be consulted with related Standing committee of parliament.
A right has been given to Yo.Otgonbayar, the Minister of Education, Culture and Science, to sign a cooperation memorandum of mutual understanding to be established between the government of Mongolia and the UNESCO.
The cabinet has backed establishing of an agreement on cooperation in preventing emergency situations and abolishing their aftermath between the government of Mongolia and the Committee of Ministers of Ukraine. A First Commissioner Ts.Amgalanbayar, head of the National Emergency Management Agency, has taken a right to sign the agreement. The cabinet also has backed a cooperation agreement to be established between the government of Mongolia and Ukraine's Committee of Ministers in the education sector, and an agreement in the cultural sphere.
The government has backed a culture, education and science exchange programme for 2011-2014 between the governments of Mongolia and Turkey. This program will be signed by O.Ochirjav, the Ambassador Extraordinary and Plenipotentiary of Mongolia to Turkey. In frames of the program, 20 students and 10 master and doctor candidates will study every year in Turkey with scholarships of Turkey's government. Moreover, the countries will invite scientists to their international scientific conferences.
A draft new wording of the law on National Great Celebration has been backed in principle.
Detention of Editor Continues as FOI Law Passed in Mongolia
Detention of Editor Continues as FOI Law Passed in Mongolia
June 22, 2011 - The International Federation of Journalists (IFJ) joins with its affiliate, the Confederation of Mongolian Journalists, in calling for the immediate release of Ulaanbaatar Times editor-in-chief Chuluunbaatar Dolgor, who has been held in custody since his arrest on March 24.
The call comes as the Parliament of Mongolia passed new freedom of information legislation, known as the Law on Information, Transparency, Right and Freedom to Access Information. The law, passed on June 16, will take effect on December 1.
The IFJ has written to President Elbegdorj Tsahia to protest the continuing detention of Chuluunbaatar, 51, who was arrested on charges of “illegal privatisation and serious damage of public property” for his alleged involvement in the privatisation of the newspaper and its offices in the capital, Ulaanbaatar, in 2008.
Chuluunbaatar, who is also Secretary-General of the Confederation of Mongolian Journalists, faces up to 15 years in prison if found guilty. The journalist, who is held at Detention Centre No. 461 and has been denied bail on nine occasions, denies any wrongdoing.
“The IFJ is extremely concerned for the welfare of Chuluunbaatar Dolgor, who has serious health problems that require urgent medical assistance,” IFJ Asia-Pacific Director Jacqueline Park said.
“We call on all concerned people and organisations to join the campaign to see Chuluunbaatar freed on bail so that he can seek treatment and contest the charges.”
The IFJ urges individuals and organisations to join the global campaign to see Chuluunbaatar freed, by writing to President Elbegdorj Tsahia here and sending him a message via Twitter ( or use ).
The IFJ represents more than 600,000 journalists in 131 countries
Bidding For Mongolia Coal Mine Reaches Fever Pitch
June 22, RIO DE JANEIRO -(Dow Jones)- The jostling for the right to develop a massive coal field in Mongolia is getting rowdier by the day, and industry sources expect the winner to be known by the end of the month.
June 23 (Gold Investing News) For centuries Mongolia’s Gobi Desert was regarded as a place to avoid with a harsh landscape of desolate plains, freezing winters and scorching summers. The physical characteristics of its geography have generally limited human settlement to small numbers of nomadic camel breeders eking out a remote subsistence. Recent discoveries of copper, gold and coal may threaten to bring the era of isolation to an end. Investors will note that since the abolition of the Windfall Profit Tax (WPT) in January, gold producers have started exporting without the 68 percent tax. The impact has seen a 15 percent increase in gold exports as of the end of April compared to a contraction of 47 percent last December.
Mongolia Hates Good News
One More Ten-Bagger in UlaanBaatar
June 23 (Energy & Capital, by Christian A. DeHaemer) Greetings from UlaanBaatar, Mongolia... the northern-most capital city in the world.
The gray skies have been spitting cold rain since I landed two days ago. CNN tells me this is the same weather pattern that broke the Chinese drought and killed 25 people in that country – not that I trust CNN.
This city isn’t built for such a deluge, and the water piles up fast and clear, overrunning the sidewalks. There is no place to walk, and the taxis take wicked pleasure in dropping a cold puddle bomb on my dumb American ass as I gingerly step past the lakes.
The days run together like a series of bad Japanese cartoons I remember from hungover Saturdays during my college years.
The flight took 31 hours, and the time difference is exactly 12 hours…
The clouds are the color of a midwinter suicide and, as the wealthy Kiwi’s here say, it's been "pissing rain" since Korean Air Flight 857 squealed into the Chinggis Khan airport last week.
My speech yesterday was the highlight of the carnival, of course. I just told them what they already know – Mongolia is the best investment since the communists started trading company oil vouchers for vodka. Man, that was a time to get rich.
Most of the speakers here gave the talk you thought they would – all about the problems of frontier markets. CFO’s, bankers and government flacks never talk about the upside. Every problem they see is a price-moving catalyst as it is overcome.
Our favorite coal play is trading at $0.24 per pound of Newport quality coking coal. SouthGobi, its Mongolian peer, trades at $4 a pound. The open market for coking coal is running around $120 a ton for a full ship on the high seas.
Taking Coal to Peking
The Baltimore Sun recently ran an article saying the Port of Baltimore has doubled its exports of coal over the last year.
Dry cargo ships are stacked up like Nairobi traffic waiting their turn to load up. It's incredible that it's cost effective to blast coal out of a West Virginia mountain top, ship it to Baltimore, send it through the Panama Canal, and then over the great vastness of the Pacific to China; But they are doing it.
There are plenty of people who think the future of energy lies with nuclear power, wind or solar. They are fools. The real power of the future will be coal. And it will burn in India and China.
The Mongolian Dream
Everything I’ve told you about Mongolia is coming to pass. All four of the companies I’ve recommended have increased the size of their assets by simply having international companies audit their resources.
One company has increased its coal holdings by more than 300%. One oil company has increased its probable reserves from 614 million barrels to 1.8 billion barrels… And it still trades at a $350 million market cap. Unreal.
It should be a five billion dollar company.
And yet, inexplicably, these companies have sold off over the past three months. James Passin, the genius hedge fund manager of the Firebird Mongolia Fund, quipped that Mongolians believe positive news is a bad omen and will therefore sell all the positive.
It’s true the local market is immature, illiquid and naïve; But that’s all changing since the London Stock Exchange took over management of the Mongolian Stock Exchange (MSE).
Over the next two years, the MSE will become as advanced as any other major exchange and, in fact, will use the same systems (Oden help us).
The upside catalysts in Mongolia remain as strong as ever. The Chinese slowdown fears coupled with the increase in company assets mean the local stock market is as cheap as it was two years ago – before Crisis & Opportunity produced a 1058% return on one stock, and a 434% percent return on another.
Barring a macro shock, this market will run for 10 years. And even then, it will run for nine out of ten.
The visit of a senior Mongolian spy to Britain was sanctioned at the “highest level” although he was arrested for kidnap on his arrival, a court has heard.
June 23 (The Telegraph) Khurts Bat is wanted for the false imprisonment of a fellow national who was allegedly abducted from France, driven to Berlin, drugged and flown back to Mongolia.
The kidnapped man, Enkhbat Damiran, was wanted for questioning in connection with the murder of the Mongolian Infrastructure Minister.
Mr Bat, the head of the Mongolian Office of National Security, claims he was lured to Britain on a government mission and is entitled to diplomatic immunity.
He is fighting a decision to extradite him to Germany under a European Extradition warrant where he is due to stand trial.
The Court of Appeal heard that Mr Bat was visiting Britain to talk about closer security links between the countries.
His visit followed a meeting between the Mongolian ambassador to London and William Nye, director of Britain’s National Security Secretariat.
Mr Bat was supposed to meet Sir Peter Ricketts, the head of the National Security Council, who reports to the Prime Minister, although the meeting was never formally agreed.
When an official from the Serious and Organised Crime Agency (SOCA) heard about Mr Bat’s planned visit, the UK Border Agency (UKBA) delayed his visa application while a copy of the European Arrest Warrant was obtained from Germany.
A UKBA official offered to “contact the applicant and ‘apologise’ for not being able to issue his visa in time” according to one email disclosed to the court while another official offered to “ask more questions.”
William Dickson, the British ambassador to Mongolia, warned the Foreign Office that he would be “hauled in at the weekend for a protest and explanation and thrown to the media,” the court was told and added: “Obviously we need to get our lines sorted out by cop [close of play] tomorrow.”
The following day a business visa was issued, marked “has been authorised at the highest level.”
The Foreign Office has said it “did not consent to his visit as a special mission, no invitation was issued, no appointments were arranged, no subjects of business were agreed or prepared.”
But Alun Jones QC for Bat, told the Court of Appeal that Mr Dickson had encouraged the visit and talked of the need for “new horizons in relations between Britain and Mongolia” and the need to fight the “continued growth or Islamic extremism” in the country, although he was apparently unaware of the intention to arrest Mr Bat at the time.
Mr Jones said the “clear encouragement” for the visit meant that Mr Bat was entitled to be considered a special envoy under the UN convention.
“Consent in international law cannot mean, ‘You know I consented but I crossed my fingers at the time,’” he added.
Mr Bat was arrested on board a Russian plane when it landed at Heathrow on September 17 last year carrying his diplomatic passport, working papers, internet photographs of the people he was planning to meet, and gifts from Mongolia.
Clair Dobbin, counsel for the Foreign Office, said they had no interest in luring Mr Bat to Britain and believed he was visiting the Mongolian ambassador.
What happens when a country previously hindered by vastness and foreign rule awakens to wealth on its doorstep? With Louis Vuitton on one corner and one of the world's largest gold deposits down the road, the previously nomadic society of Mongolia is putting down some rich roots.
June 23 (WSJ) There he stands alone on his horse, a fierce giant shimmering out of nowhere rising 131 feet against the vast Mongolian sky. Eight hundred years after he declared the Great Mongolian State in 1206, Genghis Khan rides again, all 250 stainless-steel tons of him. As I bump along on one of the few paved roads 20 miles outside the capital, Ulan Bator, this kitschy monument to the new mineral-rich and independent Mongolia seems more like a huge middle finger raised to its powerful neighbors, China and Russia. July marks the 21st anniversary of Mongolia's robust democracy after more than 200 years of despised Chinese rule followed by 70 years as a satellite of the Soviets, during which time the proud history of Genghis Khan, who spawned the largest contiguous empire in world history, was banned from public view and utterance. Today, owing to deposits of 80 different minerals, including immense reserves of coal, copper, gold and uranium, as well as ongoing exploration of oil, this sparsely populated country, twice the size of Texas, is undergoing a dizzying transition. No other nation today so squarely faces the choice that Mongolia does. Will it become Nigeria or Chile? Venezuela or Australia?
"Mongolia really is the land of opportunity," says Howard Lambert, head of corporate banking for ING in Mongolia. "Everything can be done here. The financial infrastructure doesn't exist, so you can be a part of building it. Instead of sitting in an office in London turning a wheel, you can build the machine. Every day I see new buildings, developments going up—people buying sports cars in a country that doesn't have roads. The social divide is getting wider."
<Mogi & Friends Fund A/C>
Mogi & Friends Fund is a tiny fund of A$23K I created in late September with a few friends to put my own (and a few friends’) money where my mouth (just mine) is.
"Mogi" Munkhdul Badral
Senior Client Manager / Executive Director
CPS International LLC
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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.