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Close: Mongolia Related ASX Listed Companies, June 27, 2011
Petro Matad spuds new well in Mongolia
June 27 (Proactive Investors UK) Petro Matad () announced that it has spudded the DT-7 well on its promising petroleum exploration and development block in far eastern Mongolia.
The DT-7 well is being drilled vertically to an estimated target depth of 1,800 metres by the company’s contractor, DQE International.
DT-7 is 2.3km south-southwest of DT-6 and 3.2km south-southeast of DT-2.
A further announcement on DT-7 will be made once drilling is completed, or as appropriate, said the company.
The company holds the sole operatorship of three production sharing contracts (PSCs) with the government of Mongolia. Its principal asset is the PSC for Block XX, petroleum block of 10,340km² in the far eastern part of the country.
The two other Blocks, IV and V are located in central Mongolia and jointly cover 71,040km².
Earlier this month the company attracted favourable comment from broker Westhouse, which cited Petro Matad’s increasingly successful exploration programme, strong and capable technical team and 'exceptionally large' prospective blocks as strong positives for the stock.
In their note on the company, the analysts concluded that more than anything, their recent visit to Mongolia impressed upon them the significant achievements the company has accomplished to date, operating as it does in a region where the oil and gas industry does not benefit from a mature service sector.
They added: “Petro Matad has set up the first self-contained, professional petroleum exploration team in a country that was more accustomed to fly-in/fly-out consultants and extremely limited local sectorial services.
However, rather than resting on its laurels, the company’s ambitions remain undiminished, as demonstrated by its full work schedule involving all facets of exploration and appraisal, from field studies right through to drilling and testing.”
In late trading Petro Matad shares were down 0.5p to 106.5p.
DANVILLE, Calif., Jun 24, 2011 (GlobeNewswire via COMTEX) -- Redwood Group International (RDWD) today announced that a client of its Redwood Capital subsidiary, Mongolian Resource Corporation, which is listed on the Australian Stock Exchange (ASX), was among the presenting companies at NBT Equity Group's inaugural Emerging Growth Equities Summit on June 21st at the Princeton Club in New York City.
Redwood Chairman /CEO Jim Bickel attended the event, as did Redwood Capital's Managing Director Matthew Totty. Mr. Bickel commented, "The MRC presentation was made by Tony Bainbridge, a member of The Australasian Institute of Mining and Metallurgy who has 30 years of experience running mine operations. The presentation was exciting, upbeat and extremely well-received by the room full of investors at the Summit. We will have more to say about Redwood's participation at this event in the near future."
Erdene Announces Highlights of AGM
GTSO Begins Collecting Mongolian Rare Earth Samples
Survey Geologist to Deliver 20 Core Samples to S. Korea for Mineral Analysis
SAN JOSE, Calif., Jun 27, 2011 (BUSINESS WIRE) -- Green Technology Solutions, Inc. (otcqb:GTSO) announced today that the company has authorized its business agent in Mongolia to engage a survey geologist to collect core samples from the first of three mining properties to be sent for mineral analysis in South Korea.
The geologist engaged by GTSO's Mongolian business agent will collect 20 core samples from the first site, located in the Bayandelger Soum of Mongolia's Tuv province, as soon as the price of collection, packing and shipping is itemized and approved this week.
"It's a tremendous step forward for our company to ship Mongolian rare earths out of the country for the first time, even if it's only samples for analysis," said GTSO President and CEO John Shearer. "We know how high demand has risen for these materials. Once the quality of the ore is confirmed by KORES, the highly-respected South Korean state-run resources development company, we plan to begin rare earth export shipments to buyers in South Korea and around the world as soon as possible."
IFC Invests in Mongolia’s First Private Equity Fund to Support Small and Medium Firms
The FINANCIAL -- Ulaanbaatar, Mongolia, June 24, 2011—IFC, a member of the World Bank Group, will provide a $7.5 million equity investment to Mongolia Opportunities Fund I L.P., the first private equity fund in the country focused on providing small and medium firms much-needed capital and expertise to help them grow and create jobs.
Despite strong growth prospects, small and medium enterprises in Mongolia find it difficult to obtain financing because most investments go toward large mining projects. The $75 million fund will provide capital to companies, such as those involved in agribusiness and those along the mining supply chain but are not directly engaged in mineral extraction activities. The fund will also provide quality management support to these firms.
“IFC’s investment in the fund will deliver a strong development impact in Mongolia as it will promote economic, financial, and private sector development as well as ensure social and environmental sustainability among small and medium enterprises,” said Mandar Jayawant, Managing Director of Mongolia Opportunities Fund. “This is a good example of how an investment can bring development as well as commercial returns.”
IFC will also help the fund adopt best practices in transparency and corporate governance as well as environmental and social standards.
“Small and medium enterprises, representing over 99 percent of all Mongolian firms, are important for job creation and for a diversified economy. IFC’s investment will not only provide capital to these businesses but will also support about 400 new jobs and the development of the supply chain around the mining sector,” said Hyun-Chan Cho, IFC Country Manager for China and Mongolia.
IFC played a strong catalytic role in mobilizing institutional investors to support the fund. IFC’s early involvement during the formation of the fund helped it attract interest from other development finance institutions and several private institutional investors.
Bestway: Final Results, Year Ended March 31, 2011
June 27, Bestway International Holdings Limited (HK:718) --
Kainarwolfram LLC and Ikh Uuliin Erdenes LLC (the “Mongolia Companies”) own properties under mining licenses which are located in the territory of Nogoonnuur Soum, Bayan-Ulgii province.
The Mongolia Companies are doing its best to keep the licenses safe and to comply with the requirements of the Law on Mineral Resources of Mongolia and other legal regulations. The Mongolia Companies paid in time the annual mining license, land use fees, environment fee, all fees related with mining licenses and etc. All the duties related to presentation of annual mining reports and plans to the Mineral Resource Agency are being paid in due time.
We managed to organize the visit of the team of Chinese experts and geologists to the license sites in 2010. Chinese mining experts and geologists did amount of work, which included some works, necessary for the preparation for the mining.
Another group of Chinese engineers visited the mine and checked the mining and processing plant equipment.
As a part of marketing activities, in June 2010, representatives of the Mongolia Companies had meetings with an American tungsten company on the possibilities of selling tungsten concentrate. The talks were successful and can be continued when the Mongolia Companies will start the production of tungsten concentrate.
Geologists of the Mongolia Companies constantly working on the geological data of the licensed properties, seeking the possibilities to increase the volume of resources and reserves.
More work can be done as preparation for the mining and marketing.
The Group’s revenue for the year ended 31 March 2011 was approximately of HK$1,855,000 and the administrative expenses for the year ended 31 March 2011 were approximately of HK$4,043,000, which represented a decrease of 56.9% compared to last year.
The loss attributable to the owners of the Company for the year ended 31 March 2011 was HK$204,682,000, as compared a profit HK$3,520,000 in the previous year. The loss was mainly derived from the impairment loss recognised in respect of mining rights of HK$265,473,000.
SUPREME COURT REGISTERS MPRP
June 26, Ulaanbaatar, Mongolia, /MONTSAME/ The State Supreme Court has made a decision to register name of the Mongolian People`s Revolutionary Party (MPRP) after considering a request of the political party for registering in the state registration under name of MPRP.
The Supreme Court`s decision states that registering the political party named Mongolian People`s Revolutionary Party with an abbreviation MPRP is not contrary to the civil law, and the laws on state registration of legal persons and on political party.
The new political party has been ordered by the Supreme Court to work in accordance with the Constitution of Mongolia and other laws, and it has received the certificate.
The MPRP secretary-general N.Udval has appreciated the Supreme Court`s decision, and satisfied with starting its independent activities within laws.
MPP sees political reason behind court decision
June 27 (news.mn) The Executive Committee of the MPP held a meeting on Friday soon after the Supreme Court gave its unexpected ruling that the new political grouping under former President M.Enkhbayar will be registered as the 19th political party in Mongolia and will carry the name MPRP, The MPP some months ago renamed itself as MPP. Some of its members who did not agree with this formed their own group and claimed registration as MPRP. Our journalist asked MPP Secretary General U. Khurelsukh what had been discussed at the meeting.
What is your next step? Do you agree with the court decision?
We cannot criticize the court’s decision. But we need to assert that the new party, even when it is called the MPRP, has no relation to the original MPRP that remains the forebear of the MPP. MPP is the legal and logical successor of the party which was established on March 1, 1921 and has a history that goes back 90 years. This is totally different from a party that has been registered only on June 24, 2011. We regret that they have chosen to use our party`s old name and consider this as immoral. We are sure that the thousands of members and supporters of our party will know and understand the great difference between the two.
What will you do to get the decision changed?
We shall ask the court to review its decision, and we will appeal to the legislative organization. We are convinced that the law does not allow the name MPRP to be used by any party after we renamed ourselves. The people will see through the politics in the development. We in the MPP are not worried that our history and record of 90 years can be usurped so easily.
Huge rise in China coking coal prices seen
June 27 (ETNet) Nomura expects a significant rise in coking coal prices in China, given even tighter supply in 2011-12 and with international prices at a premium.
The house said concern regarding the impact of any slowdown in economic expansion on steel demand is over-blown. Key producers should benefit from a structural shortage of coking coal, faster consolidation, and protection policies in the 12th FYP, plus sustainable steel demand backed by economic housing and solid FAI. (KL)
Eznis Airways of Mongolia Agrees to "Total Support" Package From BAE Systems
June 27 (AMTOnline) Eznis Airways, Mongolia’s leading domestic airline, has agreed to a three-year support package with BAE Systems for its newly acquired fleet of two Avro RJ85 regional jetliners.
This ‘Total Support’ package from BAE Systems Regional Aircraft covers JetSpares as well as ongoing Continuing Airworthiness and Technical Support.
Eznis has also committed to a three-year BAE Systems’ Tech 21 service for all technical and engineering support. Under this programme, an annual payment entitles the airline to enjoy priority technical support (AOG), including regular customer support reviews on fleet dispatch reliability, the services of a dedicated customer engineer and continuing airworthiness support.
Deliveries have just started of the airline’s new 93-seat fleet of RJ85s – the first jet equipment to be operated by Eznis - and services with the new aircraft commence later this month. The RJ85s will allow Eznis to better serve the needs of its contracted clients and individual passengers by increasing capacity on existing routes, and possibly flying to new international destinations.
Petroleum shortage likely to continue until Naadam
June 27 (news.mn) Petroleum shortage has upset the rhythm of life in Ulaanbaatar. Many planning to spend the weekend away from the city were frustrated on Friday evening to find petrol stations either closed or not selling AI-92. AI-95 has also not been freely available for several days.
Importing companies state that AI-92 petroleum is sold to those with tokens and cards, but few individuals have either. Their use is more common with business companies. Also, Petrovis has stopped issuing new cards. This situation is likely to continue until July 10, with the authorities believed to have instructed importers to hoard AI-92 for the time and release the stock during Naadam, so that the festival days are celebrated normally. Until then, people will be compelled to buy AI-80 petroleum which has a higher octane rate.
It was seen on Sunday that some petrol stations displayed AI-92 price as MNT1,500 per liter but were actually charging MNT2,000. Some private taxi drivers have raised their rates to MNT1,000 per km.
June 24 (Bloomberg) -- Alisher Ali, chairman of Eurasia Capital Management talks about natural resource development and foreign investment in Mongolia. Ali speaks with Lisa Murphy on Bloomberg Television's "Fast Forward."
D.Lundeejantsan resigns, MPP group elects U.Enkhtuvshin new head
June 24 (news.mn) The MPP group in Parliament got a new head and d-eputy head on Thursday after both incumbents had resigned. No reason was given for the resignations, either by D.Lundeejantsan and his deputy, D.Dondog, or by the party but MPs criticized their decision to quit at a time when important matters like the draft law on election are being discussed.
A special meeting of the group elected U.Enkhtuvshin as the new leader. He polled 22 of the 41 votes against the other contestant, Ts.Munkh-Orgil. Su.Batbold is the new Deputy Chief of the group.
DP group to stay away from Parliamentary work
June 24 (news.mn) The DP group held a special meeting, yesterday and at its conclusion announced that they will not take further part in Parliamentary work until differences over a draft law on the election system were resolved. The group chief, Ch.Saikhanbileg, said that three issues remained to be decided but the MPP was against considering DP proposals, putting their party interests over those of the state. The decision of the DP group was to protest against the attitude. DP MPs will not attend Parliament, and also any meeting of the Standing Committees.
Meetings of the Standing Committees on Economy and Security, and Foreign Policy were affected yesterday by the DP decision.
June 24, Ulaanbaatar, Mongolia, /MONTSAME/ The Asian development bank /ADB/ has been selected the adviser to the works of erecting a fifth power station with 450 megabyte capacity. It will be constructed by the state and the private sector.
The fifth power station is supposed to provide growing day-by-day needs of the UB city, and will become the biggest in infrastructure project.
A MInister of Energy and Mineral resources D.Zorigt signed together with head of the State property committee D.Sugar and and a specialist in charge of Project, programmes implementation of Resident representative of ADB in Mongolia Sh.Rosenthal a memorandum of understanding on the power station construction international tender.
ADB intends to work out the tender documents and contract, thus supporting Mongolia`s Government. According to the memorandum, three groups, chosen by the bank, are to start this month actions in legal, finance and technical directions. They plan to complete within this year such works as drawing up the tender papers, announcing it, evaluating ans so on After this, a concession contract will be concluded with a winner-company, and the construction will begin.
June 24 (news.mn) The Mongol Bank revealed at its monthly press conference yesterday that inflation has increased in Ulaanbaatar by 2.8% and in the state by 1.8%, reaching 9.8%. Prices of meat, vegetable and building materials rose mainly as supply was affected because of the fuel shortage. Large inflow of money from foreign countries was behind real estate and apartment prices going up. Together they have brought inflation near 10%.
The Mongol Bank has kept policy interest rate at the present 11.5% but has not ruled out an increase. The volume of bank loans has increased by 44% but bad loans could also be on the rise. The Bank noted that people’s purchasing power has improved.
June 27 (news.mn) A London court will give its ruling on the case of B.Khurts, Head of Administration at the National Security Council, after two weeks. Khurts’s appeal against extradition to Germany was heard on June 23-24. Alun Jones appeared for Khurts and Sir E.Lauterfaht for the Mongolian Government. The Mongolian Ambassador to the UK, B.Altangerel, the Counsellor at the Embassy, N.Bataa, and State Secretary of the Ministry of Foreign Affairs, D.Tsogtbaatar attended the hearing.
Khurts was arrested at Heathrow airport in September on the strength of a long pending warrant against him on the charge of kidnapping a Mongolian citizen from France, driving him to Germany, drugging him and then taking him to Mongolia.
June 27 (news.mn) A memorandum of understanding was signed between the Mongol Bank, the Ministry of Finance, and the Savings Insurance Corporation of South Korea on Thursday to introduce and popularize savings insurance in Mongolia. Finance Minister Ch.Gankhuyag and the Director of the Korean company attended the signing ceremony at the Mongol Bank.
The memorandum is intended to strengthen cooperation among the three organizations. The Korean company would offer technical advice and assistance in setting up the system of savings insurance and train staff.
June 27 (Ukranian News Agency) President Tsakhiagiin Elbegdorj of Mongolia arrived in Ukraine in the evening of June 26 for a state visit.
Ukrainian News learned this from a statement by the press service of the Lviv regional state administration.
According to the statement, President Tsakhiagiin Elbegdorj arrived in Lviv with his spouse.
The delegation was met at the Lviv airport by Mykhailo Tsymbaliuk, head of the Lviv regional state administration, Lviv Mayor Andrii Sadovyi, and Valerii Piatak, deputy chairman of the Lviv regional council.
President Tsakhiagiin Elbegdorj will visit the Academy of Land Troops in Lviv and the Lviv National University after Ivan Franko. There will be also reception.
In 1988, Tsakhiagiin Elbegdorj graduated from the Lviv Military Political Academy in Lviv on specialty of military journalism.
The spouse of President Tsakhiagiin Elbegdorj graduated from the Lviv National University in 1988.
As Ukrainian News earlier reported, President Tsakhiagiin Elbegdorj on June 29 will meet with President Viktor Yanukovych, First Vice Prime Minister / Economic Development and Trade Minister Andrii Kliuev, and Verkhovna Rada Chairman Volodymyr Lytvyn.
Mongolia is interested in supplies of Ukrainian-made mining and automobile machinery.
June 24 (Xinhua) Mongolian Prime Minister Sukhbaataryn Batbold said here Thursday his country must make more effort to reform the country's public service system.
Mongolia needed a great number of competent public servants to seize the development opportunity of the next 20 years, Batbold said on a forum with the theme of "Reform of state service: challenge and opportunity".
There were 150,000 public servants in Mongolia, local media said and inefficiency, incompetency and corruption are common.
Professional public service was very much correlated with economic and social development, visiting Canadian Public Service Commission President Maria Barrados told the forum.
She also stressed a nonpartizan public service was fundamentally important to peaceful and orderly succession after a general elections
Batbold said Mongolia could learn from Canada's experience in reform.
The forum was coorganized by the Mongolian government and the Canadian Public Service Commission. Mogolian ministers and members of parliament were among the 600 participants at the forum.
ULAN BATOR, June 24 (Xinhua) -- A forum co-hosted by Mongolia and UN Food and Agriculture Organization (FAO) opened here Friday on food security.
Mongolian Prime Minister Sukhbaatar Batbold said Mongolia's food supply situation has been greatly improved since the implementation of land reclamations.
In order to further guarantee the country's food security, the Mongolian government will systematically resolve such issues as food quality, transportation and storage.
Citing soaring food prices and world population growth, Purushottam Mudbhary from FAO regional office for Asia and the Pacific, said the international community and national governments must pay more attention to the agriculture and food production, and make great efforts to increase food production by using science and technology.
J. Saule, Mongolian vice minister of food, agriculture and light industry, said food production has increased rapidly in Mongolia. But he warned a lack of techniques and technology as well as professional staff poses a threat to the food security.
Azerbaijan, Baku, June 25 / Trend / The 33rd Executive Board meeting and 27th Editorial-Technical Experts Group meeting of the Organization of Asia-Pacific News Agencies (OANA) will be held in Ulan Bator, Mongolia, on June 27-29. The forum will be held in the conference hall of the capital hotel Kempinski Khan Palace.
The event is timed to the OANA’s 50th anniversary, as well as to the 90th anniversary of the Mongolian Montsame state news agency.
At the event Azerbaijan will be represented by the Trend International News Agency and AzerTAj state news agency, which are members of the organization.
The OANA was formed on Dec.22, 1961, upon the initiative of UNESCO. The OANA aims to expand and facilitate the exchange of information between Asian and Pacific countries, and to participate in eliminating the imbalance in the information exchange between developed and developing countries.
Today, the OANA brings together 40 news agencies from 33 countries.
Its members include the Russian Itar-Tass, Turkish Anadolu, Japanese Kyodo News, Chinese Xinhua, Iranian IRNA, Saudi Arabian SPA, South Korean Yonhap, Pakistani PPI and APP, Kazakh Kazinform, Indonesian ANTARA and others.
Related: OANA EXECUTIVE BOARD MEETING IS TO BEGIN – Montsame, June 27
<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.
Times are tough last two month but Greece will sort itself out this week and with the coming of the new FY in Australia, bright half year ahead I presume. Stay confident Friends!
"Mogi" Munkhdul Badral
CPS International LLC
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