Friday, July 22, 2011

[cpsinewswire] [CPSI NewsWire: Blue Wolf Greenshoe Exercised, Total Raised Now $80.5M from $70M]

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.

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Close: Mongolia Related ASX Listed Companies, July 21, 2011



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Hunnu annouces massive resource increase

July 21 (WA Business News) Perth based junior explorer Hunnu Coal (ASX:HUN) has announced an 85 per cent increase in its resource estimate for its Tsant Uul coal project in Mongolia. 

Hunnu reported today that updated resources estimates put the JORC reported coal resource at Tsant Uul was 167.1 megatonnes, with 93.8MT classified as measured and indicated

The company is targeting commencement of mining in the last quarter of this year, with initial; production of 1.5MT of coal in 2012, ramping up to 3MT in 2013.

It said it was in advanced discussions for off-take agreements for the project.

The resource upgrade gives Hunnu a total of 843MT JORC resources across all of its projects in Mongolia.

Its stock gained 2.9 per cent today, to trade at $1.41.

Link to article

Link to HUN release


Blue Wolf Mongolia Holdings Corp. Announces Underwriters' Exercise of Over-Allotment Option and Closing of $80,500,000 Initial Public Offering

NEW YORK, July 20, 2011 /PRNewswire/ -- Blue Wolf Mongolia Holdings Corp. (the "Company") (NASDAQ: MNGL, MNGLU), announced today that the underwriters for its initial public offering have exercised their over-allotment option in full and that it has closed its initial public offering for gross proceeds of $80,500,000. The Company sold 8,050,000 units at a price of $10.00 per unit. Each unit issued in the initial public offering consisted of one ordinary share and one warrant to purchase one ordinary share at an exercise price of $12.00 per share.

The Company is a newly-organized blank check company formed for the purpose of acquiring or merging with an operating business.

Initially, the units will be the only security trading. The Company's units began trading on the NASDAQ Capital Market under the ticker symbol "MNGLU" on July 15, 2011. The ordinary shares and warrants comprising the units will begin separate trading on September 5, 2011 (or such earlier date as the underwriter may permit), subject to the Company's filing a Current Report on Form 8-K with the Securities and Exchange Commission containing an audited balance sheet reflecting its receipt of the gross proceeds of the offering and issuing a press release announcing when such separate trading will begin.

The Company has deposited $80,237,500 (including $3,125,000 from a private placement of 4,166,667 warrants to the Company's sponsor), or approximately $9.97 per share, into a trust account maintained by Continental Stock Transfer & Trust Company acting as the trustee. The funds will not be released from the trust account except under certain limited circumstances as described in the prospectus relating to the offering.

Deutsche Bank Securities Inc. acted as sole book-running manager and representative of the underwriters of the offering.

Link to release


Prophecy Announces Adoption of Shareholder Rights Plan

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 20, 2011) - Prophecy Coal Corp. ("Prophecy") (TSX VENTURE:PCY)(OTCQX:PRPCF)(FRANKFURT:1P2) (the "Company") announces that it has adopted a shareholder rights plan (the "Rights Plan") designed to encourage the fair treatment of its shareholders in the event of an unsolicited take-over bid for shares of the Company. The Rights Plan is designed to give the Company's shareholders sufficient time to properly assess a take-over bid without undue pressure and to give the Company's Board of Directors time to consider alternatives that allow the Company's shareholders to receive full and fair value for their common shares.

John Lee, Chairman of Prophecy Coal states: "Prophecy management believes the company is very undervalued, thus vulnerable given the rise in value of its equity holding in Prophecy Platinum."

Pursuant to the Rights Plan, each holder of record of the outstanding common shares of the Company at 5:00 p.m. (PST) on July 20, 2011 will be issued one right per common share. The rights will trade with the common shares and be represented by the certificates representing common shares. Although the Rights Plan is effective immediately, it is subject to TSX Venture Exchange approval and must be ratified by the shareholders of the Company within six (6) months of its adoption. The Rights Plan will be submitted to the shareholders of the Company for ratification at an extraordinary meeting of shareholders which is anticipated to be held in November or December of 2011.

A copy of the Rights Plan will be posted on SEDAR and on the website of the Company at the website address listed below.

The Rights Plan is similar to shareholder rights plans adopted by numerous other Canadian corporations. Neither the Board nor senior management of the Company is aware of any current, pending or threatened take-over bid for the Company.

Link to article


Mongolia might be home for spent nuclear fuel: media

ULAN BATOR, July 20 (Xinhua) -- Japan, the United States, and Mongolia had agreed to establish spent nuclear fuel storage facilities in Mongolia, local media said Wednesday.

According to a draft agreement, that is likely to meet strong local opposition, Mongolia would set up locations for a nuclear fuel production and spent fuel disposal cycle, in which Mongolia would export uranium fuel and provides facilities to store the resulting waste.

The International Atomic Energy Agency may play a role in providing technical support to Mongolia in establishing nuclear waste facilities in the country, according to the draft agreement.

Mongolia had contacted the United Arab Emirates about establishing such an export and disposal cycle, local media reported.

Reports of nuclear waste disposal have previously aroused fierce opposition in the country, despite the Mongolian government having repeatedly denied the reports.

Link to article


Banks asked to have minimum equity base of MNT16 billion from May, 2013

July 21 ( Officials of the Mongol Bank yesterday announced that the Bank’s President, L. Purevdorj, has asked every commercial bank to have a minimum equity base of MNT16 billion, or double the present figure. The order was issued before Naadam and has to be implemented before May 1, 2013.

This is the latest in similar moves by the Central Bank. The mandatory minimum equity base was raised to MNT8 billion from from MNT4 billion in May, 2006.

Link to article


Mongolia to import petroleum from South Korea

July 21 ( The Government has asked related organizations to make arrangements for bringing in petroleum from South Korea on a regular basis.

The most likely import route would be through Tianjin, or Dalian or Tanishin in China. Ministers for Road, Transportation and Urban Development Kh. Battulga and for Mineral Resources and Energy D.Zorigt have been asked to take steps for railway transportation of the fuel from all or any of these ports.

Link to article



July 21, Ulaanbaatar, Mongolia, /MONTSAME/ The Minister of Mineral Resources and Energy D.Zorigt gave Wednesday a report to the cabinet meeting on fuel supply.

According to him, by July 18 Mongolia had fuel reserve enough for some 30 days--"AI-80" auto fuel for 34 days, "AI-92"--for 19 days, and diesel fuel--for 34 days. The supply is normal too, he said.

In view of this, the Minister has been given an order to pay attention to keeping the ties with fuel supplying external partners and entities, to strengthen a further cooperation with them in ensuring a regularity of the supply, to intensively create a fuel reservation for autumn harvesting and winter preparation.

Pursuant to the cabinet decision, the Minister of Mineral Resources and Energy and the Minister of Road, Transportation, Construction and Urban Development will tackle a matter with related bodies on railway transport of oil products through China's Tianjin, Dalian and Tanshin ports in connection with importing oil products from the Republic of Korea.

Link to article


Government wants UB Railway to be restricted to transportation

July 21 ( Ulaanbaatar Railway Chairman T. Ochirkhuu has said the Government meeting yesterday decided on several changes in the administrative structure the company.

A number of positions are likely to be given new responsibilities.

The Government also wants the company to concentrate on transportation of freight and passengers.

Responsibility for schools, the hospital and restaurants, for example, is to be transferred to other authorities and they will be run independent of the Railway.

Link to article



July 21, Ulaanbaatar, Mongolia, /MONTSAME/ The cabinet meeting held Wednesday discussed and approved a plan of ensuring preparation for establishing an exchange of agricultural raw materials and products.

The law on the exchange of agricultural raw materials and products will come into effect on June 1, 2012. Thus, draft amendments to the laws on cooperatives, on income tax of entities and on VAT must be submitted to the State Great Khural ahead of getting of the law into force.

Moreover, some works will be done to approve relevant rules of exchange, to prepare and train brokers and cooperatives, to provide the selected soums with the Internet wires, to filter standards of raw materials and its store, to renovate other necessary standards, to improve capability of soums for creating cooperatives and to distribute experiences of model cooperatives.

Link to article



July 21, Ulaanbaatar, Mongolia, /MONTSAME/ A regular cabinet meeting Wednesday discussed results of official visit of the President Ts.Elbegdorj to the Russian Federation paid May 30-June 3, and then ordered the Foreign Minister G.Zandanshatar to submit the results to the National Security Council (NSC). In addition to it, the cabinet has considered results of an official visit of the Premier S.Batbold to China paid June 13-17, deciding to submit them to the NSC, too.

- The cabinet has discussed and backed in principle a draft resolution of parliament initiated by P.Altangerel, D.Arvin, Ya.Batsuuri and N.Ganbyamba MPs on intensifying refineries erection. A related proposal will be conveyed to these initiators.

- Initiated by Ts.Bayarsaikhan MP, a draft resolution of parliament on approving a middle-term program for developing official statistics of Mongolia from 2011 to 2015 has been backed by the cabinet. Moreover, a draft amendment to the law on statistics initiated by R.Bud MP has been backed. Some related proposals will be conveyed to the initiators.

- The cabinet has considered as necessity to discuss a draft new wording of the law on health insurance, drawn up by S.Erdene MP, together with another draft new wording of the law on civil health insurance, which is drawn up by the government, and to submit to the State Great Khural.

- In accordance with a cabinet decision, a clause in the Basic Guidelines on privatizing and reconstructing state properties in 2010-2012 has been revised. This matter will be submitted to parliament.

- An order has been given to the Minister of Mineral Resources and Energy to give a report to the parliamentary Standing committee on economics about an amendment in the contract of shareholders of the “Oyu tolgoi” company and about the contract on restricting sale and transmitting of shares, which is established between the government and the “Rio Tinto International Holdings Ltd” Company.

- Related Ministers have been obliged to hold talks with the Russian side and to tackle issues of transferring society-focused organization of the Ulaanbaatar Railway joint stock venture to state and local ownership, separating the industrial unit except the transport unit from the railway services, changing the railway transportation dividing into two sections of base structure and transport unit.

- Head of the Cabinet Secretariat of Government Ch.Khurelbaatar has given a report to the cabinet on a course of talks over a management contract to be established between the Development Bank of Mongolia and the Development Bank of the Republic of Korea.

- A decision has been made by the cabinet to preserve a statue of Da Lama Tserenchimed, an outstanding state figure of Mongolia and a former First Minister of Internal Affairs. Erected in 1914 in Uvs aimag, the statue will go to the list of immovable memorials of history and culture.

- In accordance with a cabinet decision, the Peace Festival of World Mongolians will take place August 24-27 in Ulaanbaatar city.

- The cabinet has approved an intergovernmental agreement between Mongolia and Poland on mutually exempting diplomatic and official passport holders from the visa requirements.

Link to article


Grand Insurance loses license, merged into Ard Insurance

July 21 ( The Financial Regulatory Authority yesterday decided to merge Grand Insurance LLC into Ard Insurance LLC and cancelled the special license for common insurance held by Grand.

It also appointed new directors of some insurance companies. They include G.Mongolkhuu at National Life Insurance, G. Alimaa at Insurance Office and S. Ganchimeg at Nomin Insurance. The special licenses of representatives of Mig Insurance and Mongol Insurance have been suspended for a month.

Link to article


MPP to open Palace of Independence in September

July 21 ( The new MPP headquarters is likely to be inaugurated in September. It was planned to be opened in 2010 but work is still continuing. The building, to be called The Palace of Independence, is coming up on the same site as the party’s old office that was burnt during the violence on July 1, 2008.

The state budget allocated MNT6 billion towards the construction as compensation for the loss. Money was also received from Social Intern and from more than 10,000 members of the MPP. The final cost is expected to be MNT14.7 billion. Undur Buyant LLC is doing the construction.

Link to article


1st PHL honorary consul to Mongolia takes oath

July 21 (GMA News) A respected businessman took his oath as the Philippines' first honorary consul in Mongolia on July 9, the Department of Foreign Affairs (DFA) said on Thursday.

Philippine Embassy charge d'affaires Alex Chua swore in Bekhbat Sodnom into office in simple rites, the DFA said in a news release.

"Mr. Sodnom is a highly respected businessman in Mongolia. His appointment as Philippine Honorary Consul in Mongolia will boost efforts to pursue bilateral ties in the fields of trade, tourism, mining, the service sector, culture, education and people-to-people links," the DFA said.

According to the DFA, an honorary consulate located in Ulaan Baatar will greatly help Filipinos living and working in Mongolia.

The Philippines and Mongolia established diplomatic relations in October 1973.

Citing figures from the Mongolian Immigration Agency, the DFA said there are 261 registered Filipinos in Mongolia.

Most of them work as engineers, miners, teachers, missionaries and social service volunteers.

"The Philippines and Mongolia have always enjoyed close cooperation, especially in multilateral matters where Mongolia has constantly supported the Philippines in its candidatures in the United Nations and other international organizations," the DFA said.

Link to article


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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.




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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.



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