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Close: Mongolia Related ASX Listed Companies, July 29, 2011 | | |||||||
Code | Last | $ +/- | Bid | Offer | Open | High | Low | Volume |
0.049 | -0.001 | 0.048 | 0.049 | 0.052 | 0.052 | 0.047 | 5,820,438 | |
1.380 | 0.045 | 1.325 | 1.400 | 1.340 | 1.380 | 1.340 | 251,128 | |
0.220 | 0.010 | 0.220 | 0.230 | 0.220 | 0.230 | 0.220 | 75,839 | |
0.555 | -0.025 | 0.550 | 0.565 | 0.580 | 0.580 | 0.545 | 923,108 | |
0.011 | 0.001 | 0.010 | 0.011 | 0.010 | 0.011 | 0.010 | 7,214,924 | |
0.135 | 0.010 | 0.130 | 0.135 | 0.120 | 0.135 | 0.120 | 12,679,476 | |
0.175 | 0.025 | 0.155 | 0.175 | 0.150 | 0.175 | 0.150 | 244,100 | |
1.270 | -0.010 | 1.245 | 1.270 | 1.265 | 1.275 | 1.225 | 531,279 | |
0.380 | 0.030 | 0.305 | 0.380 | 0.320 | 0.380 | 0.310 | 90,000 | |
0.058 | -0.012 | 0.058 | 0.059 | 0.068 | 0.070 | 0.057 | 65,155,331 | |
0.545 | -0.005 | 0.545 | 0.585 | 0.570 | 0.575 | 0.545 | 128,342 | |
21.110 | -0.200 | 21.070 | 21.210 | 21.200 | 21.300 | 20.950 | 1,175,252 | |
80.000 | -1.200 | 80.000 | 80.030 | 80.990 | 80.990 | 79.900 | 6,567,997 | |
41.420 | -0.610 | 41.410 | 41.550 | 42.150 | 42.150 | 41.360 | 28,797,192 | |
Source: asx.com.au
Centerra Gold Q2 earnings sparkle; posts profit of US$71M as revenue soars
July 28 (The Canadian Press) TORONTO - Centerra Gold Inc. (TSX:CG) reported earnings results that sparkled Tuesday, saying second-quarter profits soared 131 per cent over last and revenue was up 60 per cent, with both figures beating expectations.
Toronto-based Centerra, which reports in U.S. dollars, said net income for the three months ended June 30 was US$71.1 million or 30 cents per share, compared with net earnings of US$30.7 million or 13 cents per share in the same 2010 period.
Revenue totalled US$243.8 million, up from $152.2 million.
Analysts polled by Thomson Reuters had predicted second-quarter earnings per share of 35 cents on US$227 million of revenues.
Consolidated gold production for the quarter totalled 155,166 ounces at a total cash cost of US$513 per ounce. That compared with 121,728 ounces at a total cash cost of US$616 per ounce produced in the corresponding quarter of 2010.
Centerra has said it expected to produce 600,000 to 650,000 ounces of gold in 2011 at an average total cash cost of $460 to $495 per ounce.
"We are maintaining our gold production and cost guidance for the year after another solid quarter of operating performance at our mines," president and CEO Steve Lang said in a release.
Lang also took note of the company's announcement earlier this month of a significant discovery in Eastern Mongolia at its Altan Tsagaan Ovoo property.
"We are very excited about this new discovery in what we view as a new emerging mineral district," he said.
Centerra has increased its 2011 exploration budget by 18 per cent to $40 million, with a portion of that additional money going towards the discovery in Mongolia.
The company owns the Kumtor mine in the Kyrgyz Republic, the Boroo mine in Mongolia and interests in mines in Nevada, Turkey and Russia.
The production forecast assumed no production at the company's Gatsuurt project in Mongolia, which is currently in development.
In February, Centerra increased its gold reserves by 1.7 million ounces to 8.2 million ounces of proven and probable open pit reserves and increased the expected life of the Kumtor mine to 2015.
Stock in Centerra, which announced its results after markets closed, closed down 30 cents at C$18.63 Thursday on the Toronto Stock Exchange.
Related:
Centerra Gold looks to Mongolia for growth, interview with Steve Lang – BNN, July 29
Centerra Gold Inc, Q2 2011 Results - Earnings Call Transcript – Seeking Alpha, July 29
Q2 2011 Centerra Gold Inc Earnings Conference Call Webcast – Centerra Gold, July 29
More gold sold to Mongol Bank
July 28 (news.mn) The Mongol Bank today revealed that companies and individuals have sold 1,409 kg of gold to the bank up to July 26. This is 440.5 kg or 1.4 times more than the corresponding figure from last year. The Director of the Currency and Economics Board said foreign currency reserve stood at USD2.5 billion at the end of June.
Mongolia's foreign debt is USD4.1 billion. This is the first time the Central Bank has released the figure of foreign debt.
Hunnu: JUNE QUARTERLY REPORT 2011
July 29, Hunnu Coal Limited (ASX:HUN) --
HIGHLIGHTS
Ø Mining licence granted for the Tsant Uul Project with an 85% increase to the JORC Resources:
· Total resource of 167.1Mt with 93.8Mt classified as Measured (40.9Mt) and Indicated (52.9Mt) with further upgrades expected this year.
· Mining expected to commence in the last quarter of 2011 with an initial production target of 1.5Mt of coal in 2012 and 3Mt in 2013.
· Owner operator mining fleet purchased including six CAT 773 Dump Trucks and a Hitachi 1200 excavator. Additional purchases underway.
· Final test work and off-take agreements nearing completion.
· New Coal discovery 7km north of the Tsant Uul Deposit, with drilling currently underway.
· 39km road construction FS from Tsant Uul project to the existing coal haulage road has been approved by the Ministry of Road and Transportation of Mongolia.
Ø Acquisition of 70% interest in the Altai Nuurs Project:
· Preliminary test work indicates a premium hard coking coal fraction with an average CSN of 8.5.
· Exploration Target* based on drilling, coal test work and wire frame modelling of 250-500Mt.
· 19,437 metres for 107 RC and core drill holes completed and there are 3 rigs mobilized at site.
· Granted Mining Licences with a Fast Track development scenario.
· Preliminary open cut modelling indicates a low strip ratio of 3.5:1.
· Increased interest to 80% across eight of the ten licenses (including all of the mining licenses).
Ø 100% increase to the Unst Khudag JORC Resources:
· Total resource of 676Mt to a depth of 150m with 601Mt classified as Measured (541Mt) and Indicated (60Mt) with further upgrades expected.
· Advanced negotiations with off-take partners.
· Rail loading spur at Choir railway completed.
· 3Mt per annum of capacity secured on the existing Trans-Mongolian Railway.
· Feasibility study of a railway from the mine gate to Choir nearing completion.
· New development concept being scoped: +20 year mine life, delivering a product at +5,000Kcal to the Chinese border at 10-20Mt per annum.
…
Link to Quarterly Activites Report
Link to Quarterly Cashflow Report
Aspire: QUARTERLY REPORT
July 29, Aspire Mining Limited (ASX:AKM) –
Quarter Ended 30 June 2011
Aspire Mining Limited (ASX: AKM, "Aspire" or "the Company") is pleased to present its June 2011 Quarterly Report to update shareholders on the Company's progress.
Aspire is focused on developing its world-class 100%-owned Ovoot Coking Coal Project ("Ovoot") in Northern Mongolia. It is also advancing the region's infrastructure to bring Ovoot coking coal to world markets.
Aspire's other Mongolian assets include the Jilchigbulag Coal Project (100%), Nuramt Coal Project (100%), Shanagan Coal Project (51%) and the Zavkhan Iron Ore Project (earning 70%).
Highlights
· Washability test results confirm theoretical 80% yields at an 8% ash content. Results collated from 100% of samples taken in 2010 exploration programme
· Production target for Stage 2 increased to 12 million tpa from 10.5 million tpa
· Stage 2 Pre-Feasibility Study set to commence in September Quarter 2011
· Significant coal intersected at Jilchigbulag Coal Project confirming a growing new Coking Coal Province in Northern Mongolia
· Stage 1 scoping study nearing completion
· Commenced negotiations with coking coal marketing companies regarding Stage 1 production
· Board strengthened with two Non-Executive Directors and significant management appointments made
…
Link to Quarterly Activities Report
Link to Quarterly Cashflow Report
Xanadu: Quarterly Report, Period ended 30 June 2011
July 28, Xanadu Mines Limited (ASX:XAM) --
HIGHLIGHTS
· Nuurstei Coking Coal Project acquired as part of the strategic alliance with Noble Group.
· All four drill holes to date intersect significant coal intervals at Nuurstei including an aggregate of 42 metres of coal in the first hole; coal quality analyses expected shortly.
· Exploration and resource drilling completed at the Galshar Thermal Coal Project and a resource in accordance with JORC code expected late September.
· Khar Tarvaga coal resource registered as part of its conversion to mining license.
· Detailed geological and alteration mapping completed at the Elgen-Zos low sulphidation epithermal gold project in south east Gobi ahead of proposed drilling in September.
· Field operations commence at the highly prospective Sharchuluut porphyry copper-gold project.
· A$23.6 million cash on hand at 30 June 2011 to fund exploration and pursue new opportunities.
…
Link to Quarterly Activites/Cashflow Report
Southern Cross Equities Research Reports: SPECULATIVE BUY: TP $0.64, June 29; SPECULATIVE BUY: TP $0.64, June 1
Guildford: Quarterly Report to 30 June 2011
July 28, Guildford Coal Limited (ASX:GUF) –
HIGHLIGHTS
MONGOLIA
Ø Resolved to increase the equity share in Terra Energy LLC (Terra) from 20% to 70%. Terra holds 100% of highly prospective coal exploration areas in Mongolia in the South Gobi and Middle Gobi Projects. Guildford has drilled in excess of 8,500m on these Projects
Ø South Gobi Project - geologists have mapped approximately 1.5km of coal seam outcrop and initial drilling has returned multiple shallow intersections of thick coal seams. An Exploration Target# of 0 to 460 Mt has been calculated for this Project
Ø Middle Gobi Project - geologists have mapped approximately 4km of coal seam outcrop and initial drilling has returned multiple shallow intersections of thick coal seams. An Exploration Target# of 29 to 149 Mt has been calculated for this Project
QUEENSLAND
Ø Acquired a 51% stake in EPC1260 tenement which is strategically located adjacent to Guildford's existing EPC1250 facilitating an expanded Hughenden - White Mountains Project. An Exploration Target# of 40 to 815 Mt has been calculated for this project
Ø Signed MOU with the Port of Townsville Limited (POTL) to conduct a Feasibility Study on the logistics of exporting coal from the Hughenden Project through Townsville Port. Commenced Tripartite Meetings with Guildford, POTL and ARG/QR to coordinate this Feasibility Study
Ø Intersected significant coal seams on central Hughenden Project EPC1477 with an interpreted 11.9m of net coal from the Permian Betts Creek Beds with multiple individual seams up to 5.5m in thickness. This has been followed up with a second intersection which has similar net coal thickness and good correlation with the first intersection
Ø Intersected overlying Eromanga Basin Blantyre coal sequence on the Hughenden Project with only thin seams reported in drilling to date. However preliminary results of laboratory analysis conducted on core samples indicates this coal has some coking properties
EXPLORATION TARGET / PLANNED EXPLORATION
Ø Developed an interim total Exploration Target# for all Projects managed by Guildford totaling 69Mt to 1.424Bt
Ø Progressing to JORC this Quarter on 3 Priority Projects - Hughenden, South Gobi and Middle Gobi with a total of 9 drills operating across Australia and Mongolia
…
Link to Quarterly Activities/Cashflow Report
MRC: June 2011, Quarterly Activities Report
July 29, Mongolian Resource Corporation Limited (ASX:MUB) --
Corporate and Finance
The company has a cash balance of approximately $6.944m at the end of the quarter.
Mongolia – Gold Projects
…
Link to Quarterly Activities Report
Link to Quarterly Cashflow Report
MRC: Board Appointments
July 29, Mongolian Resource Corporation Limited (ASX:MUB) --
The directors of Mongolian Resource Corporation Ltd. ('MRC' or the Company) are pleased to announce the appointment of Mr John Lee as an independent non-executive director, while Carey Smith has resigned from the board, both effective immediately. The Board wishes to welcome Mr Lee to the board, and also wishes to thank Mr Smith for his significant contribution to the Company.
TVN: Quarterly Activities Statement
July 29, TVN Corporation Limited (ASX:TVN) --
Link to Quarterly Cashflow Report
Blina: Quarterly Report for the Period Ended 30 June 2011
July 29, Blina Minerals NL (ASX:BDI) --
HIGHLIGHTS
· Terms of agreement with BSI LLC signed on 14 May 2011.
· Exploration activities commenced on schedule at the end of June. Drilling scheduled to commence in early August.
· Capital raising effected in mid-July to provide Blina with additional working capital for the exploration programme.
CAPITAL RAISING
Blina had permission from its shareholders to issue up to 600 million shares to raise capital to fund its Mongolian activities primarily and pursue other opportunities to bring another project into Blina. Blina did not make use of this opportunity due to the nature of the JV arrangement with BSI, which has enabled Blina to meet its commitments from its current cash position and also the fact that the market in June was not a good one in which to raise funds.
The Board did, however, take the opportunity to raise some $660k through the 15% rule to give Blina some extra working capital in the event that another opportunity does present itself and also, should the current work on the Mongolian Bayanburd licence prove promising, there will be funding available to increase the drilling programme scope.
CASH AT END OF QUARTER
As at 30 June 2011, the cash on hand was $995,000. Overall, the cash movement for the quarter was a net decrease of $571,000. Cash outflows for the quarter totalled $656,000. This was mainly comprised of payments to earn access to the Mongolian licence area for conducting legal and technical due diligence.
TECHNICAL OVERVIEW
Mongolia
The finalisation of the arrangement in May 2011 allowing Blina to conduct a period of mapping, sampling of rock chips and drilling as part of the due diligence period was a highlight of the quarter.
The signing of this arrangement with Mongolian company BSI LLC reflects reward following months of negotiating an appropriate deal for Blina shareholders. The terms of the arrangement are outlined below. The approach taken by the Board (outlined below) represents a solid, yet stepped approach to investing in a potential project with minimal upfront exposure and a means to progress Blina's ownership in the JV based on tangible results. The arrangement also provides our Mongolian partner with good participation in the project moving forward.
The terms of the BSI arrangement are outlined below:
· In May 2011 Blina paid an upfront payment to BSI of US$270,000 which earned Blina access rights to the licence area to conduct a legal and technical due diligence.
· Blina has committed to spend US$500,000 in 2011 whilst conducting the legal and technical due diligence. The majority of this money will be allocated to drilling holes and conducting further studies on the licence area.
· On 23 December 2011, following the outcome of the legal and technical due diligence, Blina has the option to progress the arrangement by paying to BSI US$400,000 to secure a 51% share in the licence area. BSI has the option to elect up to 50% of this payment to be made in Blina shares at a price of 3.5 cents per share (up to a maximum of approximately 5.7 million shares).
· On acquiring the 51% interest, Blina has the right over the next three years, commencing on 24 December 2011, to spend a total of US$2,500,000 to further explore the property. This spend will allow Blina to increase its stake in the ownership of the licence area according to the following arrangement:
o Year 1 – Spend US$750,000 to own 61%
o Year 2 – Spend US$750,000 to own 71%
o Year 3 – Spend US$1,000,000 to take the ownership stake in the licence area to 85%.
…
Link to Quarterly Activities Report
Link to Quarterly Cashflow Report
Mongolian coal mining deal awaits presidential approval
ULAN BATOR, July 30 (Xinhua) -- A large coal mining deal reached with a number of international mining companies has not yet received presidential approval, officials said Saturday.
"Government is waiting on President Elbegdorj to finalize the tentative selection of strategic investors on Tavan Tolgoi coking coal mine," said Chimed Khurelbaatar, a cabinet minister and secretariat of the Mongolian government,
Earlier this month, the government short-listed China Shenhua Energy, U.S. mining giant Peabody Energy and a Russian-Mongolian consortium as the developers of the coal mine.
According to the deal, Shenhua will hold 40 percent of the share, Peabody will take 24 percent, leaving the rest to be divided equally between Russian Railways and Mongolian Railways, two state-owned companies that formed the Russian-Mongolian consortium
The deal was submitted to the National Security Council, in which the president usually calls the shots.
Several analysts in the Council expressed views critical of the deal.
"It is not clear what happened to Japanese and South Korean companies which were part of Chinese and Russian led consortiums during bidding process," said O. Tsendsuren, who is in charge of minerals and energy matters.
He also questioned the legality of the Russian-Mongolian consortium as it was not mentioned during early stages of bidding.
The Tavan Tolgoi coal mine in Southern Mongolia is said to be the world's largest untouched coal reserve, containing over six metric tons of coal, about 40 percent of which is coking coal, a valuable and rare material key to steel-making.
Mongolian miner signs coal deal with China firms
July 28 (AFP) ULAN BATOR — Mongolia's state-owned mining firm Erdenes Tavan Tolgoi (ETT) said Wednesday it had agreed to supply coal to a consortium of firms from energy-hungry China for $250 million.
ETT owns the eastern part of the huge Tavan Tolgoi coal deposit in southern Mongolia, which as the world's largest has attracted the interest of mining giants from around the globe.
The western part of the deposit is currently being auctioned off to international miners in a move authorities in the mineral-rich but undeveloped country hope can help pull thousands out of poverty.
Under the agreement signed with China's state-run aluminium company Chalco, Jinan Iron and Steel and another firm, the Chinese consortium will pay ETT $250 million in advance, B. Enebish, head of ETT's parent firm, told AFP.
"Mongolia will repay the advance payment in coal, and the coal price will be agreed by all parties based on market prices," he said.
The deal says that once ETT finishes repaying the advance money, the Chinese consortium will then have to start reselling 30 percent of the coal supplied by ETT to South Korea's Korea Resources Corp and Japan's Mitsui and Itochu, media reports said.
Once the agreement expires in five years time, ETT will no longer have to sell its coal to the Chinese consortium and will be able to export it to any market it chooses, a report in the private Undesnii Shuudan newspaper said.
Sandwiched between China and Russia, Mongolia has sought to follow policies that do not alienate either of its giant neighbours, but is also seeking closer ties with the United States.
China is the world's largest producer and consumer of coal, upon which it relies for 70 percent of its fast-growing energy needs.
The Tavan Tolgoi field is located 270 kilometres (165 miles) from the border with China and contains 6.4 billion tonnes of coal -- about a quarter of which is high-grade coking coal, a key ingredient for steel production.
Foreign mining giants have been competing fiercely for the right to mine the western section of the deposit.
Mongolia's government announced earlier this month it had picked US firm Peabody Energy, China's Shenhua and a Russian-led consortium, but uncertainty still remains over whether this is a definite agreement.
Mongolia security chief loses UK extradition appeal
July 29 (AFP) -- A top Mongolian security official lost his appeal Friday against extradition from Britain to Germany to face kidnapping charges, threatening to turn the case into a major diplomatic spat.
Bat Khurts, a key figure in Mongolia's National Security Council, is set to be extradited within weeks to face charges of kidnapping and abducting a Mongolian murder suspect from Germany in May 2003.
The High Court in London rejected claims that he was lured to Britain by officials from the Foreign Office, only to be detained on a European arrest warrant as he flew into London Heathrow on September 17 last year.
Khurts' lawyer, Duncan Macdonald, said he would accept the ruling.
But the government of Mongolia said it was "very disappointed" at the court decision and promised to take the case to the International Court of Justice.
"Other governments should take note," Ulan Bator said in a statement issued through Mcdonald.
"If the FCO (Foreign and Commonwealth Office) encourages (their) officials to come to London on official visits, it may secretly be planning their arrest for extradition.
"Also, how will countries around the world trust their British ambassadors in light of this court's decision? The Mongolian government will be taking this matter to the International Court of Justice."
A Foreign Office spokesman said Friday that Khurts' detention "in no way amounts to a diplomatic or political statement by the British government".
The spokesman said that the judges had acted entirely independently.
"This case should have no impact on the UK government's desire to strengthen bilateral relations with Mongolia," the spokesman added.
The European arrest warrant issued by Germany alleges Khurts and three other members of the Mongolian secret service kidnapped and drugged Mongolian refugee Damiran Enkhbat in France in May 2003.
It claims that Khurts drove a car carrying Enkhbat, wanted for the assassination of a Mongolian minister in 1998, to Brussels and then to the Mongolian consulate in Berlin, from where he was flown out to Ulan Bator.
A court ruled in February that Khurts could be extradited to Germany but his legal team appealed this at the High Court, arguing that he was covered by diplomatic immunity and should never have been detained.
Khurts claims he was encouraged by William Dickson, the British ambassador to Mongolia, to believe that he would be welcome in London for talks on security matters, while in fact Dickson was working with police to arrange his detention.
In his ruling on Friday, Lord Justice Alan Moses rejected this argument, and also dismissed the claim that Khurts was entitled to diplomatic immunity because he was visiting Britain on a special mission on behalf of his government.
Moses said there was "no question of any official in the United Kingdom luring the appellant to this country in the belief that he was going to meet United Kingdom officials to discuss security matters".
Dickson retired earlier this year but the Foreign Office said his departure was "unconnected" with Khurts' case.
Khurts' lawyer Macdonald said he would not take his appeal any further, telling AFP: "He's had enough. He's been in custody for nearly a year now. His (fourth) child was born while he was in custody."
He said Khurts could be extradited within two to three weeks, adding that the Mongolian "accepts he was part of the (kidnap) operation", but "at all times was acting on the orders of his state".
President Pratibha Patil asks businesses to tap mining boom in Mongolia
July 29 (PTI) ULAANBAATAR: President Pratibha Patil on Friday asked Indian industry houses to exploit the vast opportunities in the mining sector in Mongolia, saying that the gold, copper and uranium reserves here hold much in store for them.
"The mining boom that Mongolia is presently experiencing is predicted to make Mongolia's economy the fastest growing in the world by 2013. The World Bank's annual GDP growth rate projection for Mongolia in 2013 is 22.9 per cent," Patil said.
"Such predictions, indeed, are staggering and Indian business must take due notice. Mongolia's mineral wealth, including significant reserves of coal, copper, gold and uranium, offer investment opportunities for Indian companies," she said.
"Implementation of these projects will generate significant demand for construction and mining equipment, as well as in such areas as power generation, water supply and rail transport. I would recommend the Indian business delegation to look closely at these opportunities," Patil stressed.
The President, who is on three-day visit of Mongolia, has inked several bilateral agreements, including ones on defence cooperation and media exchange.
Patil is the first Indian President to visit Mongolia in 23 years.
"We are impressed and applaud Mongolia's decision to put forth for development three major flagship mining projects, namely the Oyu Tolgoi copper and gold deposit, the Tavan Tolgoi coking coal deposit and the uranium deposit at Dornod.
"These projects are becoming important drivers of foreign direct investment into Mongolia and will serve the purpose of meeting the growing demands of the world economy in general and major Asian economies such as India in particular," she said.
Patil was speaking during a business interaction organised by industrial bodies of both the nations and attended by several entrepreneurs.
"The Indian business delegation present here should, along with Mongolian industry, explore business opportunities and seek to establish contacts with commercial and industrial houses. I encourage greater and more frequent exchange of ideas and interaction between chambers and business leaders of the two countries," she said.
While acknowledging the brave face put up by the Indian economy in facing the global financial meltdown with alacrity and persisting with a high growth trajectory, the President said, "Today, it is not only one of the major economies of the world, but it is also one of the fastest growing. We seek to achieve our goals of inclusive growth and nation building.
"We have in place an ambitious programme for the expansion of our social and infrastructure sectors. All this offers many opportunities for other countries.
"I am convinced that there exist many opportunities for cooperation in the economic and commercial fields and with enterprise and innovation, we can construct a new Silk Route to weave together our economic destinies... so that the close relationship between our countries is translated into economic opportunity and prosperity for our peoples," Patil said.
The president also invited her counterpart, Ts Elbegdorj, to join in the socio-economic transformation of India as investors, financiers and traders, or to enter into joint ventures with Indian entrepreneurs to develop Mongolia's resources.
ADB Supports Mongolia's Push for More Relevant Higher Education
July 29 (The FINANCIAL) -- MANILA, PHILIPPINES – The Asian Development Bank (ADB) is providing a $20 million equivalent loan to help Mongolia improve the quality of its higher education system and increase enrollment by youth from poor, remote communities, says ADB web-site.
The ADB Board of Directors yesterday approved the financing for the Higher Education Reform Project. Along with strengthening the relevance of existing higher education programs, it will also address issues such as governance and management, financing, and access.
"The ultimate goal is to boost the number of graduates who have the skills to match Mongolia's changing economic needs, and who can bring international standards to its labor markets," said Robert Schoellhammer, Country Director of ADB Mongolia Resident Mission.
According to the ADB, Mongolia has over 100 higher education institutions but only about 40% of graduates manage to find employment. In response, the Government of Mongolia has drawn up a plan to rationalize higher education which includes reducing the large number of public universities from 42 to 16, and improving teaching and programs.
The project will aid the government's plan by funding research facilities, staff training, e-learning centers and testing centers. It will aim to strengthen management capacity at universities to improve accountability and transparency, and will support new public-private partnerships and twinning arrangements with industry and foreign institutions to develop labor market-ready graduates.
It will also seek to tackle current imbalances in the system where few students from poor families in remote areas take higher education courses, and boys—despite being strongly outnumbered by girls—get the bulk of jobs on offer after graduation.
"Assistance will be given to increase state support mechanisms for students who are poor or living in distant areas, and for policies that can improve gender balance," said Eisuke Tajima, Education Specialist in ADB's East Asia Department. "As part of this initiative four rural institutions will be chosen to pilot distance learning courses to reach out to more students."
ADB's loan from its concessional Asian Development Fund has a 32-year term and will fund 90% of the project cost with the government providing an additional $2.2 million. The Ministry of Education, Culture and Science will manage the project which is due for completion by December 2016.
Multinational peacekeeping exercise to be held in Mongolia
ULAN BATOR, July 29 (Xinhua) -- A multinational peacekeeping exercise code-named "Khaan Quest 2011" will be staged in Mongolia from July 31 to August 12, a Mongolian Armed Forces officer announced here on Friday.
About 900 troops from 11 countries, including the United States, Japan, South Korea, Australia, Canada, India, Germany, Indonesia, Cambodia and Singapore, will participate in the war game, said Lt. Col. B. Bat-Erdene.
The exercise, Bat-Erdene said, will feature U.N. peacekeeping mission tasks. In addition, medical aid will be provided for local residents by military doctors during the exercise.
Mongolia has held the Khaan Quest exercises annually since 2003. In 2006, at the request of the U.S. Pacific Command, the training was turned into a multinational exercise.
Related:
Cambodia Sends 32 Soldiers To Join Military Exercise In Mongolia – Bernama, July 29
Korea to send 39 troops to PKO exercise in Mongolia – The Korea Herald, July 29
<Mogi & Friends Fund A/C>
+9.6%
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
---
"Mogi" Munkhdul Badral
Executive Director
CPS International LLC
Telephone/Fax: +976-11-321326
Mobile: +976-99996779
Email: mogi@cpsinternational.mn
P Please consider the environment before printing a copy of this email.
Central Tower · 12th Floor · Left Wing · 2 Sukhbaatar Square
Sukhbaatar District 8 · Ulaanbaatar 14200 · Mongolia
CPS International is a marketing arm of CPS Securities in Mongolia. CPS Securities is a Perth, Western Australia based AFSL License Holder. To trade ASX and international stocks, feel free to contact me at mogi@cpsinternational.mn or +976-99996779.
Disclosure/Disclaimer
CPS Securities, its directors and employees advise that they may hold securities, may have an interest in and/or earn brokerage and other benefits or advantages, either directly or indirectly from client transactions mentioned in correspondence from CPS International.
CPS International advise this email contains general information only and does not include advice. In preparing this communication, CPS International did not take into account the investment objectives, financial situation and particular needs of any person. As with any speculative mining company there are significant risks.
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