CPSI NewsWire brings you market updates on Mongolia, compiled by CPS International, a Mongolian marketing arm of CPS Securities, a Perth, WA based stockbroking and corporate advisory firm, specialising in capital raising for mining and junior stocks.
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Close: Mongolia Related ASX Listed Companies, September 6, 2011 | ||||||||
Code | Last | $ +/- | Bid | Offer | Open | High | Low | Volume |
0.090 | -0.006 | 0.090 | 0.091 | 0.094 | 0.098 | 0.090 | 38,867,420 | |
1.245 | -0.005 | 1.180 | 1.245 | 1.250 | 1.250 | 1.200 | 345,846 | |
0.240 | 0.010 | 0.235 | 0.240 | 0.230 | 0.240 | 0.230 | 1,142,254 | |
0.525 | 0.005 | 0.505 | 0.535 | 0.500 | 0.530 | 0.495 | 1,902,653 | |
0.014 | 0.000 | 0.014 | 0.015 | 0.015 | 0.015 | 0.014 | 2,155,500 | |
0.087 | -0.002 | 0.087 | 0.088 | 0.087 | 0.090 | 0.086 | 3,148,687 | |
0.155 | 0.005 | 0.145 | 0.150 | 0.150 | 0.155 | 0.145 | 81,132 | |
1.110 | 0.000 | 1.080 | 1.115 | 1.090 | 1.165 | 1.030 | 988,720 | |
0.250 | -0.025 | 0.220 | 0.275 | 0.250 | 0.250 | 0.250 | 5,000 | |
0.053 | -0.004 | 0.053 | 0.055 | 0.054 | 0.055 | 0.053 | 2,822,951 | |
0.450 | -0.010 | 0.450 | 0.460 | 0.430 | 0.460 | 0.430 | 119,700 | |
17.990 | -0.650 | 17.960 | 18.050 | 18.010 | 18.240 | 17.500 | 1,941,976 | |
68.410 | -1.380 | 68.300 | 68.430 | 68.210 | 68.670 | 67.880 | 3,834,670 | |
36.880 | -0.820 | 36.860 | 36.900 | 37.000 | 37.180 | 36.760 | 21,476,428 | |
Indices | ||||
Code | Index name | Last | Mvmt | Close |
S&P/ASX 200 | 4,075.5 | -66.4 | 4,141.9 | |
S&P/ASX 200 RESOURCES | 4,872.7 | -82.6 | 4,955.3 | |
Source: asx.com.au
Mongolia Says $3B Coal IPO Likely Next Year
September 6 (Bloomberg) Mongolia is likely to sell a stake in its Erdenes Tavan Tolgoi coal-mining company to the public next year, raising more than $3 billion, the nation’s third- ranking government official said.
“Most likely, it’s going to happen next year,” Khurelbaatar Chimed, Minister of Mongolia and Chief of the Cabinet Office, said today in an interview with Bloomberg TV in Hong Kong. Plans haven’t been completed for the initial public offering, which could be worth more than $3 billion, he said.
The sale would be the nation’s biggest IPO, as much as four times the size of Mongolian Mining Corp. (975)’s HK$5.8 billion ($744 million) IPO in Hong Kong last year. The government is striving to boost living standards in the Asian nation where average per capita income is about $2,000 a year and whose entire economy was worth $6.8 billion last year.
The IPO “has a lot of the ingredients that investors would ultimately find attractive,” Peter Arden, a senior research analyst at Ord Minnett, said by telephone from Melbourne. “Although there is still lingering doubt over the sovereign risk there, the project is on the doorstep of China and the emerging market.”
Three-City IPO
Erdenes TT may sell shares simultaneously in London, Hong Kong and Ulaanbaatar, said two people with knowledge of the deal on Aug. 31, who declined to be identified because the information is private. It would be the first company to go public in the three cities at the same time, as Mongolia capitalizes on a mining boom driven by demand from China and India.
The total market capitalization of the Mongolian stock exchange was about 2 trillion tugriks ($1.6 billion) as of July 25, according to data on the bourse’s website. Hong Kong’s exchange, Asia’s third largest, was valued at $2.56 trillion that day.
“The parliament of Mongolia made the decision that 10 percent of the shares will be owned by Mongolian people,” Chimed said. They may sell the stock later if they want, he said.
Mongolia’s coal production doubled last year to 25 million metric tons to become the nation’s top export earner, spurring the government to push through development of mines. The entire Tavan Tolgoi area holds more than 6 billion tons of coal, one of the world’s biggest untapped sources of the mineral, according to Erdenes MGL, the state-controlled owner of the deposit.
Raising Prices
Credit Suisse Group AG in July raised its price forecasts for coking coal, used in steelmaking, by an average 15 percent for 2014-2018, citing “unrelenting” demand. Prices rose 47 percent to a record $330 a ton for three-month contracts starting April 1 and have traded close to records.
Deutsche Bank AG and Goldman Sachs Group Inc. (GS) will manage the IPO for Erdenes TT, while BNP Paribas SA, Macquarie Group Ltd. will also help arrange it, said the people with knowledge of the deal.
In July, the Mongolian government picked China Shenhua Energy Co., Peabody Energy Corp. (BTU) and a Russian-Mongolian group to develop another part of the Tavan Tolgoi deposit. A Shenhua- led group will get a 40 percent share in the project, while Peabody will hold 24 percent and the Russian-Mongolian venture 36 percent, according to a July 4 statement.
1878 closed up 20c to HK$74.60. SGQ opens slightly higher after Labor Day Monday
SouthGobi Sets New Coal Shipment Record of 441,665 Tonnes of Coal in August
HONG KONG, CHINA--(Marketwire - Sept. 6, 2011) - Alexander Molyneux, President and CEO of SouthGobi Resources Ltd. (TSX:SGQ)(SEHK:1878) is pleased to announce today that the company has set a new monthly record of 441,665 tonnes of coal shipped in August, representing a substantial increase over shipping levels in the second quarter of 2011.
"We have seen a continual increase this quarter in capacity being allocated by customers to collect our coal", said Mr. Molyneux. "We are pleased to see our shipping rate reach a level of approximately 5.3 million tonnes of coal per year on an annualized basis so soon, which is on track to meet our targets."
SouthGobi anticipates shipping rates to continue to increase through the remainder of the third quarter.
Quam's Potter Sees `Very Big Returns' From Mongolia
Sept. 6 (Bloomberg) -- Simon Potter, a director at Quam Asset Management, talks about investment opportunities in Mongolia. Potter speaks with John Dawson on Bloomberg Television's "On the Move Asia."
Mongolia Coal Exports To China Likely 30 Mln Tons By 2015 – Official
BEIJING, Sep 06, 2011 (Dow Jones Commodities News via Comtex) -- China’s coal imports from Mongolia will likely reach around 30 million metric tons a year by the end of 2015, Chen Ze, vice director of China’s Inner Mongolia Coal Industry Bureau, said Tuesday.
The forecast is nearly double the 16.3 million tons of coal China imported from Mongolia in 2010, which was a 120% rise from 2009, Chen told an industry forum.
This year, China will likely import 20 million tons of coal from Mongolia, he said.
Shenhua Group Corp.’s success at securing mining rights to Mongolia’s Tavan Tolgoi coal project has added to coal supply security, he said.
Shenhua, China’s largest miner by output, won a stake in July to develop Tavan Tolgoi.
Mongolia's growing gold industry (video)
September 6 (Reuters) Mongolia is home to three million people - more than half are nomadic herders, reliant on the land for survival.
It's vast landscape, freezing winters and scorching summers make it a difficult place to live.
But more and more foreign investors are coming to Mongolia for what lies underground. The country is thought to have large untapped reserves of gold and minerals.
Many mines are already operating and an environmentalist from Bagakhailast gold mine says many aren't being properly monitored.
Powerscreen heads east into Mongolia
September 6 (D&RI) Powerscreen has reached agreement with its first Mongolian distributor, Wagner Asia Equipment LLC. Established in 1996, Wagner is a privately owned and operated company, one of the largest businesses in the country, and is the prominent supplier of equipment to the Mongolian mining industry. Mongolia has some of the largest mineral deposits in the world - for example, the Oyu Tolgoi copper mine will by 2013 produce 3% of the world's copper and represent 30% of Mongolia's GDP.
According to Powerscreen mining business development manager Allen Smith: "Signing Wagner Asia Equipment will further strengthen the Powerscreen distribution network globally. Mongolia is a fast developing country with some of the world's largest deposits of minerals. Powerscreen's distribution agreement with Wagner Asia Equipment LLC, coupled with the launch of our large XA750S jaw crusher, large XH500 impact crusher; immense 1500 Maxtrak cone crusher, and new flagship Warrior 2400 screen, will establish a strong position in the mining segment and offer customers high productivity and competitive cost of operation, which will benefit the Mongolian market."
Army chief on four-day visit to Mongolia
September 6 (Press Trust of India) Army Chief Gen VK Singh will be on a four-day visit to Mongolia starting on Tuesday to strengthen military ties with that country. During the visit from September 6-9, the Army Chief will discuss ways to enhance military to military cooperation between the two sides and hold discussions with top military leadership there, officials said in New Delhi.
India and Mongolia have been strengthening their military ties by regular exchange of visits and holding joint military exercises.
The troops of India and Mongolia engaged in joint exercises, with the latest two-week counter-insurgency drill in 2010 in December.
Nearly 30 officers and personnel of the Mongolian armed forces had participated in the exercise called 'Nomadic Elephant' along with 50 officers and personnel of the Indian Army in counter-terrorism environment.
The two sides have also held exercises at the Counter Insurgency and Jungle Warfare School at Vairnagte, Mizoram while another exercise was held in Mongolia in September 2008 was on peacekeeping operations.
MPs request resignation of Minister D.Zorigt
September 6 (news.mn) MPs B.Bat-Erdene, Ts.Shinebayar, and S.Erdene requested the resignation of Mineral Resources and Energy Minister D.Zorigt at Monday’s meeting of the Standing Committee on Economics.
The request cites the Ministry’s granting of a special license for exploitation of the Tavantolgoi mine to Energy Resource LLC; an investment contract for the Oyutolgoi mine that inappropriately benefited investors; the granting of licenses for mining deposits that did not follow proper rules; and the Ministry’s failure to implement legislation. This is the second time the MPs have requested the resignation.
Companies have evaded MNT 460.6 billion in taxes
September 6 (news.mn) According to the Risk Management Department of the Taxation General Administration (TGA), producers of wool and cashmere products, construction firms, and coal-shipping companies in Mongolia have evaded paying taxes totaling MNT 460.6 billion. The TGA says the businesses have concealed taxable transactions, falsely reported income, and failed to file financial statements.
The TGA is increasing its monitoring of those businesses, and also plans to investigate private secondary schools, auto dealers, drug stores, and mining and mineral resource companies.
TGA chief B.Battumur says he has made it a priority to prosecute tax evaders. The TGA is receiving assistance through two programs: “Improvement of Tax Management,” which is run in association with the International Monetary Fund, and “Strengthen Taxpayers’ Duty,” which is run in association with the United States Department of the Treasury.
Burning of raw coal banned to reduce pollution
September 6 (news.mn) In Ulaanbaatar, the burning of raw coal has been banned in 50 khoroos of three districts – Bayangol, Sukhbaatar, and Chingeltei. It is hoped the ban will reduce air pollution in the city.
Air Quality Office administration chief D.Munkhtsog told our correspondent that households affected by the ban will be given the opportunity to purchase low-smoke stoves and cleaner-burning coking and chipping fuel. The Millennium Challenge Foundation has imported low-smoke stoves from Turkey, which sell for MNT 25,000 to MNT 50,000 each, depending on their size.
Residents will be able to buy a ton of chipping fuel for MNT 80,000 (reduced from MNT 120,000), and a ton of coking fuel for MNT 90,000 (reduced from MNT 150,000). Fuel companies will supply 3,765 tons of fuel, 1,745 tons of which has already been delivered.
Officials give update on winter preparation efforts
September 6 (news.mn) Ulaanbaatar city officials gave an update on winter preparation efforts yesterday. Manager General Ch.Bat reported that planned winter preparation projects are 90 percent complete, and central heating repairs are 92 percent complete. However, he said that capital repairs on the electric supply are only 50 percent complete, and he has asked the Energy Regulatory Authority to intensify repair efforts. Routine maintenance of the electric supply is reported to be 84 percent complete.
Ch.Bat also gave an update on public works projects. About MNT 20 billion was allocated for improving streets, pavements, squares, and green spaces over the summer. MNT 5 billion will be added for the paving of pavements and the planting of trees and bushes. Bat also asked managing officials of districts in the capital to eradicate wildflowers.
Cultures combine to make beautiful music
Traditional music is given a contemporary twist in a new festival, writes Joyce Morgan.
September 6 (Sydney Morning Herald) When Bukhuchuluun Ganburged opens his mouth, a resonant, unearthly sound flows out. It rises above the din of a suburban Parramatta afternoon and turns heads as he gives an impromptu alfresco demonstration.
Little wonder the sound stopped Richard Petkovic in his tracks when he encountered the young Mongolian throat singer busking along King Street in Newtown a couple of years ago.
The two men began talking and are working together in a music ensemble that will open Sydney's first Sacred Music Festival.
Growing up in the Mongolian capital , Ulaan Batar, Ganburged taught himself the traditional singing style more than 13 years ago.
''I just collected lots of information listening to Mongolian National Radio and some records,'' Ganburged says. ''I asked someone how can I do that … then I just do it by myself.''
The ancient form of singing has its roots in Mongolia's pre-Buddhist shamanistic tradition. So how does one produce such a sound?
''It is very hard work. My voice power comes from stomach.''
Ganburged, 26, studied at Mongolia's song and dance academy and was a member of the country's leading horse-fiddle ensemble. The two-stringed instrument, which features a carved wooden horse's head, is played with a bow of horsehair. Ganburged has replaced the horsehair with fishing line since he arrived in Australia two years ago, since horsehair behaves differently in the grasslands of Mongolia than in humid Sydney.
Mongolian musicians have a close connection with animals and are often asked to play for a sick or distressed animal. ''Mongolian people talk to their animals with music. Sometimes if an animal rejects the baby, people get together and make music to help.''
Does it work? ''Oh, yes,'' he says.
Ganburged will perform with Nafas as part of the festival. The ensemble includes musicians whose roots are in Afghan, West African and American forms.
Its founder, tabla player Yama Sarshar, says the six-member group presents ancient music in a new way.
''These instruments and these music traditions are amazing but we don't want to present it in a traditional way,'' he says. ''We are presenting it in a contemporary and a fun way.''
Sarshar, who lives in Blacktown, is of Afghani background, and from a musical family. His father is a sitar player and his younger brother Masi plays harmonium in Nafas - a Persian word for breath.
''We are all learning from each other,'' Sarshar says. ''The chemistry is good.''
Petkovic, who is the Sacred Music Festival's director and who has worked with western Sydney's refugee and migrant communities for more than a decade, says he wanted to show the range of musical and spiritual traditions in Sydney. In doing so he has inverted the traditional festival model.
''The typical model for a festival is getting lots of money and importing international acts,'' he says. ''Well, we've actually got international acts here. These magnificent traditions are in our backyard.''
He hopes the festival, which will use a range of venues, will become an annual event.
The nine-day festival includes music associated with the Zen Buddhist, Islamic and Christian traditions and performances by Shakuhachi master Riley Lee, the Baha'i Temple Choir, the Harp Ensemble and Sudanese musician Asim Gorashi. As well as the oud, the remarkable musician is known for his ability to whistle.
The centrepiece is a performance of The Armed Man: A Mass for Peace by Karl Jenkins, which will be performed with a 100-voice choir at Sydney Town Hall on the eve of the 10th anniversary of September 11.
Petkovic says he hopes that holding the festival over this anniversary will bring people of diverse traditions together.
''Music can bring you closer to yourself. I don't think you have to be religious to appreciate that.''
Nafas performs at the Riverside Theatres, Parramatta, on Friday and give a workshop on September 15. The festival runs from Friday to September 18. Details at sydneysacredmusicfestival.org.
<Mogi & Friends Fund A/C>
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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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Mogi
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"Mogi" Munkhdul Badral
Executive Director
CPS International LLC
Telephone/Fax: +976-11-321326
Mobile: +976-99996779
Email: mogi@cpsinternational.mn
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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 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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