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Close: Mongolia Related ASX Listed Companies, September 6, 2011
S&P/ASX 200 RESOURCES
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.
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.
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."
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.
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.
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.
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.
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.
Growing up in the Mongolian capital , Ulaan Batar, Ganburged taught himself the traditional singing style more than 13 years ago.
<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.
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