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Banpu stake in Hunnu reaches 97.51%
November 8, Hunnu Coal Limited (ASX:HUN) --
Disclosure: CPS Securities acted as a lead manager on Hunnu’s IPO and raisings
MPP, DP reach agreement on election structure (i.e. 48 proportional, 28 majority)
November 8 (news.mn) On Monday, the MPP caucus at Parliament discussed the DP’s proposed election structure and decided to accept it.
MPP caucus chairman U.Enkhtuvshin said a draft election law needs to be passed, so the MPP caucus decided to accept the DP caucus’s proposal. He said the people have been waiting a long time for election reform, and the MPP did not want to be responsible for further delays.
The MPP and the DP originally agreed to amend the election law when the two parties established the coalition government. “We should honor that agreement,” said U.Enkhtuvshin. Therefore, the MPP caucus accepted the DP’s proposal of 26 electoral districts with 48 mandates.
U.Enkhtuvshin explained that 14 mandates will be located in Ulaanbaatar because of the city’s population growth, and 34 will be located in local settlements. The draft election law could be passed this month if neither caucus proposes any more changes.
U.Enkhtuvshin said that the two parties have agreed with each other, and that the principle issues of the draft election law have been decided. He said the MPP caucus resolved to discuss the draft and pass it by the middle of November.
He also added that there will be a fifteen percent quota of women elected.
Trafigura to Boost Mongolia Trading as ‘Sleeping Giant Awakens’ (with Origo JV)
Nov. 8 (Bloomberg) -- Trafigura Beheer BV, the world’s second-largest independent trader of non-ferrous metals, plans to expand in Mongolia to deliver more iron ore, coal and copper to the China market.
It secured its first iron ore and coal supply agreements in the country in the past few months, Mikhail Zeldovich, head of Trafigura’s Russia and Mongolia unit, said in a telephone interview from Ulan Bator. Talks on more accords are in progress and Trafigura’s first Mongolian tin shipment is due this week, he said.
“In all commodity businesses I anticipate strong growth, and in the bulk commodities of coal and iron ore I am targeting a multiple of what we already have,” Zeldovich said. “We very much see Mongolia as a sleeping giant of resources that’s now beginning to awaken.”
Mongolia in June surpassed Australia as the biggest seller of coking coal to China and total exports are due to rise by 65 percent this year, according to Ulan Bator-based Trade and Development Bank. Rio Tinto Group will begin commercial output from the Oyu Tolgoi mine in 2013, a deposit in central Mongolia that it says is one of the biggest untapped sources of copper and gold.
A mining boom in the world’s most sparsely populated nation promises the greatest influx of wealth for Mongolia since Genghis Khan conquered most of Europe and Asia in the 13th century. Economic growth may surge to 23 percent in 2013, more than twice the forecast expansion in China, as mining projects begin production, the International Monetary Fund said in April.
Funding Mines
Last year, Amsterdam-based Trafigura provided more than $40 million in financing to help start production at a lead and zinc mine in eastern Mongolia in exchange for an off-take accord, Zeldovich said. The trader has also invested in a trucking company in Mongolia to transport coal from producers including Mongolyn Alt (MAK) Group to China, he said. It ranks among the top three sells of copper in Mongolia, he said.
The Trafigura team in Mongolia, including the trader’s truckers, has grown to more than 80 local staff since it began buying copper from local smelters in 1997 and more will be added as the headcount “has to catch up with our business needs,” Zeldovich said. It employs 6,000 people globally, according to the company’s website.
Trafigura is now considering investments in a “few” miners close to starting production, Zeldovich said without providing further details. One project under evaluation is a “mid-size” coking coal deposit that could send its steel- making raw material to Russia, he said.
“There are a lot fewer opportunities close to production than there are greenfields,” Zeldovich said.
Trafigura yesterday said it has set up a joint venture with Origo Partners Plc., a Beijing-based private equity firm with stakes in a number of exploration assets in Mongolia including Gobi Coal and Energy Ltd. The venture will explore for iron ore and coal in north and northwest Mongolia, Zeldovich said.
Trafigura, Origo form coal/iron Mongolia JV
* JV may extend to all commodities and Russia
* Greenfield exploration to be JV's focus
* JV aims to "circumvent existing China/Mongolia traders"
LONDON, Nov 7 (Reuters) - Trafigura, one of the world's top commodity traders, and Origo Partners Plc (LON:OPP), a private equity investor in Mongolian natural resources, have formed a 50:50 joint venture to develop Mongolian coal and iron ore deposits for export.
Trafigura-Origo MGL will invest in a number of Mongolian iron ore and high-quality coking coal exploration projects and target further high-grade deposits, the companies said on Monday in a joint announcement.
The partners aim to export several million tonnes a year of coking coal and iron ore to China by truck and rail.
Reserves in the five northern regions targeted by the partners can be developed and exports begun by truck, but large-scale, more cost-efficient mines would need a rail line, and this could take three to four years, Origo said.
Exports of deposits in the south could begin as soon as next year by truck.
The joint venture follows Trafigura's coal strategy of preferring to work with smaller mining companies to help them develop without taking control, said Mikhail Zeldovich, Trafigura's head for Russia, CIS and Mongolia.
"We are committed to Mongolia for the long term," he said.
Trafigura, the only commodities trader to be licensed to trade domestic Chinese coal, is already selling Mongolian coking coal to China.
"We are already moving our own coal in our own trucks across the border to China," he said.
In the near term, the partners said they would develop a coking coal deposit to supply a niche product to the Russian market.
Further ahead, any trader seeking to gain a share of the Mongolian market would be expected to seek a piece of the eastern Tavan Tolgoi project.
"Every coal trading company active in Asia wants to look at that, but that's very much in the future," Zeldovich said.
The venture will also look at expanding the scope of the venture into other countries in the region such as Kazakhstan and Russia and to cover all commodities.
BRAND NEW RESERVES
"Trafigura and Origo want to own assets and secondly to invest in logistics and sales - we're looking to circumvent the existing Mongolian and Chinese traders," said Chris Rynning, chief executive of Origo.
"We have large teams out there, and we're looking to find the projects which are not even known in Mongolia today, to find the next elephants which will be on line in a couple of years," he added.
"We have teams of people going through ministry archives looking for projects, even driving around looking for opportunities," he said.
"Long-term it's about expanding the model to acquisitions to control the feedstock," he said.
The partners could take minority stakes with an option to increase them to a controlling stake if and when a sizeable, workable deposit is found but also with an option to sell.
The venture is looking to invest $5 million to $30 million per project, and these are likely to be open-cast mines in the five northern provinces of Mongolia.
Coking coal export tonnage would need to be several million tonnes per year to be economic, Rynning said.
Origo held talks with the five biggest international commodity traders in its search for a partner, and Trafigura was the most aggressive and the quickest to make a decision to go forward and invest, he said.
WILD EAST
Trafigura and Origo are choosing their Mongolian partners to minimise risk, preferring those whose corporate governance and approach to social and environmental concerns fits with theirs.
"Corporate governance, the ability to monitor bank accounts, is critical to the success of such a venture - even to replace the chief financial officer - because if you don't ask for these things then you don't get," Rynning said.
"You cannot invest in Mongolia unless you have the local deals and contacts; there are so many bad opportunities and cowboys," he added.
The joint venture will be jointly managed by Luke Leslie, Origo's head of Mongolia and mining investments, and Trafigura's Zeldovich. Its board will include Origo's Rynning and Chris Cox, a director at Trafigura.
Trafigura is a relative newcomer to the coal market. Since it hired senior traders from trader Noble Group two years ago, it has expanded its thermal and coking coal business in the Atlantic and Pacific markets.
Origo has a wholly owned Mongolian subsidiary in Ulan Bator, whose investments include Kincora Copper, Gobi Coal & Energy, Voyager Resources and Moly World Limited.
TVN: Nuurst Project Drill Update
November 8, TVN Corporation Limited (ASX:TVN) --
Shallow, Thick Coal Seam Development
• Shallow coal seam development from 28.7 m down hole
• Cumulative coal seam thicknesses up to 132 m downhole.
• Extended drilling programme nearing completion
Drilling Update
Drilling on the Nuurst Coal Project is nearing completion. With four rigs completing the remaining holes, the drilling programme has now drilled in excess of 4000 m of diamond drilling within the 2011 Targeted Resource Area.
Recent logging of the southernmost drilling, which is 200 m inside the licence boundary, has highlighted the shallow depth of the coal seam development in this area:
Hole No. | From | To | Sequence thickness (down hole) | Cumulative Coal Seam Thickness (down hole) |
NDH 14 | 62.3 m | 240.1 m | 177.8 m | 132.0 m |
NDH 16 | 28.7 m | 185.2 m | 156.5 m | 130.4 m |
NDH 21 | 44.1 m | 141.2 m | 97.1 m | 86.1 m |
It is anticipated that the coal seam development extends to the southernmost boundary of the licence, becoming shallower. The following cross section highlights the shallow nature of the coal seam development.
Investor Presentation – November 8
Meritus Announces Non Brokered Private Placement
Vancouver, B.C., November 7 (TheNewswire.ca) Meritus Minerals Ltd. (the "Company") (TSX-V - MER) announces that it will be conducting a non brokered private placement of 10 million units at a price of $0.05 per unit to raise proceeds of $500,000. The company reserves the right to increase the placement to up to 15 million units depending on demand.
Each unit will consist of one share and one half of a share purchase warrant. Each full warrant will entitle the holder to acquire one additional common shares of the company at a price of $0.10 per share for a period of six months from closing and at a price of $0.15 for the subsequent 12 months (ie 18 months after closing). The exercise of the warrants is subject to the right of the company to accelerate the exercise period to 15 days if after the 4 months hold period has expired the shares of the company trade at $0.23 or above for a period of 15 consecutive days.
Guildford: Investor Presentation
November 8, Guildford Coal Limited (ASX:GUF) --
Xanadu: Resignation of Director
November 7, Xanadu Mines Limited (ASX:XAM) --
Xanadu Mines Ltd (ASX:XAM) wishes to advise that Mr. Roger Perry has tendered his resignation as a Non-Executive Director of the Company.
Xanadu’s Chairman, Brian Thornton said “Mr Perry, who had served as Chief Financial Officer and Company Secretary, was a founding Director of Xanadu in 2005 and has made a very significant contribution to the development of the company including its ASX listing in December 2010.”
The Board would like to extend its gratitude to Mr. Perry for his most valued counsel and contribution to the Company over the last 7 years.
China Gold has a 2009 MOU with Monnis to develop gold in Mongolia
China Gold to embark upon mine acquisitions overseas (e.g. Mongolia)
November 8 (FXStreet.com, Source: ZH) One of the drivers for the recent rise in Gold may be the increasing willingness of Chinese buyers to engage in further gold-producing assets. South China Morning Post notes "China Gold to buy Central Asia mine". Jery Xie Quan, VP of China Gold (TSX:CGG, HK:2099), further noted that was also negotiating potential mine acquisitions in Canada and Mongolia, which are either in advanced development or close to starting production. Zero Hedge suggests the Chinese may be using their excess USD to purchase these gold-producing assets, and that may also help explain the relatively strong performance of the EUR against the USD.
STOCK EXCHANGE WEEKLY NEWS
Ulaanbaatar, Mongolia, November 7 /MONTSAME/ Five stock trades were held at Mongolia's Stock Exchange from October 31 to November 4. In overall, one million shares were sold of 70 joint-stock companies totaling MNT 906.6 million.
Index TOP-20 was 21130.85 points decreasing 210.4 units or 0.98% against the week earlier. The total market capitalization was set at MNT two trillion 270.4 billion decreasing MNT 34.6 billion or 1.5%.
Shares of "Sodot" /101.0%/, "Autoimpex" /101.0/, and "Guril tejeel bulgan" /56.4%/ increased, but shares of "Bayanteeg" /27.7%/, "Olloo" /13.4%/, and "Mongol shevro" /7.5%/ decreased. Were closed higher 37 stocks, 21 shares declined, and 12 shares remained unchanged.
Shares of "Remikon" /384.9 thousand units/, "Hermes center" /247.3 thousand units/ and "Silikat" /145.4 thousand units/ were the most actively traded in terms of trading volume, and in terms of trading value--"Shariin gol" (MNT 297.9 million), "Sodot" (MNT 176.7 million), and "Tavan tolgoi" (72.6 million).
TDB TO COOPERATE WITH CHINESE BANKS
Ulaanbaatar, Mongolia, November 7 /MONTSAME/ A contract on import financing has been initialed by the Trade and development bank /TDB/ of Mongolia and the largest Chinese banks.
An “Agricultural bank”, “Production trading bank” and state bank of “Bao Shing” in Bugat city of China and the Mongolian TDB have agreed to give "Ynan and Dollar" financing to those businessmen importing goods and products from China. It may become favourable for Mongolia-based entities, for example, who usually use yuans when importing equipment from China. Now that the TDB has been enabled to give the “Yuan” financing, a risk is avoided of being affected by exchange rates.
The TDB has been cooperating with over 150 banks, financing organizations, has nostro accounts in 37 banks, who are leading international settlements, for example, HSBC Bank N.A, Citibank N.A, Bank of Tokyo-Mitsubishi UFJ ltd, Commerzbank AG, Credit Suisse, ING N.A. By September 30 of 2011, the TDB was co-operating with 28 foreign countries banks and financial institutions giving trade and financing loans.
MONGOLIA'S REQUEST ACCEPTED (to enlist in Australia’s “Mining for Development”)
Ulaanbaatar, Mongolia, November 7 /MONTSAME/ Australia's side has positively received Mongolia's request to include it into the “Mining for development” initiative.
The recently promoted by the Australian government, the initiative will be implemented here through Mongolia's Embassy to Australia, said Australian council for International development.
This decision was made during a fact-finding visit of a delegation, led by M.Enkhbold, the Vice Prime Minister of Mongolia. The stayed there from October 28 to November 7 at an invitation of the United Nations Children's fund /UNICEF/.
During the visit, M.Enkhbold met Australia's Foreign affairs Minister Kevin Rudd; the Minister for Social inclusion and Minister for Human services Tanya Plibersek; Kirsten Livermore MP; the director-general of Australian council for international development Peter Baxter. They have exchanged views on some issues of the cooperation.
Aim of the “Mining for development” initiative is to support developing countries in properly utilizing mineral resources for economic development. The 120 million US dollars worth initiative will be realized in over 30 countries of Africa, Asia-Pacific and Latin America. Within this programme, the Australian government si to run long and short term trainings for developing countries' people, grant scholarships for bachelor and master trainings, support NGOs protecting society and nature environment.
The Mongolian delegation consisted of D.Ochirbat and Ts.Dashdorj MPs, a head of the National Authority for Children D.Altai, the state secretary of Social welfare and labour Ministry U.Byambasuren, a vice head of National emergency management agency D.Namsrai, the advisor to the Vice Prime Minister B.Javzankhuu and others. Aim of the visit were to study experiences in social welfare system and children rights protection.
The delegation has visited Australian Department of Families, housing, community services Indigenous affairs, Department of Human services, Australian bureau of Statistics, Emergency services commission, New south Wales region, international organizations.
GOLD DIGGERS TO CONVENE
Ulaanbaatar, Mongolia, November 7 /MONTSAME/ “Implementation of the law on micro mines” themed national consultation will run on November 8 in the "Ulaanbaatar" hotel.
The consultation will bring together artisan gold miners from all provinces. They will exchange views.
According to this year figures, these artisans have centralized over 40 million togrog at the rehabilitation fund.
DP calls for reducing expenses in 2012 budget
November 8 (news.mn) The head of the DP caucus, Ch.Saikhanbileg, spoke with journalists after the caucus meeting on Monday.
He said that a working group on the 2012 budget suggested reducing expenses in the budget. The DP caucus criticized the enlargement of the election year budget when world economists are warning of a new economic crisis.
Firstly, the members said MNT 150 billion for office buildings should not be reduced from the budget proposal.
Secondly, new roads should meet criteria of economic development.
Thirdly, an investment amount of MNT 2.1 trillion should be directed to economic development, and state officials’ foreign travel should be limited.
Ch.Saikhanbileg stated that the DP caucus will meet on Wednesday to discuss a draft election law and reply to the MPP’s suggestions.
“Metals Mongolia” forum wraps up
November 7 (news.mn) Officials read 28 reports at the “Metals Mongolia-2011” forum, which was held in Ulaanbaatar on November 3 and 4. The forum addressed Mongolia’s mining and metallurgy sectors at present, expected future trends, investment opportunities, environmental issues, and technology.
Minister for Mineral Resources and Energy D.Zorigt noted that an agreement will be made to invest MNT 200 billion into the heavy industrial sector.
Trade and Development Bank (TDB) President R. Koppa raised the issue of a 1000- km highway in Mongolia, and TDB First Vice President O.Orkhon introduced a report.
The director of state-owned Tau Ken Samurik LLC of Kazakhstan, V.Son, told of Kazakhstan’s experiences in mining and metallurgy, saying the country has 55 metal deposit mines. The state exploits some 20 percent of the mines, he stated.
PM reports to Parliament on innovation activity
November 7 (news.mn) Prime Minister S.Batbold reported to Parliament on the results of an “Innovation Activity” program on November 4.
He stated that the Government’s goal is to develop a high-tech industry. In that context, he said 20 biochemistry projects and 17 nanotechnology projects are being implemented in Mongolia.
MNT1.2 billion is being allocated to finance the projects. Also, scholarships for young researchers have been granted, and 10 incubator centers have been established to support innovation.
Some MPs stated that the projects should be improved. For instance, Mongolian researchers have been researching coal for 40 years, and the PM’s report said that coal research is continuing. Previous research could be repeated, which would be a waste of money.
Education, Culture and Science Minister Yo.Otgonbayar also said that research is being done to produce nano calcium from horse bones.
OBG: MONGOLIA: LAUNCH REPORT TO EXPLORE PLANS FOR BOOSTING EXPORTS
Major transport projects will provide new opportunities for foreign investors
November 7 (Oxford Business Group) Mongolia is looking to expand its economy – and its exports – by processing more of its natural resources to move up the value chain, according to President Tsakhiagiin Elbegdorj.
Elbegdorj told the global publishing, research and consultancy firm Oxford Business Group (OBG) that the move would enable Mongolia to bring more added value to its natural resources and export them to China, Russia and East Asia.
“We would like to see more value-added products in Mongolia,” he said. “We are looking to produce, process and add significant value to our raw materials.”
Elbegdorj said that while the country’s Development Bank would provide financing for a long list of projects, Mongolia would also seek out foreign investment for its major infrastructural developments, which include roads, railroads and power stations.
He added that plans to expand Mongolia’s rail infrastructure would enable the country to strengthen connectivity with its neighbours and extend its reach through East Asia. “We have one access point to Russia, through Trans Siberian Railways, and one with China,” he said. “We would like to build more exit points with both of our neighbours and through that we can also access East Asian countries and beyond.”
The full interview with Elbegdorj appears in The Report: Mongolia 2012, OBG’s forthcoming guide on the country’s economic activity and investment opportunities. The Group’s report will include a detailed, sector-by-sector guide for foreign investors, together with a wide range of interviews with the most prominent political, economic and business leaders.
Elbegdorj added that major reforms earmarked for the legal and judiciary system would form a key component in Mongolia’s economic development, helping to pave the way for the country to play a greater role on the international stage.
“The business community should trust and believe in our courts and legal system,” he said. “We would like to make Mongolia more relevant to global matters. Mongolia can be a big player in the mining world – copper, for example – where we can dictate prices, and cashmere, of which we are the second biggest producer.”
The Report: Mongolia 2012 will mark the culmination of more than six months of on-the-ground research by a team of analysts from OBG. It will provide information on opportunities for foreign direct investment into Mongolia’s economy and will act as a guide to the many facets of the country including its macroeconomics, infrastructure, banking and sectoral developments. It will be available in print form or online.
N.Enkhtaivan: Foreign trade important for development
November 8 (news.mn) Director of Foreign Trade and Economic Cooperation Board of the Ministry of Foreign Affairs and Trade N.Enkhtaivan answered our correspondent’s questions.
Q: The trade sector was established 90 years ago. What impact does trade have on social development?
A: Trade is one of the most vital sectors of the economy, and after transferring to a market economy, foreign economic cooperation and foreign trade growth occupy a significant position in the country’s social and economic development.
Mongolia has had commerce of USD 7.5 billion at the end of September and this amount has overcome GDP. The customs taxation gathers 20 percent of budget income, and foreign and domestic trade organizations number 20,000.
150,000 people work in the trade sector, which is about 14 percent of total working force.
Q: What’s Mongolia’s position in world trade and economics?
A: Mongolia is part of world economic integration through trade. The economy will reach growth of 20 percent in 2011. Mongolia has trade with 140 countries and foreign trade turnover increased by 88 percent at the end of August.
Q: What difficulties face foreign trade and economic cooperation at present? What measures are there to overcome the difficulties?
A: Exports have been increasing in recent years due to mining sector exploitation and investment, but economics and foreign trade face risks from being too dependent on raw materials. Border points, customs, and infrastructure should be developed as a priority. Current trade development demands improving customs’ activity and goods transport capacity. Also bureaucracy and out-dated technology disturb business.
We should do much work to overcome the mentioned challenges including working to meet contemporary international requirements of trade and provide safety of health for consumers. Also Mongolia has goals to join bilateral and regional free trade agreements.
Q: What policy should the Government take?
A: The Coalition Government is working to change export structures, increase export goods, reduce tariffs and hold trade talks. The Ministry of Foreign Affairs and Trade has submitted a draft law on trade regulation and a proposed state policy on foreign trade to the Government with the aim of legislative reform. Also a national program to support exports has been prepared.
Multilateral collaboration has a big role in foreign trade development and the Government takes part in the activity of the World Trade Organization and UN Economic Organizations. The Government is working to hold talks to unite Asia and the Pacific Trade Agreement.
Q: Mining sector plays a crucial role in the economy. What’s the role of the trade sector in mining development?
A: All sectors have dependence on trade and mining and trade are crucial to the market. But actually mining and trade have not had relations of coincides because people who have not known trade do mining business and we have lost opportunity of beneficial trade.
Q: Foreign investment issue has been related to the ministry. Does Mongolia have favorable foreign investment conditions?
A: Foreign investment occupies an important position in economic development. Investment disseminates progressive technology, new management, and increases competition. Foreigners say that Mongolian politics and business have been changed too many times. That is why we should improve the investment environment.
Q: Coal industry has significant position in economic growth. But we sell coal at a cheap price to China. What do you say about that?
A: Mongolia has not had a united policy on coal trade. Coal is exported at a cheap price due to no united policy and regulation. That is why we have to study markets, determine policy, and take proper measures to increase profit from the coal industry and keep stability.
Q: What measures will be organized for the 90th anniversary of the establishment of the trade sector?
A: The fourth conference of trade employees will be held on November 17 and 18 in the Government House. A photo gallery and documentary, “Trade of Mongolia in 90 Years” will be shown. Also, “Trade History in 90 years” and “Foreign Trade in 90 Years” books will be published.
Huge coking-coal mine to change the landscape
IT is a company with its foot on more than 7 billion tonnes of coal, enough to make a dent in even China's enormous appetite. It will have about 3 million shareholders when it goes public, a process that will involve at least four investment banks and up to three separate stock exchanges.
November 8 (The Australian) It is Erdenes Tavan Tolgoi, a currently state-owned group charged with turning one of the world's largest undeveloped coking-coal deposits into the biggest achievement yet from Mongolia's fledgling, but potentially rich, mining industry.
Every chief executive in the global coalmining business, from BHP Billiton's Marius Kloppers and Rio Tinto's Tom Albanese down, will be keeping a tight watching brief on Tavan Tolgoi given its rare capacity to influence coking-coal markets.
The project is initially targeting 15 million tonnes of production each year, most of which will be coking coal, with the potential to expand that substantially. To put that number in context, that equates to around a third of China's annual coking-coal imports, all of which will come from a deposit just on the other side of the Chinese border in southern Mongolia.
High-cost, marginal producers will find themselves out of business if the coking-coal market doesn't grow enough to absorb Tavan Tolgoi, while Australia's established miners will find themselves up against a significant new player.
The logistics of turning such a monster resource into a fully fledged mine is hard enough, doing it against a complicated commercial and political backdrop is another thing.
New Zealand-born, Australian-trained Graeme Hancock is only a month into his job as chief operating officer of Tavan Tolgoi, but he appears to have a thorough understanding of the challenges facing the company and its project.
Tavan Tolgoi is a behemoth, it hosts 7.4 billion tonnes of resources so far, the bulk of which is coking coal and understandably the Mongolian government wants to ensure it gets the development right.
Hancock's employer owns the whole project, but a western portion has been earmarked for development by a consortium of international players all negotiating for the right to dig it up on behalf of Erdenes and the Mongolian government.
On top of that, Erdenes is pushing towards its own multi-billion-dollar IPO, a huge offer that would be tricky enough even without the current market volatility and a government instruction to put 10 per cent of stock in the hands of Mongolian citizens -- free of charge.
It meant there were plenty of questions for Hancock as he took to the stage at the recent Mongolia Investment Summit in Hong Kong in his first public engagement since starting the job last month.
Hancock, who has spent much of his career in Papua New Guinea, showed a good grasp of the issues facing the company and the country. The five years he spent working as a senior mining specialist with The World Bank based out of Ulaanbaatar has helped on that front.
The proposed timetable for the group's mammoth listing remains a prime concern for many following the Tavan Tolgoi project and, speaking to reporters after his address, Hancock said there were a number of "uncertainties" holding up the IPO, beyond just the weak market conditions.
Given that the low operating costs forecast for Tavan Tolgoi effectively guarantee its profitability, favourable market conditions for the IPO would be nice but are not essential.
"We'd like to see conditions improve, but the project has very significant inherent value so, to a degree, we're probably less sensitive to market conditions than others might be," Hancock said.
Tavan Tolgoi will have to list on at least two exchanges, given the fact the 10 per cent allocated to Mongolians will have to be traded on the tiny Mongolian stock exchange. The company is toying with a dual-listing on the London or Hong Kong exchanges, or a listing across all three. Each option has its own pros and cons and complexities.
The company has signed up four banks to help with its listing: Goldman Sachs and Deutsche Bank as joint co-ordinators, as well as BNP Paribas and Australia's Macquarie Group. Given the rarity of IPOs of such scale in a market like this one and the fees it stands to generate for the banks, the process is getting a lot of attention from the banks involved.
The listing process is complicated by the talks taking place with the consortium proposing to develop Tavan Tolgoi's western arm.
The consortium includes US coalminer Peabody Energy, a venture between China's Shenhua and Japan's Mitsui, and a Russian-led venture including the state-owned Russian Railways and a bevy of Korean and Japanese entities.
It's not quite a UN of companies but more of a Security Council, and the talks to date seem just as complicated and inefficient as anything to pass through either of those bodies.
"It's very challenging putting together a combination of American, Russian, Chinese, Mongolian, Korean and Japanese companies. It's very challenging and potentially an uncomfortable marriage," Hancock said.
Not only do all three have to agree on the structure of the consortium, they also have to negotiate a suitable royalty payment to Tavan Tolgoi.
"We're anticipating that the consortium gets bedded down but there will be some sort of royalty payment per tonne of coal produced," he said.
"Any consortium which develops is going to be paying a royalty to us, plus a royalty to government and taxes and whatever else."
Hopefully, the development of the Tavan Tolgoi deposit can be less complicated. Having billions of tonnes of high-quality coking coal spread across numerous fat seams close to the surface certainly makes one aspect of Hancock's life that much easier.
Still, it faces many of the challenges of its smaller peers elsewhere in the country, namely securing access to infrastructure and fetching a full-value price for its product.
At least Tavan Tolgoi has the scale to warrant the construction of a sealed highway from its mine to the Chinese border. Rail would be cheaper, but that is in the hands of the government and Hancock says Tavan Tolgoi isn't interested in stepping in as an equity partner on any rail network development.
Gobi mega-mine puts Mongolia on brink of world's greatest resource boom
Coal extraction in 'the last frontier' expected to triple economy by 2020 but will compete with nomads for scarce resources
Link to video report
November 7 (The Guardian) After a 16-hour drive under the piercing blue skies of Mongolia's southern Gobi, the first view of the world's newest mega-mine looks eerily like a desert aflame.
Black clouds of dust billow up above the horizon from the pit at Tavan Tolgoi, where a swarm of bulldozers and mechanical diggers have clawed a 70-metre deep gash into the yellow hills.
This resource – thought to be the biggest deposit of coking coal on the planet – is chewed out and transported away to China by a seemingly endless line of trucks that rumble across the plains in a convoy of dust.
Until recently, this area of southern Mongolia was one of the world's last great wildernesses – a cold desert that is home to gazelle, wild ass and herders living a traditional nomadic existence.
Today, however, it is the centre of the planet's greatest resource boom. Some are calling it "the last frontier", others "Minegolia". Whatever the name, this impoverished but remarkable nation in east Asia is on the brink of one of the most dramatic transformations in human history.
The vast opencast pit at Tevan Tolgoi is just the start. Its 6bn tonnes of coal are being partly developed by a local mining firm. Extraction rights will also be auctioned off to overseas bidders, likely to include China's Shenhua, Peabody of the US and a Russian consortium. Whoever does the digging, the ultimate buyer of the fuel is likely to be China, which accounts for 85% of Mongolia's exports.
Other mega-mines will follow. The extraction is expected to triple the national economy by 2020 and propel the living standards of the small, impoverished 2.6 million population into the global middle class, but locals fear it will also devastate an arid environment as the mines suck up scarce water resources, damage the grasslands and necessitate roads and electricity grids that disrupt the migration patterns of local species.
The damage is already evident in the cross-Gobi traffic, where drivers churn up so much dust that some use their headlights in the middle of the day to pierce the gloom.
"Every day, they use 2,000 off-road 100-tonne trucks. There is so much dust in the sky, it looks like a war is taking place," said Enkhbat, co-chairman of the Mongolian Green party, who fears unregulated development of the southern Gobi could lead to ecological catastrophe. "The government needs a much more comprehensive plan to protect the environment and respect local communities. This is not just about economics. It is about human rights."
Nomad families in the area blame the mines for dried up wells, shrinking watering holes and clouds of dust that blacken the lungs and stomachs of their animals.
"It makes us cough. Even the animals cough. There is so much dust we can't recognise which animal is which," said Tsevedelger, a 60-year-old herder. "The animals eat the dusty grass. Then humans eat the poisoned animals. Soon it will be impossible for us to stay here."
The next supermine to come online will be Oyu Tolgoi, which is operated by Ivanhoe Mines and Rio Tinto – a UK-headquartered mining multinational. Once it starts operations in 2012, it expects to produce 450,000 tonnes of copper every year for half a century. The total output will be worth about $200bn at today's prices.
The transformative potential of the mining boom was the subject of an international conference in the capital Ulan Bator last month. Officials from the United National Development Programme (UNDP) expressed hope that Mongolia – as a rare democracy in east Asia – could set an example in transparent, environmentally sensitive resource extraction that will benefit the entire population.
"It's very exciting. Mongolia has the potential to do it right," said Ajay Chhibber, UNDP assistant secretary general. "In a way Mongolia is the last frontier. You might have to go back to the Californian gold rush to find anything similar."
But he warned resources can also be a curse. In Nigeria, an oil boom led to environmental destruction, increased corruption, a widening income gulf and conflict.
The signals so far in Mongolia are mixed. Two-thirds of the state's Human Development Fund – which has come from mining revenues – has been spent on monthly cash payments to the population to secure electoral votes. The minister for resources, Zorigt Dashdorj, said there would be a major change in the future, with more money going on health insurance, public housing and education.
Environmental worries also loom large, particularly with regard to water usage rights. Oyu Tolgoi alone plans to use 920 litres of water per second for the next 30 years.
The former herder Dolgor, who now lives in Khanbogd, says the mines are good for Mongolia, but bad for residents of the southern Gobi. "They take too much water. There is not enough left so the herders have to move or sell their animals."
The operators of Oyu Tolgoi acknowledge they have taken surface water until now, which has made them a competitor with the nomads for scarce resources. But from next year, the mine will extract and treat saline water from a fossil aquifer 45km away. Operators say this is not linked to any lakes or watering holes.
"It's very unlikely that there'll be an impact, but we will continue to monitor the situation carefully," said Shea O'Neill, Oyu Tolgoi principal environmental adviser. The water will be recycled under the company's zero-discharge policy. "We're doing just about everything we can. It's the right thing to do and it's good for business. There is not a lot of water in the Gobi. This is a non-replenishable resource so it is in everyone's interests to conserve water. If we don't, we go out of business."
Rio Tinto have pledged to set the highest international standards in minimising the impact on the environment. They plan to build an asphalt road to reduce dust, with underpasses for migrating animals. They have also promised to recycle much of their water. Conservationists have praised their plans for "biodiversity offsets" to make-up for the damage to nearby eco-systems and wildlife.
But, even if successful, fresh threats will come from the numerous other mines, roads and electricity transmission lines that are being planned in the region.
Kirk Olsen, an expert on gazelles and wild ass, who has worked with several international conservation groups, said the impact has not been comprehensively studied.
"How much can an ecosystem take until it collapses? We don't know enough yet about the Gobi to answer," he said. "At the moment, it is all piecemeal, mine by mine, project by project. If they carry on down that road, there will be a lot of problems ahead."
Despite Mongolia's democratic system, concerns about corruption, inadequate consultation and weak oversight persist.
"There is really no enforcement of regulations. The mining companies can do what they want," said Keith Svensson, a landscape management specialist based in Ulan Bator who expects increased water stress and habitat fragmentation in the South Gobi. "These corporations have a track record. I don't think they are going to operate any differently in the Gobi."
Rio Tinto's influence is growing. Along with Ivanhoe, it expects to invest $16bn over 30 years in the Oyu Tolgoi project. The company's headquarters in Ulan Bator is one of the biggest buildings in the capital. Its advertisements run constantly on local television channels and it will be a leading sponsor of the country's Olympic team in London next year.
It remains to be seen whether it will prove a force of the good in Mongolia. But nomads fear the worst.
Mongolia mines map Photograph: guardian.co.uk
"I have seen Oyu Tolgoi grow bigger and bigger. When it started, it was just one tent. Then three, then 10. Now look at it. They are even taking our grasslands to build a new airport," said Byunjargal, the matriarch of a nomad family that had herded Bactrian camels and cashmere goats in this area for generations. "In the future. There will be more dust and less water. It will be impossible for us to stay here."
Table: Mongolia Related Stocks (Source: Bloomberg)
Name | Symbol | $ | Price | Change | +-% | Open | High | Low | Volume | Time | % YTD | % 12 m | |
Indices | ASX 200 | 4,273.40 | -7.70 | -0.18% | 4,281.90 | 4,288.00 | 4,252.30 | - | 7-Nov | ||||
Nikkei 225 | 19,677.89 | -164.90 | -0.83% | 19,894.22 | 19,977.09 | 19,649.57 | - | 7-Nov | |||||
Hang Seng | 8,767.09 | -34.31 | -0.39% | 8,771.82 | 8,779.55 | 8,741.25 | - | 7-Nov | |||||
FTSE 100 | 5,510.82 | -16.34 | -0.30% | 5,527.16 | 5,557.76 | 5,432.16 | - | 7-Nov | |||||
TSX Composite | 12,461.98 | 53.73 | 0.43% | 12,416.16 | 12,485.20 | 12,402.65 | - | 7-Nov | |||||
S&P 500 | 1,261.12 | 7.89 | 0.63% | 1,253.21 | 1,261.70 | 1,240.75 | - | 7-Nov | |||||
ASX | Aspire Mining | A$ | 0.375 | -0.02 | -5.06% | 0.4 | 0.4 | 0.37 | 1,492,178 | 7-Nov | -21.88% | 15.38% | |
Blina Minerals | A$ | 0.013 | 0 | 0.00% | 0.013 | 0.013 | 0.012 | 2,227,500 | 7-Nov | -13.33% | -13.33% | ||
C@ | A$ | 0.055 | 0 | 0.00% | 0.057 | 0.058 | 0.054 | 2,075,683 | 7-Nov | 96.43% | 139.13% | ||
General Mining | A$ | 0.073 | 0.011 | 17.74% | 0.066 | 0.073 | 0.066 | 86,717 | 7-Nov | -39.17% | -54.38% | ||
Guildford Coal | A$ | 0.94 | -0.045 | -4.57% | 0.97 | 0.97 | 0.925 | 75,665 | 7-Nov | 28.77% | 64.91% | ||
Haranga Resources | A$ | 0.22 | 0 | 0.00% | 0.2 | 0.22 | 0.2 | 180,000 | 7-Nov | -65.63% | |||
Hunnu Coal | A$ | 1.78 | -0.005 | -0.28% | 1.785 | 1.785 | 1.78 | 209,260 | 7-Nov | 33.33% | 65.58% | ||
Mongolian Res Corp | A$ | 0.245 | 0 | 0.00% | 0.245 | 0.245 | 0.245 | 0 | 2-Nov | -44.32% | |||
Robe Australia | A$ | 0.012 | 0 | 0.00% | 0.012 | 0.012 | 0.012 | 178,571 | 7-Nov | 28.34% | 56.86% | ||
TVN Corp. | A$ | 0.06 | 0.007 | 13.21% | 0.053 | 0.061 | 0.053 | 23,118,780 | 7-Nov | 500.00% | 445.45% | ||
Voyager Resources | A$ | 0.076 | -0.002 | -2.56% | 0.078 | 0.079 | 0.076 | 3,758,008 | 7-Nov | 41.72% | 96.23% | ||
Xanadu Mines | A$ | 0.425 | 0.005 | 1.19% | 0.41 | 0.425 | 0.41 | 32,434 | 7-Nov | -24.78% | |||
MSE A Board | Aduunchuluun | MNT | 8,000 | 0 | 0.00% | 8,000 | 8,000 | 8,000 | 154 | 7-Nov | 0.00% | 105.13% | |
APU | MNT | 3,160 | 10 | 0.32% | 3,200 | 3,200 | 3,160 | 2,720 | 7-Nov | 58.79% | 86.98% | ||
Atar Urguu | MNT | 38,500 | 0 | 0.00% | 38,500 | 38,500 | 38,500 | 0 | 4-Nov | 113.89% | |||
Baganuur | MNT | 16,000 | 500 | 3.23% | 15,900 | 16,000 | 15,050 | 339,063 | 7-Nov | 52.38% | 123.75% | ||
Mogoin Gol | MNT | 30,000 | 0 | 0.00% | 30,000 | 30,000 | 30,000 | 66 | 7-Nov | 154.24% | 233.33% | ||
BDSec | MNT | 3,901 | -99 | -2.48% | 3,950 | 3,950 | 3,901 | 1,025 | 7-Nov | 56.04% | 59.22% | ||
Bayangol Hotel | MNT | 39,999 | 499 | 1.26% | 39,999 | 39,999 | 39,999 | 1 | 7-Nov | 67.36% | 71.67% | ||
Bayanteeg | MNT | 31,100 | 0 | 0.00% | 31,060 | 31,100 | 31,060 | 0 | 4-Nov | ||||
UB BUK | MNT | 26,000 | 0 | 0.00% | 26,000 | 26,000 | 26,000 | 0 | 4-Nov | 472.06% | |||
Eermel | MNT | 2,600 | 80 | 3.17% | 2,520 | 2,600 | 2,520 | 219 | 7-Nov | -9.57% | 67.74% | ||
Gobi | MNT | 5,100 | 0 | 0.00% | 5,100 | 5,100 | 5,100 | 218 | 7-Nov | -8.93% | -7.27% | ||
Gutal | MNT | 2,210 | 0 | 0.00% | 2,210 | 2,210 | 2,210 | 0 | 25-Oct | ||||
Hi B Oil | MNT | 210 | 0 | 0.00% | 207 | 210 | 207 | 0 | 4-Nov | 16.67% | 22.81% | ||
Khukh Gan | MNT | 199 | 1 | 0.51% | 199 | 199 | 197 | 2,600 | 7-Nov | 6.42% | 24.38% | ||
Hermes Centre | MNT | 52 | 0 | 0.00% | 52 | 52 | 52 | 100 | 7-Nov | -3.70% | -1.89% | ||
Jenko Tour Bureau | MNT | 96 | 0 | 0.00% | 96 | 96 | 96 | 12 | 7-Nov | 2.13% | -2.04% | ||
Telecom Mongolia | MNT | 2,600 | 49 | 1.92% | 2,600 | 2,600 | 2,600 | 70 | 7-Nov | -25.71% | -23.53% | ||
Mongolia Dev Res | MNT | 1,200 | 0 | 0.00% | 1,200 | 1,200 | 1,200 | 20 | 7-Nov | -7.69% | -14.29% | ||
Moninjbar | MNT | 135 | 0 | 0.00% | 136 | 136 | 135 | 0 | 3-Nov | 17.39% | 12.50% | ||
Mongol Nekhmel | MNT | 2,850 | 0 | 0.00% | 2,850 | 2,850 | 2,850 | 0 | 4-Nov | 119.23% | 185.00% | ||
Hotel Mongolia | MNT | 799 | 0 | 0.00% | 799 | 799 | 799 | 30 | 7-Nov | 70.00% | |||
Darkhan Nekhii | MNT | 6,004 | 0 | 0.00% | 6,003 | 6,004 | 6,003 | 0 | 3-Nov | 22.53% | 87.63% | ||
Nak Tulsh | MNT | 217 | 0 | 0.00% | 217 | 217 | 217 | 0 | 4-Nov | -33.23% | |||
Olloo | MNT | 110 | 0 | 0.00% | 110 | 110 | 110 | 0 | 2-Nov | -26.67% | -37.14% | ||
Remikon | MNT | 149 | -1 | -0.67% | 150 | 150 | 148 | 80,221 | 7-Nov | 106.94% | 91.03% | ||
Sharyn Gol | MNT | 12,999 | -1 | -0.01% | 13,050 | 13,050 | 12,999 | 2,305 | 7-Nov | 23.80% | 18.17% | ||
Shivee Ovoo | MNT | 23,799 | -51 | -0.21% | 23,800 | 23,800 | 21,503 | 127 | 7-Nov | 83.07% | 72.46% | ||
Sor | MNT | 1,250 | 0 | 0.00% | 1,210 | 1,250 | 1,150 | 103 | 7-Nov | 66.67% | 35.14% | ||
Suu | MNT | 70,000 | 0 | 0.00% | 70,000 | 70,000 | 70,000 | 79 | 7-Nov | 233.54% | 407.25% | ||
Tav | MNT | 20,000 | 0 | 0.00% | 20,000 | 20,000 | 20,000 | 0 | 28-Oct | ||||
Talkh Chikher | MNT | 10,000 | 0 | 0.00% | 10,000 | 10,000 | 10,000 | 46 | 7-Nov | 170.27% | 194.12% | ||
Tavantolgoi | MNT | 11,300 | -1 | -0.01% | 11,301 | 11,301 | 11,200 | 417 | 7-Nov | 96.18% | 140.43% | ||
State Dept Store | MNT | 440 | 0 | 0.00% | 450 | 450 | 440 | 329 | 7-Nov | 2.33% | 2.33% | ||
Ulaanbaatar Hotel | MNT | 57,000 | 0 | 0.00% | 57,000 | 57,000 | 57,000 | 0 | 4-Nov | 107.27% | 107.27% | ||
Mongol Savkhi | MNT | 1,999 | 0 | 0.00% | 1,800 | 1,999 | 1,800 | 0 | 4-Nov | 263.46% | 277.17% | ||
Zoos Goyol | MNT | 800 | -50 | -5.88% | 850 | 850 | 800 | 325 | 7-Nov | 1.27% | 7.38% | ||
HKEx | Solartech Int’l | HKD | 0.214 | -0.005 | -2.28% | 0.22 | 0.224 | 0.2 | 5,434,510 | 7-Nov | -77.71% | -79.81% | |
Winsway | HKD | 2.65 | -0.05 | -1.85% | 2.69 | 2.8 | 2.65 | 5,647,000 | 7-Nov | -41.03% | -24.97% | ||
SouthGobi Resources | HKD | 61.35 | -1 | -1.60% | 61.8 | 61.85 | 61.35 | 16,600 | 7-Nov | -38.34% | -31.30% | ||
China Gold | HKD | 24.9 | 0.25 | 1.01% | 24.6 | 25.3 | 24.6 | 19,400 | 7-Nov | -40.71% | |||
CNNC Int’l | HKD | 2.2 | -0.03 | -1.35% | 2.19 | 2.25 | 2.18 | 886,000 | 7-Nov | -74.71% | -69.53% | ||
Real Gold Mining | HKD | 8.81 | 0 | 0.00% | 8.81 | 8.81 | 8.81 | 0 | 7-Nov | -34.28% | -41.07% | ||
Mongolia Energy | HKD | 0.75 | 0 | 0.00% | 0.76 | 0.77 | 0.73 | 12,520,506 | 7-Nov | -67.67% | -75.57% | ||
Zijin Mining | HKD | 3.58 | 0.03 | 0.85% | 3.55 | 3.67 | 3.48 | 20,520,250 | 7-Nov | -24.11% | -31.00% | ||
Mongolia Inv Group | HKD | 0.049 | -0.002 | -3.92% | 0.05 | 0.05 | 0.048 | 12,594,000 | 7-Nov | -66.89% | -74.87% | ||
North Asia Resources | HKD | 0.415 | -0.005 | -1.19% | 0.415 | 0.415 | 0.415 | 137,000 | 7-Nov | -54.40% | -70.14% | ||
China Daye Non-Fer. | HKD | 0.43 | 0 | 0.00% | 0.43 | 0.44 | 0.42 | 6,326,000 | 7-Nov | -23.21% | -11.34% | ||
Bestway Int’l | HKD | 0.05 | 0.001 | 2.04% | 0.044 | 0.05 | 0.044 | 780,000 | 7-Nov | -64.54% | -72.68% | ||
Asia Coal | HKD | 0.145 | 0 | 0.00% | 0.145 | 0.145 | 0.145 | 0 | 7-Nov | -42.00% | -43.14% | ||
Mongolian Mining | HKD | 6.75 | 0 | 0.00% | 6.69 | 6.82 | 6.69 | 464,955 | 7-Nov | -25.58% | -18.77% | ||
SGX | LionGold | SGD | 0.865 | 0 | 0.00% | 0.87 | 0.87 | 0.865 | 7,089,000 | 4-Nov | 18.49% | 98.85% | |
LSE | Central Asia Metals | GBp | 68.25 | 0 | 0.00% | 68.25 | 68.25 | 68.25 | 9,769 | 7-Nov | -24.38% | -25.41% | |
Petro Matad | GBp | 19.625 | 0.75 | 3.97% | 19.875 | 21.125 | 19.625 | 1,847,350 | 7-Nov | -83.91% | -82.20% | ||
Metal-Tech | GBp | 5 | 0 | 0.00% | 5 | 5 | 5 | 281 | 7-Nov | -67.74% | -69.70% | ||
Origo Partners | GBp | 34.25 | 0.75 | 2.24% | 33.75 | 34.25 | 33.75 | 233,807 | 7-Nov | -16.46% | -12.18% | ||
North America | Aberdeen Int’l | CAD | 0.67 | 0 | 0.00% | 0.65 | 0.7 | 0.65 | 216,348 | 7-Nov | -17.14% | 18.57% | |
Blue Zen Mem. Parks | CAD | 0.155 | -0.005 | -3.13% | 0.16 | 0.16 | 0.155 | 10,250 | 7-Nov | ||||
Centerra Gold | CAD | 20.67 | -0.36 | -1.71% | 20.94 | 21.59 | 20.38 | 374,737 | 7-Nov | 6.41% | 11.88% | ||
China Gold | CAD | 3.34 | 0.07 | 2.14% | 3.2 | 3.45 | 3.2 | 249,280 | 7-Nov | -38.49% | -40.14% | ||
Denison Mines | CAD | 1.52 | -0.03 | -1.94% | 1.57 | 1.628 | 1.509 | 2,919,285 | 7-Nov | -55.43% | -38.96% | ||
Denison Mines | USD | 1.49 | -0.03 | -1.97% | 1.54 | 1.6 | 1.48 | 1,231,194 | 7-Nov | -56.43% | -40.64% | ||
East Asia Minerals | CAD | 1.29 | 0.11 | 9.32% | 1.03 | 1.29 | 0.96 | 3,970,557 | 7-Nov | -83.95% | -82.57% | ||
Entree Gold | USD | 1.79 | -0.08 | -4.28% | 1.84 | 1.877 | 1.75 | 50,522 | 7-Nov | -48.27% | -34.43% | ||
Erdene Resource | CAD | 0.45 | -0.01 | -2.17% | 0.47 | 0.47 | 0.45 | 26,825 | 7-Nov | -63.71% | -27.42% | ||
Entree Gold | CAD | 1.87 | -0.06 | -3.11% | 1.86 | 1.9 | 1.8 | 78,569 | 7-Nov | -46.11% | -31.50% | ||
Fortress Minerals | CAD | 4.8 | 0 | 0.00% | 4.8 | 4.8 | 4.8 | 0 | 1-Nov | 10.34% | 41.18% | ||
Garrison Int’l | CAD | 0.03 | 0 | 0.00% | 0.03 | 0.03 | 0.03 | 0 | 17-Oct | -66.67% | -40.00% | ||
Gulfside Minerals | CAD | 0.065 | -0.02 | -23.53% | 0.07 | 0.07 | 0.06 | 119,500 | 7-Nov | -31.58% | -43.48% | ||
Green Tech Solutions | USD | 0.11 | 0.005 | 4.76% | 0.1055 | 0.12 | 0.1 | 78,244 | 7-Nov | -97.25% | |||
Ivanhoe Energy | CAD | 1.23 | -0.01 | -0.81% | 1.24 | 1.26 | 1.19 | 240,988 | 7-Nov | -54.78% | -54.61% | ||
Ivanhoe Energy | USD | 1.19 | -0.04 | -3.25% | 1.23 | 1.25 | 1.18 | 328,677 | 7-Nov | -56.25% | -56.25% | ||
Ivanhoe Mines | CAD | 22.52 | -0.3 | -1.31% | 22.76 | 23.12 | 21.44 | 1,291,032 | 7-Nov | -2.09% | -9.97% | ||
Ivanhoe Mines | USD | 22.21 | -0.17 | -0.76% | 22.16 | 22.8 | 21.04 | 2,944,858 | 7-Nov | -3.10% | -11.09% | ||
Kincora Copper | CAD | 0.305 | -0.045 | -12.86% | 0.305 | 0.305 | 0.305 | 3,000 | 7-Nov | 12.96% | 154.17% | ||
Khan Resources | CAD | 0.24 | 0 | 0.00% | 0.24 | 0.24 | 0.24 | 45,221 | 7-Nov | -50.00% | -40.74% | ||
Long Harbour | CAD | 0.12 | 0 | 0.00% | 0.125 | 0.125 | 0.12 | 0 | 27-Oct | 14.29% | |||
Lucky Strike | CAD | 0.64 | -0.01 | -1.54% | 0.65 | 0.65 | 0.64 | 6,000 | 7-Nov | -55.86% | 88.24% | ||
Lucky Strike | USD | 0.6817 | 0 | 0.00% | 0.6815 | 0.6817 | 0.6815 | 0 | 24-Oct | -51.95% | |||
Meritus Minerals | CAD | 0.05 | 0 | 0.00% | 0.05 | 0.05 | 0.05 | 7,500 | 7-Nov | -75.00% | -86.30% | ||
Manas Petroleum | USD | 0.175 | -0.025 | -12.50% | 0.195 | 0.195 | 0.16 | 235,928 | 7-Nov | -70.83% | -67.59% | ||
Mongolia Growth Grp | USD | 4.3955 | 0.0455 | 1.05% | 4.3955 | 4.3955 | 4.3167 | 4,700 | 7-Nov | ||||
Blue Wolf Mongolia | USD | 9.51 | 0 | 0.00% | 9.51 | 9.51 | 9.51 | 0 | 4-Nov | ||||
Blue Wolf Mongolia | USD | 10.27 | 0 | 0.00% | 10.15 | 10.27 | 10.15 | 0 | 3-Nov | ||||
Manas Petroleum | CAD | 0.16 | 0.005 | 3.23% | 0.16 | 0.16 | 0.16 | 75,000 | 7-Nov | ||||
Prophecy Coal | CAD | 0.52 | -0.01 | -1.89% | 0.53 | 0.54 | 0.51 | 272,424 | 7-Nov | -39.86% | -24.82% | ||
Prophecy Coal | USD | 0.51 | -0.0055 | -1.07% | 0.516 | 0.5165 | 0.4976 | 87,600 | 7-Nov | -42.17% | -25.59% | ||
Puget Ventures | CAD | 0.49 | 0 | 0.00% | 0 | 17-Sep | |||||||
SouthGobi Resources | CAD | 8.2 | 0.3 | 3.80% | 7.94 | 8.29 | 7.94 | 56,317 | 7-Nov | -32.68% | -28.82% | ||
Solomon Resources | CAD | 0.08 | 0 | 0.00% | 0.08 | 0.08 | 0.08 | 10,000 | 7-Nov | -62.79% | -75.76% | ||
Wedge Energy | CAD | 0.015 | 0 | 0.00% | 0 | 3-Aug | |||||||
Mongolia Growth Grp | CAD | 4.44 | 0.03 | 0.68% | 4.46 | 4.5 | 4.37 | 15,650 | 7-Nov |
---
"Mogi" Munkhdul Badral
Senior Client Manager / 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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