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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Updated MSE quotes to include all 36 stocks on the main board
Banpu’s HUN Stake Up to 79.30% from 77.39%
November 3, Hunnu Coal Limited (ASX:HUN) --
MER closed +12.5%
Meritus Minerals Announces Diamond Drilling Proposed at Three areas at Gutain Davaa, Mongolia
Nov 02, 2011 (ACCESSWIRE-TNW via COMTEX) -- Vancouver, B.C.: Meritus Minerals Ltd. (MML) (TSX-V - MER) advises that strongly anomalous soil sample assay results have been received for three new prospect areas and a detailed petrological report on the gold mineralization at the Toordogiin Shill Prospect has been received.
Statistical analysis of soil sampling from Toordogiin Hyar, Baits Uul, East and Fluorite prospects indicates that soil gold values above 10ppb gold are probably anomalous, and values above 20ppb gold certainly are. This interpretation is consistent with the gold content in drill core from the Toordogiin Shil Prospect.
At Toordogiin Hyar soil sampling has defined an anomalous zone over 300m long with a peak soil value of 2550ppb Au. The zone coincides with numerous high grade oxidized vein quartz/sulphide float, and altered limonitic granite float which have returned gold assays up to 542g Au/t (previously reported). Sites for four diamond drill holes have been prepared to carry out initial testing of this high quality target.
At Baits Uul soil sampling has defined a gold anomalous zone about 250m long in an area of very poor rock outcrop. The zone appears to coincide with a fractured altered and quartz veined contact zone between granitic rocks and metasediments. Sites have been selected for three drill holes in this area.
At East Prospect as previously reported a number of float samples of vein quartz have returned assays between 1 and 23g Au/t. Outcrop is poor but the extensive scree suggests the underlying geology is largely fine grained altered granitic rock with quartz veins. Soil sampling has defined two linear sub parallel gold in soil anomalies 500m and 450m long. A substantial area of anomalous gold in soil between these two zones may indicate cross fracturing in the host rock. Sites for four diamond drill holes have been selected. Diamond drilling of these three targets will commence as soon as a contractor and adequate financing are available.
The recently received petrological report classifies the Toordogiin Shil Prospect mineralization as an Intrusion Related subtype of Orogenic Gold-Copper Mineralization. The interpretation of the general geological history of the area is that initially finely bedded to laminated sediments were subject to regional scale lower greenschist facies metamorphism. During ongoing deformation the emplacement of intrusives of granitic to quartz monzonite composition raised metamorphic temperatures creating aureoles of low pressure and moderate to high temperature metamorphism of greenschist and hornblende hornfels facies. Igneous and metasomatic fluids deposited quartz veins containing pyrrhotite and pyrite accompanied by chalcopyrite and native gold in ductile deformation zones within and marginal to the intrusive. With cooling, probably due to uplift, continual hydrothermal fluid flow caused retrograde metamorphism. Remobilization of gold in this tectonic and hydrothermal over-printing regime has been minimal. A weak late stage epithermal event has over printed some parts of the system but has not affected gold distribution.
The recognition of the gold deposit as being intrusive related significantly increases the prospectivety of the general area as all the widespread contact zones between the metasediments and granitoids can be considered prospective exploration targets.
Recent work indicates that both the Toordogiin Hyar and Baits Uul prospects occur in similar situations.
A bulk sample of oxidized surface material from the Toordogiin Shil Prospect has been submitted for metallurgical testing.
The Company is pleased to advise that it has appointed a lead Mongolian consultant to guide the applications for mining licences under Mongolian legislation through the various hearings that are required.
Mongolia Growth Group Ltd. Publishes October 2011 Monthly Letter to Shareholders
Calgary, Alberta CANADA, Nov 02, 2011 (Filing Services Canada via COMTEX) -- Mongolia Growth Group Ltd. (YAK - CNSX),is pleased to announce the release of its October 2011 letter to shareholders.
October 2011 Shareholder Letter
To the Shareholders of Mongolia Growth Group Ltd.,
September and October were months of significant turbulence in the global financial markets. I have always operated under the assumption that no matter how bullish an investment thesis is, nothing is ever completely immune to global turmoil. Mongolia has put that thesis to the test. For the past two months, we have greatly slowed our pace of property acquisition in the hope that property prices would pause in their relentless climb-instead; prices appear to be appreciating at an even more rapid pace. Mongolia is simply experiencing a very powerful bull market and almost everything goes up in price-even when the rest of the world is in chaos.
While we have slowed the pace of our acquisitions, we did make one sizable purchase-a five story office building which will become our corporate headquarters and be renamed the Mandal Building. An unfortunate result of our rapid growth in employees is that our headquarters and property division have been operating in a separate location from our insurance operation for about four months now and this is less than ideal. When the renovations to the Mandal Building are complete, we can finally put our whole family back into the same location. It has taken us nearly six months to find, complete due diligence and acquire the perfect location for our company. I am hopeful that the renovation is speedy so that we can all be together again in the same place. I believe that this will significantly increase our efficiency and communication across the whole company.
In our July monthly letter, I discussed a bit about our philosophy when it comes to real estate. In particular, I discussed how newly acquired property seems to "ripen" for a number of months before it is adequately integrated into our rental portfolio. Part of this relates to our desire to renovate vacant units and part of this relates to our intention of honoring existing leases when we acquire a property-even if these leases are struck at prices that are materially below current rental rates. Given the speed of our recent growth, a substantial portion of our property has always been "ripening" at any one time. For these reasons, we have had a hard time when it comes to accurately explaining our portfolio to investors. Given the lull in acquisitions, we finally have a moment in time where we can actually examine our ability to manage the portfolio.
To view the Acquisition Growth Chart associated with this release, please click on the following link:
http://www.usetdas.com/pr/graph111022011.gif
To start with, I think it is instructive to look at the chart above as it shows our pace of acquisitions. Absent the purchase of our new corporate headquarters and one small land purchase, the portfolio has been roughly static for three months now.
To view the Property Usage Breakdown Chart associated with this release, please click on the following link:
http://www.usetdas.com/pr/graph211022011.gif
In the previous chart, we have chosen to use six categories of property usage to describe our portfolio by percent of total capital. The largest of these categories is rented property. In order to become rented, a property must first go through a lease negotiation period. This category includes properties that we have a reasonable expectation that we will sign a lease on as the majority of the terms have been negotiated. Unfortunately, getting from negotiation to finally getting a lease signed can take a few weeks. Quite a few of these are properties that have legacy tenants in them that came with property purchases and we are just waiting on finalizing various aspects of the new lease. The other large item is corporate use. This includes our new corporate headquarters (part of which will be leased to third party tenants), our current temporary headquarters (which will be leased out after we have moved) and some employee housing. The other items are vacancies, properties undergoing renovation and land.
You will note that our vacancies number is quite low. We are always amazed at the vibrancy of the Mongolian economy and our experience is that most properties have indications of interest from tenants within a day of us advertising them as vacant. Our renovation pool has gradually begun to shrink as we are finally catching up on our backlog. The final category is land, which will always be vacant until we build upon it and unfortunately earns us no yield today.
If we want to delve deeper into the numbers, our weighted average yield on the rented properties stands at 9.2% before expenses. Remember that many of our properties are leased at substantially below market rates. We also must factor in that a substantial portion of our portfolio consists of properties that have low yields today because we intend to redevelop them in the future. Many of these older structures currently produce very moderate revenue for us. If we selectively eliminate a few of these properties, our average yield before expenses climbs into the low to mid-teens. I point this out because we intend to acquire a number of additional properties like this in the future-these are buildings that are well located, but valued mainly for the land below them, not for the current structures. Our hope is to then be part of the modernization of Ulaanbaatar when we redevelop these locations in the future.
In summary, the Ulaanbaatar property market is very strong and thus far seemingly immune to economic events outside of the country. Our own operations continue to grow with the economy of Mongolia and we are glad that we are finally in a position to start supplying additional property information to shareholders. Going forward, we will update the two graphics above in our monthly presentation on our website.
Sincerely,
Harris Kupperman
Chairman & CEO
Bloomberg Media Group Announces Formation of Bloomberg TV Mongolia
Business and Financial News Channel Targets Fast-Developing Region in Asia
HONG KONG, November 1 --(BUSINESS WIRE)--Bloomberg Media Group today announced the formation of Bloomberg TV Mongolia, a new Bloomberg Television channel in partnership with The Trade & Development Bank of Mongolia (TDB), the oldest and one of the largest banks in Mongolia. Bloomberg TV Mongolia, scheduled to launch in March 2012, targets a fast-developing region in Asia, with one of the best-performing stock markets in the region and an economy driven by growth in commodities and exports to China.
"Bloomberg TV Mongolia is the first business and financial news network targeted at this rising new market in Asia," said Gary Groenheim, Commercial Director of Bloomberg Television, Asia-Pacific. "We're pleased to partner with TDB to offer the local population better access to international business news, as well as serve business travelers as Mongolia continues to play a greater role in global trade and exports to China."
"Mongolia is a booming and developing economy. Bloomberg TV Mongolia will target the political decision makers and business leaders of Mongolia with essential and accurate news, data and analytics. As all Mongolians now own shares in the Tavan Tolgoi Mining Project, the channel will be a valuable new education source," said Randolph Koppa, President of TDB. "Today, TDB introduces a new era of media to Mongolia. With its partner, Bloomberg Media Group, TDB will present a powerful combination of expertise and knowledge of the local economy with global business and financial insight."
Bloomberg TV Mongolia will offer a mix of locally produced, local language content as well as English language news from Bloomberg Television, the 24-hour global business and economic news network available in over 270 million homes worldwide. The network will be headquartered in Ulan Bator.
The only truly global business news network with hubs in New York, London and Hong Kong, Bloomberg Television covers business and financial news, markets and economic events worldwide. Trade & Development Bank of Mongolia is a leading bank in the country and the oldest commercial bank in Mongolia, established in 1990 and fully privatized in 2002.
About Bloomberg
Bloomberg, the global business and financial information and news leader, gives influential decision makers a critical edge by connecting them to a dynamic network of information, people and ideas. The company's strength - delivering data, news and analytics through innovative technology, quickly and accurately - is at the core of the Bloomberg Professional service, which provides real time financial information to more than 310,000 subscribers globally. Bloomberg's enterprise solutions build on the company's core strength, leveraging technology to allow customers to access, integrate, distribute and manage data and information across organizations more efficiently and effectively. Through Bloomberg Law, Bloomberg Government, BNA and Bloomberg New Energy Finance, the company provides data, news and analytics to decision makers in industries beyond finance. And Bloomberg News, delivered through the Bloomberg Professional service, television, radio, mobile, the Internet and two magazines, Bloomberg Businessweek and Bloomberg Markets, covers the world with more than 2,300 news and multimedia professionals at 146 bureaus in 72 countries. Headquartered in New York, Bloomberg employs more than 15,000 people in 192 locations around the world.
About Trade & Development Bank of Mongolia
TDB, with its leading position in universal banking, offers a full range of services, including large corporate, SME and retail lending and acts as a primary lender to most of the country's leading corporations. The Bank has consolidated its market-leading position in the handling of international trade finance and remittance, with access to credit lines from major international lenders and correspondent banking relationships with over 150 international financial institutions. TDB offers over 100 types of international standard banking products and has about 1000 highly qualified staff providing personal attention and user friendly banking services through a network of 43 branches and settlement centers. TDB is undoubtedly the major player in the financial and banking markets as well as a major innovator of the Mongolian financial sector. In 2004, TDB was the first bank in the country to receive the investment from the Asian Development Bank (ADB) and International Finance Corporation (IFC). In 2006 TDB became the first commercial bank in Mongolia rated by Moody's Investors Service. The Bank continuously increases its income figures and asset size.
Manas Petroleum Appoints Werner Ladwein as President with Responsibility for All Exploration and Production Activities
BAAR, Switzerland, Nov. 1, 2011 /PRNewswire/ -- Manas Petroleum Corp. (TSXV:MNP, OTC-BB:MNAP) announced today that effective November 1, 2011, it has appointed Dr. Werner Ladwein as President.
Werner Ladwein will take responsibility for the company's business exploration and production activities, business development and strategic planning. Dr. Ladwein will continue to serve on the company's Board of Directors.
Chairman Heinz Scholz stated "We are very pleased that Dr. Ladwein has decided to take a more active role in our company. His extensive experience will be a valuable addition to our management team. In his role as President, Dr. Ladwein will lead all aspects of our exploration programs, in addition to focusing on optimizing the value of our existing assets, integrating acquisitions and supporting the development of new business opportunities."
Dr. (Hans) Werner Ladwein has more than 30 years of senior oil and gas experience. From 1992 to 2004 he served as CEO inLibya, Albania and Pakistan for OMV Group, an Austrian oil and gas company. From 2004 to 2008, Dr. Ladwein was Executive Director of Exploration and Production and a board member at Petrom, the largest oil and gas producer in South Eastern Europe. Since 2009, Dr. Ladwein has been an independent oil and gas consultant. He has been a director of Manas Petroleum since September 16, 2010 and he is also a director of Petromanas Energy Inc.
In his career he successfully developed companies from exploration to major producers and was responsible for large scale rehabilitation projects.
During his term as Director of the board of Manas he restructured the exploration part of Manas and started cooperation with Danubian Energy (www.danubianenergy.com), which is a well reputed G&G and petroleum engineering consulting group. With this group Manas now has support from a fully-fledged technical team with all modern equipment.
Together with this announcement of Werner Ladwein as President, Peter-Mark Vogel was confirmed as CEO. As in the past, he will continue to be responsible for the day to day business of the company, as well as marketing, corporate finance, governance and securities law compliance.
New road planned from Nariinsukhait to Shiveekhuren
November 1 (news.mn) State Property Committee Chairman D.Sugar and RDCC Ltd. Executive Director B.Chuluunbaatar, have signed an agreement to build a road between Nariinsukhait and Shiveekhuren.
The agreement gives RDCC two years to build the road and 15 years to charge tolls. After that, the company will transfer control of the road to the state without payment.
RDCC will spend MNT 98 billion to build the road, which will be 47.5 km long with an annual coal transportation capacity of 40 million tons.
MAK, Chinhua-MAK, and Southgobi Sands will transport coal on the road.
Indonesia becomes China largest coal supplier
November 2 (SteelGuru) Indonesia has become China largest coal supplier with 6.6761 million tonnes of the fuel exported to China in September accounting for 34.92% of China total coal imports.
In the first three quarters of the current year, China imported a total of 42.7787 million tonnes of coal from Indonesia occupying 34.66% of China total coal imports.
Statistics also show that China coal imports stood at 19.12 million tonnes in September, the country highest monthly intake on record. The import volume from Australia was 3.4431 million tonnes taking up 18.01% of China’s total coal imports in the month, coal imports from Mongolia reached 2.3236 million tonnes accounting for 6.93%.
“METALS MONGOLIA 2011” TO OPEN TOMORROW IN ULAANBAATAR
November 2 (BDSec) The Metals Mongolia 2011 will start tomorrow at the Government House and run till Friday evening. The conference aims at the demonstration of production achievement and the latest technology, and consolidation of professionals from many countries around the world for mutually advantageous cooperation and efficient partnership.
This is the first year of the conference and the two-day event is being jointly organized by the Ministry of Mineral Resources and Energy, National Development and Innovation Committee, Mineral Resources Authority and mining.mn website.
Several officials will give speeches such as D.Zorigt, the Minister of Mineral resources and energy, Kh.Battulga, the Minister of Roads, Transportation, Construction and Urban Development, Ch.Khashchuluun, head of National Development and Innovation Committee, as well as authorities of some internationally and domestically famous companies, including “Steel-iron-Eroo river”, direct reduced iron producer “Khukh Gan”, “Darkhan Metallurgical Plant”, “Beren”, “Tsairt Mineral”, “Oyutolgoi” companies of Mongolia and “Tau-Ken Samruk” of Kazakhstan, ENRC of France, Outotec of Finland, POSCO of South Korea, Kobe Steel of Japan, and Bechtel of USA.
It has been announced that around 800 representatives are expected to take part, of which more than 40% would come from overseas.
Official says Mongolia faces worsening water shortages
ULAN BATOR, Nov. 1 (Xinhua) -- Mongolia will face worsening water shortages due to decreased rainfall and rising temperatures, an official warned Tuesday.
D. Dorjsuren, secretary general of the National Water Committee, said at a seminar that Mongolia's average annual temperature has risen 1.9 degrees Celsius during the past 60 years while annual rainfall has fallen by about 10 percent.
A water census conducted in 2007 showed that Mongolia's number of rivers dropped from 5,565 in 2003 to 5,121 in 2007, streams from 9,600 to 9,340, and lakes from 4,193 to 3,732.
Dorjsuren also underlined the imbalance of water resources distribution in the country. The official said that about 70 percent of Mongolia's surface water resources are concentrated in the Altai, Khangai and Khentii mountain ranges as well as in the Khuvsgul and Great Khyangan mountains.
In the meantime, water shortages are severe in the south Gobi desert due to scarce precipitation and increased demand brought on by the region's booming mining industry.
In order to protect Mongolia's water resources, the parliament passed a national water program in 2010 in an effort to contain the worsening situation.
MONGOLIA TO INCREASE MEAT EXPORT TO CHINA
November 1 (BDSec) During a Mongolian-Chinese conference on cooperation of safety of imported and exported food, two countries agreed on exporting processed meat products to each other. Last year, Mongolia exported only horse meat to China which was 1.3 thousand tonnes or 5% of total meat export. Now Mongolia is able to export value added meat and meat products, cattle (beef), sheep (mutton), and goat meat to China.
China will export high qualified mainly bird meat to Mongolia. Mongolian meat products already have markets in Russia, Vietnam, Iran and now China, all of which have high demand in meat.
Mongolia is a country of a livestock with over 40 million livestock and annual meat production of 230 thousand tonnes. Meanwhile the exported meat was only 17-23 thousand tonnes for the last two years, meaning there is a whole lot of potential for the export market.
Currently there are 37 meat slaughtering and processing companies in the country. Last year, the meat factories were investigated and ranked by the Ministry of Agriculture. As a result, 18 of them were rated “AA” and 3 of them were rated “AAA” which include subsidiary factories of “Just Agro” LLC which has recently issued 1-year corporate bond on Mongolian Stock Exchange. AAA rated companies are allowed to export meat whereas AA rated companies need certain condition and agreement to export.
French firm to export processed uranium from Mongolia
November 2 (news.mn) The French conglomerate AREVA is planning to mine uranium in Ulaanbadrakh soum of Dornogobi aimag.
The company has been working on the project since December 2010 and plans to build a small uranium exploitation factory within two or three years. It’s projected that the factory would process uranium to yellow powder by 2017 and would export the yellow powder.
The governments of Mongolia and Russia signed an agreement to establish a uranium-mining company called Dornod Uran LLC in December 2010, and Russian President D.Medvedev pledged to cooperate with Mongolia in the nuclear energy sector and to exploit uranium in Mongolia during his official visit to the country in 2009.
But Dornod Uran has not been established yet because a Canadian mining company called Khan Resource has complained to an international arbitration panel. Khan Resource is seeking compensation of USD 258 million from the Mongolian government and Mon-Atom LLC. With the establishment of Dornod Uran delayed, AREVA could be exporting yellow powder before the Russian-backed company.
AMBASSADOR OF MONGOLIA D.IDEVKHTEN GIVES INTERVIEW TO RUSSIAN JOURNAL
Ulaanbaatar, Mongolia, November 1 /MONTSAME/ The Ambassador extraordinary and plenipotentiary of Mongolia to Russia, Mr. D.Idevkhten has given an interview to the Russian "Mejdunarodnaya jizn" (International life) journal on the occasion of the 90th anniversary of diplomatic relations establishment between Mongolia and Russia.
Mr D.Idevkhten expressed a satisfaction with a fact that, according to the intergovernmental contract made 90 years ago on establishing the Friendly relations, the cooperation and relations "between good neighbours Mongolia and Russia have been developing fruitfully based on mutual trust, confidence, understanding and respect”. Mongolia attaches a great importance to the ties with Russia, he went on. Recently, a collaboration has been going up in politics, trade, economy, humanitarian spheres. This year, the President of Mongolia Ts.Elbegdorj paid an official visit to Russia at the invitation of his Russian counterpart D.Medvedev, and the dignitaries unified their high level positions towards key issues of the relations and cooperation. he said.
The trade and economy cooperation has been activating as well, in the first three seasons of this year the two countries trade turnover went up by 1,2 billion US dollars, or by 67,4 percent, against the same period of the last year, he said.
From this academic year, a number of Mongolian to study in Russian universities on Russian government's grants increased by 50 students. All this "is a tiny part of the ties that are developing between us within the strategic partnership," D.Idevkhten underlined. He also talked about the collaboration in the economy, culture, education spheres, present situation of regional cooperation, development tendencies.
SPC discusses new power plant construction
November 2 (news.mn) The State Property Committee (SPC) held a meeting at the Chinggis Hotel on Tuesday to discuss the construction of Power Plant No. 5. SPC officials said several organizations have tendered bids to construct the plant.
The selection of the winning bidder will occur in two phases, the first to be held on November 28, the second in March 2012. Officials said the winner will be selected according to the law on concessions, and the SPC will forward the name of the winning bidder to the Government.
The SPC plans to begin construction before the 2012 election. The Ministry of Mineral Resources and Energy will oversee the USD 800 million project, which is being financed by the Asian Development Bank.
Power Plant No. 5 will have six furnaces and five turbines with a total capacity of 820 MW. The first part of the plant is scheduled to go on line in 2014, the second in 2020. The plant will annually burn 3.6 million tons of coal, with 70 coming from the Shivee-Ovoo mining project and 30 percent from the Baganuur project. The new plant will be built next to Power Plant No. 3.
MPP caucus discusses 2012 budget proposal
November 2 (news.mn) U.Enkhtuvshin, chairman of the MPP caucus in Parliament, told journalists on Tuesday that the caucus is pleased with a 2012 budget proposal that projects the economy will grow by 25.6 percent and per capita GDP will reach USD 5,362.
The proposal also increases investments by 4.2 times to MNT 1.5 trillion. The projected deficit of MNT 740 billion is less than the 2011 budget deficit.
U.Enkhtuvshin said the 2012 budget is directed toward human development. MNT 1.2 trillion is allocated to salary increases and MNT 700 billion to pension increases. Also, an estimated 334,000 women over 55, men over 60, and disabled people will each receive a onetime cash payment of MNT 1 million from the Human Development Fund. MNT 83 billion is allocated for tuition fees, and 100,000 citizens will receive a MNT1 million payment for housing.
The Government plans to give computers to secondary school teachers and 12,000 tractors to farmers. It also plans to build roads connecting all aimags centers.
U.Enkhtuvshin added that a meeting of the MPP’s managing council is being held on Wednesday.
Standing committee discusses monetary policy
November 1 (news.mn) The Standing Committee on Economics discussed a draft protocol on state monetary policy in 2012 on Tuesday. The proposal intends to keep inflation under ten percent next year, while increasing state salaries and pensions by 53 percent and granting onetime payments of MNT 1 million to the elderly and the disabled.
The president of Mongol Bank told the committee that the bank would increase interest rates and investments because of inflation. He also said that money in saving accounts will not suffer because of inflation.
Committee approves electronic signatures
November 2 (news.mn) The Standing Committee on Justice discussed a draft law on the use of electronic signatures. The matter was approved for further discussion. MP R.Gonchigdorj told our correspondent that Mongolia needs to pass a law on electronic signatures because citizens, state organizations, and private companies all use the latest technologies. He said, if the law passes, it would make it easier for Mongolians to conduct business and would improve state services.
He explained that an electronic signature would be as valid as a normal signature. If the draft law passes, an organization would be established to implement it.
Prosecutors still investigating defunct Anod Bank
November 1 (news.mn) Ulaanbaatar Prosecutors’ Office (UPO) says it is still investigating the full scope of a scandal at the now-defunct Anod Bank. Prosecutors are reportedly looking into the bank’s loan programs and capitalization.
Five people have already been convicted in the case. Former Mongol Bank First Vice President B.Enkhkhuyag, Mongol Bank Monitoring Board Director J.Ganbaatar, Financial Regulatory Authority Chairman D.Bayarsaikhan, and three members of Anod’s Representatives’ Managing Council (RMC), N.Davaa, E.Gur-Aranz, and U.Enkhtur, have all been convicted of cheating the bank’s shareholders and of misappropriating money in the bank’s savings accounts.
Three prosecutors are working on the case.
Standing committee discusses air pollution
November 2 (news.mn) The Standing Committee on Nature, Environment, Food and Agriculture discussed efforts to reduce air pollution on Tuesday.
The Government has announced plans to supply 70,000 ger district households with low-smoke stoves in 2011 and 110,000 in 2012.
The Clean Air Project is financing the program, which officials hope will reduce air pollution in the capital.
Since automobile exhaust also contributes to air pollution in the capital, the committee proposed increasing funding for public transportation.
Also, the 2012 budget includes funding for a 50-percent discount in electric rates for ger district households that use electric heaters instead of burning coal or other materials.
FACTBOX-Key political risks to watch in Mongolia
ULAN BATOR Nov 1 (Reuters) - Mongolia sits on vast quantities of untapped mineral wealth, the exploitation of which is likely to turn it into one of the world's fastest growing economies over the next decade.
But political uncertainty ahead of parliamentary elections in June 2012 has worried investors, with Mongolia's shaky coalition government under pressure to renegotiate a landmark 2009 investment agreement for the Oyu Tolgoi copper deposit.
The priority for Mongolia is the development of its tiny economy, and foreign investors want to know if the government can create a stable legal environment while handling the pressures exerted by impatient citizens as well as its two giant neighbours, Russia and China.
Following is a summary of key political risks to watch:
INVESTMENT POLITICS
The government has now formally given up on its idea of renegotiating the contract for the Oyu Tolgoi copper-gold mine, after earlier saying it wanted to look again at a 2009 deal with Ivanhoe Mines , now 49 percent owned by Rio Tinto .
Foreign investors were worried that renegotiating a deal two years after it was first signed would undermine confidence, but Mongolia is under pressure to boost revenues and meet ambitious social pledges made at the last elections in 2008. Some politicians have called for the prime minister to resign over his handling of the Oyu Tolgoi contract.
The controversy over Oyu Tolgoi's ownership has spilled over into another giant mine, the Tavan Tolgoi or "Five Hills" coal deposit.
Mongolia hopes to complete an investment agreement for the project before the end of 2011 as it races to launch a much-anticipated initial public offering next year, and meet the promises it made to voters.
But an initial proposal to hand development rights in the project to China's Shenhua , Peabody of the United States and a Russian-Mongolian consortium was rejected, and the government is trying to devise another deal that will include Japanese and South Korean partners.
The confusion drew attention not just to the geopolitical pressures facing Mongolia, but also to its opaque approval procedures.
The government is under pressure to pass several new laws before the end of the year, including the budget, an election law, judicial reforms, and the investment agreement for Tavan Tolgoi. Many are worried that there will not be enough time to do everything.
What to watch:
-- Progress of new laws through parliament.
-- Whether the government can produce an investment agreement for Tavan Tolgoi that will satisfy foreign partners and keep the public happy, and whether it can do it in time . In October, a senior official said Mongolia could add "one or two" banks to its list of advisers for the initial public offering. BNP Paribas , Deutsche Bank (DBKGn.DE: Quote), Goldman Sachs and Macquarie have already been shortlisted, according to some bankers.
-- Whether foreign investors will be deterred by Mongolia's less than transparent approval procedures.
THE RESOURCE "CURSE"
Mongolia's dependence on mining has alarmed environmentalists and opposition politicians, and the country is already showing classic symptoms of "Dutch disease", including soaring inflation and high interest rates.
The government is trying to put in place structures that will protect it against fluctuating commodity prices, and is keen to use the proceeds from mining to pay for infrastructure, health and education programmes and develop other sectors.
It is under pressure to spread the wealth, and has already extracted "pre-payments" from foreign firms involved in both the Tavan Tolgoi and Oyu Tolgoi projects in order to give money to the public.
What to watch:
-- How Mongolia uses the proceeds from its mining projects. It has set up education and fiscal stabilisation funds, but it has also promised direct dividends for Mongolian citizens.
-- How it deals with rapid economic change as well as inflation as foreign investment transforms the country's mainly rural economy. Overall investment in Oyu Tolgoi alone will double the country's entire GDP in 2009.
GETTING ON WITH THE NEIGHBOURS
Many of Mongolia's 2.7 million citizens are concerned about growing Chinese and Russian influence, and their fears were not allayed by the plan to hand the majority of Tavan Tolgoi's western block to Chinese and Russian interests.
China already dominates Mongolia's economy, buying 90 percent of the country's exports in the first half of 2011, mostly at discount. But if Mongolia is going to stand a chance of easing its long-term dependence, it needs cash -- and that will only come from trade with its southern neighbour.
Mongolia's growing dependence on Russia and China for fuel, power and transportation also poses a major risk to its mining sector. Russia has been known to turn off supply taps, and China is not averse to closing crucial railway links.
Mongolia also depends on Russia's railway network to fulfil plans to deliver coal to Japan and South Korea.
What to watch:
-- Will efforts to ease dependence on China merely increase Russia's hold, and vice versa? Is the Chinese market for coal and other minerals its only option in the short term?
-- How will the government handle growing nationalist sentiment, and fears about the role of foreign firms and workers.
<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.
…
Mogi
Table: Mongolia Related Stocks (Source: Bloomberg)
Name | Symbol | $ | Price | Change | +-% | Open | High | Low | Volume | Time | % YTD | % 12 m | |
Indices | ASX 200 | 4,184.60 | -48.2998 | -1.14% | 4,216.10 | 4,232.90 | 4,141.30 | - | 2-Nov | ||||
Nikkei 225 | 8,640.42 | -195.1 | -2.21% | 8,719.92 | 8,719.92 | 8,640.42 | - | 2-Nov | |||||
Hang Seng | 19,733.71 | 363.75 | 1.88% | 19,091.85 | 19,745.48 | 19,024.07 | - | 2-Nov | |||||
FTSE 100 | 5,484.10 | 62.5303 | 1.15% | 5,421.57 | 5,493.29 | 5,383.37 | - | 2-Nov | |||||
TSX Composite | 12,241.76 | 126.66 | 1.05% | 12,210.72 | 12,325.77 | 12,138.79 | - | 2-Nov | |||||
S&P 500 | 1,237.90 | 19.62 | 1.61% | 1,219.62 | 1,242.48 | 1,219.62 | - | 2-Nov | |||||
ASX | Aspire Mining | A$ | 0.4 | -0.02 | -4.76% | 0.41 | 0.41 | 0.395 | 1,464,026 | 2-Nov | -16.67% | 25.00% | |
Blina Minerals | A$ | 0.012 | -0.002 | -14.29% | 0.014 | 0.014 | 0.012 | 3,838,142 | 2-Nov | -20.00% | -20.00% | ||
C@ | A$ | 0.06 | 0 | 0.00% | 0.063 | 0.063 | 0.057 | 837,182 | 2-Nov | 114.29% | 215.79% | ||
General Mining | A$ | 0.072 | 0 | 0.00% | 0.072 | 0.072 | 0.072 | 28,000 | 2-Nov | -40.00% | -58.86% | ||
Guildford Coal | A$ | 0.97 | 0.005 | 0.52% | 0.95 | 0.97 | 0.9 | 345,177 | 2-Nov | 32.88% | 79.63% | ||
Haranga Resources | A$ | 0.22 | 0 | 0.00% | 0.22 | 0.22 | 0.22 | 0 | 31-Oct | -65.63% | |||
Hunnu Coal | A$ | 1.785 | -0.005 | -0.28% | 1.79 | 1.795 | 1.785 | 646,686 | 2-Nov | 33.71% | 83.08% | ||
Mongolian Res Corp | A$ | 0.245 | -0.015 | -5.77% | 0.245 | 0.245 | 0.245 | 16,000 | 2-Nov | -34.67% | |||
Robe Australia | A$ | 0.012 | 0 | 0.00% | 0.013 | 0.013 | 0.012 | 0 | 1-Nov | 28.34% | 76.47% | ||
TVN Corp. | A$ | 0.051 | -0.001 | -1.92% | 0.052 | 0.052 | 0.051 | 760,000 | 2-Nov | 410.00% | 410.00% | ||
Voyager Resources | A$ | 0.078 | -0.004 | -4.88% | 0.079 | 0.08 | 0.077 | 6,271,419 | 2-Nov | 45.45% | 112.29% | ||
Xanadu Mines | A$ | 0.395 | -0.01 | -2.47% | 0.395 | 0.395 | 0.395 | 56,855 | 2-Nov | -30.09% | |||
MSE A Board | Aduunchuluun | MNT | 7,900 | 0 | 0.00% | 7,900 | 7,900 | 7,900 | 1,174 | 2-Nov | -1.25% | 102.56% | |
APU | MNT | 3,250 | 0 | 0.00% | 3,250 | 3,250 | 3,250 | 1,815 | 2-Nov | 63.32% | 92.31% | ||
Atar Urguu | MNT | 38,500 | 0 | 0.00% | 38,500 | 38,500 | 38,500 | 0 | 27-Oct | 113.89% | |||
Baganuur | MNT | 15,000 | -1000 | -6.25% | 15,500 | 15,500 | 15,000 | 30 | 2-Nov | 42.86% | 118.98% | ||
Mogoin Gol | MNT | 31,500 | 1500 | 5.00% | 30,000 | 33,345 | 30,000 | 309 | 2-Nov | 166.95% | 270.55% | ||
BDSec | MNT | 3,950 | 50 | 1.28% | 3,950 | 3,950 | 3,950 | 1,500 | 2-Nov | 58.00% | 51.92% | ||
Bayangol Hotel | MNT | 39,000 | 0 | 0.00% | 38,500 | 39,000 | 38,500 | 26 | 2-Nov | 63.18% | 73.33% | ||
Bayanteeg | MNT | 42,989 | 0 | 0.00% | 42,989 | 42,989 | 42,989 | 0 | 21-Oct | ||||
UB BUK | MNT | 24,000 | 2000 | 9.09% | 24,000 | 24,000 | 24,000 | 24 | 2-Nov | 428.05% | |||
Eermel | MNT | 2,510 | -40 | -1.57% | 2,550 | 2,550 | 2,510 | 217 | 2-Nov | -12.70% | 61.94% | ||
Gobi | MNT | 5,100 | 0 | 0.00% | 5,100 | 5,100 | 5,100 | 105 | 2-Nov | -8.93% | -6.42% | ||
Gutal | MNT | 2,210 | 0 | 0.00% | 2,210 | 2,210 | 2,210 | 0 | 25-Oct | 194.67% | |||
Hi B Oil | MNT | 200 | 10 | 5.26% | 200 | 200 | 200 | 3,500 | 2-Nov | 11.11% | 17.65% | ||
Khukh Gan | MNT | 198 | 0 | 0.00% | 198 | 198 | 198 | 100 | 2-Nov | 5.88% | 23.75% | ||
Hermes Centre | MNT | 52 | 0 | 0.00% | 52 | 52 | 52 | 25,330 | 2-Nov | -3.70% | -1.89% | ||
Jenko Tour Bureau | MNT | 93 | -5 | -5.10% | 93 | 93 | 93 | 14,338 | 2-Nov | -1.06% | -9.71% | ||
Telecom Mongolia | MNT | 2,700 | 50 | 1.89% | 2,650 | 2,700 | 2,650 | 330 | 2-Nov | -22.86% | -20.59% | ||
Mongolia Dev Res | MNT | 1,100 | -60 | -5.17% | 1,120 | 1,200 | 1,100 | 2,991 | 2-Nov | -15.38% | -20.86% | ||
Moninjbar | MNT | 158 | 18 | 12.86% | 148 | 158 | 148 | 14,631 | 2-Nov | 37.39% | 31.67% | ||
Mongol Nekhmel | MNT | 2,855 | 0 | 0.00% | 2,855 | 2,855 | 2,855 | 0 | 31-Oct | 119.62% | 185.50% | ||
Hotel Mongolia | MNT | 799 | -101 | -11.22% | 800 | 800 | 799 | 3,000 | 2-Nov | 70.73% | |||
Darkhan Nekhii | MNT | 6,010 | 0 | 0.00% | 6,010 | 6,010 | 6,010 | 0 | 31-Oct | 22.65% | 90.85% | ||
Nak Tulsh | MNT | 195 | 0 | 0.00% | 195 | 195 | 195 | 0 | 1-Nov | -40.00% | |||
Olloo | MNT | 110 | -17 | -13.39% | 110 | 110 | 110 | 200 | 2-Nov | -26.67% | -35.29% | ||
Remikon | MNT | 150 | 0 | 0.00% | 150 | 150 | 150 | 20,460 | 2-Nov | 108.33% | 87.50% | ||
Sharyn Gol | MNT | 13,000 | 400 | 3.17% | 12,800 | 13,005 | 12,800 | 3,572 | 2-Nov | 23.81% | 8.33% | ||
Shivee Ovoo | MNT | 25,000 | 0 | 0.00% | 25,000 | 25,005 | 25,000 | 715 | 2-Nov | 92.31% | 81.16% | ||
Sor | MNT | 1,255 | 55 | 4.58% | 1,255 | 1,255 | 1,255 | 33 | 2-Nov | 67.33% | 55.90% | ||
Suu | MNT | 70,000 | 0 | 0.00% | 70,000 | 70,000 | 70,000 | 0 | 31-Oct | 233.54% | 483.33% | ||
Tav | MNT | 20,000 | 0 | 0.00% | 20,000 | 20,000 | 20,000 | 0 | 28-Oct | ||||
Talkh Chikher | MNT | 9,500 | -500 | -5.00% | 9,550 | 9,550 | 9,500 | 37 | 2-Nov | 156.76% | 183.58% | ||
Tavantolgoi | MNT | 11,300 | 0 | 0.00% | 11,300 | 11,300 | 11,300 | 169 | 2-Nov | 96.18% | 140.43% | ||
State Dept Store | MNT | 460 | 0 | 0.00% | 460 | 460 | 460 | 5,768 | 2-Nov | 6.98% | 4.55% | ||
Ulaanbaatar Hotel | MNT | 59,000 | 0 | 0.00% | 59,000 | 59,000 | 59,000 | 0 | 1-Nov | 114.55% | 110.71% | ||
Mongol Savkhi | MNT | 1,999 | 199 | 11.06% | 1,700 | 1,999 | 1,700 | 134 | 2-Nov | 263.46% | 277.17% | ||
Zoos Goyol | MNT | 900 | 0 | 0.00% | 800 | 900 | 800 | 0 | 28-Oct | 13.92% | 12.50% | ||
HKEx | Solartech Int’l | HKD | 0.207 | -0.003 | -1.43% | 0.208 | 0.21 | 0.187 | 5,764,000 | 2-Nov | -78.44% | -79.71% | |
Winsway | HKD | 2.6 | 0.04 | 1.56% | 2.49 | 2.62 | 2.48 | 16,704,000 | 2-Nov | -42.15% | -30.19% | ||
SouthGobi Resources | HKD | 61.95 | -1.85 | -2.90% | 60.2 | 61.95 | 59.9 | 52,100 | 2-Nov | -37.74% | -27.67% | ||
China Gold | HKD | 23.9 | 1.05 | 4.60% | 23.15 | 24 | 23 | 81,100 | 2-Nov | -43.10% | |||
CNNC Int’l | HKD | 2.25 | 0.07 | 3.21% | 2.02 | 2.25 | 2 | 199,000 | 2-Nov | -74.14% | -67.95% | ||
Real Gold Mining | HKD | 8.81 | 0 | 0.00% | 8.81 | 8.81 | 8.81 | 0 | 2-Nov | -34.28% | -37.42% | ||
Mongolia Energy | HKD | 0.74 | 0.02 | 2.78% | 0.7 | 0.75 | 0.68 | 42,152,000 | 2-Nov | -68.10% | -76.05% | ||
Zijin Mining | HKD | 3.41 | 0.13 | 3.96% | 3.19 | 3.48 | 3.16 | 34,641,039 | 2-Nov | -27.71% | -31.42% | ||
Mongolia Inv Group | HKD | 0.049 | -0.001 | -2.00% | 0.047 | 0.05 | 0.047 | 3,248,000 | 2-Nov | -66.89% | -74.74% | ||
North Asia Resources | HKD | 0.415 | -0.025 | -5.68% | 0.4 | 0.43 | 0.4 | 163,000 | 2-Nov | -54.40% | -69.49% | ||
China Daye Non-Fer. | HKD | 0.42 | -0.005 | -1.18% | 0.415 | 0.425 | 0.415 | 4,404,000 | 2-Nov | -25.00% | -16.00% | ||
Bestway Int’l | HKD | 0.045 | 0 | 0.00% | 0.045 | 0.045 | 0.045 | 0 | 2-Nov | -68.09% | -71.15% | ||
Asia Coal | HKD | 0.136 | 0 | 0.00% | 0.136 | 0.136 | 0.136 | 0 | 2-Nov | -45.60% | -48.68% | ||
Mongolian Mining | HKD | 6.9 | 0.04 | 0.58% | 6.8 | 6.93 | 6.59 | 4,092,300 | 2-Nov | -23.93% | -19.95% | ||
SGX | LionGold | SGD | 0.87 | 0.005 | 0.58% | 0.865 | 0.87 | 0.86 | 8,739,000 | 2-Nov | 19.18% | 100.00% | |
LSE | Central Asia Metals | GBp | 68 | 1.5 | 2.26% | 68 | 68 | 68 | 0 | 2-Nov | -24.65% | -25.89% | |
Petro Matad | GBp | 20.75 | 0.25 | 1.22% | 20.5 | 20.75 | 20.5 | 256,575 | 2-Nov | -82.99% | -79.15% | ||
Metal-Tech | GBp | 5 | 0 | 0.00% | 5 | 5 | 5 | 9,900 | 2-Nov | -67.74% | -70.15% | ||
Origo Partners | GBp | 33.5 | 0 | 0.00% | 33.5 | 33.5 | 33.5 | 120,910 | 2-Nov | -18.29% | -12.99% | ||
North America | Aberdeen Int’l | CAD | 0.69 | 0.02 | 2.99% | 0.68 | 0.7 | 0.68 | 27,500 | 2-Nov | -14.67% | 26.47% | |
Blue Zen Mem. Parks | CAD | 0.17 | 0.01 | 6.25% | 0.17 | 0.17 | 0.17 | 556,666 | 2-Nov | ||||
Centerra Gold | CAD | 20.49 | -0.97 | -4.52% | 21.52 | 21.97 | 20.44 | 618,936 | 2-Nov | 5.49% | 9.69% | ||
China Gold | CAD | 3.17 | -0.06 | -1.86% | 3.23 | 3.25 | 3.1 | 166,116 | 2-Nov | -41.62% | -39.50% | ||
Denison Mines | CAD | 1.54 | 0.1 | 6.94% | 1.47 | 1.56 | 1.46 | 2,174,533 | 2-Nov | -54.84% | -34.19% | ||
Denison Mines | USD | 1.53 | 0.12 | 8.51% | 1.46 | 1.54 | 1.4402 | 1,255,099 | 2-Nov | -55.26% | -34.05% | ||
East Asia Minerals | CAD | 0.83 | -0.07 | -7.78% | 0.91 | 0.91 | 0.83 | 258,790 | 2-Nov | -89.67% | -87.90% | ||
Entree Gold | USD | 1.88 | 0.02 | 1.08% | 1.86 | 1.89 | 1.85 | 23,761 | 2-Nov | -45.66% | -26.85% | ||
Erdene Resource | CAD | 0.44 | 0.02 | 4.76% | 0.46 | 0.46 | 0.44 | 297,000 | 2-Nov | -64.52% | -24.14% | ||
Entree Gold | CAD | 1.9 | 0.02 | 1.06% | 1.88 | 1.93 | 1.88 | 43,663 | 2-Nov | -45.25% | -26.92% | ||
Fortress Minerals | CAD | 4.8 | 0 | 0.00% | 4.8 | 4.8 | 4.8 | 0 | 1-Nov | 10.34% | 37.14% | ||
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 | 0.085 | 0 | 0.00% | 0.09 | 0.09 | 0.08 | 0 | 31-Oct | -10.53% | -37.04% | ||
Green Tech Solutions | USD | 0.1 | 0.017 | 20.48% | 0.0895 | 0.115 | 0.08 | 500,299 | 2-Nov | -97.50% | |||
Ivanhoe Energy | CAD | 1.21 | 0.02 | 1.68% | 1.2 | 1.25 | 1.178 | 331,002 | 2-Nov | -55.51% | -57.84% | ||
Ivanhoe Energy | USD | 1.2 | 0.02 | 1.69% | 1.17 | 1.2274 | 1.16 | 409,555 | 2-Nov | -55.88% | -57.75% | ||
Ivanhoe Mines | CAD | 21.27 | 0.87 | 4.26% | 20.8 | 21.71 | 20.47 | 1,467,093 | 2-Nov | -7.52% | -9.06% | ||
Ivanhoe Mines | USD | 21.05 | 1.03 | 5.14% | 20.62 | 21.43 | 20.22 | 2,539,911 | 2-Nov | -8.16% | -8.82% | ||
Kincora Copper | CAD | 0.32 | 0 | 0.00% | 0.32 | 0.32 | 0.32 | 0 | 28-Oct | 18.52% | 113.33% | ||
Khan Resources | CAD | 0.24 | -0.02 | -7.69% | 0.24 | 0.24 | 0.24 | 3,000 | 2-Nov | -50.00% | -40.74% | ||
Long Harbour | CAD | 0.12 | 0 | 0.00% | 0.125 | 0.125 | 0.12 | 0 | 27-Oct | ||||
Lucky Strike | CAD | 0.65 | 0.02 | 3.17% | 0.67 | 0.67 | 0.65 | 6,000 | 2-Nov | -55.17% | 78.08% | ||
Lucky Strike | USD | 0.6817 | 0 | 0.00% | 0.6815 | 0.6817 | 0.6815 | 0 | 24-Oct | -51.95% | |||
Meritus Minerals | CAD | 0.045 | 0.005 | 12.50% | 0.04 | 0.045 | 0.04 | 155,000 | 2-Nov | -77.50% | -85.71% | ||
Manas Petroleum | USD | 0.2 | 0.005 | 2.56% | 0.18 | 0.2 | 0.18 | 26,633 | 2-Nov | -66.67% | -61.54% | ||
Mongolia Growth Grp | USD | 4.5 | -0.0265 | -0.59% | 4.453 | 4.543 | 4.4385 | 6,400 | 2-Nov | ||||
Blue Wolf Mongolia | USD | 9.58 | 0 | 0.00% | 9.59 | 9.61 | 9.58 | 0 | 14-Oct | ||||
Blue Wolf Mongolia | USD | 10.15 | 0 | 0.00% | 10.15 | 10.15 | 10.15 | 1,000 | 2-Nov | ||||
Manas Petroleum | CAD | 0.155 | 0 | 0.00% | 0.155 | 0.155 | 0.155 | 0 | 25-Oct | ||||
Prophecy Coal | CAD | 0.5 | -0.01 | -1.96% | 0.5 | 0.52 | 0.495 | 222,170 | 2-Nov | -42.17% | -27.71% | ||
Prophecy Coal | USD | 0.5064 | 0.0022 | 0.44% | 0.505 | 0.509 | 0.489 | 26,950 | 2-Nov | -42.58% | -26.57% | ||
Puget Ventures | CAD | 0.49 | 0 | 0.00% | 0 | 17-Sep | |||||||
SouthGobi Resources | CAD | 7.87 | -0.16 | -1.99% | 7.98 | 7.98 | 7.85 | 53,042 | 2-Nov | -35.39% | -29.10% | ||
Solomon Resources | CAD | 0.08 | 0 | 0.00% | 0.085 | 0.085 | 0.08 | 0 | 31-Oct | -62.79% | -75.00% | ||
Wedge Energy | CAD | 0.015 | 0 | 0.00% | 0 | 3-Aug | |||||||
Mongolia Growth Grp | CAD | 4.54 | -0.06 | -1.30% | 4.57 | 4.6 | 4.49 | 29,398 | 2-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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