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Firebird Global Master Fund, Ltd. announces completion of the reverse takeover of Wedge Energy International Inc. by Undur Tolgoi Minerals Inc.
CAYMAN ISLANDS, Nov. 15, 2011 /CNW Telbec/ - Firebird Global Master Fund, Ltd. ("FGMF") announces that the previously reported arrangement agreement between Undur Tolgoi Minerals Inc. ("UTMI") and Wedge Energy International Inc. (CNSX; WEG) (the "Issuer") has been completed. Pursuant to the arrangement agreement, the Issuer purchased all of the issued and outstanding shares of UTMI, which the shareholders of UTMI, including Firebird Mongolia Fund, Ltd. ("FMF"), tendered in exchange for common shares of the Issuer. Please refer to the Issuer's November 15, 2011 press release for details of the completion of the arrangement.
Prior to the completion of the arrangement, (i) FGMF received 4,967,130 common shares of the Issuer as settlement of the outstanding interest in the amount of $49,671.30 on the $197,000 Note and $220,000 Note (as defined below), (ii) Firebird Global Master Fund II, Ltd. ("FGMF2"), a joint actor of FGMF, received 4,893,959 common shares of the Issuer as settlement of the outstanding interest in the amount of $48,939.59 on the $235,000 Note and $180,000 Note (as defined below) and (iii) FMF disposed of 500,000 common shares of UTMI.
As a result of the completion of the arrangement, among other things, (i) the common shares of the Issuer held by FGMF and FGMF2 were consolidated on a 20:1 basis (ii) a CDN$197,000 principal amount note convertible into an aggregate of 19,700,000 common shares of the Issuer at a conversion price of $0.01 per common share (the "$197,000 Note") and a CDN$220,000 principal amount note convertible into an aggregate of 4,400,000 common shares of the Issuer at a conversion price of $0.05 per common share (the "$220,000 Note") held by FGMF are being repaid, (iii) a CDN$253,000 principal amount note convertible into an aggregate of 25,300,000 common shares of the Issuer at a conversion price of $0.01 per common share (the "$235,000 Note") and a CDN$180,000 principal amount note convertible into an aggregate of 3,600,000 common shares of the Issuer at a conversion price of $0.05 per common share (the "$180,000 Note") held by FGMF2 are being repaid and (iv) FMF received 9,687,580 common shares of the Issuer in exchange for the same number of common shares it held in UTMI.
Furthermore, concurrently with the closing of the arrangement, (i) FMF acquired additional 5,500,000 common shares, (ii) Firebird New Mongolia Fund, LP. ("FNMF") acquired 9,500,000 common shares, (iii) James Passin acquired 1,000,000 common shares and (iv) Harvey Sawikin acquired 1,000,000 common shares of the Issuer by way of a private placement offering at a price of $0.20 per share.
Under applicable securities legislation, FGMF2, FMF, FNMF, James Passin and Harvey Sawikin may be considered to be joint actors of FGMF in relation to the Issuer. SMDD Capital Ltd., whose position was reported in a previous press release of FGMF, is no longer considered a joint actor of FGMF following the completion of the arrangement. Therefore, its position is not disclosed in this press release.
FGMF reports that the aggregate number of securities of the Issuer currently held by FGMF and its joint actors, namely FGMF2, FMF, FNMF, James Passin and Harvey Sawikin is 27,679,722 common shares. Out of the 27,679,722 common shares (i) 530,749 common shares are held by FGMF, (ii) 461,393 common shares are held by FGMF2, (iii) 15,187,580 common shares are held by FMF, (iv) 9,500,000 common shares are held by FNMF, (v) 1,000,000 common shares are held by James Passin and (vi) 1,000,000 common shares are held by Harvey Sawikin. The 27,679,722 common shares held by FGMF and its joint actors represent approximately 51.40% of the current outstanding common shares of the Issuer.
Wedge Energy International Inc. and Undur Tolgoi Minerals Inc. Complete Arrangement and First Tranche of Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 15, 2011) - Wedge Energy International Inc. ("Wedge") (CNSX:WEG) and Undur Tolgoi Minerals Inc. are pleased to announce that as of 12:01 a.m. on November 14, 2011, their proposed arrangement transaction has become effective, resulting in the acquisition by Wedge of all of the outstanding shares of Undur Tolgoi Minerals Inc. and the subsequent amalgamation of both companies to form a new company also named Undur Tolgoi Minerals Inc. ("UTMI"). UTMI is focused on the exploration, development and mining of mineral resources and reserves in Mongolia through its indirectly wholly-owned subsidiary, Novametal Resources LLC. In addition, all of the outstanding Series A Preference Shares of Wedge have been redeemed and all of the principal amount of Wedge's outstanding convertible notes are being repaid. All of the outstanding warrants and options of Wedge have been cancelled.
The ongoing directors of UTMI are Donald Padgett, James Passin, Paul Rapello, Larry Van Hatten and Orgilmaa Siizkhuu. Don Padgett continues as the Chief Executive Officer and Sabino Di Paola continues as the Chief Financial Officer.
UTMI is also pleased to announce that concurrently with the closing of the arrangement transaction with Wedge, UTMI has accepted subscriptions for the purchase of 29,985,500 common shares at a purchase price of CDN$0.20 for aggregate gross proceeds of CDN$5,997,100. UTMI continues to raise funds and expects to close a second tranche of the private placement offering within the next two weeks for total anticipated aggregate gross proceeds of $7 million, being the maximum private placement approved by shareholders on October 21, 2011.
UTMI has also received conditional approval of listing from the CNSX and expects that the common shares of UTMI will commencing trading shortly after the completion of the second tranche of the private placement described above.
KCC closed flat at 31c
Kincora Copper Announces Intersections With Improved Copper and Gold Grades
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 15, 2011) - Kincora Copper Limited (TSX VENTURE:KCC) ("Kincora") is pleased to announce an Exploration Update for the Bronze Fox Project (Buyant License), which occupies 223km2 of land 140km northeast of the world class Oyu Tolgoi project, on the same metallogenic belt.
Exploration update
· Kincora completed a further 1,240m of diamond (core) drilling in October (in addition to the 10,035m completed by end-September)
· 5 holes have been drilled in October and assay results have been returned for 3 holes (two in West Kasulu and one in Sophie North). The significant results include:
o F31 West Kasulu: Intersected high copper grade of 8.11% and high gold grade of 1.5g/t over 1m within a 106m intersection of 0.40%CuEq
o F35 West Kasulu: Located 1.3km to the east of F31. About 50% of the intervals intersected copper with the highest Cu content of 0.41% and highest gold content of 0.46g/t.
o F36 Sophie North: Gold anomalies intersected. From 36 to 342m, 10 1m intervals intersected >0.1g/t Au, with the highest return of 0.44g/t Au.
· A surface rock chip sample program (60 samples) to test for potential gold in an area 3km south of Leca Pass resulted in 11 assays with gold grade of >0.5g/t, including 8 samples with >1g/t Au, and 3 samples with >19g/t Au, the highest being 91.6g/t Au. Those samples are scattered in quartz veins along a shear zone which is relatively underexplored. 8 samples with >1g/t Au were distributed in a zone of 500m in length.
Summary of diamond drilling results¹
Hole |
| From(m) | To(m) | Cu(%) | Au(g/t) | CuEq(%) | |
F31 | W. Kasulu | 0 | 106 | 0.30 | 0.12 | 0.40 | |
Including | 7 | 8 | 8.70 | 1.07 | 8.95 | ||
Including | 0 | 54 | 0.39 | 0.14 | 0.50 | ||
554 | 569 | 0.49 | 0.15 | 0.61 | |||
600 | 604 | 0.53 | 0.13 | 0.63 | |||
F36 | S.North | 301 | 302 | 0.02 | 0.44 | 0.34 | |
Note:
1. Quality assurance: All of the core samples were assayed by Actlabs, an internationally recognized laboratory. (http://www.actlabs.com/page.aspx?menu=60&app=206&cat1=495&tp=2&lk=no) All the samples were assayed with 50 gram fire assay for Au, and ICP assay for Cu, Mo, Ag, Zn, etc. covering a total of 36 elements. Au fire assays were done by ActLabs in Ulaanbaatar and ICP assays were done at ActLabs in Canada. 5% of standards, 3% of blanks, and 1% of duplicates were used for assay quality control. The Company has a formal sample analysis service contract with ActLabs.
Next steps
· A systematic rock chip sampling program over all of the historical Soviet trenches has been conducted at intervals of 2m.
· A soil sampling program commenced on 5th November with a 200m grid to cover the whole license area. The objective of this program is to screen gold mineralization potential, especially for the area outside of the current work concentration areas (West Kasulu, Leca Pass, Dunlop Fox, Buchanan Heights and Sophie North).
· Kincora plans to carry out a high resolution ground magnetic survey program. The objective of this survey is to map structure and alterations associated with magnetite destruction, and also to highlight any magnetic intrusions, especially for the covered terrain which composes significant parts of the license area.
· Kincora is planning further IP survey lines which aim to follow up rock chip samples anomalous in gold, to extend and complement previous IP work.
"We are excited with the recent results, - says Igor Kovarsky, President & CEO. " Kincora will complete the 2011 drilling program in November and will concentrate on geophysics and geochemistry studies, as well as adding core cutting facilities to expedite sample delivery to the labs for assaying. During the winter we will design the 2012 exploration program to agressively attack specific areas based on the results and knowledge obtained from the above mentioned surveys." – added Mr. Kovarsky.
To view the images associated with this release, please visit the following link: http://media3.marketwire.com/docs/kcc1115.pdf.
ERD closed -2.44% at 40c
Erdene Provides Project Updates and Third Quarter Financial Results
Donkin Environmental Assessment Process Advances to Next Stage
HALIFAX, NOVA SCOTIA--(Marketwire - Nov. 15, 2011) - Erdene Resource Development Corp. ("Erdene" or "Company") (TSX:ERD), today provided an update on the Company's principal projects in conjunction with the release of its third quarter financial results to September 30, 2011.
Highlights
- A new gold-base metal discovery (Altan Nar) on the Company's Tsenkher Nomin property was announced with significant results including a 55 metre intersection of 1.02g/t gold and 12g/t silver and a 70 metre wide alteration zone with multiple gold-bearing zones over a 100 metre strike length; follow-up drilling is currently underway
- Donkin environmental assessment process advances toward the next stage as the Canadian Environmental Assessment Agency issues a draft Environmental Impact Statement for a comprehensive-study-type environmental assessment for the Donkin Export Coking Coal Project
- The optimization study for the Zuun Mod molybdenum-copper project is in the process of being updated by Minarco MineConsult, incorporating the new NI 43-101 compliant molybdenum and copper resource estimate issued in June
- Construction phase for royalty-generating construction aggregate quarry in Georgia, USA, nearing completion; commercial production expected to commence the first quarter of 2012
- Erdene ends quarter with $3.6 million in working capital
Project Summaries and Updates
…
Zuun Mod Molybdenum Project – Mongolia
During the third quarter, the Corporation's independent technical consultant, Minarco MineConsult (Runge), continued to carry out work on a pit optimization study incorporating the updated resource estimate released in June. Once completed, this study will provide high level production scheduling, a review of operating and capital costs, and economic modeling and will be used to determine the parameters of additional pre-feasibility level studies expected to be carried out in 2011/2012.
An updated resource estimate for the Zuun Mod project was issued in June by independent technical consultants, Minarco MineConsult. Their revised resource estimate included an increase in the Measured and Indicated resources by 38 million tonnes as well as an increase in the average grade. The updated Zuun Mod molybdenum-copper resource estimate has a Measured and Indicated ("M&I") resource of 218 million tonnes ("Mt") at an average grade of 0.057% molybdenum ("Mo"), and 0.069% copper ("Cu") at a cut-off grade ("cog") of 0.04% Mo. This equates to 273.5 million pounds ("M lbs") of contained Mo metal and 330.7 M lbs of contained Cu metal. In addition, there is a 168 Mt Inferred Resource at an average grade of 0.052% Mo and 0.065% Cu, equating to a further 191.8 M lbs of contained Mo metal and 240.5 M lbs of contained Cu metal.
Also in June, the Corporation was granted a 30-year Mining License by the Mongolian Government for the Zuun Mod project. The Zuun Mod Mining License covers an area of 6,041 hectares and contains the South Racetrack and North Racetrack deposits, which hosts all of the Measured and Indicated resources at Zuun Mod. The Mining License also contains the Khuvyn Khar copper prospect. Approval of an application for a second contiguous Mining License, south of the approved Mining License, is pending. This license application covers 358 hectares and contains the Stockwork deposit which hosts 17.8 percent of the Inferred resource at Zuun Mod.
Tsenkher Nomin Property (Nomin Tal and Altan Nar prospects)
The Tsenkher Nomin property was acquired in 2009 following a regional exploration program focused on discovering porphyry related mineralization. Exploration work on this license has identified a number of previously unknown gold and base metal mineral occurrences. The Corporation has carried out initial scout drilling on two of these prospects (Nomin Tal and Altan Nar) and has reported very encouraging initial results.
Initial drilling at Nomin Tal identified narrow, steeply dipping, parallel zones of high-grade gold, silver and copper bearing massive sulphide along a north-south strike length of approximately 150 metres to a vertical depth between 30 metres to 60 metres. Assay results included 2.7 g/t gold, 0.9% copper and 6 g/t silver over 6 metres (TND-06), 0.2 g/t gold, 3.2% copper and 8 g/t silver over 3 metres (TND-05) and 0.7 g/t gold, 1.8% copper and 5 g/t silver over 8 metres (TND-02).
During the third quarter, drilling at Nomin Tal extended mineralization intersected in drill holes (0.55 g/t gold, 0.60% copper and 0.07% molybdenum over 3.45 metres in TND-8) 600 metres north of previously identified copper-gold mineralization extending the strike length of the mineralized structure to 750 metres.
The Altan Nar prospect, located 2.5 kilometres to the southwest of Nomin Tal, consists of a broad soil geochemical anomaly over a 3 by 2 kilometre area. Assays returned highly anomalous values in soil for gold (up to 1.5 g/t) and lead (up to 2.6%) and associated anomalies for zinc, molybdenum, silver and copper. Geological mapping and prospecting has confirmed the presence of multiple gold-bearing epithermal-style quartz veins, within the large soil anomaly at Altan Nar. Geophysical surveys have identified multiple anomalies, some over 1 kilometre in length, which are proximal to the polymetallic gold-in-soil anomalies and epithermal veins.
During the third quarter, a four-hole scout drilling program was completed with results reported subsequent to the end of the quarter. Results included a 55 metre intersection of 1.02 g/t gold and 12 g/t silver, including 23 metres of 2.07 g/t gold and 23 g/t silver (TND-09). In addition, a 70 metre wide alteration zone with multiple gold-bearing zones was intersected in the four holes over a 100 metre strike length which is open along strike and at depth.
Additional geochemical and geophysical programs have been carried out over the Altan Nar prospect. The results of these surveys are being used in conjunction with previously completed geochemical, geophysical and geological surveys to define additional drill targets. A 3,000 metre follow-up drilling program was initiated in early November.
Coal Projects in Mongolia
Erdene continues to carry out work as part of a comprehensive coal generative and acquisition program in Mongolia that evaluates numerous prospective metallurgical and high-quality thermal coal deposits. The program is being fully funded by the Company's partner, Xstrata Coal, under an Alliance Agreement with whom it is coordinating operations.
Xanadu Mines Ltd. has carried out an extensive drilling program at its Galshar coal project in southeast Mongolia, 250 kilometres southeast of Ulaanbaatar, with a total of 74 diamond and PCD (mud rotary) holes drilled for a total of 8,707.2 metres. A resource estimate in accordance with the JORC code is expected to be issued in the fourth quarter, 2011. Erdene holds a royalty interest on any coal mined from the property.
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Dumas and Monnis Form Strategic Alliance for Mongolian Underground Mining
TORONTO/ULAANBAATAR, 15 November 2011 – Dumas Contracting Ltd. (“Dumas”) and Monnis International LLC of Mongolia (“Monnis”), a Mongolian company with leading positions in Mongolian construction, mining, geology, aviation and international freight forwarding, have entered into a strategic alliance to jointly undertake underground mining projects in Mongolia. The strategic alliance will provide Mongolian-based clients with unparalleled service in underground mining, combining Dumas’ technical expertise, world-class safety programme, and experienced team of underground mining specialists with Monnis’ local expertise, infrastructure, workforce and logistical support.
“Our alliance with Dumas enables Monnis to further expand its presence in the Mongolian mining industry,” said Mr. Chuluunbaatar Baz, Chairman and CEO of Monnis Group. “We are very excited at the prospect of being able to offer our existing valued clients access to industry-leading technical capabilities and the very best expertise in underground mining contracting.”
“This partnership positions Dumas to enter one of the most exciting mining markets in the world with a highly respected and strong partner that shares Dumas’ commitment to safety, quality, service, and client satisfaction,” added Mr. Daniel Dumas, Chief Executive Officer of Dumas.
Dumas and Monnis look forward to a mutually beneficial working relationship and will continue to explore opportunities to work together in Mongolia to benefit clients.
About Dumas
Dumas is a leading full-service underground mining contractor providing services for clients throughout Canada, Central America, South America and West Africa. We specialize in mine construction, mine development, production mining, mine services and engineering. For more information visit www.dumasmining.com.
About Monnis
Monnis, headquartered in Ulaanbaatar, Mongolia, is one of Mongolia's largest industrial holding companies. With over 1500 employees and 15 subsidiaries, Monnis has become a national leader in mining support services, logistics, technology, real-estate, energy, construction, automobile distribution, international freight forwarding, air services, geological services, insurance, and corporate finance advisory services. For more information visit www.monnis.com.
Mongolia dealmakers see strong pipeline
November 15 (mergermarket) Dealmakers operating in Mongolia will find many companies looking for funding but face hurdles such as little understanding of valuation metrics and overly optimistic growth projections, industry practitioners told mergermarket.
As acquisition activity heats up in the country, structuring deals using earn-outs and other performance payments can help bridge the wide gaps between how buyers and sellers value a business, panelists said at “Mongolia: New Frontiers in M&A and Private Equity,” a mergermarket forum held in Ulaanbaatar on 8 November.
“One of the biggest challenges we’re facing is the seller mentality and educating the seller on the very basics of corporate finance and M&A transactions,” said Bold Baatar, a former JPMorgan banker who chairs the country’s stock exchange.
There is no lack of deals in Mongolia, as many businesses are looking for cash, said Mongolia Opportunities Partners managing director Mandar Jayawant. However, there is “very little precedent” in Mongolia on how to structure deals, what role a private-equity investor plays in a business and how businesses are valued, he said. In addition, some business owners have “quite unrealistic expectations of valuation,” Jayawant said.
“Every day, a couple of deals come across our desk, but a lot of them are really more appropriately suited to credit financing,” he said.
Matters are made worse by business owners’ familiarity with the model of local valuation companies, who value a company’s hard assets ahead of a domestic stock-market listing, Jayawant said. Private-equity investors care about management’s ability to generate cash flow, rather than the value of the land a company’s factory sits on, he said.
Private-equity investments in Mongolia are mostly growth equity, where investors want the company owner to remain with the business, rather than the later-stage private-equity in the West that is heavily debt-financed, Bold said.
“You don’t have financial engineering to get your IRRs, which means you don’t have a lot of room for mistakes,” Bold said, referring to how investors measure internal rates of return. “If you do ten deals and one goes sour, that could wipe out all your IRRs.”
When doing deals in Mongolia, investors need to look at not just the value of the business but how much value the business owner himself adds, Bold said. Private-equity investments in the country can be staged in tranches to prevent the business owner from cashing out and leaving, allowing more money to be committed as various milestones are met, said Mark Lehmkuhler, a Hong Kong-based partner at Davis Polk & Wardwell.
Structures like earn-out payments and ratchets can be useful in acquisitions in Mongolia to bridge the wide gaps between how buyers and sellers value a business, Lehmkuhler said.
“For mining assets, the buyer and seller could disagree about all sorts of things,” he said. They might disagree on the amount of resources in the ground, how much can be extracted at a certain cost, the future price of the commodity and the availability of infrastructure around the mine, Lehmkuhler said.
When Malaysian tycoon Robert Kuok sold QGX Coal to Mongolian Mining Corp. [975:HK], the transaction involved an initial up-front payment of USD 464m. However, the total deal size can be adjusted up or down, possibly rising as high as USD 950m, depending on changes to the coal reserves and mine life.
“Earn-out structures…allowed both the buyer and seller to get comfortable and proceed with the transaction,” said Douglas Farrell, Citigroup’s director of mergers and acquisitions for Asia Pacific. Citigroup advised Mongolian Mining Corp. on the deal. “It may not necessarily be unexpected or a bad thing if initially there isn’t a meeting of minds between the buyer and seller.”
Jayawant said his fund often uses ratchets as it invests based on forward cash-flow projections. Ratchets allow a private-equity investor to lower their investment cost down if the target company later raises more funds at a lower cost.
“There’s likely to be a large divergence between what management thinks they’re able to achieve and what we think is realistic,” Jayawant said. “If certain numbers are met, we have no problem giving up value to the owners, but we also have to protect our downside.”
Most of the investment interest in Mongolia is coming from strategic investors like Japanese and Korean companies, rather than investment funds out of New York or London, Jayawant said. Sovereign-wealth funds China Investment Corp. and Temasek have invested hundreds of millions of dollars in coking coal producer SouthGobi Resources [SGQ:CN] and Lung Ming, which owns the Eruu Gol iron ore mine.
The Mongolia Opportunities Fund, which bills itself as the country’s first private-equity fund, targets an “underfunded niche” of USD 5-10m deals, Jayawant said. The fund focuses on mining services and infrastructure, and will opportunistically look at investments in financial services and export industries. It aims to grow companies to a size where they could be sold later to larger investors like CIC and Temasek, he said.
Ultimately, dealmakers need to help explain the value of mergers and acquisitions to a country that can be skeptical of them, Lehmkuhler said. Members of the Mongolian parliament have recently sought to renegotiate the investment agreement with Ivanhoe [IVN:CN] over its giant Oyu Tolgoi copper-gold mine, saying they want to return resources wealth to the people.
“Having an active M&A market means that investors who want to come in here know there’s an exit…beyond just running a mine for 30 years,” Lehmkuhler said. “There are all sorts of possible sources of capital that can come into a country that aren’t going to come in on a greenfield basis…but they will come in and buy a company that has reached a certain stage.”
IMF Chief Steven Barnett: Economic increase can’t be defined by only number, quality is important too
November 15 (UB Post) The following interview was with IMF Chief Steven Barnett.
-This year, Mongolia will produce Gross Domestic Products (GDP) which cost 18 trillion MNT. What’s your opinion on this?
-GDP’s actual increase was planned to be 25 percent and deflator was planned to be raise by 20 percent. But in the framework of monetary policy, the goal to maintain inflation in a digit was set. These two things are not interrelated. GDP’s indication is very important when producing budget project. If this indication were taken higher, budget income’s plan would become higher. If GDP’s rising plan were taken lower income would decrease. There is law a about stability of budget. The law must be implemented from 2013. As we think, if people will follow the law in 2013, budget expense should decrease by 25 percent by actual result. Total budget expense has risen by 50 percent 2011. Budget project was suggested to rise by 20 percent in 2012. But it should be decreased by 25 percent according to the law in 2013. After 2 years of high increase, it should be decreased.
-How will this influence the budget?
-Budget expense plays important role in economics and it consists big part of economics. Mineral export has key role in State economics. I really don’t understand the current policy of Mongolian Government.
-Some economists criticized that “the Government calculated the expenses before releasing the GDP numbers, which conditioned the expenses. That’s why budget is higher.” What’s your opinion about this?
-GDP was higher than we were pretending. There are tendency like this in much countries. In particular, income should be higher to increase budget expense. GDP is released higher to increase income.
-Did Government agree that deflator is 20 percent?
-GDP of 2012 is 18 trillion MNT. GDP’s deflator is one of measures which define inflation. But deflator is 20 percent and government aims to hold inflation 10 percent. One is 10 and another is 20, so we are criticizing this. By theory, deflator can be higher than consumption price index, but there is no condition in 2012.
-Mongolian economics exceeded 17 percent in August and 20 percent in October. Is this an actual increase? Does it reach to public of Mongolia?
- Economic increase can’t be defined by only number, quality is important too. International Monetary Fund Conducted a survey which is about reaching the economic increase to the public in Asian countries. Economic development started 20-30 years ago in Asian countries. Before 20 years, when there was economic change, benefit used to reach to the public equally. But in last ten years, citizens who have low income haven’t been reached.
-A wage is to be increased in 2012. What would you do if you were Minister of Finance?
- I’m lucky that I’m not. If wage of civil service and pension increases by 50 percent, private sectors will need to increase the wage. As a result of increased wage, manufacturing expense will increase and production price will rise. By increasing wage, poor people will be incurred. Wage of civil service was increased by 35 percent in 2010, and will increase by 50 percent in 2012. So it means wage increased by 80 percent in last two years.
Mongolia bids to keep city cool with 'ice shield' experiment
Geoengineering trial aims to 'store' winter temperatures in a giant block of ice that will cool and water Ulan Bator in summer
November 15 (The Guardian) Mongolia is to launch one of the world's biggest ice-making experiments later this month in an attempt to combat the adverse affects of global warming and the urban heat island effect.
The geoengineering trial, that is being funded by the Ulan Bator government, aims to "store" freezing winter temperatures in a giant block of ice that will help to cool and water the city as it slowly melts during the summer.
The scientists behind the 1bn tugrik (£460,000) project hope the process will reduce energy demand from air conditioners and regulate drinking water and irrigation supplies. If successful, the model could be applied to other cities in the far north.
The project aims to artificially create "naleds" - ultra-thick slabs of ice that occur naturally in far northern climes when rivers or springs push through cracks in the surface to seep outwards during the day and then add an extra layer of ice during the night. Unlike regular ice formation on lakes - which only gets to a metre in thickness before it insulates the water below - naleds continue expanding for as long as there is enough water pressure to penetrate the surface. Many are more than seven metres thick, which means they melt much later than regular ice.
A Mongolian engineering firm ECOS & EMI will try to recreate this process by drilling bore holes into the ice that has started to form on the Tuul river. The water will be discharged across the surface, where it will freeze. This process - effectively adding layers of ice rinks - will be repeated at regular intervals throughout the winter.
The qualities of naleds (also known as Aufeis, German for "ice on top")have been known for hundreds of years. The North Korean military used them to build river crossings for tanks during the winter and Russia has used them as drilling platforms. But engineers usually see them in negative terms as a threat to railways and bridges.
The Anglo-Mongolian company believe their proposed use in Ulan Bator could set a positive example that allows northern cities around the world to save on summer air conditioning costs, regulate drinking supplies, and create cool microclimates.
"Everyone is panicking about melting glaciers and icecaps, but nobody has yet found a cheap, environmentally friendly alternative," said Robin Grayson, a Mongolian-based geologist. "If you know how to manipulate them, naled ice shields can repair permafrost and building cool parks in cities." He said the process will work in cities where the summer is intolerably hot and winters have at least a couple of months with temperatures of -5C to -20C.
<Mogi & Friends Fund A/C>
+11.8%
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 | 4,285.60 | -19 | -0.44% | 4,299.40 | 4,303.00 | 4,276.50 | - | 15-Nov | ||||
Nikkei 225 | 8,541.93 | -61.7705 | -0.72% | 8,546.99 | 8,584.30 | 8,527.63 | - | 15-Nov | |||||
Hang Seng | 19,348.44 | -159.74 | -0.82% | 19,305.28 | 19,420.06 | 19,240.35 | - | 15-Nov | |||||
FTSE 100 | 5,517.44 | -1.6001 | -0.03% | 5,519.04 | 5,551.38 | 5,428.60 | - | 15-Nov | |||||
TSX Composite | 12,229.27 | 5.0791 | 0.04% | 12,189.97 | 12,258.04 | 12,147.86 | - | 15-Nov | |||||
S&P 500 | 1,257.81 | 6.03003 | 0.48% | 1,251.70 | 1,264.25 | 1,244.34 | - | 15-Nov | |||||
ASX | Aspire Mining | A$ | 0.38 | 0.005 | 1.33% | 0.375 | 0.38 | 0.37 | 872,537 | 15-Nov | -20.83% | 24.59% | |
Blina Minerals | A$ | 0.013 | -0.001 | -7.14% | 0.013 | 0.013 | 0.012 | 1,816,000 | 15-Nov | -13.33% | 0.00% | ||
C@ | A$ | 0.052 | 0.003 | 6.12% | 0.05 | 0.052 | 0.05 | 1,537,938 | 15-Nov | 85.71% | 126.09% | ||
General Mining | A$ | 0.056 | 0 | 0.00% | 0.056 | 0.06 | 0.056 | 61,227 | 15-Nov | -53.33% | -53.33% | ||
Guildford Coal | A$ | 0.95 | -0.01 | -1.04% | 0.96 | 0.98 | 0.94 | 489,652 | 15-Nov | 30.14% | 75.93% | ||
Haranga Resources | A$ | 0.25 | 0.02 | 8.70% | 0.235 | 0.255 | 0.235 | 457,506 | 15-Nov | -60.94% | 0.00% | ||
Hunnu Coal | A$ | 1.775 | -0.025 | -1.39% | 1.785 | 1.785 | 1.77 | 10,000 | 15-Nov | 32.96% | 50.42% | ||
Mongolian Res Corp | A$ | 0.12 | -0.01 | -7.69% | 0.13 | 0.13 | 0.12 | 220,623 | 15-Nov | -72.73% | |||
Robe Australia | A$ | 0.019 | 0.007 | 58.33% | 0.014 | 0.019 | 0.014 | 1,958,529 | 15-Nov | 103.21% | 148.37% | ||
TVN Corp. | A$ | 0.054 | 0 | 0.00% | 0.055 | 0.055 | 0.054 | 1,232,281 | 15-Nov | 440.00% | 440.00% | ||
Voyager Resources | A$ | 0.08 | -0.002 | -2.44% | 0.082 | 0.083 | 0.08 | 3,937,997 | 15-Nov | 49.18% | 0.00% | ||
Xanadu Mines | A$ | 0.435 | -0.005 | -1.14% | 0.43 | 0.445 | 0.43 | 35,958 | 15-Nov | -23.01% | 0.00% | ||
MSE A Board | Aduunchuluun | MNT | 7,780 | -20 | -0.26% | 7,800 | 7,800 | 7,750 | 521 | 15-Nov | -2.75% | 85.24% | |
APU | MNT | 3,300 | 50 | 1.54% | 3,260 | 3,301 | 3,250 | 10,861 | 15-Nov | 65.83% | 95.85% | ||
Atar Urguu | MNT | 38,500 | 0 | 0.00% | 38,500 | 38,500 | 38,500 | 0 | 4-Nov | 113.89% | 0.00% | ||
Baganuur | MNT | 14,250 | -749 | -4.99% | 14,999 | 14,999 | 14,250 | 259 | 15-Nov | 35.71% | 42.49% | ||
Mogoin Gol | MNT | 28,000 | -1000 | -3.45% | 29,500 | 29,500 | 28,000 | 163 | 15-Nov | 137.29% | 209.22% | ||
BDSec | MNT | 3,700 | -50 | -1.33% | 3,750 | 3,750 | 3,700 | 800 | 15-Nov | 48.00% | 42.31% | ||
Bayangol Hotel | MNT | 39,899 | 900 | 2.31% | 38,999 | 39,899 | 38,999 | 20 | 15-Nov | 66.94% | 73.47% | ||
Bayanteeg | MNT | 31,100 | 0 | 0.00% | 31,100 | 31,100 | 31,100 | 0 | 10-Nov | 0.00% | |||
UB BUK | MNT | 33,350 | 4350 | 15.00% | 33,350 | 33,350 | 33,350 | 15 | 15-Nov | 633.77% | 0.00% | ||
Eermel | MNT | 2,850 | 290 | 11.33% | 2,570 | 2,850 | 2,570 | 661 | 15-Nov | -0.87% | 77.57% | ||
Gobi | MNT | 5,100 | 0 | 0.00% | 5,100 | 5,100 | 5,100 | 400 | 15-Nov | -8.93% | -7.10% | ||
Gutal | MNT | 2,210 | -251 | -10.20% | 2,210 | 2,210 | 2,210 | 30 | 15-Nov | 0.00% | |||
Hi B Oil | MNT | 200 | 0 | 0.00% | 200 | 200 | 200 | 0 | 10-Nov | 11.11% | 17.65% | ||
Khukh Gan | MNT | 196 | 16 | 8.89% | 196 | 196 | 196 | 100 | 15-Nov | 4.81% | 24.05% | ||
Hermes Centre | MNT | 52 | -1 | -1.89% | 53 | 53 | 52 | 50,998 | 15-Nov | -3.70% | -1.89% | ||
Jenko Tour Bureau | MNT | 96 | -1 | -1.03% | 96 | 97 | 95 | 1,073 | 15-Nov | 2.13% | -2.04% | ||
Telecom Mongolia | MNT | 2,750 | 0 | 0.00% | 2,700 | 2,750 | 2,700 | 0 | 10-Nov | -21.43% | -17.91% | ||
Mongolia Dev Res | MNT | 1,200 | -50 | -4.00% | 1,200 | 1,250 | 1,200 | 14,700 | 15-Nov | -7.69% | -14.29% | ||
Moninjbar | MNT | 136 | -3 | -2.16% | 139 | 139 | 136 | 4,792 | 15-Nov | 18.26% | 8.80% | ||
Mongol Nekhmel | MNT | 2,505 | 0 | 0.00% | 3,100 | 3,100 | 2,505 | 0 | 9-Nov | 92.69% | 163.68% | ||
Hotel Mongolia | MNT | 798 | 0 | 0.00% | 799 | 799 | 798 | 0 | 14-Nov | 0.00% | |||
Darkhan Nekhii | MNT | 6,500 | 0 | 0.00% | 6,150 | 6,500 | 6,150 | 0 | 11-Nov | 32.65% | 103.13% | ||
Nak Tulsh | MNT | 200 | -20 | -9.09% | 220 | 220 | 200 | 2,110 | 15-Nov | -38.46% | -42.36% | ||
Olloo | MNT | 130 | -2 | -1.52% | 130 | 130 | 130 | 4,500 | 15-Nov | -13.33% | -18.75% | ||
Remikon | MNT | 149 | 0 | 0.00% | 149 | 150 | 149 | 45,429 | 15-Nov | 106.94% | 98.67% | ||
Sharyn Gol | MNT | 13,000 | 0 | 0.00% | 13,000 | 13,000 | 13,000 | 1,424 | 15-Nov | 23.81% | 17.12% | ||
Shivee Ovoo | MNT | 21,002 | 0 | 0.00% | 21,002 | 21,002 | 21,002 | 0 | 14-Nov | 61.55% | 52.19% | ||
Sor | MNT | 1,207 | 157 | 14.95% | 1,150 | 1,207 | 1,150 | 14 | 15-Nov | 60.93% | 37.94% | ||
Suu | MNT | 70,000 | 0 | 0.00% | 70,000 | 70,000 | 70,000 | 0 | 14-Nov | 233.54% | 341.08% | ||
Tav | MNT | 26,450 | 0 | 0.00% | 26,450 | 26,450 | 26,450 | 0 | 11-Nov | 0.00% | |||
Talkh Chikher | MNT | 10,080 | -20 | -0.20% | 10,080 | 10,080 | 10,080 | 10 | 15-Nov | 172.43% | 192.17% | ||
Tavantolgoi | MNT | 11,090 | 0 | 0.00% | 11,100 | 11,100 | 11,090 | 343 | 15-Nov | 92.53% | 121.80% | ||
State Dept Store | MNT | 450 | 0 | 0.00% | 450 | 450 | 450 | 298 | 15-Nov | 4.65% | 6.38% | ||
Ulaanbaatar Hotel | MNT | 62,000 | 0 | 0.00% | 60,000 | 62,000 | 60,000 | 0 | 9-Nov | 125.45% | 123.01% | ||
Mongol Savkhi | MNT | 3,010 | -380 | -11.21% | 3,390 | 3,390 | 3,010 | 109 | 15-Nov | 447.27% | 447.27% | ||
Zoos Goyol | MNT | 850 | 0 | 0.00% | 850 | 850 | 850 | 270 | 15-Nov | 7.59% | 13.33% | ||
HKEx | Solartech Int’l | HKD | 0.205 | 0.005 | 2.50% | 0.203 | 0.215 | 0.203 | 13,015,000 | 15-Nov | -78.65% | -79.08% | |
Winsway | HKD | 2.69 | -0.06 | -2.18% | 2.75 | 2.75 | 2.67 | 4,819,000 | 15-Nov | -40.14% | -33.13% | ||
SouthGobi Resources | HKD | 60.45 | 0.45 | 0.75% | 60 | 61.95 | 60 | 2,200 | 15-Nov | -39.25% | -29.50% | ||
China Gold | HKD | 25.3 | -0.15 | -0.59% | 25 | 25.6 | 24.85 | 63,100 | 15-Nov | -39.76% | 0.00% | ||
CNNC Int’l | HKD | 2.08 | 0.01 | 0.48% | 2.05 | 2.09 | 2.05 | 1,788,000 | 15-Nov | -76.09% | -76.34% | ||
Real Gold Mining | HKD | 8.81 | 0 | 0.00% | 8.81 | 8.81 | 8.81 | 0 | 15-Nov | -34.28% | -38.46% | ||
Mongolia Energy | HKD | 0.87 | -0.03 | -3.33% | 0.89 | 0.92 | 0.85 | 46,420,939 | 15-Nov | -62.50% | -69.90% | ||
Zijin Mining | HKD | 3.53 | -0.09 | -2.49% | 3.57 | 3.57 | 3.5 | 19,884,865 | 15-Nov | -25.17% | -30.29% | ||
Mongolia Inv Group | HKD | 0.045 | -0.002 | -4.26% | 0.046 | 0.046 | 0.045 | 5,204,000 | 15-Nov | -69.59% | -76.32% | ||
North Asia Resources | HKD | 0.37 | 0.03 | 8.82% | 0.34 | 0.385 | 0.34 | 6,075,000 | 15-Nov | -59.34% | -72.18% | ||
China Daye Non-Fer. | HKD | 0.435 | 0 | 0.00% | 0.435 | 0.44 | 0.43 | 3,212,000 | 15-Nov | -22.32% | -4.40% | ||
Bestway Int’l | HKD | 0.055 | -0.007 | -11.29% | 0.056 | 0.056 | 0.055 | 1,720,000 | 15-Nov | -60.99% | -68.21% | ||
Asia Coal | HKD | 0.115 | -0.028 | -19.58% | 0.13 | 0.13 | 0.102 | 770,000 | 15-Nov | -54.00% | -54.90% | ||
Mongolian Mining | HKD | 6.93 | 0.05 | 0.73% | 6.78 | 7.01 | 6.74 | 5,996,000 | 15-Nov | -23.59% | -21.25% | ||
SGX | LionGold | SGD | 0.86 | -0.005 | -0.58% | 0.865 | 0.865 | 0.855 | 7,025,000 | 15-Nov | 17.81% | 89.01% | |
LSE | Central Asia Metals | GBp | 66.25 | -0.75 | -1.12% | 66 | 66.25 | 66 | 8,000 | 15-Nov | -26.59% | -29.14% | |
Petro Matad | GBp | 16.125 | -0.125 | -0.77% | 16.25 | 17.25 | 15.875 | 1,296,145 | 15-Nov | -86.78% | -85.60% | ||
Metal-Tech | GBp | 5 | 0 | 0.00% | 5 | 5 | 5 | 0 | 15-Nov | -67.74% | -69.23% | ||
Origo Partners | GBp | 34.5 | 0.375 | 1.10% | 34.125 | 34.5 | 34.125 | 58,139 | 15-Nov | -15.85% | -12.66% | ||
Tembusu | GBp | 2.375 | 0 | 0.00% | 2.375 | 2.375 | 2.375 | 0 | 15-Nov | -13.64% | |||
North America | Aberdeen Int’l | CAD | 0.67 | 1E-07 | 0.00% | 0.65 | 0.67 | 0.63 | 176,122 | 15-Nov | -17.14% | 14.62% | |
Blue Zen Mem. Parks | CAD | 0.16 | 0.005 | 3.23% | 0.16 | 0.16 | 0.16 | 6,870 | 15-Nov | 0.00% | |||
Centerra Gold | CAD | 21.31 | 1.29 | 6.44% | 20.09 | 21.34 | 19.94 | 541,838 | 15-Nov | 9.71% | 22.42% | ||
China Gold | CAD | 3.41 | 0.06 | 1.79% | 3.38 | 3.43 | 3.3 | 128,777 | 15-Nov | -37.20% | -40.70% | ||
Denison Mines | CAD | 1.53 | 0.05 | 3.38% | 1.48 | 1.54 | 1.46 | 1,318,511 | 15-Nov | -55.13% | -41.15% | ||
Denison Mines | USD | 1.5 | 0.06 | 4.17% | 1.46 | 1.5 | 1.4201 | 765,235 | 15-Nov | -56.14% | -41.63% | ||
East Asia Minerals | CAD | 0.9 | -0.03 | -3.23% | 0.94 | 1 | 0.89 | 243,116 | 15-Nov | -88.80% | -86.73% | ||
Entree Gold | USD | 1.6499 | -0.0501 | -2.95% | 1.66 | 1.66 | 1.6 | 115,984 | 15-Nov | -52.32% | -40.86% | ||
Erdene Resource | CAD | 0.4 | -0.01 | -2.44% | 0.405 | 0.41 | 0.4 | 80,800 | 15-Nov | -67.74% | -21.57% | ||
Entree Gold | CAD | 1.67 | 0 | 0.00% | 1.64 | 1.7 | 1.64 | 61,068 | 15-Nov | -51.87% | -40.99% | ||
Fortress Minerals | CAD | 4.1 | 0.01 | 0.24% | 4.1 | 4.1 | 4.1 | 30,000 | 15-Nov | -5.75% | 28.13% | ||
Garrison Int’l | CAD | 0.03 | 0 | 0.00% | 0.03 | 0.03 | 0.03 | 2,700 | 15-Nov | -66.67% | -40.00% | ||
Gulfside Minerals | CAD | 0.085 | 0 | 0.00% | 0.08 | 0.085 | 0.08 | 0 | 10-Nov | -10.53% | -26.09% | ||
Green Tech Solutions | USD | 0.091 | -0.011 | -10.78% | 0.102 | 0.102 | 0.091 | 65,300 | 15-Nov | 0.00% | |||
Ivanhoe Energy | CAD | 1.12 | -0.01 | -0.88% | 1.13 | 1.15 | 1.11 | 193,417 | 15-Nov | -58.82% | -53.33% | ||
Ivanhoe Energy | USD | 1.1 | -0.01 | -0.90% | 1.1 | 1.13 | 1.08 | 276,640 | 15-Nov | -59.56% | -53.59% | ||
Ivanhoe Mines | CAD | 22.53 | 1.04 | 4.84% | 21.45 | 22.71 | 21.39 | 1,597,594 | 15-Nov | -2.04% | -4.48% | ||
Ivanhoe Mines | USD | 22.04 | 0.87 | 4.11% | 20.95 | 22.27 | 20.9 | 2,402,280 | 15-Nov | -3.84% | -5.50% | ||
Kincora Copper | CAD | 0.31 | 0 | 0.00% | 0.355 | 0.4 | 0.305 | 726,849 | 15-Nov | 14.81% | 47.62% | ||
Khan Resources | CAD | 0.255 | -0.005 | -1.92% | 0.25 | 0.255 | 0.245 | 5,300 | 15-Nov | -46.88% | -37.80% | ||
Long Harbour | CAD | 0.1 | 0 | 0.00% | 0.12 | 0.12 | 0.06 | 0 | 9-Nov | ||||
Lucky Strike | CAD | 0.6 | 0 | 0.00% | 0.61 | 0.61 | 0.6 | 6,000 | 15-Nov | -58.62% | 46.34% | ||
Lucky Strike | USD | 0.6078 | 0 | 0.00% | 0.5944 | 0.6078 | 0.5944 | 0 | 11-Nov | -57.16% | |||
Meritus Minerals | CAD | 0.04 | 0 | 0.00% | 0.04 | 0.04 | 0.04 | 2,000 | 15-Nov | -80.00% | -84.31% | ||
Manas Petroleum | USD | 0.185 | 0.016 | 9.47% | 0.169 | 0.185 | 0.155 | 136,327 | 15-Nov | -69.17% | -69.92% | ||
Mongolia Growth Grp | USD | 4.574 | 0.185 | 4.22% | 4.5045 | 4.574 | 4.401 | 12,600 | 15-Nov | ||||
Blue Wolf Mongolia | USD | 9.49 | 0 | 0.00% | 9.47 | 9.49 | 9.47 | 0 | 10-Nov | ||||
Blue Wolf Mongolia | USD | 10.15 | 0 | 0.00% | 10.15 | 10.15 | 10.15 | 0 | 11-Nov | ||||
Manas Petroleum | CAD | 0.16 | 0 | 0.00% | 0.16 | 0.16 | 0.16 | 0 | 10-Nov | ||||
Prophecy Coal | CAD | 0.54 | -0.02 | -3.57% | 0.57 | 0.57 | 0.54 | 265,903 | 15-Nov | -37.55% | -39.36% | ||
Prophecy Coal | USD | 0.53 | -0.044 | -7.67% | 0.5346 | 0.5346 | 0.53 | 79,000 | 15-Nov | -39.90% | -39.31% | ||
Puget Ventures | CAD | 0.49 | 0 | 0.00% | 0 | 17-Sep | |||||||
SouthGobi Resources | CAD | 7.85 | -0.1 | -1.26% | 7.9 | 8 | 7.85 | 58,490 | 15-Nov | -35.55% | -29.60% | ||
Solomon Resources | CAD | 0.07 | -0.005 | -6.67% | 0.07 | 0.07 | 0.07 | 52,500 | 15-Nov | -67.44% | -75.86% | ||
Wedge Energy | CAD | 0.015 | 0 | 0.00% | 0 | 3-Aug | |||||||
Mongolia Growth Grp | CAD | 4.64 | -0.02 | -0.43% | 4.55 | 4.68 | 4.5 | 198,000 | 15-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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