Pages

Tuesday, November 22, 2011

[CPSI NewsWire: Prophecy Receives Chandgana PP Approval, Xanadu Acquires 3rd Noble JV Project, MGG Announces C$30m Private Placement]

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.

Wish to subscribe or unsubscribe? Let me know.

See Mongolia related quotes at bottom of newsletter

 

CPS: Haranga Update

November 22 (Mogi) Jason Peterson of CPS Securities today sent out a letter updating on Haranga Resources (ASX:HAR), after a meeting with Rob Wrixon, the Managing Director.

Highlights:

-       HAR discounted as investors unaware of the potential value of these potentially easily upgradeable Mongolian magnetite deposits on the doorstep of China

-       Key fact for Australian investors is that China mines over 800Mtpa of iron ore, mostly magnetite, for domestic consumption at an average grade of 19% Fe

-       For an example of value, Eruu Gol mine (10km from Haranga’s project) is preparing a US$3Bn IPO in 2012. Eruu Gol currently railing 3Mtpa of 62% Fe concentrate at gross margins of $100/t.

-       CPS Securities maintains a SPECULATIVE BUY rating

-       Same team that successfully listed Hunnu Coal for 20c in 2010 and sold it 18 months later into a $1.80 per share all cash offer, so with proven operational success in Mongolia.

-       A lot of news flow is on the way and a real value uplift should occur with the Eruu Gol IPO in Hong Kong next year, by which time Haranga should have a maiden JORC resource.

Mogi: contact me for more info. Contact details at bottom of newsletter

Disclosure: CPS Securities was a lead manager, CPS International was a placement agent in Haranga Resources IPO and thus received fees. I also hold HAR shares.

 

PCY ended flat at 53c in Toronto, after a surge in early trading

Mongolia gives Prophecy green light to build new coal power station

TORONTO, November 21  (miningweekly.com) – Prophecy Coal (TSX:PCY), the junior that graduated to the TSX main board last month, received the green light from the Mongolian government to build its 600 MW Chandgana coal-fired power plant in the east of the country, the company said on Monday.

The licence was the first the government had issued for that size power plant, and sets the project up to become the first new privately owned coal-fired plant in the country when it starts sending out electricity in early 2016.

Mongolia is seen as vulnerable when it comes to fuel and power, as it is heavily reliant on neighbours China and Russia.

A dramatic rise in its mining sector is the main driver of a the countries rapidly increasing power consumption, with Energy International forecasting demand will be nearly double the country’s electricity supplies by 2015.

The International Monetary Fund predicted a 600 MW-plus shortfall in supply by 2016.

There is an understanding among all stakeholders that Mongolia, being one of world's fastest growing economies, needs additional power,” Prophecy chairperson and CEO John Lee said in a statement.

The next steps for the company before it can bring the project into production include completing a feasibility study, which it anticipates by the end of the year, to be followed by a power purchase agreement in the first quarter of 2012.

Prophecy then hopes to conclude project financing negotiations in the third quarter of next year and start building the Chandgana power plant and the mine that will feed it in the first quarter of 2013.

The first 150 MW unit is planned to start producing power by January 2016.

Prophecy’s Chandgana Tal and Chandgana Khavtgai coal deposits will supply coal for the plant.

Chris Ackerman, a spokesperson for the company, said the capital costs for the power project were anticipated to be between $600-million and $800-million, though the feasibility study would provide firm estimates.

There has been a lot of interest from some of the state owned companies in China and investment banks in the US” to provide funding for Chandgana, he said.

Last week, Ivanhoe Mines, which owns the giant Oyu Tolgoi copper-gold deposit in Mongolia said it hoped the Chinese and Mongolian governments would strike a deal for the former Soviet state to import power soon, so that it could connect the mine to Chinese power by the third quarter of next year.

The company has ordered more diesel generators to supply power while building Oyu Tolgoi, it said.

Ultimately, Prophecy aims to take advantage of surging power demand in the region, and build a second phase at Chandgana that will produce a further 3 600 MW.

In addition to the Chandgana project, Prophecy also owns the Ulaan Ovoo coal mine in the north of the country, where it plans to strike a deal to sell the coal to Russian customers.

Shares in the company were up nearly 2% on the TSX at C$0.54 each, making it one of the few counters in the green while the broader market had fallen 1.4% by 15:04.

Link to article

Link to PCY release

 

Xanadu acquires Khavtsgait Coal Project as part of Noble JV

November 22, Xanadu Mines Limited (ASX:XAM) --

·         ACQUISITION OF A 100%  INTEREST IN  THE KHAVTSGAIT COAL PROJECT IN NORTHERN MONGOLIA.

·         KHAVTSGAIT IS LOCATED WITHIN A HIGHLY PROSPECTIVE COAL BEARING SEDIMENTARY BASIN, KNOWN TO HOST PREMIUM HARD COKING COAL.

Xanadu Mines Ltd (Xanadu) (ASX: XAM) is pleased to announce  the  acquisition of the Khavtsgait coal project (“the Project”). The project is located in the Khuvsgul province of northern Mongolia, approximately 60 kilometres east of the Province centre of Murun and 230 kilometres west of the established rail spur at Erdenet (Figure 1).

The acquisition will be undertaken via Ekhgoviin Chuluu LLC (“EC”), a vehicle established  by Xanadu and Noble to seek out and develop premium metallurgical coal opportunities as part of their strategic alliance.

Under the terms of the agreement EC will acquire 100% of the Khavtsgait exploration licence (15142X), which covers approximately 2,869 hectares.  The highly prospective exploration licence overlies an early to middle Mesozoic aged coal bearing sedimentary basin.  Similarly aged basins in northern Mongolia, such as the Ovoot Coking Coal Project (owned by ASX listed Aspire Mining Limited), are known to host premium hard coking coal deposits.

The Khavtsgait opportunity was recognised as part of a thorough regional reconnaissance exploration program conducted by EC’s experienced geologists. Initial exploration, which included trenching, indicates the early to middle Mesozoic stratigraphic sequence at Khavtsgait is consistent with EC’s newly discovered Nuurstei coking coal project (see Figure 1) located approximately 60 kilometres to the west. The deal represents the third major metallurgical coal acquisition in Mongolia for EC which was created in March 2011.

Commenting on the transaction, Xanadu’s Chairman Brian Thornton said, “the Khavtsgait acquisition  further underpins the core strategy of EC – to identify and develop significant metallurgical coal opportunities,  close to existing infrastructure, that will meet anticipated current and future demands from China and North Asian markets.

With the acquisition of a second metallurgical coal project in Khuvsgul by EC, our exploration focus on the newly emerging metallurgical coal basins of northern Mongolia is coming to fruition.”

The Khavtsgait acquisition follows EC’s recently announced Javkhlant coking coal joint venture located on the Chinese border in south west Mongolia.

A comprehensive exploration program is planned to commence at the Khavtsgait metallurgical coal project immediately. 

Link to release

 

Mongolia Inv (00402) sees wider loss for 1H

November 22 (ET Net) Mongolia Investment (00402) issued an announcement to update operations of the TNE Mine

In 2011, further drilling works and laboratory tests have been done to determine coal layer structure and thickness and to verify coal quality. From the laboratory test results, the calorific value of such samples was in the range of 3,100 to 4,300 Kcal/kg

After discussion, the Board resolved that Mongolia Investment will focus on excavation and sale of coal of around 5,000 Kcal/kg or above

Mongolia Investment also expects the Group will incur a loss higher for the six months ended 30 September 2011 than that for the corresponding period of 2010. The higher loss was mainly attributable to increase in operating expenses, imputed interest expenses in respect of outstanding convertible notes and promissory note, and share-based payment.

Its interim results announcement is expected to be published on 30 November. 

Link to article

Link to 402 release

 

Mongolia Growth Group Ltd. Announces Private Placement Offering 

Calgary, Alberta CANADA, November 21, 2011 /FSC/ - Mongolia Growth Group Ltd. (YAK - CNSX)("MGG" or "the Company") is pleased to announce a non-brokered "commercially reasonable efforts" private placement offering ("Offering") of common shares ("Common Shares") to raise gross proceeds of up to CDN$ 20 million with a CDN$ 10 million overallotment for aggregate proceeds of up to CDN$ 30 million.  The Common Shares will be priced at CDN$ 3.90

The Company intends to use the proceeds to advance the business units of the company which are currently real estate and insurance and for general corporate purposes.  The Offering is scheduled to close on or about December 23, 2011 (the "Closing Date"), and is subject to certain conditions, including but not limited to, receipt of all necessary approvals including the approval of the CNSX Exchange and the securities regulatory authorities. 

The Common Shares issued in connection with this Offering will be subject to a four-month hold period from the Closing Date, as prescribed by the CNSX exchange and applicable securities laws. 

Link to release

 

Tembusu: Appointment of Mr Demberel Manga to the Board of Directors of Nova Mongolia Corp Pte Ltd

November 21, Tembusu Investments Limited (LON:TIL) --

The Company is pleased to announce that its subsidiary, Nova Mongolia Corp Pte Ltd ("Nova Mongolia"), has appointed Mr Demberel Manga as a director to its Board of Directors.

Mr Manga, a Mongolian national, aged 53, graduated with a degree in Technical Science from the Machinery Construction University, Kirovograd city, the Republic of Ukraine. Mr. Manga is a qualified mechanical and technical engineer.  He has worked for many years in Mongolia in engineering and other fields. He started his professional career as an officer at the Materials and Technical Supply Authority in Mongolia and was eventually promoted to Director of Human Resources of Erdenet JV Mining Company. Erdenet JV Mining Company is the largest copper-molybdenum mining company in Mongolia. Mr Manga currently works as the Deputy Director for Operations at the "Chinggis Khaan" International Airport in Ulaanbaatar, Mongolia.

Given Mr Manga's wide contacts in human resources, engineering and the natural resources sector in Mongolia, the Board of the Company believes that Mr Manga will be a valuable addition to the business of Nova Mongolia.  At this time, Mr Manga will specifically assist Nova Mongolia to look for opportunities to set up a business providing logistics (including transportation) services to mines in Mongolia.

The Company is also pleased to announce that Mr Manga and Ms Sarangerel Dorligjav (a Mongolian national) has agreed to subscribe for new shares in the capital of Nova Mongolia; when these new shares are issued, Mr Manga and Ms Dorligjav will, in aggregate, own 30% of the entire issued capital of Nova Mongolia; the Company will own the balance 70%.  The Company believes that both Mr Manga and Ms Dorligjav will contribute substantially to Nova Mongolia.

Link to release

 

Garrison to consolidate shares, change name to Desert Eagle Resources

TORONTO, November 21 (The Canadian Press) - Garrison International Ltd. (TSXV:GAU), a junior miner with operations in Mongolia, says it is consolidating its shares and changing its name to to Desert Eagle Resources Ltd.

Shareholders will be asked to approve the share consolidation — 18 old shares for one new one — and the name change at the Toronto miner's annual meeting Dec. 19.

Garrison currently has more than 173 million outstanding shares and said it believes the share consolidation would make future financings easier to complete by issuing new stock.

Garrison is a junior explorer focused on advanced stage gold properties in Mongolia.

Link to article

Link GAU release

 

Eastern Promise

Centerra Seeks Gold From Turkey to Mongolia

November 21 (Resource Clips) Gold has long lured adventurers to uncharted territories. But while the trades are full of stories about Africa, Centerra Gold Inc TSX:CG demonstrates the potential of Asia. In the Kyrgyz Republic on China’s western border, the company’s Kumtor Mine prepares to add an underground operation to its open-pit gold producer. Its Mongolian operations include a mill working its way through years of stockpiled ore and a new gold mine waiting for final approval. Then there are the JVs spread as far afield as Turkey, China and eastern Russia and even Nevada.

“There are a couple of other, small-scale operations in the Kyrgyz Republic, but we’re probably 95% of the gold production in that country and about 45% to 50% of the country’s industrial output,” says Centerra President/CEO Steve Lang. “There, like Mongolia, we’re 100% owners. When we step out into Russia, Turkey and China, we move into joint ventures. Overall, there’s a lot of gold in Asia but not much competition.”

To support his point, Kumtor shows proven and probable reserves of 6.28 million gold ounces, measured and indicated resources of 4.13 million ounces and an inferred resource of 2.75 million ounces. The mine produced 567,802 ounces last year, with about 600,000 projected for 2011. Cash costs per ounce are now $474.

“Over the last 12 months our drilling added about four years of operation, raised the average life-of-mine grade and lowered the strip ratio,” Lang says. “We’ve got quite a bit of unexplored ground still on our licence, and we’re picking up additional packages immediately adjacent to the Kumtor package.”

The underground operation, scheduled to start in 2013, is expected to result in a 35% to 40% production increase.

Mongolia has also proved bountiful, if challenging. Centerra’s Boroo Mine produced around 1.5 million gold ounces from 2004 to November 2010, when it closed. The plan was to immediately start a new open-pit gold mine at Gatsuurt, 55 kilometres away. At that point, however, the company hit an obstacle—the 2009 Water and Forest Law, which now blocks the project. The government had approved Gatsuurt’s feasibility study in March 2008.

As VP Investor Relations John Pearson says, “The site is completely prepared. We have the admin buildings on site; the trucks fleet has been purchased; the road connecting the Gatsuurt mine site to the Boroo mill is complete. Everything is ready to go.” He adds, however, “Until the government and parliament resolve the issues with that particular piece of legislation, Gatsuurt is currently on hold waiting the final approval.”

Other mining companies have also run afoul of the Mongolian government. The most recent was Ivanhoe Mines TSX:IVN, 49% owned by Rio Tinto, which is building Ivanhoe’s Oyu Tolgoi Mine in Mongolia. Last September, the government demanded an increase in its 34% interest, despite an agreement preventing it from doing so until 2039. The miners stood their ground. In early October, the government appeared to relent in a public statement reaffirming support for the project.

Meanwhile, Centerra’s Boroo mill keeps busy processing a stockpile built up before its adjacent mine closed. Even without Gatsuurt, the mill will process an estimated 50,000 to 60,000 ounces in 2011, with an incremental gain next year. “At the current gold price, our stockpiles will probably last two or three more years,” says Pearson.

In northeastern Mongolia, some 800 kilometres from Boroo, Centerra drills its Altan Tsagaan Ovoo Prospect. Assays announced July 11 include

·         3.91 grams per tonne gold, 10.81 g/t silver, 0.87% lead and 1.08% zinc over 113.5 metres

·         2.89 g/t gold, 6.52 g/t silver, 1.04% lead and 1.1% zinc over 147 metres

·         2.09 g/t gold, 8.32 g/t silver, 0.81% lead and 1.58% zinc over 196 metres

·         2.15 g/t gold, 12.95 g/t silver, 0.32% lead and 0.52% zinc over 183.4 metres

We’ll have a resource estimate on that at year-end,” Lang says. “It’s still fairly early stage but an exciting project.”

The company’s other Mongolia project is the Sumber Joint Venture with Altairgold LLC, in which Centerra may earn up to a 75% interest in the former gold mine.

In the Russian republic of Tyva, bordering northwestern Mongolia, Centerra holds a 50% interest, with an option to earn a further 20%, in the Kara Beldyr Gold Project, where drilling is underway.

In Turkey, Centerra’s JV with Eurasian Minerals TSXV:EMX allows up to a 70% interest in the Akarca, Samli and Emali projects.

Another Turkey JV, with Stratex International, offers Centerra up to 70% of the Oksut Project, which has an Australian JORC (non-43-101) resource estimate of 163,849 gold ounces indicated and 153,407 inferred.

In Nevada, the company acts as project operator for the Tonopah Divide Gold Project, in which it holds a 60% interest under an option with Tonogold Resources. Centerra may also earn a 75% interest in another Nevada JV, the Oasis Gold Project, with Redstar Gold TSXV:RGC.

Finally, Centerra has signed a letter of intent for another JV, the Laogouxi Gold Project in northeastern China.

“We want to keep expanding our exploration,” Lang says. “This year we’re at about $40 million. We’re trying to spend something close to $60 million a year. If we can do that consistently over a period of time, that should lead to a million and a half ounces of annual production. To do that, we need to continue adding projects in the early exploration level.”

Earlier this month, Centerra posted revenue of $772.4 million for the first three quarters of 2011, up 46% over the same period last year. Net earnings for that period were $291.5 million, $1.23 per share, while 3Q net earnings were $83.5 million, $0.35 per share. Third quarter gold production was 154,936 ounces at $556 per ounce. The company’s cash and equivalents were $271.7 million.

At press time, Centerra had 236.3 million shares trading at $20.59 for a market cap of $4.87 billion.

Link to article

 

MSE makes changes to Representative Managing Council

November 21 (news.mn) The Mongolian Stock Exchange (MSE), which is cooperating with the London Stock Exchange (LSE) under the terms of a Master Agreement, recently made changes to its Representative Managing Council.

The MSE has removed Peter Morrow as deputy head of the council. Also removed from the council were L.Bolormaa, first deputy director of the Development Bank, and Jorge Tailor, head of the Asia-Pacific region stock market branch of Morgan Stanley Bank. 

Appointed in their places were Antonella Amadei, head of the LSE’s foreign relations office; Tony Veercing, director of the LSE’s global development office; and O.Orkhon, vice director of the Trade and Development Bank of Mongolia.

Link to article

 

STOCK EXCHANGE WEEKLY NEWS

Ulaanbaatar, Mongolia, November 21 /MONTSAME/ Five stock trades were held at Mongolia's Stock Exchange on November 14-18.

In overall, 1.3 million shares were sold of 83 joint-stock companies totaling MNT 2.1 billion.

Index TOP-20 was 21438.36 points increasing 432.83 units or 2.1 percent against the week earlier.

The total market capitalization was set at MNT two trillion 271.1 billion increasing MNT 54.9 billion or 2.5%.

Shares increased of "Bayalag Nalaikh" by 100.8%, "Khasu Mandal" by 100.6, and of "Dornod" by 98.3%/, decreased of "Chatsargana" by 27.5%, of "Mongol savkhi” by 12.4%/ and of "Gutal" by 10.2%.

Higher closed were 55 stocks, 20 shares declined, and eight shares remained unchanged.

Shares of "Remikon" /863.2 thousand units/, "Hermes center" /191.9 thousand units/ and "Baganuur" /109.2 thousand units/ were the most actively traded in terms of trading volume, and in terms of trading value--"Baganuur" (MNT 1.6 billion), "Remikon" (MNT 130.5 million), and "APU" (91.9 million). 

Link to article

 

State’s diesel reserves down to one week

November 21 (news.mn) After Russia recently increased the price of its exported diesel fuel, the Mongolian government eliminated its excise tax on the fuel to keep the price consumers pay from going up. The price of 92 octane gasoline, however, has risen by MNT 60 per liter.

Our correspondent spoke with an official from the Mineral Resources and Petroleum Authority about fuel prices and the country’s fuel reserves. The official said that Russia has reduced its petroleum exports because of a domestic petroleum shortage. Mongolia imports 30,000 tons of diesel, 10,000 tons of 92 octane gasoline, and 10,000 tons 80 octane gasoline every month. If the amount imported from Russia is insufficient, the remainder will be imported from Latvia and Lithuania. 

The official added that the state has enough 80 octane gasoline in reserve to last 16 days, enough 92 octane gasoline for 15 days, and enough diesel for a week. The official said diesel imports have been reduced due to railroad transportation delays.

Link to article

 

Electronic ID cards to be issued in December

November 22 (news.mn) Sources tell us that the Government will begin issuing new electronic identification cards to citizens beginning December 20.

At the Government meeting on March 9, 2011, it was decided to issue the new ID cards. 

First Deputy Prime Minister N.Altankhuyag was asked to discuss implementation of the decision in June 2011, and the Chief of the General Authority for State Registration was instructed to prepare for the change from the current ID card to the new one. 

Our sources say the new ID card is based on examples from 47 other countries. The card will reduce ID theft and be used for migration, voting, and taxation purposes.  

Also, some services, including social welfare, health, and education, will be accessible by using the card through appropriate state organizations.

Fingerprints and digital photographs of citizens obtained through civil registration will be among the data included in the new ID cards.

Link to article

 

New MPP headquarters damaged by fire

November 21 (news.mn) The new MPP headquarters, named Independence Palace, was damaged by fire on Sunday. The fire occurred on the seventh and eighth floors of the building, which is scheduled to open officially on November 26. Fire officials say the cause of the blaze is under investigation.

The old MPP headquarters was burned by demonstrators who opposed election results on July 1, 2008. The MPP began constructing its new headquarters in 2009.

The state allocated MNT 6 billion toward the construction, with MPP members and supporters contributing the balance of the estimated cost of MNT 14.7 billion. Independence Palace was originally scheduled to open in September, but the opening was delayed for final decorative work.

MPP Secretary Ts.Sukhbaatar said there should be a detailed investigation into the cause of the fire because some party officials are suspicious that it was arson.

Link to article

 

National Committee reports on anti-pollution efforts

November 21 (news.mn) The National Committee, which is charged with reducing air pollution in Ulaanbaatar, reported the results of its ongoing efforts on November 18. 

R.Myagmar, head of the National Committee, and D.Battulga, head of the President’s Office, reported on efforts to reduce pollution, and Health Minister S.Lambaa spoke about pollution’s effects on the population’s health.

R.Myagmar reported that 26,775 low-smoke stoves and 36,159 energy-efficient devices have been sold through the Clean Air Project of the Millennium Challenge Foundation. He added that households that purchase low-smoke stoves are eligible for discounted nighttime electric rates.

It was also reported that 400 buses will use cleaner-burning fuel beginning next month, and 1,500 vehicles used for state business will have emission-reducing filters

D.Battulga said that relevant ministries and the Mayor’s Office are implementing measures to reduce pollution in the capital. He said a thousand households have started using electric heaters.

Link to article

 

SIX FLYOVERS WILL BE BUILT

Ulaanbaatar, Mongolia, November 21 /MONTSAME/ S.Batbold made a report on the city's auto-road works done in 2008-2011 and nearest plans at the parliamentary session on November 18. In the last 20 years, no significant was done in this sector except for a "Road of sun" project, executed at the Japanese grant aid, and a capital repair of the Peace bridge at the Chinese aid. In the last 16 years, investments of 162 million-1.8 billion togrog would go each year for only road maintenance and/or repair.

The Government increased year by year investments from state and the capital city's budgets into the UB's road sector. A new form of investing--paying after a completion--was experienced for the first time in building 50 km of road. 

Since 2008, 110.4 km of roads were run in the capital--42.5 km were newly built and 67.9 km were renovated. Then, a 169.1 meters iron-concrete bridges were built, 1,406.6 meters of bridges were renovated, and tunnels for pedestrians and for cars were built. For this, the state budget gave 61 billion togrog, the capital budget 16.8 billion, Mongolia's development fund 3.9 billion togrog, the Government reserve 0.8 billion, foreign loans and aids--37.3 million US dollars and 4.7 billion togrog, he said. 

In addition, a maintenance and repair of the city's auto roads and bridges were financed by the Capital's auto road fund. A total of 26.7 billion togrog--4.4 billion in 2008, 5.6 billion in 2009, 7.2 billion in 2010--were collected from in this fund from a tax on auto transportation and others.

Now 350 km of roads will be renewed, and 212 km of auto roads and seven flyovers and conjunctions will be built. 

Link to article

 

MONGOLIA'S PEOPLE'S PARTY DISCUSSES DRAFT LAW ON STATE BUDGET

Ulaanbaatar, Mongolia, November 21 /MONTSAME/ Mongolia's People's Party group in parliament discussed two issues in its regular meeting held on 21st November. 

The head of the group O.Enkhtuvshin informed it to press. When the group discussed the bill on united budget of Mongolia in 2012 they considered some expenditures should not be cut to reduce budget expenditures. For example, monthly allowance of 70.000 togrog to students of universities, institutes and colleges starting from 1 of January 2012 was approved by parliament, the group has agreed to distribute over 60 billion togrog for this purpose as well as 4 billion togrog for next year's election of state and and local parliament . 

Besides that the members of the group were agree on releasing 16 billion togrogs from the state budget for covering the fee for smart passport to be given every citizen before the elections.

They also agreed to keep their previous decision to finance necessary expenditure to implement program of vaccination against A hepatitis and current expenditures of schools, kindergardens and hospitals. 

There were suggestions to increase income resources by raising taxes on export of coal, iron ore and oil and instructed the working group of the bill to study these proposals. Another possible version to increase income through tax was rise of tax on lorries weighing over 42 tones which cause significant damages to soil and vegetation. These types of lorries are subject to higher tax according to an international convention while no special regulation in Mongolia, the tax is over 100.000 togrog on heavy lorries, the same as on small trucks. They said the tax should be changed as heavy lorries make damage to roads of the capital and aimags as well. 

In addition some members suggested to add budget income by selling license of Olon ovoot deposit. They say it is possible to increase budget income by 65 billion togrog through buying license of the deposit and working group was instructed to study it. 

The group decided to keep expenditures of buying cars, facilities and furniture at the level of 2011 and reduce personal of state organizations by 1595, supporting the Government proposal. The MPP also discussed how to spend money which created by cut down expenditures and agreed to consider increase of allowance to honered mothers with more than 3 children to at least 200 000-400 000 togrog as MPP promised to reach the allowance to MNT1 million during 2008 election. A working group of the MPP group will study it and make negotiation with a working group of DP group in parliament about which proposals should be reflected in the bill. 

Link to article

 

MEETING OF THE GOVERNING COUNCIL OF COMMUNITY DEMOCRACIES RUNS

Ulaanbaatar, Mongolia, November 21 /MONTSAME/ The second meeting of the Governing council of Community of Democracies /CD/ run on November 17 in Washington, USA. 

Mongolia has been leading the organization from July 1 of 2011. The meeting has been opened by Kh.Bekhbat, the ambassador of Mongolia to the USA, has been led by S.Badral, the special acting ambassador in charge of CD, represented of Mongolia. 

The meeting has been attended by 25 member countries of the governing council, decided some issues, for example, set up its executive committee, agreed by eight countries of Mongolia, Lithuania, Salvador, USA, Republic of Korea, Sweden, Poland and Nigeria. 

The meeting received the proposal on recalling status of Czech from governing council in order to definite reasons, and other proposal on joining member of Costa Rica. 

After the meeting, S.Badral visited the Carnegie fund for international peace, participated the report on activities of CD, future goals, gave an information on measures, tendency of Mongolia, who is heading the CD, to the state organizations, research institutes of the USA. 

Link to article

 

Fitch: PHL, China, Taiwan (and Mongolia) well-equipped to face global downturn

November 21 (GMA News) China, Taiwan and Philippines are likely to survive another round of global economic downturn and the fallout from the European financial crisis, credit rating agency Fitch Ratings said in a report Monday.

“Exposure to a sharp deterioration in global market liquidity as judged by the adjusted liquidity ratio appears greatest for Indonesia, Korea and Malaysia, and more limited for China, Taiwan and the Philippines," said Fitch analysts Andrew Colquhoun and Philip McNicholas in the report, "Emerging Asian Sovereign Pressure Points: Assessing Exposure to a Volatile Global Economy."

The impact of a sudden reversal of capital flows into emerging market economies, including the Philippines, except for Sri Lanka and India, would be limited, according to New York-based Fitch.

"Emerging Asian exposure to a sudden stop in external financing also appears limited, with only Sri Lanka and India running deficits on their basic balances," Fitch said.

Emerging market economies in Asia with current account surpluses suggest the region is well placed to handle a liquidity shock, the agency noted.

The current account deficits of some countries are almost entirely offset by net foreign direct investment inflows restoring the basic balance to surplus and suggesting the exposure to a sudden stop in external financing is minimal, Fitch added.

"Financial market disruption and the impact that may have on the balance of payments can feed through into the real economy and hurt performance. The current account balances for [emerging market] Asia suggest the region as a whole is well placed to handle a liquidity shock," it said.

"Another measure of the capacity to withstand deterioration in the external environment is the economy’s liquidity ratio. Given the prevalence of foreign ownership in regional equity markets, Fitch has adjusted this ratio to include portfolio equity capital liabilities, the agency said.

In terms of the external payments environment, the Philippines, China, and Mongolia are in the position to withstand the deterioration of the global economic environment based on their respective economies’ liquidity ratio that include portfolio equity capital liabilities, the report noted.

PHL, China and Mongolia

“Incorporating this adjustment, the capacity of foreign exchange reserves to handle potential capital outflows in a period of risk aversion is weakest in Indonesia, Korea and Malaysia. Conversely, it would appear strongest in China, Mongolia and the Philippines," it said. 

Bangko Sentral ng Pilipinas data showed the amount of money in the domestic economy or M3 grew at a slower pace of 7.4 percent to P4.356 trillion in September from P4.056 trillion a year earlier after monetary authorities imposed higher reserve requirement ratio to siphon off excess liquidity in the financial system.

The amount of money circulating in the economy helps influence the Bangko Sentral shape its monetary policy.

Malaysia, Mongolia, and Thailand are most open to trade in the region and suffered growth shocks terms of gross domestic product (GDP) in 2009, Fitch noted.

"Trade openness does not fully explain the extent of the growth shocks felt in the region in 2009. That shock coincided with a significant decline in global commodity demand, and by extension prices. A downturn in the global economy would likely hit commodity prices with potential consequences for the region’s commodity exporters and importers," Fitch said. 

Fitch gave the Philippines on June 23 a credit rating upgrade of ‘BB+’ or two notches below investment grade. 

The Bangko Sentral increase the reserve requirement ratio for banks by a combined 200 percentage points on June 16 and on July 28, raising the ratio to 21 percent from 19 percent to stem inflationary pressure from excess liquidity. 

Also, the Philippine gross international reserves widened by 32.6 percent to $75.814 billion in the 10 months to October from $57.153 billion year-on-year 

In the same comparable period, the Philippine balance of payments (BOP) surplus widened by 8.2 percent to $9.929 billion from $9.179 billion

Those numbers give the Philippines a comfortable level of protection against external shocks, according to Bangko Sentral officials.

Link to article

 

<Mogi & Friends Fund A/C>

+7.5%

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

AS51:IND

4,163.00

-14.00

-0.34%

4,174.20

4,181.40

4,140.40

-

21-Nov

 

 

Nikkei 225

NKY:IND

8,348.27

-26.64

-0.32%

8,349.05

8,375.60

8,343.93

-

21-Nov

 

 

Hang Seng

HSI:IND

18,225.85

-265.38

-1.44%

18,213.72

18,293.94

18,054.23

-

21-Nov

 

 

FTSE 100

UKX:IND

5,222.60

-140.34

-2.62%

5,362.94

5,362.94

5,221.69

-

21-Nov

 

 

TSX Composite

SPTSX:IND

11,784.72

-107.72

-0.91%

11,751.31

11,892.44

11,636.12

-

21-Nov

 

 

S&P 500

SPX:IND

1,192.98

-22.67

-1.86%

1,215.62

1,215.62

1,183.16

-

21-Nov

 

 

ASX

Aspire Mining

AKM:AU

A$

0.35

-0.01

-2.78%

0.36

0.36

0.335

1,179,671

21-Nov

-27.08%

4.48%

Blina Minerals

BDI:AU

A$

0.012

0

0.00%

0.012

0.012

0.012

1,773,563

21-Nov

-20.00%

-14.29%

C@

CEO:AU

A$

0.044

-0.001

-2.22%

0.045

0.046

0.044

1,739,748

21-Nov

57.14%

131.58%

General Mining

GMM:AU

A$

0.055

0

0.00%

0.055

0.055

0.055

14,550

21-Nov

-54.17%

-54.17%

Guildford Coal

GUF:AU

A$

0.86

-0.025

-2.82%

0.88

0.88

0.84

365,705

21-Nov

17.81%

75.51%

Haranga Resources

HAR:AU

A$

0.235

-0.025

-9.62%

0.26

0.26

0.23

1,372,884

21-Nov

-63.28%

 

Hunnu Coal

HUN:AU

A$

1.795

0

0.00%

1.78

1.795

1.78

0

16-Nov

34.46%

60.27%

Mongolian Res Corp

MUB:AU

A$

0.12

-0.005

-4.00%

0.12

0.12

0.12

36,500

21-Nov

 

-71.43%

Robe Australia

ROB:AU

A$

0.015

0.001

7.14%

0.015

0.015

0.015

35,000

21-Nov

60.43%

96.08%

TVN Corp.

TVN:AU

A$

0.048

-0.004

-7.69%

0.053

0.053

0.048

3,118,942

21-Nov

380.00%

336.36%

Voyager Resources

VOR:AU

A$

0.075

0

0.00%

0.076

0.077

0.075

1,708,310

21-Nov

39.86%

Xanadu Mines

XAM:AU

A$

0.395

-0.015

-3.66%

0.415

0.42

0.395

165,872

21-Nov

-30.09%

MSE

A Board

Aduunchuluun 

ADL:MO

MNT

7,600

-100

-1.30%

7,700

7,700

7,600

116

21-Nov

-5.00%

20.63%

APU

APU:MO

MNT

3,550

60

1.72%

3,495

3,550

3,495

8,068

21-Nov

78.39%

110.06%

Atar Urguu

ATR:MO

MNT

38,000

-500

-1.30%

38,000

38,000

38,000

1

21-Nov

111.11%

Baganuur 

BAN:MO

MNT

14,998

-2

-0.01%

14,260

15,000

14,260

165

21-Nov

42.84%

59.55%

Mogoin Gol

BDL:MO

MNT

28,000

0

0.00%

28,000

28,000

28,000

0

16-Nov

137.29%

209.22%

BDSec 

BDS:MO

MNT

3,700

-1

-0.03%

3,700

3,700

3,700

115

21-Nov

48.00%

57.11%

Bayangol Hotel

BNG:MO

MNT

39,500

0

0.00%

39,000

39,500

39,000

2

21-Nov

65.27%

71.74%

Bayanteeg 

BTG:MO

MNT

28,000

-2001

-6.67%

28,000

30,000

28,000

171

21-Nov

3466.88%

UB BUK

BUK:MO

MNT

38,352

0

0.00%

38,352

38,352

38,352

0

16-Nov

743.83%

Eermel

EER:MO

MNT

2,850

295

11.55%

2,850

2,850

2,650

482

21-Nov

-0.87%

58.33%

Gobi 

GOV:MO

MNT

5,000

1

0.02%

5,000

5,000

5,000

269

21-Nov

-10.71%

-8.26%

Gutal

GTL:MO

MNT

2,210

0

0.00%

2,210

2,210

2,210

0

15-Nov

Hi B Oil

HBO:MO

MNT

200

0

0.00%

200

200

200

0

18-Nov

11.11%

17.65%

Khukh Gan

HGN:MO

MNT

196

0

0.00%

196

196

196

6

21-Nov

4.81%

24.05%

Hermes Centre

HRM:MO

MNT

60

5

9.09%

56

60

56

6,810

21-Nov

11.11%

13.21%

Jenko Tour Bureau

JTB:MO

MNT

95

-1

-1.04%

96

96

95

1,023

21-Nov

1.06%

-3.06%

Telecom Mongolia

MCH:MO

MNT

3,000

150

5.26%

3,000

3,000

3,000

1

21-Nov

-14.29%

-9.09%

Mongolia Dev Res

MDR:MO

MNT

1,250

0

0.00%

1,250

1,250

1,250

0

18-Nov

-3.85%

0.00%

Moninjbar

MIB:MO

MNT

138

0

0.00%

138

138

138

200

21-Nov

20.00%

13.11%

Mongol Nekhmel

MNH:MO

MNT

2,800

0

0.00%

2,700

2,800

2,700

0

18-Nov

115.39%

159.26%

Hotel Mongolia

MSH:MO

MNT

798

0

0.00%

798

798

798

2

21-Nov

Darkhan Nekhii

NEH:MO

MNT

6,500

-100

-1.52%

6,500

6,500

6,500

110

21-Nov

32.65%

100.00%

Nak Tulsh

NKT:MO

MNT

197

-3

-1.50%

190

197

180

2,430

21-Nov

-39.38%

-38.44%

Olloo

OLL:MO

MNT

138

0

0.00%

138

138

138

0

18-Nov

-8.00%

-17.86%

Remikon 

RMC:MO

MNT

147

-1

-0.68%

149

149

147

29,930

21-Nov

104.17%

96.00%

Sharyn Gol 

SHG:MO

MNT

13,000

0

0.00%

13,000

13,000

13,000

1,493

21-Nov

23.81%

18.18%

Shivee Ovoo

SHV:MO

MNT

18,900

-2099

-10.00%

20,500

20,500

18,900

100

21-Nov

45.38%

35.00%

Sor

SOR:MO

MNT

1,720

-80

-4.44%

1,720

1,720

1,600

61

21-Nov

129.33%

102.35%

Suu 

SUU:MO

MNT

70,000

0

0.00%

70,000

70,000

70,000

0

14-Nov

233.54%

283.56%

Tav

TAV:MO

MNT

30,000

0

0.00%

30,000

30,000

30,000

0

16-Nov

Talkh Chikher

TCK:MO

MNT

11,498

-1

-0.01%

11,498

11,498

11,498

1

21-Nov

210.76%

238.18%

Tavantolgoi

TTL:MO

MNT

11,000

-100

-0.90%

11,011

11,100

11,000

1,362

21-Nov

90.97%

105.61%

State Dept Store 

UID:MO

MNT

480

-10

-2.04%

480

480

480

150

21-Nov

11.63%

13.48%

Ulaanbaatar Hotel

ULN:MO

MNT

60,000

0

0.00%

60,000

60,000

60,000

0

18-Nov

118.18%

123.88%

Mongol Savkhi

UYN:MO

MNT

2,601

-19

-0.73%

2,601

2,601

2,601

39

21-Nov

372.91%

372.91%

Zoos Goyol

ZOO:MO

MNT

800

0

0.00%

800

800

800

18

21-Nov

1.27%

0.00%

HKEx

Solartech Int’l

1166:HK

HKD

0.191

-0.005

-2.55%

0.192

0.195

0.189

3,404,000

21-Nov

-80.10%

-80.90%

Winsway

1733:HK

HKD

2.56

-0.03

-1.16%

2.6

2.63

2.49

11,273,000

21-Nov

-43.04%

-35.43%

SouthGobi Resources

1878:HK

HKD

56.8

-0.75

-1.30%

55

57.2

54.65

15,525

21-Nov

-42.91%

-34.56%

China Gold

2099:HK

HKD

22.9

-0.95

-3.98%

23.15

23.15

22.65

44,000

21-Nov

-45.48%

CNNC Int’l

2302:HK

HKD

2.03

0

0.00%

2.03

2.05

2.03

681,000

21-Nov

-76.67%

-78.38%

Real Gold Mining

246:HK

HKD

8.81

0

0.00%

8.81

8.81

8.81

0

21-Nov

-34.28%

-36.80%

Mongolia Energy

276:HK

HKD

0.87

0.06

7.41%

0.84

0.89

0.84

59,042,500

21-Nov

-62.50%

-69.58%

Zijin Mining

2899:HK

HKD

3.14

-0.1

-3.09%

3.16

3.19

3.1

16,565,754

21-Nov

-33.43%

-34.88%

Mongolia Inv Group

402:HK

HKD

0.043

0.001

2.38%

0.042

0.044

0.042

1,730,000

21-Nov

-70.95%

-75.29%

North Asia Resources

61:HK

HKD

0.385

0.01

2.67%

0.35

0.385

0.35

3,255,000

21-Nov

-57.69%

-69.69%

China Daye Non-Fer.

661:HK

HKD

0.415

0

0.00%

0.415

0.425

0.41

2,616,000

21-Nov

-25.89%

-6.74%

Bestway Int’l

718:HK

HKD

0.063

0

0.00%

0.062

0.063

0.061

930,000

21-Nov

-55.32%

-61.82%

Asia Coal

835:HK

HKD

0.118

0

0.00%

0.11

0.118

0.11

120,000

21-Nov

-52.80%

-54.62%

Mongolian Mining

975:HK

HKD

6.52

0.12

1.88%

6.6

6.8

6.45

1,356,978

21-Nov

-28.11%

-25.32%

SGX

LionGold

LIGO:SP

SGD

0.85

0.005

0.59%

0.85

0.855

0.845

8,881,000

21-Nov

16.44%

82.80%

LSE

Central Asia Metals

CAML:LN

GBp

64

-1.5

-2.29%

63

64

62

7,371

21-Nov

-29.09%

-28.29%

Petro Matad

MATD:LN

GBp

22.25

1

4.71%

21.25

23.75

21.25

1,057,649

21-Nov

-81.76%

-80.65%

Metal-Tech

MTT:LN

GBp

5

0

0.00%

5

5

5

0

21-Nov

-67.74%

-67.74%

Origo Partners

OPP:LN

GBp

35

-0.25

-0.71%

35.25

35.25

35

9,000

21-Nov

-14.63%

-11.39%

Tembusu

TIL:LN

GBp

2.375

0

0.00%

2.375

2.375

2.375

0

21-Nov

-13.64%

North

America

Aberdeen Int’l

AAB:CN

CAD

0.64

0.01

1.59%

0.62

0.64

0.6

109,525

21-Nov

-20.85%

7.69%

Blue Zen Mem. Parks

BZM:CN

CAD

0.15

-0.005

-3.23%

0.15

0.15

0.15

1,400

21-Nov

Centerra Gold

CG:CN

CAD

20.32

0

0.00%

20.02

21.94

19.87

822,633

21-Nov

4.61%

25.79%

China Gold

CGG:CN

CAD

2.99

-0.06

-1.97%

3

3.14

2.88

263,172

21-Nov

-44.94%

-49.06%

Denison Mines

DML:CN

CAD

1.48

-0.06

-3.90%

1.49

1.52

1.45

2,057,197

21-Nov

-56.60%

-43.30%

Denison Mines

DNN:US

USD

1.41

-0.1

-6.62%

1.45

1.46

1.4

871,112

21-Nov

-58.77%

-45.14%

East Asia Minerals

EAS:CN

CAD

0.87

-0.03

-3.33%

0.9

0.9

0.82

258,144

21-Nov

-89.18%

-87.48%

Entree Gold

EGI:US

USD

1.47

-0.08

-5.16%

1.55

1.5501

1.43

55,130

21-Nov

-57.51%

-47.87%

Erdene Resource

ERD:CN

CAD

0.4

-0.005

-1.23%

0.405

0.405

0.39

40,900

21-Nov

-67.74%

-33.33%

Entree Gold

ETG:CN

CAD

1.53

-0.08

-4.97%

1.6

1.6

1.49

82,095

21-Nov

-55.91%

-46.50%

Fortress Minerals

FST:CN

CAD

4.09

0

0.00%

4.09

4.09

4.09

0

18-Nov

-5.98%

13.61%

Garrison Int’l

GAU:CN

CAD

0.025

0

0.00%

0.03

0.03

0.025

0

17-Nov

-72.22%

-50.00%

Gulfside Minerals

GMG:CN

CAD

0.07

-0.015

-17.65%

0.075

0.075

0.07

37,000

21-Nov

-26.32%

-46.15%

Green Tech Solutions

GTSO:US

USD

0.082

-0.017

-17.17%

0.095

0.095

0.082

207,100

21-Nov

-97.95%

Ivanhoe Energy

IE:CN

CAD

1.11

0.06

5.71%

1.09

1.11

1.01

423,973

21-Nov

-59.19%

-53.75%

Ivanhoe Energy

IVAN:US

USD

1.05

0.03

2.94%

1.01

1.07

0.97

558,242

21-Nov

-61.40%

-55.70%

Ivanhoe Mines

IVN:CN

CAD

19.31

-0.3

-1.53%

19.1

19.46

18.55

1,368,553

21-Nov

-16.04%

-17.81%

Ivanhoe Mines

IVN:US

USD

18.57

-0.57

-2.98%

18.41

18.78

17.9

3,471,146

21-Nov

-18.98%

-19.40%

Kincora Copper

KCC:CN

CAD

0.3

-0.02

-6.25%

0.3

0.3

0.3

137,515

21-Nov

11.11%

81.82%

Khan Resources

KRI:CN

CAD

0.24

-0.005

-2.04%

0.245

0.245

0.24

44,000

21-Nov

-50.00%

-42.86%

Long Harbour

LHC:CN

CAD

0.1

0

0.00%

0.12

0.12

0.06

0

9-Nov

Lucky Strike

LKY:CN

CAD

0.51

0

0.00%

0.51

0.51

0.5

0

18-Nov

-64.83%

-47.42%

Lucky Strike

LKYSF:US

USD

0.4522

0

0.00%

0.4522

0.4522

0.4522

0

17-Nov

-68.13%

Meritus Minerals

MER:CN

CAD

0.045

0

0.00%

0.04

0.045

0.035

0

17-Nov

-77.50%

-75.00%

Manas Petroleum

MNAP:US

USD

0.18

0

0.00%

0.18

0.185

0.165

22,200

21-Nov

-70.00%

-66.67%

Mongolia Growth Grp

MNGGF:US

USD

4.3474

-0.1526

-3.39%

4.479

4.479

4.1807

30,600

21-Nov

 

 

Blue Wolf Mongolia

MNGL:US

USD

9.49

0

0.00%

9.47

9.49

9.47

0

10-Nov

 

 

Blue Wolf Mongolia

MNGLU:US

USD

10.15

-0.13

-1.26%

10.15

10.15

10.15

100

21-Nov

 

 

Manas Petroleum

MNP:CN

CAD

0.16

0

0.00%

0.16

0.16

0.16

0

10-Nov

Prophecy Coal

PCY:CN

CAD

0.53

0

0.00%

0.56

0.61

0.52

1,206,714

21-Nov

-38.70%

-48.49%

Prophecy Coal

PRPCF:US

USD

0.4867

-0.0445

-8.38%

0.536

0.595

0.4867

195,691

21-Nov

-44.81%

-51.39%

Puget Ventures

PVS:CN

CAD

0.49

0

0.00%

0

17-Sep

SouthGobi Resources

SGQ:CN

CAD

7.08

-0.382

-5.12%

7.34

7.34

6.92

169,306

21-Nov

-41.87%

-39.28%

Solomon Resources

SRB:CN

CAD

0.07

0

0.00%

0.07

0.07

0.07

20,000

21-Nov

-67.44%

-69.57%

Wedge Energy

WEG:CN

CAD

0.015

0

0.00%

0

3-Aug

 

 

Mongolia Growth Grp

YAK:CN

CAD

4.5

0

0.00%

4.69

4.69

4.34

26,700

21-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.

 

 

No comments:

Post a Comment