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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Announcement made after yesterday market close, shares rise up to 4c to 7.1c this morning
Voyager: INTEREST IN KM PROJECT INCREASED TO 80%
December 20 -- Voyager Resources Ltd. (ASX:VOR) is pleased to announce that it has acquired an additional 30% interest in the KM Copper Project (KM) in Mongolia. Completion of this transaction is another significant achievement in the Company's objective of identifying and developing a "World Class" copper deposit in Mongolia.
Ø Voyager now has an 80% interest in the KM Copper Project.
Ø Initial drilling completed by Voyager on two separate prospects at KM has returned some of the best copper results in Mongolia to date, including:
§ 116 metres at 2.4% copper and 7.2 g/t silver from 30 metres (KM0012RCD) at Cughur
§ 46 metres at 1.1% copper and 14.1 g/t silver from 16 metres (KM0068D) at Gaans
Ø Broad mineralisation has also been intersected in drilling on a further three prospects at KM, namely Aranjin, Gaans North and Zam Daguukh with results pending.
Ø The Company has recently commenced a separate drill programme at KM aimed at identifying a porphyry stock or stocks.
The KM Project is located in the Erdene Island Arc Terrain, which is one of a number of tectonic terrains that extend across the Gobi and southern regions of Mongolia. This region has been proven to host a number of mineralised porphyry systems, including the giant Oyu Tolgoi Deposit.
Although limited exploration has been conducted over KM to date, the results released from the quartz tourmaline breccia pipes have been highly encouraging. These results along with the geological makeup of the project supports Voyagers belief that the KM Project has the potential to host a significant copper porphyry system or systems.
The decision by Voyager to increase its ownership is directly attributable to the results that have been returned to date, including the recent Cughur and Gaans copper discoveries. Additional drilling has also intersected further broad zones of copper mineralisation at Aranjin and Gaans.
This is an exceptional result for Voyager shareholders, increasing their exposure to a large copper porphyry system. Voyager's initial drilling programmes have returned some of the best copper drilling results in Mongolia, external to the giant Oyu Tolgoi copper gold deposits. It has the potential to be a company-making asset.
Origo completes equity placing of approximately US$32.5 million
December 20, Origo Partners PLC (LON:OPP) --
Further to the earlier announcement by Origo Partners plc ("Origo" or "the Company") today, the Company announces that it has raised approximately US$32.5 million, before commissions and expenses, via a placing (the "Placing") of 57,758,333 new ordinary shares of £0.0001 each in the capital of the Company (the "Placing Shares"). The Placing Shares were placed with investors at a price of 36 pence per Placing Share. Liberum Capital Limited acted as broker to the Placing.
The Placing Shares will be issued credited as fully paid and will rank pari passu with the existing Ordinary Shares, including the right to receive all dividends and other distributions declared in respect of such shares after the date of their issue.
The Company will apply for admission of the Placing Shares to trading on AIM, a market of the London Stock Exchange ("Admission"). It is expected that Admission will take place and that trading will commence on 23 December 2011. The Placing is conditional upon, inter alia, Admission becoming effective.
Origo Partners raises $35m via placing
December 20, Origo Partners PLC (LON:OPP) --
Beijing-based private equity investment company Origo Partners has announced that it intends to raise up to $35m via a placing to "capitalise on further investment opportunities developing in the Chinese market in early 2012."
The placing is of new ordinary shares to existing and new shareholders at a price of 36p per share. Origo said that it has already received indications of interest for more than $32m from shareholders.
"The net proceeds of the Placing are intended to be used to fund identified investment opportunities, including in Renminbi (RMB) funds in conjunction with the Chinese government."
The proceeds, along with the $15.4m cash the firm already has, will be used to meet its investment plan and cash operating costs in the upcoming year.
Origo's Chief Executive Officer Chris Rynning said: "Origo's partnership with the Chinese government is expanding and we are looking to increase our exposure to Renminbi. This placing will allow us to continue investing in fast growing Chinese cleantech and resource related companies while enlarging the Company's shareholder base."
Announcement made after market close, shares up as much as 13.3% this morning
Aspire Director Gan-Ochir Acquires 300T Shares on Market
December 20 (Mogi) Aspire Mining Limited (ASX:AKM) Non-Executive Director Mr. Gan-Ochir Zunduisuren on December 15 acquired 300,000 AKM shares on market at a value of A$89,000 through his GZ Capital LLC company, bringing his total interest to 38.3M ordinary and 10M performance shares.
Link to Change of Director's Interest Notice
Bought stakes in AKM, GUF
Rinehart takes baby steppes in Mongolia
AUSTRALIA'S richest person, Gina Rinehart, has thrown her weight behind Mongolia's emerging coal industry, spending an estimated $3 million on positions in two companies exploring in the Asian nation.
December 20 (The Australian) Share registry searches reveal Mrs Rinehart has in recent months taken positions in Australian Securities Exchange-listed Mongolian explorers Aspire Mining and Guildford Coal.
Mongolia's coalmining industry has grown rapidly in recent years on the back of a number of substantial discoveries, with the country's proximity to China meaning it is set to become one of the world's biggest exporters of coal.
The share registry search results show that Mrs Rinehart in September bought 812,681 shares in Guildford, representing a 0.19 per cent interest in the company. In October, she bought almost 4.4 million shares, or 0.7 per cent, of Aspire Mining.
The stakes, which were registered under her own name, are currently trading well below what Mrs Rinehart paid.
Guildford was trading at more than $1.10 a share in September, when Mrs Rinehart bought her stake, but are now worth just 64.5c, while shares in Aspire have fallen from about 45c in mid-October to about 29c at present.
Mrs Rinehart's stake in Guildford is now worth $524,000, while the Aspire shares are currently worth just under $1.3m.
While the interests in Guildford and Aspire are small in the context of Mrs Rinehart's estimated $9 billion business empire, the purchases do reflect the normally low-profile billionaire's delivery of a warning that investors would increasingly bypass Australia for opportunities overseas.
Speaking at a conference in Perth earlier this year, Mrs Rinehart warned that the Gillard government's carbon tax and mining tax would increasingly drive investors away from Australia, and singled out Mongolia as a country that would benefit from increased investment as a result.
"They (investors) are going to be looking at Mongolia, they will be looking at West Africa because they can't keep supporting high costs," Mrs Rinehart reportedly said.
"If we don't keep cost-competitive, they will go elsewhere and that's the reality."
Perth-based Aspire is exploring the Ovoot coking coal project in northern Mongolia, with the company having already identified a 330.7 million-tonne resource of high-quality coking coal.
Aspire last month entered into an alliance agreement with Hong Kong-based commodities trader Noble Group to cover supply-chain logistics and the marketing of coal from Aspire's Ovoot coking coal project. Noble had previously bought an 8.3 per cent stake in Aspire on market, adding to its existing 9.9 per cent stake in an alliance with another northern Mongolia coking coal explorer, Xanadu Mines.
Newcastle-based Guildford Coal, meanwhile, owns coking and thermal coal resources in central and southern Mongolia. The company has been investigating a spin-off of those assets into a new entity, which would leave Guildford to focus on its coal exploration projects in Queensland.
The bulk of Mrs Rinehart's wealth is tied up in Western Australia, where her company, Hancock Prospecting, holds royalties and stakes in a number of iron ore projects. She also has a minority interest in some undeveloped coal projects in Queensland's Galilee Basin, having recently struck a $1.3bn deal that will hand control of the assets to Indian group GVK.
Mrs Rinehart recently joined the board of Ten Network Holdings after buying a 10 per cent stake in the company earlier this year, while she also spent $50m buying a 1.5 per cent stake in Fairfax Media.
Winsway: FURTHER ANNOUNCEMENT ON MAJOR TRANSACTION
Entry into a Joint Venture with Marubeni Corporation to Acquire the entire issued share capital of Grande Cache Coal Corporation
December 20, Winsway Coking Coal Holdings Limited (HK:1733) --
The Company further announces that, pursuant to Rule 14.44 of the Listing Rules, written shareholders' approval from a closely allied group of Shareholders will be accepted in lieu of holding an EGM to approve the Arrangement. Accordingly, no EGM will be convened for the purpose of approving the Arrangement.
As additional time is required to prepare the Competent Person's Report and the Valuation Report for inclusion in the Circular, the Company has applied to the Hong Kong Stock Exchange for a waiver from strict compliance with Rule 14.41(a) of the Listing Rules and an extension of time for the despatch of the Circular to a date which is currently expected to be not later than 20 January 2012.
Save for the abovementioned changes and the revised expected date of despatch of the Circular, all other information contained in the Announcement remains unchanged.
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S&P revises Golomt Bank of Mongolia Outlook to Positive
Dec 20 (S&P) - Standard & Poor's Ratings Services today revised the outlook on its long-term issuer credit rating on Golomt Bank of Mongolia to positive from stable. At the same time, Standard & Poor's affirmed the 'B+' long-term and 'B' short-term issuer credit ratings.
We revised the outlook after making a similar outlook revision on the sovereign credit rating on Mongolia (BB-/Positive/B) on Dec. 19, 2011. The outlook revision also reflects our view that Golomt Bank is of "high systemic importance" and our assessment of the government of Mongolia as "highly supportive" of the country's banking sector.
However, we do not factor any implicit support from the government in to the ratings on Golomt Bank because the bank's stand-alone credit profile (SACP) is very close to the local currency rating on the Mongolia government. Nonetheless if the sovereign ratings on the Mongolian government are raised, implying the government's potentially stronger capacity to support the banking sector, we could also upgrade Golomt Bank.
MPP AND DP FACTIONS DISCUSS AMENDMENTS TO CONSTITUTION
Ulaanbaatar, Mongolia, December 20 /MONTSAME/ On Monday, the factions of the Mongolian People's Party (MPP) and the Democratic Party (DP) at the State Great Khural discussed an issue of amending the Constitution of Mongolia.
The DP faction discussed a draft amendment to the 1st clause of the Constitution's 29th article which states "not more than one third of the cabinet members can be members of the State Great Khural". It has been backed by the faction.
They also backed draft amendments to the 2nd and 3rd clauses of the Constitution's 60th article. By these amendments, the members propose that soums' governors shall be elected by the soums' citizens, whereas governors of bagas (the smallest administrative unit in aimags) shall be selected by soums' governors. Governors of aimags shall be elected under a consultation between the Prime Minister and the Citizens' Representative Khural of aimags.
They agreed to back an amending of the Constitution's 4th chapter, but considered as necessity to analyze its some articles and clauses and to take proposals from the President.
The DP faction underlined it is time to alter the above clauses because the previous local selections had been politically influenced, neglecting state actions.
Then the faction considered a draft amendment to the law on public celebrations, and decided as necessary to submit it to meetings of related Standing committees and parliamentary session. According to the draft, December 29--the Independence Day of Mongolia--shall be a public holiday.
How to play Mongolia's massive mineral wealth
December 20 (MoneyWeek blog) I have had excellent intentions of writing something about Mongolia for you ever since I interviewed Chris Rynning of Origo Partners Plc a few weeks ago. However, I put it off and now I see that Dominic Frisby has beaten me to it in yesterday's Money Morning: Feeling adventurous? Here's the next great land of opportunity.
Dominic sums up the case pretty well, but the problem for me with Mongolia is China. Its future prosperity appears to be leveraged almost completely to Chinese demand for its astonishingly abundant natural resources. 98% of Mongolian exports go to China.
So what happens if China – and Chinese demand – crashes? Chris – who has worked in China for decades – doesn't think it will. But even if our bearish case does play out, he isn't convinced that it will affect Mongolia particularly badly. It is, he says, "always easier" to transport the likes of coal across one land border than over many oceans. That gives Mongolia a massive advantage over Australia, New Zealand and Brazil.
If demand for commodities as a whole falls, it is entirely possible that demand for commodities from Mongolia will still rise. Right now, Mongolia is only just starting out down its exporting path (it is still a net importer) but as it becomes a net exporter (from next year), says Chris, it will find itself with a trade surplus and then, as is usually the way, with a rising currency. That'll be good for those who invest now.
Investing, as Dominic points out in his piece, isn't easy. Even Chris – quite the fan of Mongolia – notes that valuations are "all over the place" and liquidity is "hopeless". However, he also thinks that will change as Mongolia's partnership with the LSE gets underway and as its large resource groups start to list.
This is risky stuff, but if it interests you, Origo have set up a Mongolia fund which you can find out more about here (minimum investment $10,000). It is interesting for the equity exposure but also for the cash exposure: interest rates in Mongolia are around 14-15% which even if you take its high inflation into account still means that depositors are making a real return of 5-6%. That's not something you can say of many other countries.
Mongolia: Shiny prospects
December 20 (Oxford Business Group) Mongolia's metals and coal-related boom shows no sign of abating, with recent state figures confirming healthy growth across the economy. However, there continue to be concerns over a demand slump in China and the timing of a major mine listing.
Data released by the National Statistics Office (NSO) in mid-November revealed that in the first 10 months of 2011 government revenues rose to MNT3.47trn ($2.64bn), while total expenditure and net lending amounted to MNT3.29trn ($2.5bn), creating a surplus of MNT189.7bn ($144.17m).
In the same period, foreign trade surged by 90% year-on-year (y-o-y), reaching a value of $4.33bn. While imports rose to $2.82bn, or more than twice last year's figure, exports were up by $1.5bn – a 66.5% increase on the first 10 months of 2010.
The broad-based swell of economic activity reported by the NSO tallies with World Bank estimates that Mongolia's GDP growth reached 17.3% in the second quarter of 2011 – the fastest in the world.
When production at the Oyu Tolgoi copper and gold mines reaches its expected peak between 2013 and 2014, that mine alone is expected to boost GDP by 20% to 30%. Oyu Tolgoi is scheduled to produce some 450,000 tonnes of copper and about 650,000 ounces of gold per year in its first decade.
The Tavan Tolgoi coal deposit, in Mongolia's south Gobi region, has an estimated production life of more than 30 years, with annual production of 15m tonnes. A planned initial public offering (IPO) of Erdenes-Tavan Tolgoi, the state-owned entity charged with developing the project, is expected to raise $3bn.
In a confidence boost to investors concerned the country's vast mineral wealth will leave it susceptible to so-called "Dutch disease" (when a booming resource sector creates economic conditions hurting all other industries), there were healthy signs in other economic areas such as tax collection and industrial output.
Tax revenues surged to MNT964.7bn ($733.17m) by October, a 46.7% y-o-y rise, according to the NSO. Revenues from taxes on goods and services increased 73.6% y-o-y to MNT494.6bn ($375.9m), while taxes on foreign trade rose 84.2% to MNT126.4bn ($96.1m), and the value of social security contributions went up 49.2% to MNT120.5bn ($91.58m).
Those figures will likely be welcomed by the International Monetary Fund (IMF), which, along with the US government, sent a delegation to the country in August. The IMF's aim was to both offer technical assistance and help adapt international standards to improve local tax collection.
The NSO also noted a 10.1% y-o-y rise in total industrial output. While the increase was driven by a 10.8% rise in mining and quarrying, the government's efforts to encourage diversification seem to be taking effect. There was a 10.6% increase in manufacturing, including a 9.6% increase specifically for food and beverages production.
"Our economy is quite vulnerable as it depends on the export of one or two raw materials," Prime Minister S Batbold told OBG. "We would like to address these issues by diversifying our economy, for which we are introducing new financial and support mechanisms aimed at the non-mining sectors. … This includes the creation of value-added and processing centres in Mongolia, so that we do not only export raw materials but also increase production, to create more jobs and bring in new technologies."
The strength of domestic growth is clear, though external factors such as prices and a possible slowdown in demand for the country's vast resources could hinder expansion.
In November, reports that Beijing plans to encourage the development of electric vehicles saw the price of London Metal Exchange (LME) three-month copper climb $121 (1.6%) to end at $7760 a tonne. However, there are concerns that demand in China, which accounts for about 40% of global copper demand, could yet fall victim to the weakening global economic outlook and financial uncertainty.
Another factor in investor confidence for Mongolia is concerns over delays with the Erdenes-Tavan Tolgoi IPO, scheduled to list in Hong Kong and London in second-quarter 2012.
Angus Caithness, Erdenes-Tavan Tolgoi's CFO, told Reuters on November 20 that while the Mongolian cabinet set up a new company to serve as the vehicle for the triple listing of the eastern block in mid-November, there is still a lot of work to do before shares can begin trading.
"Obviously with this [listing], there are a number of legal and technical issues to be overcome," said Caithness.
The uncertainty is raised by the government's failure to reach a final decision on an investment agreement for the project's western block. With Chinese, Russian, US, Japanese and South Korean groups among the major bidders, the deal has taken on geopolitical aspects, putting pressure on the Batbold administration ahead of June 2012 elections.
"It is hard to say [when it will be finalised], however I do know that everybody is doing their best to conclude the negotiations as soon as possible," said Caithness, adding that he had few concerns about the current global financial climate affecting the mine's prospects.
"I personally do not see the BRIC [Brazil, Russia, India and China] nations' growth slowing down too dramatically," he said. "This suggests to me that prices will remain strong and once the infrastructure constraints in the country are resolved, the company's margins will increase even further."
EBRD: Group lending or individual lending? Evidence from a randomised field experiment in Mongolia
December 2011 (EBRD) --
Abstract
Although microfinance institutions across the world are moving from group lending towards individual lending, this strategic shift is not substantiated by sufficient empirical evidence on the impact of both types of lending on borrowers. We present such evidence from a randomised field experiment in rural Mongolia. We find a positive impact of access to group loans on food consumption and entrepreneurship. Among households that were offered group loans the likelihood of owning an enterprise increases by 10 per cent more than in control villages. Enterprise profits increase over time as well, particularly for the less-educated. For individual lending on the other hand, we detect no significant increase in consumption or enterprise ownership. These results are in line with theories that stress the disciplining effect of group lending: joint liability may deter borrowers from using loans for non-investment purposes. Our results on informal transfers are consistent with this hypothesis. Borrowers in group-lending villages are less likely to make informal transfers to families and friends while borrowers in individual-lending villages are more likely to do so. We find no significant difference in repayment rates between the two lending programmes, neither of which entailed weekly repayment meetings.
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A Mongolian IPO
December 20 (CapitalistExploits.com) Last Thursday I spoke about leveraging capitalism. I made the point, with a bit of help from Chris's last post, "Leverage - Why Here? Why Now?" that Mongolian real estate might be a good long-term speculation.
Over the last several months we've gotten to know a few of Mongolia's brightest entrepreneurs. Real estate has been a big focus for most of them. Without a doubt, one of the most successful has been Lee Cashell. You can read an extensive interview that I conducted with Lee in our special report on Investing in Mongolia. If you don't have it you can download it here.
I also interviewed Lee last week, but I focused more directly on the listing of APP, his Mongolian-listed property play. APP is the newest issue on the Mongolian Stock Exchange, so it's generating a lot of excitement. The price is rapidly appreciating, and we wanted to catch up with Lee before the rest of the herd.
Mark: Lee we've spoken a few times about Mongolia with you, and you're featured prominently in our special report on Mongolia. Today I want to ask you more specifically about APP, the company you just floated on the Mongolian exchange. But first, you run quite a few businesses in Mongolia, give us an overview.
Lee: Asia Pacific Investment Partners is a ten year old company incorporated in Hong Kong which owns and operates ten companies inside of Mongolia. The companies are in the real estate, mining and financial services industries and the largest of the ten companies are the property development company and Central Asian Cement, which is a cement producer. The company has about 200 employees and is currently planning a listing of the entire group on the Hong Kong stock exchange in late 2012 or early 2013.
Mark: Ok, so what's the deal with APP? Is it an asset gathering play?
Lee: Asia Pacific Properties is a new company that was formed to hold several of our real estate businesses and also give APIP a representative listing on the Mongolian stock exchange. As one of the largest integrated real estate companies in Mongolia we feel that it is important for us to have a company on the Mongolian stock exchange which offers investors access to one of the most active real estate companies in the country.
The businesses we have decided to inject into APP are the Rural Development Corporation, the Property Trading business, and the Property Development Division that specializes in "smaller boutique residential buildings". The larger condominium and mixed use developments will continue to stay underneath Asia Pacific Land and the main developer of the group.
The Rural Development Corporation was an idea we had about four years ago to leverage off of the growth of the mining activity that was happening in the Gobi Desert. As many people have heard, two of the largest mining deposits in the world are both located about 100 kilomters of each other in the Gobi Desert. This of course has spurred economic growth in the area. We decided to make a number of investments there into the small commercial buildings that can be rented out as stores, restaurants and various other small businesses that one generally finds when you have a mining boom. Our inspiration is the old saying that the people who really made the money in the San Francisco gold boom were the people selling picks and shovels, as well as real-life examples including Levi's jeans and Folger's Coffee. In this case, we are really standing by our competitive advantage of buying and renting real estate. If Levi's was participating in the Mongolian gold boom they would probably be renting one of our stores.
Mark: You've mentioned before that you're working towards a US$50 million market cap for APP. What sort of PE would we be looking at with that valuation, and what sort of PE are we looking at now?
Lee: The income for this, since we just started, is expected to be quite modest, but the good news is that the first property development we are doing inside the company, which is called The Oasis Residence, is currently about 40% sold. We expect to be 100% sold over the next 6 months. This building should bring about US$4 million in profit to the company, and the other two businesses should add about another US$1 million, bringing us up to US$5 million for next year. The average PE ratio now on the exchange is around 30X, although because of the illiquidity it is difficult to get a good average figure. In any case, we will be happy with anything between a 20x and 30X PE ratio.
Mark: Liquidity is a major issue on the Mongolian exchange. You also own a Mongolian broker/dealer. First, what's it like operating a broker/dealer in such a fledgling market?
Lee: Well, it has really been a game of patience since we have been waiting for five years for the liquidity to increase. We have had a couple of liquidity spurts but we are still expecting a normalization of the exchange with increased investment, trading hours, IPO's and of course liquidity. Of course with low liquidity brokers can make a lot of money, so we haven't built up a large infrastructure within the company yet, and are planning to expand the brokerage, called Asia Pacific Securities, in line with the growth of the turnover of the market.
Mark: And, how does owning your own broker/dealer help you create liquidity for APP and your investors?
Lee: Well, it helps alot, we are the main market maker for the company and the main broker to the parent company, Asia Pacific Investment Partners, which is the largest shareholder of APP. The brokerage arm will of course remain the most active market maker for the stock, but it is clear that other brokerage firms are excited about participating since this is one of the only new issues to hit the market this year.
Mark: We've heard that Sam Zell and others are now seriously looking at Mongolia, and we've even spoken to one of our contacts that has already had a meeting with Zell. What's going to happen when all that capital (billions) tries to find a home in Mongolia? Where is it going to go and how are you positioning ahead of it?
Lee: It will be difficult for Sam Zell or any other large real estate players to come in and invest large sums of money in the Mongolian real estate market right away because there are very few strata title buildings available for sale in the country. That means they will be forced into trying to get involved in property development, which significantly increases their execution risk as well as requires on the ground management of projects. In either case, more money is definitely coming into the property market, and as one of the leading developers in the city we are definitely well-positioned to continue to sell property. However, perhaps more importantly we hold the largest land bank of any developer in the country and therefore have the ability to sell out land should we choose to, or else continue to develop top-quality buildings over the next ten years.
Mark: Outside of APP, what's the best way for small individual investors to approach the Mongolian investment opportunity, longer term?
Lee: Well, within our group we offer numerous ways for people to participate. Firstly, people can invest into the stock market, including APP, through our brokerage arm called Asia Pacific Securities; secondly, they can invest into real estate, either into one of our developments or through the dozens of opportunities we have through our real estate agency Mongolian Properties. We were the first real estate agency in the country and remain the largest by far. We have a successful record of serving international clientele for ten years. We currently have about fifteen agents and I have trained them all myself, so they provide excellent service.
In addition, investors could consider putting some funds into a bank account in Mongolia that is generally yielding above ten percent for Mongolian currency deposits. We also have a lending arm called Asia Pacific Finance, and we regularly borrow funds from our circle of investors, offering them 10% interest on USD or MNT for credit lines spanning anywhere from 6 months to 3 years.
Mark: If you were just coming to Mongolia for the first time, capital in hand, what would you focus on today?
Lee: Like everywhere one should consider diversification, so I would put some money into the stock market, some into property and some into a bank account in Mongolian Tugriks in order to get both the interest rate, as well as any possible currency appreciation.
Mark: There are enormous opportunities in Mongolia, on that I think we agree. During every bull market you'll still find guys who manage to lose their shirts. With that in mind what sectors in Mongolia do you think pose the greatest risks to investors?
Lee: Probably mining is the biggest risk because there are constant discussions within the Mongolian government about amending laws, increasing taxes and forbidding investment into this sector, or that specific geography of Mongolia. The other industry that I have seen take a hit is construction. When the last financial crisis hit all of the banks pulled their loans from construction companies and a number of projects were stopped half-way finished.
Lastly, investing directly into a private company in Mongolia without a very good legal contract, a strong presence on the ground in Mongolia and a clear path to an exit is also a no-no. Our main company, Asia Pacific Investment Partners (APIP), is currently private and headed towards an IPO on the Hong Kong stock exchange. We have a ten-year track record of growing profits and excellent corporate governance, yet we would only extend the invitation to invest into our company to very savvy, experienced international investors that qualify as high-net worth sophisticated investors. Although private company investments sometimes have outsized returns, they also have significant execution and liquidity risks, especially in the emerging markets. I know you guys focus on this area, so you know what I'm talking about.
Mark: Absolutely, we do... That being said, the "risk off" trade that has dominated global capital markets for the last few months has to a large extent side-stepped the MSE. Can you give us your views on this?
Lee: Well, during 2008 Mongolia was still booming from its previous year of 2007 which saw a growth rate of 9.5%. As the world was reeling from the Global Financial Crisis (GFC) everything seemed peachy in Mongolia until 2009 came around, and that's when we saw the effects of the GFC hit Mongolia. I therefore expect some modest slow down in Mongolia for next year, which quite frankly I welcome because things are growing a bit too fast for the infrastructure of Mongolia to keep up. I would prefer Mongolia grows at 10% a year for the next ten years, rather than at 30% for the next three years.
Mark: Does a lack of liquidity in the event of a downturn bolster the market due to investors preferring to hold rather than sell, knowing that the lack of liquidity could work adversely for them in such a market environment?
Lee: Well, frankly the lack of liquidity gets worse when the economy slows down and there is a perceived "crisis" somewhere around the world, but that also needs to be juxtaposed against an increasing knowledge and interest in Mongolia, and the lack of investment opportunities in general, which keeps the overall investment into the Mongolian stock exchange increasing slowly but surely.
When I look at the decreasing interest rates of savings deposits (They used to be 20% per year and now are down to 10% or 11%) I can see the right ingredients for a surge in the Mongolian stock exchange. Lowering interest rates, increased awareness and investment, new technologies and cooperation with the LSE and most importantly strong growth in corporate profits, points to a very promising year for the MSE.
Mark: Thanks Lee, that was great information for our subscribers.
Lee: My pleasure.
Mark again... Clearly Mongolia could provide investors with the proper perspective and time horizon immense opportunity. We recommend you listen to experts like Lee, who are on the ground, hacking it out day in and day out. We'll continue to bring you updates and opportunities as they present themselves.
Leveraging Capitalism
December 15 (CapitalistExploits.com) Look mom, I used two dirty words at the same time! Leverage and capitalism…
In his last two missives Chris, a guy who also likes to talk dirty, spoke about things like private deals, doing your DD and pulling the trigger. I'll try to build on this a bit herein. Wish me luck!
In his post Leverage – Why Here? Why Now?, Chris said that, "Simply put, real estate in a rapidly expanding economy offers arguably the best leveraged, risk reward setup…"
He highlighted the real-world example of Mongolia. The leveraged growth has been going on for a couple years, but for many reasons, most of which we have discussed previously, the real fun is just about to begin.
As Chris said, "Buying into select quality real estate there is like buying dividend paying equities that are set to double every year for a number of years going forward."
For that reason we have been buyers of Mongolia Growth Group, Harris Kupperman's venture. We still love the deal, but Harris isn't the only guy in Mongolia buying up real estate.
Lee Cashell of Asia Pacific Investment Partners (APIP) has been in the country a long time. He's built quite an empire… Land banking, cement, construction, trucking, minerals, and oh yes, real estate.
Lee just floated some of his real estate assets through a new vehicle listed on the Mongolian stock exchange. The ticker is APP. The deal is building some serious steam, demand is outstripping supply and the stock is rising 10%-15% per day! Despite the rise, the market cap is still only about US$5 million. This deal is under-the-radar.
We are scurrying to buy some, and it's been a lesson about how fast things move in these markets.
Like Chris said in his 3 Life-Changing Lessons post, learn to pull the trigger. We've done our DD on Mongolia and we're confident in our conclusions, now we just have to buy some more high-quality assets… We're trying!
To "pull the trigger" and buy APP shares we had to open an account with Asia Pacific Securities (APS). To participate in IPO's, block purchases and deals underwritten by the brokerages themselves it's necessary to have an account with the firm doing the deal, in this case, APS.
The Mongolian stock exchange is a small, illiquid market. Go with the broker that is running a deal if you want to get filled. This will mean opening up multiple brokerage accounts, don't let that dissuade you. You have to position yourself ahead of time if you want to strike while the iron is hot!
What to do…
You can open an account with APS very easily, there is no need to go to Mongolia. Just download the forms, really just one page, and send them off. A few days later you'll have your new account, and also an account with Mongolia's Central Depository and Clearing House, which is operated by the government. This account can be "linked" to up to 5 brokerage accounts within Mongolia. That's actually where you wire your money for your trades as well…
I interviewed Lee recently regarding APP, and we'll post that interview on Tuesday of next week. Lee shares some real nuggets with us, so be sure to tune-in.
Meanwhile we just finished our FREE special report on Investing in Mongolia. You can get your copy by clicking here. Send it to your friends as well, share the wealth we say.
Oh, but make sure you're on our email updates list (see below, or at the top of the website). We will be releasing another report on Mongolia with specific details about who to contact, which brokers you should be working with, and some very unique business ideas you might want to investigate for yourself. We wouldn't want you to miss it!
Have a great weekend, and don't let these markets panic you…
CapitalistExploits: MONGOLIA: THE ULTIMATE FRONTIER MARKET INVESTMENT OPPORTUNITY
December 2011 (CapitalistExploits.com) --
Mineral, metal scarcity seen worsening - PwC survey
Dec 7 (Reuters) - Scarcity of metals and minerals will become more severe in the next five years, with the automotive, chemicals and energy industries likely to be hit hardest, according to a global survey of company executives by PricewaterhouseCoopers (PwC).
The survey of 69 executives across seven sectors, published on Wednesday, found that European companies were most concerned about a shortage, with 71% of respondents seeing scarcity as a risk, compared with 53% in Asia Pacific and 50% in the Americas.
"Put simply, many businesses now recognise that we are living beyond the planet's means," said Malcolm Preston, PwC's global sustainability leader, in a statement.
Companies pinpointed growing demand for materials and political issues, such as China's export restrictions on rare earth metals, as the main drivers of scarcity.
Those in the renewable energy, automotive, energy and utilities sectors said they currently faced supply instability, while those in the aviation, high-tech and infrastructure sectors expected increasing disruption of supply by 2016.
The report suggested that some industries might use scarcity to their competitive advantage. Some 43% of respondents said scarcity offered an opportunity at present, while 59% said opportunities would increase in the next five years, with the automotive sector most positive.
"New business models will be fundamental to the ability to respond appropriately to the risks and opportunities posed by the scarcity of minerals and metals," PwC's Preston said.
Despite abundant material reserves in Asia, particularly in China, which produces about 97% of the world's rare earth metals, Asian firms still expect substantial problems as explosive growth in emerging markets puts pressure on supplies.
PwC listed 14 materials as "critical", including tantalum, which is used in computers and mobile telephones; fluorspar, found in cement, glass and iron; and lithium, used in wind turbines and batteries for hybrid cars.
Eighty-three percent of surveyed firms said their suppliers considered metal scarcity to be an important issue, but only 61% said they thought their customers were concerned about it.
In Europe, 96% of executives said their governments were aware of the problem, compared with 58% in Asia and 54% in the Americas.
Almost half of companies rated their preparedness for scarcity as 'high' to 'very high'. The renewable energy sector had the highest percentage at 67% who were highly confident about their plans to combat a supply shortage, while just 33% of companies in the chemical and high-tech sectors rated their preparedness as "high" to "very high".
Link to 14th Annual Global CEO Survey: Growth reimagined report page
Link to Metals Industry Summary – Global CEO Survey
Table: Mongolia Related Stocks (Source: Bloomberg)
Name | Symbol | $ | Price | Change | +-% | Open | High | Low | Volume | Time | % YTD | % 12 m | |
Indices | ASX 200 | 4,053.10 | -7.30 | -0.18% | 4,060.60 | 4,076.30 | 4,050.30 | - | 20-Dec | ||||
Nikkei 225 | 8,336.48 | 40.36 | 0.49% | 8,318.03 | 8,354.90 | 8,317.73 | - | 20-Dec | |||||
Hang Seng | 18,080.20 | 9.99 | 0.06% | 18,044.75 | 18,270.70 | 18,010.26 | - | 20-Dec | |||||
FTSE 100 | 5,419.60 | 54.61 | 1.02% | 5,364.99 | 5,426.28 | 5,328.67 | - | 20-Dec | |||||
TSX Composite | 11,716.88 | 177.18 | 1.54% | 11,627.01 | 11,753.50 | 11,573.36 | - | 20-Dec | |||||
S&P 500 | 1,241.30 | 35.95 | 2.98% | 1,205.72 | 1,242.82 | 1,205.72 | - | 20-Dec | |||||
ASX | Aspire Mining | A$ | 0.3 | 0.005 | 1.69% | 0.295 | 0.31 | 0.29 | 2,332,614 | 20-Dec | -37.50% | -40.59% | |
Blina Minerals | A$ | 0.005 | 0 | 0.00% | 0.005 | 0.005 | 0.005 | 335,715 | 20-Dec | -66.67% | -66.67% | ||
Draig Resources | A$ | 0.042 | 0 | 0.00% | 0.041 | 0.042 | 0.04 | 0 | 25-Nov | 50.00% | 90.91% | ||
FeOre | A$ | 0.285 | 0.01 | 3.64% | 0.275 | 0.285 | 0.26 | 75,000 | 20-Dec | ||||
General Mining | A$ | 0.04 | 0 | 0.00% | 0.04 | 0.04 | 0.04 | 75,000 | 20-Dec | -66.67% | -65.22% | ||
Guildford Coal | A$ | 0.67 | -0.01 | -1.47% | 0.67 | 0.675 | 0.65 | 134,595 | 20-Dec | -8.22% | -6.29% | ||
Haranga Resources | A$ | 0.295 | -0.01 | -3.28% | 0.3 | 0.3 | 0.295 | 14,644,500 | 20-Dec | -53.91% | -45.37% | ||
Hunnu Coal | A$ | 1.795 | 0 | 0.00% | 1.78 | 1.795 | 1.78 | 0 | 16-Nov | 34.46% | 59.56% | ||
Modun Resources | A$ | 0.038 | -0.002 | -5.00% | 0.039 | 0.039 | 0.037 | 279,011 | 20-Dec | 280.00% | 280.00% | ||
Mongolian Res Corp | A$ | 0.14 | 0 | 0.00% | 0.14 | 0.14 | 0.14 | 0 | 13-Dec | -61.11% | |||
Robe Australia | A$ | 0.016 | -0.001 | -5.88% | 0.017 | 0.019 | 0.016 | 1,830,000 | 20-Dec | 71.12% | |||
Voyager Resources | A$ | 0.067 | 0.001 | 1.52% | 0.068 | 0.071 | 0.066 | 5,065,660 | 20-Dec | 24.94% | 73.00% | ||
Xanadu Mines | A$ | 0.335 | -0.005 | -1.47% | 0.335 | 0.335 | 0.335 | 1,749 | 20-Dec | -40.71% | -44.17% | ||
MSE A Board | Aduunchuluun | MNT | 5,299 | 498 | 10.37% | 5,100 | 5,299 | 4,900 | 529 | 20-Dec | -33.76% | -24.30% | |
APU | MNT | 3,650 | -140 | -3.69% | 3,770 | 3,775 | 3,410 | 7,243 | 20-Dec | 83.42% | 94.15% | ||
Atar Urguu | MNT | 38,000 | 0 | 0.00% | 38,000 | 38,000 | 38,000 | 0 | 2-Dec | ||||
Baganuur | MNT | 9,000 | -500 | -5.26% | 9,200 | 9,200 | 8,500 | 398 | 20-Dec | -14.29% | -10.89% | ||
Mogoin Gol | MNT | 26,000 | 0 | 0.00% | 26,000 | 26,000 | 26,000 | 8 | 20-Dec | 120.34% | 152.43% | ||
BDSec | MNT | 3,700 | 0 | 0.00% | 3,700 | 3,700 | 3,700 | 0 | 16-Dec | 48.00% | 48.00% | ||
Bayangol Hotel | MNT | 32,725 | -2275 | -6.50% | 33,500 | 33,500 | 32,725 | 26 | 20-Dec | 36.92% | 36.35% | ||
Bayanteeg | MNT | 23,000 | 0 | 0.00% | 23,000 | 23,000 | 23,000 | 0 | 14-Dec | 228.52% | |||
UB BUK | MNT | 33,000 | 0 | 0.00% | 33,000 | 33,000 | 33,000 | 0 | 15-Dec | 626.07% | 1169.23% | ||
Eermel | MNT | 2,700 | 4 | 0.15% | 2,801 | 2,801 | 2,700 | 159 | 20-Dec | -6.09% | 10.20% | ||
Gobi | MNT | 5,200 | 300 | 6.12% | 5,150 | 5,200 | 5,150 | 376 | 20-Dec | -7.14% | -7.14% | ||
Gutal | MNT | 2,500 | 0 | 0.00% | 2,500 | 2,500 | 2,500 | 0 | 16-Dec | 233.33% | |||
Hi B Oil | MNT | 200 | 0 | 0.00% | 199 | 200 | 199 | 0 | 14-Dec | 11.11% | 17.65% | ||
Khukh Gan | MNT | 193 | 3 | 1.58% | 190 | 193 | 185 | 240 | 20-Dec | 3.21% | -11.06% | ||
Hermes Centre | MNT | 58 | 1 | 1.75% | 57 | 58 | 57 | 1,125 | 20-Dec | 7.41% | 16.00% | ||
Jenko Tour Bureau | MNT | 93 | -1 | -1.06% | 91 | 93 | 91 | 15,362 | 20-Dec | -1.06% | 3.33% | ||
Telecom Mongolia | MNT | 2,655 | -145 | -5.18% | 2,655 | 2,655 | 2,655 | 70 | 20-Dec | -24.14% | -27.26% | ||
Mongolia Dev Res | MNT | 1,100 | 0 | 0.00% | 1,100 | 1,100 | 1,100 | 5 | 20-Dec | -15.38% | -12.00% | ||
Moninjbar | MNT | 135 | 0 | 0.00% | 136 | 136 | 135 | 0 | 19-Dec | 17.39% | |||
Mongol Nekhmel | MNT | #DIV/0! | 0 | ||||||||||
Hotel Mongolia | MNT | 795 | -4 | -0.50% | 795 | 795 | 795 | 10 | 20-Dec | 44.55% | |||
Darkhan Nekhii | MNT | 6,999 | 0 | 0.00% | 6,400 | 6,999 | 6,400 | 0 | 14-Dec | 42.84% | 34.62% | ||
Nak Tulsh | MNT | 195 | 0 | 0.00% | 195 | 195 | 195 | 0 | 16-Dec | -40.00% | -40.00% | ||
Olloo | MNT | 240 | -8 | -3.23% | 244 | 248 | 240 | 47,648 | 20-Dec | 60.00% | 71.43% | ||
Remikon | MNT | 180 | 0 | 0.00% | 180 | 180 | 180 | 6,451 | 20-Dec | 150.00% | 153.52% | ||
Sharyn Gol | MNT | 11,450 | 298 | 2.67% | 11,150 | 11,498 | 11,150 | 578 | 20-Dec | 9.05% | 11.71% | ||
Shivee Ovoo | MNT | 13,000 | 0 | 0.00% | 12,800 | 13,000 | 12,800 | 307 | 20-Dec | 0.00% | -3.70% | ||
Sor | MNT | 3,850 | -450 | -10.47% | 4,200 | 4,200 | 3,850 | 45 | 20-Dec | 413.33% | |||
Suu | MNT | 65,000 | 0 | 0.00% | 65,500 | 65,500 | 65,000 | 0 | 6-Dec | ||||
Tav | MNT | 32,500 | 0 | 0.00% | 32,500 | 32,500 | 32,500 | 0 | 14-Dec | ||||
Talkh Chikher | MNT | 10,000 | 0 | 0.00% | 10,003 | 10,003 | 10,000 | 0 | 19-Dec | 170.27% | 195.86% | ||
Tavantolgoi | MNT | 8,999 | 499 | 5.87% | 8,999 | 8,999 | 8,999 | 16 | 20-Dec | 56.23% | 69.79% | ||
State Dept Store | MNT | 485 | 0 | 0.00% | 485 | 485 | 485 | 720 | 20-Dec | 12.79% | 16.87% | ||
Ulaanbaatar Hotel | MNT | 45,999 | 0 | 0.00% | 46,000 | 46,000 | 45,999 | 0 | 13-Dec | 67.27% | 73.58% | ||
Mongol Savkhi | MNT | 2,248 | 0 | 0.00% | 2,248 | 2,248 | 2,248 | 200 | 20-Dec | 308.73% | 287.59% | ||
Zoos Goyol | MNT | 870 | 0 | 0.00% | 801 | 870 | 801 | 0 | 19-Dec | 10.13% | 4.82% | ||
HKEx | Solartech Int'l | HKD | 0 | -0.001 | -0.53% | 0.188 | 0.193 | 0.185 | 4,005,000 | 20-Dec | -80.42% | -80.82% | |
Winsway | HKD | 2.29 | -0.05 | -2.14% | 2.34 | 2.34 | 2.28 | 2,908,355 | 20-Dec | -49.04% | -47.35% | ||
SouthGobi Resources | HKD | 45.5 | -0.5 | -1.09% | 45.25 | 46.2 | 45.25 | 17,500 | 20-Dec | -54.27% | -50.76% | ||
China Gold | HKD | 17.6 | -0.4 | -2.22% | 17.6 | 17.9 | 17.4 | 103,300 | 20-Dec | -58.10% | -58.49% | ||
CNNC Int'l | HKD | 2.12 | -0.08 | -3.64% | 2.19 | 2.19 | 2.09 | 795,000 | 20-Dec | -75.63% | -76.42% | ||
Real Gold Mining | HKD | 8.81 | 0 | 0.00% | 8.81 | 8.81 | 8.81 | 0 | 20-Dec | -34.28% | -35.51% | ||
Mongolia Energy | HKD | 0.76 | 0.01 | 1.33% | 0.74 | 0.76 | 0.73 | 6,260,000 | 20-Dec | -67.24% | -66.81% | ||
Zijin Mining | HKD | 2.91 | -0.05 | -1.69% | 2.92 | 3.02 | 2.91 | 22,928,121 | 20-Dec | -38.31% | -36.82% | ||
Mongolia Inv Group | HKD | 0.048 | -0.001 | -2.04% | 0.049 | 0.051 | 0.047 | 3,032,000 | 20-Dec | -67.57% | -62.79% | ||
North Asia Resources | HKD | 0.24 | -0.006 | -2.44% | 0.25 | 0.25 | 0.24 | 140,400 | 20-Dec | -73.63% | -77.98% | ||
China Daye Non-Fer. | HKD | 0.415 | -0.01 | -2.35% | 0.42 | 0.43 | 0.415 | 3,698,000 | 20-Dec | -25.89% | -30.83% | ||
Bestway Int'l | HKD | 0.063 | -0.004 | -5.97% | 0.063 | 0.063 | 0.06 | 800,000 | 20-Dec | -55.32% | -53.68% | ||
Asia Coal | HKD | 0.105 | 0 | 0.00% | 0.105 | 0.105 | 0.105 | 0 | 20-Dec | -58.00% | -58.00% | ||
Mongolian Mining | HKD | 6 | 0.07 | 1.18% | 6 | 6.15 | 5.71 | 1,804,300 | 20-Dec | -33.85% | -32.05% | ||
SGX | LionGold | SGD | 0.845 | 0 | 0.00% | 0.845 | 0.85 | 0.845 | 10,377,000 | 20-Dec | 15.75% | 27.07% | |
LSE | Central Asia Metals | GBp | 56.25 | 0 | 0.00% | 56.25 | 56.25 | 56.25 | 0 | 20-Dec | -37.67% | -36.08% | |
Petro Matad | GBp | 26.5 | -0.25 | -0.93% | 26.75 | 26.75 | 26.5 | 425,830 | 20-Dec | -78.28% | -70.06% | ||
Metal-Tech | GBp | 4.625 | 0 | 0.00% | 4.625 | 4.625 | 4.625 | 10,000 | 20-Dec | -70.16% | -66.96% | ||
Origo Partners | GBp | 34.75 | -0.25 | -0.71% | 35 | 35 | 34.75 | 23,566 | 20-Dec | -15.24% | -16.27% | ||
Tembusu | GBp | 2.375 | 0 | 0.00% | 2.375 | 2.375 | 2.375 | 0 | 20-Dec | 35.71% | |||
North America | Aberdeen Int'l | CAD | 0.59 | -0.01 | -1.67% | 0.59 | 0.6 | 0.58 | 396,900 | 20-Dec | -27.04% | -17.04% | |
Blue Zen Mem. Parks | CAD | 0.05 | 0 | 0.00% | 0.05 | 0.05 | 0.05 | 0 | 16-Dec | 0.00% | |||
Centerra Gold | CAD | 19.85 | 0.69 | 3.60% | 19.24 | 20.18 | 19.24 | 426,925 | 20-Dec | 2.19% | -2.71% | ||
China Gold | CAD | 2.41 | 0.35 | 16.99% | 2.1 | 2.41 | 2.1 | 684,020 | 20-Dec | -55.62% | -57.12% | ||
Denison Mines | CAD | 1.37 | 0.06 | 4.58% | 1.32 | 1.38 | 1.32 | 2,024,372 | 20-Dec | -59.82% | -59.10% | ||
Denison Mines | USD | 1.32 | 0.04 | 3.13% | 1.3 | 1.34 | 1.29 | 888,059 | 20-Dec | -61.40% | -60.00% | ||
East Asia Minerals | CAD | 0.485 | -0.015 | -3.00% | 0.5 | 0.54 | 0.48 | 357,698 | 20-Dec | -93.97% | -93.57% | ||
Entree Gold | USD | 1.06 | 0.02 | 1.92% | 1.07 | 1.12 | 1.06 | 141,263 | 20-Dec | -69.36% | -66.91% | ||
Erdene Resource | CAD | 0.335 | 0.025 | 8.06% | 0.31 | 0.335 | 0.305 | 231,200 | 20-Dec | -72.98% | -73.62% | ||
Entree Gold | CAD | 1.1 | 0 | 0.00% | 1.15 | 1.15 | 1.1 | 89,165 | 20-Dec | -68.30% | -65.94% | ||
Fortress Minerals | CAD | 4 | -0.02 | -0.50% | 4.02 | 4.02 | 4 | 4,010 | 20-Dec | -8.05% | -15.79% | ||
Garrison Int'l | CAD | 0.02 | 0 | 0.00% | 0.02 | 0.02 | 0.02 | 0 | 19-Dec | -77.78% | -63.64% | ||
Gulfside Minerals | CAD | 0.065 | 0 | 0.00% | 0.065 | 0.065 | 0.065 | 20,000 | 20-Dec | -31.58% | -38.10% | ||
Green Tech Solutions | USD | 0.04 | -0.005 | -11.11% | 0.0385 | 0.045 | 0.035 | 519,175 | 20-Dec | ||||
Ivanhoe Energy | CAD | 0.77 | 0.01 | 1.32% | 0.8 | 0.8 | 0.76 | 601,939 | 20-Dec | -71.69% | -70.27% | ||
Ivanhoe Energy | USD | 0.7525 | 0.0325 | 4.51% | 0.75 | 0.77 | 0.74 | 1,108,234 | 20-Dec | -72.33% | -70.37% | ||
Ivanhoe Mines | CAD | 17.23 | 0.69 | 4.17% | 16.8 | 17.37 | 16.8 | 2,015,157 | 20-Dec | -25.09% | -26.63% | ||
Ivanhoe Mines | USD | 16.75 | 0.85 | 5.35% | 16.35 | 16.85 | 16.35 | 2,507,939 | 20-Dec | -26.92% | -27.09% | ||
Kincora Copper | CAD | 0.26 | -0.05 | -16.13% | 0.27 | 0.27 | 0.26 | 5,000 | 20-Dec | -3.70% | 57.58% | ||
Khan Resources | CAD | 0.19 | -0.01 | -5.00% | 0.195 | 0.21 | 0.19 | 26,400 | 20-Dec | -60.42% | -58.70% | ||
Lucky Strike | CAD | 0.435 | 0.075 | 20.83% | 0.355 | 0.44 | 0.355 | 31,600 | 20-Dec | -70.00% | -72.64% | ||
Lucky Strike | USD | 0.3677 | 0 | 0.00% | 0.3677 | 0.3677 | 0.3677 | 0 | 5-Dec | -74.08% | -76.58% | ||
Meritus Minerals | CAD | 0.025 | 0 | 0.00% | 0.025 | 0.025 | 0.025 | 100,000 | 20-Dec | -87.50% | -86.11% | ||
Manas Petroleum | USD | 0.16 | -0.01 | -5.88% | 0.17 | 0.17 | 0.152 | 140,262 | 20-Dec | -73.33% | -69.23% | ||
Mongolia Growth Grp | USD | 3.9845 | -0.049 | -1.21% | 4.124 | 4.125 | 3.9695 | 24,700 | 20-Dec | ||||
Blue Wolf Mongolia | USD | 9.62 | 0 | 0.00% | 9.53 | 9.62 | 9.52 | 10,100 | 20-Dec | ||||
Blue Wolf Mongolia | USD | 10.05 | -0.05 | -0.50% | 10.26 | 10.26 | 10.05 | 200 | 20-Dec | ||||
Manas Petroleum | CAD | 0.17 | 0 | 0.00% | 0.17 | 0.17 | 0.17 | 0 | 19-Dec | ||||
Prophecy Coal | CAD | 0.4 | -0.005 | -1.23% | 0.4 | 0.42 | 0.39 | 376,771 | 20-Dec | -53.74% | -51.30% | ||
Prophecy Coal | USD | 0.3926 | 0.0141 | 3.73% | 0.386 | 0.4055 | 0.386 | 21,970 | 20-Dec | -55.48% | -51.18% | ||
Puget Ventures | CAD | 0.49 | 0 | 0.00% | 0 | 17-Sep | |||||||
SouthGobi Resources | CAD | 6.11 | -0.05 | -0.81% | 6.15 | 6.18 | 6.08 | 89,241 | 20-Dec | -49.84% | -49.34% | ||
Solomon Resources | CAD | 0.055 | 0 | 0.00% | 0.065 | 0.065 | 0.055 | 0 | 19-Dec | -74.42% | -68.57% | ||
Undur Tolgoi Minerals | CAD | 0.2 | 0 | 0.00% | 0.2 | 0.2 | 0.2 | 193,500 | 20-Dec | 3900.00% | |||
Mongolia Growth Grp | CAD | 4.1 | -0.08 | -1.91% | 4.21 | 4.23 | 4.08 | 63,500 | 20-Dec |
---
"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.
Suite 1213 · Level 12 · 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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