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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See Mongolia related quotes at bottom of newsletter
Mongolia Aims for Tavan Tolgoi IPO by June
HONG KONG, January 20 (WSJ) -- The Mongolian government is looking to launch a multibillion dollar initial public offering of a mega coal deposit ahead of parliamentary elections in June, with plans to list state-owned Erdenes-Tavan Tolgoi Co. in London and Mongolia, people familiar with the situation said.
One of the people said that an eventual secondary Hong Kong listing of the company, which controls the world's largest coking-coal deposit in the South Gobi Desert near China's northern border, is also probable.
"We are trying to go for the IPO before the elections," a senior Mongolian government official said, adding that a ministerial reshuffle is likely next week, after which a task force would be set up to look into the IPO process.
Another person said that getting certain financial terms translated into Mongolian is taking a long time, and the fact that every Mongolian born before March 2010 stands to get shares in the IPO is tough to administer.
The plan to list Tavan Tolgoi in Hong Kong at the same time as in London and Ulan Bator was dropped because Mongolia isn't among the overseas markets from which Hong Kong approves listings, and Hong Kong isn't likely to give special dispensation to allow the Mongolian-incorporated company to list ahead of the elections, one of the people said. U.K. rules allow listings from any country.
The company plans to list in London by issuing global depositary receipts, which are easier to get approval for but tend to have lower liquidity than primary shares.
"The company is focused on listing in London, which is a resource hub and also has close links with the Mongolian exchange," one of the people familiar with the situation said. "What's difficult is getting a primary listing in London, which is only possible for U.K.-domiciled firms, but can't be done by the June time frame."
A company is able to raise funds by listing in the form of global depositary receipts, which would normally be issued by a depositary in a single location such as London or Luxembourg.
The government plans to sell as much as a 30% stake in Tavan Tolgoi to international investors as well as another 10% to local companies. It also plans to give 10% to Mongolian citizens and the government would hold about 50%.
A $2 billion-$3 billion fund raising could value Tavan Tolgoi at around $10 billion and double the market capitalization of Ulan Bator's stock exchange.
Goldman Sachs Group Inc., Deutsche Bank AG, BNP Paribas SA and Macquarie Group Ltd. are handling the Tavan Tolgoi IPO.
Ерөнхийлөгч Ц.Элбэгдорж Өмнийн говийн төмөр замын дэд бүтцийг яаравчлахыг үүрэг болголоо
January 23 (news.gogo.mn) Монгол Улсын Ерөнхийлөгч Ц.Элбэгдорж уул уурхайн хөгжлийн гол тулгуур бүс нутаг болоод буй Өмнөговь аймагт ажлын айлчлал хийлээ.
Өнгөрсөн долоо хоногийн ажлын өдрүүдийг дуустал буюу 1-р сарын 19-21-ний өдрүүдэд үргэлжилсэн айлчлалын хүрээнд Ерөнхийлөгч Ц.Элбэгдорж Өмнөговь аймгийн Цогтцэций, Ханбогд, Даланзадгад сумдаар зочилж, Тавантолгойн бүс болон Оюутолгой төслийн ажлын явцтай газар дээр нь танилцсан юм. Ерөнхийлөгчийн айлчлалын бүрэлдэхүүнд ЭБЭХ-ний сайд Д.Зоригт , Өмнөговь аймгаас УИХ-д сонгогдсон Ц.Баярсайхан, Х.Бадамсүрэн гишүүд болон ЗТБХБЯ, Сангийн Яам, БОАЖЯ, НХХЯ, Ерөнхийлөгчийн Тамгын газар, холбогдох газар, агентлагуудын албаны хүмүүс багтсан.
Айлчлалын эхний өдөр буюу 1-р сарын 19-ний Пүрэв гарагт Ерөнхийлөгч Өмнөговь аймгийн Цогтцэций суман дахь Тавантолгойн бүсэд үйл ажиллагаа явуулж буй Тавантолгой ХК, Эрдэнэс Тавантолгой ХХК болон Энержи Ресурс компаниудын уурхайгаар зочилж, ажил байдалтай нь танилцлаа. Тавантолгой ХК буюу олны нэрлэж заншсанаар "орон нутгийн" Тавантолгой компанийн хувьд Тавантолгойн нүүрсний ордын 4, 8-р амуудад олборлолт явуулдаг бөгөөд орон нутагтаа 45 жилийн турш ажиллаж байгаа гэдгээрээ баялаг түүхтэй.
Эрдэнэс Тавантолгой ХХК-н тухайд төрийн өмчит компани бөгөөд үйл ажиллагаагаа эхлээд нэг жил болж байгаа. Өнгөрсөн нэг жилийн хугацаанд тэд хөрс хуулалтаа эхлүүлж, 1 сая тонн нүүрс олборлож чадсанаас гадна Засгийн газрын Хүний хөгжлийн санд 338 тэрбум төгрөг төвлөрүүлсэн байна. Ухаа Худаг ордод үйл ажиллагаа явуулдаг Энержи Ресурс компанийн хувьд 2009 онд урхайн үйл ажиллагааг эхлүүлсэн бөгөөд уурхай дагасан нийгмийн болон техникийн дэд бүтцийг цогцоор нь шийдэж, богино хугацаанд ажлын далайцаа нэмэгдүүлж чадсан гол онцлогтой.
Өнөөдөр тус уурхайн хүрээнд Монголын анхны Нүүрс баяжуулах үйлдвэр болон 18 мегаваттын цахилгаан станц, ус хангамжийн систем, орон сууцны хороолол гээд дэд бүтцийн олон байгууламж бий болсон байна.
Ерөнхийлөгчийн Тавантолгойд хийсэн айлчлалтай холбоотойгоор яригдсан хамгийн гол сэдэв бол мэдээж нүүрс тээвэрлэх дэд бүтцийн асуудал. Түрүүчээсээ Энержи Ресурс компани өөрийн хөрөнгөөр Тавантолгойг Гашуун Сухайтын хилийн боомттой холбосон 245 км хатуу хучилттай авто зам тавьж, Эрдэнэс Тавантолгой компани ч зэрэгцээ зам тавихаар төлөвлөж байгаа хэдий ч улс орны ирээдүйн хөгжлийн гол түлхэц болоод байгаа Тавантолгойн ордын нүүрсийг машинаар зөөж борлуулна гэдэг бүтэшгүй асуудал. Цаашлаад дэд бүтцийн асуудлыг удаан хойш тавьж алгуурласнаар олон улсын нүүрсний зах зээлийн өрсөлдөгчдөөс хожимдож, нүүрсний үнэ цэнэ алдагдах аюул бий болоод байгааг Ерөнхийлөгч Ц.Элбэгдорж тухайлан онцгойлсон:
-Өнөөдөр орон нутгийн Тавантолгой, Эрдэнэс Тавантолгой, Энержи Ресурс бүгд нийлээд жилд 13 сая орчим тонн нүүрс олборлож байгаа юм байна. Гэтэл ойрын хэтэд Монгол Улс Тавантолгойгоос жилдээ 60 сая хүртэлх тонн нүүрс олборлож байж өнөөх эдийн засгийн өсөлт, хөгжил бий болж, ард түмэнд амласан бүхэн биелэх учиртай. Энэ их нүүрсийг автомашинаар, авто замаар эсвэл тэмээгээр зөөж борлуулах гээгүй л бол дэд бүтэц, төмөр замын асуудлыг нэн яаравчлахгүй бол болохгүй болжээ.
Тавантолгойн орд нийт 6 тэрбум тонн нүүрсний нөөцтэй гээд байгаа. Жилд 60 сая тонн нүүрс олборлолоо гэж бодоход 100 жил ашиглаж болох их нөөц. Харамсалтай нь одоо ердөө 10-20 жилийн дараа гэхэд нүүрс дэлхий дээр ашиглагдах уу, нүүрсний эрэлт энэ хэвээр байх уу гэдэг эргэлзээтэй болсон. Нүүрсний зах зээл 100, 100 жил байсаар байх мэт бодож, алгуурлахаа одоо болих хэрэгтэй байна. Төр өөрөө хурдавчлахаас гадна хувийн хэвшил дэд бүтцээ өөрсдөө шийдье гэж байгаа бол бололцоотой бүх талаар дэмжээд, тодорхой хугацааны дараа өөртөө шилжүүлж авах хэрэгтэй. Энэ тал дээр яамны удирдлагууд болон гишүүд нам, эвсэл гэж туйлшралгүйгээр ажил хэрэгч хандаж, хурдан шуурхай, бодитой хандаж эхэлнэ гэж найдаж байна.
Дэлхий дээр ганц Тавантолгой гэлтгүй коксжих нүүрсний баялаг нөөцтэй ордууд олон байна. Ялангуяа урд, хойд 2 хөрш маань нүүрсний арвин их нөөцтэй. Өвөр Монголд коксжих нүүрсний ямар их баялаг ордууд нээгдэж байгааг та бүхэн мэднэ. Зөвхөн ОХУ-ын Элга орд газраас оросууд өөрсдөө төмөр зам тавилаа гэхэд л манай нүүрсний өрсөлдөх чадвар яаж буурах нь тодорхой. Тавантолгойгоос урагшаа ба хойшоо буюу 1 ба 2-р ээлжийн төмөр замыг зэрэг эхлүүлэхээр болсон гэж ойлгосон, одоо үүнийгээ хурдавчлуул гэдгийг л хэлмээр байна.
Дэд бүтцийн асуудал, олборлолтын хэмжээ, хүчин чадал хэр байхаас Эрдэнэс Тавантолгой компанийн хувьцааны үнэ ханш, цаашдын өсөлт ч шууд хамааралтай байх болно гэдгийг ЭБЭХ-ний сайд Д.Зоригт мөн онцолсон:
-Жил бүрийн нүүрсний олборлолт, борлуулалтын хэмжээ хэр байхаас компанийн хувьцааны үнэлгээ, ханш шууд хамааралтай. Өнөөдөр Энержи Ресурс ХХК дэд бүтцээ маш сайн шийдсэн, дээрээс нь төмөр замаа барьж эхлэх гэж байгаа гэсэн хүлээлттэйгээр олон улсын биржид гарсан учраас IPO маш амжилттай байж чадсан, хувьцааны үнэлгээ ч өндөр байсан. Эрдэнэс Тавантолгойн IPO-г сайн байлгахын тулд төмөр зам үнэхээр чухал байгаа.
Тавантолгойн бүсэд ажиллахдаа нөхцөл байдлыг илүү өргөн хүрээнд, бодитой харж, ажиглаж, ойлгохыг зорьсон гэдгээ ч Ерөнхийлөгч Ц.Элбэгдорж хэлж байсан. Ер нь байгалийн баялгаа зөв зүйтэй ашиглаж, зөв цаг үед нь дэлхийн зах зээлд амжиж хүргэн, ард иргэдийнхээ амьдралыг дээшлүүлэхэд бодит ажил хэрэг, төмөр замын дэд бүтцийн яаралтай, ухаалаг шийдэл дутаж байгаа гэдэг нь айлчлалын явцад тодорхой харагдаж байлаа.
Мөн өдөртөө Ерөнхийлөгчийн айлчлалын бүрэлдэхүүн Өмнөговь аймгийн Цогтцэций сумын иргэдтэй уулзаж, нээлттэй яриа хэлэлцүүлэг өрнүүлсэн. Нутгийн иргэдийн зүгээс голчлон ярьж байсан тоосжилт, бэлчээрийн тухай асуудал ч гэсэн өнөөх л дэд бүтэц, төмөр замын асуудал шийдэгдээгүйгээс улбаатай байгааг Ерөнхийлөгч онцлон хэлсэн. Мөн Өмнөговийн баялаг зөвхөн өмнийн говийнхонд хамаатай мэтээр ярьж, хэлдэг явцуу ойлголтоос салж, байгалийн баялгаа Монгол Улсын нийт ард иргэдэд хүртээх тухай ярих цаг ирснийг хэлж байсан.
Ерөнхийлөгчийн айлчлал 1-р сарын 20, 21-ний өдрүүдэд Ханбогд суман дахь Оюутолгойн төсөл болон Даланзадгад суманд тус тус үргэлжилсэн.
DRG opens flat at 47c with thin volume
DRAIG COMPLETES GEOPHYSICS WORK ON MONGOLIAN LICENCES
January 23 -- Draig Resources Limited (ASX: DRG) ("Draig", or the "Company") is pleased to advise that it has completed a geophysical survey on two of its coal licences in the Ovorhangay province located in central southern Mongolia.
The geophysical field work was undertaken over the Teeg (13879X) and Nariin Teeg (13581X) licences, located in the Bayanteeg district. The survey will assist with the identification of the potential black coal extensions over the licences and target areas for further exploration drilling in 2012.
The survey comprised 32 kilometres of geophysical (Resistivity) survey work. A total of 12 lines of geophysical survey work were carried out on the Teeg licence and 3 lines on Nariin Teeg licence. The target depth of penetration was approximately 250 metres.
The results of the survey are currently being interpreted by Dash Meg Engineering and analysed by Nordic Geological Solutions LLC ("NGS"), with Draig advising that it will update the market once the work has been completed.
Draig Managing Director Mark Earley said: "The survey was carried out referencing existing drill holes completed during the due diligence process prior to acquiring the licences to allow for better correlation of the coal seams.
"Preliminary review of the field data has identified a number of highly potential drilling targets in both licences.
"I'd like to acknowledge the teams from Dash Mag Engineering and NGS that undertook the survey field work in very difficult conditions with temperatures averaging below minus 30 degrees Celsius," said Mr Earley. Draig is now in the process of planning its drill program through the Mongolian winter over its eight coal licences in the Ovorhangay and South Gobi provinces.
NOVA closed +3.03% to 8.5p on thin volume
Nova: Grant of Options
January 20 -- Nova Resources Limited (NOVA:LN) announces that the Company is granting share options (the "Share Options") to certain directors as follows (the "Director Share Option Grant"):
Director Number of Share Options granted
Chung Dongwook 2,500,000
Charles Green 1,000,000
Nazim Khan 500,000
In addition, the Company is granting 1,000,000 Share Options to Mr Enrique Lopez de la Mesa, EVP Corporate Development, on the same terms.
The Share Options have an exercise price of 8.25 pence and can be exercised by each person as follows:
· One third can be exercised after 20 July 2012;
· One third can be exercised after 20 July 2013; and
· One third can be exercised after 20 July 2014.
The Share Options expire on 31 December 2016 and are conditional upon the respective person remaining as an employee of the Company at the time of each exercise.
Pursuant to the announcement dated 4 January 2012 regarding the resignation of Mr Lai Seng Kwoon, 500,000 share options which had been issued have now been cancelled.
The total number of outstanding options and warrants over ordinary shares in the Company will now be 36,500,000.
The Director Share Option Grant falls to be treated as a related party transaction pursuant to the AIM Rules. Mr Chan Fook Meng, the independent director (the other directors being excluded from being independent directors by virtue of their interests in the Director Share Option Grant) considers, having consulted with Daniel Stewart & Company (the Company's Nominated Adviser), that the terms of the Director Share Option Grant are fair and reasonable insofar as the shareholders of Nova are concerned.
1733 down 15.09% in last 3 days
Winsway Says Allegations on Coal Purchases in Report Are Unsubstantiated
Jan. 20 (Bloomberg) -- Winsway Coking Coal Holdings Ltd. (1733), which processes and transports coal to China from Mongolia, denied allegations from a short seller that imports were less than the company reported and inventories were overstated.
"This report is dead wrong," Chief Financial Officer Jerry Xie said today on a call with investors. "Winsway is absolutely not a fraud," as was alleged in a report from Jonestown Research, an anonymous group, he said yesterday after shares slid 8.6 percent.
Scrutiny of accounting standards of Chinese companies intensified last June when short seller Carson Block's Muddy Waters LLC alleged Sino-Forest Corp. overstated its assets and cash. Short sellers have targeted other Chinese companies including vegetable producer Chaoda Modern Agriculture Holdings Ltd. (682) and software maker Longtop Financial Technologies Ltd. (LGFTY)
"We believe the management has provided reasonable explanations to handle the fraud accusation this time," Shirley Zhao, an analyst at Mirae Assets Securities Co. in Hong Kong, wrote in a note to clients after the second conference call. Zhao maintains a "buy" rating on the stock and a target price of HK$3.63.
Winsway's shares fell 5.8 percent to HK$1.80, the lowest since Oct. 6, at the 4 p.m. close. The benchmark Hang Seng index climbed 0.8 percent.
Winsway's $500 million, 8.5 percent bond has fallen 9.5 cents since the report was released to 74 cents on the dollar to yield 17.5 percent, according to BNP Paribas SA.
Possible Downgrade
Moody's Investors Service said it was reviewing its ratings for Winsway for a possible downgrade.
"Moody's is concerned that the company's business plan and operations, as well as its access to the financing market, will be negatively affected in the interim," Vice President and Senior Analyst Ken Chan said in a statement today.
Jonestown doesn't publicly disclose its contact information, InvestDOOR, the website that published the Jonestown Research report, said in an e-mailed response to Bloomberg. InvestDOOR doesn't research or analyze companies, it said.
"We do ensure that the research published is clear, well- supported and actionable," the publisher said in the statement. InvestDOOR is a platform to publish research for investors, it said. There doesn't appear to be any results on a research firm named Jonestown Research using Google Inc.'s Internet search engine.
Acquisition Proceeding
Winsway will proceed with its planned purchase of Canadian metallurgical-coal producer Grande Cache Coal Corp. (GCE), Xie said. It agreed in October to buy the miner with Japan's Marubeni Corp. for C$1 billion ($987 million) to take advantage of surging demand from steel producers in China.
Grande Cache Coal, based in Calgary, fell 5.8 percent to C$9.35 at the close yesterday in Toronto. The allegations creates uncertainty about the acquisition, Moody's said today.
Winsway should have enough cash to complete the acquisition, Fitch Ratings Ltd. said today in a statement. The allegations don't "immediately affect the company's liquidity or broader credit profile."
"Grande Cache Coal has no reason to believe that there is any merit to the allegations," the company said yesterday in a statement. Grande Cache Coal "has been assured by Winsway that the report is entirely without merit."
'Red Flags'
Marubeni (8002) will proceed with the deal as planned, it said in a statement in response to questions today. Distribution of a shareholder document for the acquisition has been delayed to finalize information and will be sent by Feb. 22, Winsway said in a statement late yesterday.
Moody's warned of "red flags" at 61 companies in a July report, highlighting risky or opaque business models and poor quality earnings. Winsway was given 11 flags out of a possible 20, with Moody's citing related-party transactions as the company's chairman has a majority stake in both Winsway and external commodity trading businesses.
Winsway's transportation company in Mongolia, Moveday, used to be part of the company and is "not legally attached" anymore after it was spun off before Winsway's initial public offering in 2010, Xie said. Moveday is an "undisclosed related party," Jonestown said in the report.
Moveday handles half of all coal transportation in Mongolia and also provides services to other coal suppliers, Xie said today.
Mixed Record
Carolyn Quick, a spokeswoman for TMX Group Inc., owner of the Toronto Stock Exchange, declined to comment on the issue, citing company policy not to discuss individual companies.
Winsway hasn't been contacted by Canadian regulators or Hong Kong's bourse, Xie said. Ernest Kong, a spokesman for the city's Securities and Futures Commission, declined to comment when reached today by phone.
Reports alleging inaccurate reporting and fraud at companies with operations in China have had a mixed record.
Silvercorp Metals Inc., the Vancouver-based mining company that faced fraud allegations in August, said in October a forensic investigation by accounting firm KPMG LLP found the assertions in two anonymous reports were untrue. In September, the miner with operations in China sued two websites and their operators for allegedly spreading false information in an effort to drive down the company's stock price.
Short Selling
China vegetable supplier Chaoda, which plunged more than 80 percent last year in Hong Kong, delayed its annual earnings release on Sept. 30 to audit its accounts after a report from Anonymous Analytics questioned its finances. The shares were suspended Sept. 26.
Longtop Financial's shares plunged and were eventually delisted in the U.S. after Citron Research and OLP Global LLC alleged the company inflated profit margins by hiding expenses and underpaying employee benefits.
Jonestown said in its report it's betting that shares of both Winsway and Grande Cache will decline. In short selling, investors sell borrowed shares in anticipation that the securities will decline and they can buy them back at a profit.
Winsway uses so-called intermediaries to import coal and that may account for differences in Winsway's own accounts and Chinese import data as alleged in the report, Xie said.
Coal Deals
"The company stands by its audited inventory balances," Winsway said in a separate statement this morning to address the allegations. Auditors KPMG LLC have studied the company's inventory, Xie said today. Jonestown's methodology to calculate its inventory is based on wrong assumptions, he said.
Winsway has four suppliers in Mongolia, including Mongolian Mining Corp. (975) and SouthGobi Resources Ltd. (1878), Xie said. It counts China Minmetals Co. and Marubeni as its customers, he said. Ma Jun, a spokesman of China Minmetals, said he has no information about Winsway as the company has many suppliers.
There are eight "buy" ratings on Winsway, three "holds" and no "sells," according to data compiled by Bloomberg. Winsway started trading in October 2010 after selling shares at HK$3.70 a piece, raising HK$3.66 billion ($470 million) in its IPO.
Last traded 18 Jan.
Mongolian Telecom lays off 200 workers
January 20 (news.mn) Mongolian Telecom LLC (MCH:MO) has laid off 200 workers due to declining sales.
Traditional landline telephone usage has been reduced because of an increase in cell phone usage. That is why the company has eliminated 140 jobs in local settlements and 60 in the capital.
The trade union representing the laid off workers demanded the company compensate them, and the company has agreed to give each worker three to nine months salary.
A union official said most of the employees had worked for the company for a long time. The union and Telecom LLC have asked the Communications Regulatory Committee to grant the company mobile rights, but the committee has not allowed those rights. If Telecom LLC had cell phone rights, the union and the company say, its sales would increase and it would not have to dismiss workers.
Mongol Bank: 16% Fuel Price Increase Has No Basis
January 20 (summarized from Mongol Bank statement) Mongol Bank inspection has found fuel importers bought $128.4M at an average rate of ₮1,388.7 in January and December from commercial banks.
Therefore blaming currency hikes to justify the 16% increase in fuel prices has no basis, in fact it breaches government set rules and was the main factor behind the exchange rate to increasing ₮60 to 1,450-1,480.
Mongol Bank requests relevant authorities to investigate the matter, find the real factors, erase the negative impacts it has caused and take measures to prevent such improper conducts in the future.
Link to statement (in Mongolian)
Standing Committee accepts ministers' resignations
January 20 (news.mn) The Standing Committee on State Structure accepted the resignations of six DP ministers on Friday and sent the matter to the full Parliament for discussion.
E.Bat-Uul and D.Enkhbat voted against accepting the resignations.
E.Bat-Uul said the Government should not accept the resignations because the coalition government operated under a contract. If the ministers leave the coalition government, he said, the contract will be broken.
E.Bat-Uul also said the MPP should form a government by itself. He said the MPP and the DP violated the Constitution when they formed a coalition government, and that this should not be repeated.
New vehicle tax will raise MNT 12.5 billion
January 21 (news.mn) The Auto Transportation Office began to levy fees on vehicle owners on January 1.
Ulaanbaatar Manager General Ch.Bat told our reporter that MNT 12.5 billion will be raised in the capital, with some 200,000 owners of vehicles paying the fee.
The money will be used to fight air pollution, as well as for road repairs, construction, signage, and road cleaning. The fee will be collected in two phases, from January 1 to May 31, and from June 4 to 18.
Pursuant to the law on auto transportation, vehicles are assigned one of nine categories according to their weight.
Altogether about 350,000 vehicles are registered in the state, 200,000 of which are in the capital. According to customs data, about 80,000 auto vehicles have been imported to Mongolia.
Masa Igata: If Tavan Tolgoi IPO is done in a rush there could be a loss of USD $3 – 4 billion
January 22 (UB Post) Below is an interview with the CEO of Frontier Securities, Masa Igata. He has worked in the Asian stock markets for over 10 years, and is currently invested in the Mongolian mining industry.
-It was announces that the Erdenes Tavan Tolgoi (TT) IPO would be released on three exchanges: London (LSE), Hong Kong (HKSE) and the Mongolian Stock Exchange (MSE.) It was decided that the IPO would be released on two of them. There are also reports that the IPO is postponed to May 2012. How reasonable is it to rush to release this IPO?
-The 2012 elections are coming, and it is clear that Mongolian political parties who are in administrative positions will require a large sum of money in a short time. I believe that because it is such a large project, releasing the IPO before the elections will yield much less profit than expected.
The TT project is still in its developing stages. Last year, it produced its first million tons of coal from deposits at Tsankhi. Having more permanent mining companies involved, mining 3-4 million ton of coal a year and gradually increasing it will earn the trust of investors. The question of underdeveloped infrastructure and the fact that its coal is being transported by trucks is causing doubt among investors. As to what would happen to the eastern deposit of Tsankhi is a mystery. It will be at great risk if the IPO is released. If certain questions answered, it may be possible preserve the value of the deposit.
-Have you estimated the losses if the IPO is released before the elections?
-Rushing the IPO of the eastern part of Tsankhi due to political reasons will take its total value down to USD $5 – 6 billion. On the other hand, if the IPO is postponed until next year, this value could USD $9 – 10 billion. To enable this growth, there are numerous obstacles that need to be resolved. First, independent Board Members of TT must be individuals with exceptional knowledge in international commerce. Second, it is essential to speed up the building of the coal preparation plant. The income will be greatly increased if raw coal is prepared, washed, and refined.
-So you prefer to release the IPO next year?
-Yes. At the current TT value of USD $5 – 6 billion, there will be a total profit of USD $1.5 – 1.8 billion if 30 percent of the IPO is released now; but if it is released next year when TT's total value reaches USD $9 – 10 billion, the profit will increase to around USD $2.7 – 3 billion. The Government needs USD $1.2 billion funding to distribute cash and stocks. It is possible to effortlessly get this funding through the first method I mentioned above but the overall yield will be low. The second option will bring an additional USD $1.5 billion in profit.
-Initially it was said that the IPO will be released on three Stock Exchanges, but due to precautions about Mongolia's inexperience in the market, it was reduced to two. What do you think of this?
-Considering the geographic location of Mongolia, we see that Mongolia will be quite successful in building assets throughout Asia. China, Korea, Japan, Hong Kong, and Singapore – they are the main economic partners of Mongolia. The HKSE would play an important role in this. Since it is now known that the required paper and technical work is not completed for the HKSE, so the choice of LSE remains. But because of unstable economic situation in Europe, this might be a risky move.
-Do you mean it is better to rely on Asian markets?
-Yes. I'm sure Mongolian Government understands this, but I believe they have already made the decision. Not only does the Government have their own economic reasons, but also possible hidden political reasons for doing so. TT is a world class coal deposit; it is unfortunate that it is at risk of losing its value because of political reasons.
-The the renovated MSE was ranked the second best performing Stock Exchange in 2011. Soon it will start trading TT stocks. What is your opinion on the future of MSE?
-The most important part of a stock exchange is corporate governance. It is essential to always consider the importance of small stock owners. The future looks bright for the MSE. Its capital was a little over USD $400 million ten years ago, but today it has over USD $2 billion in circulation. I have no doubt that this will reach USD $100 billion ten years from now.
The Mongolian economy is a bit fragile at this time. The economy has grown and GDP has increased – but are there any negative effects of these changes?
-It is not easy to hold inflation at a constant level. As the economy grows, inflation increases with it. This is difficult for the people. The value of Mongolian tugrug also weakens. The Democratic Party leaves the Cooperative Government, causing political instability which in effect turns away investors.
-Analysts note that there will be a sudden decrease of investors because of political issues in Mongolia. Is there a way to prevent this decrease?
-Even if there are many risks involved, investors are not interested in forfeiting their investments in Mongolia. This is because they are very much interested in investing in Mongolia, the country that will witness a rapid economic growth in the next ten years. I think all they desire is certainty. Unless there is an unexpected turn of events in Mongolia's economy, or shocking decisions are made by the Government because of political issues, there is no other reason for investors to get bored of Mongolia in the next several years.
-Your view on the future of Mongolia seems positive; do you think Mongolia can become an influential country in Asia's economy?
-There are many reasons to predict an optimistic future for Mongolia, but it also has its risks. For example, Russia and China's influence on Mongolia has not decreased at all thus far. The fact that a small portion of the population owns most of the wealth warns Mongolia to ensure even distribution of wealth.
President visits Tavantolgoi and Oyutolgoi mines
January 20 (news.mn) January President Ts.Elbegdorj went to Umnugobi aimag on Thursday to inspect progress at the Tavantolgoi and Oyutolgoi mining projects.
The president's team visited Tavantolgoi LLC and Erdenes Tavantolgoi LLC, which has mined coal at Tavantolgoi since last August. Mineral Resources and Energy Minister D.Zorigt said the company hopes to mine 20 million tons of coal annually by 2014. Managing officials of the companies said infrastructure issues are significant, such as the need for roads and electricity. Energy Resource LLC built a 140-km road in 2011, but its capacity for heavy trucks is insufficient.
After visiting Tavantolgoi, Ts.Elbegdorj inspected the Ukhaa Khudag coal mining project of Energy Resource LLC. The company has built two coal processing factories. Energy Resource LLC Executive Director G.Battsengel and MCS Group Director J.Odjargal said the company has suggested the Government conclude an agreement of stability in accordance with the law on mineral resources. Energy Resource has invested USD 600 million in the Ukhaa khudag project. It is planning to increase investment and to export processed coal. The officials stated that a railroad is needed. If the Government will invest in construction, it could own 51 percent.
On Friday, the president is visiting Tsogttsetsii soum to study the work of Oyutolgoi LLC and to meet local residents.
President Ts. Elbegdorj visits Oyu Tolgoi
January 22 (news.mn) "This is a very large, world-class mining project. Investor Rio Tinto is a responsible, reliable company. I believe that Rio Tinto will continue its success and work responsibly in Mongolia, taking a careful, systematic approach to many of Oyu Tolgoi's present difficulties and problems such as equal salary for all workers of different nationalities, having more Mongolian supply and provision companies involved, implementing advantageous water supply strategies, and supporting domestic production in rural areas, with special care and attention focused on the project's infrastructure, human resources, and ecological restoration. There is a need to talk to the natives of the province. Generally, any business that is in correspondence with its surrounding society has a high degree of profit, whereas the profit is minimal for businesses with less connection and responsibility for society. Remember this throughout your operation, Oyu Tolgoi," said President Ts. Elbegdorj during the meeting with OT's head executives.
"The cold months of winter in Mongolia drag on as Oyu Tolgoi's enormous building project continues rapidly," began the Chairman of the Board of Directors of Oyu Tolgoi LLC, G. Batsukh. He explained that the building stage of OT has commenced 6 months prior to its original scheduled time.
"A total of 65 companies from 38 nations are involved in the OT project. Out of 15,000 employees, 4,700 of them are Mongolian nationals. Once the project is in full operation, 3,000 additional Mongolians will be employed. We have contracts with over 1000 Mongolian suppliers, and have bought goods totaling up to 1.3 trillion MNT.
Out of 12 projects that are being implemented in the aimag, five of them have been initiated and implemented by Mongolian companies. OT has funded the Education Department of Mongolia with 110 billion MNT, having construction projects already in motion in cities Dalanzadgad, Khanbogd, Darkhan and Ulaanbaatar, and supported the domestic tuition fees of 200 students and the international tuition fees of 30 students.
The ecological strategy we are exercising and our mine closure plan meets the World Bank's standards and requirements. We will use a technology that will use the least amount of water in our operation; making sure to use water from great depths that hold no convenient usefulness to the public.
As for infrastructure, a 100 kilometer hard court road to our Southern border, along with a 220 kilowatt power line is being built. An airport and an underground sewer system are also being built. For the natives of the aimag, over 3 billion MNT has been allocated to build sports and arts complexes," said G. Batsukh.
During the introduction and reports, the President asked about several points from the G. Batsukh involving the question of power supply, more Mongolian employees, and supplies and provisions.
At the meeting, the Minister of Mineral Resources and Energy D. Zorigt denied the public allegations that Oyu Tolgoi is not being permitted to build its own power lines because there are Government officials who own diesel fuel supply companies that provide the mine with fule.
He made it clear that there are no such issues, and said that there was a decision to grant Oyu Tolgoi permission to build power lines. We see that it is better to separate the funds of building structures and power lines. Rio Tinto and Ivanhoe Mines are invested in Oyu Tolgoi together but will build necessary structures or power lines separately.
Oyu Tolgoi executives said that talks of importing electricity from China have reached a considerable agreement. China has agreed to supply Oyu Tolgoi with power if an agreement is made to export a circumstantial amount of copper to China.
G. Batsukh noted the disputes regarding Oyu Tolgoi's s vague and ambiguous procedure of selecting suppliers through tender. He ensured that a solid procedure had been implemented beginning on December 10, 2011, and detailed information concerning this issue is posted on their website.
The President said that 10,000 employees at Oyu Tolgoi are working in an army camp environment; whereas other mining projects have begun building apartment complexes, hospitals, schools, and the workers live with their families.
Oyu Tolgoi executives replied that currently this project is at a stage of constructing key buildings required for production, and once the mine is fully operational, there will be a city built.
Executives added that they have researched Erdenet's history. They are currently discussing and consulting the Government concerning this and its initial planning has not yet begun.
After the meeting, the President, along with other officials, met with employees at Oyu Tolgoi and were shown several building projects, an open pit mine, a tunnel, high capacity vehicle assembling factory, the employees living quarters, and ate with workers.
Table: Mongolia Related Stocks (Source: Bloomberg)
Name | Symbol | $ | Price | Change | +-% | Open | High | Low | Volume | Time | % YTD | % 12 m | |
Indices | ASX 200 | 4239.63 | 24.86 | 0.59% | 4222.20 | 4250.60 | 4214.80 | 0 | 20-Jan | ||||
Nikkei 225 | 8766.36 | 126.68 | 1.47% | 8751.18 | 8791.39 | 8725.32 | 0 | 20-Jan | |||||
Hang Seng | 20110.37 | 167.42 | 0.84% | 20161.72 | 20161.72 | 19927.88 | 0 | 20-Jan | |||||
MSE Top 20 | 20179.70 | -46.90 | -0.23% | 20179.70 | 20179.70 | 20179.70 | 0 | 20-Jan | |||||
FTSE 100 | 5728.55 | -12.60 | -0.22% | 5741.15 | 5749.77 | 5721.61 | 1,216,978 | 20-Jan | |||||
TSX Composite | 12397.10 | 16.41 | 0.13% | 12361.51 | 12397.10 | 12354.04 | 191,752,347 | 20-Jan | |||||
S&P 500 | 1315.38 | 0.88 | 0.07% | 1314.49 | 1315.38 | 1309.17 | 0 | 20-Jan | |||||
ASX | Aspire Mining | AUD | 0.38 | 0.04 | 11.76% | 0.385 | 0.395 | 0.365 | 4,486,269 | 20-Jan | 2.70% | -48.30% | |
Blina Minerals | AUD | 0.004 | 0 | 0.00% | 0.004 | 0.005 | 0.004 | 671,380 | 20-Jan | -20.00% | -80.95% | ||
Cougar Energy | AUD | 0.016 | 0 | 0.00% | 0.015 | 0.016 | 0.015 | 221,575 | 20-Jan | 0.00% | -65.96% | ||
Draig Resources | AUD | 0.47 | -0.005 | -1.05% | 0.47 | 0.47 | 0.47 | 165,342 | 20-Jan | -44.05% | |||
FeOre | AUD | 0.26 | -0.015 | -5.45% | 0.26 | 0.26 | 0.26 | 1,808,000 | 20-Jan | -7.14% | |||
General Mining | AUD | 0.045 | 0 | 0.00% | 0.045 | 0.045 | 0.045 | 0 | 19-Jan | 9.76% | -68.97% | ||
Guildford Coal | AUD | 0.86 | -0.02 | -2.27% | 0.87 | 0.89 | 0.85 | 298,337 | 20-Jan | 14.67% | 4.24% | ||
Haranga Resources | AUD | 0.36 | 0.005 | 1.41% | 0.37 | 0.37 | 0.35 | 399,836 | 20-Jan | 26.32% | -43.31% | ||
Modun Resources | AUD | 0.043 | 0.001 | 2.38% | 0.042 | 0.043 | 0.04 | 694,854 | 20-Jan | -4.44% | 207.14% | ||
Mongolian Res Corp | AUD | 0.125 | 0 | 0.00% | 0.125 | 0.125 | 0.125 | 0 | 30-Dec | 0.00% | -74.49% | ||
Robe Australia | AUD | 0.017 | -0.001 | -5.56% | 0.018 | 0.018 | 0.017 | 2,862,759 | 20-Jan | 21.43% | 100.00% | ||
Voyager Resources | AUD | 0.075 | 0.003 | 4.17% | 0.073 | 0.076 | 0.073 | 6,067,832 | 20-Jan | 10.29% | 37.32% | ||
Xanadu Mines | AUD | 0.33 | -0.005 | -1.49% | 0.34 | 0.34 | 0.325 | 37,948 | 20-Jan | -4.35% | -52.52% | ||
MSE A Board | Aduunchuluun | MNT | 4,800 | -50 | -1.03% | 4,850 | 4,900 | 4,800 | 1,994 | 20-Jan | -20.00% | -59.87% | |
APU | MNT | 4,000 | 0 | 0.00% | 4,000 | 4,000 | 4,000 | 202 | 20-Jan | -4.76% | 42.81% | ||
Atar Urguu | MNT | 37,500 | 0 | 0.00% | 37,500 | 37,500 | 37,500 | 0 | 19-Jan | 63.04% | |||
Baganuur | MNT | 10,501 | -99 | -0.93% | 10,600 | 10,600 | 10,501 | 124 | 20-Jan | -19.84% | -12.49% | ||
Mogoin Gol | MNT | 30,011 | -489 | -1.60% | 30,500 | 30,500 | 30,000 | 36 | 20-Jan | -3.19% | 95.64% | ||
BDSec | MNT | 3,500 | -290 | -7.65% | 3,700 | 3,700 | 3,500 | 21 | 20-Jan | 0.00% | 32.08% | ||
Bayangol Hotel | MNT | 35,000 | 1990 | 6.03% | 33,500 | 35,000 | 33,500 | 95 | 20-Jan | -2.64% | 46.44% | ||
Bayanteeg | MNT | 31,999 | 0 | 0.00% | 31,500 | 31,999 | 31,500 | 0 | 19-Jan | -11.11% | |||
UB BUK | MNT | 30,000 | 0 | 0.00% | 29,950 | 30,000 | 29,950 | 0 | 19-Jan | -7.69% | |||
Eermel | MNT | 2,900 | -300 | -9.38% | 3,200 | 3,200 | 2,900 | 34 | 20-Jan | 3.57% | 20.78% | ||
Gobi | MNT | 5,000 | -100 | -1.96% | 5,100 | 5,100 | 5,000 | 409 | 20-Jan | -2.91% | -14.53% | ||
Gutal | MNT | 4,500 | -480 | -9.64% | 4,500 | 4,500 | 4,500 | 10 | 20-Jan | ||||
Hi B Oil | MNT | 165 | 0 | 0.00% | 165 | 165 | 165 | 0 | 19-Jan | -13.16% | -17.50% | ||
Khukh Gan | MNT | 184 | 3 | 1.66% | 183 | 184 | 183 | 24,843 | 20-Jan | -8.00% | -0.54% | ||
Hermes Centre | MNT | 63 | 1 | 1.61% | 63 | 63 | 63 | 199 | 20-Jan | 12.50% | 0.00% | ||
Jenko Tour Bureau | MNT | 92 | 1 | 1.10% | 92 | 92 | 92 | 41 | 20-Jan | -2.13% | -3.16% | ||
Telecom Mongolia | MNT | 2,655 | 0 | 0.00% | 2,655 | 2,655 | 2,655 | 0 | 18-Jan | -1.67% | -28.24% | ||
Mongolia Dev Res | MNT | 1,000 | 51 | 5.37% | 950 | 1,000 | 950 | 4,000 | 20-Jan | -0.99% | -13.04% | ||
Moninjbar | MNT | 130 | 0 | 0.00% | 130 | 130 | 130 | 0 | 13-Jan | 0.00% | 28.71% | ||
Mongol Nekhmel | MNT | 4,000 | 0 | 0.00% | 4,000 | 4,000 | 4,000 | 2 | 20-Jan | 21.95% | 220.00% | ||
Hotel Mongolia | MNT | 840 | 40 | 5.00% | 848 | 848 | 840 | 15 | 20-Jan | -6.56% | |||
Darkhan Nekhii | MNT | 6,500 | -350 | -5.11% | 6,850 | 6,850 | 6,500 | 195 | 20-Jan | 4.84% | 31.58% | ||
Nak Tulsh | MNT | 180 | 10 | 5.88% | 179 | 180 | 179 | 3,000 | 20-Jan | 2.86% | -48.57% | ||
Olloo | MNT | 197 | -3 | -1.50% | 200 | 200 | 197 | 420 | 20-Jan | -17.57% | 31.33% | ||
Remikon | MNT | 169 | -12 | -6.63% | 166 | 169 | 165 | 50,899 | 20-Jan | -3.98% | 64.08% | ||
Sharyn Gol | MNT | 9,760 | 0 | 0.00% | 10,001 | 10,001 | 9,020 | 0 | 19-Jan | -14.01% | -21.92% | ||
Shivee Ovoo | MNT | 13,500 | -500 | -3.57% | 13,500 | 13,500 | 13,500 | 19 | 20-Jan | -11.76% | -12.90% | ||
Sor | MNT | 3,250 | 0 | 0.00% | 3,251 | 3,252 | 3,250 | 239 | 20-Jan | -14.92% | 187.61% | ||
Suu | MNT | 63,000 | -2000 | -3.08% | 65,000 | 65,000 | 63,000 | 70 | 20-Jan | -3.08% | |||
Tav | MNT | ||||||||||||
Talkh Chikher | MNT | 10,900 | -100 | -0.91% | 10,500 | 10,900 | 10,500 | 105 | 20-Jan | 3.81% | 142.22% | ||
Tavantolgoi | MNT | 10,000 | -50 | -0.50% | 10,050 | 10,050 | 10,000 | 1,090 | 20-Jan | -9.09% | 51.52% | ||
State Dept Store | MNT | 500 | 13 | 2.67% | 486 | 500 | 486 | 1,688 | 20-Jan | -13.79% | 15.47% | ||
Ulaanbaatar Hotel | MNT | 48,000 | 3000 | 6.67% | 48,000 | 48,000 | 48,000 | 17 | 20-Jan | 6.67% | 74.55% | ||
Mongol Savkhi | MNT | 2,000 | -250 | -11.11% | 2,250 | 2,250 | 1,917 | 354 | 20-Jan | -22.69% | 262.98% | ||
Zoos Goyol | MNT | 900 | 70 | 8.43% | 880 | 900 | 880 | 250 | 20-Jan | -4.26% | -5.26% | ||
HKEx | Solartech Int'l | HKD | 0.182 | 0.003 | 1.68% | 0.179 | 0.185 | 0.179 | 2,490,504 | 20-Jan | 2.82% | -75.41% | |
Winsway | HKD | 1.8 | -0.11 | -5.76% | 1.87 | 1.88 | 1.76 | 85,261,000 | 20-Jan | -21.40% | -58.89% | ||
SouthGobi Resources | HKD | 48.9 | 0.9 | 1.88% | 48 | 49 | 48 | 14,600 | 20-Jan | 7.35% | -54.89% | ||
China Gold | HKD | 23.25 | -0.25 | -1.06% | 22.8 | 23.4 | 22.8 | 24,500 | 20-Jan | 27.75% | -39.84% | ||
CNNC Int'l | HKD | 2.38 | 0.01 | 0.42% | 2.4 | 2.42 | 2.29 | 637,000 | 20-Jan | 17.82% | -67.17% | ||
Real Gold Mining | HKD | 8.81 | 0 | 0.00% | 8.81 | 8.81 | 8.81 | 0 | 20-Jan | 0.00% | -28.58% | ||
Mongolia Energy | HKD | 0.7 | 0 | 0.00% | 0.71 | 0.71 | 0.68 | 9,794,813 | 20-Jan | 0.00% | -70.46% | ||
Zijin Mining | HKD | 3.39 | -0.01 | -0.29% | 3.43 | 3.48 | 3.36 | 30,507,564 | 20-Jan | 16.10% | -19.04% | ||
Mongolia Inv Group | HKD | 0.05 | 0 | 0.00% | 0.05 | 0.05 | 0.049 | 1,818,000 | 20-Jan | 8.70% | -59.02% | ||
North Asia Resources | HKD | 0.215 | -0.013 | -5.70% | 0.226 | 0.228 | 0.2 | 1,745,000 | 20-Jan | -3.15% | -80.80% | ||
China Daye Non-Fer. | HKD | 0.435 | -0.005 | -1.14% | 0.44 | 0.445 | 0.435 | 1,424,000 | 20-Jan | -5.43% | -26.27% | ||
Bestway Int'l | HKD | 0.052 | -0.006 | -10.34% | 0.053 | 0.053 | 0.051 | 30,000 | 20-Jan | -14.75% | -60.00% | ||
Asia Coal | HKD | 0.099 | 0 | 0.00% | 0.099 | 0.099 | 0.099 | 0 | 20-Jan | -5.71% | -59.59% | ||
Mongolian Mining | HKD | 6.27 | -0.11 | -1.72% | 6.37 | 6.37 | 6.09 | 995,000 | 20-Jan | 7.36% | -39.71% | ||
SGX | LionGold | SGD | 0.885 | 0.01 | 1.14% | 0.875 | 0.885 | 0.875 | 11,308,000 | 20-Jan | 1.72% | 27.34% | |
LSE | Central Asia Metals | GBp | 63.75 | -0.125 | -0.20% | 63.75 | 63.75 | 63.75 | 586,495 | 20-Jan | 12.09% | -33.94% | |
Petro Matad | GBp | 36 | 1.5 | 4.35% | 34.5 | 37.5 | 34.5 | 373,804 | 20-Jan | 45.45% | -69.75% | ||
Metal-Tech | GBp | 4.25 | 0 | 0.00% | 4.25 | 4.25 | 4.25 | 9,891 | 20-Jan | 13.33% | -67.31% | ||
Nova Resources | GBp | 8.5 | 0.25 | 3.03% | 8.25 | 8.5 | 8.25 | 9,182 | 20-Jan | 257.90% | |||
Origo Partners | GBp | 32.25 | -0.5 | -1.53% | 32.75 | 32.75 | 32 | 90,439 | 20-Jan | -7.86% | -24.12% | ||
Canada | Aberdeen Int'l | CAD | 0.58 | -0.02 | -3.33% | 0.6 | 0.6 | 0.58 | 127,297 | 20-Jan | -10.77% | -17.32% | |
Altan Rio Minerals | CAD | 0.5 | 0 | 0.00% | 0.5 | 0.5 | 0.5 | 2,500 | 20-Jan | ||||
Blue Zen Mem. Parks | CAD | 0.06 | 0 | 0.00% | 0.03 | 0.06 | 0.03 | 0 | 18-Jan | 20.00% | -92.00% | ||
Centerra Gold | CAD | 17.85 | -0.14 | -0.78% | 17.81 | 18.192 | 17.73 | 221,711 | 20-Jan | -0.83% | 6.25% | ||
China Gold | CAD | 3.04 | 0.02 | 0.66% | 3.02 | 3.1 | 3.01 | 85,989 | 20-Jan | 18.75% | -37.70% | ||
Desert Eagle Res | CAD | 0.225 | -0.025 | -10.00% | 0.23 | 0.23 | 0.225 | 1,111 | 20-Jan | -86.84% | |||
Denison Mines | CAD | 1.96 | 0.06 | 3.16% | 1.87 | 1.98 | 1.85 | 4,358,721 | 20-Jan | 54.33% | -41.84% | ||
East Asia Minerals | CAD | 0.52 | 0.02 | 4.00% | 0.52 | 0.52 | 0.5 | 269,226 | 20-Jan | 10.64% | -91.30% | ||
Erdene Resource | CAD | 0.5 | -0.08 | -13.79% | 0.56 | 0.56 | 0.5 | 301,606 | 20-Jan | 33.33% | -68.75% | ||
Entree Gold | CAD | 1.35 | -0.02 | -1.46% | 1.38 | 1.4 | 1.34 | 45,600 | 20-Jan | 8.87% | -50.00% | ||
Fortress Minerals | CAD | 3.95 | 0 | 0.00% | 4 | 4 | 3.85 | 0 | 19-Jan | -3.66% | -25.47% | ||
Gulfside Minerals | CAD | 0.09 | 0.015 | 20.00% | 0.085 | 0.09 | 0.085 | 10,000 | 20-Jan | 5.88% | -10.00% | ||
Global Met Coal Corp | CAD | 0.15 | -0.005 | -3.23% | 0.155 | 0.155 | 0.145 | 149,000 | 20-Jan | 20.00% | |||
Ivanhoe Energy | CAD | 1.12 | 0.03 | 2.75% | 1.09 | 1.12 | 1.08 | 347,626 | 20-Jan | 0.00% | -65.00% | ||
Ivanhoe Mines | CAD | 19.33 | -0.21 | -1.07% | 19.5 | 19.73 | 18.9 | 983,516 | 20-Jan | 6.85% | -23.60% | ||
Kincora Copper | CAD | 0.28 | 0 | 0.00% | 0.29 | 0.29 | 0.28 | 300,000 | 20-Jan | -9.68% | 16.67% | ||
Khan Resources | CAD | 0.19 | -0.035 | -15.56% | 0.205 | 0.225 | 0.185 | 49,000 | 20-Jan | -5.00% | -61.22% | ||
Lucky Strike | CAD | 0.31 | -0.04 | -11.43% | 0.325 | 0.325 | 0.31 | 16,000 | 20-Jan | -12.68% | -71.82% | ||
Meritus Minerals | CAD | 0.05 | 0.005 | 11.11% | 0.045 | 0.05 | 0.045 | 82,500 | 20-Jan | 100.00% | -66.67% | ||
Manas Petroleum | CAD | 0.15 | -0.005 | -3.23% | 0.15 | 0.15 | 0.15 | 4,000 | 20-Jan | 3.45% | |||
Prophecy Coal | CAD | 0.465 | 0.005 | 1.09% | 0.47 | 0.47 | 0.455 | 949,813 | 20-Jan | 13.41% | -46.22% | ||
Puget Ventures | CAD | 0.49 | 0 | 0.00% | 0 | 17-Sep | |||||||
SouthGobi Resources | CAD | 6.35 | -0.04 | -0.63% | 6.46 | 6.51 | 6.32 | 35,781 | 20-Jan | 5.83% | -55.44% | ||
Solomon Resources | CAD | 0.08 | 0 | 0.00% | 0.08 | 0.08 | 0.08 | 5,000 | 20-Jan | 14.29% | -58.97% | ||
Undur Tolgoi Minerals | CAD | 0.2 | 0 | 0.00% | 0.2 | 0.2 | 0.2 | 0 | 12-Jan | 0.00% | 3900.00% | ||
US | Mongolia Growth Grp | CAD | 4.04 | -0.05 | -1.22% | 4.11 | 4.11 | 4.02 | 9,850 | 20-Jan | 3.59% | ||
Denison Mines | USD | 1.92 | 0.05 | 2.67% | 1.86 | 1.95 | 1.82 | 1,668,525 | 20-Jan | 53.60% | -41.28% | ||
Entree Gold | USD | 1.33 | 0.02 | 1.53% | 1.34 | 1.39 | 1.32 | 64,030 | 20-Jan | 10.83% | -52.33% | ||
Ivanhoe Energy | USD | 1.1 | 0.03 | 2.80% | 1.06 | 1.1 | 1.06 | 458,245 | 20-Jan | -1.79% | -64.52% | ||
Ivanhoe Mines | USD | 19.1 | -0.27 | -1.39% | 19.22 | 19.47 | 18.63 | 3,700,430 | 20-Jan | 7.79% | -24.48% | ||
Manas Petroleum | USD | 0.1423 | -0.0037 | -2.53% | 0.15 | 0.15 | 0.1412 | 391,877 | 20-Jan | -3.53% | -75.88% | ||
Mongolia Growth Grp | USD | 3.9935 | -0.056 | -1.38% | 4.062 | 4.062 | 3.9935 | 2,100 | 20-Jan | 3.86% | |||
Blue Wolf MGL | USD | 9.69 | 0 | 0.00% | 9.69 | 9.69 | 9.69 | 200 | 20-Jan | 0.73% | |||
Blue Wolf MGL Unit | USD | 10.31 | 0 | 0.00% | 10.31 | 10.31 | 10.31 | 0 | 19-Jan | 2.59% |
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"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 AFSLicense 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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