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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OPP closed flat yesterday at 31.5p. Origo owns 15% of Gobi Coal & Energy and values it at US$447M
Origo: Interim Management Statement for the three month period from October 1, 2011 to December 31, 2011
January 31, Origo Partners Plc (OPP:LN) -- This Interim Management Statement by Origo Partners Plc ("Origo" or "the Company") and its subsidiaries ("the Group") relates to the three month period from October 1, 2011 to December 31, 2011 ("the Period").
Highlights from the Period:
· Unaudited net asset value of US$242.3 million compared to US$215.4 million for the period ending September 30, 2011 primarily as a result of the successful placing in December 2011 which raised US$32.5 million, before expenses
· Unaudited net asset value per share of US$0.68 at the end of the Period compared to US$0.72 per share for the period ending September 30, 2011
· Total investments of US$15.1 million
· Net cash position of US$44.9 million
Chris Rynning, Origo's CEO, said:
In Q4 Origo successfully raised additional funding and entered into a strategic partnership with Trafigura Beheer B.V. ("Trafigura"), further strengthening our presence in Mongolia.
In November we announced the Joint Venture with Trafigura, one of the world's leading trading companies, to invest in coal and iron ore opportunities in Mongolia. This partnership is an endorsement of our mining franchise and shows our confidence in Mongolia's future and its potential as an international supplier of bulk commodities and base metals.
During the Period, we also successfully raised US$32.5 million via a placing of new ordinary shares with new and existing shareholders. The funds raised enable us to enter 2012 in a strong position to invest in selected RMB funds alongside the Chinese government and to capitalise on our pipeline of new identified investment opportunities.
1. Resources and Commitments
In December 2011, the Company raised US$32.5 million, before commissions and expenses, via a placing of new ordinary shares to existing and new shareholders at 36 pence per new ordinary share. At December 31, 2011, Origo had cash and cash equivalents of US$56.9 million. Payables to debtors and other liabilities equaled US$12.0 million, leaving the Group with a net cash position of US$44.9 million.
2. Unaudited Net Asset Value
No revaluation of the Portfolio took place during the Period as per Origo's policy to reassess the value of the Company's assets on a bi-annual basis. However, adjusting to reflect the purchase and sale of investments, currency movements and market values in respect of quoted investments, the Company estimates unaudited net asset value at the end of the Period was US$242.3 million (US$0.68 per share). The equivalent NAV per share translated into British Sterling at the prevailing exchange rate at the end of the Period was 44.4 pence compared to 46.2 pence for the period ending September 30, 2011. The decline in NAV per share is primarily a result of the placing in December of 57,758,333 new ordinary shares at 36 pence per share.
3. Portfolio composition
In line with the Group's strategy, investments are made predominately in privately held companies across various sectors of China's economy, and in companies and assets with exposure to the Chinese market, with the objective of providing shareholders with above market returns, primarily through capital appreciation. Currently the Group focuses on two sectors: natural resources (comprising metals, mining and agriculture) and clean tech.
As at December 31, 2011, the Portfolio was carried at the aggregate value (excluding revaluations of unquoted portfolios) of US$243.7 million compared to US$240.0 million for the period ending September 30, 2011. The top ten investments represented 89 per cent of the fair value of the Portfolio, with the top five investments accounting for 67 per cent.
Table 1: Top 10 Investments (US$ million)
Company | Sector | Instrument | Ownership* | Cost | Fair value | % of |
Gobi Coal & Energy Ltd | Metals & Mining | Common Stock | 15.0% | 15.6 | 67.0 | 27.6% |
R. M. Williams Agricultural Holdings Pty Ltd | Agriculture | Common Stock & Loan | 17.5% | 23.1 | 32.5 | 13.4% |
Celadon Mining Ltd | Metals & Mining | Common Stock | 9.7% | 13.1 | 23.8 | 9.8% |
China Rice Ltd | Agriculture | Preferred Stock & Loan | 32.1% | 23.0 | 23.0 | 9.5% |
IRCA Holdings Ltd | Metals & Mining | Common Stock & Loan | 49.1% | 23.3 | 15.9 | 6.6% |
Unipower Battery Ltd | Cleantech | Preferred Stock & Loan | 16.5% | 13.3 | 13.3 | 5.5% |
China Cleantech Partners, L.P.** | Cleantech | Common Stock | 50.1% | 12.5 | 12.5 | 5.2% |
Kincora Copper Ltd | Metals & Mining | Common Stock | 33.2% | 3.5 | 12.3 | 5.1% |
Moly World Ltd | Metals & Mining | Common Stock | 20.0% | 10.0 | 10.0 | 4.1% |
Niutech Energy Ltd | Cleantech | Preferred Stock | 21.1% | 6.4 | 6.4 | 2.6% |
* Legal & beneficial interests, excluding impact of outstanding options/warrants and any outstanding convertible instruments
** A private equity fund focusing on China's cleantech sectors, jointly formed and co-managed by the Group and Ecofin Limited
Reflecting the Group's strategy of investing in privately held companies, 91 per cent of the Portfolio (in terms of fair value) at the end of the Period was invested in unquoted portfolio companies. The Company's holding in listed companies comprised stakes in AIM-listed HaloSource Inc. (LSE: HAL), TSX Venture Exchange listed Kincora Copper Limited (TSXV: KCC), ASX listed Voyager Resources Ltd (ASX: VOR), a minor position in Weka Entertainment, listed on NYSE Alternext (ALWEK.NX), and other quoted investments held by China Commodities Absolute Return Ltd ("CCF"), a commodities hedge fund managed by the Group.
The weighted average holding period is 2.6 years, with 76 per cent of the Portfolio having been held for less than 3 years; 16 per cent having been held for 3-4 years, and 8 per cent for 4 years or longer.
In terms of sectors, the composition of the Portfolio at the end of Period comprised:
Metals & Mining (57 per cent)
Agriculture (23 per cent)
Clean tech (16 per cent)
Consumer, Technology and Media (4 per cent).
4. Investments
The Group invested a total of US$15.1 million during the period, comprising US$5.5 million of investments in new portfolio companies, of which US$5.1 million were invested in the quoted stocks through CCF, and US$9.6 million of deployments to existing investee companies.
In October 2011, the Company disbursed the second tranche of US$5 million to China Rice Ltd under a convertible credit facility entered into and announced in August 2011.
In October 2011, the Company announced the acquisition of Smarton 5 Inc. ("S5"), a Beijing-based social gaming company, in which Origo held a 36 per cent equity stake, by 6waves Lolapps ("6waves"), a social and mobile game developer and publisher with significant venture capital backing. Origo retains an equity stake in the combined company.
In November 2011, the Company announced the formation of a joint venture company, Trafigura-Origo MGL to invest in coal and iron ore opportunities in Mongolia ("the Joint Venture"). The Joint Venture, to be owned 50:50 by wholly-owned Mongolian subsidiaries of Trafigura and Origo respectively, will invest in a number of already identified iron ore and coal exploration projects in Mongolia with the objective of targeting further high-grade deposits with the potential for significant export volumes.
In December 2011, the Company exercised warrants to subscribe for preferred shares in Niutech Energy Ltd in consideration of US$1.65 million.
5. Portfolio Updates
On 9 December 2011, Gobi Coal & Energy Limited informed shareholders that it has completed a placing of shares to two sovereign wealth funds raising US$91 million. The funds will enable Gobi Coal & Energy Limited to construct Phase 1 of the Shinejinst Mine, and bring it into production, in anticipation of an IPO during 2012.
A$7.7M cash at end of Q; closed +3% to 51.5c today
Draig: QUARTERLY REPORT
January 31 -- Draig Resources Ltd (ASX: DRG) (“Draig” or “the Company”) is pleased to provide shareholders with its latest Quarterly Report, which outlines the progress made by the Company in the three months to 31 December 2011.
Highlights
• Completed acquisition of 8 Mongolian coal licences for US$7.87 million
• Licences located in Ovorhangay and South Gobi provinces, covering ~ 625km2
• A$17 million in new capital raised
• Company’s shares reinstated to ASX, renamed Draig Resources Ltd in Jan 2012
• Geophysics program commenced on 2 licences, completed subsequent to quarter
• Company COO appointed, subsequent to quarter
• JORC compliant resource for Teeg licence expected to be completed Q2 2012
…
A$360K cash end of quarter. GMM closed +34.41% to 12.5c today
GMM: December 2011 Quarterly Report
31 January 2012 , General Mining Corporation Limited (ASX:GMM) --
HIGHLIGHTS
• Recommendations for further coal exploration at the Mongolian Uvs project area
• GMM acquires additional interest in Shoemaker J/V
• Subsequent to end of quarter, GMM announced securing of strategic partner and plan for two stage capital raising
…
A$2.3m in cash at end of Q. TPL closed +6.67% to 1.6c today
TPL: Quarterly Report – December Quarter 2011
January 31, TPL Corporation Limited (ASX:TPL) --
HIGHLIGHTS
· Regional geological interpretation of approx. 290 km of strike of potential coal bearing sequence in favorable setting within TPL’s Canning Basin tenure.
· TPL offering an exciting JV opportunity to a large ground holding over known Permian, coal-bearing host rocks.
· Mongolian Project Generation continues and currently seven identified target areas are being evaluated by in-country consultants.
…
GROWTH STRATEGY
Mongolia
Mongolia offers one of the best opportunities in the world for potentially obtaining an early stage, quality coal exploration project. This frontier country abuts the coal hungry nation of China to the south and contains sparsely explored, world class, coal endowed basins.
During the quarter TPL continued to pursue its strategy to identify and acquire a high margin, coking ± quality thermal coal project in Mongolia. This was done through our on-going Project Generation & Evaluation Program (ProjGen & Eval). In addition we continue reviewing projects presented by Finder Groups.
ProjGen & Eval involves the initial selection of favourable target areas utilizing regional scale data collated in a GIS (geographical Information System). These target areas are then further evaluated by in country consultants who have access to more detailed information on vendors, geology, coal occurrences and exploration history. During the quarter a total of six target areas the Western Mongolian Province (WMP), a further five in the South Gobi Basin (SG) and late in the quarter a further five target areas in the Eastern Gobi Basins (EGB) were identified. Follow up work by Mongolian consultants has discounted all WMP and three SG targets. These targets either failed to meet TPL’s prospectivity criteria or vendor had on dealt to an active operator.
Chinese owned companies are very active in acquiring, exploring and developing Mongolian coal assets. Detailed evaluation on two SG and all the EGB target areas are yet to be finalized and will be completed next quarter.
Also during the quarter Finder Groups presented in total seven coal and six non-coal (i.e. Au, Cu, Fe, Mo & Zn) projects for review. All projects were rejected due to either grassroots status, poor prospectivity, tenure issues or a combination of these.
…
Petro Matad: Notification of re-organisation of Nominated Adviser and Joint Broker
February 1, Petro Matad Limited (MATD:LN) --
Following the completion of the acquisition by Westhouse Holdings plc of Arbuthnot Securities Limited on 20 January 2012, the business of Westhouse Securities Limited has been transferred to Arbuthnot Securities Limited. Simultaneously Arbuthnot Securities Limited is changing its name to Westhouse Securities Limited.
Standing Committee postpones Tavantolgoi discussion
February 1 (news.mn) The Standing Committee on Economics was to discuss a parliamentary protocol on the Tavantolgoi mining project, but the meeting was postponed at the request of members of the DP caucus.
Some DP MPs opposed plans to give away ten percent of Tavantolgoi stock to Mongolian citizens, sell ten percent to Mongolian firms, and sell 30 percent on international markets. They said the matter should be discussed further between the DP and MPP caucuses.
S.Byambatsogt said the protocol has not been significantly altered and it instructs that 536 shares be distributed to each citizen. It has been proposed that a portion of the shares to be sold to domestic firms could instead be given away to citizens as well.
Government appoints new deputy ministers
February 1 (news.mn) At a special meeting of the Government on Tuesday, members approved the appointment of deputy ministers nominated by the MPP managing council.
MPP Foreign Relations Department Head G.Tenger was appointed deputy foreign affairs and trade minister; Monpolimet LLC Director Ts.Garamjav was appointed deputy mineral resources and energy minister; Mak Group Vice Director N.Nomtoibayar was appointed deputy social welfare and labor minister;
Bishrelt Group Director B.Undarmaa was appointed deputy education, culture and science minister; former Food, Agriculture and Light Industry Ministry advisor P.Bayanmunkh was appointed deputy food, agriculture and light industry minister; and former Auto Transportation Office Head B.Tsengel was appointed deputy road, transportation and urban development minister.
In considering the nominations, Government members said they considered each candidate’s qualifications and ability to implement programs and projects.
Prime Minister S.Batbold said the new deputy ministers should begin work promptly and said they should each initiate two good projects in their sectors.
Government to reduce VAT on petroleum products
January 31 (news.mn) At the Government meeting on Monday, members discussed the MNT 260-per-liter increase in the price of gasoline, which has been attributed to the tugrik’s falling rate against the U.S. dollar.
Mineral Resources and Energy Minister D.Zorigt said Russian fuel exporters Rosnefti and THK LLC raised their prices due to rising crude oil prices and a new tariff on fuel transportation.
In response, D.Zorigt said, the Government has decided to reduce the Value Added Tax on petroleum products, despite the Finance Ministry’s refusal to reduce it earlier.
D.Zorigt added that MNT 16.3 billion has already been allocated for a gasoline reserve. But the Government is planning to revise the state budget in April at the request of the Finance Minister. At that time, another MNT 22.5 billion could be allocated for the reserve.
Government increases salaries of state workers
January 31 (news.mn) At its meeting on Monday, the Government decided to increase the salaries and pensions of state workers and subsidies for disabled citizens beginning February 1.
Social Welfare and Labor Minister T.Gandi said the Government decided to allocate the money for the increases from the 2012 general budget and submit the proposal to Parliament. Salaries and pensions would be increased by MNT 80,000 in the first phase, and another 53 percent increase would follow later.
After the increases take effect, teachers will receive an average salary of MNT 600,000, twice the amount they earned in 2008.
Government holds first meeting with new ministers
January 31 (news.mn) Five new ministers were in attendance at Monday’s meeting of the Government.
At the meeting, Social Welfare and Labor Minister T.Gandi discussed the trilateral agreement process, and Food, Agriculture and Light Industry Minister T.Badamjunai discussed the meat supply and meat prices. Mineral Resources and Energy Minister D.Zorigt delivered a report on the gasoline supply and gas prices.
Members also discussed draft laws on establishing criteria for classifying certain objects as dangerous; on social welfare for disabled citizens; and amendments to the law on political parties.
Members also discussed Parliament’s protocol for increasing pensions and salaries for state workers, a Government protocol for borrowing money from Mongol Bank to balance budget income and expenditures, and the 2012 state budget.
Number of mining workers increases
February 1 (news.mn) The number of workers in the mining sector is growing as rising foreign and domestic investment in the sector is rapidly expanding it.
About 48,100 workers worked in the mining sector in 2010, three times the number in 2001. The demand for workers is growing due to the building of new mines and processing facilities.
But economists say the salaries of workers in other sectors is having a hard time keeping up, a symptom of the so-called Dutch disease. The salaries of workers in the industrial and agricultural sectors lag behind the mining sector.
Committee members urge Mongol Bank be held accountable
January 31 (news.mn) After gasoline prices went up January 6, the Confederation of Trade Unions (CTU) organized demonstrations at Sukhbaatar Square and in aimags. After meeting with Prime Minister S.Batbold and Speaker D.Demberel, CTU officials agreed to call off the protests and join a committee to investigate the price hike.
The committee, which includes Social Welfare and Labor Minister T.Gandi, CTU President S.Ganbaatar, and Employers’ United Association Chairman N.Ganbaatar, reported on its work at a press conference on Monday.
The committee members said they will deliver several suggestions to the Government, such as holding Mongol Bank accountable for failing to stabilize the tugrik. They also said Mongol Bank officials should consult with the government whenever the tugrik’s rate against foreign currencies fluctuates by more than two percent in a week.
They also said the law on currency regulation should be amended, and that a monetary policy council under the Mongol Bank president should be established, to include representatives of government, trade unions, employers, and consumers.
The committee is also asking the Government to reduce gasoline prices to their pre-January 6 levels by February 8, and to establish a three-month reserve of gasoline.
The committee is also asking the Mayor and aimag governors to increase the supply of reserved meat, because the sale of reserved meat currently can not meet demand. It also suggested establishing a council to monitor market competition under the Authority for Fair Competition and Consumers.
Minter Ellison Rides Into Mongolia
One steppe at a time.
February 1 (WSJ Blog) That appears to be the growth motto of Australian law firm Minter Ellison after its partners voted to open an office in Mongolia–its fourth in Asia.
Minter Ellison is setting up in Ulan Bator at a time when Mongolia’s resources are attracting rising interest from Australian and Western miners that have found themselves locked out of the biggest deposits in China and neighboring Russia by a regulatory environment that favors local firms.
Clients increasingly preferred local expertise rather than legal affairs being handled remotely, says Minter Ellison, which has over 1,000 lawyers globally.
“Mongolia is the logical next step for us,” says John Weber, Minter Ellison’s chief executive partner. “It is an increasingly strategic market with a substantial resource-based economy and is attracting the attention of the global resources industry, including Australian companies. Many of these are Minter Ellison clients.”
Rio Tinto and Ivanhoe Mines are investing billions of U.S. dollars in Mongolia to develop the Oyu Tolgoi copper deposit, while several other ASX-listed companies such as Xanadu Mines and Guildford Coal have assets in the landlocked country.
Minter Ellison said there are 144 Australian invested companies in Mongolia. Austrade, the government’s trade agency, also established a permanent presence there in September.
“We could have opted to continue a minimalist approach, with fly-in fly-out teams to service their needs, but our experience in Greater China tells us it’s better to be on the ground working with clients,” Mr. Weber said.
Elisabeth Ellis, one of the law firm’s senior partners in Hong Kong, will relocate to the new office in Ulan Bator as a full-time resident partner and will be backed up by a team of Mongolian lawyers.
In addition to Hong Kong, Minter Ellison has Asian offices in Shanghai and Beijing.
Link to Minter Ellison release
Jon Hykawy: Mongolia should be careful with their rare earth minerals
February 1 (UB Post) In mid January 2012, the “Rare earth minerals: from mining to the market” forum took place in the President’s Civilian Chamber. Jon Hykawy, Clean Technologies & Materials Analyst from Byron Markets, gave an interview following the forum.
-What are the current supply and demand levels for rare earth minerals?
-According to our estimation, there are 16 minerals that are considered to be rare. The six radioactive rare minerals are generally in high demand. They are mostly used in glass and ceramic products, in addition to vehicles and cars. China is the country with the most rare earth mineral deposits. It is strategically important for a country to set a quota for how the amount of rare earth minerals to be exported in a year.
In 2009 China exported 54 thousand tons of rare earth minerals, but this number decreased in 2011. The reason for this is that in 2011 the prices of rare earth minerals drastically decreased; the demand decreased with it too. Since car production is predicted to increase this year, there is an assumption that the demand for rare minerals will increase.
-Will China increase their mining of rare earth minerals?
-There will not be a large amount of rare earth minerals mined. This is because China is currently holding a strategy to prioritize the preservation of natural environments.
As for other countries, there are talks about replacing rare earth minerals with cheaper minerals, and developed countries like Korea and Japan have already started extensive testing projects.
-What is your conclusion about Mongolia’s progress in the field of rare earth minerals?
-The mining and production of rare earth minerals is at its beginning stage in Mongolia. I think that it is crucial to aim to supply the world’s demand for rare earth minerals later if the rare mineral field is further developed. In Mongolia, there are rare minerals, which are used in making light bulbs. General Electronics (GE) is very interested in purchasing this mineral in large amounts from Mongolia. Due to GE’s interest, the mineral’s price in China fell threefold in 2011. This shows how sensitive the price of rare earth minerals are, in terms of supply and demand. In other words, Mongolia should take special care when handling rare earth elements on the market, researching more into their supply and demand.
Kuwaiti envoy meets with Mongolia FM
ULAN BATOR, Jan 31 (KUNA) -- Kuwaiti Ambassador to Mongolia Mubarak Mohammad Al-Suhaijan met, on Tuesday, with Mongolia's Foreign Minister Gombojav Zandanshatar at the Foreign Ministry headquarters.
During the meeting, promoting bilateral relations and developing the trade and economic sectors were discussed.
The Mongolian Minister lauded Kuwait's role in giving assistance to his country through Kuwait Fund for Arab Economic Development.
He also praised the Kuwaiti parliamentary experience of which he described as the most "advanced" in the Middle East region.
The Kuwaiti ambassador presented a commemorative gift to the Mongolian official at the end of the meeting.
DAVOS SPENDS "MONGOLIA NIGHT"
Ulaanbaatar, Mongolia, January 31 /MONTSAME/ An event called "Mongolia Night", propagandizing Mongolia, took place during the World Economic Forum (WEF), January 25-29 in Davos, Switzerland.
The action was opened by L.Orgil, the Ambassador of Mongolia and the Permanent Representative to the UN Office at Geneva, and by Ch.Gankhuyag, the Vice Minister of Finance. They spoke about mowadays economic situation and investment opportunities in Mongolia. Then, CEO of the Rio Tinto Group Tom Albanese delivered a speech.
Organized for the fourth time, the event has attracted some 270 guests such as Yukiya Amano, the IAEA director-general; Haruhiko Kuroda, the president of the Asian Development Bank; Philipp Misfelder, a Bundestag member; Martin Dahinden, a director-general of the Swiss Agency for Development and Cooperation; Steve Forbes, the editor-in-chief of the Forbes Magazine; and Christopher Wagner, the vice-president of the Credit Suisse Bank.
FACTBOX-Key political risks to watch in Mongolia
ULAN BATOR Feb 1 (Reuters) - Mongolia sits on vast quantities of untapped mineral wealth, the exploitation of which is likely to turn it into one of the world's fastest growing economies over the next decade.
But political uncertainty ahead of parliamentary elections in June worries investors. One of the parties in Mongolia's shaky coalition government said it would pull out before the vote, and politicians are under constant pressure to be seen to getting a good deal for the country from resources investors.
The priority for Mongolia is the development of its tiny economy, and foreign investors want to know if the government can create a stable legal environment while handling the pressures exerted by impatient citizens as well as its two giant neighbours, Russia and China.
Following is a summary of key political risks to watch:
INVESTMENT POLITICS
The government has now formally given up on its idea of renegotiating the contract for the Oyu Tolgoi copper-gold mine, after earlier saying it wanted to look again at a 2009 deal with Ivanhoe Mines. The project will be taken over by Rio Tinto , which already owns 49 percent of Ivanhoe and, as of mid-January, was cleared to buy more.
Foreign investors were worried that renegotiating a deal two years after it was first signed would undermine confidence, but Mongolia is under pressure to boost revenues and meet ambitious social pledges made at the last elections in 2008. Some politicians have called for the prime minister to resign over his handling of the Oyu Tolgoi contract.
The controversy over Oyu Tolgoi's ownership has spilled over into another giant mine, the Tavan Tolgoi or "Five Hills" coal deposit.
Mongolia is racing to launch a much-anticipated initial public offering, which sources said in January would be dual listing in Ulan Bator and London -- dropping Hong Kong as a venue -- and would likely take place in May. [ID: nL3E8CD1Q2].
An initial proposal to hand development rights in the project to China's Shenhua, Peabody of the United States and a Russian-Mongolian consortium was rejected, and the government is trying to devise another deal that will include Japanese and South Korean partners.
The government is under pressure to pass several new laws, including the budget, an election law, judicial reforms, and the investment agreement for Tavan Tolgoi.
What to watch:
-- Progress of new laws through parliament.
-- Whether the government can produce an investment agreement for Tavan Tolgoi that will satisfy foreign partners and keep the public happy, and whether it can do it in time.
-- More inward investment. In November, commodities trader Trafigura and private equity investor Origo Partners Plc , formed a joint venture to develop Mongolian coal and iron ore deposits for export.
-- Whether foreign investors will be deterred by Mongolia's less than transparent approval procedures.
THE RESOURCE "CURSE"
Mongolia's dependence on mining has alarmed environmentalists and opposition politicians, and the country is already showing classic symptoms of "Dutch disease", including soaring inflation and high interest rates.
The government is trying to put in place structures that will protect it against fluctuating commodity prices, and is keen to use the proceeds from mining to pay for infrastructure, health and education programmes and develop other sectors.
It is under pressure to spread the wealth, and has already extracted "pre-payments" from foreign firms involved in both the Tavan Tolgoi and Oyu Tolgoi projects in order to give money to the public.
What to watch:
-- How Mongolia uses the proceeds from its mining projects. It has set up education and fiscal stabilisation funds, but it has also promised direct dividends for Mongolian citizens.
-- How it deals with rapid economic change as well as inflation as foreign investment transforms the country's mainly rural economy. The International Monetary Fund warned in November that Mongolia's economic policies are creating inflationary pressures.
GETTING ON WITH THE NEIGHBOURS
Many of Mongolia's 2.7 million citizens are concerned about growing Chinese and Russian influence, and their fears were not allayed by the plan to hand the majority of Tavan Tolgoi's western block to Chinese and Russian interests.
China already dominates Mongolia's economy, buying 90 percent of the country's exports in the first half of 2011.
Mongolia's growing dependence on Russia and China for fuel, power and transportation also poses a major risk to its mining sector. Russia has been known to turn off supply taps, and China is not averse to closing crucial railway links.
Mongolia also depends on Russia's railway network to fulfil plans to deliver coal to Japan and South Korea.
What to watch:
-- Will efforts to ease dependence on China merely increase Russia's hold, and vice versa? Is the Chinese market for coal and other minerals its only option in the short term?
-- How will the government handle growing nationalist sentiment, and fears about the role of foreign firms and workers.
BCM Monthly Meeting recap- Jan, 2012
February 1 (BCM) The meeting on 23 January with Laurenz Melchers in the chair was attended by 95 members and invited guests. Melchers announced four upcoming events: Coal Mongolia 2012 from 9 to 12 February in Ulaanbaatar: the USETEC Fair from 5 to 7 March in Cologne, Germany; Mines & Money on 19 to 23 March in Hong Kong; and Coal Trans Mongolia in June in Ulaanbaatar.
BCM Vice Director I. Ser-od announced that Arthur Cookson, the head of tax at Oyu Tolgoi LLC, as the new co-chair of BCM's Tax Working Group. He also announced a BCM In The Classroom program to be held at Mongolian National University throughout February. This program will bring esteemed speakers, such as Cameron McRae, President & CEO of Oyu Tolgoi, who will open the joint project.
BCM membership now stands at 183 members. More than 90 percent of members from 2011 have renewed their membership. The nine recently joined members are:
1. Citi Group - The leading global financial services company. It has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Through Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
2. Turning Point Holdings LLC - This diversified company is a foreign investor company operating in the areas of food and beverage, travel and property.
The recently opened Turning Point Café is a jazz-themed restaurant and bar located just half a block from the State Department Store on Tserendorj Street (opposite the fountain). The Café offers a unique selection of western-style menu items, sophisticated ambience, and smooth jazz music (recorded, with occasional live performances).
Turning Point Travel organizes private and group tours in Mongolia. The company also organizes tours in Bhutan, Nepal, Tibet and the Indian Himalayas.
3. Kincora Copper Limited – Focused on Mongolia, Kincora acts as a mining exploration and development company. It is based in Vancouver, and listed on the TSX Venture Exchange. It says its strength comes from a major asset in Mongolia and a management team supported by experienced mining developers and years of background in Mongolia.
Its key asset, the Bronze Fox copper-gold deposit is located in southeast Mongolia, 200 kilometers from the Chinese border, along the famed Oyu Tolgoi copper belt and approximately 140 kilometers northeast of the world-class Oyu Tolgoi copper-gold project.
4. Europharma Co., Ltd - Founded in 1999, this company is one of the largest pharmaceutical companies in Mongolia. The primary operation of the company covers on the import and trade of medicines, medical devices, medical equipments, vaccines, bio preparations, diagnostic materials, patient care products, and biologically active additional nutrition.
Since 2002, EuroPharma was designated as an organization to supply medicine and medical equipment to State hospitals by the participating on the bids announced by the Ministry of Health Mongolia. Nowadays the company distributes pharmaceuticals through its 11 wholesale centers and 23 drugstores located in the capital city and 6 provinces of the country.
5. ARD Capital Group - Formerly known as Northern Securities, ARD Capital Group is a Mongolian Financial Regulatory Commission (FRC) licensed broker, dealer and underwriting company and member of the Mongolian Stock Exchange. Founded in 2007, it has the goal of offering a wide range of investment banking services including brokerage, underwriting and investment consultancy.
Its operational team consists of market experts to young motivated entrepreneurs, in all which holds a FRC license to work in Capital market.
6. United Securities LLC – United Securities was established in January 2011 in order to provide wide range of financial services in Mongolian financial market with the international standards and legislation from the perspectives of professional. At the end of 2011, the company had received its broker-dealer special license, underwriting license from the FRC as well as became the member of Mongolian Stock Exchange. United Securities LLC had signed strategic partnership agreement with Ulaanbaatar Capital LLC. With this strategic partnership agreement, United Securities LLC can able to offer full investment banking services to its clients.
7. Ulaanbaatar Capital LLC - An investment vehicle of the Ulaanbaatar City Bank, this financial group has the purpose of providing non-banking financial services to its customers in a broad range of asset classes across Mongolian and International money, commodity and securities markets. Also as an investment vehicle we do look for opportunities to create joint ventures that will bring high yields in the fastest growing economy.
8. BB Consulting - The founder of BB Consulting is the former managing partner of GTs Advocates. The firm provides legal consulting services and advises Firebird funds in connection with their investments into various mining and exploration projects in Mongolia.
9. Shunkhlai Group LLC - This investment company manages diverse business portfolios, with the largest business lines in the portfolio are mining, consumer goods production and distribution, petroleum, oil and gas, information and communication technology and international trading.
As one of the first private entities in Mongolia, it aims to further strengthen existing business lines as well as to expand its portfolio, including property, commodity trading, infrastructure, and information technology for purposes of enhancing our contribution to development of Mongolia.
Table: Mongolia Related Stocks (Source: Bloomberg)
Name | Symbol | $ | Price | Change | +-% | Open | High | Low | Volume | Time | % YTD | % 12 m | |
Indices | ASX 200 | 4,262.68 | -10.06 | -0.24% | 4,270.70 | 4,287.40 | 4,261.10 | 0 | 31-Jan | ||||
Nikkei 225 | 8,802.51 | 9.46 | 0.11% | 8,781.44 | 8,836.68 | 8,776.65 | 0 | 31-Jan | |||||
Hang Seng | 20,390.49 | 230.08 | 1.14% | 20,326.49 | 20,465.89 | 20,219.27 | 0 | 31-Jan | |||||
MSE Top 20 | 19,976.50 | 276.90 | 1.41% | 19,976.50 | 19,976.50 | 19,976.50 | 0 | 31-Jan | |||||
FTSE 100 | 5,681.61 | 10.52 | 0.19% | 5,671.09 | 5,730.32 | 5,671.09 | 1,016,872 | 31-Jan | |||||
TSX Composite | 12,452.15 | 15.73 | 0.13% | 12,518.53 | 12,532.74 | 12,366.74 | 209,443,291 | 31-Jan | |||||
S&P 500 | 1,312.41 | -0.60 | -0.05% | 1,313.53 | 1,321.41 | 1,306.69 | 0 | 31-Jan | |||||
ASX | Aspire Mining | AUD | 0.38 | 0 | 0.00% | 0.38 | 0.385 | 0.37 | 1,676,175 | 31-Jan | 2.70% | -35.04% | |
Blina Minerals | AUD | 0.005 | 0 | 0.00% | 0.005 | 0.005 | 0.005 | 1,081,805 | 31-Jan | 0.00% | -80.77% | ||
Cougar Energy | AUD | 0.014 | -0.001 | -6.67% | 0.015 | 0.015 | 0.014 | 544,531 | 31-Jan | -12.50% | -68.89% | ||
Draig Resources | AUD | 0.5 | 0 | 0.00% | 0.5 | 0.505 | 0.49 | 426,910 | 31-Jan | -40.48% | |||
FeOre | AUD | 0.28 | 0 | 0.00% | 0.28 | 0.28 | 0.28 | 3,600 | 31-Jan | 0.00% | |||
General Mining | AUD | 0.093 | 0.043 | 86.00% | 0.075 | 0.093 | 0.075 | 2,117,182 | 31-Jan | 126.83% | -28.46% | ||
Guildford Coal | AUD | 0.84 | 0 | 0.00% | 0.84 | 0.875 | 0.84 | 1,898,093 | 31-Jan | 12.00% | 9.09% | ||
Haranga Resources | AUD | 0.32 | 0.005 | 1.59% | 0.325 | 0.33 | 0.31 | 134,200 | 31-Jan | 12.28% | -49.61% | ||
Modun Resources | AUD | 0.045 | 0.001 | 2.27% | 0.044 | 0.045 | 0.042 | 1,760,000 | 31-Jan | 0.00% | 221.43% | ||
Mongolian Res Corp | AUD | 0.125 | 0 | 0.00% | 0.125 | 0.125 | 0.125 | 0 | 27-Jan | 0.00% | -68.75% | ||
Robe Australia | AUD | 0.017 | 0 | 0.00% | 0.017 | 0.017 | 0.017 | 523,438 | 31-Jan | 21.43% | 100.00% | ||
Voyager Resources | AUD | 0.07 | -0.003 | -4.11% | 0.073 | 0.073 | 0.069 | 7,413,394 | 31-Jan | 2.94% | -23.38% | ||
Xanadu Mines | AUD | 0.355 | 0.025 | 7.58% | 0.355 | 0.355 | 0.355 | 4,443 | 31-Jan | 2.90% | -42.28% | ||
MSE A Board | Aduunchuluun | MNT | 4,870 | 20 | 0.41% | 4,800 | 4,870 | 4,800 | 419 | 31-Jan | -18.83% | -75.71% | |
APU | MNT | 3,800 | 285 | 8.11% | 3,700 | 3,800 | 3,700 | 2,291 | 31-Jan | -9.52% | 2.73% | ||
Atar Urguu | MNT | 37,777 | 0 | 0.00% | 37,700 | 37,777 | 37,700 | 0 | 24-Jan | 30.27% | |||
Baganuur | MNT | 8,025 | -474 | -5.58% | 8,400 | 8,400 | 8,005 | 292 | 31-Jan | -38.74% | -61.76% | ||
Mogoin Gol | MNT | 28,000 | 0 | 0.00% | 28,200 | 28,200 | 28,000 | 295 | 31-Jan | -9.68% | 20.03% | ||
BDSec | MNT | 3,300 | 0 | 0.00% | 3,300 | 3,300 | 3,300 | 0 | 27-Jan | -5.71% | 10.00% | ||
Bayangol Hotel | MNT | 36,000 | 1,000 | 2.86% | 36,000 | 36,000 | 36,000 | 1 | 31-Jan | 0.14% | 30.43% | ||
Bayanteeg | MNT | 36,500 | 0 | 0.00% | 31,600 | 36,500 | 31,600 | 0 | 30-Jan | 1.39% | 147.42% | ||
UB BUK | MNT | 30,000 | 0 | 0.00% | 29,000 | 30,000 | 29,000 | 0 | 27-Jan | -7.69% | 327.11% | ||
Eermel | MNT | 2,700 | 0 | 0.00% | 2,800 | 2,800 | 2,700 | 0 | 30-Jan | -3.57% | -14.29% | ||
Gobi | MNT | 5,000 | 0 | 0.00% | 5,000 | 5,010 | 5,000 | 260 | 31-Jan | -2.91% | -29.58% | ||
Gutal | MNT | 3,300 | 0 | 0.00% | 3,850 | 3,850 | 3,300 | 0 | 27-Jan | 107.94% | |||
Hi B Oil | MNT | 180 | 15 | 9.09% | 179 | 180 | 179 | 3,000 | 31-Jan | -5.26% | -10.00% | ||
Khukh Gan | MNT | 181 | -3 | -1.63% | 182 | 182 | 181 | 5,690 | 31-Jan | -9.50% | 0.56% | ||
Hermes Centre | MNT | 70 | 0 | 0.00% | 70 | 70 | 70 | 0 | 30-Jan | 25.00% | 9.38% | ||
Jenko Tour Bureau | MNT | 92 | 0 | 0.00% | 93 | 94 | 92 | 50,120 | 31-Jan | -2.13% | -8.00% | ||
Telecom Mongolia | MNT | 2,501 | -249 | -9.05% | 2,505 | 2,505 | 2,500 | 70 | 31-Jan | -7.37% | -35.87% | ||
Mongolia Dev Res | MNT | 950 | 0 | 0.00% | 950 | 950 | 950 | 1 | 31-Jan | -5.94% | -44.12% | ||
Moninjbar | MNT | 140 | 0 | 0.00% | 140 | 140 | 140 | 0 | 27-Jan | 7.69% | -6.67% | ||
Mongol Nekhmel | MNT | 4,000 | 0 | 0.00% | 4,000 | 4,000 | 4,000 | 0 | 24-Jan | 21.95% | 166.67% | ||
Hotel Mongolia | MNT | 815 | 6 | 0.74% | 815 | 815 | 815 | 1 | 31-Jan | -9.34% | 18.12% | ||
Darkhan Nekhii | MNT | 6,300 | -1 | -0.02% | 6,500 | 6,500 | 6,300 | 106 | 31-Jan | 1.61% | -20.25% | ||
Nak Tulsh | MNT | 190 | 10 | 5.56% | 190 | 190 | 190 | 1 | 31-Jan | 8.57% | -40.63% | ||
Olloo | MNT | 170 | -25 | -12.82% | 171 | 171 | 170 | 6,346 | 31-Jan | -28.87% | 0.00% | ||
Remikon | MNT | 166 | 0 | 0.00% | 166 | 166 | 166 | 472 | 31-Jan | -5.68% | 43.10% | ||
Sharyn Gol | MNT | 10,100 | -400 | -3.81% | 10,000 | 11,250 | 10,000 | 430 | 31-Jan | -11.01% | -46.28% | ||
Shivee Ovoo | MNT | 14,000 | -100 | -0.71% | 14,100 | 14,100 | 13,000 | 525 | 31-Jan | -8.50% | -40.30% | ||
Sor | MNT | 3,500 | 0 | 0.00% | 3,400 | 3,500 | 3,400 | 0 | 27-Jan | -8.38% | 122.22% | ||
Suu | MNT | 66,500 | 0 | 0.00% | 66,000 | 66,500 | 66,000 | 0 | 25-Jan | 2.31% | 166.00% | ||
Tav | MNT | ||||||||||||
Talkh Chikher | MNT | 10,560 | -440 | -4.00% | 10,560 | 10,560 | 10,560 | 27 | 31-Jan | 0.57% | 62.46% | ||
Tavantolgoi | MNT | 10,750 | 50 | 0.47% | 10,800 | 10,800 | 10,700 | 151 | 31-Jan | -2.27% | 7.50% | ||
State Dept Store | MNT | 435 | -40 | -8.42% | 470 | 470 | 432 | 1,196 | 31-Jan | -25.00% | -14.71% | ||
Ulaanbaatar Hotel | MNT | 50,000 | 0 | 0.00% | 50,000 | 50,000 | 50,000 | 10 | 31-Jan | 11.11% | 56.94% | ||
Mongol Savkhi | MNT | 2,000 | -100 | -4.76% | 2,001 | 2,001 | 2,000 | 177 | 31-Jan | -22.69% | 215.96% | ||
Zoos Goyol | MNT | 831 | -19 | -2.24% | 830 | 832 | 830 | 439 | 31-Jan | -11.60% | -10.65% | ||
HKEx | Solartech Int’l | HKD | 0.183 | -0.001 | -0.54% | 0.185 | 0.187 | 0.181 | 23,605,500 | 31-Jan | 3.39% | -75.27% | |
Winsway | HKD | 1.85 | -0.01 | -0.54% | 1.9 | 1.9 | 1.81 | 6,478,000 | 31-Jan | -19.21% | -56.60% | ||
SouthGobi Resources | HKD | 55.5 | 3.1 | 5.92% | 55 | 55.75 | 54.1 | 58,200 | 31-Jan | 21.84% | -49.68% | ||
China Gold | HKD | 24.2 | -0.25 | -1.02% | 24.35 | 24.35 | 23.9 | 49,900 | 31-Jan | 32.97% | -39.50% | ||
CNNC Int’l | HKD | 2.44 | 0.04 | 1.67% | 2.42 | 2.51 | 2.39 | 1,290,000 | 31-Jan | 20.79% | -64.53% | ||
Real Gold Mining | HKD | 8.81 | 0 | 0.00% | 8.81 | 8.81 | 8.81 | 0 | 31-Jan | 0.00% | -24.97% | ||
Mongolia Energy | HKD | 0.71 | 0 | 0.00% | 0.71 | 0.72 | 0.7 | 10,151,000 | 31-Jan | 1.43% | -67.58% | ||
Zijin Mining | HKD | 3.41 | -0.02 | -0.58% | 3.45 | 3.52 | 3.38 | 55,824,700 | 31-Jan | 16.78% | -15.39% | ||
Mongolia Inv Group | HKD | 0.048 | -0.002 | -4.00% | 0.05 | 0.05 | 0.048 | 770,000 | 31-Jan | 4.35% | -52.94% | ||
North Asia Resources | HKD | 0.26 | 0.005 | 1.96% | 0.255 | 0.26 | 0.255 | 292,000 | 31-Jan | 17.12% | -79.69% | ||
China Daye Non-Fer. | HKD | 0.4 | 0 | 0.00% | 0.4 | 0.41 | 0.39 | 5,748,000 | 31-Jan | -13.04% | -32.20% | ||
Bestway Int’l | HKD | 0.05 | -0.003 | -5.66% | 0.053 | 0.053 | 0.047 | 3,300,000 | 31-Jan | -18.03% | -59.35% | ||
Asia Coal | HKD | 0.098 | 0 | 0.00% | 0.098 | 0.098 | 0.098 | 0 | 31-Jan | -6.67% | -60.80% | ||
Mongolian Mining | HKD | 6.24 | -0.02 | -0.32% | 6.5 | 6.5 | 6.2 | 4,128,000 | 31-Jan | 6.85% | -40.34% | ||
SGX | LionGold | SGD | 0.88 | 0 | 0.00% | 0.88 | 0.89 | 0.88 | 13,654,000 | 31-Jan | 1.15% | 23.08% | |
LSE | Central Asia Metals | GBp | 63.5 | 0 | 0.00% | 63.5 | 63.5 | 63.5 | 6,904 | 31-Jan | 11.65% | -32.27% | |
Petro Matad | GBp | 30.25 | -1 | -3.20% | 31.25 | 31.25 | 30.25 | 223,988 | 31-Jan | 22.22% | -74.79% | ||
Metal-Tech | GBp | 4.25 | 0 | 0.00% | 4.25 | 4.25 | 4.25 | 0 | 31-Jan | 13.33% | -66.00% | ||
Nova Resources | GBp | 8.75 | -0.25 | -2.78% | 9 | 9 | 8.75 | 83,756 | 31-Jan | 268.42% | 337.50% | ||
Origo Partners | GBp | 31.5 | 0 | 0.00% | 32 | 32 | 31.5 | 201,276 | 31-Jan | -10.00% | -22.22% | ||
Canada | Aberdeen Int’l | CAD | 0.59 | -0.01 | -1.67% | 0.6 | 0.61 | 0.59 | 136,256 | 31-Jan | -9.23% | -15.89% | |
Altan Rio Minerals | CAD | 0.53 | 0 | 0.00% | 0.53 | 0.53 | 0.53 | 6,000 | 31-Jan | ||||
Blue Zen Mem. Parks | CAD | 0.05 | -0.08 | -61.54% | 0.03 | 0.1 | 0.03 | 3,550 | 31-Jan | 0.00% | -88.10% | ||
Centerra Gold | CAD | 19.85 | 0.26 | 1.33% | 19.67 | 20.09 | 19.26 | 278,398 | 31-Jan | 10.28% | 26.17% | ||
China Gold | CAD | 3.22 | 0.1 | 3.21% | 3.12 | 3.28 | 3.12 | 252,186 | 31-Jan | 25.78% | -37.48% | ||
Desert Eagle Res | CAD | 0.45 | 0 | 0.00% | 0.275 | 0.45 | 0.275 | 0 | 27-Jan | 0.00% | -72.22% | ||
Denison Mines | CAD | 1.72 | -0.1 | -5.49% | 1.87 | 1.87 | 1.71 | 2,786,897 | 31-Jan | 35.43% | -54.13% | ||
East Asia Minerals | CAD | 0.58 | 0.01 | 1.75% | 0.6 | 0.6 | 0.56 | 90,389 | 31-Jan | 23.40% | -90.78% | ||
Erdene Resource | CAD | 0.44 | -0.02 | -4.35% | 0.465 | 0.465 | 0.44 | 81,938 | 31-Jan | 17.33% | -69.66% | ||
Entree Gold | CAD | 1.28 | -0.01 | -0.78% | 1.33 | 1.35 | 1.26 | 31,700 | 31-Jan | 3.23% | -56.46% | ||
Fortress Minerals | CAD | 3.95 | 0 | 0.00% | 3.95 | 3.95 | 3.95 | 0 | 25-Jan | -3.66% | -28.18% | ||
Gulfside Minerals | CAD | 0.07 | 0 | 0.00% | 0.075 | 0.075 | 0.07 | 0 | 27-Jan | -17.65% | -17.65% | ||
Global Met Coal Corp | CAD | 0.14 | 0 | 0.00% | 0.14 | 0.14 | 0.14 | 4,000 | 31-Jan | 12.00% | |||
Ivanhoe Energy | CAD | 1.04 | -0.01 | -0.95% | 1.05 | 1.06 | 1.02 | 162,662 | 31-Jan | -7.14% | -70.20% | ||
Ivanhoe Mines | CAD | 16.17 | -0.12 | -0.74% | 16.54 | 16.6 | 15.78 | 2,200,254 | 31-Jan | -10.61% | -41.86% | ||
Kincora Copper | CAD | 0.3 | 0 | 0.00% | 0.3 | 0.3 | 0.3 | 0 | 30-Jan | -3.23% | 20.00% | ||
Khan Resources | CAD | 0.185 | 0 | 0.00% | 0.185 | 0.185 | 0.185 | 1,335 | 31-Jan | -7.50% | -70.63% | ||
Lucky Strike | CAD | 0.29 | -0.005 | -1.69% | 0.285 | 0.31 | 0.28 | 47,000 | 31-Jan | -18.31% | -60.27% | ||
Meritus Minerals | CAD | 0.04 | -0.005 | -11.11% | 0.045 | 0.045 | 0.04 | 654,000 | 31-Jan | 60.00% | -75.76% | ||
Manas Petroleum | CAD | 0.24 | 0.05 | 26.32% | 0.2 | 0.26 | 0.2 | 667,750 | 31-Jan | 65.52% | |||
Prophecy Coal | CAD | 0.43 | -0.01 | -2.27% | 0.44 | 0.44 | 0.425 | 562,582 | 31-Jan | 4.88% | -47.65% | ||
Puget Ventures | CAD | 0.49 | 0 | 0.00% | 0 | 17-Sep | |||||||
SouthGobi Resources | CAD | 7.22 | 0.08 | 1.12% | 7.2 | 7.23 | 7.14 | 222,801 | 31-Jan | 20.33% | -49.62% | ||
Solomon Resources | CAD | 0.085 | 0 | 0.00% | 0.08 | 0.085 | 0.08 | 0 | 27-Jan | 21.43% | -46.88% | ||
Undur Tolgoi Minerals | CAD | 0.22 | 0 | 0.00% | 0.22 | 0.22 | 0.22 | 0 | 27-Jan | 10.00% | |||
Mongolia Growth Grp | CAD | 4.21 | 0.04 | 0.96% | 4.2 | 4.21 | 4.18 | 2,000 | 31-Jan | 7.95% | |||
US | Denison Mines | USD | 1.72 | -0.09 | -4.97% | 1.85 | 1.87 | 1.7 | 1,041,387 | 31-Jan | 37.60% | -54.13% | |
Entree Gold | USD | 1.27 | -0.08 | -5.93% | 1.36 | 1.36 | 1.25 | 161,077 | 31-Jan | 5.83% | -56.80% | ||
Ivanhoe Energy | USD | 1.03 | -0.02 | -1.90% | 1.04 | 1.06 | 1.02 | 405,548 | 31-Jan | -8.04% | -70.23% | ||
Ivanhoe Mines | USD | 16.14 | -0.09 | -0.55% | 16.56 | 16.63 | 15.71 | 3,015,651 | 31-Jan | -8.92% | -41.59% | ||
Manas Petroleum | USD | 0.255 | 0.066 | 34.92% | 0.199 | 0.275 | 0.192 | 3,950,364 | 31-Jan | 72.88% | -56.78% | ||
Mongolia Growth Grp | USD | 4.2 | 0.03 | 0.72% | 4.196 | 4.2 | 4.196 | 800 | 31-Jan | 9.23% | |||
Blue Wolf MGL | USD | 9.67 | 0 | 0.00% | 9.67 | 9.67 | 9.67 | 0 | 27-Jan | 0.52% | |||
Blue Wolf MGL Unit | USD | 10.31 | 0 | 0.00% | 10.31 | 10.31 | 10.31 | 0 | 19-Jan | 2.59% |
---
"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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