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. Follow CPSI NewsWire on Twitter, Facebook
Taylor Collison Initiates Coverage of Haranga Resource with SPECULATIVE BUY
February 27, Taylor Collison --
We initiate our coverage of Haranga Resources (ASX: HAR). Attached is an update on exploration activities undertaken by HAR, focussing on its Selenge iron ore project in northern Mongolia.
· Haranga Resources Limited (ASX: HAR) is an iron ore exploration company targeting magnetite iron mineralisation in Mongolia.
· HAR has four project areas, with the Selenge Iron Ore Project in northern Mongolia being the most advanced and its flagship project. Selenge has four main prospect areas: Bayantsogt, Dund Bulag, Undur Ukhaa and Huiten Gol. Bayantsogt is the most advanced of these.
· Selenge is adjacent to existing magnetite iron ore deposits in Mongolia, including the ~300Mt Eruu Gol mine, which occur within the premier iron ore province in Mongolia.
· Selenge is very close to existing rail infrastructure, making it favourable for supplying feedstock to Chinese steel mills.
· Best drill intercepts to date from the Bayantsogt prospect within the Selenge Project include:
- 28m @ 30% Fe from 3m (BTDH-2) - 20m @ 47% Fe from 35m (BTDH-18)
- 5m @ 40% Fe from 106m (BTDH-11) - 103m @ 44% Fe from 225m (BTDH-20)
- 9m @ 39% Fe from 13m (BTDH-13) - 18m @ 36% Fe from 176m (BTDH-24)
- 52m @ 32% Fe from 246m (BTDH-15) - 28m @ 35% Fe from 155m (BTDH-32)
- 30m @ 46% Fe from 307m (BTDH-15) - 97m @ 44% Fe from 223m (BTDH-32)
· Mineralisation being targeted by HAR is of the banded magnetite skarn variety which is typically easy and inexpensive to upgrade to a higher-grade product.
· Domestic iron ore production in China is declining in grade and current capacity is not going to meet forecasted demand from inland steel mills. This offers the expanding Mongolian iron ore export market a competitive advantage.
· Strong Board and Management with experience in exploration, mining and corporate activities, including within Mongolia.
· Mongolia has stopped processing exploration applications. This only leaves M&A activity for those wanting to get in.
We initiate our coverage of Haranga Resources Limited (ASX: HAR). HAR are uniquely positioned as one of only two ASX-listed iron ore exploration companies in a position to benefit from the expanding Mongolian iron ore export market. HAR's flagship Selenge project has two advanced exploration targets, Bayantsogt and Dund Bulag, which both have the potential to deliver economic resources of magnetite mineralisation. The favourable beneficiation qualities typical of banded magnetite skarn and the occurrence of mineralisation at surface would dramatically improve the economics of a potential mining operation through the minimisation of capital and operational expenditure.
An aggressive exploration programme on the Selenge Project during H2 2011 has produced a steady flow of assay results. Beneficiation test work and resource estimation being undertaken during Q3 FY12 will feed directly into a pre-scoping study. We look forward to positive outcomes to these studies and a steady news flow through to mid-2012. For the above reasons we see significant value in the stock and initiate our coverage of Haranga Resources as a SPECULATIVE BUY.
IVN closed -0.4% to US$17.44 in NY, and -0.63% to C$17.41
Ivanhoe gets written interest for potential asset sales (initial production on schedule for Q3 2012)
TORONTO, February 27 (miningweekly.com) – Ivanhoe Mines (TSX:IVN, NYSE:IVN) has received written expressions of interest from potential buyers of some of its assets, and is the TSX- and NYSE-listed company is "highly encouraged" by the progress of the talks, it said on Monday.
The proceeds of any asset sales could go towards building the colossal Oyu Tolgoi copper-gold project in Mongolia, for which Ivanhoe also said it hoped to hoped to finalise a $4-billion loan package early in the second half of 2012.
Ivanhoe's major assets other than Oyu Tolgoi, which it said is on track for initial production in the third quarter, include a 58% stake in Mongolian coal miner SouthGobi Resources, 59% ownership of Ivanhoe Australia, developing the Merlin molybdenum-rhenium project, and 50% of unlisted Altynalmas Gold, building a mine in Kazakhstan.
The biggest of these is Hong Kong- and Toronto-quoted SouthGobi, which has a C$1.3-billion market capitalisation, valuing Ivanhoe's stake at around C$754-million.
Ivanhoe Australia's C$1.1-billion market capitalisation puts a value of some C$650-million on its parent company's stake.
Ivanhoe Mines said in January 2010 it hired banking group Citi and Hatch Corporate Finance, a unit of the engineering giant, as advisors on potential deals, including the possible sale of subsidiaries.
Meanwhile, Ivanhoe Australia hired UBS Investment Bank in January 2012 to help it find strategic partners to help develop its assets.
Rio Tinto earlier this year became the majority owner of Ivanhoe Mines, after lifting its stake to the 51% mark.
Ivanhoe CEO Robert Friedland said in a statement the two companies were discussing a "comprehensive financing plan" for the completion of $4.6-billion Oyu Togloi project.
"The Ivanhoe Mines plan was presented to Rio Tinto earlier this month by a team of management executives, independent directors and advisers," he added.
Part of Ivanhoe's plan is a $1.8-billion bridging loan it announced in January, and the company is now considering alternatives Rio Tinto proposed.
The Vancouver-based company is also considering equity finance, including a potential rights offering, it said.
A year ago, Ivanhoe raised $1.18-billion through a rights offering, meaning that it will not likely tap shareholders for too much again.
Oyu Tolgoi, which Ivanhoe owns 66% of, has passed the 73% construction mark, Friedland said.
The mine is set to reach commercial production levels in the first half of 2013. The operation is expected to produce more than 1.2-billion pounds (544 000 t) of copper, 3-million ounces of silver and 650 000 oz/y of gold in the first ten years of operation, and, seven years later, it is expected to produce around 1.7-billion pounds of copper and one-million ounces of gold at its peak.
To start production, Ivanhoe will need to connect Oyu Tolgoi to power from neighbouring China, and the link should be completed by July, according to Friedland.
China and Mongolia still need to conclude an electricity-purchase agreement before the power can start flowing to the mine.
UPDATE 1-Ivanhoe sees Oyu Tolgoi output later this year – Reuters, February 27
Buyers circling Ivanhoe assets – The Canadian Press, February 27
MEC ENTERS INTO COOPERATION AGREEMENT WITH SHANDONG ENERGY XINWEN MINING GROUP
HONG KONG, 27 February 2012 – Mongolia Energy Corporation Limited (HKSE:276) ("MEC" or the "Company") is pleased to announce that it has today entered into a cooperation agreement ("Agreement") with 山東能源新汶礦業集團有限責任公司 (Shandong Energy Xinwen Mining Group Co., Ltd. ) ("Xinwen Mining Group" or "Xinwen"). Under the Agreement, Xinwen has agreed to provide technical consultancy services to MEC for a proposed coal washing plant project in Xinjiang, the People's Republic of China ("PRC") and its operation in Mongolia.
MEC plans to build a coal washing plant in Xinjiang before a permanent washing plant is set up in the Khushuut mine site. The proposed washing plant will have an initial annual coal washing capacity of 1,500,000 tons in phase one. It will enable the Company to better control its coal quality and enhance the value of its coal products. MEC is pleased to have the Xinwen Mining Group to provide one-stop assistance in this project from initial planning up to construction completion. Thereafter, the Xinwen Mining Group will provide management services for the operation of the washing plant.
The Xinwen Mining Group has also agreed to provide consultancy services on MEC's Khushuut operation with a view to increasing operational efficiency. It will provide its findings and costs saving proposals to MEC after a thorough study, including site visit, of the Khushuut coal mine. MEC will discuss with the Xinwen Mining Group for further collaboration then.
MEC currently has over 330,000 hectares of concession areas in Mongolia comprises coal and other precious metals resources. Other than the Khushuut project, Xinwen will work with MEC to explore development opportunities of these potential resources concessions in Mongolia. The Xinwen Mining Group will utilize its own exploration professionals and will also invest in related exploration efforts. MEC will further discuss with the Xinwen Mining Group for the foundation of a joint venture once a development target is identified.
Xinwen was one of the top 50 coal producers in the PRC in 2011 and possesses an extensive and mature coal sales network in the PRC. The two companies have agreed to collaborate and leverage Xinwen sales coverage to expand the market development activities in these coming years.
"MEC has made significant progress in building up its business in western Mongolia in the last four years. We are keen to establish a cooperation relationship with MEC to leverage our expertise and experience for its expansion plans," Mr. Li Xi Yong, Chairman of the Xinwen Mining Group said.
"The assistance of and cooperation with the Xinwen Mining Group provide a strong operational and development support to MEC, and with the expertise, experience and coal sales network of the Xinwen Mining Group, we look forward to a synergistic effect on MEC's coming operation both in Mongolia and the PRC," Mr. Simon Lo, Chairman of MEC said.
Winsway shareholders approve bid for Grand Cache Coal
February 28, WINSWAY COKING COAL HOLDINGS LIMITED (HK:1733) --
Centerra Gold's CEO Talks Gold, Mining Outlook in 2012
February 27 (Benzinga) After Friday's Centerra Gold (TSX: CG) Q4 2011 earnings release, President and CEO Stephen Lang spoke with Benzinga on forward outlook, the price of gold, and company guidance.
Centerra Gold reported Q4 2011 earnings of $79.4 million or $0.34 per common share on revenues of $248 million, compared to earnings of $150.8 million or $0.64 per common share of revenues of $322.3 million in Q4 2010. Lower gold sales in the period were cited as a reason.
Highlights of the release include a $1 billion revenue milestone achievement in 2011 and 8.1 million ounces of contained gold in proven and provable gold reserves for the company.
Centerra Gold expects 2012 consolidated gold production in the range of 635,000 to 685,000 ounces, relatively flat to 2011 production numbers of 642,380 ounces in 2011 and 674,941 ounces in 2010. The company expects cash costs of $465-$500 per ounce in 2012, compared to 2011 cash costs of $502 per ounce and $440 per ounce in 2010.
"We tend to be fairly conservative in our own outlook," Lang said to Benzinga. "One thing we've done [in the] last two years on guidance, we've moved any permitting risk from production estimation. We clearly have the opportunity in Mongolia if we can get the final permits, bringing the Gatsuurt project online."
Centerra Gold has two operational mines, the Kumtor mine in Central Asia, and the Boroo mine in Mongolia. The company's Gatsuurt mine preparation is complete and as aforementioned once approval is received it will commence mining operations.
"Most of what is needed at Gatsuurt into production is already built and in place," Lang said. "After about three years of operation it's another $80 million to handle different types of ore."
The rising price of gold has been kind to Centerra Gold.
"I think on the short term, it is certainly the price of gold," Lang said. "I think if we go a little further into next year first [with permits] in Mongolia, we have another project there that is looking to get into operation that should give us a very quick burst of growth with no real added capital."
Where does Lang see the price of gold going, in terms of currencies and trading weakness in currency pairs?
"I don't know that I would call gold a 'safe haven,'" Lang said, "but the fact that you have so many currencies that look extremely weak and bounce against each other. . . The price of gold may in fact dip from that, but longer term [currencies look] weak compared to the hard commodities."
In regards to current and future exploration opportunities for Centerra Gold, Lang said to Benzinga that the company may move its focus into Asia if opportunities are of value.
"Couple of different levels – [regarding] exploration opportunities with other companies as joint ventures, I think we entered four additional agreements last year including our first in China; one in Russia, one in Turkey, [and] one in the U.S.," Lang said. "I think we're moving more of our focus away from the U.S. and into Asia.
"We continue to look," Lang said, "We wouldn't rule it out, [but] sometimes the opportunities don't look all that attractive compared to what we already have."
The Oksut project in Turkey, Centerra Gold's joint venture with Stratex International, was cited by Lang as promise not highlighted heavily by media.
"The drill results are very interesting," Lang said, pointing to the project's pure grade gold findings.
"Just as a pure grade, two grams is a very attractive grade right now," Lang said. "[You] see a lot of projects built at or below one. . . [We] have a number of holes, 200 meters, [with ~two gram gold] starting at the surface. This is a good run of highly oxidized material, very amenable."
Recent analyst recommendations for Centerra Gold range, but both appear to have a positive spin on company outlook.
In a research note from February 13, BMO Capital Markets states that, "The company has consistently demonstrated successful containment of capital and operating cost pressures, leaving it poised to benefit from solid margins and free cash flow through 2012. Aggressive exploration programs target advancing organic growth prospects while a strengthening balance sheet may allow for consideration of other opportunities or increased dividends."
Bank of America Merrill Lynch has an Underperform rating on Centerra Gold, but appears optimistic for 2012 stating in a research report published February 24 that, "We consider 2012 to be a year of transition for Centerra as it ramps up capital spending at Kumtor to develop future sources of higher grade production both in the open pit and underground."
Investors may also be wary of Centerra Gold's Kumtor mine strike, a ten-day ordeal stemming from the company's "refusal to pay" Turkey's social fund, similar to the U.S.' Social Security program. Workers also reportedly demanded compensation for the family of a miner who died in a workplace accident. The strike, called "illegal" by Centerra Gold, ended in the workers' favor with an approximate cost settlement of $4 million.
Gold is definitely a point of contention in 2012's market, with famous faces on both sides of the spectrum. Warren Buffett, in his annual letter to shareholders, warned investors against investing in gold and bonds, stating that "if you own one ounce of gold for an eternity, you will still own one ounce at its end."
In the letter, Buffett also warned against investing with one's fear, and that the commodity's "bandwagon" investors may create a bubble with the metal.
Regardless of a potential bubble, mining ETFs and collectively, the mining stocks, have underperformed the price of gold. A trader could look to the SPDR Gold Trust (NYSE: GLD) as an option.
Centerra Gold was trading at $20.55 at the time of posting, down 4.11% from Friday's market close. Shares of Centerra Gold are up 14.39% year-to-date and up 11.66% in the past year.
NOVA closed flat at 7.875p
Nova: Issue of Shares and Total Voting Rights
February 27, Nova Resources Limited (NOVA:OPP) --
Issue of Shares
The Company is pleased to announce that it has raised £210,000 by way of a subscription for shares at an issue price of £0.095 each with various investors (the "Subscription"). The Subscription comprises 2,210,526 new ordinary shares of par value £0.01 each ("Ordinary Shares") in the capital of the Company and represents 2.76% of the enlarged share capital of the Company at Admission (the "Subscription Shares").
The proceeds of the Subscription will be used for working capital and to execute Nova's investing policy.
Application will be made to the London Stock Exchange for the Subscription Shares to be admitted to trading on AIM and it is expected that admission will be effective and trading will commence at 8:00 am on 5 March 2012 ("Admission").
Total Voting Rights
Following Admission, the Company will have 82,410,526 Ordinary Shares in issue. Since the Company holds no shares in Treasury, the total number of voting rights in the Company is therefore 82,410,526 and this figure may therefore be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FSA's Disclosure and Transparency Rules.
PCY closed +1.01% to C$0.50
Prophecy Coal opens TSX
February 27 (Proactive Investors USA & Canada) Coal miner Prophecy Coal (CVE:PCY) said Monday that it opened the Toronto Stock Exchange along with staff and senior representatives from the TMX Group.
The company, a diversified thermal coal production business, held its official TSX listing ceremony at TMX Broadcast Centre in Toronto at 9 am.
Chief executive John Lee joined Robert Fotheringham of TMX Group to open the market, the company said Monday.
Among the guests in attendance at the ceremony were the Mongolian Ambassador to Canada and the Mongolian Trade Commissioner & Acting Consul, among others.
In November 2011, Prophecy Coal, a Vancouver-based company, received a license from the Mongolian government to build a 600 megawatt power plant at its Chandgana Tal thermal coal deposit. It also said that it plans to finish a power purchase deal and project financing this year.
Prophecy Coal develops and explores energy projects in Mongolia. Its flagship Ulaan Ovoo property started production in 2010 and its Chandgana mine mouth power plant is currently being permitted.
The company's share price traded steady at 76 cents each on the Toronto Stock Exchange on Monday afternoon.
XAM: Board Change to Non-Executive Position
February 28 -- Xanadu Mines Ltd ("Xanadu" or "the Company") wishes to advise that Mr Rod Williams will move to a Non-Executive Director position with the Company allowing him the opportunity to focus on other commitments.
Mr Williams has been an Executive Director of the Company since its foundation in 2005 and will remain a technical advisor allowing Xanadu to draw on Mr Williams' + 30 years of experience in the resource industry in both Mongolia and Australia.
Polish mogul buys BPG upstream to explore Mongolian resources
February 28 (The Warsaw Voice) One of Poland's biggest investors Roman Karkosik took over a company specializing in mineral resources exploration Przedsiebiorstwo Badan Geofizycznych (PBG) as he wants to start upstream operations in Mongolia, the daily Puls Biznesu writes.
Karkosik mulls the purchase of aggregate maker DSS, which owns a Mongolian firm with an exploration license, to enter the market closed to foreign firms, the daily's sources said.
Mongolia's boom economy risks overheating
February 27 (FT) Mongolia, one of the fastest-growing economies in the world, is at risk of overheating and faces growing inflationary pressures because of a surge in government spending, the World Bank and the International Monetary Fund have warned.
The north Asian country's vast deposits of coal, copper and gold have sparked a boom in mining investments, driving economic growth to a record 17.3 per cent last year. However, economists have cautioned that government spending – which is growing much faster than the economy – has increased inflation, making Mongolia vulnerable if commodity prices were to fall.
"In the run-up to the last crisis, we had a similar episode where the economy was doing very well in 2007 and 2008 the government was spending a lot and that laid the roots of the ensuing crisis, creating a boom-bust cycle," said Steven Barnett, assistant director of the IMF office for Asia and the Pacific. In 2008 a drop in commodities prices sparked an economic crisis in Mongolia that forced the country to take a $232m loan from the IMF.
Government spending grew a "staggering" 56 per cent in 2011 from the previous year, according to new data from the World Bank, and accounted for 44 per cent of gross domestic product. It is set to grow a further 32 per cent this year as politicians increase spending before parliamentary elections in June.
That spending has contributed to high inflation, which hit 11 per cent in December, and has eroded real wages for unskilled labourers in the informal sector, according to World Bank research.
Mongolia's GDP reached $8.6bn last year as foreign direct investment hit a record $5.3bn, up threefold from the previous year.
However, Mongolian businesses are enjoying the growth, and seem more confident the boom times will last. Bayanjargal Byambasaikhan, chief executive of Newcom, a Mongolian business conglomerate working in telecoms, airlines and resources, said the company has an "optimistic" view of growth.
"When I told my board that airline passenger traffic would double this year compared to 2011, and that our airline revenues would also double, they told me I was too pessimistic," he said with a chuckle. "The economy is growing, everything is expanding and thus the service industries that we are in will continue to expand."
Mongolia wants to avoid the "resources curse" where, if not managed correctly, mining revenues can fuel currency appreciation and inflation that squeeze out non-resources sectors of the economy, stunting long term growth.
In a further sign of Mongolia's breakneck growth, bank lending rose 73 per cent in 2011 from the previous year. Loan growth at these levels is a "tell-tale sign of a crisis in the making" said Rogier van den Brink, the World Bank economist who headed the latest report.
The data from the World Bank also showed a drop in construction activity in the fourth quarter of last year, which fell 20.5 per cent from a year earlier. The report noted that this was worrying given the concerns that "a bubble has been brewing in the construction sector".
Монголын эдийн засгийн форум хэлэлцүүлэг: Эрсдэл, түүний удирдлага
February 28 (MEF) Монголын эдийн засгийн 2012 оны чуулганыг угтан зохион байгуулж байгаа цуврал хэлэлцүүлэг Өнөөдөр 16:00 цагаас Хууль зүйн үндэсний хүрээлэнгийн 304 тоот хэлэлцүүлгийн танхимд Эрсдэл, түүний удирдлага сэдвээр болно. Тус хэлэлцүүлэг дээр Монгол Улсын Их сургуулийн багш, дэд профессор Б.Түвшинтөгс, Оюутолгой ХХК-ийн зөвлөх Доктор Стюарт Жилл нар Эрсдэлийн талаар тоймлон илтгэл тавина. Мөн Санхүүгийн зохицуулах хорооноос илтгэл тавина.
Таныг хүрэлцэн ирэхийг урьж байна.
Маргааш Баялгийн орлогын зохистой удирдлага, эдийн засгийн төрөлжилт сэдвээр хэлэлцүүлэг зохион байгуулагдана.
Mongolia: Economic Boom Brings Inflation Woes
February 27 (EurasiaNet) A mining boom helped Mongolia's economy grow by an eye-popping 17.3 percent in 2011, according to government statistics. But while investors' hopes are riding high at the news, there is little rejoicing among the country's lower-income households for whom rapid growth means worrisome inflation.
At his shoe stand in Ulaanbaatar's suburban Narantuul Market, Mongolia's largest, Amgalan Batdorj is leery when it comes to the mining boom. With his customers worried about higher living costs, he has had to cut his prices to keep sales up. "My customers are middle- to lower-income people. Most of us [traders] here haven't dared increase prices with people worrying more about food prices," he said.
Inflation last year topped 10 percent, according to Mongolia's Central Bank. The World Bank says rising food prices have disproportionately hit the poorest, for whom real wages fell by 13 percent.
In an ironic twist, government schemes intended to share the country's wealth are believed to be stoking inflation and hurting the poorest, say economists. During the 2008 parliamentary election campaign, members of the governing coalition promised 21,000 tugriks (about $16) would be distributed each month to every man, woman and child in Mongolia.
Along with transfers for health insurance and student tuitions, the monthly cash handouts come from the government's Human Development Fund (HDF), an ambitious trust designed to bring Mongolia's development indicators on par with advanced industrial countries by 2020. The 2011 HDF budget stipulated a total of 805 billion tugriks (over $600 million) for distribution, equaling nearly 40 percent of state expenditures according to UN figures.
"Analytically, it is challenging to directly link the cash handouts with inflation. But [the cash] is increasing aggregate demand and this … we can deduce is contributing to inflation," says Tuvshintugs Batdelger from the National University of Mongolia's Economic Research Institute (ERI).
Despite an increase of cash circulation and state handouts, the government reports Mongolia's poverty rate grew to 40 percent in 2011 from 35 percent in 2008. "This is a clear indication that cash handouts are doing nothing to address poverty and Mongolia's growth is not inclusive," said Batdelger.
With parliamentary elections slated for this summer, concerns about inflation are increasingly entering the public discourse. On January 20, a crowd of 600 protestors took to the streets after fuel importers introduced a 17 percent hike in petrol and diesel prices.
Some observers feel a growing restlessness among lower income groups is compounded by the government's difficulty in comprehending the mechanics of growth. In December, teachers went on nationwide strike to demand higher salaries. In response, Ulaanbaatar promised a 53 percent salary increase for all government employees, including teachers. The International Monetary Fund reports that government spending jumped 50 percent in real terms in 2011. That spending is expected to push inflation up to 15.5 percent in 2012, warns the Economist Intelligence Unit.
A massive salary hike for state-sector employees could simply create another cycle of price increases without helping average people understand what is happening, says Otgochuluu Chuluuntseren, director of the Economic Policy and Competitiveness Research Center (ECRC), a think tank. "Inflation gets increasingly politicized as elections loom, and it often becomes a tool in political campaigns with politicians offering more money to solve immediate problems," he said.
Batdorj, the shoe seller, says the government should be concentrating on long-term goals, like job creation. "It would be much better if the government used the money to build factories and support people who want to open businesses. We need more jobs," he said. But, of course, he's not going to turn the cash down: "If I don't collect it, I think it will go to some politician's pocket anyways."
Though politicians passed a new election law in December 2011 that prohibits cash promises during campaigns, observers say succumbing to popular demands could be tempting as the election draws near.
"The government recognizes better social safety nets, like proper health care and targeted welfare distribution, are necessary. But considering the immense amount of infrastructure required to implement such schemes and the promises they've made in the past, cash distribution is by far an easier option," said Batdelger from the National University of Mongolia.
"Mogi" Munkhdul Badral
Senior Client Manager / Executive Director
CPS International LLC
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