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
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ICZ closed +37.5% from IPO offer price on debut to 27.5c. CPS Securities was Lead Manager and Broker to Indus, CPSI acted as a Placement Agent
Indus Coal focused on Western Sumatra coal, first trade at 20% premium to IPO price
March 13 (Proactive Investors) Indus Coal (ASX: ICZ) has a very interesting focus on coal in the Bengkulu Basin in Western Sumatra, and in the first hour of public life the company's shares are trading at $0.25 - a 20% premium to the IPO entry price.
The IPO offered 35 million shares at $0.20 to raise up to $7 million, and with a total of 43 million shares in total on issue, the company has a market cap. of almost $11 million, based on the last traded price.
The company is to acquire 100% of the MukoMuko Project, which is a prospective coal project which importantly is hosted within the coal bearing Lemau Formation where a number of producing mines are located.
The Indus plan for MukoMuko is to move the project to a JORC Resource, which would then allow production to commence in the medium term.
The company has also hinted at acquiring and developing other Indonesian based coal projects, in an effort to build scale.
Link to article
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Announcement made after market close, KRI closed +2.94% to 17.5c
Update 1-Khan Resources hits hurdle in ARMZ litigation
March 12 (Reuters) - Canada's Khan Resources (TSX:KRI) said an Ontario court upheld an appeal from Russian uranium miner Atomredmetzoloto JSC (ARMZ), wherein Khan and its affiliates will not be able to proceed in Ontario with their C$300 million lawsuit.
Khan had sued ARMZ in the Ontario Superior Court of Justice for alleged interference in its Mongolian operations, but the Russian justice ministry had refused to effect service on the state-owned miner in February.
The Canadian uranium miner had said ARMZ sought to eliminate Khan's mining and exploration licenses in Mongolia so that it could proceed with its own joint venture with Mongolia's state-owned MonAtom LLC.
"It (the decision) raises the perturbing question as to how a company like ourselves can achieve adequate recourse for its shareholders given the inability to even serve ARMZ with our claim," Khan's Chief Executive Grant Edey said in a statement.
The company said it is reviewing the court's decision and may seek an appeal.
Shares of Khan closed at 17.5 Canadian cents on Monday on the Toronto Stock Exchange.
Link to article
Link to KRI release
Khan Files First Quarter 2012 Financial Results
TORONTO, ONTARIO--(Marketwire - March 9, 2012) - Khan Resources Inc. (TSX:KRI) ("Khan" or "the Company") announced today that it has filed its financial statements and management's discussion and analysis for the three months ended December 31, 2011 on SEDAR and has posted these documents to its website www.khanresources.com.
Highlights for the quarter include:
· The Company's interim financial statements have been prepared for the first time in accordance with IFRS and in Canadian dollars. Comparative statements, previously prepared in US$ under Canadian Generally Accepted Accounting Principles ("GAAP"), have been adjusted for changes in the functional and reporting currencies of the Company and its subsidiaries and other IFRS adjustments.
· The net loss for the three month period ended December 31, 2011 was $932,000 or $0.02 per share compared to a net loss of $300,000 or $0.01 per share for the same period in 2010.
· Activities related to the International Arbitration action against the Government of Mongolia were lower for the three month period ending December 31, 2011 following the hearing held in September, 2011 on scheduling and procedural matters. Activities have now resumed to a high level in this current second quarter as submissions to the Arbitration Tribunal are required in advance of the jurisdictional hearing scheduled for May, 2012. An eight binder submission in support of the Company's position on jurisdictional matters was made to the Tribunal on February 3, 2012. The Company remains confident of a favourable outcome to the arbitration action.
· On October 31, 2011, the Company announced that it had obtained an order of the Ontario Superior Court of Justice validating service on Atomredmetzoloto JSC ("ARMZ") in respect of its $300 million lawsuit against that company. ARMZ appealed the decision and the appeal was heard on January 24, 2012. The parties are now awaiting the decision of the appeal court.
· Khan holds 15.5 million common shares of Macusani Yellowcake Inc. ("Macusani") which represents 14.4% of the 107.8 million Macusani common shares outstanding. On February 3, 2012, Macusani announced that they had entered into a merger agreement with Southern Andes Energy Inc. ("Southern Andes") pursuant to which Macusani will acquire all of the outstanding common shares of Southern Andes. The proposed merger is subject to the approval of Macusani shareholders. The proposed merger will increase the number of Macusani common shares to 169.8 million, reducing Khan's interest in Macusani to 9.2%. Khan intends to vote its shareholding in Macusani against the proposed merger due to substantial dilution of its interest without clear benefits.
· In January, 2012, the Company announced that it had received an information request from the Toronto Stock Exchange ("TSX") in respect of whether or not the Company continues to meet the listing requirements of that exchange. The Company has not yet received a formal response from the TSX but anticipates that the exchange will render a narrow interpretation of its rules and guidelines. As such, the Company has initiated detailed discussions for listing on an alternate exchange to pursue an orderly transition.
Link to release
Mongolian Mining Expects Demand From China to Boost Revenue
March 7 (Bloomberg) Mongolian Mining Corp. (975), the country’s biggest coking coal exporter, expects revenue to continue rising this year because of demand from China.
“The trend will continue” after a surge in Chinese sales last year, Executive Director Battsengel Gotov said in a Bloomberg Television interview in Hong Kong today, without giving an estimate.
Interview: “Mongolian Mining's Gotov on Business, Industry” - March 7 (Bloomberg) -- Battsengel Gotov, chief executive officer of Mongolian Mining Corp., talks about the company's business outlook, demand for coking coal and the nation's mining industry. Gotov speaks in Hong Kong with Susan Li on Bloomberg Television's "First Up."
Profit rose 98 percent to $119.1 million last year, matching the average $118.7 million estimate of six analysts in a survey compiled by Bloomberg. Revenue climbed 96 percent to $542.6 million, the Hong Kong-listed company reported today.
The shares rose 4.2 percent to HK$7.39 as of 10:55 a.m. local time, headed for the highest level since Sept. 28. Mongolian Mining has fallen 24 percent in the past year, compared with the 11 percent decline in the benchmark Hang Seng Index.
Link to article/interview
Mongolian Mining Corp.: A High Profit Margin Play With Room To Grow
March 12 (Yiannis Mostrous via SeekingAlpha) Mongolia is a small country rich in natural resources. When it comes to coal, the country is ranked fairly high among coal producers, with estimated coal deposits of up to 152 billion tonnes. Coking coal accounts for about 35 percent of the country's coal deposits.
Source: Various sources, including Global Investment Strategist
Three years ago, China became a net coking coal importer and currently imports around 45 million metric tonnes of coking coal per year. The substantial increase in China's steel production has stoked the Middle Kingdom's demand for this vital raw material.
As the chart below indicates, China's steel production reached around 700 million tonnes last year. Even if China's economy slows this year, its total steel production should remain near this level. That means China will remain a net importer of coking coal, especially since its domestic resources are insufficient to meet demand.
Source: China Iron & Steel Association
Mongolia has been a major beneficiary of China's demand for raw materials. And in the case of coking coal, it has even been able to challenge the mighty Australians. Just two years ago, for example, Mongolia had a 20 percent share of the Chinese coking coal market, but now it controls 40 percent and rising.
Within the next couple of years, Mongolia could eventually enjoy close to a 60 percent share of the Chinese coking coal market.
There are three reasons for Mongolia's rapid growth in market share. First, Mongolia enjoys proximity as the closest producer of coking coal to China. Second, it produces coal that is of high quality. Finally, Mongolian coal is substantially cheaper-by USD50 to USD60-than Australia's coal supply.
Mongolia only began to dominate the market within the past several years because the country's lack of infrastructure had been holding it back. And until recently, Mongolian companies were selling raw coal instead of washed coal.
But companies are now washing their coal, which has improved its quality and enabled them to command higher prices. Furthermore, the government has incentivized this industry's transformation by demanding lower royalties from washed coal versus raw coal.
Mongolia has a flat 5 percent royalty rate and a surtax royalty rate. The latter ranges from 1 percent to 5 percent for raw coal, and from 1 percent to 3 percent for washed coal. Beyond that, all "processed mineral products," such as washed coal, pay no value added tax.
Still, the country's lack of infrastructure is an ongoing concern for exporters. Currently, all Mongolian coal is exported to China on a road system that's often unpaved and literally comprised of tracks that vehicles have previously worn into well-traversed terrain. As such, transportation is extremely expensive, dangerous and slow.
This reality will not change overnight. In fact, the Mongolia Railway Authority's plan to build a rail system that links the country's mines with Russia and China has been stymied by bureaucratic delays and difficulty securing financing. The 1,200 mile rail system is projected to cost around USD5 billion. As Mongolian coal is sold net of transportation costs, the rail system will have a major impact on the profitability of Mongolia's coal stocks once it's finally built.
Mongolian Mining Corp (MOGLF.PK) (HK:975) is my favorite way to gain exposure to this market. Indeed, the company is the largest producer of coking coal in Mongolia. Its main operation comprises open-pit mining of coking coal at the Ukhaa Khudag deposit located within the Tavan Tolgoi (TT) coal formation in South Gobi. The TT coal formation is one of the few largely unexploited sources of high-quality coking coal in the world and the closest premium hard coking coal resource to China.
In an effort to improve its coal's quality, Mongolian Mining Corp (MMC) has invested in building a coal handling and preparation plant (CHPP) that will allow it to process the coal on site.
Upon completion, the CHPP will have the capacity to wash 15 million tons of coal per year in all three of its modules. Since last June, the first 5 million ton module has been operational and the other two should be ready in the next year.
Although the company's primary market is China, MMC has also been working toward building the necessary transportation infrastructure in order to reach other markets too. Given that MMC is one of the lowest-cost coal producers in the world at around USD36 per ton, a reduction in transportation costs will be a further enhancement to its already high margins of 30 percent.
The company's coal has quality characteristics such as a high crucible swelling number of 8.5, low sulfur of 0.6 percent, and ash content of 9.1 percent. MMC is constantly making improvements to its end product, so the company will be able to gradually command higher prices as it achieves broader distribution.
In the next four years, MMC expects to more than double its raw coal production from 7 million tons last year to more than 15 million tons.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
Link to article
FEO closed untraded today at 25c
FeOre: Commencement of Chief Executive Officer
March 13, FeOre Limited (ASX:FEO) --
The Board of FeOre is pleased to announce the formal commencement of Mr George Chengma Wang as the Company’s Chief Executive Officer.
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Link to release
UTM last traded March 1 at 25c
UTM Announces Winter Work Program Progress Report
ULAANBAATAR, MONGOLIA--(Marketwire - March 9, 2012) - Undur Tolgoi Minerals Inc. ("UTM" or the "Company")(CNSX:UTM) is pleased to report that its previously announced winter work program is well underway. Our survey crews have now completed over 50% of the sampling program on the Undur Tolgoi licensed property. In addition, the magnetic and gravity work have been completed. UTM anticipates finishing all of the planned soil sampling, magnetic and gravity work within the next two weeks.
James Passin, UTM's Chairman commented, "It is gratifying that in spite of the weather delays we are ahead of schedule, which is a real tribute to our team."
The Company will be one of the highlighted sponsors at the Mines and Money Conference held in Hong Kong from March 19, 2012 to March 23, 2012. Mr. Passin, UTM's chairman, will be speaking at the conference on Friday March 23, 2012.
UTM is a mineral exploration company entirely focused on Mongolia, and which through its wholly owned subsidiaries, owns 100% of the "Undur Tolgoi" mineral exploration license. This license consists of 9,620 hectares of property situated 100 kilometers from the world-scale "Oyu Tolgoi" copper and gold mine. In addition, UTM's management is actively reviewing potential acquisitions and strategic industry alliances.
Link to release
AKM closed +4.41% to 35.5c
Aspire: Investor Presentation, March 2012
March 12, Aspire Mining Limited (ASX:AKM) --
Link to preso
MOU closed flat at 4.3c
Modun: Investor Presentation – “Towards Production, South Gobi, Mongolia”
March 13, Modun Resources Limited (ASX:MOU) --
Link to preso
DRG closed +3.19% to 48.5c
Draig: Half Year Report
March 13, Draig Resources Limited (ASX:DRG) --
Link to report
GMM last traded March 12 at 10c
GMM: Half Year Report
March 12, General Mining Corporation Limited (ASX:GMM) --
Link to report
Standard & Poor's Announces Changes in the S&P/TSX Canadian Indices
TORONTO, March 9, 2012 /CNW/ - Standard & Poor's Canadian Index Operations announces the following index changes as a result of the Quarterly S&P/TSX Composite Index Review. These changes will be effective at the open on Monday, March 19, 2012:
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DELETIONS |
Issue Name | Symbol | 60/Completion | Live Composite GICS Sector Index |
SouthGobi Resources Ltd. | SGQ | Completion | |
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Link to release
Cervello Capital presents promising junior companies: Oremex Silver, Oremex Gold, Llave Oro, Mogul V
March 13 (Proactive Investors) Toronto-based boutique merchant bank Cervello Capital Inc
. hosted a luncheon presentation last Monday and Tuesday that highlighted a number of promising junior resource plays, with a scope that extends from the Americas to Central Asia.Cervello provides seed capital, managerial leadership and capital markets advisory services to resource projects looking to tap public markets. The company has a successful track record of taking international projects through this process and has operational experience with projects in the US, South America and Mongolia.
At the luncheon presentation, which coincided with the 2012 PDAC mining convention, the CEO or executive chairman of several companies under the Cervello umbrella gave a brief overview of their operations and near-term prospects.
…
While Colombia is best known for its excellent potential for gold and oil, Mongolia has been making the headlines for its huge coal and base metals discoveries, including the massive Oyu Tolgoi copper project being developed by Ivanhoe Mines (NYSE:IVN)(TSE:IVN) and Rio Tinto (NYSE:RIO)(LON:RIO). Cervello’s Mogul Ventures Corp. is looking to replicate some of this success with its coal interests.
Mongolia is blessed with a combination of a massive land area, low population, close proximity to China and a rapidly expanding rail network to support the development of bulk tonnage exports of materials like coal.
The company's Black Hills thermal coal project in Middle Gobi hosts an NI 43-101 compliant resource of 89.6 million tons of inferred resources within the Ovdog Hudag thermal coal deposit, which has been extensively mapped by Russian geologists during the middle of the last century.
Mogul's president, Jamul Jadamba, who comes from a prominent Mongolian family, said there was “excellent potential” to significantly expand the project's coal resources through additional drilling. The second phase of Mogul's drill program at the deposit is due to start in April.
…
Link to article
MONGOLIAN STOCK EXCHANGE WEEKLY REVIEW
Ulaanbaatar, Mongolia, March 12 /MONTSAME/ Four stock trades were held at Mongolia's Stock Exchange on March 5-9. In overall, 1.7 million shares were sold of 63 joint-stock companies totaling MNT 514.1 million.
Index TOP-20 was 21747.64 points increasing 180.4 units or 0.8% against the week earlier.
The total market capitalization was set at MNT two trillion 110.5 billion increasing MNT 4.8 billion or 0.2%.
Shares of "Monasar" /32.2%/, "Tsagaan tolgoi" /32.2%/, and "Ereen tsav" /31.4%/ increased, but shares of "Gutal" /21.6%/, "Bayalag nalaikh" /15.0%/, and "Zoos goyol" /14.8%/ decreased.
27 stocks closed higher, 18 shares declined and 18 shares remained unchanged.
Shares of "Remikon" /1.4 million units/, "Hermes center" /80.8 thousand units/ and "Genco tour bureau" /73.1 thousand units/ were the most actively traded in terms of trading volume and in terms of trading value--"Remikon" (MNT 275.8 million), "APU" (MNT 68.2 million), and "Talkh chikher" (36.7 million).
Link to article
Clydes makes Mongolia move with local alliance agreement (with Khan Lex Advocates)
March 12 (legalweek.com) Clyde & Co has become the latest firm to enter the Mongolian legal market via an association with local law firm Khan Lex Advocates
Clydes has tied up with Ulan Bator-based firm Khan Lex, which launched last year and has two partners and one associate.
The firm has links to the private sector and the Mongolian Government legal service, having advised on the drafting of key legislation including the Foreign Investment Code, the State Property Law and tax laws.
Clydes plans to use the association to target work in the mining, trade, financial services and infrastructure sectors. The UK firm already has a Mongolian-qualified lawyer, Khandsuren Khuu, who is based in London, and acts for both Mongolia-based clients and those looking to do business in the in the Central Asian country.
Clydes international trade partner and Mongolia leader Stephen Tricks (pictured) commented: "This association provides us with the opportunity to develop our Mongolian practice. We can now link our clients to a law firm that has a unique experience of the legislative codes and considerable insight into the government of the country."
The news comes after Hogan Lovells, DLA Piper and Minter Ellison have all made forays into Mongolia in the last 18 months, with Hogan Lovells and DLA both securing local firm alliances, while Minter Ellison launched its own base.
Expansionist insurance specialist Clydes has identified several other potential destinations for overseas bases, including Beijing, Australia and Mexico. The US is also in focus, with office launches in Houston and Calgary predicted for late 2012 as the firm targets energy work in the regions.
Link to article
Link to Clydes release
Japan, Mongolia to launch talks on free trade agreement
TOKYO, March 13 (Kyodo) -- Japan and Mongolia said Monday they will begin negotiating for the fast-growing north Asian nation's first bilateral free trade agreement.
Prime Minister Yoshihiko Noda and his Mongolian counterpart Sukhbaatar Batbold also agreed that the two countries will boost cooperation in the development of natural resources and infrastructure, according to a joint announcement released after their meeting in Tokyo.
Mongolia, whose economy grew 17.3 percent in 2011, has no FTAs with other countries. Japan is keen on working more closely with Mongolia as the fast-growing country has abundant natural resources, including coal, copper, uranium and rare earth minerals.
Batbold, who is on a six-day visit to Japan from Saturday, told Noda that Mongolia will ensure Japanese companies' participation in developing the Tavan Tolgoi coal mine in the south Gobi desert, one of the world's largest deposits of high-quality coal, the announcement said.
Batbold told reporters that his meeting with Noda was "very fruitful for the strategic partnership" of the two countries, achieving an important "first step" in promoting bilateral trade and investment.
In 2010, Japan's exports to Mongolia, mainly cars and other industrial products, amounted to 13.97 billion yen, while its imports from the resource-rich country stood at only 2.09 billion yen.
Japan and Mongolia mark this year the 40th anniversary of the establishment of diplomatic ties.
The Japanese government believes that Mongolia, which is bordered by Russia to the north and China to the south, is increasingly vital also in terms of diplomatic and security policies.
The two countries had aimed to enter FTA talks a year ago, but efforts stalled as the government led by Noda's predecessor, Naoto Kan, was thrown into turmoil after the catastrophic earthquake and tsunami that hit the country's northeastern region and triggered the world's worst nuclear crisis in a quarter century.
Japan, one of the major donors for Mongolia, also said it will provide a total of about 2.74 billion yen in aid to help the emerging country's development.
Of the total, 1.55 billion yen will be provided under a low-interest loan package and the rest are grant-aid programs.
Link to article
Related:
Japan, Mongolia to launch free trade talks – AFP, March 12
Nikkei News: Sumitomo Mitsui and Development Bank of Mongolia cooperation
March 13 (Financial-Post.com) On the morning of March 12, Nikkei News Headline published an article “Sumitomo Mitsui Banking Corporation to cooperate with the Development Bank of Mongolia”, now abstracts are as follows:
Sumitomo Mitsui Banking Corporation announced on the 12th, the Department of the Government of Mongolia, Development Bank of Mongolia in the environment, business and infrastructure-related financing business alliance . Rapid economic growth in Mongolia in the last year to be able to meet the funding of large-scale investment projects to obtain the establishment of the Development Bank. Cooperation with Sumitomo Mitsui Banking Corporation Development Bank and foreign banks for the first time. Sumitomo Mitsui Banking Corporation, the partnership will Japanese companies to enter the Japanese financial convenience.
Japan and the Government of Mongolia will be economic cooperation agreement to start negotiations. The two banks will be signed in Tokyo on the 12th memorandum. Mongolia in the real the the occasion of last year’s economic growth rate of about 17 percent of its railway infrastructure construction, air pollution and other environmental services are in urgent need of a lot of money. (Yi Hai)
Link to article
Softbank to set up research firm for renewable energy projects in Mongolia
TOKYO, March 13 (Kyodo) -- Softbank Corp. said Monday it will form a research firm in Mongolia in April with Mongolian investment firm Newcom Group to promote wind and solar power generation projects in the country.
The new firm, Clean Energy Asia LLC., will select sites for wind and solar power projects in the Gobi desert and conduct feasibility studies for the projects.
It also will support a joint wind power deal in Mongolia involving Softbank, Newcom and Korea Electric Power Corp.
Details such as how much money Softbank will invest in the new firm have yet to be decided.
Mongolian Prime Minister Sukhbaatar Batbold, who attended the deal-signing ceremony in Tokyo on Monday, said the Mongolian government intends to offer every possible assistance to the planned enterprise.
The deal is in line with Softbank President Masayoshi Son's vision to create a cross-border supergrid power infrastructure straddling several Asian countries including Japan.
Link to article
Asian super grid targets Mongolian solar and wind power
Desert solar energy could be powering homes in Russia, Japan, and China under plans by Desertec and backed by the Japanese Renewable Energy Foundation (JREF).
March 12 (RTCC) The two organisations have partnered to promote the creation of a new electricity grid to connect solar power from deserts in Mongolia and China, to cities across East Asia, including fast-growing markets like Vietnam.
“Technologies to harness solar and wind energy have improved dramatically in the last few years,” said Dr. Tomas Kåberger, JREF Executive Board Chair.
“Combined with modern power transmission technologies, renewable energy can support the long-term economic prosperity of the region.
According to the US National Renewable Energy Laboratory and the Mongolian National Renewable Energy Center, Mongolia has a potential renewable energy capacity of 2.6 million megawatts. Bloomberg estimates this figure to be seven times that of all the world’s operational nuclear reactors.
The Gobi Desert is estimated to be the third largest potential source of solar energy in the world and also experiences steady, strong wind speeds making it ideal for both technologies. It is however, hugely isolated.
“Establishing an Asian Super Grid will be challenging and require a high-level of international collaboration but its benefits make it worth the effort,” said Kåberger.
The grid would use special transmission lines that lose low levels of power allowing electricity to be distributed over thousands of kilometres.
JREF was formed in the wake of the Fukushima nuclear accident to promote the development of renewable energy in the country.
Link to article
BDSEC PARTICIPATES AND SPONSORS THE IPO MONGOLIA 2012 CONFERENCE
March 9 (BDSec) More than 300 delegates representing more than 100 firms crowded into the Blue Sky Tower in Ulaanbaatar on March 7 to attend the “IPO Mongolia 2012 Conference”. The conference was co-organized by Mongolian Stock Exchange (MSE) and London Stock Exchange and BDSec participated as a premier sponsor.
The conference was mainly aimed at making connection between the local entrepreneurs who are keen to raise capital and international investors looking for investment opportunities.
The opening keynote addresses were given by the Prime Minister S.Batbold and Board Chairman of MSE B.Bold.
Other anticipated speakers included Tony Weeresinghe /LSE Global Development Director/, B.Altangerel /Ambassador Extraordinary and Plenipotentiary/, Kh.Altai /CEO, MSE/, D.Cooke /President, COO, CIO, MSE/, O.Orkhon /MSE Board Member, VP TDBank/, B.Lkhagvadorj /Board Chairman, BDSec/, James Passin /Fund manager, Firebird/, Lance Browne /Standard Chartered Bank/, Michele Marasco /Barclays Capital/, Dan Vujcic /Jefferies International/, John Edwards /London Stock Exchange/, and John Edwards /LSE/
The conference featured more than 20 informative presentations and engaged panel discussions on “MSE & LSE Strategic Partnership Achievements, Results and New Capital Markets’ Structure”, “Raising Money Using Capital Markets in Mongolia”, “Raising Capital in the World’s Financial Centre”, and “Listing Advantages and Complementary International Capital”.
MP S.Batbold noted that by developing the capital market, more foreign investments will be brought, natural resources can put into economic circulation, the national companies will be internationally recognized, and our economy will grow, and we cannot miss that opportunity.
MSE experts told that MSE has been upgraded to a European standard and now anyone can enter the capital market. With the new development being implemented, corporate governance will be improved and internationally listed Mongolia based mining companies are able to go listed on the MSE at the same time.
G.Saruul, chief regulatory officer of MSE, said that the new Mongolian securities markets law, which will be promulgated by the parliament soon, covers issues such as depositary receipts and prospectus regulations. Financial Regulatory Commission (FRC) is also drafting laws on funds, which will likely be introduced to the parliament and be adopted in September or October.
One of highlights of the conference was that the new trading system “Millennium IT”, which will launch by the end of March. The system is known as one of the fastest trading platform in the world. According to the experts of MSE, with the new trading system, we can trade not only equities, but also equity derivatives, commodities, and FX. Tony Weeresinghe said it is a multi asset system; it does clearing and settling and has a surveillance system.
Another good news was that the MSE is now ready to shift to T+3 system from prefunded trade.
Many presenters and attendees were addressing the importance of corporate governance, and high standard of transparency such as timely financial reporting. The FRC is about to introduce its new regulation within this month. The new regulation is made to resolve issues such as non-transperancy of businesses and long time involved in going public.
BDSec announced that the Beren Mining LLC is to raise $100 million on the Mongolian Stock Exchange. They are planning to offer 2/3 of the IPO to strategic investors and 1/3 of that to the public. BDSec has some other IPO projects in the pipeline this year such as E-Trans Logistics and Jump Alt.
Link to release
Related: BDSEC – NOTICE OF ANNUAL GENERAL MEETING on April 30 – BDSec, March 12
MINER & SUPPLIERS FORUM APPROACHES
Ulaanbaatar, Mongolia /MONTSAME/ The "Miner & Supplier 2012" forum will run March 15-16 in the Chingis Khaan hotel in the UB city. It is to be co-organized by the National Development and Innovation Committee and the Exchange of Mineral Resources and Mining.
With a support from Mongolia's National Chamber of Commerce and Industry (MNCCI) and under a motto "Eco-mining-Sustainable Development", the forum will bring together supply managers of mining companies of Mongolia and decision-makers of supplier companies. It aims to improve the contribution of the mining to the socio-economic development of Mongolia, to distribute environmentally-friendly technologies and products, and to promote the collaboration between suppliers and mining businessmen.
Link to article
Resource Investors to Watch Mongolian Parliamentary Elections
Vancouver-based Ivanhoe Mines (NYSE:IVN), now majority owned by Rio Tinto (NYSE:RIO), recently announced that initial production will commence during the third quarter of this year at its Oyu Tolgoi or “Turquoise Hill” copper-goldmine in Southern Mongolia’s Gobi desert.
March 12 (Resource Investing News) Mongolia’s impressive store of natural resources and close proximity to the world’s most resource-ravenous nation – China – have made it a hotbed for exploration in recent years.
“Four-fifths of the country is still unsurveyed,” writes Dexter Roberts, Asia News Editor at Bloomberg Businessweek. “Over the next decade copper production is expected to double, iron ore to triple, coal to grow by six times, and gold and oil by 10 and 13 times, respectively.”
In the face of worldwide recession, and with many of the world’s leading economies struggling to post gains, the Central Asian nation’s GDP grew 17.3 percent in 2011 thanks to its burgeoning resource industry. The International Monetary Fund projects an average growth of 14 percent over the next four years.
The Oyu Tolgoi mine is one of the world’s largest copper-gold deposits, and over the next 50 years it is expected to produce more than 81 billion pounds of copper and 46 million ounces of gold; the impressive project’s forecasted annual copper production of 450,000 tonnes per year will position Rio Tinto as one of the world’s top three copper producers. The Mongolian government has a 34 percent share in the project, which is expected to account for a third of Mongolia’s GDP by 2020.
Ivanhoe Mines founder and CEO Robert Friedland anticipates the mine will reach full commercial production in the first half of 2013.
Resource nationalism influences Mongolian politics
However, opportunities like Oyu Tolgoi are not without risks. Mongolia has proven susceptible to a growing trend in mineral-rich developing nations: resource nationalism. A recent Ernst & Young Mining and Metals Survey of the world’s 30 largest miners identified resource nationalism as the biggest risk factor for mining companies in 2011-12. In 2011, more than two dozen nations sought to increase their portion of mining profits, and others announced intentions to fully nationalize their resources.
Ivanhoe’s announcement follows many years of struggles with the Mongolian government, which has been intent on securing a large piece of the profit pie for its foreign business-leery populace. Ivanhoe first drilled the massive Oyu Tolgoi deposit in 2000, and began negotiations with the government over developing the project in 2003.
In 2006, the government enacted a 68 percent windfall profits tax on copper sold above $2,600/ton and gold above $850 an ounce, as well as a mandate of a 34 percent government stake in mining projects. These changes were a stark indication that the government of Mongolia was under extreme pressure from political groups pushing for nationalization of the country’s natural resources. The negotiations over control became so heated that protesters were burning effigies of Friedland.
The heavy windfall tax, the largest in the world, was later revoked in late 2009.
There were concerns that Oyu Tolgoi would fall victim to the same fate as Tavan Tolgoi, which the Mongolian government, bowing to populist political pressure, took control of in 2008. The multi-billion dollar coal mine had been owned by Energy Resources, a private Mongolian company funded by foreign dollars.
The project is now operated by a state-owned resource company that plans to launch a$3 billion IPO with listings on Ulan Bator, the LSE, and the Hong Kong exchange; each Mongolian citizen will become a shareholder for a total of ten percent of entire shares.
Immense poverty behind push for resource nationalization
Mongolia’s rising GDP hasn’t helped to reduce the nation’s poverty rate, which has been climbing in recent years, reaching 40 percent in 2011. The sting of poverty is made all the worse for Mongolians when they see foreigners profiting from their country’s natural resources.
Public anger at foreign miners and mining-friendly politicians has risen along with the poverty rate. Some are pushing the government to take a larger position in mining projects, while others are calling for the outright nationalization of resources, banning foreign companies from operating in Mongolia altogether. Protestors have gone as far as shooting arrows at the Government House on horseback and firing bullets at mining equipment owned by Canadian and Chinese companies.
Answering public demands, the Mongolian government created a “human development fund” with money garnered from prepaid taxes from foreign investors in the Oyu Tolgoi mine; each Mongolian receives the equivalent of $17 from the fund each month.
Investors to watch upcoming parliamentary elections
In its 22-year history as a democracy, the Mongolian government’s policies have leaned toward populist sentiment. “Since leaving the Soviet Union, Mongolia has zigzagged between privatization and nationalization,” said Bloomberg’s Roberts. Roberts points out it’s this tendency to appease populist calls to nationalize industry that led to the passage of the 2006 windfall profits tax on gold and copper.
While ensuring that citizens benefit from the bonanza of natural resources within the nation’s borders and protecting the environment are without question the duty of any government, enacting mining policies that only serve to drive away foreign investment, technology, and know-how is short-sighted.
“Mongolian governments adopted a harder bargaining stance to protect national interests, but in doing so they discouraged foreign investors,” points out Dr. Richard Pomfret, Professor of Economics at the University of Adelaide, in an extensive paper on exploiting resources in Central Asia. The government’s negotiating position with Ivanhoe delayed production for over a decade, and “[i]n consequence, Mongolia failed to benefit from the copper price boom of the 2000s.”
As the June parliamentary elections near, the rights to Mongolia’s vast store of natural resources is becoming an even greater political issue. “While issues such as family, clan and religion are still important, the mining boom, business and nationalism have taken on a much greater significance in people’s voting intentions,” says Oliver Belfitt-Nash, Mongolia-based reporter for Business New Europe.
Uncertainty concerning just how far politicians are willing to move toward resource nationalism in an effort to win votes is understandably raising Mongolia’s political risk factor in the eyes of resource investors.
Is the Mongolian government looking at other projects it can use to increase its share of the profits? The answer will become more apparent as June draws near.
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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Mongolia: Seeking measured growth
March 12 (Oxford Business Group) Momentum in Mongolia’s mineral sector helped GDP growth surge in 2011, however, extra fiscal vigilance is needed this election year as overheating could lead to high inflation, exchange rate volatility and wage pressures.
According to World Bank estimates in late January, growth reached 14.9% in 2011 and will be 15.1% in 2013. Domestic brokerages point to the country’s low population, at 3m people, and abundance of natural resources as evidence that the expansion will continue.
“What we expect is that Mongolia will continue its current growth path,” analysts from BDSec Joint stock company, one of the country’s largest brokers, wrote in a January report. “Real GDP growth in 2012 could even surpass 2011 if 2012 passes with no huge decrease in commodity prices. Some analysts even expect that it will reach as high as 23% this year.”
Indeed, Mongolia will likely keep its competitive edge due in part to its proximity to energy-hungry China, which allows for faster delivery times and cheaper transportation costs for energy and mineral imports than possible from countries such as Australia or those in Africa and South America.
When production at the Oyu Tolgoi copper and gold mine, a combined open pit and underground mining project in the Khanbogd district in the Gobi Desert, reaches its anticipated peak between 2013 and 2014, for example, it alone is expected to boost GDP by 20-30%.
Another large mining project, the Tavan Tolgoi coal deposit, in Mongolia’s south Gobi region, has an estimated production life of more than 30 years with annual production of 15m tonnes. A planned initial public offering of Erdenes-Tavan Tolgoi in London and Ulaanbaatar scheduled for fall 2012 is expected to raise as much as $3bn. The listing was originally scheduled for June, but the government is currently seeking dispensation to list in Hong Kong as well.
Though minerals are the engine of the country’s growth, figures suggest government efforts to avoid Dutch disease – whereby the financial benefits of a resource boom lead to a hollowing out of other sectors – are also having an impact. The government has also recognised the importance of transparency on tax and royalty payments in harnessing mineral wealth, with President Ts. Elbegdorj contributing to a World Economic Forum report on the issue.
The paper, published in February, recommended publishing data mining-related tax and royalty payments, creating local development councils and making public agreements between government and firms.
“The case studies and recommendations will help countries such as ours develop our mineral resources in a fair and responsible manner for all stakeholders,” Elbegdorj said.
Investment banking and securities firm Goldman Sachs’ February decision to buy a 4.8% stake in the Trade and Development Bank of Mongolia also boosted confidence in government measures to tighten fiscal policy. A source told Reuters the investment was only kept below 4.99% because a higher stake would have been subject to US regulations.
However, in the same month IMF officials warned the government there may be an eventual hard landing due to overspending, especially if external shocks hit the economy. Steven Barnett, a deputy division chief in the IMF’s regional office for Asia and the Pacific, said in a recent report that the government’s expansive fiscal policy could cause economic volatility.
“Government spending increased 60% in 2011 and is set to rise a further 30% this year,” he wrote. This spending, argued Barnett, had created excess demand and would lead directly to higher inflation, a substantial increase in imports, exchange rate volatility and a squeezing-out of the private sector.
“The result of [increased government spending] is people will have more money, and they will spend more,” Barnett told local media in February. “A lot of that spending falls on imports, so the foreign companies that sell goods to Mongolia benefit the most. It also results in higher inflation and higher wages in Mongolia and makes Mongolian firms less competitive.”
Indeed, the consumer price index in January 2012 increased by 2.8% compared to the previous month, and by 10.2% compared to the same period last year, with food and transport prices rising around 5% in January alone. Inflation is estimated to have risen by 10.2% in 2011.
While Ulaanbaatar is to be applauded for using the country’s mineral wealth to upgrade out-dated infrastructure and services, the economy’s openness and narrow base leaves it vulnerable to global shocks, particularly a demand slump from China. To avoid such a hard landing, maintaining tight fiscal discipline in the face of growing tax revenues and energy growth will be a necessary component in establishing stable long-term growth.
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Italian luxury brand (Coccinelle) striking roots in Asia (and launching Mongolian store)
An Italian accessory brand has planted itself in the Philippines and other emerging markets, and strives to keep its roots and heritage despite the new challenges in retail business.
March 11 (BusinessWorld) Business development director for Coccinelle, Antonio Sottile, told BusinessWorld that it will soon open a mono-brand store in the country, recognizing it as an attractive market.
Its signature bags and a selection of its accessories are currently available at Rustan’s Makati and Shangri-La, but Rustan’s is slowly bringing in the brand’s complete line, including shoes as a stand-alone store is planned for next year.
Meanwhile, the brand will officially launch a store in Mongolia at the end of March.
“We’ll be the first Italian brand of leather when we open in Mongolia later this month,” Mr. Sottile noted, adding that he considers Coccinelle as one of the forerunners in tapping the Mongolian market.
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CPI rose 2.5% MoM, 5.4% YTD, 12.4% YoY
NSO: Social and economic situation of Mongolia (As of the first 2 months of 2012)
March 12 (NSO) --
I. Social indicators
In the first 2 months of 2012, 11579 mothers delivered 11631 children (live births) increased by 1320 mothers or 12.9 percent, and 1338 children or 13.0 percent, compared to same period of the previous year.
In the first 2 months of 2012, at national level infant mortality increased by 15 or 7.9 percent to 206, and child mortality aged 1-5 were 38, the same level as compared to same period of the previous year.
As results of the Household Socio- Economic Survey in the 4th quarter of 2011, household average monetary income per month increased by 134.7 thous.tog or 32.0 percent to 555.4 thous.tog, compared to the same period of the previous year.
As of the 4th quarter of 2011, household average monetary expenditure per month increased by 104.3 thous.tog or 23.5 percent to 548.9 thous.tog, compared to the same period of the previous year.
The number of unemployed reached 58.4 thousand at the end of February 2012, reflecting an increase of 19.9 thous.persons or 51.6 percent compared to same period of the previous year...
In the first 2 months of 2012, 406.5 thous.persons were registered as insurer, of which 261.9 thousand or 64.4 percent were those from the establishments, and 144.6 thousand or 35.6 percent from the government budgetary organization. Compared to same period of the previous year, the number of insurers increased by 77.2 thousand or 23.4 percent, of which the increased by 59.1 thousand or 29.1 percent from establishments, and increased by 18.1 thousand or 14.3 percent from government budgetary organization.
In the first 2 months of 2012, social welfare pensions and benefits allocated to 53.7 thous.persons, showing an increase of 2.5 thous.persons or 4.8 percent, total amount of the allocated fund increased by 355.3 mln.tog or 7.0 percent compared to same period of the previous year.
Of 119.0 bln.tog distributed by the Human Development Fund to 2.8 mln. people (with double counting) in the first two months of 2012, 98.3 percent were those receiving the cash benefit of 21.0 thous.tog, 0.9 percent those receiving 70.0 thous.tog, and 0.8 percent those receiving 10.0 thous. tog.
In the first 2 months of 2012, the number of infectious disease cases was 7220 persons, increase by 987 cases or 15.8 percent compared to same period of the previous year. The increase in the number of infectious disease cases was mainly due to the increases of 52 persons or 8.2 percent in syphilis, 40 persons or 6.1 percent in trichomoniasis, 36 persons or 5.8 percent in varicella, 19 persons or 0.8 percent in viral hepatitis and 5 persons or 0.6 percent in gonococcal infection, although there was decreases of 14 persons or 6.9 percent in shigellosis and 23 persons or 3.7 percent in tuberculosis.
At national level, 3974 crimes were registered in the first 2 months of 2012, reflecting an increase of 648 crimes or 19.5 percent compared to same period of the previous year. The increase in the number of crimes was mainly due to the increases in crime against the right of ownership (435), crime against human life and health (or physical well-being) (115), crime against the rules of safety of traffic and use of motor vehicles (61), crimes against environmental protection rules (32) compared to same period of the previous year.
In the first 2 months of 2012, occurred crimes caused 1235 injuries and 253 deaths. The number of injuries up by 53 persons or 4.5 percent and the number of deaths up by 7 persons or 2.8 percent compared to same period of the previous year.
II. Macroeconomic indicators
The national consumer price index in February 2012, increased by 2.5 percent compared to the previous month, 5.4 percent compared to the beginning of the year, and 12.4 percent compared to same period of the previous year. The increase in national index compared to the previous month was mainly due to 7.2 percent increase in food and non-alcoholic beverages.
According to the report of the Bank of Mongolia, money supply (broad money or M2) at the end of February 2012, reached to 6238.4 bln.tog, increased by of 90.9 bln. tog or 1.5 percent compared to the previous month, and increased by 1370.9 bln.tog or 28.2 percent compared to same period of the previous year.
At the end of February 2012, currency issued in circulation reached 673.8 bln.tog, increased by 16.8 bln.tog or 2.6 percent compared to the previous month, and increased by 199.3 bln.tog or 42.0 percent compared to same period of the previous year.
Loans outstanding at the end of February 2012, amounted to 5706.2 bln.tog, up by 58.6 bln.tog or 1.0 percent compared to the previous month, and up by 2179.9 bln. tog or 61.8 percent compared to same period of the previous year.
Principals in arrears at the end of February 2012 reached 176.3 bln.tog increased by 102.5 bln.tog or 2.3 times compared to the previous month, increased by 63.7 bln.tog or 56.6 percent compared to same period of the previous year.
At the end of February 2012, the non-performing loans over the bank system reached 323.3 bln.tog, showing decreases of 3.3 bln.tog or 1.0 percent compared to the previous month, of 37.1 bln.tog or 10.3 percent compared to same period of the previous year.
In February 2012, there were 19 trading days and 7.2 mln.shares valued at 2.6 bln.tog were traded.
In the first 2 months of 2012, total revenue and grants of the General Government Budget amounted to 674.8 bln. tog and total expenditure and net lending amounted to 682.1 bln.tog, representing deficit of 7.3 bln.tog in the equilibrated balance of General Government Budget.
In the first 2 months of 2012, current revenue of the General Government Budget amounted to 672.3 bln.tog and current expenditure reached 559.8 bln.tog. Thus, the budget equilibrated current balance was in surplus of 112.5 bln.tog.
Compared to same period of the previous year, tax revenue increased by 160.8 bln.tog or 37.2 percent. The increase was mainly due to the increases of 59.1 bln. tog or 2.3 times in other taxes, 56.3 bln.tog or 35.2 percent in taxes on goods and services, 30.3 bln.tog or 60.5 percent in social security contribution and 14.9 bln.tog or 46.0 percent in taxes on foreign trade.
Compared to same period of the previous year, non-tax revenue increased by 44.6 bln.tog or 2.3 times. The increase was mainly due to the increases of 16.4 bln.tog or 76.3 percent in revenues from budget entities, 10.2 bln.tog in revenues from dividends, 7.5 bln.tog or 3.6 times in revenues from others, 4.7 bln.tog or 4.3 times in revenues from oil petroleum and 4.3 bln. tog or 2.2 times in revenues from interest.
In the first 2 months of 2012, total expenditure and net lending of the General Government Budget increased by 212.2 bln. tog or 45.2 percent to 682.1 bln.tog compared to same period of the previous year. This was mainly due to increases of 89.3 bln.tog or 4.1 times in capital expenditure, 88.6 bln.tog or 38.4 percent in subsidies and transfers and 34.8 bln.tog or 18.1 percent in expenditure of goods and services although there was decreases of 2.0 bln.tog or 33.1 percent in lending minus repayments.
In the first 2 months of 2012, spending of 118.4 bln.tog on capital expenditure increased by 89.3 bln.tog or 4.1 times compared to same period of the previous year. This was mainly due to increases of 81.5 bln.tog or 4.0 times in capital expenditure of domestic sources and 7.8 bln.tog or 5.4 times in foreign financed capital expenditure, compared to same period of the previous year.
In the first 2 months of 2012, Mongolia traded with 103 countries from all over the world and total external trade turnover reached 1469.3 mln.US dollars, of which exports made up 529.9 mln.US dollars and imports made up 939.3 mln.US dollars.
External trade balance showed a deficit of 154.8 mln.US dollars in February 2012, while it was in deficit of 60.2 mln.US dollars in February 2011. Compared to same period of the previous year, deficit increased by 94.6 mln.US dollars or 2.6 times.
Total external trade turnover increased by 437.7 mln.US dollars or 42.4 percent, of which imports up by 323.7 mln.US dollars or 52.6 percent, and exports up by 114.1 mln.US dollars or 27.4 percent, compared to same period of the previous year.
Mineral products, natural or cultured stones, precious metal, jewelry, coins, raw & processed hides, skins, fur & articles, animal origin products, textile articles and auto, air & water transport vehicles & their spare parts thereof accounted for 97.7 percent of the total export value amount.
III. Economic sector indicators
In the first 2 months of 2012, at national level natural losses of adult animals down by 73.4 thous.heads or 54.6 percent to 61.0 thous.heads compared to same period of the previous year. Out of the losses of adult animals, 3.1 thousand were horses, 6.1 thousand were cows, 87 were camels, 22.4 thousand were sheeps and 29.3 thousand were goats.
In the first 2 months of 2012, the total industrial output increased by 20.6 bln.tog or 7.7 percent to 287.8 bln.tog (at 2005 constant prices) compared to same period of the previous year. The increase in the industrial output was mainly due to 1.4-77.3 percent, increases in mining and quarrying products such as copper, with concentrate, molybdenum concentrate, zincum concentrate and crude oil and 0.1 percent to 7.9 times increases in industrial main products of manufacturing sector such as alcoholic beverage, toilet paper, sawn wood, carpet, beer, milk, bakery products, bread, soft drinks, briquette, and concrete mortar.
In the first 2 months of 2012, 3263.0 thous.t freight and 609.9 thous.passengers (double counting) were carried by railway transport. Compared to same period of the previous year, the number of carried freight rose by 674.0 thous.t or 26.0 percent and the number of carried passengers rose by 37.3 thous.persons or 6.5 percent. Due to the increase in carried freight and passengers, revenue from railway transport increased by 21.8 bln.tog or 47.3 percent to 68.1 bln.tog in the first 2 months of 2012, compared to same period of the previous year.
In the first 2 months of 2012, 553.7 t freight and 94.1 thous.passengers (double counting) were carried by air transport. Compared to same period of the previous year, the number of carried freight increased by 301.6 t or 2.2 times, the number of carried passengers rose by 28.4 thous.persons or 43.1 percent. Due to the increase in carried freight and passengers, revenue from air transport increased by 4.0 bln.tog or 22.4 percent to 22.1 bln.tog in the first 2 months of 2012, compared to same period of the previous year.
According to the report of the Institute of Meteorology and Hydrology, maximum precipitation was registered in Baruunturuun soum (6.0 mm) of Uvs aimag in February 2012. In February 2012, Khanbogd soum of Umnugovi aimag had the highest air temperature (7.4°C), while Otgon soums of Zavkhan aimag had the lowest air temperature (-48.0°C). Wind speed reached 21 m/sec in Zuunmod soum of Tuv aimag.
Daily average concentration of nitrogen dioxide exceeded 29 times around the 13th micro district of Ulaanbaatar city, 25 times around Kharkhorin market, 16 times around the 32nd Toirog, 15 times around the Offitseruudiin ordon and 12 times around the 1st micro district, daily average concentration of sulphur dioxide exceeded 29 times around Kharkhorin market, 28 times around the 13th micro district, 24 times the 32nd Toirog and the West crossroad respectively, 20 times around the Misheel-Expo center and the Offitseruudiin ordon respectively and 15 times around the 1st micro district, particulate matter less than 10 micrograms exceeded 29 times around the 32nd Toirog, 28 times around the Kharkhorin market, 25 times around the 13th micro district and 19 times around the West crossroad, particulate matter less than 2.5 micrograms exceeded 16 times around the West crossroad, carbon dioxide exceeded 2 times around the 32nd Toirog from the maximum allowable concentration of air quality standard in February 2012.
In the first 2 months of 2012, 716 disasters and accidents occurred. As a result, 30 people died, 0.4 thous.livestock and domestic animals had lost. By the types of disasters, 686 fires on possessions, 8 accidents related to artisanal mining and rock falls, 5 incidences of chemical substance usage, 4 river and lake accidents, 3 cases of domestic animal madness disease occurred in the first 2 months of 2012. In the first 2 months of 2012, estimated damage caused by the disasters and accidents amounted to 1.9 bln.tog.
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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
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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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