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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Hunnu Coal awarded "Deal of the Year", Mongolia awarded “Mining Country of the Year” at first Asia Mining Awards, Mines & Money HK 2012
March 23 (The Asset) Australia and Mongolia received the major awards in the first Asia Mining Awards which honoured the top executives and companies in the exploration, mining, mining finance and investment areas.
These awards, given on March 22 during the 5th Annual Mines and Money Hong Kong, were nominated by the industry, shortlisted by a panel of international mining experts and nominees were again voted on by the industry before the winners were named.
Winners of the different categories are:
· Discovery of the Year – Indochine Mining, an Australian mining company for their gold-copper discoveries in Cambodia and the reactivation of the Mt Kare gold-silver project in PNG.
· Deal of the Year – Hunnu Coal, an Australian incorporated company with their Mongolian project for listing on the ASX at 20 cents and selling just 18 months later at AUD1.80
· Project Development of the Year – Oyu Tolgoi project in Mongolia.
· Fund Manager of the Year – James Passin, co-founder and manager of Firebird Global Fund. Also his Mongolia Fund Class A which started in 2010 and has managed to achieve 161 percent growth since inception including more than 90 percent in the first quarter of 2011.
· Mining Country of the Year – Mongolia, a country that has dominated the mining headlines for the past few years, with the development of some world-class projects.
· Mining Personality of the Year –Robert Friedland, founder and CEO of Ivanhoe Mines who has been instrumental in Mongolia's emergence as one of the most exciting destinations in world mining.
S&P Bulletin: Mongolian Mining Ratings Unaffected By Notes Upsize
SINGAPORE (Standard & Poor's) March 23, 2012--Standard & Poor's Ratings Services said today that its corporate credit rating on Mongolia-based coking coal producer Mongolian Mining Corp. (HK:975) (MMC; B+/Stable/--) and its rating on MMC's senior notes maturing 2017 are unaffected by the company's decision to increase its issuance to US$600 million.
We estimate that MMC's ratio of total debt to EBITDA would increase to 2.9x, from 2.6x based on our original issue size assumption. At the same time, its ratio of funds from operations (FFO) to total debt would decline to about 24% in 2012 with a US$600 million notes issue size. These ratios remain within the ranges of 2.5x-3.5x for total debt to EBITDA and 25%-35% for FFO to total debt that we expected for 2012 and 2013, and are commensurate with our 'B+' corporate credit rating on MMC. In our base-case scenario, we originally considered ratios of total debt to EBITDA of 2.6x and FFO to total debt of 28%.
YAK closed flat at C$4
Mongolia Growth Group Ltd. Announces Issuance of Employee Stock Options
Calgary, Alberta CANADA, Mar 23, 2012 (Filing Services Canada) -- Mongolia Growth Group Ltd. (YAK - CNSX) announces that 190,000 5-year stock options to purchase shares of MGG at a price of $4.00 per share have been issued to salaried employees of MGG and its wholly owned Mongolian subsidiary pursuant to the Company's stock option plan. These options have been issued in order to retain and motivate new and existing employees of the Company.
EBRD to finance Mongolia's first wind power project
March 24 (REVE) The EBRD is extending a loan for the development of Mongolia's first wind energy project – the Salkhit wind farm with GE's wind turbines.
Wind power in Mongolia: first wind farm. Mongolia's first wind energy project, the 50 MW Salkhit wind farm, with GE's wind turbines, is getting $47 million in investments from the EBRD.
Clean Energy is currently 75 percent owned by Newcom and 25 percent owned by the bank. The bank will also take a further $4.4 million equity stake in Clean Energy.
“The Salkhit wind farm is a flagship project for Mongolia’s renewable energy. It marks the dawn for Mongolia’s aspiration to becoming Asia’s renewable energy champion,” said Bayanjargal Byambasaikhan, chief executive of Newcom.
Located about 70 kilometers away from the capital Ulaanbaatar, Salkhit will generate enough current to answer about 5 percent of the country’s needs while achieving a carbon dioxide emission reduction of approximately 164,000 metric tons annually.
The wind turbines project will also generate carbon credits that Clean Energy can sell.
General Electric will be providing the wind turbines for Salkhit. The site is expected to come online this year.
According to Nandita Parshad, the bank’s director for power and energy, Mongolia has strong winds which can be tapped to diversify the country’s energy mix.
“We hope this transaction paves the way for increased private interest in the renewable power sector which can reduce Mongolia’s dependence on coal and its carbon footprint and will contribute to Mongolia’s sustainable development,” said Ms. Parshad.
Mongolia’s current installed renewable energy capacity is around 800 MW. The Salkhit project will be the first significant renewable energy generator in the country.
Video: Mongolia Economy, Financial Markets (Interview with Peter Morrow)
March 23 (Bloomberg) -- Peter Morrow, deputy chairman of Mongolia's Newcom Group, a cross-industry investment group, speaks about the nation's economy and financial markets. He speaks in Hong Kong with Susan Li on Bloomberg Television's "First Up."
Mongolian capital city hopes to improve transportation with huge investment
ULAN BATOR, March 23 (Xinhua) -- The Mongolian capital city will divert the bulk of investment to develop its transportation sector, the city's mayor said Friday.
The city's new development plan outlined some 115 projects to be finished by 2030 and these projects require a total investment of nearly 9.9 billion U.S. dollars, said G. Munkhbayar, governor and mayor of Ulan Bator, at a forum jointly hosted by his office and the Asian Development Bank (ADB).
The main purpose of the forum was to introduce some high priority projects and discuss the legal environment for investment, said Munkhbayar.
Robert Shoelhammer, ADB mission director, said the ADB would help the city modernize its public transport system and the development of its vast ger areas, where municipal services such as heating and power supply are hard to get, but they are home to some 60 percent of Ulan Bator's residents.
In a keynote speech delivered at the forum, Mongolian Prime Minister Sukhbaatar Batbold said the government is aware of the hurdles and potentials the capital city faced in its development process and it would fully support Ulan Bator's future development programs.
According to the latest official statistics, over 1.2 million people or 42.7 percent of the country's total population are living in Ulan Bator and 48.6 percent of Mongolia's GDP is generated by the city.
However, the mega-city is also troubled with thorny problems such as traffic congestion, air pollution, the lack of infrastructure and so on.
The forum also discussed issues including water supply, sewage disposal, and housing construction, among others.
Hundreds of participants including representatives from international financial and corporation organizations, diplomats of foreign countries to Mongolia, and foreign and domestic businessmen took part in the forum.
SOFT-LOAN FROM GERMANY FOR PROJECTS
Ulaanbaatar, Mongolia, March 23 /MONTSAME/ Two projects will receive soft-loans in frames of a financial cooperation agreement which has been established between the governments of Mongolia and Germany.
The first part of the soft-loan of up to EUR 8.5 million will be spent for the "Energy benefit-2" project to be realized at the #4 thermal power station, and the second part of the loan of EUR 4.5 million will be exploited for a project on developing the rural infrastructure in order to improve the food supply for the capital city.
The soft-loans' interest is 0.75 per cent per year, repayment term is 40 years, first ten years are freed from the payment of the principal debt.
The intergovernmental financial and technical cooperation started in 1992, and soft-loans and non-refundable aid of about EUR 265 million have been given to Mongolia so far.
PRESIDENT TO PAY STATE VISIT TO GERMANY
Ulaanbaatar, Mongolia, March 23 /MONTSAME/ The President Ts.Elbegdorj will pay a state visit to the Federal Republic of Germany (FRG) from March 28 to April 1 at invitation of his counterpart Joachim Gauck.
During the visit, the State Head will hold bilateral talks with Germany leader Joachim Gauck, meet with Angela Merkel, the German Chancellor; with Norbert Lammert, the President of the Bundestag, also with Klaus Wowereit, a Governing Mayor of Berlin city, and Olaf Scholz, the First Mayor of Hamburg city.
This visit is the first one paid after 12 years, is special because it follows last year's visit of Angela Merkel to Mongolia, and is considered to have vital importance in widening the Mongolia-Germany comprehensive partnership relations and cooperation and in activating the collaboration in economics, investments, culture and educational sectors.
PROJECT TO BE IMPLEMENTED TO ESTABLISH OUTSOURCING CENTER
Ulaanbaatar, Mongolia, March 23 /MONTSAME/ The Minister of Finance D.Khayankhyarvaa signed on Thursday a credit agreement between the government of Mongolia and the Export-Import Bank of India (EIBI) with an aim to implement a project.
The project's goal is to establish the Mongolia-India joint outsourcing IT center. A soft-loan of USD 20 million will be granted to the government of Mongolia with an interest of 0.75 per cent per year. The repayment term is 25 years, first eight years are freed from the payment of the principal debt.
It is expected that the project will take five years to erect the outsourcing center. It will run IT trainings with international certificates and have outsourcing business development center and research center.
STATE SECRETARIES AND HEADS OF AUTHORITIES APPOINTED
Ulaanbaatar, Mongolia, March 23 /MONTSAME/ State Secretaries of some agencies and heads of authorities were appointed in accordance with a decision of irregular cabinet meeting on Friday.
The new officers have been selected by suggestion from the Council of State Service.
By the cabinet decision, B.Batkhishig has been appointed the State Secretary of the Foreign Ministry; N.Tumentemberel--the State Secretary of the Health Ministry; L.Amarsanaa--the head of the State Registration Authority--a regulatory agency of the government; and P.Delgernaran--the head of the Autotransport Authority--an implementation agency.
KH.BATTULGA MP WANTS POLITICIANS TO BE INSPECTED BY ACA
Ulaanbaatar, Mongolia, March 23 /MONTSAME/ On Thursday, a head of the Mongolian Democratic Union (MDU) Kh.Battulga MP gave to the Corruption Combating Agency (CCA) materials with "information about some politicians' affairs".
At a meeting the CCA head Ch.Onorbayar, Mr. Battulga MP said that he wants the anti-corrution institution to inspect high level politicians such as Ts.Nyamdorj, the Minister of Justice and Internal Affairs, and the Minister of Mineral Resources and Energy.
“When talking about the corruption, we always connect it with medical doctors, judges or teachers. In reality, the most corrupted have been all levels of parliament and the government which can be proved by the poverty the people are living in," Kh.Battulga stressed. He can provide the CCA with more documents and facts, and is ready to answer all questions, he said and asked the CCA authorities to demonstate the independence and impartiality of the justice in the inspection.
In response, Ch.Onorbayar said their organization is responsible for checking information or complaints, coming from citizens, in a time allowed by law and gives law-based responses, and promised to respond to the materials.
NATO and Mongolia agree programme of cooperation
March 19 (NATO) The North Atlantic Council formally approved an Individual Partnership and Cooperation Programme with Mongolia on 19 March 2012. This formalizes and further develops relations, building on existing operational cooperation Afghanistan and, earlier, in Kosovo.
In the spirit of mutual benefit and reciprocity, NATO’s partnership with Mongolia aims to promote common understanding through consultation and cooperation. It is based on a shared commitment to peace, democracy, human rights, rule of law and international security.
Negotiations on the programme of cooperation have been ongoing since the Deputy Assistant Secretary General for Political Affairs and Security Policy, James Appathurai, visited the Mongolian capital Ulaanbaatar for high-level talks in May 2011.
"NATO attaches great importance to our partnership with Mongolia,” Appathurai explains. “Mongolia's contributions to Alliance efforts in Afghanistan and past operations in Kosovo are very welcome, and show Mongolia's intent and capability to contribute to international peace and security.”
“Our long-term partnership illustrates our shared commitment to consultation and cooperation on global security challenges," he adds.
Mongolia is keen to enhance interoperability with the forces of NATO member and partner countries, further developing its capacity to support multilateral peace-support efforts.
Other important objectives for Mongolia include addressing common enduring and emerging security challenges – such as terrorism, proliferation and cyber defence – as well as developing mechanisms for crisis prevention and management.
Cooperation will also focus on building capacity through exchange, education and training. Furthermore, opportunities for collaboration under NATO’s Science for Peace and Security Programme are being explored.
A valued partner in NATO-led operations
Mongolia is a valued partner in the NATO-led International Security Assistance Force (ISAF) in Afghanistan. It has contributed troops since March 2010, when it first deployed an infantry platoon to ISAF’s Regional Command North. The Mongolian Armed Forces have made important contributions to force protection in Feyzabad and to flight-line security at Kabul International Airport. The country is also supporting the NATO Training Mission in Afghanistan with infantry, artillery and air mentor trainers. Currently, 212 Mongolian military personnel are deployed under ISAF.
Mongolia has also contributed to the US-led counter-terrorism operation in Afghanistan, Operation Enduring Freedom (OEF), since 2003 and 156 Mongolian soldiers are currently serving under this operation. Since 2003, a total of 1309 soldiers (including current deployments) have served under ISAF and OEF.
In the past, Mongolia also supported the NATO-led Kosovo Force (KFOR) with a platoon embedded in the Belgian contingent from December 2005 to March 2007.
Flexible partnerships with global partners
This is the first Individual Partnership and Cooperation Programme to be agreed under NATO’s new partnerships policy, adopted by Allied foreign ministers at Berlin in April 2011.
The new policy demonstrates commitment – expressed by Allied leaders at the Lisbon Summit in November 2010 – to develop more flexible partnerships, treating all partners equally and offering them the same basis for cooperation and dialogue. It also reflects the intention to further develop relations with partners across the globe – such as Mongolia – which contribute significantly to international security.
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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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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.
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