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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VOR trading +5.2% at 6c at time of writing
Voyager: KM Project Update
March 20, Voyager Resources Limited (ASX:VOR) --
Highlights
Further drilling has increased the lateral extent of mineralisation intercepted
at the Aranjin Prospect. Recent drilling returned:
Ø 104 metres at 1.01% copper and 8.2 g/t silver from 4 metres (KMR060RC), including:
§ 42 metres at 2.1% copper and 16.4 g/t silver from 20 metres and
This result is in addition to previously announced intersections from the Aranjin Prospect that returned:
Ø 168 metres at 0.74% copper and 5.4 g/t silver from 76 metres (KM0124D)
Ø 140 metres at 0.6% copper and 5.3 g/t silver from 4 metres (KMR015RCD)
Ø 80 metres at 0.8% copper and 10.3 g/t silver from 60 metres to end of hole (KMR017RC)
The Aranjin discovery is the second of three discoveries identified in a demagnetised structural corridor that hosts the Aranjin, Cughur and Cughur NE discoveries where recent drilling returned 50 metres at 0.82% copper and 1.87 g/t silver from 6 metres (KM0115RC). Further drilling has been planned to test mapped mineralised breccias and strong copper in soil anomalies identified within the recently identified Fault Corridor.
The identified Fault Corridor (Figure 1) extends for over three kilometres in strike with mineralisation being identified over the extent of the Corridor. Voyager believes that the Corridor acts as a conduit to a porphyry stock located to the southwest of Cughur with the breccia pipes exploiting the weaker structure to intrude up the corridor.
Voyager recently came to agreement with a Mongolian based Reverse Circulation (RC) drilling contractor to complete 10,000 metres of drilling at KM. Drilling is primarily focused on lateral and shallow extents to the mineralised hydrothermal breccias intersected and identified by Voyager in order to complete a maiden JORC Resource on the project by mid 2012.
A selection of representative samples is now in transit to Perth, Western Australia to undergo preliminary metallurgical test work to be completed by mid April.
The company continues to endeavour clearing the assay backlog with approximately 30% of assays outstanding, predominantly from Gaans and Aranjin.
…
IVN closed -1.77% in Toronto, -2.14% in NY
Ivanhoe Mines 2011 net loss widens, Mongolia project on track for Q3 startup
VANCOUVER, March 20 (The Canadian Press) - Ivanhoe Mines Ltd. (TSX:IVN, NYSE:IVN) reported a wider net loss for 2011 on Tuesday as it said its copper-gold mine in Mongolia remains on track to start up in the third quarter.
The 2011 loss of $570.4 million, or 83 cents per share, compared to a loss of $211.5 million, or 42 cents per share, in 2010.
Revenues increased to $179 million from $79.8 million a year earlier.
The company said its Oyu Tolgoi mine in southern Mongolia was about 73 per cent complete at the end of February, and is on track to start up during the third quarter. Commercial production is slated to begin during the first half of 2013.
Ivanhoe also said Tuesday talks with majority shareholder Rio Tinto over a financing plan for Oyu Tolgoi are progressing.
"Rio Tinto and Ivanhoe Mines exchanged proposals and have been working together in an attempt to reach agreement on a comprehensive financing approach that would accommodate their mutual interest of advancing Oyu Tolgoi's development," Ivanhoe said.
Ivanhoe said it has invested more than $5 billion in the project during the past decade, which has been financed through equity and short-term debt. A proposed major project-financing facility has been under negotiation for more than a year.
Rio Tinto in Mongolian power struggle
March 21 (WAToday.com.au) A power solution for one of Rio Tinto's most prospective mines remains elusive, raising doubts over whether plans to be in production within six months can be achieved.
The Oyu Tolgoi copper and gold mine in Mongolia looms as one of Rio Tinto's most exciting growth projects on the back of the company's recent takeover of Oyu Tolgoi's majority owner Ivanhoe Mines.
But difficulties in delivering power to the mine's remote location in the Gobi desert are continuing to fester, with Ivanhoe confirming that a deal to import power from China had still not been reached.
The current plan would see the mine site, which includes concentrators and a large workers village, connected to the power grid on the Chinese side of the border for the first four years of the mine's life.
But such a deal requires an agreement between Chinese and Mongolian authorities, and Ivanhoe confirmed today that officials from the two nations had still not agreed terms.
The company said it remained hopeful that talks would be ''expedited'' to ensure the imported power was available for meet the target of first production in the third quarter of 2012.
Ivanhoe said extra diesel-generated power was bringing bought into the mine site in the meantime, and warned that production schedules could slip if the plan to import Chinese power had to be abandoned in favour of building a coal-fired power station on site at Oyu Tolgoi sooner than planned.
Under the mine contract, all power must be sourced from within Mongolia after four years of mine life.
''If the establishment of a dedicated power plant is required for the early production at Oyu Tolgoi, the required revisions to the construction schedule for the Oyu Tolgoi project could adversely affect the project's ability to achieve the planned start of commercial production in 2013,'' Ivanhoe said yesterday in a statement.
Origo announces a world class molybdenum resource at Moly World's Mandal Moly project
March 20, Origo Partners Plc (OPP:LN) --
Highlights
• Maiden JORC compliant resource statement of 203.4 million tonnes of ore grading 0.1261 per cent molybdenum with total contained molybdenum metal of 256,000 tons
• Mandal Moly has high grade, near surface resource which could support a large scale open cut mine
• Runge LLC retained to produce a scoping study which is expected to lead to the commencement of a detailed Pre-Feasibility Study
Origo Partners Plc ("Origo") is pleased to announce the completion of a maiden JORC compliant resource statement for Moly World Ltd's ("Moly World" or "the Company") Mandal Moly molybdenum and tungsten project in Mongolia ("the Project").
The results of the JORC statement of mineral resources equates to a total resource of 203.4 million tonnes of ore grading 0.1261 per cent molybdenum with total contained molybdenum metal of 256,000 tonnes. This is outlined in the table below and has been reported at a cut-off grade of 500 parts per million of molybdenum based on the preliminary results of the mining study. Runge LLC was contracted by the Company to complete a geological interpretation and mineral resource estimation within the Project area.
Table: Statement of Mineral Resources
JORC Class | Tonnes (Mt) | Molybdenum (ppm) | Tungsten (ppm) | Molybdenum (Metal Kt) | Tungsten (Metal Kt) |
Measured | 33.3 | 1,209 | 241 | 40 | 8 |
Indicated | 168.8 | 1,269 | 270 | 214 | 46 |
Inferred | 1.2 | 1,490 | 174 | 2 | 0 |
Total | 203.4 | 1,261 | 265 | 256 | 54 |
Source: Runge LLC, Mineral Resource Estimate Mandal Molybdenum Deposit
The JORC compliant resource statement follows a seven month drilling programme on the deposit utilising eight drilling rigs in which a total of 43,235.8 meters in 152 bore holes were drilled. The ore body remains open to the south east with drilling planned to take place later in 2012 to investigate the possibility of extending the resource.
The Company is currently undertaking metallurgical test work which is yet to be completed and will be included in the mining study which is currently underway.
The Project benefits from a high grade, near surface resource which could conceptually support a large scale open cut mine producing around 27 million lbs per annum of molybdenum equivalent. In this event the Company would be ranked as one of the largest primary molybdenum producers. Following studies by independent consultants Watts, Griffis and McOaut, Origo has reason to believe that the Project could benefit from cash costs and capital intensity levels significantly below the industry average.
Runge LLC has also been retained to produce a scoping study for the Project which is expected to lead to the commencement of a detailed Pre-Feasibility Study shortly thereafter although it is possible that the project would transition directly to a Bankable Feasibility Study.
In June 2011, Origo announced the acquisition of a 20 per cent stake in Moly World, a holding company which holds a 100 per cent beneficial interest in Mongol Resource Corporation, the owner of Mandal Moly, for US$10 million. In addition, a subsidiary of Origo, Origo Resource International Ltd, has been granted an off-take covering up to 20 per cent and not less than 10 per cent of all possible production for the life of mine while Origo holds between 5 per cent and 20 per cent of an interest in Moly World which will be calculated on a pro rata basis. In the event Origo is diluted to being a 5 per cent shareholder Origo will no longer be granted an offtake.
Commenting on today's announcement, Chris Rynning, CEO of Origo said:
"We are delighted by the results in terms of both the resource size and grade and look forward to supporting the company in reaching some major milestones this year."
UTM Announces Appointments of Kenneth Farrell and Saruul Ganbaatar to the Board of Directors
ULAANBAATAR, MONGOLIA--(Marketwire - March 20, 2012) - Undur Tolgoi Minerals Inc. ("UTM" or the "Company") (CNSX:UTM) has appointed Kenneth Farrell and Saruul Ganbaatar to the Company's board of directors and Paul Rapello has resigned as a member of the board of directors. The Company intends to reappoint Mr. Rapello to the board of directors following the next shareholders meeting, in which the Company will seek authorization from shareholders to increase the number of directors. Mr. Rapello has accepted the appointment as Special Advisor to the Board of Directors of the Company effective immediately.
Kenneth Farrell, an Australian citizen, is the CEO of Bumi Resources Minerals, the largest publicly traded Indonesian mineral company. Mr. Farrell is also an Executive Director of Bumi Resources, Indonesia's largest listed coal mining company. Prior to joining Bumi Resources in 2002, Mr. Farrell worked for BHP Billiton for 21 years in various executive and managerial capacities in iron ore, transport, manganese and coal business units. He is a Member of the Institution of Engineers, Australia; a Member of The Australasian Institute of Mining and Metallurgy and a Fellow of the Australian Institute of Company Directors.
Saruul Ganbaatar, a Mongolian citizen, is the Chief Regulatory Officer of the Mongolian Stock Exchange. Prior to his appointment to the Mongolian Stock Exchange, Saruul worked in the Development Financing and Cooperation Department of the Ministry of Finance. Saruul previously worked in various capacities as an advisor in the financial service industry in the United States.
"We are honored and excited to welcome Ken and Saruul to the UTM team", said James Passin, UTM's Chairman. "The strengthening of our board reflects UTM's commitment to build a world class exploration and mining company focused on Mongolia."
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.
MSE WEEKLY REVIEW
Ulaanbaatar, Mongolia, March 21 /MONTSAME/ Five stock trades were held at Mongolia's Stock Exchange on March 12-16. In overall, 622.4 thousand shares were sold of 76 joint-stock companies totaling MNT 650.2 thousand.
Index TOP-20 was 21541.02 points decreasing 206.62 units or 0.95% against the week earlier. The total market capitalization was set at MNT two trillion 103.9 billion decreasing MNT 6.6 billion or 0.3%.
Shares of "Tsagaan tolgoi" /74.8%/, "Monasar" /40.6%/, and "Khar tarvagatai" /31.4%/ increased, but shares of "Atar orgoo" /16.4%/, "Erdenet khuns" /14.9%/, and "Boonii khudaldaa" /14.3%/ decreased.
38 stocks closed higher, 32 shares declined and six shares remained unchanged.
Shares of "Remikon" /149.5 thousand units/, "Genco tour bureau" /141.1 thousand units/ and "Solongo impex" /109.3 thousand units/ were the most actively traded in terms of trading volume and in terms of trading value--"Tavan tolgoi" (MNT 290.7 million), "Solongo impex" (MNT 126.2 million), and "APU" (32.2 million).
Meat price is extremely high
March 20 (news.mn) Meat price continuing go up. One kilo beef without bone now costs Tg8200 (around $5). If compared March last years it means increased by 50 percent. One kilo mutton selling in the market by Tg7400 which means increased by 60 percent if compared to March 2011.
Meat is main product for Mongolians. Usually in spring meat price goes up. But “High price was Tg5000. This year unusual” said N.Nergui who selling meat at Bumbugur food market.
Citizens waiting when will sell stocked meat. But companies who stocked meat and city administration couldn’t agreed on price. Before Tsagaan sar (Lunar New Year) stocked meat sold by Tg3500-3800 per kilo. Because of inflation companies wants to rise price up.
Starts campaign “Healthy child”
Ulaanbaatar, Mongolia, March 21 /MONTSAME/ Initiated by the Prime Minister S.Batbold, the “Healthy child” campaign has started nationwide.
An opening ceremony of the national campaign took place on Monday in the Central Palace of Culture with participation of the Premier and representatives from the Health Ministry, schools and kindergartens.
The campaign's main objectives are to enroll all children aged up to 18 years in medical examinations, to assess constitutional development of children, to create a database of children's health and to improve registrations of health organizations.
Noting that children aged 18 accounted for 36 per cent of the population of Mongolia, the Premier said Mongolia has a great resource of youths and it means this is a big opportunity to intensify the country's development. It is very important to protect health of young people, he added.
“The government and all parents should make efforts to abolish illnesses of children, to prevent illnesses and to create healthy environment for them to study and live,” the Premier stressed, urging all kindergartens and schools to actively participate in the campaign.
The campaign's first phase will run until May 30, the second phase-from June 1 to December 30, 2012.
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"Mogi" Munkhdul Badral
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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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