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Turquoise Hill Resources Announces Short-Term Bridge Funding Agreement with Rio Tinto and Provides Oyu Tolgoi Update
VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 28, 2013) - Turquoise Hill Resources (TSX:TRQ)(NYSE:TRQ)(NASDAQ:TRQ) today announced that it has entered into an agreement with majority shareholder Rio Tinto for a non-revolving bridge facility for up to US$225 million (the "Bridge Facility") maturing on August 12, 2013. Advances made under the Bridge Facility will be used by Turquoise Hill to fund operations and current underground development of the Oyu Tolgoi mine. The previous bridge funding facility, agreed on April 17, 2012, expired undrawn on May 23, 2013. Turquoise Hill expects to make an initial drawdown under the Bridge Facility in order to fund a cash call obligation for Oyu Tolgoi, which is due on July 2, 2013.
In the event the Bridge Facility is not repaid in full at the maturity date or in case of an event of default under the terms of the Bridge Facility, Rio Tinto may convert any outstanding amounts into common shares at a price per share equal to 85% of the then prevailing five-day volume weighted average trading price of the shares on the New York Stock Exchange. The full agreement will be filed on SEDAR at www.sedar.com.
The Company continues to explore various financing alternatives which would allow it to repay the Bridge Facility in full prior to maturity and fund the operations at Oyu Tolgoi pending receipt of $300 million in proceeds from the sale of its 50% interest in Altynalmas Gold Ltd. and completion of project financing.
Oyu Tolgoi Update
Commissioning of the Oyu Tolgoi concentrator continues to progress. The concentrator has recently achieved daily run rates in excess of 80% of nameplate capacity. To date, more than 40,000 tonnes of concentrate have been produced.
All necessary permits have been received and the mine is ready to commence concentrate shipments. Shipping will begin as soon as the Mongolian Government indicates its support for Oyu Tolgoi to do so.
Turquoise Hill and Rio Tinto continue to engage with lenders to finalize the project financing plan with the aim of raising approximately $4 billion. On April 17, 2013 Rio Tinto signed commitment letters with 15 global banks that locked in pricing and terms. Project financing requires the support of the Government of Mongolia and is subject to the approval of the Oyu Tolgoi Board of Directors, which includes representatives from the Mongolian Government. Turquoise Hill continues to work with Rio Tinto and the Government of Mongolia to obtain this approval.
402 closed +1.89% to HK$0.27, HKEx on holiday today
MIG: Delay in Publication of Annual Results Announcement for the year ended 31 March 2013
June 28 -- Reference is made to the announcement of Mongolia Investment Group Limited (the "Company," HKEx:402) dated 17 June 2013 in relation to the date of a meeting of the board of directors (the "Board") of the Company to be held on 28 June 2013 for the purpose of, inter alia, approving the final results of the Company and its subsidiaries for the year ended 31 March 2013 (the "Annual Results") for publication.
The Board of the Company wishes to announce that additional time is required to provide for the Company's auditors to complete their audit procedures in respect of the Annual Results. After discussion with auditors, the Company will delay to publish its Annual Results. The Company will publish further announcement to inform the shareholders of the Company on the date of the release of the Annual Results.
Pursuant to Rule 13.49(1) of the Rules Governing the Listing of Securities (the "Listing Rules") on The Stock Exchange of Hong Kong Limited, the Company is required to publish the Annual Results on a date not later than three months after the end of the financial year, that is, on or before 30 June 2013. The delay in the publication of the Annual Results will constitute a breach of Rule 13.49(1) of the Listing Rules.
STOCK EXCHANGE NEWS FOR JUNE 28
Ulaanbaatar, June 28 /MONTSAME/ At the Stock Exchange trades on June 28, a total of 190 thousand and 868 shares of 15 JSCs were traded costing MNT 49 million 781 thousand and 279.00.
Rates of nine shares increased, of three shares decreased and of three were stable.
The total market capitalization was set at MNT one trillion 437 billion 737 million 316 thousand and 569. The Index of Top-20 was 14363.27. (Mogi: Top 20 -0.28%)
DRAFT AMENDMENT TO OIL LAW SUBMITTED TO PARLIAMENT
Ulaanbaatar, June 28 /MONTSAME/ The Minister of Mining D.Gankhuyag submitted Thursday to the Speaker Z.Enkhbold a draft amendment to the law on oil.
It is required to revise the oil law because it has not been amended since its adoption in 1991, D.Gankhuyag emphasized.
In 2008, the cabinet considered as necessity to completely renew the law in order to clarify the rights of state organizations and to refine upon the relations in granting of licenses, suspending and annulling the license and in oil exploration and exploitation.
Moreover the law does not thoroughly reflect the relations of entities engaged in oil sector, and there are many unintelligible clauses contradicted other laws, the Minister said.
Ts.Elbegdorj shares victory with voters after release of GEC official results
-Ts.Elbegdorj outscored fellow candidates B.Bat-Erdene by 102,414 votes and N.Udval with 542,231 votes-
June 30 (UB Post) The General Election Commission (GEC) introduced the preliminary results of the 2013 Presidential Election at 9.30 am on Thursday. According to the GEC, the participation of voters reached 66.49 percent.
In compliance with the preliminary results, Ts.Elbegdorj garnered 50.23 percent of the votes against his two competitors.
The President, nominated by the ruling Democratic Party, obtained more than 622,794 votes, while member of the Parliament B.Bat-Erdene of the opposition Mongolian People’s Party gained about 520,380 or 41.97 percent votes, and Minister of Health N.Udval of the Mongolian People’s Revolutionary Party gathered votes of 80,563 or 6.5 percent of the total votes.
Based on these results, candidate from the Democratic Party Ts.Elbegdorj has fulfilled the qualities to become the President of Mongolia garnering the majority votes, officially informed the Chairman of the GEC Ts.Sodnomtseren.
After the official statement from the GEC, Democratic Party officials and its supporters as well as famous actors and rock pop singers gathered at the Central Square along with re-elected President Ts.Elbegdorj himself to celebrate his victory.
The re-election of incumbent President Ts.Elbegdorj from the Democratic Party (DP) was celebrated at Sukhbaatar Square with the participation of his supporters, high-level state officials, and party colleagues such as Speaker of the Parliament Z.Enkhbold and Mayor of Ulaanbaatar E.Bat-Uul.
Some 1,500 DP supporters and members gathered at the central square of Ulaanbaatar and congratulated each other, repeating Ts.Elbegdorj’s slogan of “Let’s live like human beings and develop like a country” and singing “the Song of Bell,” the song of Democracy. The citizens congratulated Ts.Elbegdorj with his re-election with the best representatives of Mongolian pop rock bands “Kharanga,” “Khurd,” and “Niciton” performing to share the newly elected President’s victory with the nation.
Re-elected President of Mongolia Ts.Elbegdorj paid tribute to the statue of Chinggis Khaan and expressed gratitude to his supporters and citizens, delivering a speech of “Thank you my people. Thank you my mother and father. Thank you the eternal blue sky and the Lord Chinggis Khaan. I will work loyally for my nation and for my Mongolia. I will strive to make my people feel freedom and happiness, and I will strive for justice and for a better future of Mongolia by intensifying the country’s development and achieving greater accomplishments.”
Mogi: doesn’t mention who those “analysts” are
News Analysis: Mongolian president's reelection seen as good for continued growth
ULAN BATOR, June 29 (Xinhua) -- With the reelection of President Tsakhia Elbegdorj, Mongolia is expected to remain stable and its economy to maintain a steady pace of growth.
Nominated by the ruling Democratic Party, Elbegdorj won a second four-year term by garnering 50.23 percent of the vote in Wednesday's election, according to the General Election Commission.
Analysts here say that Mongolians cast their votes in favor of political stability by backing the president, and that the country will usher in a new period of development due to his reelection.
In his previous tenure, Elbegdorj put a lot of efforts into tackling corruption, resulting in the prosecution of some politicians and senior officials and winning public approval.
In Elbegdorj's view, Mongolia does not lack resources but needs a sound legal environment, so bold and resolute reforms should be carried out in the country.
Under this initiative, Mongolia held a national conference on judicial reform in May, calling for the transition from "the rule of men" to the "rule of law" and the establishment of a fair legal environment.
Analysts said it was important for Mongolia to maintain political stability and policy continuity.
Since the beginning of this year, lawmakers of the opposition Mongolian People's Party repeatedly requested the dismissal of the country's prime minister, resulting in temporary political instability in Mongolia.
Analysts said Elbegdorj would work with the ruling party after his reelection to provide a strong basis for Mongolia to grasp an opportunity for economic development and boost growth.
Mongolia's vast mineral deposits and resource development projects have brought considerable fiscal revenues to the country, making wealth distribution a focus of the presidential campaign.
The country has a population of more than 2.8 million, 40 percent of whom still live in poverty. Some Mongolians argue that most people have not benefitted from the resources-led foreign investment boom.
The presidential election and Mongolia's future political situation have drawn world attention, as any changes to economic and foreign investment policies will affect foreign investors' interests.
Analysts said the country's changeable investment environment had posed a challenge for foreign investors.
In 2012, the Mongolian parliament passed a law on investment in some strategic sectors, which dealt a heavy blow to foreign investors' confidence.
Although the law was amended earlier this year, uncertainty over the country's investment climate remains.
Nevertheless, analysts said, Elbegdorj's reelection could guarantee the continuity of a series of economic policies aimed at attracting foreign investment.
Elbegdorj has attached great importance to the development of the strategic partnership with China.
Both countries, which have entered a historic period of political, economic and social development, are advancing rapidly.
As neighbors, China and Mongolia have transport links and complementary development structures, which lay a solid foundation for their cooperation.
Wang Xiaolong, Chinese ambassador to Mongolia, voiced his belief that, if the two countries make good use of these advantages to push forward their strategic partnership, strengthen mutual trust, boost mutually beneficial cooperation, and deepen the friendship between the two peoples, bilateral relations will continuously improve.
Analysts said that, thanks to the high economic complementarity of Mongolia and China, the two countries' cooperation is mutually beneficial, especially in large-scale economic and trade projects.
China's rapid development is an important opportunity for Mongolia, they said, adding that Mongolia should think seriously about how to further increase the two countries' common interests and learn from China's experience to launch a new stage of development.
OSCE praises overall election proceedings, while highlighting several Copenhagen Document violations
June 30 (UB Post) The Organization for Security and Co-operation in Europe (OSCE) praised the overall good proceedings of last Wednesday’s election, while pointing out a few violations of the Copenhagen Document by which Mongolia should strive to abide.
The OSCE and its affiliated Office for Democratic Institutions and Human Rights (ODIHR) have voiced their first observations regarding the Mongolian Presidential Election yesterday at a press conference.
The overall positive proceedings of the elections were highlighted by Head of the OSCE/ODIHR election mission Audrey Glover. She noted that “voting was assessed positively in 99 percent of the cases observed,” adding later that no major complaints have been filed yet. The assessment is tainted with several problems though, mostly regarding the independence of the media and the criteria for the eligibility of presidential candidates and the selection of civil servants at the General Election Commission (GEC).
Mongolia became the 57th country to join the OSCE in November 2012. By doing so, the Mongolian government agreed to abide by the rules regarding democratic elections set forth by the Copenhagen Document signed by all the members. The ODIHR considers that this election has violated several of those rules. The first one concerns the registration of presidential candidates. Indeed, only candidates belonging to a parliamentary party or a coalition of parliamentary parties were allowed to run for election, whereas the OSCE allows for independent individuals to do so. Moreover, the criteria to be eligible to run for election are overly restrictive, according to the ODIHR, as one must be a Mongolian citizen, at least 45 years old, and provide proof of Mongolian citizenship of both of his or her parents.
The other target of the ODIHR’s complaints was about the legal framework in which the election took place. Indeed, after its joining of the OSCE in late 2012, the Mongolian government passed a new Presidential Election Law to comply with the OSCE commitments. It was passed without any public consultation and may have been somewhat hastily put in place, which led to uneven interpretations and applications of the law for this election. According to the ODIHR, the GEC was not fully transparent in its proceedings, not necessarily inviting an ODIHR representative to the decision-making sessions, for example. Moreover, it was shown that most of the members of the election commissions – for which selection did not follow any written criteria – at all levels were drawn from among civil servants and were affiliated with the Democratic Party. In case of complaints about the results, the legal procedure, especially its hierarchy, is also considered too unclear by the ODIHR to actually make it possible for anybody to appeal to it. There was also nobody to prevent all presidential candidates from making pledges of a financial nature, which also violates the OSCE commitments.
However, the most important problem pointed out by the ODIHR was the lack of independence of the media. A monitoring of five major television channels and four newspapers showed that the overwhelming majority of Mongolian media was directly or indirectly owned by a political actor. Criminalization of defamation and possible imprisonment for it constitute a major shortcoming, as they foster self-censorship and, thus, fail to provide for a robust public debate on election matters. Moreover, it has been pointed out that some media owners influenced the placement of “black PR” (bad publicity) to discredit political opponents. In an environment where the media is not fully independent, it becomes difficult for the public to make informed decisions, which significantly hinders the democratic component of an election. The ODIHR also deplores the lack of debate among candidates, as there was only one, on June 24, in which the topics discussed were restricted and did not lead to a genuine debate.
Nevertheless, the Commission stressed the success of the election in several ways. Even though the press is not considered independent, the campaign period showed respect for fundamental freedoms of assembly, association, and movement. Additionally, the ODIHR praised the training, put together by the GEC, that all Territorial, District and Precinct Election Commissions members went through to ensure the peaceful and legal proceedings of the election on D-day. They prepared and applied all the technical aspects of the election – including voter lists, voting booths, and the organization of mobile voting – within legal deadlines. Moreover, the GEC successfully raised awareness and encouraged voting to the people by sending to every single household a brochure with instructions about Election Day. The ODIHR was also very pleased to see that the ballots, written in the Mongolian language, had a picture of the candidate on them as well, to allow illiterate and non-Mongolian-speaking people to vote, too.
The Commission thanked the Mongolian Government for its cooperation and for having accepted the observation procedures. As Mongolia joined the OSCE only in November 2012, the ODIHR was not able to make a comparison between this election and the previous one, as it had not sent observers to rate it. But this election will serve as a benchmark from which all the next elections will be assessed. No matter what party one supports, this election marks a starting point from which to advance towards a more fully democratic system in Mongolia.
EU praises Mongolia's democracy
BRUSSELS, June 29 (KUNA) -- EU High Representative Catherine Ashton has congratulated the people of Mongolia "for exercising their democratic rights "in presidential elections on June 26.
"This is further proof of Mongolia's commitment to values such as the rule of law, democracy and respect for human rights," she said in a statement.
Ashton noted that she recently visited Mongolia, where she got a first-hand impression of the progress achieved so far by the Mongolian people in building a functioning democracy, confidently facing the challenges ahead.
The EU foreign policy chief encouraged the Mongolian authorities to enhance their efforts to address issues in the electoral process highlighted in the preliminary assessment of International Election Observation Mission.
She added that the EU is ready to assist Mongolia in this regard and to strengthen cooperation, as proved by the recent signature of the EU-Mongolia Partnership and Cooperation Agreement.
Dalai Lama congratulates Kevin Rudd, Elbegdorj
Dharamsala, June 28 (IANS) Tibetan spiritual leader the Dalai Lama on Friday congratulated Kevin Rudd on resuming responsibility as the prime minister of Australia, and also complimented Tsakhiagiin Elbegdorj on his re-election as president of Mongolia.
In a letter to Rudd, the Nobel laureate said he was touched by the affection and friendship shown to him by people of all walks of life from Australia during his recent visit there.
In his letter to Elbegdorj, the Dalai Lama said: "Mongolia has made impressive progress and this advancement will become increasingly meaningful as it results in direct improvement in the lives of ordinary people."
The Dalai Lama has lived in India since 1959, when he fled his homeland after a failed uprising against the communist rule.
The Tibetan government-in-exile is based here, but is not recognised by any country
China-Russia-Mongolia Trade and Commodities Fair opens
June 30 (ChinaDaily.com.cn) More than 50,000 people attended the opening day of the 9th annual China-Russia-Mongolia Trade & Commodities Fair in Hailar, a district of Hulubuir in the northeast of Inner Mongolia autonomous region.
The event is organized by the Hulunbuir municipal government, the autonomous region's commerce department, and the Inner Mongolia bureau of China Council for the Promotion of International Trade.
The 10-day fair with over 600 booths opened on Sunday and has attracted 300 enterprises, mostly from the three countries, but exhibitors from other countries including Nepal, the Republic of Korea and Singapore are also participating..
An international economic forum gathering decision-makers and enterprises from China, Russia and Mongolia was also held on Sunday, with the aim of exploring the development of trilateral trade.
The event was first begun caring for real estate but has now covered wider range, and become one of the country's major economic events among the three neighboring countries. Hulunbuir has seven border crossing with Russia and Mongolia, and the district of Hailar district – the location of Hulunbuir municipal government - has thus become a major international trade hub in northeast China.
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SHAPERS OF ULAANBAATAR GLOBAL SHAPER COMMUNITY DECIDED TO FOCUS ON DIGITAL DIVIDE AND EXPAT SAFETY
June 29th, 2013 (Global Shapers) – Shapers of Ulaanbaatar Hub went on a full day retreat in Terelj National Park of Mongolia on Saturday to decide which projects to implement in the coming year. After a team building session in the morning the hub curator Nomin Chinbat and shaper Mend-Orshikh Enkhtaivan shared their experience from World Economic Forum East Asia Annual Meeting in Myanmar. The hub welcomed back shapers Lkhagva Erdene from Hong Kong University and Khongorzul Bat-Ireedui from Fletcher School in Boston.
Out of 11 project pitches, Ulaanbaatar shapers decided to tackle the growing digital divide and lack of access to information between the urban and rural area of the country as well as the unhealthy growth of nationalism that concern the safety of expatriates living and working in the city.
Ulaanbaatar Hub also agreed to introduce Table For Two project (a YGL initiative) to provide nutritious alternative at elementary schools.
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VLADIMIR PUTIN CONGRATULATES PRESIDENT OF MONGOLIA
Ulaanbaatar, June 30 /MONTSAME/ The President of the Russian Federation Mr Vladimir Putin has sent a congratulatory message to Ts.Elbegdorj on his victory in the Presidential election.
In his message, Mr Putin hopes that Mongolia's social and economic life will develop intensively further. He also expresses a readiness to collaborate with his Mongolian counterpart in comprehensively activating the bilateral partnership and cooperation at international and regional arenas.
Mr Putin wishes Mr Elbegdorj a health and success.
Austria and Mongolia celebrate 50 years of diplomatic relations
June 30 (UB Post) Austria was the second Western European country after the UK to establish diplomatic relations with Mongolia. It has been 50 years since the establishment of their diplomatic relations on June 30, 1963. The 50th anniversary will be marked by a series of festive events and specialist meetings in Ulaanbaatar in June and July.
On the occasion of the anniversary which will be marked on the 30th of this month, Austrian Ambassador to Mongolia Irene Giner-Reichl is visiting the country. During her working visit here, Ambassador Giner-Reichl met with journalists and discussed the bilateral relations between the two countries.
During the meeting, she conveyed Austria’s interest to deepen Mongolia-Austria cooperation on the education and cultural fields, which have been both boosted during the last 50 years.
In the wings of the 50th anniversary of Mongolia-Austria diplomatic relations, the “Austrian Science Days” conference will be held in Ulaanbaatar from July 8 to 9, bringing representatives of Austrian universities and research institutions together with that of the Mongolian University of Science and Technology for specialist discussions on sustainable methods for mining and environmental technology. Austrian universities already maintain cooperation with five Mongolian technical universities through the Eurasia-Pacific University Network.
Austria has organized a seminar on the relations between the European Union and Mongolia that will be held in the Mongolian Institute for Strategic Studies on July 9. An agreement on partnership and cooperation between the EU and Mongolia was signed in May this year that is ushering in a new era in their relations. The participants in this seminar on the EU side will include, among others, the seminar keynote speaker and Austrian State Secretary for Finance, Andreas Schieder; the Head of the EU Delegation in Beijing with Special Responsibility for Mongolia, Markus Ederer; and the Political Director in the Foreign Ministry, Jan Kickert.
In July, there will be a conference meeting of the Mixed Austrian-Mongolian Economic Commission followed by an Austrian-Mongolian Economic Forum on July 10. Representatives of around 50 Austrian companies are expected to take part in this event. The bilateral trade volume between the two countries has increased five-fold in the past decade. A powerful development in the demand for state-of-the-art technologies can be observed in Austrian exports to Mongolia. Technical equipment, construction and mining machinery, vehicles and vehicle components, and also pharmaceuticals are all important components of their trade structure today. Austria and Mongolia signed an agreement on financial cooperation in September 2012, which has opened up opportunities for soft loans. This agreement will provide an important impulse for the further development of economic relations, for example, in the health sector and environmental technology.
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JAPAN TO SPONSOR GRADUATE SCHOLARSHIP PROGRAMME FOR PUBLIC SERVANTS
Ulaanbaatar, June 28 /MONTSAME/ A scholarship programme for developing human resources will be implemented with a non-refundable aid from the Japanese government.
An intergovernmental note on it was signed on Friday by L.Bold, the Minister of Foreign Affairs; and Mr Takenori Shimizu, the Ambassador Extraordinary and Plenipotentiary of Japan to Mongolia.
By the scholarship programme, 18 state servants of Mongolia will study in Japanese universities and institutes for a master degree with a financing of JPY 236 million.
The Programme on Development of Human Resources is being implemented by the government of Japan since 1999 with an aim to support human resource in developing countries with its non-refundable aid. It has included 12 countries such as China, Bangladesh, Laos, Vietnam, Uzbekistan and Kyrgyzstan. Mongolia was involved in the programme in 2001, since then 12 projects have been realized in Mongolia.
Within the programme, a total of 209 state servants have studied in Japan so far.
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