- January 8: Altan Rio Minerals Ltd. announced equity facility of up to $10 million with European Bank for Reconstruction and Development (EBRD)
- June 13: Aspire Mining Limited bought into a joint venture project with Noble Group through a 50% purchase of the Ekhgoviin Chuluu LLC joint venture
- June 20: GDF SUEZ S.A. signed a Concession Agreement with government for construction of a $1.2 billion, 415 megawatt, power plant in Ulaanbaatar
- July 1: Amendments made to Minerals Law
- July 1: Moratorium on issuance of exploration licenses lifted
- July 1: Life of exploration licenses extended from nine to twelve years
- July 1: Petroleum Law passed
Tuesday, July 22, 2014
Mongolia-Focused Canrim Resources' June Update
July 2014 (Canrim Resources) --
Greetings from Ulaanbaatar Mongolia,
The past month has been one of measurable progress for Canrim Resources Pte Ltd. Ranjeet Sundher, the company's Founder, and Scott Osheroff, Vice President of Corporate Development, spent much of June in Ulaanbaatar meeting with the company's local team, composed of Turbat Demchigsuren, Canrim's Country Manager and Bolderdene Banzaragch, Senior Exploration Manager. We also met with a number of government and private industry representatives. All-the-while, Glenn Griesbach, Vice President of Resource Development, has continued his due diligence on potential mineral properties for acquisition.
On July 1, during the final session of Parliament before the summer recess, Parliament issued a Decree on amendments to the Minerals Law, an event Canrim previously, conservatively budgeted to occur in October-November. One of these amendments involved a lifting of the moratorium on the issuance of exploration licenses, thus assigning responsibility for the issuance (and renewals) to the Minerals Resource Authority of Mongolia (MRAM). We expect MRAM to enact relevant procedures soon after the mid-July Naadam national holiday and will follow developments closely to ensure we remain in the pole position for the acquisition of new exploration licenses.
Canrim has positioned itself as a first-mover in the acquisition of mineral projects. Canrim's management team has over 50 years combined experience in Mongolia with a track record of several successful exits in the minerals sector. We have the ability to be quick and agile in the execution of our business model (with a full season of due diligence already behind us). Being proactive during the time it will take MRAM to begin reissuing new licenses, Canrim's geological team continues to review existing mineral licenses for potential acquisition. Canrim is interested in the secondary market for licenses, as on July 1 the life of licenses was increased from nine to twelve years, at one stroke improving the attractiveness of scores of licenses. We continue to identify and short-list available projects by way of technical due diligence and commercial discussion.
Mongolian Economic Update:
Notable transactions and developments during the first half of 2014:
We look forward to updating you again on our progress and developments in Mongolia. In the meantime, if you wish to learn more about Canrim Resources, I encourage you to email us directly at email@example.com. Our team will be delighted to speak with you and share our vision for the company's future.
Director and CEO
Canrim Resources Pte Ltd.
About Canrim Resources Pte Ltd.
Canrim Resources Pte Ltd. is a Singapore-incorporated holding company, controlling several subsidiaries established for the purpose of developing minerals-related business activities in Mongolia. With over 50 years management experience in Mongolia’s resource sector, as well as offices in Singapore and Ulaanbaatar, Canrim Resources Pte Ltd. has positioned itself as a strong player in the Mongolian minerals sector, seeking to execute on transactions of minerals licenses in both the primary and secondary markets, in addition to select infrastructure projects. Mongolia remains one of the most under-explored geologically attractive regions in the world and is strategically positioned near to the commodity consuming nations of China, Russia, South Korea and Japan.