November 9 --
To the Shareholders of Canrim Resources Pte Ltd.,
October saw Canrim complete the formation of its proprietary platform for license application and development, while simultaneously oversubscribing its seed financing. Maintaining a low burn rate, Canrim is now in a holding position, preparing for MRAM to re-commence license issuance.
With the current political environment in a state of flux, the issuance of minerals licenses which commenced in late August, with the tendering of the first 14 previously rescinded 106-licenses, was halted. The government knowingly in need of revenue and FDI, it is anticipated that once the noise of out Parliament settles, mineral license issuance will continue forward.
During this period Canrim is actively tracking parliamentary news as well as general Mongolian sentiment. Mining sentiment in Mongolia continues to show improvement as the Mongolian Government announced plans to form a joint venture with Centerra Gold, a project which has been in relative limbo for several years. A sizable gold project this is one of several encouraging pieces of October minerals related news indicating to our team that Mongolia has the ability to recover from its mistakes of the past several years.
Mongolian Economic Update:
1. October FX reserves rise 13.0%
2. October 02: Government plans JV with Centerra Gold on Gatsuurt mine
3. October 06: Newcom awarded 50MW wind farm permit in Tsogttsetsii
4. October 07: Parliament endorses restructuring to trim costs/streamline government
5. October 24: Mongolia embraces standard gauge railway to lower transport costs
6. October 30: Mongolia gains 4 spots to #72 in Ease of Doing Business Rankings
We look forward to updating you again on our progress and developments in Mongolia. If you would like to learn more about Canrim Resources, I encourage you to contact us directly at email@example.com. Our team will be delighted to speak with you.
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.