CPS International is a marketing arm of CPS Securities in Mongolia. CPS Securities is a Perth, Western Australia based AFSL License Holder. To trade ASX and international stocks, feel free to contact me at mogi@cpsinternational.mn or +976-99996779.
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Close: Mongolia Related ASX Listed Companies, June 10, 2011 | | |||||||
Code | Last | $ +/- | Bid | Offer | Open | High | Low | Volume |
0.044 | 0.008 | 0.043 | 0.044 | 0.037 | 0.044 | 0.037 | 5,602,106 | |
1.400 | -0.015 | 1.370 | 1.420 | 1.380 | 1.410 | 1.350 | 1,475,230 | |
0.300 | 0.075 | 0.255 | 0.300 | 0.225 | 0.300 | 0.225 | 543,932 | |
0.640 | -0.010 | 0.630 | 0.640 | 0.650 | 0.665 | 0.640 | 1,578,436 | |
0.011 | 0.001 | 0.011 | 0.012 | 0.011 | 0.011 | 0.010 | 1,857,749 | |
0.005 | 0.000 | 0.005 | 0.006 | 0.005 | 0.005 | 0.005 | 500,000 | |
0.067 | 0.002 | 0.067 | 0.068 | 0.066 | 0.067 | 0.064 | 4,847,814 | |
0.175 | 0.000 | 0.175 | 0.180 | 0.180 | 0.180 | 0.175 | 292,936 | |
1.175 | -0.035 | 1.170 | 1.180 | 1.210 | 1.220 | 1.175 | 428,040 | |
0.230 | -0.005 | 0.230 | 0.235 | 0.230 | 0.235 | 0.230 | 166,000 | |
0.400 | 0.000 | 0.380 | 0.500 | 0.000 | 0.000 | 0.000 | 0 | |
0.395 | -0.005 | 0.380 | 0.395 | 0.400 | 0.400 | 0.390 | 66,347 | |
21.690 | -0.030 | 21.690 | 21.700 | 21.700 | 21.850 | 21.620 | 792,109 | |
80.200 | 0.410 | 80.180 | 80.200 | 80.350 | 80.550 | 79.950 | 1,970,143 | |
43.150 | 0.200 | 43.150 | 43.160 | 43.240 | 43.430 | 43.080 | 8,454,877 | |
Source: asx.com.au
MMC up 1.63% on Friday to HK$9.34
BNP Initiates MMC Coverage with TP HK$14 BUY Rating
June 7 (Mogi) BNP Commodities analyst Richard Clarke initiated coverage of Mongolia Mining Corporation (HK:975) with a BUY rating and target price of HK$14, upside of 51.5%. Report highlights:
Miles ahead
§ Near-term obstacles of road transport, Russian fuel resolved
§ Coal volume and quality to improve dramatically
§ Roads and rails to improve transportation
§ Initiate at BUY with TP of HKD14.00, offering 51.5% upside potential
Problems solved
Temporary closure of the road from Mongolia Mining’s (MMC) mines to the border, and cuts in fuel supplies from Russia caused concern for the outlook for Mongolian coal production and delivery into China. The road has reopened on 14 May, and the Russia fuel issue is being resolved right now. With fuel suppliers as its shareholders, we believe MMC will fare best among Mongolian coal miners.
Big jump in output and quality
We expect 2011 to be a watershed year for MMC’s development, given plans to increase run of mine (ROM) coal production from 3.9m tonnes in 2010 to 7m tonnes in 2011 and add washing capacity for 10mt this year, allowing it to capture potential USD66/tonne premium over raw coal. We expect mine output to reach 14.7m tonnes in 2013, with 100% of production being washed, capturing the full Chinese domestic price for hard coking coal. The production increase from 3.9m tonnes to 14.7m tonnes and the USD66/tonne price premium for washed coal should drive 225% earnings CAGR in 2010-13E.
Transport: First big improvement in 2011, more in 2014E
MMC is scheduled to complete construction of a paved, sealed road from the mine in Ukhaa Khudag (245km from the border) to the Ganqimaodu border in 2H11. Transportation costs of USD24/tonne currently account for 38% of total unit cash costs of sales. The new road is estimated to cut transportation costs by USD6/tonne, resulting in significant immediate savings to MMC. Longer term, the company expects to complete construction of a railway link to the Chinese border at Ganqimaodu in 2014, to meet Shenhua’s Ganquan railway, which will be completed in 2012. The railway (expected to commence operations in 2014) will shave another USD8/tonne from total unit cost of production and increase reliability of delivery.
Initiate at BUY, TP of HKD14.00 suggests 51.5% upside
We forecast 2011 earnings will surge 264% y-y to USD219m. We value MMC’s UHG mine (equity value: USD 6.4b) and the newly acquired Baruun Naran semi-soft coking mine (equity value: USD 0.29b) using a SoTP model, using 10% WACC, 0% terminal growth, and long-term metallurgical coal real price of USD200/tonne. Our target price is HKD14.00, implying 51.5% upside potential from the current share price. Risks to our view include longer-than-two-week fuel-supply suspension, weaker-than-expected metallurgical coal price realisations, and delays in completion of washing facilities or completion of road and rails.
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Mongolian Mining (00975) first CHPP gets nod for operations
June 10 (ETNet) Mongolian Mining Corporation (00975) said the first module of the Coal Handling and Preparation Plant (CHPP) at its Ukhaa Khudag coking coal mine has been successfully commissioned by the State Professional Inspection Authority of Mongolia today as scheduled.
With the formal approval issued by the regulatory authorities, the CHPP is now ready to commence its commercial operations. Comprised of three processing modules and a single product handling system, Mongolian Mining's CHPP is the first of its kind in Mongolia.
The first module of the CHPP has the capacity to process around 5 million tonnes of run -of-mine coal per annum based on the design of minimum 6,000 operating hours per year. By processing raw coking coal, it will produce washed hard coking coal for export with 8-10% ash content as well as thermal coal for the on-site power plant's use. Trial run of the CHPP has started on 12 May 2011 and Mongolian Mining expects full production capacity of around 900 tons as received coal per hour to be reached this month.
Mongolian Mining has already commenced construction of the second module of the CHPP which will double its processing capacity. The second module is planned to be completed and commissioned by the fourth quarter of 2011. (HL)
Chinalco Closer To Stake Buy In Oyu Tolgoi Mine
June 10 (CapitalVue) -- Aluminum Corporation of China (Chinalco), the parent of Aluminum Corporation of China Limited (601600, 2600.HK), may be close to acquiring a minority interest in the Oyu Tolgoi copper-gold mine in Mongolia, reports 21cbh.com.
According to a source close to Rio Tinto, the global mining giant may be able to gain control of the Oyu Tolgoi mine by the end of the year.
Upon obtaining control of the mine, Chinalco and Rio Tinto will enter into negotiations for the former to acquire a minority stake.
The Oyu Tolgoi is one of the largest copper-gold mines worldwide and is located next to China. It is being built by Ivanhoe Mines.
According to the report, Rio Tinto and Ivanhoe Mines had been competing to obtain control over the mine, which has an estimated development cost of $4.6 billion.
Rio Tinto had reached an agreement with Ivanhoe Mines last year to invest $3.7 billion in the latter, increasing its stake in Ivanhoe Mines from 35 percent to 49 percent by January 2012.
According to the source, Chinalco is in a good position to acquire a minority stake once Rio Tinto obtains control of the mine as it is the largest shareholder in Rio Tinto.
In addition, the Oyu Tolgoi mine would be reliant on Chinese demand.
It was reported that Rio Tinto plans to put the mine into operation in 2013, with most of the output to be sold to China.
Selling to China would result in tremendous cost savings as the company could use an existing railway line between China and Mongolia.
VOR up 22.2% to 4.4c on Friday
Voyager pushes Oyu Tolgoi comparison at Mongolian project
Junior explorer Voyager Resources believes that forthcoming deep drilling will unlock the potential of its Khongor copper-gold project in Mongolia. The company’s managing director Kell Nielsen draws parallels to Ivanhoe Mines’ early deep drilling at the giant Oyu Tolgoi project in 2001. Charles Macdonald reports.
June 10 (Australia Journal of Mining) Voyager resources began trading on the ASX in 2009, the company emerging from Philippines-focused miner Lafayette Mining which went into voluntary administration at the end of 2007.
Voyager’s focus was initially on Gabon in Africa, but the global explorer re-set its sights on Mongolia, with managing director Kell Nielsen spending 18 months searching for prospective projects. His efforts spanned a time when Mongolia went from being a relative backwater to one of the premier exploration locations. They bore fruit with the acquisition of the Khongor copper gold project in December 2010.
“We got in early at a time when there weren’t too many expats flying in and out,” he said. “This year during winter the planes and restaurants were full. It really is a changing country.”
While much of the present buzz surrounds the Mongolian Government’s auction of the giant Tavan Tolgoi coal resource, which has attracted huge interest from miners, trading houses and banks, it is Ivanhoe Mines and Rio Tinto’s vast Oyu Tolgoi copper gold project which has done most to put Mongolia on the mining map.
Kell Nielsen and Voyager are keen to play up similarities between Khongor and Oyu Tolgoi. Both are located in the South Gobi Arc Terrain which has spawned many huge deposits across the region, with Khongor 250kms to the west of Oyu Tolgoi.
“I see Khongor as an early stage project similar to what BHP would have had when it exited Oyu Tolgoi,” said Nielsen.
BHP, through its Magma Copper acquisition, performed early and promising exploration drilling on Oyu Tolgoi. However, before the Big Australian could fully exploit Oyu Tolgoi’s potential, financial pressures and a consequent slashing of exploration budgets saw it offload the project to Canada’s Ivanhoe Mines in 1999.
It was only in 2001 that Oyu Tolgoi’s potential was revealed when Ivanhoe began to drill far more deeply than before. The breakthrough came with Hole OTD-150, drilled to a depth of 590 metres. It averaged in excess of one gram of gold per tonne and 0.81% copper over a distance of 508 metres, from 70 metres to 578 metres.
Nielsen believes that it’s deep drilling that will reveal Khongor’s potential.
“The top 188m of that hole was all 0.5% and 0.6% copper; it wasn’t until they got below 188 metres that they started intercepting porphyry stock within that system and then their copper grades went up. That’s where we think that we sit at the moment,” said Nielsen.
Khongor’s drilling results from 2005 onwards, under the project’s previous owner –whose identity Voyager wouldn’t disclose –included fairly broad porphyry mineralization with one hole returning 50 metres @ 1.0% copper and 0.3 g/t gold from 64 metres and another 70.3 metres at 0.7% copper and 0.2 g/t gold from surface. High grade stock-works were also found, including 5 metres at 2.6% copper and 0.87 g/t gold from 44 metres and 14.1 metres at 2.4% copper and 0.64g/t gold from 69.9 metres.
While there is already a significant induced polarization (IP) chargeability of +1600 by 380 metres at Khongor, based on the Oyu Tolgoi experience, there is a clear need for a deeper IP survey to target porphyry copper gold mineralization at depth.
Plans are in hand to progress exploration with an April placement raising $4.1m and a rights issue, due in May, expected to bring in another $6.3m. Funds are earmarked for deep IP work and, in May, commencement of more drilling. Voyager has a target of 100 to200 million tonnes at 0.7% to 1.0% copper.
While Nielsen is cryptic on details of the acquisition of Khongor, he said that “it was a complex acquisition agreement involving a number of parties. We own it 100%. This is our main project. We went to Mongolia to acquire a project like this and spent two years looking.
“We started negotiations in Mongolia when we were pretty much one of the only Australian groups. There’s a big rush on now. There’s news coming out now that people are looking for projects in Mongolia – not acquired – but looking!”
Kell Nielsen is a geologist with 20 years’ experience. Other directors at Voyager include Nicholas Lindsay, Matthew Wood (chairman), Tim Flavel and George Tumur, the latter being a well experienced local who is acting as operations director.
Mongolia In Advanced Stages Of Talks To Decide Tavan Tolgoi Operator--Source
June 10 (Dow Jones) The Mongolian government is in advanced stages of negotiations with various bidders seeking to operate the huge Tavan Tolgoi coal mine, but the issue has become complex as talks surrounding infrastructure facilities remain unresolved, a person familiar with the situation said Sunday.
"They are taking into account all different implications of the mine and related infrastructure and related political issues," the person said, adding that talks also involved engaging with the government's of China, Russia, Japan and South Korea.
About six companies are bidding to operate the coking coal resource--one of the world's biggest underdeveloped deposits--as rapid industrialization in Asia, especially China and India, prompts miners and other investors to shore up supplies of coking coal, a key element used for making steel.
Among the companies eyeing development of the mine are a consortium of South Korea's Korea Resources Corp., Japan's Itochu Corp. (ITOCY, 8001.TO), Sumitomo Corp. (SSUMY, 8053.TO), Marubeni Corp. (MARUY, 8002.TO), Russia's Sojitz Corp. ( 2768.TO) and OAO Russian Railways.
U.S.'s Peabody Energy Corp. (BTU), Brazil's Vale SA (VALE, VALE5.BR), Xstrata PLC (XTA.LN) and ArcelorMittal (MT, MT.AE) have also been shortlisted as preferred bidders.
"I believe the talks [with the bidders] are in pretty advanced stages," the person said, but declined to give an exact timeframe as to when a final bidder would be selected.
The person said that the Mongolian government has already initiated some work toward the development of railway lines linked to the project, enhancing its ability to tap various export markets.
"The railway that will be put first will link it [Tavan Tolgoi mine] to Russian port so that they can target markets such as Korea and Japan and even further in the future," the person said.
"The government has a resolution to first create a railway connecting to a new port so that they can diversify and mitigate the risks associated with having the only target destination, which is currently China."
As part of specific time-table associated with infrastructure developments for the Tavan Tolgoi project, the person said that the Mongolian government is planning to have a direct railway line from South Gobi to China by 2015 and also looking to connect South Gobi to North East of Russia.
The person said even as the Mongolian government has plans for an initial public offering of Erdenes-Tavan Tolgoi, but the offering may happen only once the company becomes "operational."
"They are looking to find the right formula to maximize the value," the person said.
People familiar with the situation had said earlier this year that the Mongolian government has chosen four banks including Goldman Sachs, Deutsche Bank, BNP Paribas and Macquarie Group to handle its multi-billion dollar IPO.
The government plans to sell as much as a 30% stake in Erdenes-TT and another 10% to local companies and give 10% to Mongolian citizens. The government will however retain the majority 50% control.
Last year, Mongolia Mining Corp. (MOGLF, MOGLY, 0975.HK) raised US$650 million through an initial public offering in Hong Kong.
Mongolia Moves Ahead With Coal Mine Auction
June 12 (WSJ) JAKARTA—Mongolian Prime Minister Sukhbaatar Batbold Sunday said that his government hopes to finalize the first round of negotiations with bidders to pick the operator of the Tavan Tolgoi coal mine project by the end of June, although the timeline could be stretched.
"This, however, could be carried out for a longer period of time if required. The final decision of the process hasn't been made," Mr. Batbold told reporters at a press conference here at the World Economic Forum on East Asia.
A person familiar with the situation said that the talks with the bidders have become complex due to issues over infrastructure facilities.
"They are taking into account all different implications of the mine and related infrastructure and related political issues," the person said, adding that the talks also involved engaging with the government's of China, Russia, Japan and South Korea.
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The prime minister also said the government could select three to four major parties to create a consortium to operate Tavan Tolgoi.
"Ownership will be retained [by the government] completely," Mr. Batbold said, adding that the companies will have to commit to a long-term agreement.
He added that his government was working on creating infrastructure to link the project to Russia and China.
A person familiar with the situation had said that the Mongolian government has already started some work on the development of railway lines linked to the project, enhancing its ability to tap various export markets.
"The railway that will be put first will link it [Tavan Tolgoi mine] to a Russian port so that they can target markets such as Korea and Japan and even further in the future," the person said.
Mr. Batbold said that negotiations with various governments for creating the infrastructure network was underway and that it had an indirect impact on the process to select the mine's operator. "The government has to make sure that we have access to connectivity," he said.
On the initial public offering for Tavan Tolgoi, Mr. Batbold said the aim was to go to the market soon, but launching an IPO will require "certain processess."
The person familiar with the situation said that an IPO for Erdenes-Tavan Tolgoi Co., the company that controls the mine, could happen only once the company becomes "operational."
"They are looking to find the right formula to maximize the value," the person said.
People familiar with the situation had said earlier this year that the Mongolian government has chosen four banks—Goldman Sachs Group Inc., Deutsche Bank AG, BNP Paribas S.A. and Macquarie Group—to handle its multi-billion dollar IPO.
The government plans to sell as much as a 30% stake in Erdenes-TT and another 10% to local companies, as well as giving 10% to Mongolian citizens. The government will however retain control with a 50% stake.
"We'd like to lift up the quality of our stock exchange and also plan to list major assets in international stock exchanges," Mr. Batbold said.
Mongolia aims for bond by autumn, eyes infrastructure
* No amount decided for debut bond issue
* Mongolia eyes power expansion to feed Chinese demand
JAKARTA, June 12 (Reuters) - Mongolia's prime minister said on Sunday he expected the country to issue a debut sovereign bond by autumn and aimed to develop its infrastructure to export power to neighbour China.
Sukhbaatar Batbold said the amount for the bond had not been finalised. A central bank official has said the north Asian nation may raise as much as $700 million from a debut international bond issue, which was expected by the year-end.
"There are some discussions and ideas but it has not been finalized yet," Batbold told reporters at a World Economic Forum event in Jakarta. "Probably (we) will desist our discussion by the autumn session of the parliament."
He did not specify what the proceeds would be used for, though said the landlocked country plans to build railway lines and roads to neighbours China and Russia, plus power plants.
"We have also demand for power and electricity, and we have a plan to build a major power system and power generation in these mineral development areas," he said. "There is growing demand inside Mongolia and also huge demand inside China, so that we could export energy to China."
Mongolia sits on vast quantities of untapped mineral wealth and analysts say it could be one of the fastest growing economies of the next decade, as well as a key investment target for mining giants.
China and other emerging states have been snapping up coal to help feed booming demand for power, though poor infrastructure is a stumbling block to Mongolia's commodity expansion plans.
Batbold said the government was willing to take a decision "in a short time" on how to develop the massive Tavan Tolgoi field, the world's biggest untapped coking coal deposit.
ArcelorMittal , Vale and Xstrata are among six bidders short-listed to develop the mine.
A Mongolian official had previously said there was no specific timeframe, though one of the South Korean bidders has said the winner would be announced on June 30.
"We are thinking to finalize the first round of the negotiations within June...it could be continued for a longer period of time if it requires," Batbold said.
Mongolia Vice Minister: Bonds Can Wait
June 11 (WSJ) JAKARTA—With a budget surplus and no need of funds at the moment, Mongolia isn't in a hurry to issue its first sovereign bonds, Vice Finance Minister Ganhuyag Chuluun Hutagt said Saturday.
The debate over whether to make the move is "pretty strong," Mr. Hutagt told Dow Jones Newswires in an interview, adding that issuance will take some time.
"The budget is in surplus, we have record high level of cash in our coffers, we have created the stabilization fund," said Mr. Hutagt, who's in Indonesia to attend the World Economic Forum East Asia Summit. "There is no immediate, urgent needs for additional funds."
In its first year of operation, Mongolia's stabilization fund stands at US$50 million, and is expected to grow to US$200 million by year-end.
Indonesia and the Philippines are among the Asian nations whose recent global sovereign bonds have been heavily subscribed. Indonesia raised US$2.5 billon through global dollar bonds in April; the Philippines sold US$1.5 billion in bonds in March. People familiar with the situation said earlier this week that Malaysia was also considering a U.S. denominated sukuk bond with meetings to gauge investor interest planned for mid-June.
In March, Mr. Hutagt had said that his country was planning to tap the international market by raising US$500 million, a typical size for a dollar-denomiated bond, through the sale of its first sovereign bond this year.
"The debate is around whether our economy can handle that much inflow of foreign currency without negative consequences on the exchange rate, inflation and the local industry," Mr. Hutagt explained, indicating that any issuance by Mongolia could be lower.
Mr. Hutagt, who termed the global bonds "Wolf Bonds," said that his ministry was looking to create a benchmark in the international market to encourage the private sector to issue bonds and so get access to global capital.
"Because of a lack of benchmark sovereign issues, the economy is not performing at its optimum," he said, and the companies can raise funds only through international equity markets.
But his ministry is issuing local bonds whose proceeds would be used to fund housing needs and support small and medium enterprises and the textile industry.
Mongolia is exposed to any potential downturn in China, where 70% of its exports go, but Mr. Hutagt said that doesn't greatly weigh on him.
"There is a risk that we will be completely hit by whatever happens in China," he said.
But with the country moving over time to ramp a diverse range of exports—brown coal, coking coal, copper, silver, uranium and gold among them—Mongolia is likely to be resilient in the face of a Chinese slowdown, he added.
"It is enough for us not to worry too much," he said.
Becthel Awarded Master Planning Project in Mongolia
Industrial Project Is Company's First in Mongolia
SAN FRANCISCO, CA--(Marketwire - Jun 10, 2011) - Bechtel has been selected by the National Development and Innovation Committee (NDIC) of the government of Mongolia to provide master planning services for the development of the Sainshand Industrial Complex. The planned industrial hub is considered a centerpiece of Mongolia's National Development Strategy.
Under the agreement, Bechtel will develop a master plan for the complex, incorporating infrastructure and industrial projects including a coal gasification power plant, oil refinery, and mineral processing facilities. In addition, Bechtel will perform economic analysis for each of the industrial and infrastructure projects and review debt financing options.
"The Sainshand Industrial Complex is key to Mongolia's social and economic development," said Ch. Khashchuluun, head of Mongolia's National Development and Innovation Committee. "Bechtel's experience and expertise will help us achieve our vision of creating an industrial complex that will allow us to be more competitive in the global market."
"Bechtel has successfully delivered hundreds of projects across Asia including the CSPC Nanhai Petrochemicals Complex and Hong Kong International Airport, and we are delighted to add the government of Mongolia to our client roster. We are confident we can apply our decades of expertise to help NDIC achieve its vision to create a world class industrial complex," said Steve Katzman, President of Bechtel Asia.
Bechtel will also apply its considerable sustainable development expertise to the plan to contribute to tangible social, economic, and environmental improvements.
Fuel supply likely to become normal next week
June 10 (news.mn) Despite official reassurance that the fuel shortage is nearing an end with supplies likely to return to their normal level in the coming week, consumers continue to be wary. Fuel prices in petrol pumps have gone up, and diesel in private hands now costs MNT2,000 per liter, down from MNT3,000 when the shortage was most acute.
Minister for Mineral Resources and Energy D.Zorigt has said Mongolia will receive 37,000 tons of diesel from Rosnefti LLC in June. It has already paid for 15,000 tons of this. The two sides hope to soon reach a decision on the rate for the other 22,000 tons. Another 10,000 tons of diesel will come every month from China.
IRREGULAR CABINET MEETING HELD
June 12, Ulaanbaatar, Mongolia, /MONTSAME/ An irregular cabinet meeting held Friday made a decision on changing excise tax imposed on imported fuels.
In accordance with the decision, the excise tax imposed on “A-80” fuel imported through “Sukhbaatar”, "Zamyn-Uud", "Ereentsav" and "Altanbulag" border checkpoints will be reduced to MNT 80,000 from MNT 170,000 tax per ton, whereas the tax on the “AI-92” auto fuel will be reduced to MNT 100,000 from MNT 230,000 per ton, and diesel fuel will not be imposed. The cabinet decision will get into force from June 15.
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ResCap: Kincora Copper Initiating Coverage: SPECULATIVE BUY
Company Snapshot
Kincora Copper Limited is the 75% owner of the Bronze Fox advanced exploration copper-gold project in the world class Oyu Tolgoi copper belt in SE Mongolia. The Bronze Fox license area covers over 22,000 hectares with 72 completed drill holes. The Company is undergoing exploration work on existing targets and identifying new targets across its license area. Kincora Copper Limited is listed on the Toronto Stock Exchange Venture Exchange (TSXV).
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We initiate coverage of Kincora Copper Limited (BZD:TSXV), an advanced copper-gold exploration company in SE Mongolia, with a SPECULATIVE BUY recommendation. We highlight a theoretical value range using an EV/resource multiple. We expect to issue a target price in H2 2011 following further definition of the resource as a result of the current drilling campaign.
Long Copper – Long Mongolia
Global copper fundamentals continue to strengthen and the Mongolian copper potential is at the forefront of the long term supply solution. Mongolia is widely recognised as one of the last remaining mining frontiers with potential for the development of globally significant projects.
Doorstep to China, Up the Copper Belt from World-class Oyu Tolgoi
Kincora Copper’s Bronze Fox is in a highly strategic location 250km from the Chinese border and in close proximity to existing infrastructure. It is on a highly-prospective, copper-gold belt that hosts mineralised porphyry and skarn systems including Ivanhoe Mines’ world-class Oyu Tolgoi copper mine (estimated to be the largest copper-gold mine in the world when production commences in 2012/3).
Advanced Exploration – De-risked from Greenfield
Previous drilling campaigns totaling 72 holes (>12,000 metres) confirm copper mineralisation on the Bronze Fox license area with grades ranging between 0.4% and 0.9% copper equivalent. Bronze Fox is a former Ivanhoe Mines project and was designated as one of its four high priority targets (alongside Oyu Tolgoi, Kharmagtai and Nariin Sukhait) in 2005.
Exploration Upside
Numerous copper, gold and molybdenum targets have been identified for further exploration in the 22,000 hectare licence area with two that are being prepared for drilling this year. Additional potential for the consolidation of regional copper prospects with an internationally experienced management team based in Mongolia.
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EAS closed up 6.9% on Friday
East Asia Minerals Provides an Update on Spin-Off of Subsidiaries
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 10, 2011) - East Asia Minerals Corporation (TSX VENTURE:EAS) ("East Asia Minerals") is pleased to report on the progress with regards to the proposed distribution by way of dividend-in-kind to eligible East Asia Minerals shareholders of all the shares in Sangihe Gold Corporation ("Sangihe Gold"), Barisan Gold Corporation ("Barisan Gold") and East Asia Energy Corporation ("East Asia Energy") held by East Asia Minerals.
East Asia Minerals has been working diligently with authorities in Indonesia and Mongolia to complete the transfer of assets from East Asia Minerals to Sangihe Gold, Barisan Gold and East Asia Energy. In Indonesia, approvals have been received from local and provincial regulators. The approval process with federal regulators in Indonesia and Mongolia is well advanced and is anticipated to be completed in the next few weeks. Upon receipt of approvals for the asset transfers at the federal level, East Asia Minerals will declare the dividend-in-kind and a record date will be set as early as seven days thereafter for such dividend-in-kind.
East Asia Minerals will update shareholders on progress in early July. East Asia Minerals now anticipates to complete these transactions during the summer 2011 due to the slightly longer than anticipated asset transfer processes in Indonesia and Mongolia.
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Census results being announced today
June 10 (news.mn) The results of the 2010 census are being announced at a special ceremony at the Ikh Tenger complex, before Prime Minister S.Batbold, members of the Government, MPs, Governors of some aimags, the city Mayor and representatives of some international organizations. The population at the end of the census stood at 2,754,685. The operation also counted the number of household dwellings in the country.
Earlier, the Prime Minister chaired a meeting where the Chief of the National Statistics Committee, S.Mendsaikhan, submitted the final results of the census. The meeting decided that these would be submitted to Parliament and also published.
Social and economic situation of Mongolia (As of the first 5 months of 2011)
June 10 (NSO) --
I. Social indicators
According to the report of Ministry of Health, 27637 mothers delivered 27789 children (live births) in the first 5 months of 2011, decreased by 217 mothers or 0.8 percent, and 168 children or 0.6 percent, compared to the same period of previous year.
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The number of unemployed who had registered at Labour and Welfare Service Divisions in aimags and capital city and were actively looking for job reached 42.8 thousand at the end of May, 2011, reflecting an increase of 4096 persons or 10.6 percent compared to the same period of the previous year.
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II. Macroeconomic indicators
The national consumer price index in May, 2011 increased by 1.8 percent compared to the previous month, by 4.3 percent from December 2010, and by 4.2 percent compared to the same period of the previous year. The increase in national index compared to the previous month was mainly due to 2.7 and 3.6 percent increases in food and non-alcoholic beverages, and housing, water, electricity and fuels groups.
According to the report of the Bank of Mongolia, money supply (broad money or M2) at the end of May 2011, reached to 5428.1 bln.tog, reflecting increases of 77.6 bln.tog or 1.5 percent compared to the previous month, and 2174.0 bln.tog or 66.8 percent compared to the same period previous year
At the end of May 2011, currency issued in circulation reached 624.8 bln.tog, decreased by 3.8 bln.tog or 0.6 percent compared to the previous month, and increased by 162.1 bln.tog or 35.0 percent compared to the same period of previous year.
Loans outstanding at the end of May 2011, amounted to 4245.8 bln.tog, up by 272.0 bln.tog or 6.8 percent compared to the previous month, and by 1393.1 bln.tog or 48.8 percent compared to the same period of the previous year. Principals in arrears at the end of May 2011, reached 76.5 bln.tog reflecting decreases of 5.6 bln.tog or 6.9 percent compared to the previous month, and 51.0 bln.tog or 40.0 percent compared to the same period of the previous year.
At the end of May 2011, the non-performing loans over the bank system reached 398.2 bln.tog, showing an increase of 16.7 bln.tog or 4.4 percent compared to the previous month, and a decrease of 6.6 bln.tog or 4.0 percent compared to the same period of the previous year. In May 2011, there were 22 trading days and 2.1 mln.shares valued at 2.2 bln.tog were traded.
In the first 5 months of 2011, total revenue and grants of the General Government Budget amounted to 1571.0 bln.tog and total expenditure and net lending amounted to 1482.0 bln.tog, representing surplus of 89.0 bln.tog in the General Government Budget overall balance. In the same period of previous year, the overall balance was in deficit of 169.8 bln.tog and this year’s General Government Budget overall balance surplus was mainly due to the revenue growth pace exceeded the expenditure growth by 30.3 percentage points.
Current revenue of the General Government Budget amounted to 1526.2 bln.tog and current expenditure reached 1257.0 bln.tog. Thus, the budget current balance was in surplus of 269.2 bln.tog. Compared to the same period of the previous year, tax revenue increased by 497.0 bln.tog or 58.0 percent. The increase was mainly due to the increases of 215.4 bln.tog or 77.6 percent in taxes on goods and services, 163.1 bln.tog or 2.6 times in other taxes, 59.1 bln.tog or 97.7 percent in taxes on foreign trade, 52.1 bln.tog or 46.3 percent in social security contribution, 5.8 bln.tog or 1.9 times in income tax.
Compared to the same period of the previous year, non-tax revenue increased by 60.5 bln.tog or 53.7 percent. The increase was mainly due to the increases of 31.0 bln.tog or 38.5 times in revenues from dividends, 16.4 bln.tog or 27.5 percent in revenues from budget entities, 6.5 bln.tog or 52.1 percent in revenues from navigation fee, 2.6 bln.tog or 21.2 percent in revenues from interest and fines, 2.3 bln.tog or 16.0 percent in revenues from oil petroleum, 1.7 bln.tog or 13.0 percent in other revenues.
In the first 5 months of 2011, total expenditure and net lending of the General Government Budget increased by 310.1 bln.tog or 26.5 percent to 1482.0 bln.tog compared to the same period the previous year. This was mainly due to increases of 122.7 bln.tog or 29.2 percent expenditure of goods and services, 4.9 bln.tog or 35.4 percent in interest payments, 216.5 bln.tog or 45.2 percent in subsidies and transfers, 66.2 bln.tog or 49.8 percent in capital expenditure, although there was 100.2 bln.tog or 79.5 percent decrease in other lending minus repayments. Spending of 199.2 bln.tog on capital expenditure in the first 5 months of 2011 was higher by 66.2 bln.tog or 49.8 percent compared to the same period of the previous year. The increase in capital expenditure was due to the increases of 2.0 bln.tog or 2.6 times in foreign financed capital expenditure, and 64.1 bln.tog or 48.7 percent in capital expenditure of domestic sources.
In the first 5 months of 2011, Mongolia traded with 110 countries from all over the world and total external trade turnover reached 3695.6 mln.US dollars, of which exports made up 1578.0 mln.US dollars and imports made up 2117.6 mln.US dollars. External trade balance showed a deficit of 539.5 mln.US dollars in the first 5 months of 2011, increased by 479.3 mln.US dollars or 9.0 times compared to the same period of the previous year.
External trade balance showed a deficit of 118.1 mln.US dollars in May, 2011, however, it was in surplus of 33.2 mln.US dollars in May 2010. Total external trade turnover increased by 1655.8 mln.US dollars or 81.2 percent, of which imports up by 1067.6 mln.US dollars or 2.0 times, and exports up by 588.2 mln.US dollars or 59.4 percent, compared to the same period of the previous year.
III. Economic sector indicators
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PROGRAMME TAKES 11 MILLION US DOLLARS LOAN
June 10, Ulaanbaatar, Mongolia, /MONTSAME/ The World Bank's Board of Executive Directors has approved an investment credit of US$ 11.0 million as Additional Financing for the Sustainable Livelihoods Project II (SLP II) in Mongolia. This will increase the impact of SLPII by further scaling up institutional mechanisms that reduce vulnerability and promote livelihoods in communities throughout Mongolia.
Mongolia's economy has grown rapidly in recent years. However, the country still faces considerable social challenges. Despite encouraging trends in poverty reduction, there is substantial variation within the country. Poverty incidence in Mongolia is higher in rural areas, where almost half of the population lives. Semi-nomadic herder households constitute the single largest group amongst the poor.
SLP II is the second phase of the three phase Sustainable Livelihoods Program which started in 2002. SLP II is supported by the World Bank, European Union and Japanese Government and aims to enhance livelihood security and sustainability of communities throughout Mongolia.
The first phase of SLP from 2002-2007 piloted innovative approaches to reducing herder risk, building local-level assets through citizens' engagement and contributions and increasing access to financial products. These tested approaches and institutional mechanisms have been scaled up nationwide during the second phase of the program since 2007. The final phase of the program, if approved, would aim to institutionalize the approaches and mechanisms developed and demonstrated under the program.
“As one of the funding institutions of the SLP, we are proud of the results achieved to date,” said Coralie Gevers, Country Manager for the World Bank Mongolia. “The community-driven model in all rural and urban areas of Mongolia has been piloted and developed. Through this key mechanism, over 1300 sub-projects are implemented every year across the country to improve basic public services, local infrastructure and improved pastoral management plan. In addition, around 35,000 people per year have also been able to create their own opportunities thanks to micro-finance.”
But these good results can only be sustained once an appropriate policy framework is in place as the Bank team emphasizes. Currently, the country is debating moving to a decentralized fiscal system with a shift of budgetary responsibilities to local level and requiring community engagement and participation. This would be consistent with the approaches now being supported under SLPII. “The Additional Financing will provide support to further develop and deepen the approaches under the project. And, as the policy framework evolves, the project will support the transition in preparation for the third phase," explained Andrew Goodland, World Bank Senior Agricultural Economist and Task Team Leader of SLP.
The additional financing will provide one additional year for financing SLP II, principally the Pastoral Risk Management and Community Initiatives components.
The project will continue to be implemented by the Sustainable Livelihoods Project Office, with sub-offices in each aimag (province) and soum/duureg (district) throughout the country. The Project is under the overall responsibility of the Ministry of Finance and include a Project Steering Committee comprised of relevant government and non-governmental agencies. With the Additional Financing, SLP II will be extended 12 months and will be implemented until June 2013.
Genghis Khan's land beckons
Selective commodities stocks are attractive, but risks remain
June 11 (gulfnews.com) Mongolia, the name conjures up images from school textbooks of the 13th century Mongol conqueror Genghis Khan who overran almost all of China and Central Asia. Today, the commodity-rich country is surging ahead to slowly catch the attention of investors from different parts of the world, even Dubai.
For the Emirates NBD's chief investment officer, the business trip to Mongolia two weeks ago ignited enough interest to explore investment opportunities there. Medium to long-term investors — with a horizon of at least two to three years — could do well to start taking an interest, do research and invest in some of the commodity companies that are expected to achieve high profits, according to Gary Dugan.
If not under the radar anymore, Mongolia is still a new story — barely a year old — within the arena of frontier markets for international investors like him and his colleagues. But risks, including from overheated growth and poor infrastructure remain. .
Geologists, engineers and financiers are rapidly discovering the country. During his visit, Dugan attended a conference that had a presence of 60 delegates. Last week, one of his colleagues visiting Ulan Bator called him to say he was part of another conference with about 200 delegates.
Dugan found the country's growth to be mirroring the likes of emerging market giants such as India and China.
According to the International Monetary Fund (IMF), Mongolia's GDP is expected to grow at an average of 7.6 per cent annually over the next three years and 15 per cent during the following four years.
The Mongolian stock market, still small and illiquid, is up 31.45 per cent this year, cooling a bit from the all-time high in February when the MSE Top 20 Index reached 32,955. In June 2009, the same index read 4,686. That's a 314 per cent jump in exactly two years. Mongolia was the best performing stock market in Asia last year.
Three motivations
There were three motivations, according to Dugan, for him and his team to explore the landlocked country that is snowbound for about seven months in a year. One, a lot of the emerging markets are well picked over. There are hundreds of analysts covering places like China, Russia, India, Brazil and others these days.
Secondly those markets typically have done well and valuations are already higher than the developed world. Thirdly, most of the same markets are facing problems such as rampant inflation that may mean that they may not really give much substantial performance over the coming one to two years, he said. Also of interest is the fact that about $40 billion (Dh146 billion) of the stock market value is quoted on well-known global stock markets such as Toronto, Hong Kong, or New York, Dugan said. That means an investor can gain access to the Mongolian stocks without taking the country-specific risk within the stock market there.
Dugan added he has never seen such a concentration of good talented people from international markets already in a frontier country. "Mongolians are very embracing of international management and they are embracing an international community of top geologists, top capital, and top investors. They are very investor focused. Also, number of very well educated Mongolians are coming back now."
The country has something that the world needs — metals and raw materials such as iron ore, gold and copper and coal and "rare earths." Most of those metals, in raw ore, are just sitting on the surface of the ground," Dugan said. Selective Mongolian mining and metals companies could well represent a high-growth diversification story within the commodity markets space, he said.
With economic growth, investments in property will come about. "There isn't a shopping mall of any kind and the country needs one," Dugan said.
Retail investors can buy some of those companies that are quoted on stock markets such as in Canada and Hong Kong. Eurasia Capital, a Ulaan Baator-based investment bank, in their Mongolia Outlook 2011 report noted their key investment themes for the year local and Mongolia-focused international stocks, private equity/pre-IPO/M&A, real estate, the MNT and corporate and government bonds. Their top picks among local equities are Tavan Tolgoi (coking coal), Mongolia Development Resources (real estate) and APU (beverages). Mongolia Mining Corp (coking coal), Prophecy Resources (thermal coal), Petro Matad (oil) and Aspire Mining (coking coal) were their other top picks among the 30+ international and locally listed companies that are members of the Silk Road Mongolia Index. Ivanhoe Mines, which has a 67 per cent stake in what will be the largest copper mine in the world, is one such company which got ‘buy' recommendation from Desjardins Securities in late May. South Gobi and Mongolian Mining Corp got buy ratings last week by BNP Paribas Securities Asia, Bloomberg reported.
Price factor
Referring to those commentators who think that some of the companies already look pricey, Dugan noted that the ones traded internationally don't. The companies had a massive run locally and some have had P/E multiples of 50 or 60 or 70.
"If you look at the projections of the next two years, growth of the economy and sales growth of those companies you can see those multiples coming down and they halve every year, or just because profit growth is going to be so spectacular. But it's fair to say there's more of the growth discounted than ever before in the Mongolian stock market. But you could still be really surprised I think by how much GDP growth is achieved and by how much profit growth is achieved in that region over the coming couple of years."
Risks remain and that's a common trait of all frontier markets. In Mongolia, those include poor infrastructure that could hamper growth of companies in terms of meeting production targets.
While Dugan agrees that there is a risk associated with its infrastructure growth, he has noticed that with general elections to be held next year, the government has accelerated its spending on infrastructure.
The award-winning independent broker Christopher Wood in his Greed and Fear report (June 5), likens Mongolia as the "Saudi Arabia of Asia," but he notes that much would depend on China's growth being intact.
Wood writes: "A few meetings in Ulaanbaatar made it clear that the fundamental issue for this landlocked country is whether it will be able to develop the infrastructure, notably transport linkages, to take full advantage of its massive resource wealth. If it does, Mongolia will be to industrial commodities what Saudi Arabia has been for oil — assuming, of course, that the Chinese macro story remains on track."
Dugan is sanguine about continuing growth in China and India. "Commodities are a medium term positive story, even if readers read scary stories about the market in India and China slowing down," Dugan said. "India and China are not going into negative growth. Every year they have a positive growth they take more of these raw materials away from the market and force prices higher."
There could be other surprises. "This isn't a place that's over analysed where you know all the information, but having said this [it] is a market that has gone up 100 per cent locally, in straight line and where many companies in mining have given strong performances," Dugan said.
One needs to be cautious. "Things can go up 100 per cent, and they could also halve, they should be only a small part of the portfolio if they want to — normally that is five maximum 10 per cent in frontier markets as a whole," Dugan said. "You got to kind of commit to these markets for at least two to three years."
Also he pointed out that in five to 10 years from now, the stock market could go up maybe 1,000 per cent and that has a risk of a bubble which eventually bursts.
"Like every frontier market if it gets over-excited and too much liquidity goes in and too many local investors who know nothing about stocks and buy the market, these things are almost inevitable because these markets are growing and that's why investors should see these as small part of their allocation and not all their allocation or 50 per cent of their allocation," Dugan said. Mongolia is more sensitive to inflation because they have to import basic materials. Cash handouts and increase in government employee salaries exacerbates the inflationary situation. Money supply growth has been running at 50 per cent per annum, said Dugan, adding that in tackling the surging inflation, they are getting it "half right." The Eurasia Capital report said: "The Central Bank of Mongolia is in a difficult position trying to balance the need to control inflation as well as manage currency fluctuations."
"These are the growing pains of an emerging economy, monetary policy is quite sensible and local interest rates are somewhere between 8 and 15 per cent," he said.
"There's no real credit market at the moment, it still has to be developed but they do have the institutions, they have the central banks and they are about to issue some bonds, and the government at worst is running a small deficit."
Research
Research on the companies is of utmost importance, Dugan said.
"You really do need to know people on the ground, people who have a consistent interest in maintaining a contact in Mongolia, because you really need to have local knowledge," he said. "Knowledge about the legal practices there, about regulations is very necessary."
In Mongolia, Dugan and his colleague toured a couple of mines, met the entrepreneurs who run these mines, consulted about the conditions of the workers and checked the international standards of the geological results. "We found that many of the companies are run by geologists — people who had dug up Canada, dug up Australia — now they are digging up Mongolia. They never found it so easy to find the minerals and also never found minerals in such quality and in such accessible places," he said. "Always in a frontier market, it looks great on paper but it's possible it may not exist," he says.
Emirates NBD is more likely to be looking at private equity opportunities and keeping on top of some of new individual equities. For the fund, the bankers are talking to a couple of fund providers, but also are talking to a number of clients, Dugan said.
Related: UAE Ambassador to Mongolia presents credentials to President – gulfnews.com, June 11
Saker Falcon numbers given an extra lift by barrels on poles
June 12 (TheNational.ae) ABU DHABI // The founders of the UAE and Mongolia had something in common. Both Sheikh Zayed and Genghis Khan adored the Saker Falcon.
A collection of metal barrels on poles overlooking Mongolia's steppes will ensure that this creature and other birds of prey get the chance they deserve.
Scientists have crossed the steppes of Mongolia to make the first survey of 5,250 artificial nests built as part of a Dh8.6 million breeding programme for birds of prey established by the UAE and Mongolian governments.
The five-year programme, implemented by the Environmental Agency - Abu Dhabi, the Wildlife Science and Conservation Centre (WSCC) and International Wildlife Consultants (IWC), will benefit falcon enthusiasts across the continent.
…
June 10 (The Diplomat) Mongolian President Tsakhiagiin Elbegdorj recently finished up a week-long state visit to Russia that included stops in Moscow and St. Petersburg. Elbegdorj was greeted by Russian President Dmitry Medvedev in Moscow on May 30, and the two discussed a broad range of issues ranging from a potential free trade agreement (FTA) to bilateral defence cooperation.
While the visit was somewhat symbolic – marking 90 years of bilateral relations – it also came with a set of clear objectives from each side.
Russia is keen to increase its level of trade with Mongolia as both parties continue to explore the possibility of a Mongolia-Russia FTA. Medvedev noted that bilateral trade between the two had surpassed the $1 billion mark, which represents a 40 percent increase from 2009.
Mongolia, meanwhile, remains transfixed on energy security issues and is determined to improve its relationship with the Kremlin to ensure a smooth flow of energy (petroleum) from its northern neighbour. Elbegdorj emphasized the importance of Russian energy imports by explaining the detrimental effects that interruptions to the supply chain have on Mongolian industries, including the agricultural sector, and even the smooth running of the public transit system in Ulan Bator.
The national interests of Mongolia and Russia intersect on these two issues. Russia invests heavily in Mongolia’s booming mining sector and continues to be an important player in the country’s ambiguous plans over developing a domestic nuclear industry. The Mongolian government is focused on how to exploit its minerals and energy resources with the help of foreign investors – of which Russia is one of the biggest stakeholders.
Aside from trade and energy relations, the visit also underscored bilateral defence cooperation, which is of great importance to both countries as both see the region as increasingly unstable. As Richard Weitz recently noted here, Russia is extremely concerned about instability in Central Asia and is looking for credible partners on defence issues. Regional uncertainty is also a concern for Ulan Bator, but its primary focus is on China’s continued military ascendency and all the implications that go along with this. As a tacit response, the Mongolia government has cultivated defence relationships with other regional players such as Japan, South Korea and the United States.
Mongolia has historically been both blessed and cursed by its geostrategic location between two great powers. This recent visit demonstrates that it will continue to work towards achieving a balanced relationship with the two by enhancing its relationship with Russia and diversifying its exports to other markets outside of Beijing.
U.S., Mongolian lawmakers meet on relations
ULAN BATOR, June 10 (Xinhua) -- Mongolian Parliament speaker Damdin Demberel welcomed a delegation of U.S. lawmakers Thursday, saying their support had helped his country develop its administration.
The visiting delegation is made up of members of the U.S. House of Representatives, led by Republican David Dreier from California.
Demberel said the Mongolian parliament and Mongolian people appreciated the support and assistance provided by U.S. Congress, and one clear sign of regular dialogue and cooperation between Mongolia and the U.S. was the Mongolian president's upcoming visit to the U.S.
Demberel said he was satisfied with high level and close cooperation between Mongolian parliament and U.S. Congress. He singled out U.S. assistance in capacity building of the local parliament's standing committees and U.S.-assisted workshops on the adoption of ethics for high-ranking government officials, which he said produced good outcomes.
…
N.Altankhuyag: If I state the difference of DP against MPP, there will be chaos tomorrow
June 11 (business-mongolia.com, source: unknown) Interview of N.Altankhuyag, First Deputy Prime Minister about politics and next year’s election
Q: There is exactly one year left before the Parliament election next year. The coalition government has worked for three years. I think you should understand my first question?
N.Altankhuyag: The coalition government was not the interest of DP at the time. It was the interest of the People because of what happened on July first. What could have happened was re-election or fights between the Political parties. Therefore we had to form a coalition government and worked for three years with a big strategic plan. Seriously, if the Mongolian people deny DP and MPP relation then DP can leave the Government.
Q: Political Parties will compete with each other to collect votes. The two main parties will compete but the works done by the government is united so the voters will face weird election this time next year?
N.Altankhuyag: Mongolian Political Parties believed that back stabbing is the way of competing with each other for the last 20 years. The both parties should be credited for all the works done by the coalition government. The two parties always differ in terms of way of doing things, planning and policies. Of course the election is going to be very tough. The both parties should report the same thing but what should be different is what the two parties are planning in the future. DP has some works that are able to be done but could not do it with MPP.
Q: What is the rating of DP at the moment in terms of people’s favor?
N.Altankhuyag: I have looked into three different researches and it shows that a rating of DP is above MPP by a small amount. When it gets closer to the election that’s when the ratings are changed. The votes will be divided between DP and MPP and I seriously believe there will not be a third party that will come out to rule.
Q: Why is it that the ratings are so close?
N.Altankhuyag: It is because of the coalition government. We are working on everything together. DP will not put itself in front of the 2.7 million people as we are working in coalition government. If DP or MPP differ by its opinion or position then it is impossible for the coalition government to survive. In the other hand, the two parties have same views in terms of economic policies. If I state the difference of DP against MPP then there will be chaos tomorrow. It will simply make life worse for all of us.
Q: One of the three Ministers that signed the OT agreement was requested to resign twice. What do you think about this?
N.Altankhuyag: I always have supported teamwork. If OT agreement has faults in it, I am ready to resign as First Deputy Prime Minister and MP who approved the agreement.
Q: When will the Tavan Tolgoi investment discussion will end?
N.Altankhuyag: Ch.Khurelbaatar, Kh.Battulga and D.Zorigt are negotiating with the 6 consortiums. These three Ministers will lead its working groups in the discussion. The discussion is nearly over and the selected consortium will be presented to the SGK soon.
Mongolian business trip planned
June 10 (New Brunswick Business Journal) Retired travel agent Andy Jamieson of Moncton is convinced that investors can make money by investing in Mongolia, and is now putting together a fact-finding adventure tour to the Asian nation.
"I'm not an investment advisor but I'm making contact with some. I'm a travel agent that says this country has potential for investors. Mongolia is a great destination to explore the potential more on your money than you can in Canada right now," Jamieson said.
…
Jamieson says Mongolia is going through an economic transformation and is in need of investors to help spur new business opportunities in mining. So he is proposing a fact-finding tour of potential investors. The trip is scheduled to leave Sept. 7 and fly to Dubai, and then to Ulaanbaatar. He's in the process of making contact with officials in Mongolia to meet the delegation and discuss various tourism and investment opportunities.
…
UAF makes exchange deal with Mongolian school
June 12 (newsminer.com) FAIRBANKS — An influx of Mongolian engineering students could be on its way to the Interior in the years ahead, thanks to a new agreement between the University of Alaska Fairbanks and a school in the central Asian country.
UAF Chancellor Brian Rogers is traveling to Mongolia next week to sign the deal with the Mongolian University of Science and Technology. The program will allow students to earn a mining engineering degree with both schools through a prescribed program of two years of study in Mongolia followed by three years in Fairbanks.
…
<Mogi & Friends Fund A/C>
Historic +25.9%, Qtd -28.3%
Mogi & Friends Fund is a tiny fund of A$23K I created in late September with a few friends to put my own (and a few friends’) money where my mouth (just mine) is.
HAR jumped 33.3% to 30c from 22.5 on Friday. Attributing heavily on the fund’s timely pickup from its low on Thursday. Perhaps the big boys have turned back their eyes on HAR.
Mogi
---
"Mogi" Munkhdul Badral
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 AFSL License Holder. To trade ASX and international stocks, feel free to contact me at mogi@cpsinternational.mn or +976-99996779.
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CPS International advise this email contains general information only and does not include advice. In preparing this communication, CPS International did not take into account the investment objectives, financial situation and particular needs of any person. As with any speculative mining company there are significant risks.
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