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Friday, June 3, 2011

[cpsinewswire] [CPSI NewsWire: Erdene Increases Zuun Mod Moly Resource by 21%]

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 2, 2011

Code

Last https://myasx.asx.com.au/images/price_unchanged.gif

$ +/-

Bid

Offer

Open

High

Low

Volume

VOR

 0.045  Down

 -0.002

 0.045

 0.046

 0.045

 0.047

 0.044

 1,598,297

HUN

 1.460  Down

 -0.050

 1.435

 1.460

 1.495

 1.495

 1.435

 287,970

HAR

 0.255  Down

 -0.015

 0.260

 0.280

 0.270

 0.270

 0.250

 287,000

AKM

 0.710  Down

 -0.060

 0.710

 0.725

 0.740

 0.750

 0.710

 1,947,081

BDI

 0.010  Down

 -0.002

 0.010

 0.012

 0.012

 0.012

 0.010

 4,628,726

BKM

 0.005  No change

 0.000

 0.005

 0.006

 0.005

 0.005

 0.005

 200,000

CEO

 0.055  Down

 -0.003

 0.054

 0.055

 0.055

 0.057

 0.053

 3,103,510

GMM

 0.150  Down

 -0.020

 0.150

 0.165

 0.165

 0.165

 0.150

 250,000

GUF

 1.310  No change

 0.000

 1.310

 1.360

 1.270

 1.340

 1.255

 604,795

LRL

 0.250  No change

 0.000

 0.250

 0.255

 0.250

 0.255

 0.250

 410,002

MUB

 0.500  No change

 0.000

 0.350

 0.500

 0.400

 0.500

 0.400

 35,000

XAM

 0.450  No change

 0.000

 0.450

 0.470

 0.470

 0.470

 0.450

 340,757

LEI

 22.340  Down

 -0.690

 22.260

 22.400

 22.610

 22.695

 22.260

 1,197,064

RIO

 80.100  Down

 -1.450

 79.900

 80.110

 80.380

 80.435

 79.700

 2,718,888

BHP

 43.550  Down

 -0.980

 43.510

 43.550

 43.830

 43.880

 43.390

 12,509,794

Source: asx.com.au

 

Erdene Announces Updated NI 43-101 Compliant Resource Estimate for the Zuun Mod Molybdenum-Copper Project

HALIFAX, NOVA SCOTIA--(Marketwire - June 2, 2011)Erdene Resource Development Corp. ("Erdene") (http://www.erdene.com/) (TSX:ERD), is pleased to report an updated National Instrument 43-101 ("NI 43-101") compliant resource estimate for the Company's Zuun Mod (http://www.erdene.com/projects40/zuunMod42b1.php) molybdenum-copper project in Mongolia. The new resource estimate was prepared by Minarco-MineConsult, part of Runge Limited, ("Minarco") following 4,331 metres of additional drilling (15 drill holes) completed in late 2010.

"We are very pleased with the results of the new resource estimate for Zuun Mod which has exceeded our initial expectations and increased the size, grade, and our confidence in this significant resource", stated Peter Akerley, President and CEO. "In addition, the 2011 drilling has identified a new high-grade zone at depth, which is expected to enhance the value of the project."

Highlights (based on a 0.04% Mo cut-off-grade)

·         Measured and Indicated resources increased by 38 million tonnes or 21% to 218 million tonnes

·         Contained molybdenum metal in the Measured and Indicated resource increased by 27% from 215 million pounds to 274 million pounds

·         Contained copper metal in the Measured and Indicated resource increased by 30% from 255 million pounds to 331 million pounds

·         The average grade for the Measured and Indicated resources increased 5.6% for molybdenum and 7.8% for copper, to 0.057% molybdenum and 0.069% copper

Link to release

 

Origo invests $10m in molybdenum miner

LONDONJune 2 (SHARECAST) - Beijing-based private equity investment firm Origo Partners has acquired a 20% stake in China-based molybdenum miner Moly World for $10m. 

Origo Resources International, Origo's wholly-owned commodities trading firm, has been granted an offtake covering up to 20% of all possible production for the life of the 2,630-hectare molybdenum exploration project in Mongolia. 

"Origo believes that the project has the potential to host a world class molybdenum resource, benefiting from high grade and near surface mineralization," the group said. 

Molybdenum is used in the production of high-strength steel alloys for buildings, bridges and cars. Origo expects China – which currently uses around 30-35% of the world's molybdenum – to ramp up its usage as volumes of high value steel alloys increase. 

"Growing demand from Chinese steel producers for molybdenum is expected to underpin prices over the medium term and we expect primary molybdenum producers' market share to continue to increase in the medium term," said Origo's chief executive officer Chris Rynning. 

Link to article

Link to OPP release

 

Prophecy shareholders approve sale of 2 Canadian nickel assets, name change to Prophecy Coal

June 1 (Proactive Investors) Prophecy Resource Corp. (CVE:PCY)(OTCQX: PRPCF) and Pacific Coast Nickel Corp. (CVE:NKL) said Wednesday that both companies' shareholders have approved Pacific's acquisition of the Lynn Lake and Wellgreen nickel properties from Prophecy, a deal that will allow Prophecy to focus on its coal assets in Mongolia. 

The Lynn Lake project is located in Manitoba, while the Wellgreen property is situated in the Yukon Territories, both in Canada. 

Of the shareholders, more than 98% from Prophecy approved the deal, which was announced in April, and 75% of Pacific stakeholders supported the arrangement. Under the terms of the acquisition, Pacific Coast agreed to acquire both Canadian assets by issuing 450 million shares to Prophecy. 

In connection with the deal, shareholders of Prophecy also approved a name change to "Prophecy Coal Corp" so as to better reflect its strategic direction going forward, while Pacific investors approved a 10:1 share consolidation, both companies said. 

The sale of the properties, as well as the name change and share consolidation, remain subject to regulatory approvals. The deal is expected to complete around June 9

Prophecy controls over 1.4 billion tonnes of surface minable thermal coal resources in Mongolia. Prophecy's Ulaan Ovoo coal mine is operational, and its Chandgana mine mouth power plant is currently being permitted. 

The company also owns equity stakes in Victory Nickel and Compliance Energy Corp.

Pacific Coast is a Canadian based nickel and platinum group metals exploration company, with projects in Canada, Argentina and Uruguay. 

Link to article

Link to PCY announcement

 

MEC: Profit Warning

May 31, Mongolia Energy Corporation Limited (HK:276) --

This announcement is made by Mongolia Energy Corporation Limited (the "Company", and together with its subsidiaries, the "Group") pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on The Stock  Exchange of Hong Kong Limited (the "Listing Rules"). 

The Board wishes to inform the shareholders  of the Company and potential investors that based on the unaudited management accounts of the Group for the year ended 31 March 2011, it is expected that the Group may record further loss for the year ended 31 March 2011 as compared with the audited loss for the corresponding period in 2010.

Based on the information currently available, the expected further loss of the Group was mainly accounting loss attributable to certain non-cash expense items:

(i)            the increase in staff costs due to the recognition of share based payments arising from share options granted to certain employees and directors of the Group;

(ii)           the increase in finance costs in association with convertible notes issued by the Company calculated at effective interest rate and

(iii)          the recognition of fair value loss from held-for-trading investments.

The Group's principal project, the Khushuut Coking Coal Mine, is still under trial production stage and did not contribute to the revenue of the Group for the year ended 31 March 2011. 

This profit warning announcement is only based on the preliminary review on the management accounts of the Group, which has not been confirmed nor audited by the Company's independent auditor. 

Shareholders of the Company and potential investors are advised to exercise caution when dealing in the shares in the Company.

Link to release

 

MMC: Announcement

June 2, Mongolian Mining Corporation (HK:975) --

Reference is made to the announcement (the "Announcement") dated 1 June 2011 issued by Mongolian Mining Corporation (the "Company"). Capitalised terms used in this announcement shall have the same meanings as defined in the Announcement unless the context herein requires otherwise.

COMPLETION OF THE SHARE PURCHASE AGREEMENT

The Board is pleased to announce that the Share Purchase Agreement was completed on 1 June 2011.

FURTHER INFORMATION ON THE ANNOUNCEMENT

As stated in the Announcement, the Seller is owned, indirectly, as to 90% by Kerry Mining (Mongolia) and 10% by MCS Minerals LLC. MCS Minerals LLC is owned as to 51% by Mr. Odjargal Jambaljamts (an executive Director and chairman of the Board) and as to 49% by MCS Holding LLC (the controlling shareholder of the Company). Since Mr. Odjargal Jambaljamts and MCS Holding LLC are together only indirectly interested in 10% of the share capital of the Seller, they do not have any right to exercise or control the exercise of any voting power at a general meeting of the Seller or the Target Company. MCS Minerals LLC has no board representation in the Seller, which is completely controlled by Kerry Mining (Mongolia). Accordingly Mr. Odjargal Jambaljamts and MCS Holding LLC are not substantial shareholders of the Target Company.

Based on the calculation of the value of the total assets of the Seller and the value of the Target Company, the Target Company constitutes less than 90% of the total assets of the Seller before the Completion.

Link to release

 

Kerry Increases MMC Stake by 0.01%

June 2 (Mogi) – MMC announced today that a substantial holder in the company, Kerry Group increased its stake by 0.01% to 9% by acquiring 116,779 shares for an average price of HK$9.261 on May 25, 2011.

Link to announcement

 

MIAT Mongolian Airlines launches direct route between Hong Kong and Mongolia

Hong Kong (HKSAR) June 2 (7th Space) - MIAT Mongolian Airlines today (June 2) celebrated the start of its inaugural service between Hong Kong and Mongolia.

Initially the airline will concentrate on its passenger service in Hong Kong, operating two flights per week on a Boeing 737-800 jet with a seat capacity of 162 passengers per flight. MIAT Mongolian Airlines' Hong Kong office will focus on marketing and sales, and work to develop a good relationship with business partners in the region. In the short term, the airline is planning to launch cargo services into and out of Hong Kong to serve regional and international market needs.

Headquartered at Chingis Khaan International Airport in Mongolian capital Ulaanbaatar, MIAT Mongolian Airlines is the country's national flag carrier.

It has been in business more than 24 years and operates scheduled and charter services from Mongolia to major cities in Europe and Asia.

General Manager of MIAT Mongolian Airlines, Mr Namsraijav Enkhsaikhan, said, "With its strategic position, Hong Kong is the right place for us to expand regionally, as we consider it as a main gateway to the Pearl River Delta, southeast Asia and the Pacific region."

Mr Enkhsaikhan added, "The unique advantage of Hong Kong is its international connectivity. To enhance our service and to meet our customers' needs, we will extend our route network through further interline and special prorate agreements, as well as code share agreements, with key players in the region. With a further increase in traffic, we plan to introduce wide-bodied aircraft for our flight service to Hong Kong."

Associate Director-General of Investment Promotion, Mr Andrew Davis, extended his warm welcome to MIAT Mongolian Airlines in launching its service from Ulaanbaatar to Hong Kong.

He said, "Hong Kong is renowned as an international transportation and logistics hub with a world-class airport ¡V the Hong Kong International Airport (HKIA). According to the Airport Authority Hong Kong, we have continued to see strong growth in flight movements and passenger volume. In April 2011, flight movements surged 12.1 percent from a year earlier to 27 685 flights while passenger trips increased 8.5 percent to 4.5 million.

Over the past 12 months, the airport has handled 51.8 million passengers and more than 4.1 million tonnes of cargo, representing increases of 10.7 percent and 12.8 percent respectively."

"On one hand, the huge volume of passenger and cargo traffic at the HKIA provides a huge opportunity for MIAT Mongolian Airlines to further develop its business. On the other, the business presence of MIAT Mongolian Airlines will further enhance Hong Kong's image as an international aviation hub and Asia's world city. We wish the airline every success in its business in our city and look forward to providing further assistance when it expands," Mr Davis added.

Starting a business in Hong Kong, for companies large and small, has been further facilitated with the launch of the Government's electronic incorporation service in March 2011.

The time required for company incorporation and business registration has now been significantly reduced from four to one working day.

About MIAT Mongolian Airlines

Established in 1956, MIAT Mongolian Airlines is the national flag carrier of Mongolia. The airline commenced its first direct flight service between Hong Kong and Mongolia on June 2, 2011 and is operating two flights per week. For more information, please visit www.miat.com.

About Invest Hong Kong

Invest Hong Kong is the department of the Hong Kong Special Administrative Region (HKSAR) Government established in July 2000 to take responsibility for Foreign Direct Investment and support overseas and Mainland businesses to set up or expand in Hong Kong.

It provides free advice and customised services to help businesses succeed in Hong Kong's vibrant economy. As it celebrates its 10th anniversary, Invest Hong Kong has completed over 2 100 investment projects creating over 26 000 new jobs in the first year of operation or expansion and HK$57 billion of investment. For more information, please visit www.investhk.gov.hk.

For event photos, please visit www.flickr.com/photos/investhk/sets/72157626865591454

Source: HKSAR Government

Link to article

 

Mongolia Growth Group Ltd. Amends Terms of Private Placement Offering 

Calgary, Alberta CANADA, June 2, 2011 /FSC/ - Mongolia Growth Group Ltd. (YAK - CNSX) announces that it has repriced its offering ("Offering") of units ("Units"). The amended terms of the Offering consists of a non-brokered "commercially reasonable efforts" Offering of common shares ("Common Shares") to raise gross proceeds of up to CDN$ 20 million. The Common Shares will be priced at CDN$ 3.51. 

Harris Kupperman, Chairman and CEO of the Company has indicated his intention to subscribe for CDN$ 526,500 or 150,000 Common Shares. A member of the board has also indicated his intention to subscribe for a similar number of Common Shares in the Offering, which will be set-out in a material change report filed on SEDAR when known. 

Certain directors and officers of The Company will acquire shares under the private placement. Any such participation would be considered to be a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101"). The transaction will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any shares issued to nor the consideration paid by such persons will exceed 25% of The Company's market capitalization. 

The Company intends to use the proceeds to purchase leasable real estate, take advantage of investment opportunities and general corporate purposes

The Offering is scheduled to close on or about June 17, 2011 (the "Closing Date"), and is subject to certain conditions, including but not limited to, receipt of all necessary approvals including the approval of the CNSX Exchange and the securities regulatory authorities. 

The Common Shares issued in connection with this Offering will be subject to a four-month hold period from the Closing Date, as prescribed by the CNSX exchange and applicable securities laws. 

Link to release

 

Mongolia Growth Group Ltd. Publishes May 2011 Monthly Letter to Shareholders 

Calgary, Alberta CANADA, June 01, 2011 /FSC/ - Mongolia Growth Group Ltd. (YAK - CNSX),is pleased to announce the release of its May 2011 letter to shareholders. 

May 2011 Shareholder Letter To the Shareholders of Mongolia Growth Group Ltd., 

I have been an investor in small businesses for over a decade. I have seen successes and plenty of failures but almost without a doubt, the biggest mistake that companies make is not building the infrastructure necessary for success. It is hard to blame CEOs-their capital is precious and they want to spend it sparingly. Unfortunately, you simply cannot avoid spending on infrastructure. Most critically, you need to spend before you need it. You can always grow into your infrastructure if you overbuild-you cannot chase after your success with infrastructure as you will never catch up. 

To me, infrastructure means everything from your office to your computer systems, but most importantly, it means people. Employees drive a company forward and in the end, you are only as good as your people. Last night, I went to a party held by our partners at the UMC Group. I am forever impressed by what they accomplish, but in particular, I'm impressed by the people they've hired in the past two months-where our staff has more than doubled. After walking past new associates on the way in and out of our office, I have finally had a chance to get to know some of them. I'm impressed-Well done guys! 

While UMC Group has been busy building out their staff, we haven't been idle either. A fortnight ago, Matt Aiken joined our company as our new CFO. In two short weeks, he was able to take a few hundred receipts and compile our first quarterly report which was recently posted on SEDAR. 

When I first visited Mongolia, I was frustrated by the lack of transparency at many of the public companies. In response to this, I decided to build Mongolia Growth Group so that we could control the accounting and audit function. No matter what happens at our business, we will know, to the penny, how our business is doing. The only way you can have that sort of confidence, is to do it yourself. We are now building up the real-time systems needed to analyze our business and be able to react to changes. We've accomplished a lot in the past four months and the infrastructure build is finally beginning to bear fruit for us. I want to thank everyone who has helped in this process and to the new associates-welcome to our growing family. 

From an asset standpoint, we have continued to acquire rentable property assets. For the month of May, we acquired nearly 1,500 meters of rentable space consisting of office, commercial and residential space. 

On a slightly different note, Jordan Calonego (our COO) and I pride ourselves on being level-headed businessmen. That also applies to how we value our own company. We have a sincere desire to see our shares trade roughly in line with what we feel fair value is-too high or too low is counter-productive to building a sustainable business. Of course, different investors have different opinions on how to calculate fair value-for this reason, our shares will naturally fluctuate in a range. When we feel that the shares may have exited this range of probable fair values, we hope to redirect investors to the facts. 

Early in May, our shares traded as high as CDN $6.00. Clearly, I think we are making huge progress at MGG-but isn't it a bit presumptuous to say that a little under CDN $20 million invested in our company in the past four months is suddenly worth in excess of CDN $150 million in market value? I believe our investments have appreciated since we acquired them-but such increases in value in such a short time are simply impossible. 

Many CEOs want their shares to be overvalued-often this is because they personally want to sell their shares. Jordan and I are long term investors. Part of building a company involves raising capital and incentivizing employees through stock options. Neither of these is possible if our shares trade substantially outside the bands of logical fair value. 

Sincerely, 

Harris Kupperman 

Chairman & CEO 
Mongolia Growth Group Ltd. 

Link to release

 

Mining Boom Fuels New Mongol Hoard

ULAN BATOR, June 2 (WSJ) — A bold experiment aimed at turning an entire nation into stock investors is getting under way in a remote corner of the financial system: Mongolia.

Better known as nomadic tent-dwelling herders, Mongolians now are stockholders in a coal company that is one of the coming year's hotly anticipated initial public offerings. The government has just given every Mongolian 538 shares in it.

The giveaway of stock in Erdenes-Tavan Tolgoi Ltd., popularly known as TT, is part of the government's effort to prove to its people that they will be well-served by its decision to pursue large-scale mining in Mongolia.

That is a worrying strategy for some here because, beyond concerns such as environmental effects and the distribution of the wealth, it fundamentally ties the proudly independent country to the commodity appetite of its giant, often-resented southern neighbor, China.

Under Genghis Khan, the Mongols 800 years ago overran China and much of Central Asia, plundering as they went. Now, the globalization strategy of Mongolia includes digging up coal and copper to satisfy the region's superpower.

Across the border in China, the region called Inner Mongolia has been the scene of strife that is traceable partly to a similar surge in mining. There were protests this week by ethnic Mongolians who see their traditional herding way of life threatened by mining to serve the Chinese industrial machine.

Mongolia, which is democratic, hasn't seen any equivalent protests. In Ulan Bator, Mongolians say they are sympathetic to their ethnic kin across the border but confident they will be able to influence the mining sector at the ballot box during next June's parliamentary election.

[MONGOLIA]So far, what Mongolia is feeling from the minerals boom is mostly a Chinese-style economic sizzle, including bubbling inflation.

Mining money is pouring in. And so much more is expected, according to the International Monetary Fund, that the country's economy, growing at a torrid pace of about 10% this year, could expand at almost a 23% rate in 2013.

The stock market has soared over much of the past year, property investors are in a frenzy and the central bank is battling upward pressure on the currency, the togrog, as foreign investors rush in.

"In the past we had no money," says Ganhuyag Chuluun Hutagt, vice minister of finance. Now, "we are seeing capital come into the country, and the challenge is to manage that capital."

An index of urban consumer prices was up 4.2% in April from a year earlier. The IMF has projected that inflation could hit 20% by year-end.

The country's president, Elbegdorj Tsakhia, spoke for many Mongolians when at a recent conference he posed the question: "Is it a blessing or is it a curse that we are endowed with minerals in Mongolia?"

The coal-company shares being distributed to the citizenry will eventually trade on the Mongolian Stock Exchange, whose Top-20 Index leapt 138% last year and doubled again through late February, before a big pullback that still leaves it up 27% for 2011.

The government's efforts to make sure the boom is felt widely include a suite of gifts in addition to the coal-company shares. Another recently enacted scheme gave each Mongolian citizen a one-time $55 cash payment, followed by a $15 monthly stipend—payments that have helped spur consumer spending in a nation where per capita annual income is about $2,000.

Standing in an outdoor market in Ulan Bator, Nasauboyar said she was benefiting from the government largess. Sales were brisk on a bright winter day in March as the shopkeeper shuffled her feet on the market's floor of solid ice.

Yet Ms. Nasauboyar's mainstay product, a $19 water basin, offered a reminder of the level of development in Mongolia. The sink is designed to be used in tents that lack running water.

Although Mongolia has a land mass equaling nearly half a square kilometer per person, there is a real-estate scramble in the capital, home to half the Mongolian population of 2.8 million.

The city's outskirts are increasingly dotted with upscale housing, including a tract of U.S.style wood-frame houses. Still, two-thirds of the people in the grimy capital still live like Mongolians in the countryside—without amenities, often in tents.

A testament to the soaring property prices stands a short drive from central Sukhbaatar Square. It is a circular tent, known as a "ger," standing behind a rusty corrugated-steel wall, where on a recent day two dogs were gnawing on sheep feet.

The ger is the new home of Munkhzul Davaa, a 30-year-old who says that despite her job as a mining-equipment saleswoman, a ger is what she can afford. A mortgage would have set her back $1,200 a month. But the ger—set up in a relative's yard, heated with a wood stove and crammed with Ms. Munkhzul's Adidas sneakers, refrigerator and double bed—cost only $1,450.

The 81 orange slats holding up the ger look brilliant, but her toilet is a frozen outhouse. "I'm not poor. I'm not rich. I'm in the middle," she says.

Bankers predict that the public offering of TT—a coal company that isn't yet producing coal—will give the miner a total value of $10 billion. That would make the shares that each Mongolian holds worth about $360.

One worry concerns what some are referring to as Mongolian privatization, version 2.0.

Two decades ago, after the country turned its back on Soviet-style communism, it won plaudits in the West for launching its stock exchange and privatizing hundreds of government companies. Their shares, too, were distributed free to the public.

Speculators quickly fanned out across the hinterland dangling cash in front of herders, many of whom happily handed over their blue and pink privatization vouchers. The asset rush created some of Mongolia's largest personal fortunes, along with widespread public resentment.

Some fear that history will repeat itself with the TT share giveaway. During a recent conference featuring government and stock-exchange officials, a businessman named Bazarsad Jargalsaikhan won applause when he wagged his forefinger and scoffed, "We've been given many things in the past—worthless!"

TT's executive director, Enebish Baasangombo, responded, "We have to be prudent with the IPO."

In Ulan Bator, some analysts worryingly compare the stock market to that of Kazakhstan, where hopes about oil reserves drove the benchmark index up by a factor of 14 between 2004 and 2008, after which it plunged 80%. Four banks in the Central Asian country had to be rescued.

The Mongolian Stock Exchange is housed in a peach-colored building on the capital's Sukhbaatar Square, which exchange officials nostalgically remember as a theater where, as children, they watched Russian cartoons.

On a recent day, trading began with the tap of a small hammer on a CD-size gong. With orders being phoned in to 50 or so floor brokers, several seconds passed before the first trade registered. It was for two shares of listing No. 460, Shivee Ovoo, a coal company.

The exchange has about 330 stocks, a majority of which have been listed for years but never trade. "The local exchange doesn't properly represent where the Mongolian economy is now, not mentioning where it's going in the future," says Alisher Ali Djumanov, chairman of Eurasia Capital LLC.

Things are changing at the exchange, though. Authorities have awarded a three-year management contract to the London Stock Exchange to introduce new stock-market regulation, training and technology. Cross listings between the two markets may follow.

Another change is the volatility of many of the stocks that do trade actively. The total value of the exchange's shares crossed $1 billion for the first time amid last year's surge. Exchange officials predict the figure will jump to $10 billion by 2015, and $40 billion by 2020.

The coal-company offering will be a huge one for this exchange. Hopes are high even though TT isn't yet producing coal. What it has is a massive deposit in the Gobi desert estimated to hold over six billion metric tons of coal.

The government is in the process of selecting an operator, expected to be a large, experienced mining company. Investor appetite has been whetted by the successful public offering last fall of a company that owns a smaller piece of the same coal deposit.

The stock giveaway credited 1.5 billion shares, equal to 10% of TT, to government welfare accounts of each Mongolian citizen. Another 1.5 billion TT shares are set aside for thousands of Mongolian business enterprises.

The government will sell about 30% more of the company in a global IPO sometime in the next 12 months, expected to be led by Goldman Sachs Group Inc. and Deutsche Bank AG. The rest of the company will remain government-owned.

A lock-up provision will bar individuals from selling their free shares for an unspecified time, Mongolian President Elbegdorj says, "in order not to repeat mistakes of previous privatization, when a few got major assets and most were left with nothing."

Even so, would-be investors many mornings these days crowd the Mongolian Stock Exchange's front entrance. Many say they have simply forgotten whether they still have accounts from the early-1990s giveaway.

Link to article

 

Khan Appoints New Chief Financial Officer

TORONTO, ONTARIO--(Marketwire - May 30, 2011) - Khan Resources Inc. (TSX:KRI) ("Khan" or "the Company") announced today that it has appointed K. Bruce Gooding, CMA as Chief Financial Officer effective June 1, 2011. Mr. Gooding brings over 30 years of experience in financial management and reporting to the Company, most recently in his own practice providing project and management services to the mining and other industries.

The Company also wishes to thank Mr. Paul D. Caldwell, the outgoing Chief Financial Officer, for his outstanding service to the corporation over the past five years and wishes him well in his future endeavours.

Link to release

 

Altai Mongolian Grill Opens Tonight (in St. Louis)

May 6 (Riverfront Times) Altai Mongolian Grill opens this evening at 9528 Manchester Road in Rock Hill (the address formerly occupied by the short-lived wine bar Bella Vita). Now, St. Louis is already home to the Mongolian-grill concept, but Altai is unique: This is the first location not only in this town, but in all of the United States or anywhere outside of Asia. There are three Altai locations in Mongolia and an additional location each in Russia and China. (Check out the Altai website to see what those locations look like.)

Owner Munkhsukh Dorjpurev tells Gut Check that she chose to open the restaurant here partly because she was familiar with the area after earning a master's degree at Lindenwood University and partly because, as she puts it, "I like St. Louis."

So does Altai's true Mongolian heritage set it apart from other Mongolian grills?

"We have real Mongolian sauces," Dorjpurev says, noting that it did take some time to get the flavors right using locally available ingredients. "We have extra dishes that other Mongolian grills don't, [which] are real traditional Mongolian dishes."

Altai Mongolian Grill will be open 11 a.m.-9 p.m. on weekdays and 11 a.m.-10 p.m. on the weekend.

Link to article

 

<Mogi & Friends Fund A/C>

Historic +15.9%, Qtd -34%

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.

Mogi

 

---

"Mogi" Munkhdul Badral

Senior Client Manager / Executive Director

CPS International LLC

CPSI Logo (Small)

Telephone/Fax: +976-11-321326

Mobile: +976-99996779

Email: mogi@cpsinternational.mn

P Please consider the environment before printing a copy of this email.

 

Central Tower · 12th Floor · Left Wing · 2 Sukhbaatar Square

Sukhbaatar District 8 · Ulaanbaatar 14200 · Mongolia

 

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.

 

Disclosure/Disclaimer

CPS Securities, its directors and employees advise that they may hold securities, may have an interest in and/or earn brokerage and other benefits or advantages, either directly or indirectly from client transactions mentioned in correspondence from CPS International.

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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