CPSI NewsWire brings you market updates on Mongolia, compiled by CPS International, a Mongolian marketing arm of CPS Securities, a Perth, WA based stockbroking and corporate advisory firm, specialising in capital raising for mining and junior stocks.
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HUN closed -0.5c to A$1.79
Deutsche Bank Ceasing to be Substantial Holder in Hunnu Coal
October 28, Hunnu Coal Limited (ASX:HUN) --
Link to notice
MUB shares were suspended due to failure to lodge full year report in time
MRC: Annual Report 2011
October 28, Mongolian Resource Corporation Limited (ASX:MUB) --
Link to report
1733 closed -4.8% to HK$2.60 on Friday
No rating impact seen from Winsway's (01733) deal with MAK
October 28 (ET Net) Moody's Investors Services sees no immediate impact on Winsway Coking Coal Holdings Limited's (01733) Ba3 corporate family rating and B1 senior unsecured bond rating from its recent agreement on another coal supply contract with Mongolyn Alt LLC (MAK).
The outlook for the ratings is stable.
Under the agreement, MAK will supply at least 3 million tonnes of coking coal per annum to Winsway from 2012 for 10 years. Price will be determined quarterly based on market prices.
"Securing supply on a long-term basis is credit positive and is consistent with Winsway's business strategy, and which Moody's has already factored into the ratings," said Ken Chan, a Vice President and Senior Analyst at Moody's, adding, "With the new contract in place, around 70% of Winsway's targeted Mongolian coal procurement volume in 2012 will be backed by long-term contracts, up from below 50% currently."
Furthermore, Moody's views the new contract as an extension of Winsway's existing business relationship with MAK, which supplied about 1.2 million tonnes to the company in 2010.
In terms of the carrying capacity of its railway, Moody's said Winsway can transport around 8 million tonnes annually. Therefore, it will need to invest further in rolling stock to support total projected volume of around 10 million tonnes in 2012.
It added that Winsway's business growth remains supported by its healthy liquidity position -- cash on hand of HKD5.8 billion as of June 2011 and short-term debt of HKD572 million. Such a strong position is partially attributable to the presence of unused proceeds from its issuance of USD500 million in bonds early this year.
Link to article
Link to original 1733 release
Cougar pursuing (UCG) opportunities in Asia (e.g. Mongolia)
October 28 (AAP) Underground coal gasification (UCG) company Cougar Energy says it is not sitting around waiting to get money out of the Queensland government.
The company on Friday said it was pursuing new UCG project opportunities in China, Mongolia and Indonesia.
UCG involves underground combustion and the production of a synthetic gas.
Cougar has taken the unprecedented move of suing Queensland bureacrats who shut down Cougar's flagship $550 million power plant project at Kingaroy in Queensland's southeast.
The government closed the Kingaroy project after the cancer-causing chemical benzene was found last year in a groundwater monitoring bore on the site.
Cougar says the shutdown was unwarranted and premature; and that there was no threat to life, livestock, drinking water or the environment.
The company has started legal action in the Queensland Supreme Court against the state of Queensland and three officials of the Department of Environment and Resource Management (DERM), seeking more than $34 million in damages.
Cougar also is appealing the shutdown decision in the Queensland Planning and Environment Court.
Managing director Len Walker told shareholders at the company's annual general meeting in Melbourne on Friday that Cougar was not focused solely on the fight with the Queensland government.
The company was seeking to establish UCG projects in Asia, where undeveloped sources of underground coal were plentiful and demand for power was high.
He said Cougar was pursuing realistic opportunities outside of Australia.
"We're not just chasing the Queensland government for money," he said.
Mr Walker said there was great interest in China, Mongolia and Indonesia in technologies that could produce coal-based power more cleanly, including UCG.
Although there were substantive bureaucratic, linguistic, legislative and environmental hurdles to overcome, Cougar had a better relationship with local and central Asian governments than it did with the Queensland government.
Mr Walker said the Queensland government's attitude towards UCG was not reflected internationally.
Cougar chairman Malcolm McAully said the company was suing the Queensland government because it wanted "false claims" about its Kingaroy project corrected in an open court.
It also wanted to confirm Cougar's reputation as a leader in the development of UCG energy projects and "expose the tarnishing of this reputation by the extreme and unreasonable actions of the Bligh government (in Queensland)".
Mr McAully said after the meeting that much of the "misinformation" circulating about Cougar's Kingaroy project came from local farmers and politicians and that it was politically motivated.
"The facts in our statement of claim (lodged with the Queensland Supreme Court) certainly point to that direction," Mr McAully told AAP.
"We belive that the business case supporting the project at Kingaroy and the potential power generation outweighs any of the scaremongering that's been put in the community."
Mr Walker told AAP that the Queensland shutdown of the Kingaroy project had threatened development of UCG power throughout Australia.
"A cloud has been created around about the technology - unreasonably, given the information that we've tabled," Mr Walker said.
"Fortunately, outside Australia, each country understands the situation a lot better."
Link to article
61 closed +3.2% on Friday
NAR: Unusual Price Movement
October 28, North Asia Resources Holdings Limited (HK:61) --
This announcement is made at the request of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) pursuant to Rule 13.10 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”).
The board of directors (the “Board”) of North Asia Resources Holdings Limited (the “Company”) has noted the increase in the price of the shares of the Company today and wishes to state that the Board is not aware of any reasons for such movement.
The Board also confirms that, save for the announcement of the Company dated 10 February 2011 in relation to a possible acquisition and a possible disposal of certain mining resources which may constitute notifiable transactions for the Company under the Listing Rules if they materialise, there are no other negotiations or agreements relating to any intended acquisitions or realisations which are discloseable under Rule 13.23, neither is the Board aware of any matter discloseable under the general obligation imposed by Rule 13.09, which is or may be of a price-sensitive nature.
The above statement is made by the order of the Board, the directors of which individually and jointly accept responsibility for the accuracy of the above statement.
Link to release
Coal transportation railway likely to be finished in 2014
October 29 (news.mn) The head of Finance and Investment Office of the Ministry of Road, Transportation and Urban Development, Yo.Manlaibayar, stated railway infrastructure to transport coal from Tavantolgoi deposit mine likely to be finished in 2014 at an investment conference in Hong Kong on October 27.
270 km railway from Tavantolgoi to China and 1100 km railway to Russia should be built for coal transportation to the two neighbors.
Link to article
Mongolia mulls listing of rail stake in Hong Kong -report
Oct 28 (Reuters) - Mongolia is considering a Hong Kong listing of its rail-building firm in a bid to help finance its $5 billion railway plan, the South China Morning Post reported on Friday.
Mongolia Railways, the rail-builder owned by the Mongolian government, is planning a domestic initial public offering before turning abroad, pending parliament approval, the paper wrote, citing Manlaibayar Yondon, director general of the department of finance and investment at the Ministry of Roads, Transportation, Construction and Urban Development.
"We hope it will approve it within weeks," Yondon said. "We want to start with a domestic initial public offering and then go international. While the Mongolian Stock Exchange is working with the London Stock Exchange, I think Hong Kong will be our better bet."
It may embark on a Hong Kong flotation of up to 49 percent of the firm, the paper said. It gave no further listing details.
The railway plan is part of a $30 billion development blueprint for the country, which includes $13 billion of industrial parks, the paper said.
China is the biggest market for Mongolia's coking coal and copper, the paper added.
Mongolia's massive Tavan Tolgoi project began shipping 4,000 tonnes of coal south to its new partner, the Aluminum Corp of China Ltd (Chalco) following a ceremony at the mine site earlier this year.
The mine's state-owned operator, Erdenes Tavan Tolgoi, had earlier agreed to sell $250 million worth of coal to the Chinese company from its east Tsankhi block, a move designed to fund the deposit's overseas listing scheduled for next year.
Link to article
Natural Environment Must Be Considered During Oil Extraction
October 28 (UB Post) A discussion regarding the building of oil refineries in Mongolia and the proposal for renovation of oil exploration and exploitation laws was held yesterday in the Civil Chamber.
Due to Mongolia’s 100 percent dependence on Russia for oil products, any change in the price of petroleum in Russia greatly affects the economy of Mongolia, as we have witnessed in the past few months. Although Mongolia has significant petroleum resources, it lacks oil refineries, leaving Mongolia no choice but to export crude oil.
The foundations of two oil refineries are set in Dornogovi and Darkhan-Uul aimags although not without some problems. Domestic construction companies criticized the government for demanding the difficult task of building new oil refineries with a crude oil processing capacity of at least 1 million tons a day.
The participants in the discussion were also proposing changes and additions to the oil exploration and exploitation laws, emphasizing the archeological and ecological importance of some oil extraction fields. During the 2007 inspection on oil extraction companies, it was revealed that Buir Lake’s northern part is significantly polluted due to oil extraction activity.
The participants in the discussion pointed out that in any oil extraction project, a detailed archeological and ecological research and evaluation must be performed and that opinions and viewpoints of archeologists and ecologists should be reflected in the renovation of oil exploitation laws. In response, representatives of The Petroleum Authority of Mongolia said that the 3 percent of the investment for prospecting and 1 percent of the exploitation income is accumulated in a separate fund dedicated to the environmental restoration.
Link to article
Mongolian core to Russia's nuclear bid
October 29 (Asia Times) Over the last two decades, Russia has aggressively exploited and leveraged the nuclear legacy of the Cold War competition between the United States and the Soviet Union.
In places like Kazakhstan, Canada, Niger, Australia, the United States and Mongolia, Russia's (AtomRedMetZoloto) Uranium Holding Co or ARMZ is seeking to dominate worldwide uranium production.
The United States - which counts the Russian reset as one of the few unambiguous geopolitical wins - is apparently happy to turn a blind eye to Russia's uranium ambitions.
In the nuclear arms race with the United States, the USSR always went over quantity rather than quality. As the US poured research and development into smaller, more efficient warheads, the Soviets made sure they had a lot of bombs.
When the USSR collapsed, Russia inherited over a thousand tons of weapons-grade fissile material and a sizable nuclear refining and fabricating infrastructure. As Russia lurched through its post-Soviet adjustment, its control over most of the USSR's nuclear assets became one of the few effective bargaining chips in its dealings with the United States, and not only for negotiation of the Strategic Arms Reduction Treaty.
Russia's holdings of weapons-grade highly-enriched uranium (HEU) became a key currency in US-Russian diplomacy.
Under the "Megatons for Megawatts" program, it was agreed that 500 tons of Russian HEU would be downblended and shipped to the United States for use in commercial nuclear reactors. Today, approximately half of the fuel in US nuclear power plants comes from ex-Soviet warheads. [1]
Russia also uses its various uranium stockpiles to help meet its commercial export obligations - which reportedly exceed its domestic production capabilities by 6,000 tons per year.
Since the end of the Cold War, releases of material from Russian and US stocks have accounted for almost 60% of uranium demand, exerting significant downward pressure on uranium prices and mining activities.
Russia treats its nuclear industry as a national resource and it is aware that the uranium cupboard - at least as it pertains to HEU and other legacy stocks - will be bare in 10 to 15 years. As a matter of prudence, economics and national security, it is making plans for the future. [2]
The future includes an expected spike in uranium ore prices from US$55 to $70-$80 a pound as the price of commercially-mined ore is no longer depressed by a steady stream of government-owned HEU downblends into the marketplace.
It also includes a spike in demand, if South Korea, India and China assume that a multi-billion dollar nightmare like the Fukushima cleanup will never happen to them, and they continue with their program to build nuclear power plants.
If the nuclear power industry continues to grow as anticipated, there will be a shortfall of supply as existing uranium reserves worldwide experience accelerated depletion after the legacy feedstock kitty is gone. [3]
And the future will also probably see Russia and ARMZ at the heart of the global nuclear fuel industry.
Russia is exceptionally well-positioned to become the prime player in the 21st century commercial nuclear industry, in large part because of its dominant role in the business of refining uranium ore into usable fuel.
Russia has the world's largest uranium refining capacity, inherited from the USSR's oversized weapons program. It is estimated that Russia's refining capacity is four to five times that of the United States, and almost half of the world's total.
It is an advantage that Russia is likely to keep, thanks in part to American anxieties over proliferation and its policy of discouraging any new entrant - not just Iran - from developing refining capability.
One of the more utopian schemes to reassure nervous operators of nuclear power plants that they can have continued access to nuclear fuel even if they can't refine it in-country is the proposed "Nuclear Fuel Bank". It is not surprising that Russia promptly agreed to host the fuel bank because, in the words of the International Atomic energy Agency (IAEA), "Russia has already produced the low-enriched uranium" needed to stock it. [4]
One thing Russia doesn't have is lots of domestic uranium ore. Access to imported low-cost uranium ore is key to keeping the Russian refineries humming - and profitable.
Therefore, ARMZ - which accounted for only 7% of the world's uranium production when its sourcing was limited to Russia - has gone abroad to tie up sources of supply in the grand tradition of transnational energy companies.
Journalist and Kazakhstan hand Hal Foster described ARMZ's strategy and ambition in a 2010 piece:
[AMRZ hopes to] produce between 25 and 30 percent of the world's supply [of uranium ore] by 2030.
ARMZ is already in the process of becoming a powerhouse, accounting for 40 percent of the world's enriched uranium.
Chief Executive Sergei Kiriyenko has made no secret of ARMZ's desire to become one of the driving forces on the international uranium market ...
That's because it gives ARMZ a much larger share of world reserves at a time when the price of uranium is expected to soar due to the increasing demand for reactors. "We're looking at a shortage-driven market, with an inflexible supply," Kiriyenko said. [5]
Depending on how one keeps score, ARMZ is already perhaps the third or fourth largest producer of uranium, thanks to a recent overseas acquisition binge. But that doesn't take into account ARMZ's aggressive efforts to lock up supply from outside sources and the extra clout the Russian government brings to the table on its behalf.
ARMZ's business approach can be seen in its most important move, into the near-beyond of Kazakhstan, which has quickly become the world's leading supplier of uranium ore, with one-third of the global market.
Although Kazakhstan controls only an estimated 12% of world reserves, it is most aggressive in exploiting them. In 2009, it increased output by 69% over the previous year, and has promised to double production by 2015.
The primary production technique involves drenching the underground ore body with sulfuric acid to leach out the uranium. Squeamish environmentalists may not be reassured by Kazatomprom's declaration that "the natural hydrochemical environment of uranium deposits of South Kazakhstan has a unique capability for self-restoration". [6]
Russia has displayed an integrated commercial and governmental strategy toward Kazakhstan and its uranium industry.
On the commercial side, beyond its direct investments in Kazakhstan, ARMZ purchased controlling interest in Canada's Uranium One, thereby gaining control of the company's sizable interests inside Kazakhstan. Almost as an afterthought, ARMZ thereby became the owner of almost half of America's uranium output (US capacity constitutes an inconsiderable 3% of global output). [7]
On the governmental side, the two nations have signed agreements for construction of nuclear reactors and uranium refining capacity.
And there is this, as reported by Martin Sieff:
Russia's Rosatom nuclear agency and Kazatomprom, the national nuclear development corporation of Kazakhstan have reached agreement about setting up a joint venture to market uranium around the world, Kazakhstan has ... joined Russia in a new customs union that became operative on July 1. Coordinating uranium exports and uranium production policy is the first concrete achievement of cooperation between the two nations under the CU umbrella. [8]
The government-to-government angle may have also involved some combination of traditional Soviet heavy-handedness and new-style nomenklatura skullduggery against Mukhtar Dzakishev, the young technocrat credited with leading Kazatomprom's charge to the top of the uranium league table.
In March 2010, Dzakishev was sentenced to 14 years for various crimes, including alleged collusion with a self-exiled opponent of Kazakhstan's president to illegally and profitably alienate uranium reserves or production rights to overseas companies.
There are widespread allegations that Dzakishev's conviction is a political hatchet job - or an effort to remove a potential stumbling-block from Russia's uranium cooperation with Kazakhstan, as Joanne Lillis reported at Eurasianet:
... suspicions have been aired that Dzhakishev's case was linked to a redistribution of lucrative uranium assets. Misgivings were compounded after interrogations of Dzhakishev, in which he suggested that Russian nuclear interests had benefited from his arrest, were leaked in a video that was posted on the YouTube video sharing site. [9]
The road to Mongolia
With this background, we can turn to the Russian campaign in Mongolia, another sector of Russia's near-beyond with significant uranium reserves.
Thanks to the travails of a small Canadian company, Khan Resources - and its court filings - we have a privileged view of how Russian nuclear sausage is made.
Mongolia has a major uranium play at Dornod, a reserve discovered during the socialist era and exploited for a time by the USSR. It has reserves of at least 25,000 tons, and can support an extraction rate of 2,000 tons per year - an estimated cash flow of $300 million per year, much of it probably profit.
After the communist regime was replaced by a multi-party democracy in 1989, the Dornod deposit was opened up to investment by Western commercial mining interests.
Through a series of transactions, by 2009 the rights to exploit the deposit were held by Khan Resources of Canada (58%), a Russian company (21%), and the Mongolian government (21%).
According to court documents, Khan claimed that it had spent $20 million on surveys and construction at the mine site by this time.
However, in 2009 the Russian government and ARMZ turned their interest toward Mongolian uranium and proceeded government/business tag team fashion similar to what they had employed in Kazakhstan.
Russia feels a strong sense of entitlement over Dornod. A 2010 Pravda news report on Dornod was titled "Russia to retrieve control over uranium".
The Soviets and Russians operated the mine from 1988 to 1995, had 10,000 Russian workers on site, and claims to have invested $600 million overall on Mongolian uranium exploration and development.
Material from Dornod was railed 400 kilometers to ARMZ's Priargunsky operation in the Trans-Baikal region of Russia, which still mines domestic uranium and processes it into yellowcake.
Russia's nuclear establishment covets Dornod as a component of a "single infrastructure" of uranium extraction and refining that signals Priargunsky's return to economies of scale (Dornod material would double the current output of the Priargunsky refinery). [10]
On the government-to-government level, in January 2009, Russia and Mongolia announced a uranium extraction joint venture.
According to Khan Resources' court filings, this signaled the beginning of a campaign to squeeze it out of the Dornod project. Toward the end of the year, ARMZ made a hostile takeover bid against Khan in Canada; the Khan board rejected it.
Then, in January 2010, the Mongolian parliament or Great Khural passed a law giving the Mongolian government an uncompensated 51% share in any project - like Dornod - in which it had previously invested money.
Khan acquiesced, presumably not happily (Asia Times Online's attempt to contact Khan's management was unsuccessful), but its efforts to determine its new diminished share in the project were frustrated by a boycott of proceedings by its Russian partner.
The situation was further complicated when Khan entered into ultimately fruitless negotiations to be acquired by a Chinese company, Overseas Uranium Corporation of the China National Nuclear Corp.
According to Pravda, bringing the Chinese into the picture did not endear Khan Resources to Sinophobic Mongolians.
Yet, Ulan Bator with whom the Canadians have not coordinated their actions did not want the Chinese. On these grounds, TSAUK [the acronym of Khan's operating combine in Mongolia] had its license revoked, and the Mongols will be developing the uranium deposit with Russian companies. [11]
ARMZ then injected itself into the issue, publicly announcing that Khan's mining licenses for Dornod had been invalidated. Khan protested that its licenses were still valid and it had received no adverse notification from the Mongolian government.
Then, in April, Khan's licenses were, in fact, invalidated, albeit on grounds that Khan declared were specious. Indeed, when Khan took the case to court in Mongolia, the Mongolian court ruled in its favor.
To date, Khan is involved in three legal proceedings over the Dornod project. The Mongolian case is winding its way through the appeals process.
Khan has also served the Mongolian government with a demand to take the matter to arbitration, which Khan claims is mandated by Mongolian resource laws, to settle a claim for $200 million in compensation.
Finally, Khan is suing its ARMZ and Priargunsky, its erstwhile partner, in a Canadian court for $200 million in damages. The Russian Ministry of Justice has refused service on the grounds of "security or sovereignty". [12]
Khan's antagonists could be in a position to stonewall the various proceedings until Khan has burned through enough of its modest nest egg to lose hope and accept a settlement well below the US$200 million it is asking for ... and, perhaps, less than what it was previously offered.
According to a report on Voice of America, the hostile Russian bid valued Khan at C$0.65 per share (for a total valuation of approximately C$35 million) and the Chinese bid at C$0.96/share (C$53 million). [13]
It is not a good sign for Khan that the market which has pounded Khan's stock from a high of $5.64 a share in 2007 down to 24 cents, a market capitalization roughly equivalent to the $20 million Khan said it actually disbursed on the project before it shut down, and less than the Chinese and even the Russian offers.
The attitude of the Mongolian government - and its enthusiasm for tarnishing its image as an investment destination with its manhandling of Khan Resources - is unclear.
The World Nuclear Association's profile of the Mongolian nuclear industry stated that "[t]he Mongolian prime minister said that the government decision on this project had been vexed, which relates to Rosatom's impatience with the delay in finalizing it." [14]
There is no question, on the other hand, that the driving force for restructuring the Dornod project to exclude Khan comes from the Russian side. The focus of Prime Minister Vladimir Putin's July 2009 visit to Mongolia was reportedly Mongolian uranium.
President Dmitry Medvedev came to Ulan Bator a month later, with ARMZ's president in tow, also to discuss uranium. To sweeten the deal, Russia wrote off over 98% of Mongolia's debt and promised to "give Mongolia 375 million roubles for the vaccination of livestock to increase the import of meat and milk to the Russian market". [15]
It is also rumored that Russia's precondition for participating in the Tavan Tolgoi coal mining project (and building an expensive and economically suspect railroad line from the mine to Russia) is a cooperative Mongolian attitude on Dornod.
President Tsakhia Elbegdorj's relations with the Russian leadership are rumored to be icy, and it was further rumored that the mysterious summer 2011 interruption of Russian diesel fuel deliveries that threatened Mongolia's harvest (and its full enjoyment of the Nadam Festival) was a message to Elbegdorj that he should toe the line on the uranium issue that preoccupies Russia.
While Mongolia deepened its uranium ties with Russia, Mongolia's nuclear negotiations with the United States came undone.
In September 2011, Elbegdorj pulled the plug on secret negotiations with the United States and Japan to establish Mongolia as a nuclear waste storage facility, and fired the negotiating team - including the ambassador-at-large, A Undraa, who had gone to the US earlier in the year to discuss the US proposal - after a bizarre cavalcade of denials and misinformation. [16]
In May 2011, the Mongolian Embassy in Vienna had posted a vociferous denial of the rumor, which read in part:
Mongolia's mass media clarified the issue with relevant officials in accordance with information distributed by the world's bigger news agencies such as Reuters, CNN and Japan's Mainichi newspaper and distributed the position of Mongolia's officials. Authorities of the Foreign Affairs Ministry, Nuclear Energy Agency (NEA) and Mon-Atom state-run company all denied this information and affirmed that Mongolia's government has not held any talks on burying nuclear spent fuel with any one nor is there legal basis for any such activity. [17]
The US government, despite the fact that it had originally floated the proposal, obligingly papered over the situation with a supporting statement that Jeffrey Lewis of Arms Control Wonk characterized regretfully in May 2011 as "a lie":
I really hate to use the word "lie" to describe the DOE statement. However, Dick Stratford [director of the Office of Nuclear Energy, Safety and Security in the Bureau of International Security and Nonproliferation at the US Department of State] confirmed at the Carnegie International Nuclear Policy Conference that US and Mongolian officials had held "discussions about whether or not Mongolia would harbor - or take a spent-fuel storage depot for third-country fuel". Conveniently, I asked Stratford directly and on-the-record about US-origin spent nuclear fuel. He said "Yes, I would support allowing [South Korea and Taiwan] to transfer US-obligated spent fuel." [18]
There is understandable resistance within Mongolia to using its pristine steppes and/or deserts as a dump for nuclear waste.
But the Mongolian denial also included this interesting passage:
Mongolians are not stupid to store other countries nuclear waste if they do not buy nuclear fuel from Mongolia. [Emphasis added]
In reporting the collapse of the deal, Mainichi reported:
The Mongolian government was considering processing uranium into nuclear fuel and exporting it in an attempt to make good use of the uranium resources. For this purpose, Mongolia was exploring the idea of introducing "nuclear fuel lease contracts" in which Mongolia would receive spent nuclear fuel from countries that buy uranium nuclear fuel from Mongolia.
If Mongolia - with US support - was able to establish itself as an accredited nuclear waste depository, and leverage that capability to become a preferred supplier of nuclear fuel for users with spent fuel disposal problems, Mongolia would have become an important - and independent - player in the uranium fuel business.
If this was actually the plan, Elbegdorj backpedaled with breathtaking speed. In a September 15, 2011 interview, he stated:
[T]he nuclear waste of other countries is a 'snake grown up in another body', he said. "Receiving back the nuclear waste after exploiting and exporting uranium must not be, as I think, this is a pressure from foreign superpowers, and we must throw out this delusion." [19]
Now, for whatever reason - and thanks to a law banning the importation, transit, and storage of nuclear waste - Mongolia is now down to one partner for its uranium program: Russia and one apparent role: provider of feedstock to ARMZ's Priargunsky plant inside Russia.
In any case, one can expect that after the smoke clears Russia will be firmly entrenched at Dornod.
The US government's lack of interest in the Russian push to dominate the uranium trade is curious, especially when contrasted with the Chinese rare earths furor that consumed the West's diplomats and press corps in 2010.
There are plenty of rare earths reserves around the world, including the United States, reserves that the Chinese government fully expected would enter into production as China rationalizes its own industry and cuts down on exports.
In an interesting side note to last year's national security hysteria, the world's largest rare earth mine, at Mountain Pass, California, in the United States resumed mining on October 24, 2011; its operators, Molycorp, expect to be in production for another 30 years. [20]
On the other hand, there is not that much uranium in the world beyond the reach of Russia when its extensive interests in mining, its purchasing agreements, and its dominant position in refining are taken into account.
Perhaps the US military establishment has no worries about weapons-grade uranium, since it can reprocess and repurpose its current inventory to make ever smaller and more efficient nukes.
But the supply of world uranium supplies for commercial purposes will be largely in the hands of Russia's opaque autocracy and its cowed foreign clients.
That doesn't seem to concern the United States or its national security advisers and critics overmuch. Why not?
In discussing Russia's move into Kazakhstan, Martin Sieff pointed out the Great Game element, at least as it pertains to China:
The new agreement with Russia means that Kazakhstan will cooperate with Russia rather than having Rosatom as a formidable rival in its efforts to increase its uranium exports. Together, the two nations will be in a position to dominate the global uranium market.
The move is of great strategic importance since China has already expressed a strong interest in purchasing vastly increased quantities of Kazakhstan's uranium ore for the 500 next-generation civilian nuclear reactors that Beijing is planning to build over the next 30 years.
It appears that China, if it makes the strategic shift from fossil fuel to nuclear power, can anticipate replacing the geopolitical risks of getting oil out of the Middle East with the complications of dealing with a uranium cartel along the lines of the Organization of Petroleum Exporting Countries based on Kazakhstan and Mongolian reserves and headed by Russia.
Maybe that's why the US doesn't see a downside.
Link to article
AGREEMENTS SIGNED ON U.S ASSISTANCE OF 6.2 MILLION U.S. DOLLARS
Ulaanbaatar, Mongolia, October 28 /MONTSAME/ On Friday, a ceremony took place to sign amendments to agreements between the governments of Mongolia and the USA on granting targeted non-refundable aid. The agreements have been inked by S.Bayartsogt, the Minister of Finance; Jonathan Addleton, the U.S Ambassador to Mongolia, and Chuck Howell, the USAID country representative.
In accordance with the amendments, additional money of USD 6.2 million will be granted to Mongolia in frames of the U.S developmental assistance.
Four million and 338 thousand U.S dollars will be given to Mongolia in accordance with the #9 amendment to the agreement on a strategic non-refundable aid for ensuring economic growth, in a scope of a project on support for business initiative. The money will be spent for supporting the economic strategy of Mongolian government by intensifying a role of Mongolia's private sector.
Pursuant to the second amendment--the #16 amendment, a "Strengthening transparency and governance" project will be implemented with money of the second part. This project aims to improve the governmental transparency and responsibilities through administrative reform, combating a corruption and strengthening a court sector.
Noting that the U.S Administration has been supporting Mongolia's democracy, the Finance Minister S.Bayartsogt underlined that the U.S assistance and support significantly contribute to the socio-economic reform in Mongolia.
He added that USD 626 thousand, which were granted on September 22 of 2011 through the last amendment, will be spent for encouraging citizens' participation in the parliamentary election and for supporting the government of Mongolia within a presidency of the Community of Democracies.
Some part of the money will be used for projects on renovating the sanitary system of special schools for the disabled children as well. The Minister said a total of 124 million 741 thousand 540 U.S dollars have been granted Mongolia in frames of the strategic targeted assistance.
Link to article
MONGOLIAN EXPORTERS TO RECEIVE THEIR REFUNDS
October 28 (InfoMongolia.com) On October 21, 2011, the President of the U.S. Barack Obama signed into law on the reauthorization of the Generalized System of Preferences (GSP).
The GSP reauthorization will become effective from Saturday, November 5, 2011, and this means that eligible exports from 129 developing countries will begin to enter the U.S duty-free. GSP will remain in effect through July 31, 2013.
The program was backed by the U.S Congress in September of this year.
The U.S. Generalized System of Preferences is a program designed to promote economic growth in the developing world, provides preferential duty-free treatment for over 3,400 products from 129 designated beneficiary countries and territories, including Mongolia.
Mongolia became eligible for the GSP in 1999. Thus, as the GSP program was renewed retroactively, Mongolian exporters who made the claim during the hiatus (December 31, 2010- November 5, 2011) will receive their refunds automatically . The importers who filed their entries electronically, used the appropriate special program indicator for GSP CA" or "A+"), and paid duty on GSP eligible goods, will receive an automatic refund. For entries made without using the special program indicator for GSP, refunds of duties deposited should be requested in writing from U.S Customs and Border Protection (CBP), announced the Embassy of the United States to Mongolia.
Link to article
Parliament postpones discussion on tariff increase
October 28 (news.mn) At Thursday’s session, MPs began discussion of the 27th protocol annex of Parliament, which focuses on tariff increase on imported wheat. D.Khayankhyarvaa suggested postponement of discussion.
He stated that MPs have had controversy on the issue. Some MPs have viewed the tariff increase by 40 percent could support domestic farmers. Some MPs have said that the Government has issued much support to farmers in recent years and farmers could work in market rules. If imported wheat tariff would be increased, citizens would pay the tariff increase.
That is why MPs decided to consider the controversy and postponed the issue discussion.
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PARLIAMENT APPROVES BUDGET CLARIFICATION FOR 2011
Ulaanbaatar, Mongolia, October 28 /MONTSAME/ A plenary meeting of the parliamentary session discussed and approved the budget clarification for 2011 on October 28.
A deficit of this year's budget clarification decreased 0.3 per cent against the budget of 2011. It means that the budget revenue increased by MNT 615 billion against the previous budget, and the budget expenditure also increased by MNT 824 billion.
The budget deficit is equivalent to 9.6 per cent of the Gross Domestic Product (GDP). Now, the State Great Khural will approve the law on master budget for 2012 soon.
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First Deputy PM N.Altankhuyag discusses salaries, budget
October 28 (news.mn) DP Chairman and First Deputy Prime Minister N.Altankhuyag answered our correspondent’s questions.
Q: The Government has decided to increase the salaries and pensions of state officials by 53 percent in 2012. What is your opinion on the salaries of private sector workers?
A: The Government has decided to increase the salaries of state officials by MNT 80,000 in the first step and by a certain percentage in the second step. This is necessary because of rising prices. Certainly, the private sector should pay attention to salaries, because they affect productivity. If the private sector does not increase salaries, then workers will leave the private sector.
Q: Private sector workers will make much less than state officials in 2012, despite the fact that the private sector produces wealth. What do you say about that?
A: Both state officials and private sector workers should try to increase productivity for the development of the state. Private sector employers should prepare policies so their workers work efficiently and don’t leave the working place.
Q: A 53-percent salary increase could motivate Mongolians to work for the state instead of the private sector. The private sector could be dwarfed by the growth of the state. What do you think about that?
A: The Government has not done research into how salary increases affect the growth of state organizations. I do not think the private sector will be dwarfed because of the raises given state workers. The Government’s policy is that its workers should be able to live on their salaries.
Q: The 2012 budget proposal has billions in allowances. Inflation rises because of the allowances and vulnerable people are affected by inflation. What should be the budget priorities?
A: The Government has decided to fulfill the promises the MPP and the DP made in the 2008 parliamentary election. The budget proposal has some mistakes of economics, and is directed to social care. I can‘t say it is a perfect budget proposal and it could have some negative consequences.
Q: Could the Government fulfill its promises in another form, such as shares?
A: The budget proposal of an election year has been passed [before] with much monetary aid, and inflation increased in the election year. This is not a new situation.
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UPO continuing investigation of July 1 incidents
October 28 (news.mn) Ulaanbaatar Prosecutors Office (UPO) says it is still investigating the incidents of July 1, 2008. The cases against police officials relating to death and injury resulting from demonstrators being fired upon that day have been reopened and are being reinvestigated after initially being dismissed.
UPO has been investigating officials including former Chief of Police General Department Ch.Amarbold, former Chief of Police Board Col. D.Zorigt, and former Chief of Patrol Office Sh.Batsukh.
UPO says it needs more time to examine the evidence.
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Mongolia: Opening up retail
October 25 (Oxford Business Group) With Mongolia’s mining resources set to generate huge national wealth in coming years, a rise in consumer and investor confidence will likely see the retail sector expand rapidly.
Already host to numerous luxury stores, including Louis Vuitton, Burberry, Zegna, Emporio Armani and Hugo Boss, Mongolia’s capital, Ulaanbaatar, will in 2013 welcome its third five-star hotel, the Shangri-La Ulaanbaatar.
Announcing in July the hotel would be 22 floors, not the originally planned 17, the Hong Kong-based Shangri-La Group said the first construction phase, which consists of the hotel tower, would open in late 2013. An apartment tower and conferencing facilities will be added the year after. The 261-room hotel will be part of an office, retail and hotel complex.
The rise in foreign interest is based on stellar economic growth driven by a booming mining sector. The country’s vice-minister of finance, Ganhuyag Chuluun Hutagt, told CNBC Asia in September that GDP per capita is on target to hit $5000 by the end of 2012, from $2470 currently. Wholesale and retail trade accounted for 23% of GDP in 2010, according to the World Bank, while the sector had the lowest level of non-performing loans.
“There’s lots of new money here,” Zoljargal, the marketing manager for Shangri-La Ulaanbaatar, told US media earlier this year.
Hong Kong’s Prestige magazine wrote in February that most of Mongolia’s luxury brands were touted by local firms in partnership with franchise holders in Hong Kong also operating showrooms for the same luxury product lines in China, giving them experience building a brand.
“Before Louis Vuitton came into the market, they did a study based on credit-card charges. That showed that, per capita, Mongolians charged the most luxury goods overseas on their cards of any people,” a local consultant wanting to remain anonymous told Prestige.
The government’s plans to sell a stake in its Erdenes Tavan Tolgoi coal-mining company through an initial public offering is expected to raise some $3bn, while the Tavan Tolgoi mine itself is estimated to generate $45bn over the next 30 years. Government plans to create some 70,000 jobs in 2011 as part of its Employment Support Year will likely impact favourably on the population’s spending power.
However, as more shoppers descend on Ulaanbaatar’s newest mall, Central Tower, the risk of inflation returning remains. Inflation, which climbed to nearly 30% year-on-year (y-o-y) in the aftermath of the 2008 financial crisis, surged by 10.1% in July over the previous year, forcing the central bank to raise policy rates to 11.75%. The consumer price index also increased 9%, according to data the statistics office released in August.
Inflation risks and their likely impact on household incomes are not, however, deterring foreign investors: US computer giant Apple, for example, authorised an official store in the capital in February.
“Mongolia’s consumer environment is developing apace,” said MAD Investment in an article on the store, adding that the Louis Vuitton storefront “looks out across at the statue of revolutionary hero Sukhbaatar, a juxtaposition indicative of the changes occurring in the Mongolian capital”.
“Cartier, Dior, Shangri-La, Hilton, Boss, Mont Blanc, BMW and Benetton have all set up shop with many more international brands reconnoitring the city’s prime retail territory,” said the firm. “It is only logical that Apple is keen to be present in the early stages of this incredible development story.”
While many international brands choose to locate in the modern Central Tower, operated by Shangri-La Ulaanbaatar, the country’s 90-year-old State Department Store is working hard to keep up. Nomin Holding – the mall’s owner – was awarded a local prize in February for being the best company in the retail industry. Nomin Holding will represent Mongolia at the prestigious Asia Pacific Retailers Convention and Exhibition in October in Singapore. The 29,200-sq-meter shopping complex is a landmark estimated to attract some 25,000 shoppers a day.
Central Tower and the State Department Store are also joined by the Ulaanbaatar Department Store, a 30,000-sq-metre shopping mall that opened in January 2010. Home to brands including Ralph Lauren, Gucci, Dolce & Gabana and Giorgio Armani, the mall is Mongolia’s largest.
“Brand awareness is really growing in Mongolia,” said Zoljargal, who like many Mongolians goes by a single name, speaking to Prestige. “When we started marketing this building, it was a totally new concept, with high standards. Few people were willing to commit. But now, the luxury concept is widely accepted.”
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Mongolia requests to become OSCE participating State
October 29 (MilAz.info) The OSCE Chairperson-in-Office, Lithuanian Foreign Minister Audronius Ažubalis, today received a letter from Mongolia’s Minister of Foreign Affairs and Trade, Gombojav Zandanshatar, formally expressing Mongolia’s willingness to join the OSCE as a participating State.
In his letter, Zandanshatar declared the readiness of his country to accept in their entirety all the commitments and responsibilities contained in the Helsinki Final Act, the Charter of Paris for a New Europe and all other OSCE documents.
“Mongolia has expressed the wish to become a participating State of the OSCE. At the OSCE Summit in Astana in December, the participating States reaffirmed their commitment to build security and stability and respect for human rights in the area from Vancouver to Vladivostok,” said Ažubalis.
“By freely adopting the commitments contained in the Helsinki Final Act, the Charter of Paris and all other OSCE documents as a participating State, Mongolia has sent a strong signal with regard to both the continued relevance of the OSCE’s values, and the country’s determination to adhere to those values.”
The Chairmanship will start consultations with the OSCE participating States regarding the application, said Ažubalis.
Mongolia has been an OSCE Partner for Co-operation since 2004. The last country to become an OSCE participating State was Montenegro in 2006.
Becoming an OSCE participating State requires a consensus decision by all the current 56 participating States.
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Rare Earths: Largest Chinese Producer Shuts Off Production for a Month
October 26 (International Centre for Trade and Sustainable Development) While the WTO has been quiet as of late on the contentious rare earths front, trade in the precious materials has been shaken quite a bit over the past months. The global rare earths market has recently experienced massive upheaval, with prices falling sharply in June 2011. In response, China’s largest rare-earth producer, Inner Mongolia Batou, announced last week that it would be halting production for four weeks’ time.
Rare earths are needed in essentially every area of high-tech production, be it for pharmaceuticals, military equipment, green energy technology, or information technologies.
The 25 percent price drop since June is the result of a series of factors. These include the devastating tsunami in Japan in March of this year, which slowed down production in the major export nation and consequently reduced global demand substantially. The lingering global economic crisis has further weakened the market, while manufacturers world-wide are increasing their efforts to reduce their dependency on China by strengthening rare earth production capacities outside the East-Asian country.
China controls more than 95 percent of the global rare earths market, which makes its mining sector quite sensitive to sudden price drops. On the other hand, holding this quasi-monopoly position allows Beijing to influence world market prices to a considerable extent.
Since 2008, rare earth prices rose from US$ 10 per kilogramme (for a basket of rare earths) to over US$ 200 in early 2011. Prices increased only after China started imposing export quotas for the precious materials.
The recent production halt could similarly, though less severely, impact global supply. China Batou is responsible for about half of all global rare-earth production; shutting it down for a month is expected to remove 5,000 metric tons of rare earth from the market, an RBS analyst told the Wall Street Journal in October.
Foreign manufacturers pursuing other options
Meanwhile, fearing a shortage in rare earth supply coupled with the increased competition of Chinese companies, Western manufacturing giants have started establishing joint ventures with non-Chinese mining companies to build their own production sites and thus guarantee future access.
Lynas, an Australian rare earth mining company, began collaborating this summer with Germany’s Siemens and expects to start its first shipments of rare earths next year (see Bridges Weekly 20 July 2011).
While not necessarily pleased with the price drop, Beijing nonetheless has welcomed these efforts. The government has long argued that its quota and other export restrictions are informed by nature conservation efforts, rather than by protectionist aims as claimed by Beijing’s trading partners.
In August, Beijing closed down several illegal rare earth mines and confiscated unapproved stock piles, measures that the government claims to be part of a larger nature conservation programme aimed at reducing production. This is not the first instance of Beijing taking such a step; China has been attempting to reduce illegal mining since 2009.
In addition, China argues that many of its resources face depletion in the coming decades. Competitor Lynas expects China to become a net importer of rare earths as early as 2015, as company CEO Nick Curtis told the Financial Times this month in an interview.
Export restrictions in a WTO context
With China’s economy booming, making more and more use of the rare earths itself, the nation thus clearly has an interest to keep its resources. However, export restrictions and duties of almost any kind are prohibited under China’s WTO accession protocol, as recently confirmed by a WTO panel in a dispute over other raw material exports from China (see Bridges Weekly, 6 July 2011).
The export restriction system that was the subject of that dispute is very similar to the one used with regards to rare earths.
Much less high-profile but equally telling in this regard is a recent resource trade agreement between rare earth net-importer Germany and Mongolia. The agreement, meant to secure Germany’s energy supply, amongst others, promises the European country limitless raw material exports.
The agreement prevents Mongolia from implementing future export restrictions for raw materials and calls upon the country to eliminate any existing programmes in cases where they impact trade with Germany.
The deal is only one of many that aim to secure free trade in natural resources, including rare earth. While some recently acceded WTO members have vowed to eliminate any export restrictions - including China - general WTO disciplines allow export duties and only outlaw quantitative restrictions.
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<Mogi & Friends Fund A/C>
+6.2%
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
Table: Mongolia Related Stocks (Source: Bloomberg)
| Name | Symbol | $ | Price | Change | +-% | Open | High | Low | Volume | Time | % YTD | % 12 m |
Indices | ASX 200 | AS51:IND | | 4,353.30 | 5.09961 | 0.12% | 4,366.40 | 4,417.60 | 4,339.60 | - | 28-Oct | | |
Nikkei 225 | NKY:IND | | 9,050.47 | 123.93 | 1.39% | 9,059.04 | 9,086.43 | 9,003.09 | - | 28-Oct | | |
Hang Seng | HSI:IND | | 20,019.24 | 330.541 | 1.68% | 20,152.22 | 20,272.38 | 19,972.24 | - | 28-Oct | | |
FTSE 100 | UKX:IND | | 5,702.24 | -11.5796 | -0.20% | 5,713.82 | 5,746.88 | 5,684.95 | - | 28-Oct | | |
TSX Composite | SPTSX:IND | | 12,519.51 | 54.0693 | 0.43% | 12,427.18 | 12,541.84 | 12,415.46 | - | 28-Oct | | |
S&P 500 | SPX:IND | | 1,285.09 | 0.5 | 0.04% | 1,284.39 | 1,287.08 | 1,277.01 | - | 28-Oct | | |
ASX | Aspire Mining | AKM:AU | A$ | 0.44 | 0.015 | 3.53% | 0.445 | 0.46 | 0.435 | 5,663,446 | 28-Oct | -8.33% | 39.68% |
Blina Minerals | BDI:AU | A$ | 0.016 | 0.001 | 6.67% | 0.015 | 0.016 | 0.014 | 2,396,936 | 28-Oct | 6.67% | 0.00% |
C@ | CEO:AU | A$ | 0.065 | -0.004 | -5.80% | 0.081 | 0.082 | 0.062 | 6,214,376 | 28-Oct | 132.14% | 282.35% |
General Mining | GMM:AU | A$ | 0.08 | -0.005 | -5.88% | 0.092 | 0.092 | 0.08 | 599,406 | 28-Oct | -33.33% | -50.00% |
Guildford Coal | GUF:AU | A$ | 1 | 0.01 | 1.01% | 1.02 | 1.05 | 1 | 80,511 | 28-Oct | 36.99% | 81.82% |
Haranga Resources | HAR:AU | A$ | 0.22 | 0 | 0.00% | 0.22 | 0.22 | 0.21 | 279,000 | 28-Oct | -65.63% | |
Hunnu Coal | HUN:AU | A$ | 1.79 | -0.005 | -0.28% | 1.79 | 1.795 | 1.79 | 2,536,017 | 28-Oct | 34.08% | 79.00% |
Mongolian Res Corp | MUB:AU | A$ | 0.26 | 0 | 0.00% | 0.25 | 0.26 | 0.25 | 0 | 30-Sep | | -36.59% |
Robe Australia | ROB:AU | A$ | 0.015 | 0.001 | 7.14% | 0.015 | 0.015 | 0.015 | 16,009 | 28-Oct | 60.43% | 120.59% |
TVN Corp. | TVN:AU | A$ | 0.051 | -0.001 | -1.92% | 0.052 | 0.053 | 0.051 | 1,464,000 | 28-Oct | 410.00% | 628.57% |
Voyager Resources | VOR:AU | A$ | 0.081 | -0.001 | -1.22% | 0.085 | 0.085 | 0.08 | 12,170,417 | 28-Oct | 51.05% | 103.92% |
Xanadu Mines | XAM:AU | A$ | 0.44 | 0.03 | 7.32% | 0.42 | 0.44 | 0.42 | 105,000 | 28-Oct | -22.12% | |
MSE Top 20 | Aduunchuluun | ADL:MO | MNT | 7,902 | -98 | -1.23% | 8,000 | 8,000 | 7,902 | 134 | 28-Oct | -1.23% | 102.62% |
APU | APU:MO | MNT | 3,240 | 40 | 1.25% | 3,200 | 3,240 | 3,200 | 3,961 | 28-Oct | 62.81% | 92.86% |
Baganuur | BAN:MO | MNT | 16,025 | -480 | -2.91% | 16,500 | 16,505 | 16,004 | 364 | 28-Oct | 52.62% | 150.39% |
Mogoin Gol | BDL:MO | MNT | 30,000 | 0 | 0.00% | 30,000 | 30,001 | 30,000 | 0 | 26-Oct | 154.24% | 233.33% |
BDSec | BDS:MO | MNT | 3,900 | 0 | 0.00% | 3,900 | 3,900 | 3,900 | 0 | 25-Oct | 56.00% | 62.50% |
Bayangol Hotel | BNG:MO | MNT | 38,000 | 113 | 0.30% | 37,888 | 38,000 | 37,800 | 153 | 28-Oct | 59.00% | 68.88% |
Bayanteeg | BTG:MO | MNT | 42,989 | 0 | 0.00% | 42,989 | 42,989 | 42,989 | 0 | 21-Oct | | |
Gobi | GOV:MO | MNT | 5,100 | 0 | 0.00% | 5,100 | 5,100 | 5,100 | 0 | 27-Oct | -8.93% | -4.67% |
Khukh Gan | HGN:MO | MNT | 200 | 1 | 0.50% | 199 | 200 | 196 | 68,743 | 28-Oct | 6.95% | 20.48% |
Jenko Tour Bureau | JTB:MO | MNT | 99 | 6 | 6.45% | 92 | 99 | 92 | 15,706 | 28-Oct | 5.32% | 1.02% |
Telecom Mongolia | MCH:MO | MNT | 2,650 | 0 | 0.00% | 2,650 | 2,650 | 2,650 | 212 | 28-Oct | -24.29% | -22.06% |
Mongolia Dev Res | MDR:MO | MNT | 1,200 | -50 | -4.00% | 1,200 | 1,200 | 1,200 | 3,500 | 28-Oct | -7.69% | -0.74% |
Hotel Mongolia | MSH:MO | MNT | 800 | 100 | 14.29% | 700 | 800 | 700 | 793 | 28-Oct | 0.00% | 45.45% |
Remikon | RMC:MO | MNT | 152 | 4 | 2.70% | 148 | 152 | 148 | 132,670 | 28-Oct | 111.11% | 97.40% |
Sharyn Gol | SHG:MO | MNT | 11,800 | -80 | -0.67% | 11,705 | 11,890 | 11,701 | 262 | 28-Oct | 12.38% | 11.32% |
Shivee Ovoo | SHV:MO | MNT | 25,500 | 500 | 2.00% | 25,000 | 25,500 | 25,000 | 50 | 28-Oct | 96.15% | 84.78% |
Suu | SUU:MO | MNT | 70,000 | 0 | 0.00% | 69,998 | 70,000 | 69,998 | 0 | 26-Oct | 233.54% | 567.30% |
Talkh Chikher | TCK:MO | MNT | 10,000 | 0 | 0.00% | 10,000 | 10,000 | 10,000 | 0 | 27-Oct | 170.27% | 226.80% |
Tavantolgoi | TTL:MO | MNT | 11,600 | 50 | 0.43% | 11,550 | 11,600 | 11,550 | 782 | 28-Oct | 101.39% | 145.43% |
State Dept Store | UID:MO | MNT | 450 | 24 | 5.63% | 440 | 450 | 440 | 1,000 | 28-Oct | 4.65% | 6.64% |
HKEx | Solartech Int’l | 1166:HK | HKD | 0.238 | 0.008 | 3.48% | 0.235 | 0.243 | 0.226 | 15,262,550 | 28-Oct | -75.21% | -74.68% |
Winsway | 1733:HK | HKD | 2.6 | -0.13 | -4.76% | 2.8 | 2.89 | 2.57 | 14,644,735 | 28-Oct | -42.15% | -28.33% |
SouthGobi Resources | 1878:HK | HKD | 62.55 | 0.9 | 1.46% | 65 | 65 | 62.5 | 34,500 | 28-Oct | -37.14% | -25.54% |
China Gold | 2099:HK | HKD | 23.2 | -1.65 | -6.64% | 24.7 | 26.7 | 23 | 309,000 | 28-Oct | -44.76% | |
CNNC Int’l | 2302:HK | HKD | 2.25 | 0.07 | 3.21% | 2.28 | 2.28 | 2.12 | 872,000 | 28-Oct | -74.14% | -67.39% |
Real Gold Mining | 246:HK | HKD | 8.81 | -0.05 | -0.56% | 8.81 | 8.81 | 8.81 | 0 | 28-Oct | -34.28% | -35.51% |
Mongolia Energy | 276:HK | HKD | 0.75 | -0.03 | -3.85% | 0.81 | 0.83 | 0.74 | 44,089,157 | 28-Oct | -67.67% | -74.75% |
Zijin Mining | 2899:HK | HKD | 3.46 | -0.11 | -3.08% | 3.69 | 3.8 | 3.34 | 70,045,562 | 28-Oct | -26.65% | -27.65% |
Mongolia Inv Group | 402:HK | HKD | 0.053 | 0.001 | 1.92% | 0.054 | 0.056 | 0.053 | 23,792,000 | 28-Oct | -64.19% | -72.11% |
North Asia Resources | 61:HK | HKD | 0.485 | 0.015 | 3.19% | 0.55 | 0.55 | 0.485 | 211,200 | 28-Oct | -46.70% | -64.60% |
China Daye Non-Fer. | 661:HK | HKD | 0.43 | -0.02 | -4.44% | 0.45 | 0.45 | 0.41 | 15,874,000 | 28-Oct | -23.21% | -8.51% |
Bestway Int’l | 718:HK | HKD | 0.049 | -0.002 | -3.92% | 0.053 | 0.053 | 0.049 | 170,000 | 28-Oct | -65.25% | -70.12% |
Asia Coal | 835:HK | HKD | 0.142 | 0.002 | 1.43% | 0.15 | 0.15 | 0.136 | 2,510,000 | 28-Oct | -43.20% | -43.20% |
Mongolian Mining | 975:HK | HKD | 7 | 0 | 0.00% | 7.12 | 7.32 | 6.95 | 5,513,500 | 28-Oct | -22.82% | -16.57% |
SGX | LionGold | LIGO:SP | SGD | 0.865 | 0.005 | 0.58% | 0.865 | 0.885 | 0.86 | 10,108,000 | 28-Oct | 18.49% | 98.85% |
LSE | Central Asia Metals | CAML:LN | GBp | 68 | 0.125 | 0.18% | 68 | 68 | 68 | 1,633,975 | 28-Oct | -24.65% | -20.93% |
Petro Matad | MATD:LN | GBp | 22.5 | -1.125 | -4.76% | 23.75 | 24 | 22.375 | 582,626 | 28-Oct | -81.56% | -83.70% |
Metal-Tech | MTT:LN | GBp | 5 | 0 | 0.00% | 5 | 5 | 5 | 0 | 28-Oct | -67.74% | -67.74% |
Origo Partners | OPP:LN | GBp | 33 | 0.25 | 0.76% | 32.75 | 33 | 32.75 | 137,000 | 28-Oct | -19.51% | -14.29% |
North America | Aberdeen Int’l | AAB:CN | CAD | 0.68 | 0 | 0.00% | 0.68 | 0.69 | 0.67 | 36,614 | 28-Oct | -15.91% | 22.45% |
Blue Zen Mem. Parks | BZM:CN | CAD | 0.16 | 0.005 | 3.23% | 0.16 | 0.16 | 0.16 | 6,000 | 28-Oct | | |
Centerra Gold | CG:CN | CAD | 19.53 | 0.21 | 1.09% | 19.02 | 19.88 | 19 | 604,514 | 28-Oct | 0.54% | -1.98% |
China Gold | CGG:CN | CAD | 3.12 | -0.07 | -2.19% | 3.19 | 3.19 | 3.01 | 296,648 | 28-Oct | -42.54% | -37.85% |
Denison Mines | DML:CN | CAD | 1.62 | -0.01 | -0.61% | 1.64 | 1.68 | 1.58 | 1,453,729 | 28-Oct | -52.49% | -24.30% |
Denison Mines | DNN:US | USD | 1.63 | -0.02 | -1.21% | 1.65 | 1.68 | 1.58 | 1,299,619 | 28-Oct | -52.34% | -22.38% |
East Asia Minerals | EAS:CN | CAD | 0.9 | 0.26 | 40.63% | 0.66 | 0.9 | 0.64 | 1,272,095 | 28-Oct | -88.80% | -86.75% |
Entree Gold | EGI:US | USD | 1.94 | 0 | 0.00% | 1.92 | 1.99 | 1.71 | 99,109 | 28-Oct | -43.93% | -24.81% |
Erdene Resource | ERD:CN | CAD | 0.4 | -0.02 | -4.76% | 0.42 | 0.42 | 0.39 | 127,100 | 28-Oct | -67.74% | -29.82% |
Entree Gold | ETG:CN | CAD | 1.9 | 0 | 0.00% | 1.8 | 1.98 | 1.63 | 103,075 | 28-Oct | -45.25% | -28.03% |
Fortress Minerals | FST:CN | CAD | 4 | -0.4 | -9.09% | 4 | 4 | 4 | 100 | 28-Oct | -8.05% | 11.11% |
Garrison Int’l | GAU:CN | CAD | 0.03 | 0 | 0.00% | 0.03 | 0.03 | 0.03 | 0 | 17-Oct | -66.67% | -33.33% |
Gulfside Minerals | GMG:CN | CAD | 0.09 | 0 | 0.00% | 0.085 | 0.09 | 0.085 | 0 | 27-Oct | -5.26% | -45.45% |
Green Tech Solutions | GTSO:US | USD | 0.115 | -0.005 | -4.17% | 0.12 | 0.12 | 0.09 | 443,564 | 28-Oct | | |
Ivanhoe Energy | IE:CN | CAD | 1.28 | -0.05 | -3.76% | 1.33 | 1.33 | 1.26 | 456,553 | 28-Oct | -52.94% | -51.52% |
Ivanhoe Energy | IVAN:US | USD | 1.31 | -0.03 | -2.24% | 1.32 | 1.33 | 1.27 | 852,305 | 28-Oct | -51.84% | -49.62% |
Ivanhoe Mines | IVN:CN | CAD | 20.78 | 0.89 | 4.47% | 19.44 | 21.17 | 19.38 | 1,786,167 | 28-Oct | -9.65% | -9.85% |
Ivanhoe Mines | IVN:US | USD | 20.99 | 0.87 | 4.32% | 19.73 | 21.3099 | 19.48 | 2,484,416 | 28-Oct | -8.42% | -7.49% |
Kincora Copper | KCC:CN | CAD | 0.32 | 0 | 0.00% | 0.32 | 0.32 | 0.32 | 1,666 | 28-Oct | 18.52% | 166.67% |
Khan Resources | KRI:CN | CAD | 0.24 | 0 | 0.00% | 0.24 | 0.25 | 0.24 | 16,500 | 28-Oct | -50.00% | -42.86% |
Long Harbour | LHC:CN | CAD | 0.12 | 0 | 0.00% | 0.125 | 0.125 | 0.12 | 0 | 27-Oct | | |
Lucky Strike | LKY:CN | CAD | 0.7 | 0.05 | 7.69% | 0.69 | 0.7 | 0.69 | 24,550 | 28-Oct | -51.72% | 70.73% |
Lucky Strike | LKYSF:US | USD | 0.6817 | 0 | 0.00% | 0.6815 | 0.6817 | 0.6815 | 0 | 24-Oct | -51.95% | |
Meritus Minerals | MER:CN | CAD | 0.045 | 0 | 0.00% | 0.045 | 0.045 | 0.045 | 10,700 | 28-Oct | -77.50% | -85.94% |
Manas Petroleum | MNAP:US | USD | 0.195 | -0.005 | -2.50% | 0.2 | 0.2 | 0.18 | 62,481 | 28-Oct | -67.50% | -61.00% |
Mongolia Growth Grp | MNGGF:US | USD | 4.549 | 0.159 | 3.62% | 4.375 | 4.549 | 4.375 | 10,500 | 28-Oct | | |
Blue Wolf Mongolia | MNGL:US | USD | 9.58 | 0 | 0.00% | 9.59 | 9.61 | 9.58 | 0 | 14-Oct | | |
Blue Wolf Mongolia | MNGLU:US | USD | 10.15 | 0 | 0.00% | 10.2 | 10.2 | 10.12 | 0 | 27-Oct | | |
Manas Petroleum | MNP:CN | CAD | 0.155 | 0 | 0.00% | 0.155 | 0.155 | 0.155 | 0 | 25-Oct | | |
Prophecy Coal | PCY:CN | CAD | 0.56 | 0.05 | 9.80% | 0.52 | 0.58 | 0.51 | 691,300 | 28-Oct | -35.23% | -15.89% |
Prophecy Coal | PRPCF:US | USD | 0.5566 | 0.0287 | 5.44% | 0.528 | 0.58 | 0.528 | 102,500 | 28-Oct | -36.89% | -14.28% |
Puget Ventures | PVS:CN | CAD | 0.49 | 0 | 0.00% | | | | 0 | 17-Sep | | |
SouthGobi Resources | SGQ:CN | CAD | 8.09 | 0.09 | 1.13% | 8 | 8.1 | 7.95 | 30,349 | 28-Oct | -33.58% | -25.92% |
Solomon Resources | SRB:CN | CAD | 0.085 | 0.005 | 6.25% | 0.08 | 0.085 | 0.08 | 14,000 | 28-Oct | -60.47% | -75.36% |
Wedge Energy | WEG:CN | CAD | 0.015 | 0 | 0.00% | | | | 0 | 3-Aug | | |
Mongolia Growth Grp | YAK:CN | CAD | 4.5 | 0.1 | 2.27% | 4.45 | 4.5 | 4.37 | 16,400 | 28-Oct | | |
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"Mogi" Munkhdul Badral
Senior Client Manager / Executive Director
CPS International LLC
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.
