(ASX is closed today as Australia is celebrating "Queen's Day")
Push to draw Chinalco into Oyu Tolgoi project
June 14 (Dow Jones NewsWires) THE governments of China and Mongolia are discussing a potential labour agreement which, if finalised, will transfer 2500 Chinese to work for the copper-gold mining project Oyu Tolgoi in Mongolia, the 21st Century Business Herald reported yesterday.
A person involved in the talks, who was not named, said the earliest a decision about whether Chinalco could participate in the development of the Oyu Tolgoi project may come next month.
Chinalco is now an indirect participant of the mine because it has roughly 9 per cent stake in Rio Tinto, which has a 22.4 per cent stake in Ivanhoe, the operator of Oyu Tolgoi project --
...
www.theaustralian.com.au/business/push-to-draw-in-chinalco/story-e6frg8zx-1225879219176
Hunnu Coal's Presentation during Beijing's Mines and Money
June 11, 2010 --
www.hunnucoal.com/pdfs/BeijingMinesAndMoneyPresentation11Jun10.pdf
Oyutolgoi Board holds first meeting
June 14 (news.mn) The Representative Administrative Board of Oyutolgoi LC has held its first meeting with G.Batsukh in the chair. Over two days the board discussed and then approved working procedures and also set the date of the next meeting.
Keith Marshall, representing Ivanhoe Mines, reported that with the hiring of 1,200 employees in the past two months, the number of Mongolians working in the construction site has gone up to 1,800.
The board discussed how to increase the number of Mongolian companies supplying material and services. USD60 million worth of products must be bought by 2011. A training program will soon be submitted to the Ministry of Education, Culture and Science, involving 3,000 Mongolian workers and five universities.
english.news.mn/content/15880.shtml
OT's Website Release: en.ot.mn/content/358.shtml
Petro Matad Restarts Davsan Tolgoi Operations As Foot-And-Mouth Restrictions Are Lifted
June 11 (Proactive Investors) Petro Matad (LON:MATD) has restarted operations at its Davsan Tolgoi prospect in Block XX, in Mongolia's Dornod Aimag Province, after the foot-and-mouth enforced restrictions were lifted. On 1 June, the company had to suspend operation, as the governor of Dornod Aimag imposed blanket vehicle and personnel movement restrictions in and out of the area
...
This afternoon, Petro Matad confirmed that the movement of all personnel and vehicles is now unrestricted, and the company's management team was remobilised yesterday and is now onsite. Final preparations for drilling are underway and Petro Matad expects to spud the DT-1 well during the week commencing 14 June 2010.
...
www.proactiveinvestors.com/companies/news/6423/petro-matad-restarts-davsan-tolgoi-operations-as-foot-and-mouth-restrictions-are-lifted-6423.html
Origo raising $30m for Chinese and Mongolian investments
June 11 (Business Financial Newswire) - Private equity investor Origo Partners plans to raise up to m via a placing through an accelerated book-building process.
It says it will use the net proceeds to fund a number of new, well-advanced investment opportunities in the Chinese clean-tech and agriculture sectors and in the Mongolian natural resources sector.
...
Together with the company's existing cash resources, the funds will be used for seed investment of about $10m in the new Origo China Sustainable Development Fund; Mongolian mineral resource investment opportunities totalling $20m, and investment opportunities in the Chinese clean-tech and agriculture sectors amounting to $20m.
...
Origo will publish its results for 2009 by the end of June. It expects to report NAV per share of $0.61.
www.bfnnews.com/display/?id=3875796
SouthGobi fights stock drop
June 11 (BIV Interactive) The coal industry may be on a high, but SouthGobi Resources Ltd. (TSX:SGQ; HK:1878) has lost nearly half its share value over the last five months.
The Vancouver-based coal miner's stock sat at $11.93 in early day trades this morning, which is compared with a 52-week high of $20.39 on January 8.
SouthGobi announced a share repurchase program this week in which up to five million, or 2.7%, of its outstanding common shares would be bought back.
...
Feldman said the company has maintained its production and development plan for the last several months, yet is realigning its coal pit.
The pit realignment is meant to improve the operation's efficiency, but has affected production and costs in 2010's first quarter.
SouthGobi's stock dropped $0.06 to $11.50 on the day that news broke and within a week closed as low as $9.84.
The company expects the alignment to be finished by the end of 2010's second quarter.
...
The share repurchase program is scheduled to start June 15 and remain open until June 14, 2011.
All repurchased shares will be cancelled, and SouthGobi said it has not repurchased any of its shares in the last year.
www.bivinteractive.com/index.php?option=com_content&task=view&id=2617&Itemid=60
MEC Appoints Dennis Carl Price as Chief Operating Officer
Hong Kong, June 14, 2010 - (ACN Newswire) - Mongolia Energy Corporation Limited (HKSE: 276) ("MEC" or the "Group") is pleased to announce that Mr. Dennis Carl Price ("Mr. Price") has joined the Group as Chief Operating Officer - Mongolia, effective May 14, 2010.
...
Prior to joining MEC, Mr. Price was the President of Price Management Consulting LLC, and has been providing consulting services for corporations in the mining industry around the world. ... Mr. Price was also formerly the General Director of the largest open-pit mine in Kazakhstan, and has extensive operating and
engineering experience in exploration and mining of coal, gold and various other minerals.
...
en.acnnewswire.com/Article.Asp?Art_ID=4112〈=EN
Centerra May Make C$3 Billion of Gold Acquisitions
June 11 (Bloomberg) -- Centerra Gold Inc., the owner of the Kumtor mine in Kyrgyzstan, said it may spend as much as C$3 billion ($2.9 billion) buying assets in the next year to boost production.
...
The Toronto-based company is looking to pay for assets in cash, stock or a combination of both and will also consider forming "small" joint ventures, Chief Financial Officer Jeffrey Parr said.
...
Asian Expansion
Kumtor produced more than 525,000 ounces of gold last year, according to Centerra's website. The company, which also operates a mine in Mongolia, plans to keep expanding production in Asia.
...
Gold futures for August delivery added $8, or 0.7 percent, to $1,230.20 an ounce on the Comex in New York. The metal is up 12 percent this year.
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Centerra was spun off from Cameco Corp., the world's second-biggest uranium producer, in June 2004.
www.bloomberg.com/apps/news?pid=newsarchive&sid=aMYSdoO10w3o
Mongolia at broad-gauge railway countries' meeting at Sochi
June 11 (news.mn) Representatives from countries with a 1,520-mm railway gauge participated at the fifth business forum called "1520-Strategic Partnership", held recently in Sochi in the Russian Federation. They were drawn from governments, the private sector, railway authorities, international transportation companies, and the banking sector. They discussed important issues of cooperation, transportation system, and tariff. This annual conference was first held in 2006.
Currently the broader gauge is limited to countries of the Commonwealth of Independent States, the Baltic republics, Finland and Mongolia. The total length of railway tracks in these places is around 150,000 km. Their difference from the rest of the world poses some unique problems of logistics for these countries and the forum explores ways of surmounting these.
english.news.mn/content/15744.shtml
China
Posco buys controlling stake in Chinese rare earth company news
June 11 (domain-b.com) South Korea's largest and the world's second-largest steel maker Pohang Iron and Steel Company, (Posco) and Korea Resources Corporation have teamed up to take a controlling stake in Yongxin Rare Earth Metal Co, a Chinese rare earth mining company.
Posco, through its Chinese investment subsidiary Posco-China and Korea Resources acquired a 60-per cent in Inner Mongolia autonomous region-based Yongxin Rare Earth Metal for 59.76 million yuan ($8.8 million).
The acquisition was made to sidestep China's restriction on rare earth exports, which it has implemented since last year. Only about one-fifth of rare earth mining companies in China hold export quotas.
...
China holds 95 per cent of the world's rare earth elements reserves and Inner Mongolia accounts for about 75 per cent of it.
...
www.domain-b.com/companies/companies_p/posco/20100611_company.html
Hong Kong Stocks Rise to One-Month High on U.S. Growth Optimism
June 14 (Bloomberg) -- Hong Kong stocks rose, driving the Hang Seng Index to a one-month high, as increased sentiment among U.S. consumers boosted speculation demand for products and resources will increase in the world's biggest economy.
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The Hang Seng Index gained 0.9 percent to 20,051.91 in Hong Kong, its highest close since May 14. The gauge has risen for five straight days, the longest winning streak since March 11. The Hang Seng China Enterprises Index of Chinese companies' so- called H-shares climbed 1.6 percent to 11,520.95.
...
www.bloomberg.com/apps/news?pid=20601089&sid=ai_ZWnyJMeLU
Exports unlikely to affect forex policy
BEIJING, June 14 (Xinhuanet) -- Faster-than-expected export growth in May is unlikely to prompt the government to have a major rethink of its current policies on trade and the currency.
Yao Jian, spokesman for the Ministry of Commerce, said the "stability" of China's trading policy is "paramount", given the murky economic situation in Europe, which is China's biggest trade partner.
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China's exports surged by nearly 50 percent in May year-on-year, exceeding most analysts' forecasts and producing a monthly trade surplus of $19.5 billion. Exports to the European Union were up 34.4 percent in the month from a year earlier, while exports to the United States rose 24.8 percent.
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US Treasury Secretary Timothy Geithner said on Thursday that the "distortions" in China's currency policy are spreading far beyond its borders, adding that currency reform was critically important for the United States and the global economy.
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According to figures from the commerce ministry released on Saturday, actually utilized FDI rose 27.48 percent to $8.13 billion in May, the 10th consecutive monthly rise.
Many experts have expressed concerns that wage rises will force overseas-invested firms to move to neighboring countries such as India and Vietnam, where wage bills are lower.
...
news.xinhuanet.com/english2010/business/2010-06/14/c_13349444.htm
China expects big fall in trade surplus this year: commerce ministry
BEIJING, June 12 (Xinhua) -- China's trade surplus would likely fall noticeably this year as exports outlook would not be optimistic while imports would remain robust, Ministry of Commerce spokesman Yao Jian said at a briefing Saturday.
Exports growth would slow after July, Yao forecast, adding the surge in exports in May was due to a low comparison basis last year. China's exports in May surged 48.5 percent year on year, customs data released Thursday.
China's trade surplus in the first five months fell 59.9 percent to 35.39 billion U.S. dollars. The figure in 2009 topped 196.07 billion U.S. dollars, down 34.2 percent year on year.
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The WTO regulated trade policies instead of a country's overall financial or foreign exchange policies, he said.
news.xinhuanet.com/english2010/china/2010-06/12/c_13347482.htm
Global
Stocks, U.S. Futures, Commodities Rally on Economic Sentiment
June 14 (Bloomberg) -- Stocks rose for a fifth day, U.S. index futures gained and commodities rallied on speculation government reports this week will show the global economic rebound is continuing. The yen weakened and bonds fell.
The MSCI Index of stocks in 24 developed nations gained 0.9 percent at 11:52 a.m. in London for its longest winning streak since October. Futures on the Standard & Poor's 500 Index advanced 0.8 percent. Copper rallied for a fifth day in London, oil climbed 2.1 percent and sugar jumped for an eighth consecutive session. The yield on the 10-year Treasury climbed four basis points to 3.27 percent and the yen weakened against all 16 of its most-traded counterparts.
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The yen dropped 0.2 percent to 91.80 per dollar, and weakened 1.2 percent against the euro to 112.36. The dollar depreciated 1.1 percent to $1.2238 versus the euro. The pound climbed 1.3 percent to $1.4736 and gained 0.2 percent to 83.1 pence per euro after the Office for Budget Responsibility said Britain's deficit will be 22 billion pounds ($32 billion) lower than the Treasury had forecast for 2010-2015.
www.bloomberg.com/apps/news?pid=20601087&sid=aB5iD0Hy56Os&pos=1
ARMZ Values Uranium One Bid at More Than $1.6 Billion
June 9 (Bloomberg) -- Uranium Holding ARMZ, a unit of the Russian state nuclear company, valued its bid for 51 percent of Canada's Uranium One Inc. at more than $1.6 billion and said the combination may become the biggest producer of the metal.
ARMZ agreed to buy the controlling stake in exchange for $610 million in cash and interests in two mines in Kazakhstan.
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BMO Capital Markets is advising Uranium One on the deal and Goldman Sachs Group Inc. is advising ARMZ. Kazakhstan's state- run Kazatomprom owns the other 50 percent of the Akbastau mine and 49.7 percent of Zarechnoye.
www.bloomberg.com/apps/news?pid=newsarchive&sid=aSyBhGiJOS20
Misc.
Magical Mongolia
June 12, Mongolia is a land of surprises — from the barren Gobi Desert to the quirky Russian-influenced city of Ulan Bator and on to the grasslands of the Mongolian steppe. It was a journey of a lifetime for this traveller.
...
thestar.com.my/lifestyle/story.asp?file=/2010/6/12/lifetravel/6295792&sec=lifetravel
Jordan edges Mongolia in HSBC A5N Division IV Semi Final (Rugby)
Wednesday June 9 2010: Jordan edged Mongolia 29 – 21 in the first semi final of the HSBC A5N Division IV competition on Wednesday. The result sees Jordan earn a place in the final on Saturday 12 June 2010 after the recent closure of the border between Kyrgyzstan and Kazakhstan saw Kyrgyzstan unable to travel to Kazakhstan for the tournament. Although earning a walkover, Uzbekistan beat an Almaty Select XV 46-0 in their opening match
www.heavensgame.com/asian-5-nations/jordan-edges-mongolia-in-hsbc-a5n-division-iv-semi-final
--
"Mogi" Munkhdul Badral
CPS Mongolia
Email: mogi@cpsmongolia.mn
Mobile: +976-99996779
CPS Mongolia is a marketing arm of CPS Securities in Mongolia. CPS Securities is a Perth, Western Australia based ASX Licensed Financial Services Company. To trade ASX stocks, feel free to contact me at mogi@cpsmongolia.mn or +976-9999-6779.
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