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Khan Resources to fight Mongolia license decision
* Says no legal basis for Mongolia to reject licenses
* Considering all legal means, international arbitration
* Shares down 5.56 pct at C$0.51
TORONTO, Nov 12 (Reuters) - Khan Resources (TSE:KRI) said on Friday that it would use all available legal means, including international arbitration, to fight a decision by Mongolian authorities not to reinstate the Canadian miner's licenses at the Dornod uranium deposit.
Toronto-based Khan said Mongolia's Nuclear Energy Agency (NEA) had published a notice in Mongolian newspapers saying it would not reinstate the exploration and mining licenses. It said there was no legal basis for the agency's decision.
Khan has been caught up in an eight-month-long legal dispute with the NEA over exploration at Mongolia's largest uranium deposit, which was licensed through subsidiaries Khan Resources LLC and Central Asian Uranium Co LLC.
Khan said the NEA had not responded directly to its request to reinstate the licenses, but the newspaper reports suggest the agency has ruled against the miner on the grounds it violated Mongolian law.
The junior miner said it has not violated any laws and will challenge the agency's ruling. Khan has already won two court decisions in Mongolia over the licensing, the first in July and then again in October.
The company originally submitted an application to re-register its mining and exploration licenses in November 2009, after the Mongolian government changed rules relating to resource ownership.
A deal between Ivanhoe Mines (TSX:IVN) and Rio Tinto (LON:RIO) to develop the Oyu Tolgoi mine has put the mineral rich country in the investment spotlight.
But there are geopolitical risks to investing in Mongolia, which is sandwiched between Russia and China.
Shares in Khan Resources were down 5.56 percent at 51 Canadian cents on Friday on the Toronto Stock Exchange.
Other news:
Stocks, Commodities Slide on China Concern; Treasuries Tumble
Nov. 12 (Bloomberg) -- Stocks slid, extending the biggest weekly slump in three months for U.S. benchmark indexes, and commodities tumbled amid speculation China will lift interest rates. Irish and Portuguese bonds rose as Group of 20 officials said they're working on ways to resolve the debt crisis.
The Standard & Poor's 500 Index fell 1.2 percent to 1,199.21 at 4 p.m. in New York after the Shanghai Composite Index sank the most since August 2009. The Thomson Reuters/ Jefferies CRB commodities index fell the most in 18 months as oil and copper lost more than 3 percent. Irish 10-year notes rose for first time in 14 days. Treasuries fell, with two-year yields increasing the most in six months, amid reduced demand for safety from bond investors.
The S&P 500 halted a five-week string of gains, its longest since April. China may increase rates within weeks after inflation accelerated to the fastest pace in 25 months in October, according to a Bloomberg survey. G-20 leaders agreed to develop indicators to head off economic turmoil, while officials from Europe's largest economies said outstanding debt will be exempt from a crisis-resolution mechanism that may force bondholders to share costs of bailouts.
"The market wants to go up, but I worry about one thing and that's a dominance of the macro picture coming to the forefront," said Keith Wirtz, who oversees $18 billion as chief investment officer at Fifth Third Asset Management in Cincinnati. "The market's largely through the earnings season, so we're moving into that quiet stage. We may be moving back into that environment where the macro items dominate."
…
European Stocks
Three stocks fell for every two that gained in the Stoxx Europe 600 Index, which slipped 0.5 percent to extend its weekly loss to 0.7 percent. Basic-resources shares led the selloff as metals declined, with BHP Billiton Ltd. sliding 2.1 percent as copper, silver and gold led declines in metals.
…
The Shanghai Composite Index sank 5.2 percent, its biggest decline since August 2009.
China's consumer prices jumped 4.4 percent in October, more than the 4 percent median forecast in a Bloomberg News survey of 28 economists. September prices rose 3.6 percent. The government's full-year inflation target is 3 percent. The People's Bank of China on Nov. 10 ordered an increase in bank reserve requirements by 50 basis points from Nov. 16, the first nationwide boost since May.
'Lingering Concerns'
"China's focus on containing inflation highlights the risk that other nations will face in the wake of global easing and rising commodity prices," said Olan Caperina, who helps manage $11 billion at Bank of the Philippine Islands in Manila. "There are still lingering concerns the global economy remains in a fragile state of recovery."
The MSCI Emerging Markets Index fell 1.7 percent, the most since August. Benchmark indexes in India, the Philippines, Thailand and Taiwan retreating at least 1 percent. Banks led Turkey's National ISE 100 index lower after the central bank increased reserve levels for lenders. Hungary's BUX index gained 1.9 percent after a report showed the economy accelerated last quarter more than economists predicted.
…
"Mogi" Munkhdul Badral
Executive Director
CPS International LLC
Mobile: +976-99996779
Email: mogi@cpsinternational.mn
Suite 906, Central Tower
Sukhbaatar District, Ulaanbaatar
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.
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