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Close: Mongolia Related ASX Listed Companies, June 15, 2011 | ||||||||
Code | Last | $ +/- | Bid | Offer | Open | High | Low | Volume |
0.040 | -0.005 | 0.040 | 0.041 | 0.045 | 0.045 | 0.040 | 2,716,982 | |
1.375 | 0.015 | 1.350 | 1.380 | 1.360 | 1.385 | 1.350 | 676,009 | |
0.285 | 0.000 | 0.265 | 0.285 | 0.000 | 0.000 | 0.000 | 0 | |
0.630 | 0.010 | 0.620 | 0.635 | 0.620 | 0.640 | 0.620 | 253,038 | |
0.010 | 0.000 | 0.010 | 0.011 | 0.010 | 0.011 | 0.010 | 1,092,854 | |
0.005 | 0.000 | 0.004 | 0.005 | 0.005 | 0.005 | 0.005 | 177,915 | |
0.062 | 0.000 | 0.062 | 0.064 | 0.063 | 0.064 | 0.061 | 3,108,079 | |
0.150 | 0.000 | 0.150 | 0.160 | 0.155 | 0.160 | 0.150 | 32,625 | |
1.150 | -0.035 | 1.140 | 1.155 | 1.190 | 1.200 | 1.115 | 763,772 | |
0.235 | 0.005 | 0.230 | 0.240 | 0.230 | 0.235 | 0.230 | 339,738 | |
0.380 | -0.020 | 0.350 | 0.500 | 0.380 | 0.380 | 0.380 | 10,000 | |
0.420 | 0.050 | 0.410 | 0.420 | 0.370 | 0.440 | 0.370 | 1,018,487 | |
21.550 | -0.150 | 21.550 | 21.600 | 21.740 | 21.790 | 21.550 | 737,690 | |
80.080 | -0.130 | 80.000 | 80.090 | 80.150 | 80.360 | 79.610 | 2,460,534 | |
42.890 | -0.160 | 42.850 | 42.910 | 43.070 | 43.130 | 42.720 | 10,888,154 | |
Source: asx.com.au
RenCap: Moncoalia – Mongolian Coal and Infrastructure Report
June 15, Renaissance Capital. Initiation of Coverage on MMC, MEC, SouthGobi and Hunnu
· The Mongolian coal sector can be summarised in two words: quality travels. There is no shortage of coal in Mongolia, but distance and cost to market, and coal quality are the differentiators between companies. In general, we prefer coking coal producers close to China with access to railways. The migration from dirt roads to rail roads will increase the reach of Mongolian coal and its competitiveness in the international market, but this will take time. In the short term, China remains the natural market for Mongolian coal and coal prices will continue to be based on prices in Inner Mongolia, Gansu and Xinjiang.
· Production and margins expanding. Mongolian coal producers will see margins improve in the next few years as transport costs fall, coal quality improves with downstream processing, and better and more infrastructure allows them to access broader regional markets. Margin expansion will be magnified by aggressive production growth plans from all companies.
· Our picks. We initiate coverage on Mongolian Mining Corporation (BUY; TP HKD14.00); Mongolia Energy Corporation (HOLD; TP HKD1.15); SouthGobi Resources (BUY; TP HKD110); and Hunnu Coal (BUY; TP AUD2.20). Our top pick is Mongolian Mining Corporation, the only hard coking coal producer currently. We think Hunnu and SouthGobi offer considerable upside potential if they can deliver new projects, while we are more cautious on Mongolia Energy Corporation where the ramp-up of its Khushuut mine is constrained by logistics bottlenecks, particularly at the Chinese border.
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MICC raised US$2.5 million for Altan Rio as a pre-IPO private placement
June 14 (MICC) Mongolia International Capital Corporation (MICC), a leading full service investment bank, has successfully completed a US$ 2,5 million pre-IPO private fund raising for Altan Rio Minerals Limited, an exploration company focused entirely on copper and gold in Mongolia.
Following the completion of this private fund raising, Altan Rio plans to list on the Toronto Stock Exchange Venture (TSXV) within the 3rd quarter of 2011. By raising private funds before its scheduled IPO, Altan Rio, is not only able to fund its on-going exploration programs but also welcomes its first Mongolian investors on board.
Evan Jones, President and CEO of Altan Rio Minerals Limited, said “We are very pleased to have Mongolian investors as shareholders of Altan Rio. It is indeed a strategic milestone for our company and we believe that our Mongolian investor base will be an important asset for our company moving forward.”
Batnairamdal Otgonshar, Vice President of MICC, noted “We are very delighted to close Altan Rio’s pre-IPO fund raising in the period of one month with oversubscription. Within the last 18 months, we have placed a number of high profile Mongolian company IPOs , including Hunnu Coal, Haranga Resources on the Australian Stock Exchange and Mongolian Mining Corporation on the Hong Kong Stock Exchange and we believe that Altan Rio’s successful deal closing is a reflection of MICC’s leading position in the Mongolian capital market.”
XAM up 13.5% to 42c on the news
Xanadu Mines acquires Mongolian coking coal assets as part of Noble JV
June 15 (Proactive Investors Australia) Xanadu Mines (ASX: XAM) has finalised a farm-in agreement on the Nuurstei coking coal project in Northern Mongolia as part of its strategic alliance with Noble Group (SGX:N21), Asia's largest diversified commodities trading company.
The deal represents the first major coking coal acquisition for the newly formed Xanadu–Noble alliance which was created in March 2011.
The earn-in agreement will be undertaken via Ekhgoviin Chuluu LLC (EC), a vehicle established to seek out and develop new coking coal opportunities as part of the strategic alliance.
EC can earn up to 80% of the Nuurstei coking coal licences by meeting various spending commitments over 4 years, under the terms of the agreement.
These include up to US$1.5 million on drilling to earn the first 60%, followed by a commitment to complete a JORC resource to earn a further 20%, taking EC’s interest to 80% of the Project.
Brian Thornton, Xanadu’s chairman, said “Nuurstei demonstrates the determination by the alliance to become the principal mid-tier coking coal group operating in Mongolia, now commonly referred to as an emerging energy and metals powerhouse.”
A reconnaissance drill program has already commenced at Nuurstei with one multipurpose drill rig operating on a double shift basis.
The company expects the first phase will include 3,500 metres of diamond and mud rotary drilling and will take at least two months to complete. Preliminary coal quality results will be available in early July 2011.
The Nuurstei joint venture underpins the core strategy of EC which aims to identify and develop significant coking coal opportunities, close to existing infrastructure that will meet anticipated current and future demands from China and North Asian markets.
Xanadu recently completed a detailed 74 hole diamond drilling program at its 100% owned Galshar thermal coal project as part of its strategy to convert the resource to JORC code classification.
The company expects this work to be completed in August 2011 by Xanadu’s technical consultants McElroy Bryan Geological Services.
The company's other main asset in Mongolia is the Khar Tarvaga coal project which contains a large JORC compliant coal resource of 327 million tonnes.
CY up 6.35% on Tuesday to 67c
Prophecy Coal secures Far East Russian seaboard port access
June 14 (Proactive Investors USA & Canada) Canada-based Prophecy Coal Corp. (TSX: PCY) said on Tuesday that it has arranged with the port of Sovgavan in the State of Khabarovsk, Russia to have initial access to the port for 25,000 tonnes per month starting in June, offering the company's Ulaan Ovoo thermal coal mine access to the Asian seaborne export coal markets.
The port, located at the Russian Far Eastern seaboard, is privately-owned and can handle seagoing vessels up to 160 metres in length, and has a loading capacity of 6,000 tonnes per day, offering direct connections to Trans-Siberian railroads and Russian state highways.
Prophecy said that access to port allocation could expand to 50,000 tonnes per month, reflecting 300,000 to 600,000 tonnes annually. The coal company has also been assigned a coal storage area at the port.
The pact opens Prophecy up to a large number of coal buyers, it said.
In other news, Prophecy’s Ulaan Ovoo mine in Mongolia, which began production this year, has so far produced 200,000 tonnes of coal year to date, of which 50,000 tonnes is being stockpiled at the mine and at Sukhbaatar rail siding destined for Sovgavan port. The average quality of the total 200,000 tonnes of stockpiled coal is 4,200 Kcal/kg NAR.
The Ulaan Ovoo coal mine has measured and indicated mineral resources of 208 million tonnes. Thus far, over $25 million has been committed or invested in the equipment and commissioning of the mine.
In May, Prophecy received its second mining fleet and expects to get 18 coal transport trucks by the end of the month, which are expected to reduce transportation costs from hauling coal from the mine to the Sukhbataar rail station.
The company also said that as a result of fuel rationing undertaken by the Mongolian government, it is monitoring its fuel consumption and optimizing production rates to sustain mining and coal transportation activities for the remainder of the year.
MEC: COMPLETION OF SUBSCRIPTION FOR HK$2,000,000,000 3% COUPON CONVERTIBLE NOTE DUE 2014 AND ADJUSTMENT TO SF CONVERTIBLE NOTE DUE 2013
June 15, Mongolia Energy Corporation Limited (HK:276). Reference is made to the announcement of Mongolia Energy Corporation Limited (the "Company") dated 12 May 2011 (the "Announcement") in relation to the subscription of the Note by Chow Tai Fook Nominee Limited. Unless the context requires otherwise, capitalised terms used herein have the same meaning as those defined in the Announcement.
The Board is pleased to announce that all the conditions precedent under the Subscription Agreement have been fulfilled and the Note in the principal amount of HK$2,000,000,000 was issued to Chow Tai Fook Nominee Limited on 15 June 2011.
Assuming full conversion of the Note at the initial Conversion Price, a total of 1,000,000,000 Conversion Shares will be allotted and issued, representing approximately 15.14% of the entire issued share capital of the Company as at the date of this announcement and approximately 13.15% of the entire issued share capital of the Company as enlarged by the issue of the Conversion Shares.
The entire proceeds from the issue of the Note have been used by the Company to redeem the 2008 Note in full. The Note will not be listed on the Stock Exchange or any other stock exchange. The approval of the listing of, and permission to deal in, the Conversions Shares was granted by the Listing Committee of the Stock Exchange on 8 June 2011.
ADJUSTMENT TO THE CONVERSION PRICE UNDER THE SF CONVERTIBLE NOTE
Pursuant to the terms and conditions of the SF Convertible Note, the conversion price of the SF Convertible Note has been adjusted from HK$3.40 per Share to HK$3.19 per Share and an additional 9,038,172 Shares will be issued upon exercise of the SF Convertible Note as a result of the issue of the Note. Save for the above adjustment, all other terms and conditions of the SF Convertible Note remain unchanged. The above adjustment was computed by the Company in accordance with the terms and conditions of the SF Convertible Note and has been reviewed and confirmed by a financial adviser pursuant to the terms of the SF Convertible Note.
Mongolian Mining (975) controlling holder to charge 9% stake
June 13 (ETNet) Mongolian Mining Corporation (00975) said it has been advised that controlling shareholder MCS Mining Group Limited has agreed to charge about 336.7 million shares, representing about 9% of the issued shares, in favour of Standard Bank Plc.
The charge was entered into as part of the security to secure loan facilities granted to MCS Holding LLC, MCS International LLC and MCS Property LLC and further shares held by MCS Mining Group Limited may be, from time to time, charged under the new share charge in order to ensure that MCS Holding LLC, MCS International LLC and MCS Property LLC comply with their obligations under the new facilities agreement.
The new share charge is expected to be discharged and released upon full repayment of the loan(s) granted under the new facilities agreement.
Mongolian Mining has also been advised that the security created pursuant to the share charge will be released on the date of first drawdown under the new facilities agreement on which date all amounts outstanding under the facilities agreement will be repaid in full. (HL)
Ivanhoe Energy issues operational update on major development and exploration projects
Focus on execution remains key priority
CALGARY, June 15, 2011 /PRNewswire/ - David Dyck, President and Chief Operating Officer of Ivanhoe Energy Inc. (TSX: IE, NASDAQ: IVAN), today issued an operational update on the company's major initiatives and outlined the company's priorities to advance domestic and international projects toward production.
"Ivanhoe Energy is well positioned to take advantage of current economic conditions and continue to advance the development of our heavy oil and conventional oil and gas projects in key resource regions around the world," Mr. Dyck said.
"We have a diverse portfolio of high-quality assets and can report some very positive developments. Our primary approach to financing our ongoing activities is focussed on identifying and securing joint-venture partners to join us in our projects. Where applicable, we also are considering financing at the subsidiary company level for specific projects, which would establish a significant level of self-sufficiency within the subsidiaries for financing and to fund ongoing capital expenditures."
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Preparations for first well on Mongolia's Nyalga Block
Sunwing has recently instructed its drilling contractor to mobilize the drilling rig and associated equipment to the first selected location in the Nyalga Basin in Mongolia. Mobilization activities will take approximately one month to complete. Sunwing will spud its first Mongolian oil well on a 15 sq km structure identified by 2D seismic in late July. The second drilling location will be centered on an adjacent structure with follow-on locations contingent on progressive drilling success. The current focus of exploration represents just a small portion of the total basin area. Detailed evaluation and testing, as required, will be conducted on our initial wells following drilling.
While existing seismic data has assisted in the selection of the first two locations, Sunwing intends to acquire additional 2D seismic on other portions of the block, and if necessary, acquire 3D seismic to better assess future drilling locations and trapping systems. The drilling rig has been contracted for two initial locations, with an option for three additional wells in 2011, weather permitting. Drilling on these two structures should provide a reasonable assessment on the overall potential of the Block which is over 12,000 sq. km in size with very little seismic detail. Given the main Mongolia to China railway and highway crosses through the eastern side of Block XVI, logistical activities can leverage off this proximity to existing infrastructure.
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Monet Equity Research: Mongolia Growth Group – Placement at $3.51
June 15, --
Miners against political appointment as Baganuur chief
June 15 (news.mn) Managing officials and workers of Baganuur mine are against somebody chosen on political grounds succeeding the present Executive Director who retires soon.
They held a meeting on Monday to formulate their views on the impending succession and then issued a note to Minister for Mineral Resources and Energy D.Zorigt and Chief of the State Property Committee D.Sugar.
It says the appointment should not be influenced by political lobbying and workers at the mine would not accept anybody from outside the coal sector.
GROSS DOMESTIC PRODUCT REACHES MNT 8 TRILLION
June 15, Ulaanbaatar, Mongolia, /MONTSAME/ The Gross Domestic Product (GDP) of Mongolia reached 9.7 per cent or MNT 8 trillion in the first quarter of this year. The GDP per capita has reached 2,200 US Dollars showing an increase by USD 500 against the year 2009.
The manufacturing industry accounted 8.5 per cent in the GDP this year. Recently, the industrial sector increased 6.3 per cent, the manufacturing industry by 11.3 per cent, the construction sector by 15 per cent, and wholesale and retail trade--by 23 per cent.
Mongolian Premier Looks to Advance Deals With China
June 14 (WSJ) HONG KONG—Mongolia's prime minister said he hoped to make progress on several "serious projects" under discussion with China during meetings with leaders in Beijing in the next few days.
"On this trip, it's our intention to move forward with particular projects, especially in mining and infrastructure," Prime Minister Sukhbaatar Batbold said Tuesday during an interview in Hong Kong.
While not saying exactly what deals he hope to reach, Mr. Batbold referred to a "major mining project" and China's demand for energy.
Mongolia is weighing bids from overseas investors, including a consortium with China's Shenhua Group, to develop the massive Tavan Tolgoi coal deposit in the southern Gobi desert. It also aims to develop part of the deposit itself with the help of contract miners.
Tavan Tolgoi contains some of the largest untapped coal reserves in the world. Its coking coal reserves are especially coveted for their use in making steel, but the site also contains a huge supply of thermal coal that could be used to feed Chinese coal-fired power plants.
Mr. Batbold said Hong Kong remains a candidate to host a much-anticipated listing of the state-owned Tavan Tolgoi assets, but that the government was still working with its financial advisers on the plan. He said a dual listing in Hong Kong and London was also a possibility.
In January, London Stock Exchange Group signed an agreement to help restructure and develop the Mongolian stock exchange.
While in Hong Kong, Mr. Batbold presided over the opening of Mongolia's first Hong Kong consulate and met with the territory's chief executive, Donald Tsang.
Mr. Batbold warned that "if there is a slowdown in China, it will definitely have its impact on Mongolia," given the country's dependence on Chinese demand for its resources.
He also said that demand for gold should remain strong at a time when the global economy was looking shaky.
"We don't think the [sense of] crisis is over. Confidence is not completely there," Mr. Batbold said, adding "to some extent, we believe gold will remain a very important asset."
Moves to unearth and sell Mongolia's vast deposits of gold, copper, iron ore and other minerals are helping bring new wealth to what has been one of East Asia's poorest economies.
China, Mongolia pledge closer relations as Mongolian PM visits
BEIJING, June 15 (Xinhua) -- China and Mongolia on Wednesday pledged to work more closely to enhance good-neighbor relations.
The pledge came out of a meeting between Wu Bangguo, chairman of the Standing Committee of China's National People's Congress (NPC), the country's top legislature, and Mongolian Prime Minister Sukhbaatar Batbold in Beijing.
Batbold arrived in Beijing on Wednesday for a three-day visit to China as guest of Premier Wen Jiabao.
Wu started the meeting by reviewing the growth of China-Mongolia ties, saying Mongolia was one of the first countries to have established diplomatic relations with China.
China and Mongolia forged diplomatic ties in October 1949, the month when the People's Republic of China was founded.
Wu said China-Mongolia relations had withstood the test of profound changes in the international sphere and sought solid development, citing frequent high-level exchanges, deep political trust, close economic cooperation and active people-to-people exchanges.
Wu underscored China's commitment to stronger ties with Mongolia, saying China would like to work with Mongolia to deepen exchanges and cooperation in all fields, enhance and broaden bilateral relations and benefit the two peoples.
Batbold said Mongolia gives priority to developing good-neighbor relations with China and seeking mutually-beneficial cooperation.
As China and Mongolia are geographically close and their economies complement each other, Wu said the two countries are in a good position to step up trade and economic cooperation.
Wu called on both sides to step up cooperation in mineral development, infrastructure construction and technology sharing on animal husbandry.
Batbold appreciated China's long-term support to Mongolia's economic and social development, saying his country would like to work closely with China in the trade, minerals, education, science and technology sectors as well as on infrastructure and people-to-people exchanges.
On parliamentary ties, Wu proposed the legislative bodies of the two countries step up experience sharing on governance issues and promote democracy and the rule of law.
Batbold said the Monglian legislative body would like to carry out regular consultations with the NPC.
Batbold will meet with other Chinese leaders and deliver a speech at Tsinghua University before leaving Beijing on Friday.
Consulate General of Mongolia in Hong Kong established
HONG KONG, June 14 (Xinhua) -- The Consulate General of Mongolia in Hong Kong was established here Tuesday, with Prime Minister of Mongolia Sukhbaatar Batbold officiating the inauguration ceremony.
Speaking at the ceremony, Batbold said thousands of Mongolians travel to Hong Kong every year and the number is likely to increase along with the establishment of the consulate general and the opening up of the direct flight service between Mongolia and Hong Kong recently.
The growth of Mongolia's GDP is one of the fastest in Asia, Batbold said, adding that more Mongolian companies are expected to come into Hong Kong, an international financial center, and get listed on the stock exchange in the city as the two places have developed stronger ties.
Batbold also announced Tuesday the official opening of the Mongolian Airlines office in Hong Kong. The company started the direct flight service twice a week between Hong Kong and Ulaanbaatar earlier this month.
Commissioner of the Ministry of Foreign Affairs of the People's Republic of China in Hong Kong Lv Xinhua and Hong Kong Secretary for Constitutional and Mainland Affairs Stephen Lam also attended the ceremony.
China, Mongolia sign agreement to promote ties
ULAN BATOR, June 13 (Xinhua) -- The 12th session of inter-government cooperation committee for economy, trade and technology between China and Mongolia opened here on Monday.
A delegation led by Chinese Vice Minister of Commerce Chen Jian and Vice Prime Minister of Mongolia M. Enkhbold attended the meeting.
The sides exchanged views thoroughly on further developing the two countries' economy, trade and technology cooperations during the meeting, and signed a agreement on economic and technological cooperation between China and Mongolia.
After the meeting, President of the Great Hural (parliament) D. Demberel and Mongolian Minister of Finance S. Bayartsogt held talks with Chen Jian.
BIO commits USD 2 MN towards SME investment in Mongolia
June 14, 2011 (Microfinance Focus) Belgian Investment Company for Developing Countries (BIO) recently committed USD 2 million to Suu, a dairy processor based in Ulaanbaatar, Mongolia.
The investment program aims at increasing and modernising Suu’s processing capacity and extending its raw milk supply chain. As a result, 2500 existing and 1500 new herders involved in the milk supply chain will obtain a higher and sustainable income, quality standards will be raised and the country’s self-sustainability for domestic milk product supply will be improved.
Founded in 1958, Suu is a Mongolian dairy processor, with a current processing capacity of 150t/day, producing 51 different products including milk, yoghurt, butter, curd and ice cream. Presently, milk supply is sourced via 19 milk collection points, where more than 2000 herders delivered their production in 2009-2010.
50% of Mongolia’s population depends on agriculture (being herding in particular) and 36.1% live below the poverty line. As households selling milk have an average income three times higher than households who do not, the herders’ welfare depends on their ability to sell milk.
BIO’s commitment will allow the company to increase and upgrade its existing processing/packaging capacity, extend the raw milk supply chain, including the establishment of 22 milk collection points, 13 cooling units, 2 milking parlours and working capital to fund additional milk purchases. In addition it will improve the quality standards, including health and safety.
Related: IFC Invests $2 million in Mongolia’s Leading Dairy Processor to Support Rural Economy – The Financial, June 1
DEG makes $6.5 million equity investment in Mongolian SME Fund
June 14, 2011 (Microfinance Focus) The German Investment and Development Company DEG has made an equity investment worth USD 6.5 million in Mongolian Opportunities Fund to support small and medium sized enterprises in the Mongolia’s mining, infrastructure and agribusiness sector. World bank’s IFC and European Bank for rural Development are other investors in the fund.
With a total fund size of USD 75 million dollars, The Mongolian Fund is a private equity fund which makes equity investments in Mongolian companies ranging from 2.5 million US-dollars up to 7.5 million US-dollars.
DEG is a member of Germany’s KfW banking group. In the last five decades, its financing commitments grew to more than 11 billion Euros and contributed to providing an investment volume of 70 billion euros.
US company to manage MIAT
June 13 (news.mn) In pursuance of its policy to improve the management of state owned companies and to take them to international standard before being offered for privatization, the State Property Committee (SPC) has decided to entrust Seabury LLC of the USA to run MIAT.
A tender was floated before Seabury was chosen for the job beginning this summer. The company will be responsible for executing certain decisions already taken, like buying new aircraft and flying on new international routes.
Guildford Opens Ulaanbaatar Office
June 15. On 31 March 2011, Guildford Coal Limited (Guildford) announced the acquisition of a 20% stake in Terra Energy LLC (Terra Energy) with the option to increase its shareholding to 70%. Terra Energy holds a 100% interest in 6 exploration permits that are prospective for thermal and coking coal in the South Gobi and Middle Gobi regions of Mongolia.
There are currently 4 drill rigs operating on the South Gobi tenements and 1 drill rig operating on the Middle Gobi tenements with the goal of defining mineral resources on both projects by the end of this Mongolian summer season.
As part of the advancement and commercialisation of these projects, a Terra Energy office and management team has been established in Ulaanbaatar. On Friday 10th June 2011 an official office opening ceremony took place that was attended by representatives from Guildford, Terra Energy and the Mongolian Government.
STOCK EXCHANGE WEEKLY REVIEW
June 13, Ulaanbaatar, Mongolia, /MONTSAME/ Five stock trades were held at Mongolia's Stock Exchange on June 3-10. In overall, 459.7 million shares were sold of 41 joint-stock companies totaling MNT 372.2 million.
Index TOP-20 was 19407.53 points increasing 347.35 units or 1.8% against the week earlier. The total market capitalization was set at MNT two trillion increasing MNT 168.9 billion or 9.2%.
Shares of "Shivee ovoo" /59.4%/, "Altanduulga" /49.4%/, and "Bayanteeg" /40.4%/ increased, but shares of "Sodot" /18.3%/, "Mongol nekhmel" /15.0%/, and "Uran barilga" /14.4%/ decreased.
21 stocks closed higher, 14 shares declined and six shares remained unchanged. Shares of "Khokh gan" /237.4 thousand/, "Remikon" /102.8 thousand units/ and "Genco tour bureau" /57.0 thousand units/ were the most actively traded in terms of trading volume.
(U.S.) Commerce Announces Coal Mining Trade Mission to China, Mongolia
The Oct. 23-28 executive-led mission will include individual and government meetings to boost exports to an industry on which China will spend billions of dollars in the next five years to improve safety, according to the department.
June 13 (ohsonline.com) Saying China is proceeding to spend billions of dollars in the next five years to improve safety in its 10,000-plus coal mines, the Commerce Department's International Trade Administration, U.S. and Foreign Commercial Service is organizing an executive-led trade mission to China and Mongolia for at least 15 U.S. companies that manufacture or distribute mining and mining safety equipment.
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"U.S. companies enjoy their greatest competitive advantage in supplying heavy coal mining machines and systems. For underground mining operations, U.S. firms compete well in the following categories: long-wall shearers, stage-loaders, continuous miners, batch haulage vehicles, road headers, hydraulic roof support systems and conveyor systems. For open-pit mining, U.S. firms' best opportunities include electric mining shovels, walking draglines, blast hole drills, and heavy mining trucks," the notice says.
As for coal mine safety, China's government requires all coal mine sites to install a complete safety system, "which includes a monitoring system, life shelters, communications system, personnel positioning system, and ventilation and water system," and the State Administration of Coal Mine Safety Supervision has said China is aggressively purchasing safety equipment for large state-owned coal mines. "This creates significant opportunities for foreign companies to export coal-mine safety equipment to China," the notice states. "Best prospects also include gas control systems and fire and gas monitoring and control equipment. The industry will see continued consolidation and a push toward bigger, safer and more modern mines. This is part of the overall policy goal of increasing efficiency, safety and reducing waste." It cites current mining revenues for Mongolia and says Mongolia's estimated coal reserves are 100 billion metric tons.
The trade mission will begin Oct. 23 in Mongolia's capital of Ulaanbaatar and continue in two cities in China, Xi'an and Beijing, concluding at the China Coal and Mining Expo taking place Oct. 28-31 in Beijing. Companies selected to participate in the mission must pay a participation fee ($6,245 for large firms, $5,475 for firms with no more than 500 employees) to the Department of Commerce to participate in the entire mission. The fees are lower for visiting one country only.
Applicant must certify that the products and services they seek to export through the mission are either produced in the United States or, if not, marketed under the name of a U.S. firm and have at least 51 percent U.S. content of the value of the finished product or service. …
GTSO Selects Korea Resources Corp. to Analyze Mongolian Rare Earths Ore
Company Expects Positive Analysis to Drive Demand from South Korean Rare Earth Buyers
June 15, SAN JOSE, Calif.--(BUSINESS WIRE)--Green Technology Solutions, Inc. (OTCQB: GTSO) announced today that it has engaged Korea Resources Corp. (KORES) to perform mineral analysis on core samples from three mining sites in Mongolia to confirm the presence of potentially lucrative rare earths.
KORES is a South Korean state-run resources development company that works with domestic manufacturers to secure foreign resources assets. GTSO is working to mine and export Mongolian rare earths to South Korea and plans to have KORES analyze ore samples to assure potential buyers of the quality and density of the rare elements found within.
“KORES has earned tremendous credibility with mineral buyers in South Korea,” said GTSO President and CEO John Shearer. “We anticipate that their seal of approval will have buyers lining up to purchase the rare earth ore we’ll be exporting from Mongolia.”
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GTSO Vets S. Korean Mineral Labs for Mongolian Rare Earth Ore Analysis
Company Expects Positive Assay to Help Entice S. Korean Rare Earth Buyers
June 13, SAN JOSE, Calif.--(BUSINESS WIRE)--Green Technology Solutions, Inc. (OTCQB: GTSO) disclosed today that the company is in the process of selecting a South Korean mineral laboratory to conduct an assay of ore samples from the first of three Mongolian rare earth mines that GTSO is working to develop.
Last week, GTSO announced a new Profit Participation Agreement with Mongolian mining and trading company ArErkhes, LLC, to facilitate the mining of rare earths at three sites in the developing Asian nation. GTSO plans to select a South Korean lab this week to confirm the presence of rare earths in ore collected from the first of these three mining properties, ArErkhes’ Avdrant Mine in Mongolia’s Tuv province.
“Although our initial mineral reports on all three Mongolian mining sites have confirmed the presence of rare earths, we’d like an established and respected South Korean laboratory to reconfirm the variety and density of critical metals in the ore,” said GTSO President and CEO John Shearer. “We plan to begin exporting rare earths from Mongolia to South Korea as soon as possible, and our company believes that South Korean analysis of the ore will help reassure potential buyers there that they will be getting exactly what they wanted.”
GTSO’s South Korean business consultant will handle the search for a suitable lab, Shearer said. The company engaged the consultant in April to assist in coordinating shipments of Mongolian rare earth ores to South Korea from the international seaport of Vladivostok, Russia.
Green Technology Solutions Inc. (PINK:GTSO) Crashes Down
June 13 (hotstocked.com) On Friday, Green Technology Solutions Inc. (PINK:GTSO, GTSO message board) fell sharply down by 25% on a volume of nearly 1 million shares. This was ten times higher than the 90-day average. The short volume on that day was 150 thousand, or 16% of the total volume.
The price decline was actually a continuation of the dramatic price crash which started roughly one week ago. During this period, GTSO fell from $2.3 per share to $0.94. On Friday the stock touched an intraday low of $0.65 and thus solidified the lowest price point in 2011.
Even the news that the company published throughout the week was unable to stop the downfall of GTSO stock. On Wednesday, the company announced it had signed a profit participation agreement with Ar Erkhes LLC, a Mongolian mining and trading company, to facilitate the mining of rare earths at three sites.
Two days before that, GTSO issued a press release to announce it was working to secure new sources of rare earth elements in Mongolia, Kenya and Botswana. The series of press releases however were powerless to stop the price decline that was apparently caused by reasons which were not publicly announced.
GTSO is listed at the OTC QB section of the OTC Markets, which doesn't mean that investors are protected from the risks and pitfalls of the pink sheets market. On the contrary, OTC companies are also very volatile, which is perfectly demonstrated by the price action of GTSO stock in the last couple of days. In this regards, it appears a lot of investors got burned after GTSO share price plummeted last week.
Mayor Ed Lee Meets with Michelle Obama and Mongolian President Tsakhiagiin Elbegdorj
June (San Francisco Weekly) Hopefully, Mayor Ed Lee woke up feeling sociable -- and hungry -- today. After a lengthy lunch with First Lady Michelle Obama, he met up with Mongolian President Tsakhiagiin Elbegdorj to chow down on more grub.
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The image of the First Lady dining with Lee made us wonder: What did they talk about? Did Obama ask Lee the million-dollar question: Will he run for San Francisco mayor? Or maybe she got right to the point and asked him to cut her a check for her husband's reelection campaign. Of course, we can't give you the answers to any of these questions, since Lee's spokeswoman Christine Falvey did not respond to our e-mails.
After lunch, Lee met up with the president of Mongolia, where the two cut the ribbon for the new consulate general on California Street. "We hope to promote prosperity and contribute toward the development of deeper bonds of mutual understanding between the people of San Francisco and Mongolia, and we know that their addition will enhance San Francisco's status as an international center for culture, trade, commerce, and tourism," Lee said in a statement.
Then, the unassuming duo headed out to grab a bite to eat.
So as you can see, Mayor Lee's plate was full today -- literally.
Owen Paterson MP joins Mongol Derby challenge
Northern Ireland Secretary Owen Paterson has said he will spend part of the summer racing on horseback across the steppes of Mongolia.
June 14 (BBC) The north Shropshire MP will be taking part in the Mongol Derby with his wife Rose in August, during parliament's summer recess.
The couple will try to cover 1,000km (621 miles) in 10 days, as they follow in the footsteps of Genghis Khan.
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<Mogi & Friends Fund A/C>
Total +23.5%, Qtd -31.4%
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.
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Mogi
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"Mogi" Munkhdul Badral
Executive Director
CPS International LLC
Telephone/Fax: +976-11-321326
Mobile: +976-99996779
Email: mogi@cpsinternational.mn
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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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