Daily Business News Mongolia

Mongolia miners eyes Hong Kong listing -report

HONG KONG, Dec 6 (Reuters) - Up to five of Mongolia’s government-owned mining firms may be looking to list their shares Hong Kong, the South China Morning Post reported on Saturday, citing a top Mongolian government official.

‘There are four to five of them, and all are engaged in mining coal, iron ore, uranium, copper and gold,’ the newspaper quoted Sukhbaatar Batbold, Minister for Foreign Affairs and Trade, as saying at a business forum in Hong Kong.

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Mongolia Turns to Hong Kong for IPOs, President Says

Dec. 3 (Bloomberg) — Mongolia is pushing its commodities companies to sell shares in Hong Kong next year to raise funds, President Nambaryn Enkhbayar said.

The country is seeking investors in Hong Kong, where about $12 billion of shares changed hands daily last year, compared with an average $208,844 in its home bourse, based on data from the Mongolian Stock Exchange’s 2007 fact book.

“Next year will be a very important and crucial year for Mongolian companies to list here,” Enkhbayar said in an interview in Hong Kong yesterday. “Mongolian companies have been planning to do IPOs here, but because of the financial situation of the world market, they’ve decided to delay.” (more…)

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Khan Resources Announces Letter of Intent With Marubeni Corporation

TORONTO, ONTARIO, Dec 04, 2008 (MARKET WIRE via COMTEX) —-Khan Resources Inc. (TSX: KRI) is pleased to announce that it has signed a Letter of Intent (LOI) with Marubeni Corporation of Japan relating to uranium exploration and mining in Mongolia. The Energy Division of Marubeni is a multi-national trading company that has been most successful in investing in the oil, gas and uranium sectors, and is interested in working with Khan on the Mongolian Dornod uranium project.

“We are excited by Marubeni’s interest in Khan’s Dornod uranium project and are optimistic about the positive influence Japanese investors have on the Mongolian mining investment environment. Marubeni is a world-class player in the commodities trading arena and we look forward to working together for the mutual benefit of all stakeholders”, stated Martin Quick, Khan’s President and CEO. (more…)

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Mongolia to reopen talks on mine development

ULAN BATOR, Mongolia — Mongolia decided Thursday to reopen talks with international mining companies on two key mineral deposits, a national issue so sensitive that it helped lead to deadly rioting, a protested election and the country’s first-ever state of emergency earlier this year.

The poor, landlocked country is trying to retain more of its natural wealth from its huge mineral deposits, including copper, gold and coal, but it has been hit hard by falling metals prices. (more…)

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Rio Tinto slashes more jobs all the way to Mongolia

RIO Tinto, which outlined a multi-billion-dollar capital expansion plan as it resisted BHP Billiton’s takeover overtures, yesterday continued to slash proposed spending in light of its huge debt and sagging world economic growth.

With BHP having canned the bid and commodity prices plunging, Rio announced a major staff cut at its massive Mongolian copper joint venture.

It also effectively tossed its planned $1.1 billion expansion of its Kestrel mine near Emerald in Queensland up in the air, though the development of its Clermont mine, to replace Blair Athol, is apparently on track. (more…)

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Turkey wants to boost Mongolia trade volume to $50 mln

The trade volume between the two countries rose 90 percent to 12 million USD in January-September, 2008 when compared to the same period of 2007.

Turkish State Minister Hayati Yazici said on Wednesday that they aimed to increase trade volume between Turkey and Mongolia to 50 million USD within the next three years. 

The trade volume between the two countries rose 90 percent to 12 million USD in January-September, 2008 when compared to the same period of 2007, added Yazici who spoke at the 5th term meeting of Turkey-Mongolia Joint Economic Commission in Ankara. (more…)

Posted in Economy | 1 Comment »

Ivanhoe cuts jobs at project in Mongolia

Citing the global financial crisis and plunging metal prices, Ivanhoe Mines Ltd. and its partner Rio Tinto PLC are slashing spending and jobs at the massive Oyu Tolgoi copper and gold project in Mongolia.

Oyu Tolgoi, which represents one of the world’s largest undeveloped mines, has languished in uncertainty for years because it has yet to win the go-ahead from the Mongolian government.

Ivanhoe and its chairman, Robert Friedland, have been trying for more than five years to secure an investment agreement needed to tap the mineral riches. (more…)

Posted in Economy | 1 Comment »

Mongolia targets more foreign investment

* To offset commodity price falls, construction slowdown

* Govt to decide on strategic mineral deposits by mid-2009

* President Enkhbayar hopes for 12 pct GDP growth in 2009

(Adds quotes, details, background)

By Joseph Chaney

HONG KONG, Dec 2 (Reuters) - Mongolia aims to attract more foreign investment to minimise the impact of a sharp drop in the prices of mining commodities, and as tighter bank lending squeezes its construction sector, its president said on Tuesday. (more…)

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Mongolia Mulls Faster Investment Approvals, President Says

Dec. 3 (Bloomberg) — Mongolia, sitting on what Rio Tinto Group has said is the world’s largest undeveloped copper-gold resource, is considering faster approval for investments after commodity prices plunged, President Nambaryn Enkhbayar said.

Government and lawmakers are discussing the possibility of reviewing projects individually rather than waiting for changes to its laws, Enkhbayar said in an interview on Bloomberg Television in Hong Kong. (more…)

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Mongolia insures savings against financial jitters

ULAN BATOR, Mongolia: Jittery over small bank runs and falling commodity prices, Mongolia’s government is guaranteeing all bank deposits, as the remote country tries to ward off the global financial crisis.

Parliament approved the law Tuesday to try to shore up confidence in Mongolia’s 16 commercial banks, which hold $1.1 billion (1.3 trillion tugrig) in deposits, and to ensure banks keep lending to buoy the economy.

“The world economic crisis is not affecting Mongolia directly. However, we are feeling the shock,” Prime Minister Bayar Sanjaa told reporters. Bayar said some Mongolians had started to withdraw their savings from banks out of concern they might collapse and that in part prompted the government to act to issue its 100 percent guarantee for deposits.

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