HONG KONG, Sept 12 - Trading in shares of the Mongolia Energy Corp Ltd <0276.HK> was suspended on Friday, the Hong Kong exchange said.
No further details were immediately available.
SOURCE: Yahoo Business
LONDON, Sept 10 - Mongolia’s Khan Bank said on Wednesday it established a $300 million global medium-term note programme, allowing it to issue foreign currency bonds to international investors.
Credit ratings agency Moody’s assigned Baa3 and Ba1 ratings respectively to the local currency senior and subordinated notes in the proposed programme, while assigning Ba2 ratings to the foreign currency senior and subordinated notes. All had stable outlooks.
Khan Bank said it intended the programme would be listed on the Singapore stock exchange for one year. (more…)
Sept. 12 (Bloomberg) — Mongolia’s stock exchange is studying plans to offer derivative products within two to three years to boost trading at Asia’s smallest bourse.
Margin trading, where investors take out loans to buy shares, will also be introduced, Tsendmaa Tsedev, head of the listing and surveillance department at Mongolian Stock Exchange, said in an interview in Ulan Bator yesterday. The bourse is working with the Korea Exchange to improve its trading systems, she said.
“The infrastructure of the stock market is under- developed,” Tsedev said. “We want to upgrade our trading process to international standards.” (more…)
Commentary by William Pesek
Sept. 12 (Bloomberg) — I’m barreling down a Mongolian highway at 70 miles (113 kilometers) an hour and am about to die.
That’s what I thought as my sport-utility vehicle veered into a ditch to avoid two massive cows the other day. It wasn’t my driver’s fault. The ditch — which locals call a pothole even though it could swallow a Volkswagen — was actually on the road.
Welcome to rural driving, Mongolian-style. My near-death experience didn’t happen hundreds of miles from Ulaanbaatar, but 20 minutes outside the Mongolian capital. It was my own all-too- graphic reminder of the desperate infrastructure needs of what’s heralded to become Asia’s fastest-growing economy. (more…)
ULAN BATOR (AFP) — Mongolia laid to rest more than two months of political turmoil on Thursday when parliament approved Sanjaagiin Bayar as prime minister, potentially paving the way for lucrative mining deals.
Bayar, a former journalist, is the head of the ex-communist Mongolian People’s Revolutionary Party (MPRP) which emerged victorious in disputed elections held in June.
“Our coalition government with the Democratic Party has the support from the members of Parliament and the people of Mongolia,” Bayar said in an address to the Great Hural legislature. (more…)
11 September 2008 – Officials in Mongolia and Pacific Island States are set to receive training in information and communication technology (ICT) geared towards helping them achieve their social and economic development goals, thanks to two new agreements signed with the United Nations.
The UN Asian and Pacific Training Centre for ICT for Development (UN-APCICT), which is leading the effort, will customize its training curriculum – known as the Academy of ICT Essentials for Government Leaders – in cooperation with Mongolia’s Information and Communication Technology Authority (ICTA) and the Pacific Islands Applied Geoscience Commission (SOPAC). (more…)
New Drill Results Confirm Further Expansion of Racetrack Deposits
HALIFAX, NOVA SCOTIA, Sep 11, 2008 (MARKET WIRE via COMTEX) — Erdene Resource Development Corp. (”Erdene”) (CA:ERD: news, chart, profile) , a diversified resource company, today provided a progress update on the Company’s wholly owned Zuun Mod molybdenum project in Mongolia. Extensive metallurgical, engineering and design work, as well as additional drilling, have been underway since the release of a resource estimate in May 2008.
“Our progress has proven Zuun Mod to be a large metals deposit, one which continues to expand with each round of drilling, which provides us greater flexibility in the mine design and optimization,” said Peter Akerley, President and CEO. (more…)
RIO Tinto expects historically high levels of copper supply disruptions to keep the market tight in the coming years.
“We firmly believe we will continue to see higher levels of disruption going forward than we have seen in the past,” chief executive for copper Bret Clayton said.
Mr Clayton’s statement came in response to a question on the impact of a recent incident at the Grasberg mine in Indonesia, operated by Freeport-McMoran Copper and Gold Inc and 40 per cent owned by Rio Tinto (ASX: RIO). (more…)
Sept. 11 (Bloomberg) — ING Groep NV, the largest Dutch financial services company, has been hired to manage a $300 million bond program for Mongolia’s Khan Bank LLC, paving the way for the Asian country’s largest ever dollar bond sale.
Amsterdam-based ING signed an agreement with Khan Bank for the global medium-term note program ahead of the official opening today of the Dutch company’s first office in Mongolia, said Sergelen Tsedendamba, the branch’s chief representative. (more…)
Toronto’s Centerra Gold is so confident of its mining future in Kyrgyzstan and Mongolia, the company has hired new executives and plans to open an office in Beijing to explore opportunities in China.
New Centerra Gold President and CEO Steve Lang said his company and the Kyrgyz government have agreed to delay a September 29th international arbitration hearing concerning issues stemming from the taxation of the Kumtor gold mine in Kyrgyzstan.
In a presentation to the Denver Gold Group Tuesday, Lang also stressed that top Mongolian officials, including the prime minister, have stressed to Centerra that “mining law reform would be their top priority” with both major Mongolian political parties “very supportive of mining law reform.” (more…)
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