Daily Business News Mongolia

Martin Quick, President of Khan Resources: I have no doubt on the Government of Mongolia to grant approval for our operation and support us

Q: The Government has intention of owning 51% of strategic deposits. What is you opinion in this regard?
Martin Quick: I have no doubt on the Government of Mongolia to grant approval for our operation and support us. Once coalition government is established, I think it will take immediate measures in making decision. I think it is not that challenging issue to solve and I believe that we can build mutually beneficial deal and cooperation. If the Government of Mongolia is strict with their intention on acquiring 51% ownership in major mining projects, then the situation will be much difficult than we can imagine. (more…)

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А.Munkhbat, Vice President of Ivanhoe Mines: I strongly doubt about if investors will accept the demand for 51% ownership of the Government of Mongolia

Q: What is the most pick of this year’s forum?

А.Munkhbat : Participants decreased by 30%. Especially, too few delegates from junior exploration companies. It is because of the commodity price fall. Participants worry only about the reaction of the Government. Quite numerous participants commented about urgent reaction measures from the Government in this crisis time.

Q: Government has intention to acquire 51% of the investment. Recently, Rio Tinto disclosed that it will not invest in new projects. Is Mongolia facing the risk of loosing chance to exploit Oyu Tolgoi? (more…)

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Keith Marshall, Executive Director of Oyu Tolgoi project: We lost the last golden chance of copper price boost.

Excerpt from his comment about the forum

…Keith Marshall, Executive Director of Oyu Tolgoi project, said that “World financial crisis brought the most uncomfortable period to mining companies. We lost the last golden chance of copper price boost. When the price rebounce, Oyu Tolgoi might be profitable. Banks stopped their loan, so mining projects can’t be implemented. There is nothing left to us except hoping that the State Great Khural adopts new mineral law and start our project.”…

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“MIBG” company received its seat at MSE

Council Meeting of MSE Director was held and discusses the issue of “MIBG” and “Gauli” broker dealer companies’ request. They received their license from the Financial Regulatory Committee, but MSE grants seat to “MIBG” and suspended “Gauli”. Also shareholders’ meeting of “Dornod Sito” SHC made request from MSE to unlist it from MSE. According to its request, 166 654 shares with face value of 100 MNT were unlisted from MSE registration, based on the resolution of the shareholders meeting and director of MSE. Since the beginning of 2008, 12 SHCs were unlisted and 6 SHCs were listed at MSE. As for now, 378 SHCs were listed in MSE.

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Slight increase in Anod Bank share

Yesterday, 189.8 thousand shares of 10 SHCs were traded at MSE, totaling trade of 28.4 million MNT.
At the primary market, 110.1 thousand Remicon shares and 4.2 thousand Monfresh shares were sold. At the secondary market, 56.5 thousand Khukh Gan share were sold, making it as the most actively traded share of this day. In comparison with the previous day’s trade, Anod Bank share was increased by 10.2% and Mongolia Telecom by 2.94% respectively. But Khukh Gan share was decreased by 6.54% and Genco Tour Bureau share by 4.76% respectively.

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Centerra Gold Reports Third Quarter Earnings of $0.08 Per Share

TORONTO, ONTARIO–(Marketwire - Oct. 31, 2008) -

(This news release contains forward-looking information that is subject to the risk factors and assumptions set out on page 9 and in our Cautionary Note Regarding Forward-looking Information on page 12. All figures are in United States dollars.)

Centerra Gold Inc. (TSX:CG) today reported third quarter net earnings of $16.9 million or $0.08 per common share based on revenues of $139.4 million compared to net earnings before unusual items of $4.8 million or $0.02 per common share on revenues of $98.0 million in the same quarter of last year. In the third quarter of 2007 after reflecting unusual items, the Company recorded a loss of $90.4 million or $0.42 per common shares. (more…)

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Weekly stock review

Between October 37-31 2008, 3.1 million shares of 40 SHCs were sold at MSE, totaling 486.5 million MNT.
At the primary 1.4 million Remicon shares were sold in 139.5 million MNT and 655.7 thousand Monfresh shares were sold 65.6 million MNT.
TOP-20 index is 6530.29 and it is decreased by 632.09 points or 8.82% and total market value was set at 576.8 billion MNT. (more…)

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Garrison Receives Construction Permit at Tovshiir, Announces Acquisition of New Exploration License and Termination of Third Tranche of Previously Announced Private Placement

TORONTO, ONTARIO–(Marketwire - Oct. 30, 2008) - Garrison International Ltd. (TSX VENTURE:GAU) (the “Company” or “Garrison”) is pleased to announce that, further to the Company’s plan to move the Tovshiir gold project into production at the earliest possible date, the Company confirms has received approval from the Mongolian government for construction of ore processing facilities on the Tovshiir property. The Company has also applied to the Mongolian government for a production permit, which is required prior to the commencement of production. (more…)

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Korean investment through Anod bank

In recent years, under the joint efforts of Mongolia and the Republic of Korea, bilateral exchanges and cooperation in such fields as politics, trade, economy, culture and education have been growing continuously. On October 15-17, 2008, Mongolian Prime Minister Mr. S.Bayar paid an official visit to the Republic of Korea. Delegations from Anod bank accompanied the Prime Minister and Mr. L. Ulambayar, CEO of Anod bank, and Mr. Park Byung Sik, President of KCH Industry Development Co.,ltd, signed a Memorandum of Understanding (MOU) during the visit. (more…)

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EZNIS AIRWAYS DECIDES TO PURCHASE REGIONAL JET AND TURBOPROP AIRCRAFTS

Eznis Airways is a scheduled and charter airline with 100% domestic investment based in Ulaanbaatar. It is the largest domestic airline with services to a number of Mongolian domestic points, and authorization to operate international services to points in China, Russia and Kazakhstan.

The Board of Directors recently met in Ulaanbaatar on October 23 2008. They have approved Eznis to enter into negotiations to purchase up to five (5) additional turbo-prop aircraft, having a capacity between 46 and 66 seats. (more…)

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