Daily Business News Mongolia

595.4 thousand shares were sold at MSE

595.4 thousand shares of 16 SHCs were sold at MSE, totaling 65.2 million MNT trade.
591.7 thousand Remicon share and 14.9 thousand share of Monfresh share were sold at the primary market. 26.7 thousand Genco Tour Bureau share were sold and was the most actively traded share at the stock market. In comparison against the previous day’s trade, “Tuul Songino water reserve” share was increased by 4.76% and Anod share was decreased by 11.32% and Gobi share by 11.58% respectively.

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249.2 thousand shares were sold at MSE

Yesterday, 249.2 thousand shares of 17 SHCs were sold at MSE, totaling 71.3 million MNT.
Remicon was the actively traded share at the primiary market and Hermes Centre share was the most active in the secondary market. In comparison against the previous day, Shivee Ovoo share increased by 6.12% and NIC and Mongolia Telecom share decreased by 14.5%.

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43.9 thousand shares were sold at MSE

43.9 thousand shares of 17 SHCs were sold at MSE, totaling 10.3 million MNT. 21.4 thousand  Recicon shares were sold at the primary market and Hermes Center share was the most active at the secondary market with 9.3 thosuand shares sales.

In comparison against the previous date’s trade, Mongolia Telecom share was decreased by 9.09%, APU share by 5.66% and Baganuur share by 2.13% respectively.

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Western Prospector Continues Dispute With Adamas Mining Over Joint Venture

Does Not Impact Western’s Gurvanbulag Project Or NI 43-101 Classified Resources

VANCOUVER, BRITISH COLUMBIA–(Marketwire - Oct. 22, 2008) - Western Prospector Group Ltd. (TSX VENTURE:WNP) (”Western”) responded today to the Mongolian district court’s ruling in favour of Adamas Mining Co. Ltd. (”Adamas”) regarding its claim for release of the joint venture exploration license from escrow to Adamas. Western continues its joint venture dispute with Adamas and intends to vigorously pursue all actions to complete the joint venture according to the Letter Agreement of December 7, 2004 (”Letter Agreement”) between the two companies. (more…)

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Mongolia opens mines to West

Peter Koven, Canwest News Service

In Mongolia, all signs suggest the government is ready and eager to reach out to Western companies and push forward with more development of its massive mineral resources.

This is the news many mining investors have been waiting for, as Mongolia holds some of the best undeveloped deposits in the world and sits right on China’s doorstep. (more…)

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Ivanhoe Mines and Rio Tinto Reaffirm Readiness To Engage in Investment Agreement Negotiations With Mongolia for Development of Oyu Tolgoi Project

VANCOUVER, BRITISH COLUMBIA–(Marketwire - Oct. 17, 2008) - John Macken, President and CEO of Ivanhoe Mines, and Bret Clayton, Rio Tinto’s Chief Executive, Copper & Diamonds, said today that they were looking forward to engaging in negotiations with the Mongolian Government to conclude an Investment Agreement for the development of the Oyu Tolgoi copper-gold project in Mongolia’s South Gobi Region. (more…)

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Khan Resources Announces Normal Course Issuer Bid

TORONTO, ONTARIO–(Marketwire - Oct. 21, 2008) - Khan Resources Inc. (TSX:KRI) announced today that the Toronto Stock Exchange (”TSX”) has accepted a notice filed by Khan Resources of its intention to make a normal course issuer bid.

Khan Resources currently has 54,143,279 common shares outstanding. The notice provides that under the normal course issuer bid, Khan Resources may purchase up to 4,056,828 common shares, being 10% of the public float. In addition, the notice provides that the aggregate number of shares that Khan Resources may purchase during any trading day will not exceed 22,978 shares, being 25% of the average daily trading volume of the shares based on their trading volume on the TSX for the most recently completed six calendar months preceding the date of the notice of intention, subject to the Company’s ability to make “block” purchases through the facilities of the TSX in accordance with the TSX rules. (more…)

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59.3 thousand shares were sold at MSE.

Yesterday, 59.3 thosuand shares of 25 SHCs were sodl at MSE, totaling 17.6 million MNT. 15.2 thousand Remicon share was sold at the primary market. 10.3 thousand Genco Tour Bureau shares were sold at the secondary market and it was the most actively traded stock of ths day. In comparison against the previous day’s trade, Gobi share was decreased by 9.43%, Mongolia Telecom share by 4.35% and “Zoos Goyol” share by 6.25%.

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S.Sodkhuu, the director of MSE: If we took back our Oyu Tolgoi … we could have raised several billion US$ like Ivanhoe…

Photo courtesy of www.gogo.mn

Mr. S.Sodkhuu, Director of the Mongolian Stock Exchange, has discussed with a journalist from Udriin Sonin.

Q: What is the situation now in Mongolia for stock exchange, the “engine” of the market economy?

S.Sodkhuu: … Capital market has 600 years of history, but we don’t need to wait for another 600 years to develop. We have position to avoid negative experiences and take good examples from it. At the moment 12 shareholding companies were established in classic way and operating in the market. Just few days ago, “Monfresh”, one of the largest food company, went into public. I can raise several billion US$ when we establish small office on our mining projects and announce to the world. If we do so, world capital market will be interested in us. In order to reach the world level, we need world class share-holding company… (more…)

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48 US$ for 1 ton of liquid fuel.

Recently, the new initiative of extracting liuid fuel from coal was developed and widely talked in mining community of Mongolia. The most itiatiove company “Tugrug Nuur Energy” Company announces that it will use 48US$ for extracting 1 ton of liquid fuel. Furthermore, coal of Tugrug Nuur, located in the territory of Tuv aimag, has 1.7 billion tons of coal reserve and its condition is the most favorable for extracting liquid fuel, that can guarantees the lowest cost.

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