Daily Business News Mongolia

BHP Says Rio May Have to Lower Growth Forecast After Delays

Bloomberg reports that,

By Brett Foley

Aug. 26 (Bloomberg) — BHP Billiton Ltd., bidding $142 billion for Rio Tinto Group in the world’s largest mining takeover, said its target may have to lower growth forecasts because of delays to projects.

Development of the Coega aluminum smelter has been deferred by a power shortage in South Africa. London-based Rio said Aug. 1 the president of Guinea wrote to the company “purporting to rescind” a mining concession for its $6 billion Simandou iron ore project. Rio is still negotiating with Mongolia on the share of profits from the Oyu Tolgoi copper and gold mine.

Those projects have been “substantially delayed or may disappear completely,” BHP Chief Commercial Officer Alberto Calderon said today in a telephone interview from London. “They have spoken about their strong growth in the near term, but I think they may need to revise those forecasts at some stage.” (more…)

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Chinese Defense Minister Visits

Starting today, Mongolia-China consultative meeting on defense sector is to be held in the Ministry of Defense for three days. Lieutenant general M.Borbaatar, State Secretary of Ministry of Defense, other delegates of MD and General Headquarters of Armed Forces of Mongolia and Chinese officials are going to attend the consultative meeting.  Representatives from both Ministries for defense, who gather for the third time, are going to discuss security issues of Asia-Pacific region, state of participation of troops in peace-keeping activities and present situation of defense relations of the two. At the end of the meeting an aid agreement to be granted by the Ministry of Defense of China to Mongolia shall be signed.

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Daily Stock News, Monday August 26, 2008

Monday, August 26 2008, 111.4 thousand shares of 13 SHCs were sold at the Mongolian Stock Exchange,
totaling 31.5 million MNT.

48.6 thousand shares of Khukh Gan SHC were sold and became the most active traded share of the day.
Share of Sonsgolon Barmat SHC was increased by 2.29%, and, in contrary, shares of Autoimpex was decreased
by 6.25% and shares of Anod Bank by 3.8%, respectively, comparing with the closing price of the previous trade.

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Sumo wrestlers arrive in Ulan Bator for 1st tour of Mongolia

www.japantoday.com writes that,

ULAN BATOR -

The first batch of delegates from Japan’s professional sumo headed by grand champion Asashoryu arrived in Mongolia on Monday for their first tour of the country. The wrestlers were greeted by hand-clapping fans and city officials at Chinggis Khaan International Airport in suburban Ulan Bator as they started a tour that includes mini tournaments scheduled for Wednesday and Thursday.

‘‘It made me happy and I appreciate it,’’ Asashoryu, making his homecoming, said of a welcome ceremony held at the airport. ‘‘I’m sure I’ll get nervous when I perform dohyo-iri (ring-entering ritual), and hopefully I want people here to watch not only sumo bouts but many other things (related to sumo culture),’’ he said.

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Entree Gold Discovers Coal in Mongolia

CNN.com reports that,

Entree Gold Inc. (TSX: ETG)(AMEX: EGI)(FRANKFURT: EKA) (”Entree” or the “Company”) announces a new coal discovery on its 100% owned Togoot license, which forms the western portion of its Lookout Hill Property in Mongolia. Exploration in 2008 is focused on a number of geological targets on the Togoot license including the new coal discovery, Nomkhon Bohr.

NOMKHON BOHR

Entree is evaluating a coal target known as Nomkhon Bohr, located in the northwest corner of the license, approximately 60 kilometres northwest of Ivanhoe Mines Ltd. (TSX: IVN)(NYSE: IVN)(NASDAQ: IVN) (”Ivanhoe Mines”) Oyu Tolgoi copper-gold deposits and 70 kilometres southeast of the Tavan Tolgoi coal deposit. A haul road, currently used to transport coal from Tavan Tolgoi to China, passes within five kilometres of Nomkhon Bohr. (more…)

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Weekly Stock Review

5 stock trades were held in a week between August 18-22, 2008. 654.8 thousand shares of 31 SHCs were sold at the Mongolian Stock Exchange, totaling 195.5 million MNT.

1.7 thousand shares of Remicon SHC were sold in 170.3 thousand MNT.

Index of Top-20 was 8670.71 and it was decreased by 830.85 units or 8.7%. Hence the total market capitalisation was set at 734.2 billion MNT.

Shares which prices were dropped are; Ulaanbaatar Hotel (by -27.8%), Gobi (by -7.5%), Mongolia Telecom (by -9.1%), Baganuur Mine (by -6.4%), NIC (by -6.3%), APU (by -6.4%), Moninjbar (by -9.7%).

468.9 thousand shares of Khukh Gan SHC, 71.4 thousand shares of Anod Bank, 55.2 thousand shares of Hermes Centre SHC, 22.2 thousand shares of Genco Tour Bureau (GTB), 21.9 shares of APU SHC were sold and most active.

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S.Bayar meets with Chinese leaders and encourages Mongolian sportsmen

Prime Minister S.Bayar visited Beijing on the 23^rd of August to hold meetings with Chinese state leaders and attend the XXIX Summer Olympic closing ceremony. He held meetings with Wen Jiabao, Premier of State Council of the People’s Republic of China and Xi Jinping, Vice-Presdient of China on the 23^rd and 24^th of August and attended the dinner hosted by Hu Jintao, President of China respecting foreign state heads and leaders to take parts in the Olympic closing ceremony. Wen Jiabao, Xi Jinping and Hu Jintao expressed gratitude to the Government and people of Mongolia for the encouragement for Beijing 2008 Olympics and congratulated on successful participation of Mongolian sportsmen in the Olympics.

During these meetings, present state and future perspectives of bilateral cooperation and relations issues were addressed. S.Bayar brought up the issues related to accelerating projects on importing petroleum products from China, processing crude oil, which is to be imported from the third country, namely Kazakhstan, in China, getting end products, building large-scale thermal plant on the basis of Shivee Ovoo coal mine and exporting electricity and called for attention on getting results on these matters. (more…)

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U.S., China, Mongolia claim Sunday gold

CNN reports that,

-Zou Shiming won China’s first gold medal in boxing after Mongolian light flyweight Serdamba Purevdorj retired early in the second round of their title bout with an apparent shoulder injury. It was also China’s leading 50th gold medal of the games.

-Badar-Ugan Enkhbat of Mongolia won the bantamweight gold medal, beating Yankiel Leon of Cuba 16-5.

-Russia won its third straight Olympic gold in rhythmic gymnastics’ all-around group competition.

-Gold medal finals scheduled later Sunday involved two more American men’s teams. The United States played Hungary for gold in water polo and Spain in basketball, where NBA stars Kobe Bryant and LeBron James lead the Americans into one of the most anticipated matches of the games.

Posted in Sport and Culture | No Comments »

Sportsloving Frederik of Denmark cheers on Mongolia’s athletes

www.hellomagazine.com writes that,

After his time watching the Beijing Olympics, Crown Prince Frederik of Denmark enjoyed sport of a different kind as he paid a visit to Mongolia this week.

Visiting the far-flung Asian state on a three-day visit, the 40-year-old was guest of honour at a mini-sports festival just outside the capital Ulan Bator.

The handsome prince handed out the medals at the fiercely contested championships and even had a try at archery – one of Mongolia’s ancient “manly sports”. After his time as a spectator in China, Frederik no doubt greatly enjoyed the occasion.

The Danish heir also took in a herdsman’s cottage, where he was treated to traditional foods and drinks.

After his fascinating visit, Frederik was flying back to Beijing and then jetting off to Australia, to join his beautiful family for their summer holiday.

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Coca-Cola Opens US$22 million New Plant in Mongolia

www.marketwatch.com writes that,

Sales of Coca-Cola Products in Mongolia increase 16 times in 6 years

ULAANBAATAR, Mongolia, Aug 24, 2008 (BUSINESS WIRE) — A US$22 million green field Coca-Cola bottling plant was officially opened in Ulaanbaatar today by Muhtar Kent, President and CEO of The Coca-Cola Company and Odjargal Jambaljamts, Chairman & CEO, MCS Group. This new plant will be the second and largest Coca-Cola plant in Mongolia. The first Coca-Cola plant was built in 2001 by MCS Coca-Cola, the exclusive bottler of Coca-Cola products in the market.

“I’m delighted to see MCS Coca-Cola continue to exceed all projections in sales volume and profit,” said Mr. Kent. “By posting an average annual volume growth of nearly 50% year on year, the Mongolian business has established itself as one of the strongest performing operations globally. I am also delighted to see that the leadership of MCS Coca-Cola has continuously demonstrated its commitment to invest in the development of its people and manufacturing facilities, critical to ensure continued future growth of the Coca-Cola business in Mongolia.” (more…)

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