Mongolian problems hit Metal-Tech
LONDON (SHARECAST) - Cost escalation and over-runs in Mongolia saw profits slashed at speciality metal producer and recycler Metal-Tech.
As presaged in its profits warning at the beginning of September, an increase in revenues did not translate into a healthier bottom line.
Revenues grew 31% to $85.2m in the first half of 2008 from $65.1m a year earlier, but profit after tax slumped to $3.8m from $8.3m.
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Two deputy PMs, 11 ministries to be set up in Mongolian new government
ULAN BATOR, Sept. 17 (Xinhua) — The Mongolian parliament on Wednesday passed Law of the Structure of the Government, proposed by Prime Minister Sanj Bayar. Two deputy PMs and 11 ministries will be installed in the new government.
In the new government, the ministry of industry and trade is repealed and the ministry of mining and energy will be set up. According to the prime minister, Mongolia is faced with historical economic opportunities to develop the industry of mining.
The ministry of external relations, which consists mainly of the former ministry of foreign affairs, also will be set up to take charge of foreign cooperation of economy.
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QGX announces take-up of shares by Mongolia Holdings Corp. pursuant to its all-cash bid
QGX Ltd. (TSX: QGX | Quote | Chart | News | PowerRating) (”QGX”) is pleased to announce that 50,950,885 of its common shares (”QGX Shares”) have been validly deposited pursuant to the offer by Mongolia Holdings Corp. (the “Offeror”), an indirect subsidiary of Kerry Holdings Limited, to acquire all of the outstanding QGX Shares (the “Offer”). Under the terms of the Offer, shareholders of QGX are entitled to receive Cdn$5.00 cash for each QGX Share tendered pursuant to the Offer. The Offeror has advised that, as all conditions of the Offer have been satisfied, it has taken up and accepted for payment all QGX Shares so deposited, which represent approximately 95.94% of the outstanding QGX Shares. The Offeror has deposited sufficient funds to pay for all of the common shares with the Depositary and payment will be made by the Depositary to tendering shareholders within 3 business days.
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Xstrata Coal Canada Increases Ownership in Erdene
HALIFAX, NOVA SCOTIA, Sep 15, 2008 (MARKET WIRE via COMTEX) — Erdene Resource Development Corp. (”Erdene”) (CA:ERD: news, chart, profile) today announced it was notified that Xstrata Coal Canada (”Xstrata Coal”) has increased its ownership in the company to greater than 5% through the purchase of common shares in the open market.
As a result, Xstrata Coal retains certain rights per its Alliance Agreement with Erdene, including a first option to enter into a joint venture and earn a 75% interest in any coal opportunity in Mongolia identified by Erdene by funding all work through completion of a feasibility study. Erdene is currently conducting drill programs on three coal projects in Mongolia as part of the Erdene-Xstrata Alliance.
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Hongrun Construction to invest in Mongolian property project
Sep. 15, 2008 (China Knowledge) - Hongrun Construction Group Co. Ltd<002062>, a China-based construction services supplier, announced that it has inked deal worth of US$300 million with Mongolia SFECO Ltd to jointly build the “Ulan Bator City district of Shanghai Hong Run” project.
According to the Chinese company’s announcement, Hongrun Construction and Mongolia SFECO will launch a joint venture named Hongrun SFECO Co. Ltd with registered capital of US$100,000. Hongrun Construction and Mongolia SFECO hold 80% and 20% stake in the new company, respectively, which has already been approved by the Mongolian government.
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Prime Minister’s official visit to Republic of Korea was postponed
Prime Minister S.Bayar scheduled to pay an official visit to Republic of Korea, in 16-17 September, 2008. But due to the urgent need of forming coalition government within the legal time, he had to postpone his visit temporarily. His Cabinet structure in the next four years is not approved. He said that he would form coalition Government with Democratic Party with ratio of 60:40, but it has not concluded yet. It was the main reason of his decision.
State officials cannot be candidates
The official date of the local self-government election was announced by the State Great Khural (Parliament). Its principle was changed than the previous ones. In the previous election, officials from the aimag, city, soum, district Offices were allowed to become candidate. But, starting from this election, if the state officials become candidate, then they cannot resume their position after the election. Therefore, not many people are willing to compete for the local self-government election, from the Mongolian People’s Revolutionary Party.
Before, they thought that if won seats from the local civil representatives’ council (literally local parliament), then it was the service of the state. But situation changed this year, therefore, there are quite few candidates from MPRP. But it is still unclear for the Democratic Party. All in all, medium ranking state officials are out of the local self-government election game.
Weekly Stock Review: September 8-12, 2008
Between September 8-12, 2008, 629.9 thousand shares of 42 SHCs were sold at the Mongolian Stock Exchange, totaling 172.1 million MNT during 5 stock trades.
At the primary stock market, 253 shares of “Remicon” SHC were sold, totaling 25.3 thousand MNT.
TOP-20 index was 8307.98 and it was decreased by 197.16 points or 2.3%. As the result the market value was 688.8 billion MNT. Shares of Telecom Mongolia (by -13.8%), Erdenet Carpet (-12.5%), APU (-10.7%), Eermel (-7.3%) and the State Department Store (-5.1%) were decreased.
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Mongolia is to withdraw troops from Iraq
Some countries began to withdraw their troops from Iraq, since the state of country is quite calm and relatively quiet in comparison to previous times, official sources say. As for Mongolia, our troops perform duties under Polish military commandments. Since Poland is to draw back its troops from Iraq even started to ship its equipment and tools on Wednesday. It is going to take back its troops and divisions on 15th and our 100 troops in Iraq are to arrive in Kuwait on 17th and at 10.30 a.m. they will arrive in Mongolia on the 18th through Baku.
Bluerock, Uranerz Closes Sale of Mongolian JV Interests
VANCOUVER, BRITISH COLUMBIA–(Marketwire - Sept. 12, 2008) - Bluerock Resources Ltd. (”Bluerock” or the “Company”) (TSX VENTURE:BRD) and Uranerz Energy Corp. (Uranerz) have closed the sale of their jointly owned Mongolian joint venture company, Rolling Hills Resources LLC (RHR), to Jindal Steel & Power (Mauritius) Limited (See News Release of June 24, 2008). The Mongolian joint venture assets had been previously deemed to be non-core to the Company’s primary focus of developing near term uranium production in Colorado and Utah, USA.
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