Daily Business News Mongolia

Shooting silver gives Mongolia first Games medal

www.radioaustralia.net.au reports that,

Mongolia has claimed silver in the women’s 25-metre pistol shoot, whipping that country’s journalists into rapture on day 5 of the Beijing Olympics.

Radio Australia’s Tanya O’Shea reports Gundegmaa Otryad’s medal is the country’s first of the Games

Ortyad scored 792.2, coming in behind China’s Ying Chen on 793.4, and ahead of Munkhbayar Dorjsuren, who was born in Mongolia but is shooting for Germany at the Games, with a score of 789.2.

Meanwhile, Mongolia’s Serdamba Purevdorj had progressed to the Round of 16 in the men’s 48kg boxing with a victory over Ronald Serugo of Uganda.

Posted in Sport and Culture | No Comments »

Alloy Steel International Inc (AYSI) Earnings Update

www.marketwatch.com reports that,

NEW YORK, NY, Aug 12, 2008 (MARKET WIRE via COMTEX) — Alloy Steel International Inc (AYSI) — The directors are pleased to advise that as stated in the company’s 10Q for period 9 Months to June 30, 2008, earnings per share this year are 10.7 cents per share compared with 3.4 cents per share for the same period last year, an increase of 7.3c or 214%.

On sales of $9.9 Million (2007 5.3 Million) income before taxes was $2.7 million (2007 0.8 Million), an increase of 1.9 million or 240%.
Alloy’s directors are confident that the growth will continue in line with increased production facilities, Company on line in August 2008 and the expansion of markets particularly Mongolia. (more…)

Posted in Business, Mining, News | No Comments »

A-hunting Ivanhoe will go, with funds from the listing

Sydney Morning Herald writes that,

Jamie Freed

IVANHOE Australia - the local subsidiary of the North American mining entrepreneur Robert Friedland’s Ivanhoe Mines - plans to start hunting for acquisitions after listing today.

“No one in the mining industry is safe from our avaricious nature in Australia once we have the adequate currency,” Mr Friedland said during a presentation at the Diggers and Dealers conference in Kalgoorlie yesterday. “Acquisition is the most sincere form of flattery.”

Ivanhoe has several large copper, gold and uranium projects near Cloncurry in Queensland and a 19.9 per cent stake in the nearby explorer Exco Resources. It will use the $125 million of funds from the float to fund exploration and repay debt to the Canadian parent company, which will retain an 80 per cent stake in the Australian arm. (more…)

Posted in Business, Economy, Government, Mining | No Comments »

Ivanhoe says to list in Australia on Wednesday

KALGOORLIE, Australia, Aug 5 (Reuters) - Canada’s Ivanhoe Mines Ltd (IVN.TO: Quote, Profile, Research, Stock Buzz) will list its Australian division on the Australian stock exchange on Wednesday, Ivanhoe’s executive chairman, Robert Friedland said on Tuesday.

An initial public offer of 62.5 million shares priced at A$2 each closed on Aug. 1 oversubscribed, raising A$125 million ($116 million), Friedland said during an address at an outback mining conference.

Friedland first suggested the idea of an Australian listing two years ago during the same conference.

The new company will focus on prospecting for iron oxide, copper, gold and uranium in eastern Australia’s Cloncurry mining district, he said. (more…)

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Friedland’s Queensland copper/gold company lists tomorrow

www.mineweb.com writes that,

Robert Friedland, the great corporate salesman, flew into Kalgoorlie today to both stun and put some oomph into the Diggers & Dealers Forum who have been absorbing a diet of generally uninspiring to negative news.

Author: Ross Louthean
KALGOORLIE -
The long-awaited copper-gold float for Robert Friedland’s Ivanhoe Mines group is due to list on the Australian Securities Exchange tomorrow after having raised $A120 million ($US110.5 M), with 87% of the capital coming from offshore.

It is understood the investors in Ivanhoe Australia (ASX: IAL) will be 80% owned by the parent Ivanhoe Mines Ltd (NYSE, TSX & Nasdaq: IVN).

What was perhaps most stunning for the Ivanhoe Australia announcement was the size of the capital raising, because the slip in commodity prices, some mine closures and share investment disasters in Australia has seen many of the money chests for floats and new capital slammed shut. (more…)

Posted in Business, Economy, Mining, News | No Comments »

Friedland heralds Chinese demand as metal prices slip

www.theaustralian.news.com.au writes that,

FRESH from a successful $625 million Australian float, billionaire mining entrepreneur Robert Friedland has urged investors to focus on growing Chinese demand and not be put off by recent slides in stock and metal markets.

He was optimistic about the Oyu Tolgoi copper and gold mine in Mongolia, but refused to say when an agreement would be signed with the Government there over royalties from the huge project, which is being developing with Rio Tinto.

“The underlying demand for metals is unaffected by the mania of the market,” Mr Friedland, the chairman of Ivanhoe Mines, told the Diggers and Dealers mining conference in Kalgoorlie yesterday.

Australian resources shares slumped yesterday following falls in minerals and energy prices. (more…)

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Mongolians go to the polls

RadioAustralia reports that,

Polling stations in Mongolia have just closed in crucial parliamentary elections.

A total of 356 candidates, including 28 incumbent members of parliament, are fighting for 76 seats in the Great Hural.

The two major parties, the Democrats and the Mongolian People’s Revolutionary Party have each promised large payouts to the general public if they win the election.

(more…)

Posted in Business, Economy, Mining, News, Politics | No Comments »

Representatives of UN Statistics Division Will Visit to Mongolia

At the invitation of National Statistics Commission, representatives headed by Professor Paul Cheung, Director of UN Statistics Division, will visit to Mongolia from June 28 to July 03. During the visit, Mongolian and UN sides will discuss on Mongolian participation for International Statistics Society, and future cooperation issues. Then, representatives will hold a meeting with central and local statistics administration, and will lecture to NUM academics on regional development.

(more…)

Posted in Economy, Government, Politics | No Comments »