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Khan Resources asks Ottawa to stop Mongolian aid pending settlement for mine given to Russians
A Canadian mining company wants the federal government to suspend millions of dollars in foreign aid to Mongolia until the Asian country pays for taking the firm’s uranium mine and giving it to the Russians.
Gemalto selected for New Multi-Application National eID Card in Mongolia
Gemalto (Euronext NL0000400653 GTO), the world leader in digital security, announces that the Mongolian Ministry of Justice and Home Affairs has selected its Sealys secure multi-service electronic ID cards for their national identity program. This new eID program will secure Mongolian citizens’ identities as well as pave the way for new eGovernment services.
Mongolia investment climate as volatile as ever for miners
Resource nationalism continues to rear its ugly head in Mongolia .
Centerra price target boosted as Mongolia project resumes
Centerra Gold Inc. announced earlier this week that it had won regulatory approval to resume its operations at its Boroo mine in Mongolia, prompting a Scotiabank analyst to hike his price target on the company.
Trouble in Kyrgyzstan — Centerra’s Kumtor gold mine is under political attack
Few Canadians have heard of Kyrgyzstan, and fewer still could find it on a map. But the landlocked central Asian republic is of particular interest to one Canadian company, Centerra Gold (TSX:CG). Its Kumtor Mine, located high (over 4,000 metres) in the Tian Shan Mountains, has produced more than 8.4 million ounces of gold since [...]
SouthGobi to stop Mongolian coal production over Chinese takeover concern
SouthGobi Resources Ltd. says it will stop production at its Mongolian coal mine this month, amid a controversial Chinese takeover bid for the Canadian mining company.
PDAC 2012: Rising taxes is one certainty for miners
When Kinross Gold Corp. announced in December that it agreed to pay a 70% windfall profits tax in Ecuador, industry onlookers responded with some variation of the same phrase: “Kinross did what??”
Ivanhoe expects board majority to remain independent
Ivanhoe Mines Ltd. is reminding investors that a majority of its directors are expected to remain independent, shortly after Rio Tinto Ltd. said it may look to replace some of the miner’s senior management.
Canadian Prime Minister Stephen Harper will also visit Mongolia
Diplomats say they expect Mr. Harper will also visit Mongolia on the trip. Canada’s Ivanhoe Mines owns 66% of the giant Oyu Tolgoi copper-gold project in the South Gobi region. Ivanhoe is 48.5% owned by global mining giant Rio Tinto
Mongolia reaffirms support for Oyu Tolgoi mine
After several days of negative backlash from around the world, the Government of Mongolia got the message. On Thursday, it backed away from its attempt to re-negotiate the investment agreement on the giant Oyu Tolgoi copper-gold deposit. Instead, it issued a joint statement with Ivanhoe Mines Ltd. and Rio Tinto Ltd. in which all three [...]
Ivanhoe strikes trouble in Mongolia
TORONTO — All of a sudden, Robert Friedland is finding renewed trouble on key fronts in Mongolia. Less than two years after his company, Ivanhoe Mines Ltd., finalized an investment agreement to develop the US$6-billion Oyu Tolgoi project, politicians want to renegotiate it. And problems are also re-surfacing with joint venture partner Rio Tinto Ltd., [...]
Chinese coal imports to stabilize: Deutsche Bank
Chinese thermal coal imports will stabilize at around 100 million tonnes a year instead of rising, as previously expected, because of improvements to the country’s own coal output and rail capacity, Deutsche Bank said in a research note. Transport bottlenecks and low capacity have so far led most forecasts to expect strongly rising thermal coal [...]
Khan shareholders file suit against Russian mining giant
A group of investors has filed suit in Ontario court against Russia’s state-owned uranium mining giant ARMZ, claiming it misled shareholders and contributed to the share price collapse of a Canadian junior miner. The suit is a potential headache for a Russian company that recently bought control of one of Canada’s largest uranium miners and [...]
Mongolian coal IPO a hot commodity
More than 150 bankers have descended into a Monglian deep freeze to battle for a piece of country’s upcoming coal IPO — the world’s largest untapped coking deposit that could have an offering price of up to US$5-billion. Bankers from a dozen Wall Street, European and Asia-Pacific investment banks have made pitches to the Mongolian [...]
Rio Tinto’s profit soars to US$14B
When Rio Tinto Ltd. bought Alcan Inc. in a record-setting US$38-billion deal in 2007, the move was supposed to make aluminum a much bigger part of Rio’s earnings mix. So far, that has not happened. As Thursday’s earnings report demonstrated, iron ore is delivering the vast majority of Rio’s profit. Other commodities lag far behind. [...]
Profit boom puts pressure on miners to hand back Read more: http://business.financialpost.com/2011/02/06/profit-boom-puts-pressure-on-miners-to-hand-back/#ixzz1DFpqlSsP
Top global miners are set to report a doubling in profits for the December half, thanks to booming iron ore and copper sales, sparking calls for fat cash returns to shareholders as the major miners run out of takeover opportunities. BHP Billiton, Rio Tinto, Anglo American and Xstrata are due to report their December-half results [...]
Ivanhoe Mines upgraded to Buy
Ivanhoe Mines Ltd. was upgraded to Buy from Hold at Desjardins Securities following a new agreement with Rio Tinto to fund the Oyu Tolgoi mine. Analyst John Redstone also hiked his price target on Ivanhoe shares to $29.30 from $29.15 after using Desjardins’ long-term gold price of US$1,000 per ounce in his net asset value [...]
THE BIG DIG
This is the big one. Deep in the Gobi Desert, in one of the most remote and bleak parts of the world, the most talked-about copper-gold mine in history is going up with remarkable speed. Outside the Oyu Tolgoi mine site, the Gobi is as it always is: Empty landscapes carry on as far as [...]
Deep in the Gobi Desert, in one of the most remote and bleak parts of the world, the most talked-about copper-gold mine in history is going up with remarkable speed. Outside the Oyu Tolgoi mine site, the Gobi is as it always is: Empty landscapes carry on as far as the eye can see, interrupted [...]
Mongolia’s new model
Outside Mongolia’s Government Palace, a massive statue of Genghis Khan looms over the city’s central square. It is a symbol of the days in the 13th and 14th centuries when the Mongol Empire conquered its neighbours and became one of the most powerful in the history of the world. Inside the palace today, Prime Minister [...]
Tough road trip for state-owned ARMZ
Vadim Zhivov has a tough job to do: explaining to Uranium One Inc.’ s investors that a state-owned Russian company has exactly the same goals that they do. Mr. Zhivov is general director of JSC Atomredmetzoloto (ARMZ), the Russian uranium giant acquiring a controlling stake in Uranium One in exchange for cash and prized assets. [...]
Oyu Tolgoi’s future impossible to predict
Ivanhoe Mines Ltd. and Rio Tinto Ltd. continue to make separate strategic moves regarding Oyu Tolgoi, leaving the future ownership structure of the prized mining project impossible to predict. The two companies are co-operating to develop Oyu Tolgoi, a copper-gold deposit in Mongolia that ranks among the best in the world. Yet at the same [...]
Ivanhoe, Rio joust over copper-gold mine
Ivanhoe Mines Ltd. and Rio Tinto Ltd. continue to make separate strategic moves regarding Oyu Tolgoi, leaving the future ownership structure of the prized mining project impossible to predict. The two companies are cooperating to develop Oyu Tolgoi, a copper-gold deposit in Mongolia that ranks among the best in the world. Yet at the same [...]
Uranium One winning over some skeptics
It was one of the more controversial mining deals in recent memory. And while the initial reaction from shareholders was quite negative, Jean Nortier claims they are coming around. “It’s a transaction that needed some explanation,” the chief executive of Uranium One Inc. said in an interview. “But now that we’ve been on the road [...]
Ivanhoe upgraded on share price drop
Like many other copper companies, shares of Ivanhoe Mines Ltd. (IVN/TSX) have languished in recent weeks. Given that Ivanhoe is likely to complete a major corporate transaction at some point over the next year, TD Newcrest analyst Craig Miller thinks it is undervalued. He upgraded the stock to “speculative buy” from “outperform,” and maintained a [...]
Russian deal hits Uranium One
Uranium One Inc. has lost its takeover premium and gained even greater country risk, a negative combination that sent its shares sharply lower yesterday. The company’s shares fell 34¢, or 13.4% to $2.19, a day after the Vancouver-based company announced it had acquired stakes in two Southern Kazakhstan mines and US$610-million in cash from ARMZ [...]
Khan Resources loses Chinese suitor
A Chinese state-owned entity has abandoned a friendly takeover of Canada’s Khan Resources Inc. China National Nuclear Corp. (CNNC) planned to acquire Toronto-based Khan for $51.8-million, or 96¢ a share, to get control of a uranium deposit in Mongolia.
Khan Resources caught in a geopolitical mess
Canadian junior miner Khan Resources Inc. is caught in a geopolitical mess involving Russia, China and Mongolia. And even as the situation worsens, the company maintains that a planned Chinese takeover is still in the cards. But shareholders are not buying it. Khan shares plummeted far below the proposed takeout price Tuesday after the company [...]
Ivanhoe sets shareholder rights plan
Ivanhoe Mines Ltd. has adopted a shareholder rights plan to give it time to evaluate any potential takeover bid it may receive in the future. The announcement, unveiled late on Monday night, comes just a few months after the company hired investment bankers to evaluate strategic alternatives. While Vancouver-based Ivanhoe is not expected to pursue [...]