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http://zgm.mn/post/2529/

Miners start the year with revenue growth

Oyu Tolgoi spent USD 296.4 million on underground development in the first quarter

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http://zgm.mn/post/2529/


Mining projects that have a major impact on Mongolia’s economy saw splendid expansion in the first  quarter. The Top 100 Mongolian firms included Erdenet Mining Corporation (EMC), Erdenes Tavan Tolgoi (ETT) and Oyu Tolgoi (OT). These companies paid a total of MNT 2.1 trillion to the state budget last year.

Copper

Oyu Tolgoi, one of the main mining projects in Mongolia, spent USD 296.4 million on underground development in the first quarter of this year. The second shaft is still ongoing and it is expected to end in October.

Xanadu Mines, listed on the Australian Stock Exchange announced the result of additional exploration at Kharmagtai deposit. In the first quarter of this year, the capital balance of the company reached AUD 3.1 million, while post-tax losses nearly halved from the same period last year. The share price of the company reached AUD 0.08 at the Australian Stock Exchange.

Gold

Erdene Resource Development Corp. (ERD), Toronto Stock Exchange (TSX) and the Mongolian Stock Exchange (MSE) listed firm, has conducted drilling at the Khundii field and expanded the mineralization of the Bayan Khundii deposit. The company explained its plans in a report to support the feasibility study of the project. “The exploration of the project on the Midfield area found 5.9 grams of gold per tonne at a depth of 112 meters per. This affirms the high mineralization in the main part of the Bayan Khundii deposit,” said the CEO of the company Peter Akerley. The share prices of ERD at the TSX reached CAD 0.19.

Coal

SouthGobi Resources, operating at Ovoot Tolgoi mines increased its coal sales by over 80 percent to 1.1 million tons in the first quarter of the year. The average selling price of the company has decreased from USD 43 in 2018 to USD 34.9. The net profits have doubled from the previous year to USD 13.4 by reducing the cost.




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President bans parliament decree on constitution

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The President of Mongolia has banned the Parliament decree on adopting the referendum and accepting the Constitution of Mongolia. The official note was sent to Parliament Speaker Zandanshatar Gombojav. President said that the amendment to the Constitution did not meet the requirements of the Constitution of Mongolia’s amendments and the Act was violated.


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APU JSC’s share price decreases

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The share price of APU JSC, one of the companies that have the highest market value, has fallen 22 percent since 2019. Due to the drop, the company’s stock became losers among the MSE tier-I listedcompanies of Top-20 Index. The company had a market value of MNT 687.2 billion at the beginning of the year, and by September 19, the value lowered by MNT 151.9 billion to MNT 535.3 billion. Compared to the financial performance of the first half of 2018, the company’s sales revenues have increased, but net income decreased by MNT 4.5 billion. The decline in market capitalization was major factor for the decrease. Even though the share prices have fallen, lower stock options among investors is increasing the number of shareholders. Specifically, the number of small shareholders in APU has increased by 7.4 percent to 6,000.

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India pledges additional USD 236 million for oil refinery

India to fund oil refinery with USD 1 billion in Mongolia

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President of Mongolia Battulga Khaltmaa met with Indian President Ram Nath Kovind and the sides released a joint statement on Strengthening Mongolia-India Strategic Partnership during a five-day visit in the country. It is the first visit by the head of state of Mongolia to India in the last decade.

Mr. Battulga said, “During the visit of Prime Minister Narendra Modi to Mongolia, India extended soft loan credit line of one billion dollars for the construction of oil refinery in Mongolia. We are concluding the construction of roads, railways and power line for the refinery. The construction of refinery provides many opportunities for Mongolian and Indian entrepreneurs”. 

The USD 1 billion oil refinery being built with Indian aid in Mongolia will be completed by December 2022 and will produce about three-fourths of Mongolian oil consumption, Indian Union Minister said.

India further agreed to extend an additional Line of Credit of USD 236 million for the project, taking India’s total commitment for the project to USD 1.2 billion. Both sides also agreed to train engineers and technicians to be employed at the “Mongol Refinery Project” in India through Scholarship from the Indian Government under the existing Indian Technical and Economic Cooperation (ITEC) program.

During his visit to the Taj Mahal, President Battulga and Prime Minister Narendra Modi jointly unveiled a statue of Buddha and his two disciples, installed at the Gandan Tegchenling Monastery in Ulaanbaatar, at a function in New Delhi on Friday. 2020 will mark the 65th anniversary of the diplomatic relationship between Mongolia and India.



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ERD commences second phase of Khundii Gold Project

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Erdene Resource Development Corp. announced its commencement of the second phase of the 2019 drill program at its 100 percent owned Khundii Gold Project.

During the second quarter of 2019, the company started drilling and discovered high gold mineralization from the undiscovered section of the Bayan Khundii area. ERD also had reported that they found 5.9 grams of gold per ton of soil at the time. The new drilling will continue on the Bayan Khundii’s special licensed field.

“The current drill program will follow up on our Q2 2019 program, which discovered high-grade gold in a previously untested area of the Bayan Khundii deposit and intersected 112 meters grading 5.9 g/t gold at Midfield, confirming the continuity of high-grade mineralization from near-surface in the heart of the Bayan Khundii deposit,” said Peter Akerley, Erdene’s President and CEO. “Exploration drilling will test the high-priority Khundii North and CSZ targets, as well as the newly discovered Khundii South zone of the Bayan Khundii Mining License.”

ERD’s share price rose 13.5 percent, to CAD 0.21 on the Toronto Exchange Exchange (TSX).