|"Open to Export" ICC WTO International business award||ICC WTO||London|
Turquoise Hill Board of Directors provides update on shareholder correspondence.
Turquoise Hill Resources announced that, further to its March 14, 2018 letter to shareholders, the Company’s Board of Directors has undertaken a review of the matters raised by SailingStone Capital Partners LLC in its February 1, 2018 letter.
The Board believes that the Company is appropriately informed and that management is properly incentivized to perform its duties. Recognizing the concerns raised by SailingStone, the Board of Directors, through its independent members, has met with Rio Tinto and discussed actions that the parties can and have taken to enhance their working relationship on relevant Oyu Tolgoi matters. Specific actions that the parties are taking include:
·Increasing direct participation by Turquoise Hill management on Oyu Tolgoi matters, including in various Oyu Tolgoi working groups that are interacting with the Government of Mongolia and in the upcoming Oyu Tolgoi cost and schedule reviews;
·Enhancing the independence of Turquoise Hill’s technical personnel;
·Establishing a project management office at Oyu Tolgoi as an additional mechanism to facilitate sharing of information.
In addition, the Board, through its Compensation and Benefits Committee as part of its ongoing mandate, continues to review management compensation arrangements to ensure consistency with the guiding principles of the Company’s compensation philosophy, building on the progress made over recent years in aligning management interests with those of the Company’s shareholders.
Discussions with Rio Tinto have been constructive and are ongoing. Both parties recognize that Turquoise Hill’s independence and its participation in all material and relevant Oyu Tolgoi matters are important to facilitating the maximization of Oyu Tolgoi’s value for all Turquoise Hill shareholders.
Xanadu Mines Ltd (ASX:XAM) has three projects located within two of Mongola’s porphyry copper belts.
Its flagship asset is the 76.5% owned Kharmagtai Copper Project in the South Gobi region of Mongolia where the company is aggressively drilling out a major new copper-gold discovery.
While the exploration focus is rightfully on Kharmagtai, Xanadu also owns the advanced Red Mountain Copper Gold Project and early stage Yellow Mountain Copper Project.
An emerging cluster of porphyry deposits at Kharmagtai
The Kharmagtai project hosts three porphyry deposits within a largely under-explored porphyry copper-gold district.
During April, Xanadu discovered another porphyry centre, Zaraa, with the first hole intersecting 800 metres of mineralisation.
Zaraa, the focus of aggressive exploration, is showing strong early potential to add to the project’s JORC resource at the Stockwork Hill, White Hill and Copper Hill deposits.
As of March 2015, the JORC resource measured 203.4 million tonnes grading 0.34% copper and 0.33 g/t gold for 1.5 million pounds of copper and 2.2 million ounces of gold.
Porphyry copper deposits typically occur in clusters and recent exploration at Kharmagtai has revealed the project could host multiple additional porphyry-style deposits.
The discovery diamond hole KHDDH462 drilled at the Zaraa porphyry was terminated in mineralisation at 1,386.4 metres depth.
The hole intersected over 800 metres of near-continuous copper and gold mineralisation making it the longest exploration intersection of gold and copper recorded by Xanadu at Kharmagtai.
Xanadu’s managing director and CEO Dr Andrew Stewart said: “While Kharmagtai already is one of the world's most exciting new copper and gold discoveries, hole KHDDH462 is consistent with our long-held view that the Kharmagtai mineralised system contains significantly more gold and copper than we have delineated to date under JORC standards.
“We are particularly pleased to see this outstanding intersection in hole KHDDH462, right where our geological modelling predicted.
“Our strategy is clear: to add tonnes and grade to the existing resources by discovering additional high-grade deposits within the Kharmagtai Copper-Gold Project."
As at early-May 2018, two diamond rigs were drilling two step out holes to the discovery hole at Zaraa.
Wider step-out holes will be drilled aiming to discover copper-gold mineralisation closer to surface and to aid in delineating the size and shape of the porphyry system.
19 porphyry targets to test at Kharmagtai
Four new porphyry centres have now been discovered by Xanadu under shallow cover east of the existing resources.
The current strategy is to test all 19 targets identified before focusing exploration on the highest quality porphyry centres.
Growing global demand for new copper projects
The emerging Kharmagtai project is being advanced during a period of growing demand for new copper projects.
Market commentators continue to point to struggling supply from current operations and a weak pipeline of new projects coming online.
BMO Capital Markets in April 2018 said the world’s top copper operations in 2007 are producing 10-15% less today than 2007 and the trend is expected to continue.
Demand for copper is expected to remain strong given China’s infrastructure goals will require copper and it is an important metal in electric vehicles....
MANILA (FIBA 3x3 World Cup) – China’s women together with Japan and Mongolia’s men had the perfect preparation and boost of confidence for the FIBA 3x3 World Cup after they all won medals at the FIBA 3x3 Asia Cup 2018 in China on April 27 – May 1.
In the men’s category, Japan, Jordan, Mongolia and New Zealand were the 4 teams from Asia and Oceania, which will also compete at the FIBA 3x3 World Cup in the Philippines on June 8-12. Each 4 of these teams impressed and reached the quarter-finals in China.
Mongolia came extremely close to retain the title they had won last year at home in Ulaanbaatar but missed key free throws in the dying seconds of regulation and eventually lost in overtime (16-17) against Australia. Their star player Dulguun Enkhbat earned a spot on the Team of the Tournament.
Japan also lost a thriller against Australia, this time in the semi-finals (16-18). However they redeemed themselves to win in overtime against New Zealand (21-20) to take home the bronze medal. The crossover specialist Keita Suzuki joined Enkhbat (and MVP Thomas Garlepp from Australia) on the Team of the Tournament.
Last but not least, Jordan were a sensation in pool play in Shenzhen and convincingly took down Japan (22-14). Unfortunately, they faced the defending champs Mongolia in the quarter-finals and lost one of their top players Amin Abuhawwas in the first minutes of the game due to an ankle injury. They ended up losing 21-12. The injury didn’t look too serious and in full strength and with another month of preparation, Jordan could surprise a few teams in the Philippines.
“I want to continue in the footsteps of my predecessors, I will do my small part to build bridges”, says Maltese Mgr Alfred Xuereb the new apostolic nuncio to Korea and Mongolia, a few weeks ahead of his departure for Asia, scheduled for late May.
“I want to get to know the Churches of Korea and Mongolia as much as possible, so that I can love and serve them. I have always admired the enthusiasm of missionaries. I hope to become like them and carry on the evangelizing work, talking about Jesus and welcoming new Christians into the Church,” asianews.it reports.
Already prelate Secretary General of the Secretariat for the Economy and special secretary of Benedict XVI and Pope Francis, last February the Holy See had announced the appointment and elevation at the same time to the titular see of Amantea (CS), with dignity of archbishop.
“These are very intense days,” says the 59-year-old Maltese prelate. “At the moment I am dealing with the logistical aspects of my transfer to South Korea. The task conferred on me by the Holy Father requires great responsibility and I thank him for the trust granted to me. I was very pleased that Msgr. Hyginus Kim Hee-joong, president of the Episcopal Conference of Korea, was in Rome and visited me.
“Speaking of my arrival in the country, he told me: 'We will follow your instructions'. I replied: 'No Excellency, we will learn to get to know each other and help each other in a mutual way. The only instructions will be given by the Holy Father. I want to know the Churches of Korea and Mongolia as deeply as possible, so that I can love and serve them. In doing so, I hope to sanctify myself with them”.
“I want to continue in the footsteps of my predecessors, I will do my small part to build bridges. First of all with the bishops and their collaborators, so that their bond with Peter is ever stronger. But not only, even between the Church and other religions. My motto 'Ut unum sint' is the prayer that Jesus addressed to the Father and it means precisely this: that all be one, so that the world may believe. I trust a lot in this sentence of the testament of Jesus and for this reason I intend to try to build bridges, also on a cultural level “.
The nunciature will see Msgr. Xuereb facing two very different realities. It was only in 1992 that Mongolia accepted the presence of the Catholic Church in the country, where today there are seven parishes, 77 missionaries, a local priest and 1255 baptized. The more than 230 years of the Church in Korea are instead a story of martyrdom and action, from which an active and participatory Catholic community emerged for the reconciliation of the Korean people, close to the marginalized and supporters of democracy and human rights. Moreover, the Korean Church has long supported the mission in Mongolia: the first Mongolian priest in fact studied in the South Korean diocese of Daejeon.
“Despite being a small community of only 1,300 Catholics, the Mongolian Church will have my full attention and I have proposed my diocese of Gozo (Malta) twin with it, so that it can be helped, even from a financial point of view, in pastoral needs and evangelization. I am already in touch with Fr. Giorgio Marengo, a Consolata missionary priest who has been in the country for 15 years, who gave me the wonderful news of the celebration of eight baptisms on Easter night. Since the days of the seminary, I have always admired the enthusiasm of missionaries. I hope to become like them and carry on the evangelizing work, talking about Jesus and welcoming new Christians in the Church “.
In these days, Mgr Xuereb followed with particular interest the positive developments of the inter-Korean summit. In this regard, the new apostolic nuncio states: “By virtue of the mandate given to me by the Pope, I follow the development of the dialogue between the two Koreas with deep attention and I have a great deal of concern for their outcome. The bridges that I want to build are also those that concern harmony and collaboration, not just the lack of conflict between countries. As requested by the Pope, I offer special prayers and invite other people to do the same. Once in Korea, if I can give my practical help, I will do so with all my heart “.
Born in Rabat (Malta) on October 14, 1958, Msgr. Xuereb was ordained priest of the diocese of Gozo on May 26, 1984. After completing his studies in Theology, he began his administrative service at the secretariat of the rector of the Pontifical Lateran University in September 1991. From September 1995, he worked in the Secretariat of State of the Holy See and from November 2000 in the Prefecture of the Pontifical Household. On 12 September 2007, Pope Benedict XVI appointed Msgr. Xuereb second private secretary and Pope Francis, after his election on March 13, 2013, appointed him his particular secretary. On November 28, 2013, he assumed the role of delegate for the Pontifical Commission referent on the Institute for the Works of Religion and for the Pontifical Commission for study and guidance on the organization of the economic-administrative structure of the Holy See. From March 2014 until his appointment as apostolic nuncio to Korea and Mongolia, he served as prelate secretary general of the Secretariat for the Economy.
ULAANBAATAR (Thomson Reuters Foundation) - With about 100 sheep and goats, Jugder Samdan makes just enough to scrape by as a nomadic herder in Mongolia, basking in the sun as he watches over his animals, but he worries about the future.
Samdan has seen major changes during his 70 plus years on the vast semi-arid grassland, or steppe, in central Mongolia’s Arkhangai province, with shifts in politics and society impacting one of the world’s last remaining nomadic cultures.
But what most concerns Samdan and fellow herders is climate change, as droughts, harsh winters, and over-grazing threaten traditional livelihoods and drives younger people to the over-crowded capital, fuelling pollution, crime and mental illness.
“Everybody moves to the city,” Samdan told the Thomson Reuters Foundation wrapped in a felt jacket outside his ger, a traditional white, circular herder’s tent or yurt made of felt.
“There are too many people there.”
About one quarter of Mongolians still live a traditional nomadic life in the Central Asian country sandwiched between Russia and China which has four times the land mass of Germany but is thinly-populated with about three million people.
But life is changing fast and about 68,000 herders a year have moved to the city since 2001, according to Ulaanbaatar’s Deputy Mayor Batbayasgalan Jantsan, setting up sprawling informal ger districts lacking facilities like water and power.
The population of Ulaanbaatar has almost doubled in the last 10 years to 1.4 million people, according to the Mongolian National Statistics Office, with about 55 percent of the city’s population - or 750,000 people - living in ger districts.
“That’s almost an entire province,” said Jantsan in an interview in his office in central Ulaanbaatar, a city shrouded in a dense smog during winter months due to air pollution.
As winter temperatures can drop below minus 30 Celsius (minus 22 Fahrenheit), ger dwellers burn raw coal to stay warm, driving pollution levels eight to 14 times higher than global guidelines, according to the World Health Organisation (WHO).
Air pollution is estimated by the WHO to cause more than 4,000 deaths a year in Mongolia and is now one of the nation’s most challenging issues, with the burning of coal accounting for 80 percent of air pollution from November to April.
“It’s a threat to national security,” said Jantsan.
Bazarragchaa Altantsetseg, a land use specialist at land consultancy Vector Maps LLC, said dwellings were traditionally designed to move in Mongolia and it was not after Soviet control in 1921 that fixed properties became more prevalent.
The Russians also had a major impact on herding. The state owned the nation’s herd and grazing land, with herders paid a wage for working in collective farms. The herd wsa kept at about 25 million in line with land capacity assessments.
But that changed after Mongolia became a parliamentary democracy in 1990 and privatization followed, prompting a surge in numbers with the herd hitting 56 million in 2015, according to the Food and Agriculture Organization (FAO).
“Since 1990 everything was chaos ... everyone wanted to have the land ... and animals,” Altantsetseg said.
Some herders have welcomed the new post-Soviet system.
“The conditions are fair for everyone. Compared to the previous regime you can work hard to have a better life, you can grow your herd and get a car,” Samdan said.
But the dramatic increase in the herd has brought problems of over-grazing exacerbated by desertification, as witnessed by Samdan’s daughter Altantsetseg Jugdur, aged in her 30s.
“When I was a child ... you couldn’t see the animals in the grass. Now look at what we have. Only dust and soil,” she said.
Herders’ accounts of climate change are backed by data with a 2014 report from Japan’s Ministry of the Environment stating Mongolia’s annual mean temperature rose by 2.14 percent between 1940 and 2008 with drier weather leading to more dust storms.
The report also highlighted an increasing frequency of cold and snow damage from so-called dzuds since the early 1990s - the name for a severe winter that comes after a summer drought.
“If there is grass beneath the snow then the animals will survive. When there is no grass beneath the snow then it is dzud,” explained herder Altangerel Dolgor.
DEATH ON THE STEPPE
Mongolia’s recent winter killed more than 700,000 livestock left weak after a drought last year, the highest toll since 2011, according to the country’s statistics bureau.
The steppe around Tuvshruulekh is littered with animals that have frozen to death. Stray dogs and groups of vultures dot the landscape scavenging the frozen carcasses.
Samdan said he can read the signs of climate change around him. Lizards are appearing for the first time while some plants are disappearing, including those used in traditional medicines.
“Before we used to have a leaf which we would boil and drink for stomach problems. Now I can’t find it anymore,” he said.
But it is not just the damage to livestock and the land concerning herders but social changes.
Bayarmaa Vanchindorj, deputy director of the National Mental Health Center, said there has been rising numbers of cases of addiction, depression, trafficking and sexual abuse of children.
Thousands of Mongolians protested in front of parliament in Ulaanbaatar in March to demand more action to prevent child abuse after the widely-reported rape of a young boy.
“Mongolians for many centuries roamed unlimited spaces of their own free will. So I think urbanization took its toll on people’s minds,” she said.
Narantuya Nijir is one example. She lost all her livestock in a 2010 dzud and now lives in a ger in her landlord’s yard at the edge of Ulaanbaatar where the city meets the open pasture.
“It’s quite difficult living in someone else’s yard. Even when they don’t give us a hard time we worry a lot,” she said.
Up the road lives Samdan’s son Chudur with his young family. He has adapted to city life better, having bought a small plot of land where he has just built a small house, in the process learning the skills to start a small double-glazing business.
Back on the steppe Samdan concedes herding is a tough life but his pleas for young people to stay go unheeded.
His 16-year-old grandson Tsendmandakh Altantsetseg has no romantic view of the traditional nomadic life.
“Nature is changing. The grasslands are turning into deserts. Rivers and streams are disappearing,” he said.
“I’m planning to go to university in the city after I graduate. I’ll follow my profession, work in the city and build a life there.”
Reporting by Max Baring, Editing by Belinda Goldsmith; Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, women's rights, trafficking, property rights, climate change and resilience. Visit news.trust.org
Our Standards:The Thomson Reuters Trust Principles....
Twitter has warned its 330 million users to change their passwords after a glitch exposed some in plain text on its internal network.
The social network said an internal investigation had found no indication passwords were stolen or misused by insiders.
However, it still urged all users to consider changing their passwords "out of an abundance of caution".
Twitter did not say how many passwords were affected.
It is understood the number was "substantial" and that they were exposed for "several months".
Twitter discovered the bug a few weeks ago and has reported it to some regulators, an insider told Reuters.
Chief executive Jack Dorsey tweeted:
We recently discovered a bug where account passwords were being written to an internal log before completing a masking/hashing process. We’ve fixed, see no indication of breach or misuse, and believe it’s important for us to be open about this internal defect. https://twitter.com/twittersupport/status/992132808192634881 …
The glitch was related to its use of "hashing", which masks passwords as users enters them by replacing them with numbers and letters, according to its blog.
A bug caused the passwords to be stored on an internal computer log before the hashing process was completed.
"We are very sorry this happened," Twitter said on its blog.
As well as changing passwords, users have been advised to turn on two-factor authentication service to help stop accounts being hacked.
Twitter's chief technology officer Parag Agrawal initially said the company did not have to reveal the information but believed it was the "right thing to do" - before correcting his "mistake".
China has significantly boosted oil imports from Russia, while the latter has been selling less crude to Europe. An analyst told RT that Beijing has become a more preferable partner in the oil trade for Moscow.
RT’s source in Russia’s largest oil exporter Transneft has said that since January 1, the country is pumping more oil to China, while exports to Europe have plunged. Earlier, Bloomberg reported that Russia will have shipped 19 percent less oil through its ports on the Baltic and Black Seas in the first five months of 2018, and sold 43 percent more oil to China through March.
Russia is the largest seller of oil to both Europe and China. An analyst interviewed by RT has said that shipping more crude to Asia can be regarded as a defensive mechanism in the time of Western sanctions. “Given the current geopolitical conditions, the shift towards China from Europe is a protective measure. This shift in oil trade allows the Russian Federation to some extent to secure the oil industry from the sanctions of the West,” said Anton Pokatovich, chief analyst of Binbank.
The Chinese economy has been developing at a high pace, and selling more oil is also profitable for economic reasons as well, the analyst explains. China is the largest buyer of oil, and has been increasing its imports. “This perspective makes the Chinese energy market one of the most desired for Russian exporters,” he told RT. Russia supplied 5.052 million tons, or 1.32 million barrels per day (bpd), to China in February – up 17.8 percent from a year earlier.
The increase in volume happened as a result of a second Sino-Russian oil pipeline, which began operations on January 1. It doubled China’s capacity to pump oil from the East Siberia-Pacific Ocean (ESPO) system. ESPO connects Russia and China with a direct pipeline. With the launch of oil futures in renminbi, both China and Russia have said they could reduce the use of the US dollar in oil trade.
Pyongyang is all set to provide workers and supplies for the construction of a bridge across the border with Russia, according to the Ministry for the Development of the Russian Far East.
“In June, both Russian and North Korean technical experts are set to hold consultations on building a motorway bridge between the two countries,” Deputy Minister Aleksandr Krutikov told RIA Novosti. “North Korea is to provide the project with workforce as well as with construction materials, while Russia will give the necessary equipment and building supplies.”
The deputy minister added that the experts are going to make the necessary estimates and to set a time limit for constructing the bridge crossing. Earlier this year, the head of the Far East Ministry, Aleksandr Galushka, said that the Ministry of Transport had created a workgroup on the crossing.
North Korea borders South Korea, China and Russia. The land frontier with the latter runs for about 17km (10.5 miles), following the Tumen River and its estuary in the far northeast. The two nations are currently connected with a rail bridge over the river. The crossing, dubbed the Korea Russia Friendship Bridge, was opened in 1959 and offers Russia and North Korea a basic rail connection.
The neighboring nations have long-contemplated a bridge that could allow more vehicles to move across the border without a lengthy by-pass through China.
“There are 23 automobile checkpoints between North Korea and China, and none with Russia,” North Korean minister Ro Tu Chol said in March. “Currently, when importing goods from Russia’s Far East, they do not come across the border with Russia, but through China. This greatly lengthens the journey.”
Aero Mongolia has signed a letter of intent with Sukhoi Civil Aircraft (SCAC) for two Sukhoi Superjets, with the intention to make a final decision by the end of 2018. If positive, deliveries are expected in 2019.
Aero Mongolia, based at Ulaanbaatar International airport, operates domestic services and a range of international flights to nearby countries. Its fleet currently consists of four ageing 50-seat Fokker 50 turboprops, but the bigger capacity and greater distance capabilities offered by the 100-seat Sukhoi Superjet 100s would allow the airline to enhance both its route network and its geographical reach.
The Sukhoi Superjet (SSJ100) is produced in Komsomolsk-on-Amur in the Russian Far East. Since the first flight of the twin-engine aircraft in 2008, it has proved a very successful aircraft. To date, 159 have been sold.
More information about the new contract possibilities may emerge at an upcoming 7-8 June series of events being held in Ulaanbaatar and jointly organised by the Ministry of Industry and Trade of Russia and the National Chamber of Commerce and Industry of Mongolia. Talks will cover the current state of Russian-Mongolian trade and economic relations, as well as prospects for future joint projects....
Chinese mainland tech company Xiaomi has submitted its application for an initial public offering in Hong Kong, expected to be the world's biggest IPO since 2014.
According to a file sent to Hong Kong Exchanges & Clearing Limited, Xiaomi has enlisted CLSA, Morgan Stanley and Goldman Sachs as joint sponsors for its listing.
The filing didn't disclose details about the size of its planned offering. However, Xiaomi said the company will use the proceeds received from the IPO to research and develop core products, including smartphones, smart TVs, and laptops, as well as global expansion.
A valuation of at least $70 billion was generally accepted by sponsors, investment banks and potential investors, and it's likely to surpass $100 billion in the short term, sources with direct knowledge of the matter told Chinese business media outlet Yicai.
It could be the biggest IPO since Alibaba's $25 billion debut in 2014, and might be the first IPO when IPO applications under dual-class shares structures were accepted starting April 30.
Xiaomi said its revenue for last year was 114.6 billion yuan, compared with 6.84 billion yuan in 2016 and 6.68 billion yuan in 2015. However, the company posted a net loss of 43.9 billion yuan in 2017, reversing from a profit a year earlier.