|Frontier's "Invest Mongolia Tokyo 2018"||Frontier Securities||Tokyo Japan|
|"Open to Export" ICC WTO International business award||ICC WTO||London|
Xanadu Mines Ltd (ASX:XAM) has successfully completed a share placement to domestic and international institutional and sophisticated investors to raise $10 million at 17 cents per share.
The company received strong support from existing shareholders and demand from new investors, driven by the recent exploration success at its flagship Kharmagtai copper-gold project in Mongolia.
Xanadu chief executive officer Dr Andrew Stewart said: “The placement enables us to further strengthen our share register and balance sheet, allowing Xanadu to complete the resource drilling program at Kharmagtai unencumbered, and provide an updated mineral resource estimate before the end of 2018.
“Xanadu will also progress testing of high-priority targets to make new discoveries and grow existing deposits.
“Xanadu believes being fully funded to complete this exciting phase places the company in a very advantageous position to maximize the benefits from the high demand and high prices for copper and gold.”
The company’s recent high-grade subsections from drilling at the Zaraa copper-gold porphyry discovery at Kharmagtai includes 30.4 metres at 0.95% copper and 0.80 g/t gold.
These new results follow a discovery hole which intersected 928.4 metres at 0.30% copper and 0.27 g/t gold from 458 metres.
The Zaraa discovery comes at a time when global consumers are searching for projects to fulfil future demand for copper, which is set to increase with the proliferation of electric vehicles.
Xanadu will now complete resource drilling at the Kharmagtai Open Pit and proceed with a scoping study, continuing exploration at the Kharmagtai and Red Mountain projects in Mongolia.
Construction of Mongolia’s first oil refinery in southeastern Dornogovi Province will begin later this month after the ground-breaking ceremony. The event will take place on 22 June in Altanshiree Soum (district) and will be attended by Mongolian Prime Minister U.Khurelsukh and Indian Minister for Home Affairs Rajnath Singh along with other officials.
The project, which is of great importance to the Mongolian economy, is being financed by a loan from India, which was announced during a visit to the country in 2015 by Indian Prime Minister Narendra Modi.
The refinery will have a processing capacity of 1.5 million tons of oil per year and will annually produce 560,000 tons of gasoline and 670,000 tons of diesel fuel, as well as 107,000 tons of liquefied gas. The refinery, to be ready for operation by 2022, is expected to boost Mongolia's gross domestic product by 10 percent.
Because Mongolia currently has no refining capacity, it has to export its crude oil to China while importing practically all of its petroleum products from Russia.
Mining and metals stocks came in for more punishment on Tuesday as the trade spat between the US and China escalated amid a war of words between Washington and Beijing.
On Tuesday, Donald Trump threatened to impose a 10% tariff on $200 billion of Chinese goods in retaliation for what the US president called the country's "predatory" trade practices. Beijing also ratcheted up the rhetoric accusing the US of "extreme pressure and blackmailing".
Copper – used as barometer for economic prospects thanks to its widespread use in industry, transportation, power networks and construction – fell to $3.036 a pound or $6,700 a tonne, down over 8% or $600 since touching four-year highs just a fortnight ago.
Nickel, which has been immune to weakness in the sector also succumbed on Tuesday and is now trading 6% below multi-year highs hit earlier in June at $14,820 a tonne. Among industrial metals only nickel remains in positive territory for the year. Zinc down 8% year to date is the worst performer as the price declines to just above $3,000 a tonne.
Aluminum prices have given up all the gains from a sharp rise following the US imposition of sanctions on Russia and tariffs on imports from China, Europe, Canada and others.
China consumers more industrial metals and minerals than the rest of the world combined and the country imports more than two-thirds of the world's seaborne iron ore.
The import price of the steelmaking raw material declined 3% on Tuesday to $66.45 a tonne according to Metal Bulletin data. Iron ore has lost 9% of its value so far in 2018. The benchmark Australian export price of premium steelmaking coal at just below $200 a tonne is up year to date, but down sharply from levels above $250 hit in May.
Weakness on metal markets spilled over to the sector's big names with another day of across the board losses on Tuesday. The top diversified and industrial mining companies have seen a combined $57 billion wiped from their market value over the past two weeks (see chart). On a percentage basis China Molybdenum, Anglo American and Vale have fared worst.
The auditing work of one of the world's "Big Four" accounting firms has been sharply criticised by the industry's watchdog.
KPMG audits had shown an "unacceptable deterioration" and will be subject to closer supervision, the Financial Reporting Council said.
The FRC added all the Big Four - which also include PwC, EY and Deloitte - needed to reverse a decline.
KPMG said it was "disappointed" and was taking steps to improve audit quality.
Every year the watchdog reviews the audits of Britain's biggest companies to ensure they meet certain standards. The FRC noted problems at all the firms, but KPMG was singled out for the poor quality of its work.
"There has been an unacceptable deterioration in quality at one firm, KPMG," the FRC said in a statement. "50% of KPMG's FTSE 350 audits required more than just limited improvements, compared to 35% in the previous year."
Stephen Haddrill, head of the FRC, said: "At a time when public trust in business and in audit is in the spotlight, the Big Four must improve the quality of their audits and do so quickly.
"They must address urgently several factors that are vital to audit, including the level of challenge and scepticism by auditors, in particular in their bank audits. We also expect improvements in group audits and in the audit of pension balances."
He said firms "must strenuously renew" their efforts to improve audit quality to meet the legitimate expectation of investors and other stakeholders.
The increased scrutiny of KPMG will involve the FRC inspecting 25% more audits done by the firm in the 2018-19 financial year, the first time the FRC has taken such action.
Michelle Hinchcliffe, head of audit at KPMG, said: "We are disappointed that our overall audit quality score for our 2016/17 audits has decreased by 4% and that the steps taken in previous years have not resulted in the necessary improvements to audit quality. We are taking action to resolve this."
KPMG came in for criticism over its audit of collapsed construction firm Carillion earlier this year, and the FRC has opened an investigation into the group under the Audit Enforcement Procedure.
The auditor was also recently fined £3.2m by the watchdog over its audit of insurance firm Quindell. Last year, the FRC opened an investigation into KPMG's audit of the accounts of aero-engine maker Rolls-Royce.
Auditors review the accounts of firms to see if the figures are a true and fair reflection of companies' financial health.
But the accounting industry has faced a lot of criticism in the last few years over whether their verdicts on companies' accounts can be trusted.
New Delhi, Jun 18 (PTI) Union Home Minister Rajnath Singh will embark on a two-day visit to Mongolia to strengthen India's relation with the strategically important east Asian country that shares its boundaries with China and Russia.
Singh will depart for Ulaanbaatar on June 21 after attending the International Yoga Day celebrations in Lucknow the same day, a Home Ministry spokesperson said today.
He will participate in ground breaking ceremony of an oil refinery at Ulaanbaatar on June 22, the spokesperson said, adding that the home minister will also attend a reception hosted by the Mongolian prime minister on the same day.
Singh will call upon Mongolian president the next day, the spokesperson said.
The home minister will also visit a Buddhist monastery and hold a meeting with his counterpart and Mongolia's Minister for Justice and Interior Affairs on June 23.
He will also visit the headquarters of Mongolia's Border Protection Force there before returning to the national capital on June 24.
Singh was to visit Mongolia late last year. However, the visit was postponed after he suffered a hairline fracture.
The home minister's visit is likely to further intensify the bilateral relations in various key areas.
Prime Minister Narendra Modi had in 2015 visited Mongolia, first ever visit by an Indian prime minister.
External Affairs Minister Sushma Swaraj was also in Mongolia in April this year where she discussed economic cooperation in infrastructure development, energy, services and information technology with her Mongolian counterpart.
The two countries also agreed to explore the possibility of launching direct air connectivity between New Delhi and Mongolian capital Ulaanbaatar.
Swaraj is the first Indian foreign minister to visit the resource-rich country in 42 years.
Diplomatic relations between India and Mongolia were established on December 24, 1955. India was the first country outside the then Socialist Bloc to establish diplomatic ties with Mongolia.
India had supported Mongolia in getting the United Nations and Non-Aligned Movement (NAM) berths. Both the countries also share common concern on terrorism.
Ulaanbaatar /MONTSAME/ Ministry of Finance and the Development Bank of Mongolia are to hold a high-level discussion ‘Development Priority Programs: Financial Cooperation’ within the framework of the ‘Greater Tumen Initiative’ program, supported by the UNDP.
In particular, the Ministry of Finance and the Greater Tumen Initiative (GTI) Secretariat will jointly hold the Program Consultative Commission Meeting on June 21-22 in Ulaanbaatar and during the meeting participants will discuss about the National Investment Program, government policy and funding opportunities for priority sectors such as agriculture and mining. Over 100 representatives from Ministry of Finance and Ministry of Trade and Economy of the GTI member countries: Mongolia, People’s Republic of China, Republic of Korea and Russian Federation, executives of EXIM Bank, local authorities engaged in the program and research institutes will participate in the meeting.
Aside from representatives from the GTI member countries, discussions on the programs will involve embassies in Mongolia, international financial organizations and development partners. At the consultation meeting, issue of strengthening economic cooperation in Northeast Asia, priorities and future action plans will be discussed.
The Greater Tumen Initiative (GTI) is an intergovernmental cooperation mechanism that was founded in 1995 with the support of the United Nations Development Programme. It aims at strengthening economic cooperation, and attaining greater growth and sustainable development in Northeastern Asia.
FIVE HILLS TRAINING AREA, Mongolia - The typical adult human body contains five liters of blood. Responsible for transporting oxygen and nutrients to the cells and removing waste on its return trip through miles of arteries, veins and capillaries, blood is life.
Lose too much blood, and a person descends into hypovolemic shock. If more is lost, it can be fatal.
The heavy consequences of blood loss are why stopping the bleeding and saving service members' lives is serious business for Staff Sgt. Stephen Behrens, Alaska Army National Guard Medical Detachment training noncommissioned officer.
Behrens, other U.S. medical personnel and their Mongolian Armed Forces counterparts instructed Tactical Combat Casualty Care during Exercise Khaan Quest 2018 June 14-28 at Five Hills Training Area, Mongolia.
Khaan Quest is a regularly scheduled, multinational exercise co-sponsored by U.S. Pacific Command and hosted annually by the Mongolian Armed Forces. Khaan Quest 18 is the latest in a continuing series of exercises designed to promote regional peace and security. This year's exercise marks the 16th anniversary of this training event.
U.S., Mongolian Armed Forces, and 16 other nations participate this year in the Tactical Combat Casualty Care lane, just one part of a round-robin style gauntlet of training events such as crowd control and convoy operations.
Behrens said medical personnel can't be everywhere, and it is often up to service members of every job description to stabilize a wounded comrade before they can be evacuated to medical care.
"Combat casualty care is the method we use to sustain life on the battlefield, then get them from the point of injury to (higher levels of) care," Behrens said.
Central to the training is the MARCH algorithm, standing for massive bleeding, airway control, respiratory support, circulation and hypothermia prevention.
Behrens taught students to conduct a blood sweep, visually inspecting the patient for any obvious signs of bleeding before patting the wounded person down for signs that are less clear.
Most dangerous is arterial bleeding. Arteries are the blood superhighway of the vascular system, feeding crimson platelets at high pressure to smaller veins and capillaries.
Behrens said the best way to stop arterial bleeding, signified by bright-red blood, is by way of fitting a tourniquet above the wound. Students practiced with partners fitting the device, which is simply a nylon belt-like constrictive device that compresses blood vessels to stop the bleeding.
Second Lt. Sonya Hood, platoon leader for the 297th Regional Support Group contingent, winced when platoon member Pfc. Jessica Shields fitted the officer with the tourniquet, cranking the pressure on Hood's femoral artery. Behrens said Tactical Combat Casualty Care measures can be uncomfortable for the patient, but they save lives.
In a frenetic firefight, rendering medical aid to a hurt comrade becomes an exercise in pressure-cooker multi-tasking.
During a simulated movement-to-contact maneuver, Spc. Jahmoi Hodge, a squad leader under Hood's command, swept his eyes across the horizon scanning his sector. Following the tell-tale crack-crack-crack of an AK-47 rifle, Hodge dropped flat.
"Twelve o'clock, 200 meters, enemy squad in the open," Hodge called, giving direction, distance and description of the threat.
After the platoon neutralized enough of the enemy to be able to move, Hodge heard an urgent call for assistance.
"Help, help, I'm shot!," his legs covered in simulated gunshot wounds, cried U.S. Navy Hospital Corpsman 3rd Class John Bustamonte, a corpsman assigned to III Marine Expeditionary Force.
It took nearly a minute for Hodge to close the distance. The Soldier sprinted and dropped, dashed and took cover, returning fire as he rushed toward Bustamonte's urgent calls. By the time he reached the stricken Sailor, Hodge struggled to breathe fast and deep enough to fill his famished lungs.
A smoke grenade concealed Hodge's effort to render aid. Exhausted and mindful of an enemy determined to kill him, the Soldier turned his attention to the patient. A visual blood sweep indicated a severed femoral artery.
Hodge's training kicked in despite labored breathing. He cinched down the tourniquet and locked it in place.
Then the real work began.
With the help of squad member Spc. Dana Haddox, the two Soldiers hoisted Bustamonte over their shoulders and moved the Sailor out of the danger area. Despite the team effort, it was laborious work rushing the Sailor to the platoon casualty-collection point.
Once the trio reached the Casualty Collection Point, Hodge and Haddox joined forces to complete the MARCH algorithm.
Massive bleeding: The Soldiers completed a more thorough blood sweep, noting non-life-threatening venous bleeding in Bustamonte's legs.
Airway control: Though the corpsman was breathing normally, Hodge tilted his head back to ensure good airway.
Respiratory support: Since Bustamonte's wounds were only to his legs, Hodge knew he didn't need any support for a collapsed lung.
Hypothermia: Regardless of temperature, Behrens said hypothermia is always a risk for a traumatic injury. As such, Hodge wrapped Bustamonte in a space blanket.
If the scenario was real, Hodge would hand Bustamonte over to a flight medic in a medevac helicopter for evacuation to a medical facility. Though the medic has years of training to care for the wounded, Behrens said it is often non-medical service members armed with the MARCH algorithm who make a difference.
"MARCH allows us to greatly increase the survivability of traumatic injuries, and it ultimately allows Soldiers to go home alive," Behrens said....
Northeast Asian mayors gather in Mongolia to share experience on green development www.xinhuanet.com.cn
ULAN BATOR, June 18 (Xinhua) -- The Northeast Asian Mayors' forum 2018 kicked off here Monday, with the aim of consolidating their policies on environment and green development.
Mayors from 18 cities of six countries, including Ulan Bator, Beijing, Guangzhou, Moscow, Ulan-Ude, Irkutsk, Seoul, Busan, Suwon and Tokyo as well as more than 300 representatives from international organizations are attending the two-day forum to discuss opportunities to cooperate and share experiences under a key topic "Improving air quality and reducing greenhouse gas emissions".
"Climate change is one of the inevitable and urgent global problems in the whole world. We are gathering here today to discuss ways to mitigate climate change impact, reduce greenhouse gas emissions at the city level and share experiences," Ulan Bator's mayor Sunduin Batbold said at the opening ceremony.
"Ulan Bator is severely affected by climate change. The frequency of drought and extreme wintry weather known as "dzud" has been increasing. Thousands of herders lose their animals almost to the dzud, which forces them to seek new opportunities in the capital city of Ulan Bator," the mayor said.
It has resulted in unplanned city expansion, and air and soil pollution, said Batbold.
He expressed the hope that the event will enhance partnership and cooperation of cities and introduce technologies to mitigate climate change impact, defining role and contribution of cities.
"Introducing selected technology that requires low expenses and shows result in a short time can be a good solution for development of a city," he added.
Ulan Bator initiated the Northeast Asian Mayors' Forum in 2014. Since then delegates from cities in the region gather every year to discuss environmental and socio-economic challenges and pressing issues.
‘Ochir Daginas’, a Mongolian Company is ready to export international standard meat products to South Korea. The company has signed an agreement with the South Korean Natural Core Company to export meat products.
During the opening ceremony of the ‘Ochir Daginas’ plant, officials cut a 500 meter-long sausage instead red ribbon. The company has 86 employees and 80 percent of operation is automatated. In total, the plant processes 60 different kinds of meat products. Currently, the company produces 5-6 tonnes of meat products daily.
A total of 133 companies produce meat products in Mongolia; currently, only a small number meet international standards.
World’s second largest miner Rio Tinto (ASX, LON, NYSE:RIO) said Monday it will begin developing its Koodaideri iron ore mine in Western Australia's Pilbara region next year, highlighting parallel plans to de-bottleneck rail capacity, which should increase it to 360 million tonnes per annum (mtpa) in 2019.
The miner also said it would mine its first tonnes from the project, which it says it’s one of the world’s most technologically advanced, in 2021.
“The Koodaideri orebody is 50 kilometres long and 5 kilometres wide. It will be a new production hub which will be a key feature for the Pilbara for many years to come,” iron ore chief executive Chris Salisbury said in a presentation at Rio’s investor day.
He noted the mine would be the first one to take full advantage of automation in trucking and drilling.
Rio will begin operating its long-delayed AutoHaul robot rail system by the end of the year, which will remove the logistical bottleneck the miner faces in getting iron ore from the pit to the port.
The announcement comes on the heels of BHP’s decision to invest $2.9bn for the development of the South Flank iron ore project in the central Pilbara, which will replace depleting resources at the mining giant’s Western Australian operations and up its average grade from the region in the process.
It also follows a decision by Fortescue Metals Group (ASX:FMG) last month to go ahead with its $1.3-billion Eliwana project, also in the iron-ore rich Pilbara.
Rio also said that Pilbara sustaining capital would be about $1 billion over each of the next three years, including replacement mines at West Angelas, Robe Valley and Koodaideri, with the latter still to be formally approved.
Salisbury noted that Rio’s autonomous rail project AutoHaul was on schedule to be implemented by the end of the year, adding it was already providing benefits from an uplift in rail capacity.
“Removing our bottleneck in rail and increasing flexibility remain a key priority (…) Importantly, capacity is not the same as tonnes shipped. How we use the capacity of our integrated system will be dynamic, in line with a strict value-over-volume approach,” he said at the presentation.
Future remains rosy
Despite increased volatility and uncertainty around the globe, Salisbury said the general outlook remains solid, particularly when looking at its bigger customer — China.
Rio sees Beijing’s supply-side reforms and environmental policy improvements lifting demand for high quality iron ore.
“China's steel industry is undergoing a structural change. Removal of less efficient steel-making capacity and strong demand is supporting steel pricing and currently provides a robust backdrop for high quality iron ore,” the company said.
Rio Tinto's Australian iron ore exports guidance for 2018 remained at between 330 million and 340 million tonnes.
The price for benchmark 62% iron ore fines last traded at $68.49 a tonne, according to the Metal Bulletin....