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MONGOLIAN MINING FACTOR PENALIZES MINERS SO CAUTION IS REQUIRED

Saturday, November 9th, 2013

THE MONGUL CREED IN MINING VENTURES IS UPON US SO BEWARE

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Since January this year 106 exploration license holders have had no legal recourse or rights to undertake exploration on their properties in Mongolia due to a criminal court case involving corruption relating to former senior government employees in the Mineral Resource Authority of Mongolia (MRAM).

For only 31 of the 106 impacted licenses about $19m had already been been spent and a further $36m planned. The 106 licenses cover a landmass approximately six times larger in surface area than active mining licenses in Mongolia according to a new report by Independent Mongolian Metals & Mining Research.

On Wednesday, one of the explorers caught up in the bureaucratic and political mess, Kincora Copper announced that it has received official notification from MRAM that two of its licences are part of the 106 licences now being officially revoked.

The revocation of licenses is effective October 30, 2013 following Resolution № 457 issued by the Chairman of the Geology and Mining Cadastre Department.

In April 2012, Kincora paid $5 million in script for the two licenses held by the Vancouver-based company’s wholly-owned subsidiary company Golden Grouse. Kincora incurred approximately $71,000 in legal costs relating to the acquisition and have spent approximately $1.85 million in exploration costs.

According to a press release Kincora’s flagship Bronze Fox license remains in good standing and was not on the list of licenses to be revoked:

“Kincora was unable to undertake planned exploration activities in the 2013 field season on the Golden Grouse licenses following uncertainty relating to criminal legal proceedings against former Government officials, which has brought into question the legal rights and interests for the owners of 106 exploration licenses.

“The Company is currently accessing avenues now available to it with receipt of official notification from MRAM expected to finally provide legal rights and potential recourse relating to the Golden Grouse licenses.

“Consultations with key third neighbor governments have been ongoing and continue as the affected license holders work with the Government of Mongolia on resolving this situation. The Mongolian National Mining Association (“MNMA”) is also assisting where possible.

“The acquisition of the licenses followed full detailed due diligence, with the licenses confirmed to be in good standing by MRAM, with exploration costs incurred following approval of the proposed exploration programmes which have been subsequently accepted, annual license fees incurred and licenses extended by MRAM.

“The Civil Code of Mongolia supports liability for damages caused by government officials if the rights of existing licenses holders are negatively impacted.”

Another company that fell foul of Mongolia’s bureaucracy and politics, uranium explorer Khan Resources, is currently seeking $200 million of damages from the government of Mongolia due to the illegal expropriation of its permits with a trial by the International Arbitration Tribunal scheduled to start November 11.

Mongolia’s parliament on Monday adopted a new investment law designed to attract foreigners to the country’s resource sector  after a steep decline in FDI this year.

AAA

Henry Sapiecha

fine gold line

THE YEAR THAT WAS 2012 IN MINING WORLD WIDE

Tuesday, February 19th, 2013

RECAPPING ON MINING EVENTS FOR THE YEAR THAT WAS 2012

2012 will go down as the year when the wind fell out of the sails of economic recovery and serious financial storms rocked the boat of major miners, throwing a few CEOs overboard in the process.

Cynthia Carroll (Anglo American), Aaron Regent (Barrick Gold), Robert Friedland (Ivanhoe), Marcelo Awad (Antofagasta Minerals) and Diego Hernandez (Codelco) were only some of the executives who left their companies, either because they chose to or because of shareholders pressure.

Miners, big and small, reported lower than expected profit and decided to re-evaluate projects, resulting in scaling back expansions and shelving of major projects.

BHP Billiton (ASX:BHP), for instance, scuppered its original Olympic Dam expansion plans in August after determining the project to be uneconomic. And other giants, such as Rio Tinto (ASX:RIO), Xstrata (LON:XTA) and Vale (NYSE:VALE) cut jobs worldwide, especially at coal operations in Australia.

But after Google’s billionaire co-founders and filmmaker James Cameron launched their asteroid mining company, Planetary resources, space exploration became the most popular topic of the year, as our list of MINING.com’s top stories of 2012 shows:

Sourced & published by Henry Sapiecha

DOING BUSINESS WORLDWIDE IS EASIER NOW BUT THE CHALLENGES ARE…

Saturday, November 20th, 2010
Whitepaper: Shrinking World Creates New Logistics Challenges
Short Summary: In recent decades new technology and the emergence of a global economy have created boundless new opportunities for businesses of all types. A company can now ship its products to foreign markets, outsource production, and get access to cheap materials overseas with little difficulty. However, despite widespread benefits, the shrinking world also carries new risks and logistics challenges. To balance the elements of a geographically diverse supply chain you must be willing to dedicate time and resources. It may be easier than ever to forge new relationships with foreign buyers and suppliers, but these privileges come with a cost. ""
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Sourced & published by Henry Sapiecha

WHICH COUNTRIES ARE TO BE WORLD LEADERS IN COMMODITIES & MANUFACTURING?

Thursday, November 18th, 2010

Global Competitive Manufacturing Index


This year’s report indicates that access to talented workers capable of supporting innovation is the key factor driving global competitiveness at manufacturing companies – well ahead of ‘classic’ factors typically associated with competitive manufacturing, such as labor, materials, and energy. The 2010 report also identified the emergence of a new group of leaders in the manufacturing competitive index over the next five years. These include Mexico, Poland, and Thailand – countries not always considered alongside longer-standing, up-and-comers like Brazil and Russia. Not unexpectedly, Asian giants like China, India, and the Republic of Korea are projected to dominate the index in five years, as they do now. Further, dominant manufacturing super powers of the late 20th century – the United States, Japan, and Germany – are expected to become less competitive over the next five years.
Source: Deloitte.com

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Received & published by Henry Sapiecha


THIS EVER SHRINKING WORLD MAKES IT EASIER TO ACCESS GOODS WORLDWIDE

Friday, February 26th, 2010

A WORLD HUNGRY FOR TRADE

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The commodity market activity  throughout the world has to keep moving between countries to ensure that all have a share of the global wealth and resources.

There are some who are not ‘pulling their weight whilst others are producing abundantly. These things are like that for different reasons.

Here we will bring them and others, together at a common market place where all can exchange goods and or services or sell for cash to the highest bidder or ready buyer.

MORE TO COME SO WATCH THIS SPACEeyes-22

Henry Sapiecha

LINE PERCENTAGE YELLOW BLACK

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