Yamartai ch neg uye bodoh n Mongol gedeg uls baidag, niislel n Ulaanbaatar gedgiig humuus mer ser gadarlahtaigaa bolchihoj (humuus gedegt n bugdiig oruulaad ch yu gehev, Baruuniihan, yalanguya Europiinhon medeed baih shig baigaa yumaa. Enuuhend baidag Taiwanuud harin manai ulsiin tusgaar uls gedegt ergelzeed baidag n jaahan tiimerhuu l baidag yum, geed yaay gehev ednii tuuhiin tuhai bolovsroliin systemiig n negent oorchilj chadahgui hoino, iim tuuh zaalguulaad baigaa ard tumniih n haranhuig gaihaltai n bish) Wallstreet soninii ene odriin dugaar deer neg n Oyu Tolgoi toirson medee, nogoo n "scene by scene" films of Asia Pacific, kino odorlogiin tuhai surtalchilgaan deer Enetheg, Singapore, Japantai zeregtseed Mongol, Tovd (Tibet)-iin zurag hevlegdsen, 2 material garsan baih yum. Baga bagaar neegdeed l baina, uuniig sain hereg gej oilgoh n zov baih.
Ene Oyu Tolgoitoi holbogdson medeeg oruulj baigaagiin shaltgaan n gevel ene medeen deer garsan zarim neg helleguudiig unshaad gadarladag (tsaashilbal meddeg, bur ahsigladag) bolchih heregtei yum bolov uu, yalanguya businessiinhen, toriin ondor alban tushaaltanguud, bolon Mongol ulsiin "shine" ireeduin gerch n boloh zaluu uye n. Jishee n landmark agreement gej yu boloh, private equity fund, windfall tax ch gedeg yum uu. Shivj oruulsan tul jijig sajig aldaa baij magadgui baih, uuchilna buizaa.
Eh survalj: Wall Street Journal October 19, By Ellen Sheng
Hong Kong - Some foreign investors hope the sprawling desert country of Mongolia will become the next big resource story, following a landmark agreement with the government to develop one of the world's biggest copper-and-gold deposits.
Earlier this month, Mongolia's government signed a deal with Canada based Ivenhoe Mines Ltd. to develop the US4$ billion Oyu Tolgoi project, marking the countries first mining privatization. The deal, in which mining giant Rio Tinto PLC is also involved through an investment in Ivenhoe, helps clear up uncertainty regarding taxation and government involvement and lays the groundwork for more foreign investment.
Mongolia, a sparsely populated, landlocked country tucked between China and Russia, has some of the world's largest untapped reserves of coal, copper and other mineral commodities. At least 24 other resource deposit are waiting to be developed and privatized. It has an estimated 62,000 tons of uranium reserves - the world's 15th largest - and total coal reserves of about 100 billion tons. In all, the Mongolian government hopes to attract $25 billion in foreign investment in the mining sector over the next five years.
So far, political and regulatory uncertainties have kept Mongolia out of the global commodities boom. Concern about the potential damage mining could inflict on the environment has also spurred the public opposition to foreign investment in the past.
Negotiations with government regarding Oyu Tolgoi dragged on for six years but finally became serious earlier this year after the government announced it would scrap 68% windfall tax on sales of copper and gold. The government also classified terms under which it can take a stake, eliminated provisions for value-added tax and clarified some issues related to resource and water use. Under the deal, the government will own 34% stake in the mine.
Keeping close tabs on the Oyu Tolgoi project, global private equity firms such as Oaktree Capital Management LP, Franklin Templeton Investments and Carlyle Group LP have talked with Mongolian conglomerates looking to develop resources and infrastructure. Sovereign-wealth funds such as Singapore's Temasek Holding Pte. Ltd. and China Investment Corp. also have shown interest.
Temasek and private-equity firm Hopu Investment Management Co. in late 2007 invested in a combined $300 million in Hong KOng Lung Ming INvestment Holding Ltd., a firm that owns a majority stake in the operator of Mongolia's Eruu Gol iron-ore project.
CIC is also in talks to invest $300 million in Lung Ming, people familiar with the situation have said. Ivenhoe's chief executive said last month that several sovereign funds had expressed interest in investing in the company.
Global banks including Credit Suise Group and Deutsche Bank AG have provided development financing for resources companies such as Mongolia Energy Corp., Lung Ming and South Gobi Energy Resources LLC.
With Mongolia, investors now have a "really good opportunity of getting exposure to the mining sector and also to get into the China Resource play," said Mandar Jayawant, who is heading up Frontier Investment and Development Partners' Mongolia fund out of Ulaanbaatar. Frontier is raising what it believes is the first-ever Mongolia-focused private equity fund.
Frontier expects its first closing with $45 million from Korean and Japanese investors early next year and aims to raise $100 million.
"It is certainly almost impossible to exagerate Oyu Tolgoi's mltiolier effect", Christopher Wood, and analyst at CLSA Asia Pacific MArkets wrote in a recent report. "Mongolia has the potential to become the ultimate high-beta play for the investment story based on China's rapacious demand for resources."
Next up after Oyut Tolgoi is Tavan Tolgoi, a six billion-ton coal deposit, where potential investors including Brazil's Vale, Peabody Energy Corp., and Chinese companies have shown interest.
Hurdles remain along the way. As in other frontier markets, the country's legal system is a source of concern. And though Mongolia has major mining deposits, private equity firms can't easily invest large sums in them.
"The most obvious near term opportunties are for small to mid-sized private equity looking to invest US $10 million to US $30 million in a late stage exploration company that could list in Hong Kong or be sold to a strategic buyer," said Robert Lepsoe, an adviser to the Mongolian government who has been given the task of setting up a sovereign-wealth fund for the country.
No comments:
Post a Comment