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UPDATE 1-Mongolia to list copper mine talks to LSE, Nasdaq
ULAN BATOR, June 15 (Reuters) - Mongolia plans to take public its Oyu Tolgoi mine, one of the world’s biggest untapped copper and gold deposits,
* Oyu Tolgoi copper, gold mine may be worth usd3 billion
* Mongolia also plans to list Talvan Tolgoi coal mine
* Mongolia proven uranium reserves forecast up 69 pct in 2011
* Nasdaq, LSE, Hong Kong Exchange approach Mongolia (Adds details, background, quotes)
ULAN BATOR, June 15 (Reuters) - Mongolia plans to take public its Oyu Tolgoi mine, one of the world"s biggest untapped copper and gold deposits, and is receiving proposals from global stock exchanges to assist with turning its state-run stock market into a private enterprise, a government official said.
"Mongolia aims to list shares of Oyu Tolgoi domestically and internationally," Sugar Dulam, chairman of the State Property Committee of Mongolia, said at Frontier Securities" Mongolia Capital Raising Conference on Tuesday.
Mongolia is attracting attention from global investors after it sealed a deal in October with Ivanhoe Mines (IVN.TO: Quote) and Rio Tinto (RIO.AX: Quote)(RIO.L: Quote) to develop the Oyu Tolgoi mine, which some estimate could be worth around usd3 billion.
Shortly after that deal, global mining companies and investment banks lined up to participate in the Tavan Tolgoi coal mine auction, a deposit that some analysts said could be worth around usd2 billion.
Mongolia ended up pulling the asset from the auction block. [ID:nSGE61400Z]
Dulam said on Tuesday that Mongolia planned to list Tavan Tolgoi, one of the world"s largest untapped coal deposits.
Mongolia"s effort to modernise its economy and join Asia"s fast economic growth has been slow. The vast, rural country has seen stops and starts with its plans to allow global businesses to develop mines and use that incoming cash to boost its economy.
The government is also trying to connect local companies and its stock market with the rest of Asia, hoping to turn domestic franchises into regional ones.
But bringing up the level of business done in Mongolia is not going to happen overnight.
"First the government and the private sector have to make sure that they will comply with corporate governance," said Masa Igata, the founder and chief executive of Frontier Securities.
URANIUM
While Mongolia does have consumer industry businesses it would like to export, for now it"s natural resources are the focus for domestic and international investors.
In addition to copper, gold and coal, the country has uranium deposits.
Mongolia"s proven uranium reserves stood at 62,000 tonnes, said Tsogtsaikhan Gombo, a director at MonAtom LLC, the Mongolian state owned company that represents the government in all activities relating to radioactive minerals.
Gombo forecast the country"s proven uranium reserves next year at this time to be 105,000 tonnes.
The resource rich region has attracted companies beyond the natural resources space.
Dulam, the state property chairman, said the Hong Kong Exchanges and Clearing (0388.HK: Quote), the London Stock Exchange (LSE.L: Quote), and the NASDAQ OMX Group (NDAQ.O: Quote) had all submitted proposals to assist with helping Mongolia turn its state-owned stock exchange into a private enterprise.
The hope of those exchanges and of Mongolia is to be able to list fast growing domestic companies on the local and the international exchanges.
* Mongolia also plans to list Talvan Tolgoi coal mine
* Mongolia proven uranium reserves forecast up 69 pct in 2011
* Nasdaq, LSE, Hong Kong Exchange approach Mongolia (Adds details, background, quotes)
ULAN BATOR, June 15 (Reuters) - Mongolia plans to take public its Oyu Tolgoi mine, one of the world"s biggest untapped copper and gold deposits, and is receiving proposals from global stock exchanges to assist with turning its state-run stock market into a private enterprise, a government official said.
"Mongolia aims to list shares of Oyu Tolgoi domestically and internationally," Sugar Dulam, chairman of the State Property Committee of Mongolia, said at Frontier Securities" Mongolia Capital Raising Conference on Tuesday.
Mongolia is attracting attention from global investors after it sealed a deal in October with Ivanhoe Mines (IVN.TO: Quote) and Rio Tinto (RIO.AX: Quote)(RIO.L: Quote) to develop the Oyu Tolgoi mine, which some estimate could be worth around usd3 billion.
Shortly after that deal, global mining companies and investment banks lined up to participate in the Tavan Tolgoi coal mine auction, a deposit that some analysts said could be worth around usd2 billion.
Mongolia ended up pulling the asset from the auction block. [ID:nSGE61400Z]
Dulam said on Tuesday that Mongolia planned to list Tavan Tolgoi, one of the world"s largest untapped coal deposits.
Mongolia"s effort to modernise its economy and join Asia"s fast economic growth has been slow. The vast, rural country has seen stops and starts with its plans to allow global businesses to develop mines and use that incoming cash to boost its economy.
The government is also trying to connect local companies and its stock market with the rest of Asia, hoping to turn domestic franchises into regional ones.
But bringing up the level of business done in Mongolia is not going to happen overnight.
"First the government and the private sector have to make sure that they will comply with corporate governance," said Masa Igata, the founder and chief executive of Frontier Securities.
URANIUM
While Mongolia does have consumer industry businesses it would like to export, for now it"s natural resources are the focus for domestic and international investors.
In addition to copper, gold and coal, the country has uranium deposits.
Mongolia"s proven uranium reserves stood at 62,000 tonnes, said Tsogtsaikhan Gombo, a director at MonAtom LLC, the Mongolian state owned company that represents the government in all activities relating to radioactive minerals.
Gombo forecast the country"s proven uranium reserves next year at this time to be 105,000 tonnes.
The resource rich region has attracted companies beyond the natural resources space.
Dulam, the state property chairman, said the Hong Kong Exchanges and Clearing (0388.HK: Quote), the London Stock Exchange (LSE.L: Quote), and the NASDAQ OMX Group (NDAQ.O: Quote) had all submitted proposals to assist with helping Mongolia turn its state-owned stock exchange into a private enterprise.
The hope of those exchanges and of Mongolia is to be able to list fast growing domestic companies on the local and the international exchanges.
