September was filled with positives for both Mongolia and Canrim. The economy continued to show signs of improvement and Canrim took full advantage of this to conduct high level meetings with several multinational mining and exploration companies, in addition to meeting with relevant Mongolian officials.
Having previously discussed our proprietary geological database, a main ingredient for achieving success in acquiring and developing actionable minerals projects, we continue to grow this archive and position ourselves for both the submission of license applications and secondary market acquisitions.
MRAM having supposed to begin accepting applications for new license areas during the week of September 25th, they subsequently delayed this process due to a technical glitch in their online and processing systems. We look forward to this issue being resolved for we are fully ready to participate in this process where Canrim will submit applications for multiple licenses.
We also continue to meet with several significant multinational minerals exploration and development companies in both Mongolia and Singapore who are either actively investing in Mongolia or are closely watching the improving investment climate. Such conversations will only accelerate as relationships are built with potential joint venture partners or acquirers, leveraging Canrim’s expertise as a credible, diligent, in-country partner who can contribute licenses and operational expertise, a world-class geological team and co-operate on near term production deals.
Mongolian Economic Update:
1. September 12: FTSE considers Mongolia for possible inclusion in Frontier Markets Index in 2015;
2. September 14: First Russia-Mongolia-China meeting held during Shanghai Cooperation Organization Member States Summit;
- September 22: Mongolian Energy Corporation announces issuance of up to HKD 3.5 billion in debt;
- September 25: Sino Construction offers to acquire all ordinary shares of Guildford Coal;
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Bank of Mongolia reports second month of increase in FX reserves;
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