The government of Mongolia signaled on Monday it will not abide by an international tribunal’s order to pay more than US$100 million to Canadian uranium explorer Khan Resources Inc., whose chairman died suddenly while in the country meeting with officials over repayment plans last week.
“The Mongolian government, in order to protect its own interests, will work for the invalidation of the arbitration award,” a statement by the justice minister, dated Monday, said.
Submitted by Stephen Blank via The Diplomat, China has certainly been busy since it won observer status at the May Arctic Council summit in Kiruna, Sweden. First, Yu Zhengasheng, Chairman of China’s Political Consultative Conference, visited Finland, Sweden and Denmark with an eye to boosting general trade and cooperation, particularly in the Arctic.
China Resources Microelectronics has made a revised acquisition bid for Fairchild Semiconductor Intl Inc. (NASDAQ:FCS), reported Reuters. The Party G Group made the takeover offer on China Resources’ behalf. The new deal includes revised terms concerning the termination fees in case the acquisition fails to gain regulatory authorities’ approval.
U.S. President Barack Obama made a frank declaration when he travelled to Kenya last summer that corruption in his ancestral homeland was rampant and needed to stop.
“It’s important that not only low-level corruption is punished, but folks at the top, if they are taking from the people, that has to be addressed as well,” he said in a rousing speech in Nairobi.
But the recent crisis at Pacific Wildcat Resources Corp., a small Canadian company, suggests conditions haven’t changed enough.
Unfortunately, it is a familiar chain of events in the mining industry: Junior makes discovery in faraway land. Junior sinks oodles of capital into the ground to establish a world-class resource. Discovery draws the interest of powerful local business concerns and/or governments. Deposit is seized under suspicious circumstances. Miner’s shareholders are annihilated.
That story has played out all over the world in the last five years, from Venezuela to Mongolia to the Democratic Republic of Congo.
A Chinese coal miner fell on its trading debut in Hong Kong Thursday, after raising more than $900 million in the city's second largest share sale so far this year.Shares of Inner Mongolia Yitai Coal Co. opened at HK$41.90, down 2.6 percent from its initial public offering price of HK$43. The benchmark Hang Seng Index fell 1.82 percent in early trade.Yitai, which produces thermal coal for power generation, sold nearly 163 million shares and priced its deal at the bottom end of its price range of HK$43-HK$53. It raised a total of $903 million.