The Canadian media reported that on Wednesday, after the rebellion in Ulaanbaatar, the rate of stocks of Ivanhoe Mines Company, which is bartered at the Toronto Stock Exchange, reduced by 4.6 %, or USD 0.5. The closing rate per share was USD 10.54.

According to preliminary report on the parliamentary election in Mongolia, it has become clear that the Mongolian People’s Revolutionary Party, who is in favor of approving the investment agreement of the Oyu tolgoi project, wins the victory. On Monday, this news made the stock rate of the Ivanhoe Mines increase 9.3%, or USD 0.94, reaching USD 11.05.
An expert of the Salman Partners organization Raymond Goldy said, “The election results are facing a strong protest. Deaths of several persons killed during the riot in Ulaanbaatar at night of July 1 influenced on reduction of the stock rate of the Ivanhoe Mines”.
The latter refused to make comments on the event; it is just attentively observing Mongolia’s internal affairs. The election, results of which are considered as alleged, has postponed the Oyu Tolgoi project for indefinite term.

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Source: Montsame
July 4, 2008