This document summarizes a newsletter from the Business Council of Mongolia dated March 1, 2013. It includes sections on business, economy, and politics news highlights. In the business section, it discusses ongoing talks between investors of the Oyu Tolgoi project and the Mongolian government. It also mentions several personnel changes at companies operating in Mongolia like Turquoise Hill Resources and Energy Resources LLC expanding its coal processing capacity. The economic section notes updates on mining, finance, and economic indicators. The politics section discusses proposed revisions to Mongolia's minerals law and investigations into corruption cases.

1. BUSINESS COUNCIL of MONGOLIA
NewsWire
www.bcmongolia.org
info@bcmongolia.org
Issue 263 – March 1, 2013
NEWS HIGHLIGHTS:
Business
 OT investors respond to week’s meetings;
 Mongolia puts pressure on Rio Tinto ahead of OT talks;
 Mongolia plans to charge Rio’s OT interest on tax;
 Foreign investors on alert as launch of West Tsankhi announced;
 Energy Resources aims for 15 million tons coking coal a year;
 Turquoise Hill announces board changes;
 Guildford makes management appointments;
 Xanadu appoints new CEO;
 Voyager Resources makes strides in Mongolian copper exploration;
 MRC secures financing for development of gold deposits;
 Bridging the digital divide;
 Lotto group to expand operations with three-year license;
 Mongolia Economic Forum opens next Monday;
 Majority of MSE-listed companies fail to report year-end results;
 Centerra reports Q4, year-end results;
 Origo Partners reports Q4 results;
 Coal Mongolia ‘Government Hour’ review;
 S&P downgrades Rio outlook o negative on rising debt;
 Yum cuts off some China KFC suppliers;
 Kyrgyzstan sets deadline to revise Centerra Gold deal;
 Origo enters JV in Myanmar.
Economy
 Draft Minerals Law not going to Parliament in Spring session, says president;
 New conveyor increases export efficiency at Chinese border;
 MSE makes board appointments;
 Foreign debt stands at USD 2 billion;
 MNT 25 billion bills sold;
 Government seeks financing for construction of oil refinery from JBIC;
 January 2013 statistics;
 Orkhon Aimag leads Mongolia in competitiveness index;
 NGO delivers meals to Gobi bears;
 Hong Kong stocks climb, led by coal miners;
 China seeks to protect economic interests in Central Asia;
 China's copper buyers stay away;
 Caves point to thawing of Siberia.
Politics
 Draft Minerals Law submission pushed back to Fall session;
 GEC determines spending threshold;
 Group lobbies for 51 percent ownership of OT for government;
 Former tax official suspected of corruption;
 Constitutional Court member now suspect in MIAT scandal;

2.  Officials learn about sustainable development in Sweden;
 Elbegdorj to visit North Korea;
 Elbegdorj 49th best tweeter among world leaders;
 Legal proposals signal rocky spell for mining;
 Low-level corruption waning;
 Promoting social accountability;
 Xi Jinping's first 100 days.
ECONOMIC INDICATORS
 MSE Top 20 Index by market Capitalization;
 Foreign-listed Companies with Mongolian Assets;
 Supermarket Price Comparison – Jan 2013/Feb 2013;
 Inflation;
 Central bank policy rate;
 Currency rates.
*Click on titles above to link to articles.
SPONSORS
Khan Bank Oxford Business Group
Major Drilling Techenomics Mongolia
Breakthrough PR International SOS
Mongolian National Broadcasting

3. BCM MONTHLY MEETING RECAP
The meeting on 25 February, with B. Byambasaikhan in the chair of the first meeting in the ―Year of
the Water Snake,‖ was attended by 90 members and invited guests.
Byambasaikhan reminded members of the scheduled presentation by Brian Fisher, Managing
Director of BAEconomic Pty Ltd, ―Economic Impact Assessment of draft Minerals Law‖on 18 March.
Next he invited Adrienne Youngman, Partner at Mongolia Talent Network, to update members on
the progress of a survey her firm was administering to identify Mongolia's best employer. She said
work was progressing well and they were still accepting survey submissions.
"We've gone through the strategic threshold, but now it's time to make through to the data to
identify the top employer."
BCM membership now stands at 244, with 44 more members than a year ago.
―Despite the economic turmoil, we have more new members joining BCM than ever before,‖ said
Executive Director Jim Dwyer. ―We're up this year 20 percent from a year ago.‖
The seven most recently joined members are:
1. Anglo American is one of the world‘s 5 largest mining companies, headquartered in the UK and
listed on the London and Johannesburg stock exchanges. Its portfolio of mining businesses spans
bulk commodities—iron ore and manganese, metallurgical coal and thermal coal; base metals—
copper and nickel; and precious metals and minerals.
2. Erdenes Tavan Tolgoi JSC owns licenses over a majority of the Tavan Tolgoi coalfield, one of the
largest open pittable coking coal deposits in the world.
Tavan Tolgoi has 7.4 billion tons of measured indicated and inferred coal reserves and resources
and 1.8 billion tons of proven probable coal reserves in accordance with JORC. The company
commenced commercial production in July 2011.
3. The Capital Market Research Centre is a non-profit and non-membership NGO which was founded
in September 2008 and based in Ulaanbaatar. Its general activities include studying the activities of
Mongolian companies listed on the Mongolian and foreign stock exchanges and their influence on
Mongolia's economic growth and foreign investment.
4. The German-Mongolian Entrepreneurs Association represents the interests of enterprises that are
involved in bilateral German-Mongolian trade and investment. It is the biggest bilateral economic
association in Mongolia and supports its members and other organizations as a platform for
commercial contacts, business information and offers a wide range of services.
5. Modun Resources is a company listed on the Australian Stock Exchange (ASX) which is developing
its 100 percent-owned Nuurst coal project in central Mongolia. Nuurst is a thermal coal project,
which encompasses a 34.5 square kilometer licensed area, with a 478 million-ton JORC reported
coal resource at Nuurst (326 million tons Measured, 104 million tons Indicated, 48 million tons
Inferred).
6. Practical Daatgal LLC, established in 2003, is insuring all kinds of risks through its skilled
insurance experts while gaining the gratitude of its customers.
7. Sandvik Mining is a business area within the Sandvik Group, based in Sweden, which is a leading
global supplier of equipment and tools, service and technical solutions for the mining industry. The
offering covers rock drilling, rock cutting, rock crushing, loading and hauling and materials
handling.

4. Ch. Khashchuluun, Chief Executive Officer of UBRM Consulting, gave the first presentation on
improving the current business climate in Mongolia.
―There have recently been many changes to the economic climate in Mongolia. Investment projects
take years, so it's not good to change so much,‖ said Khashchuluun. He added, ―Probably
government shouldn't meddle much in investment affairs and leave it to private capital.‖
Khashchuluun noted how foreign investment was a chief driver of Mongolia's world-beating growth.
He said the government would be wise to take a long-term approach to the situation rather than
settle on short-term prizes.
―Capital is like oil or gas for an engine. If it stops, the engine will as well.‖
Columnist and television host D. ―De Facto‖ Jargalsaikhan spoke next with his presentation titled
―Five Hills and Five Challenges.‖ He explained how poor governance had crippled the operations of
Mongolia's prized Tavan Tolgoi coal mine. Worse, politicizing the deposit had allowed enterprising
government officials to make off with the short-term gains, while society at large saw very little
benefit.
Jargalsaikhan named five challenges that held back such projects from success. The first was the
unsustainable growth of government. In the past government could grow on the back of mining
revenues, but now that prices are falling and foreign investment is sputtering that growth is no
longer manageable.
The second issue was the lack of accountability in government, allowing politicians to put their own
agendas ahead of the economy.
―We expected more transparency and after that accountability. This is not the case,‖ said
Jargalsaikhan.
Tavan Tolgoi and other projects were also suffering from poor governance. Mongolia is still scarred
by corruption, Jargalsaikhan said, and volatility in government—especially after elections. Even
attempting to resolve corruption only exacerbated the fourth issue of authoritarian governance,
which has many government officials overly preoccupied by possible corruption accusations.
Finally, the last challenge was the fact that all the actions of policy makers are governed by
elections. This kind of thinking, he said, has thus far resulted in the squandering of assets such as
Tavan Tolgoi, misuse of pension funds, and inability to launch crucial projects such as the
construction of Power Plant No. 5.
BUSINESS
OT INVESTORS RESPOND TO WEEK‟S MEETINGS
This week saw the continuation of a closed-door shareholders meeting for the Oyu Tolgoi copper-
gold project and a meeting of the project‘s board of directors. The meetings were used as a venue
to resolve a number of grievances from both private investors and the Mongolian government.
Turquoise Hill Resources Ltd. said it would continue to have productive discussions with the
government of Mongolia on a range of issues related to the implementation of the 2009 Oyu Tolgoi
investment agreement, including project development and costs, operating budget, project
financing, management fees and governance. While progress on these issues was made during the
last meetings, all parties have agreed to continue discussions during March 2013 with a goal of
resolving the issue in the near terms.
―Given Oyu Tolgoi‘s significant economic and social benefits to Mongolia, it is in the best interest of
all stakeholders to swiftly resolve these important issues and keep the project on schedule,‖ said
Kay Priestly, Turquoise Hill‘s chief executive officer. ―We are open and willing to consider
opportunities related to the implementation of the investment agreement and companion
shareholders‘ agreement that will assist the government as long as it preserves the respective
agreements.‖
Oyu Tolgoi LLC responded with similar remarks from its president and chief executive officer,
Cameron McRae regarding the meeting. He noted that the talks were helping parties reach some

5. resolution and encourage greater cooperation.
―Our shareholders have been working through a number of issues, but everyone shares a strong
commitment to the success of Oyu Tolgoi. Some of these issues are complex, so it‘s natural that
resolution is taking some time. But the talks are constructive, both shareholders are working hard
to see resolution, and real progress is being made.
Source: Oyu Tolgoi LLC, Turquoise Hill Resources Ltd.
MONGOLIA PUTS PRESSURE ON RIO TINTO AHEAD OF OT TALKS
Mongolia has canceled a gold mining license indirectly linked to the USD 6.2 billion Oyu Tolgoi
copper and gold project, stepping up pressure on Rio Tinto PLC ahead of talks on the project set for
Wednesday.
The cancellation follows a string of complaints by the Mongolian government over Oyu Tolgoi, which
is controlled by Rio Tinto through its Turquoise Hill Resources unit in the lead up to a presidential
election due in June.
The Ministry of Mining this week said it had canceled a decision made in 2009 when it converted
into mining licenses the Shivee Tolgoi and Javhlant exploration licenses held by Oyu Tolgoi and
Entree Gold Inc. Mongolia is now reviewing the decision, originally part of the 2009 investment
agreement for Oyu Tolgoi, to ensure the move was valid. Oyu Tolgoi owns an 80 percent interest,
and Entree a 20 percent interest, in production from the mining licenses.
The move on the Shivee Tolgoi and Javhlant mining licenses adds to other issues unsettling Oyu
Tolgoi just as it ramps up for commercial production, due to start in June. Rio Tinto has vowed to
negotiate hard to protect the pact and said it would not start selling copper from the project until
the problems were resolved. Among the issues raised by the government, it has accused Oyu Tolgoi
of failing to pay taxes and overspending on the project, which is eventually expected to produce
425,000 tons of copper and 460,000 ounces of gold a year.
Some feel the aggressive actions are designed to play to nationalist concerns ahead of this year's
presidential election. Promises to close the mining sector to foreign investment were used by
candidates at Mongolian parliamentary elections last year to try and attract votes. Disputes will
continue until after the election, said Chris MacDougall, Managing Director of Mongolian Investment
Banking Group.
―Then we'll see the rhetoric change and Oyu Tolgoi progress. I don't think we will see any material
changes for Oyu Tolgoi,‖ MacDougall said.
Source: Mining Weekly, Bloomberg
MONGOLIA PLANS TO CHARGE RIO'S OT INTEREST ON TAX
Mongolia plans to start charging interest on allegedly unpaid tax owed by Rio Tinto Group's Oyu
Tolgoi LLC, as talks continue over the future of the USD 6.6 billion copper and gold mine, the
mining minister said.
Mongolia wants Oyu Tolgoi LLC, in which Rio Tinto controls 66 percent and the government the rest,
to pay interest, even as the two sides disagree on whether the tax payment was made. Oyu Tolgoi
said 5 February that it pre-paid USD 150 million in tax in 2010 and 2011 and was due to receive
credit for it last year. Mines Minister D. Gankhuyag said that the payment was a loan and tax
obligations are still outstanding.
―Their tax payment will now be charged with interest,‖ which has yet to be worked out, Gankhuyag
said. ―The Mongolia government did not do anything wrong. It's the investor side.‖
Oyu Tolgoi's budget is only approved by both sides until the end of the month, while London-based
Rio Tinto has said commercial scale operations are due to start by mid-year.
In addition to Oyu Tolgoi's tax prepayment, the company also made a USD 100 million prepayment
of dividends in 2010 and 2011, it said in its February statement. Separately, in 2012 Oyu Tolgoi paid
a total of USD 280 million to Mongolia in taxes and other fees, according to the statement. The USD
250 million that Oyu Tolgoi said were tax and dividend prepayments was actually a loan to the
Mongolian government that the country plans to repay in 2014 and 2015, with interest, minister
Gankhuyag said.

6. Source: Bloomberg
FOREIGN INVESTORS ON ALERT AS LAUNCH OF WEST TSANKHI ANNOUNCED
Mongolia will begin producing coal from a block of its giant Tavan Tolgoi mine this year, a senior
official at the state-run company in charge of the deposit said on Friday, a step that may give
foreign firms a way into the long-delayed project.
Major foreign mining companies, including U.S.-based Peabody Energy and China's Shenhua Group,
have long sought to invest in the 7.5 billion ton coal development at the core of a mining boom
expected to transform land-locked Mongolia's fortunes.
B. Enkhbat, the chief financial officer of Erdenes Tavan Tolgoi LLC (Erdenes TT), told a mining
conference that coal extraction at the West Tsankhi block would begin soon, providing a much
needed fillip for the cash-strapped company which last month was forced to suspend deliveries to
its only customer China because of financial difficulties.
A local newspaper, citing Erdenes TT, said production would start by April.
Domestic miner Khishig Arviin LLC would carry out the initial development work, but Enkhbat would
not say whether Erdenes TT would finally take on foreign partners. ―We don't yet know the answer
to the question,‖ he said.
The development of the western block would add 888 million tons of reserves to the mine, bringing
the total current exploitable reserve to 1.8 billion tons, Enkhbat said.
Source: Reuters
ENERGY RESOURCES AIMS FOR 15 MILLION TONS COKING COAL A YEAR
Energy Resources LLC has begun to pursue its aim to increase its coal processing capacity by a third
each year with new facilities.
The coal firm originally commenced its 10 million-ton coal-washing plant in 2011 with plans to
expand that to 15 million tons. The added facilities will produce 600 kilograms of coking coal for
every ton of unprocessed coal. The plant will bring added value to its coal project and cut down on
transportation costs.
Source: Unuudur
TURQUOISE HILL ANNOUNCES BOARD CHANGES
Turquoise Hill Resources, the 66 percent stakeholder in Oyu Tolgoi LLC, announced the company's
board of directors has accepted the resignation of director Andrew Harding and appointed Jean-
Sébastien Jacques to the board.
Last week Rio Tinto PLC, Turquoise Hill's majority shareholder, announced management changes
and appointed Jacques as chief executive of its copper arm and named Harding chief executive for
iron ore.
Jacques joined Rio Tinto in October 2011 and before his current position he was president of
international operations for copper. Prior to Rio Tinto, Jacques spent more than 15 years working
across Europe, Southeast Asia, India and the United States in operational and strategy and was on
the executive committee at Tata Steel Group from 2007 to 2011. Previously Jacques spent four
years as corporate development and strategy director at steelmaker Corus and worked for
aluminum company Pechiney.
Source: Marketwire
GUILDFORD MAKES MANAGEMENT APPOINTMENTS
Guildford Coal Ltd. appointed Peter Westerhuis as group managing director.
Prior to joining Guildford, Westerhuis, who also was appointed to Guildford‘s board, was an
executive director with Idemitsu Resources Australia and chief executive of the Ensham joint
venture.
Westerhuis has experience in strategy, business development, customer relations, government and
stakeholder relations, risk management, and sustainability. He is particularly passionate about
health and safety, personal relations, operational effectiveness, business improvement and project

7. delivery. His appointment follows the resignation of Michael Avery on 21 January.
Guildford‘s board also welcomed Tsogt as a non-executive director. The appointment was part of an
agreed restructure of Terra Energy Ltd. whereby Guildford increased its equity in the majority of its
south Gobi and middle Gobi tenements. The restructure provided Terra Holdings Ltd. with the right
to appoint a nominee director to the board.
Tsogt has close to two decades of experience in the Mongolian public sector. He worked in senior
management of Mongolian National Oil, where he ran commercial and operational functions. He also
worked as head of the Privatization Division of the State Property Committee and has participated
in the privatization of Mongolia‘s most valuable state-owned companies, including oil and aviation
assets.
Source: Guildford Coal Ltd.
XANADU APPOINTS NEW CEO
Xanadu Mines Ltd. appointed George Lloyd as chief executive officer.
Lloyd is based in Hong Kong and has over 12 years of corporate finance and direct investment
experience in the natural resources sector in emerging markets.
Lloyd‘s appointment follows the recent additions to the board of Denis Gately, Mark Wheatley and
Darryl Clark. It also completes the restructuring of the company‘s management and board as
announced on 9 November 20120. Xanadu‘s founder, Brian Thornton, will continue as non-executive
director and will work with Lloyd for a smooth transition in leadership.
―George‘s corporate and emerging markets experience will enhance Xanadu‘s outstanding
exploration team, technical capabilities and local partners,‖ said Chairman Gately. ―We are excited
by the potential of Mongolia and believe that the executive capability George brings to us will
greatly assist Xanadu unlock the value of its assets and people.
Source: Xanadu Mines Ltd.
VOYAGER RESOURCES MAKES STRIDES IN MONGOLIAN COPPER EXPLORATION
Voyager Resources Ltd.'s early exploration at its Khul Morit copper deposit in Mongolia has returned
significant intersections of ignimbrite and block ash tuff similar to those discovered above the ore
zones of Rio Tinto LLC's Oyu Tolgoi project.
Voyager believes the uncovered material could be formation rocks associated with a copper
porphyry target supplying the copper mineralization to the very high-grade breccias found at
surface. The grades here included 116 meters at 2.4 percent copper and 7.2 grams per ton silver
from 30 meters; 75 meters at 2.4 percent copper and 5.7 grams per ton silver; and 34 meters at 3.4
percent copper and 14.7 grams per ton silver.
Voyager has started targeted geophysical work at specific locations at Khul Morit. This will include
gradient induced polarization over the prospective area and spectral alteration mapping of some
key core.
Source: Proactive Investors
MRC SECURES FINANCING FOR DEVELOPMENT OF GOLD DEPOSITS
Mongolia Resource Corp. (MRC) secured a USD 2 million line of credit from Ulaanbaatar City Bank.
MRC is currently focused on the development of two high-grade gold deposits in Mongolia, which
have the potential for near-term production to commence in 2013. Sujigtei is an underground mine
with open-pit potential, and has been previously mined and has extensive underground workings in
place. The second project, the Kargana underground mine, replicates the nearby Boroo deposit in
potential size, scale and surface grade.
Source: Proactive Investors
BRIDGING THE DIGITAL DIVIDE
Internet provider Nomsys LLC has selected Ruckus Smart Wireless, Inc. to create Ulaanbaatar‘s
largest wireless access network.
The large-scale Wi-Fi network, known as the Community Involved Nomad Wi-Fi project, is currently

8. being developed by Nomsys throughout Ulaanbaatar, bringing Wi-Fi service to consumers and
businesses via hundreds of Wi-Fi hotspots throughout the rural countryside. The project goal is to
make Wi-Fi access easy and ubiquitous within underdeveloped rural areas of the city‘s capital. To
build out its network footprint with wireless points of presence, Nomsys is deploying Ruckus indoor
and outdoor access points in the city‘s suburbs as well as providing free Wi-Fi access points to
select families that will, in turn, use that device to provide paid wireless access to other within a
given area.
Over 250 indoor and outdoor Ruckus ZoneFlex access points are being installed by Nomsys to deliver
high-capacity, reliable Wi-Fi access to hundreds of thousands of people, said Nomsys founder and
chief executive office, G. Bat-Erdene, who was recognized in 2012 by the World Economic Forum
for his efforts to close the digital divide between those who can afford access and those who
cannot.
―The rural areas of Ulaanbaatar are very densely populated, and people who live there have very
low income,‖ said G. Bat-Erdene. ―For a majority of households there is no running water, central
heating, and no sewage system. To require them to purchase costly equipment in order to gain
cellular connectivity is just not plausible, which is why Wi-Fi is the ideal solution.‖
Bat-Erdene explained that while more than 30 Internet service providers operate in Ulaanbaatar‘s
urban center, few serve the rural district.
The access points have internal heaters and a hard exterior coating to keep them and the network
protected from extreme, harsh weather conditions. The root access points are connected to a fiber
optic network developed in the city by Nomsys and then meshed to five or six points. Bat-Erdene
said that as Nomsys expands the network, they‘re testing the performance and reliability of Ruckus
ZoneFlex outdoor access points in downtown areas and also plan to install more at additional
commercial businesses this year.
Source: Ruckus Smart Wireless, Inc.
LOTTO GROUP TO EXPAND OPERATIONS WITH THREE-YEAR LICENSE
The Mongolian Ministry of Finance granted a three-year license extension to the Mongolian National
Lottery (MNL).
The license extension will allow Monvest Group Pte. Ltd., who operates the license through
subsidiary Modern Capital Vest LLC, to move into the next phase of its expansion in Mongolia. Since
inception in 2010, Monvest has launched three major products under the Mongolian National Lottery
brand—4D Lottery, 6/42 Jackpot Lotto and 6D Lottery. Over 70 lottery outlets are operational in
Ulaanbaatar, and there are plans to double the number of outlets. Approved to list shares on
Germany‘s Boerse Berlin stock exchange, Monvest is currently restructuring its business under
Monvest Asia AG, a Germany-based enterprise designed to support the Berlin listing.
―The license extension was critical to the completion of the Berlin listing,‖ said Yap, Monvest
chairman. ―We wanted to show the market that we are in the lottery business for the long-term and
this license is a major step in that direction.‖
Monvest is the originator of the only active jackpot lottery operating in Mongolia, and holds the
brand names of Mongolian National Lottery and Mega Lotto. It plans to accelerate tickets sales with
a comprehensive marketing campaign as a future growth catalyst. In addition, Monvest management
has aggressive plans to use its well-positioned locations to move into retail sales and outdoor
advertising.
Source: Monvest Group Pte. Ltd.
MONGOLIA ECONOMIC FORUM OPENS NEXT MONDAY
The Mongolia Economic Forum for 2013 will be held on 4 and 5 March at the Government Palace.
The annual forum brings government officials and representatives of businesses, organizations,
academia, and civil society under one roof to discuss options for development policy. More than
1,000 leaders from an array of sectors will attend.
Source: Mongolia Economic Forum

9. MAJORITY OF MSE-LISTED COMPANIES FAIL TO REPORT YEAR-END RESULTS
Only 51 of the Mongolian Stock Exchange's listed joint stock companies submitted 2012 year-end
financial reports on time.
The MSE‘s regulations require audited year-end financial reports to the Financial Regulatory
Commission (FRC) and Mongolian Stock Exchange (MSE) by 10 February next year.
Source: Mongolian Stock Exchange
CENTERRA REPORTS Q4, YEAR-END RESULTS
Centerra Gold Inc. released its fourth-quarter year-end results for 2012.
Centerra reported adjusted net-earnings of USD 112.7 million or USD 0.48 per share in the fourth
quarter of 2012 before recognizing a one-time accounting charge of USD 180.7 million for the de-
recognition of the underground assets at Kumtor, which results in the company's recording a net loss
of USD 68 million or USD 0.29 per share for the period. This compares with net earnings of USD 79.4
million or USD 0.34 per common share in the same quarter of 2011.
At the Boroo gold mine in the fourth quarter, gold production was 29,878 ounces compared with
12,866 ounces in the same period of 2011. The production increase of 12,614 ounces is a result of
processing higher grade ore from pit six, with an average mill head grade of 2.07 grams per ton
compared with 0.86 grams per ton last year and the addition of 7,486 ounces of production from
the heap leach operation which resumed in October 2012.
Operating cash costs at Boroo were up USD 3.8 million quarter-over-quarter primarily due to
increased costs for mining of USD 400,000. Heap leaching costs were higher due to stacking,
crushing and processing activities, which commenced in the fourth quarter in 2012. Royalties
increased in 2012 due to the additional 24,618 ounces sold in the 2012 fourth quarter. Milling costs
decreased mainly due to lower consumption.
Operating cash costs per ounce produced in the fourth quarter of 2012 was USD 479 per ounce
compared to USD 849 for 2011. The decrease in the unit cash cost is a result of the higher
production partially offset by higher operating cost incurred for heap leach operations in the fourth
quarter of 2012. Boroo's all-in cash costs per ounce produced for the fourth quarter of 2012 is USD
502 per ounce compared with USD 940 in 2011.
Source: Centerra Gold Inc.
ORIGO PARTNERS REPORTS Q4 RESULTS
Origo Partners released a interim management statement for itself and its subsidiaries for the
three-month period ended 30 December 2012.
Chris Rynning, Origo's chief executive officer, said uncertainty led to scaled down operations.
―Whilst we do not expect matters to stabilize until after the presidential elections in June, we
continue to engage with the government of Mongolia and other local stakeholders to promote
investor-friendly policies.‖ He added, however, ―I am confident that in working with our Mongolian
partners we will be able to realize value and achieve our investment objectives for our Mongolia
portfolio within our targeted holding period.
The company's portfolio comprises investments predominantly in privately held companies across
various sectors of China's economy and in companies and assets with exposure to the Chinese
market. As of 31 December 2012, the portfolio was carried at the aggregate value (excluding
revaluations of unquoted portfolios) of USD 233.3 million compared with USD 233.8 billion for the
period ending 30 September. The top ten investments, representing 90 percent of the fair value of
the portfolio, included Mongolia Gobi Coal & Energy Ltd., Moly World Ltd., and Kincora Copper Ltd.
Origo invested a total of USD 4.4 million in existing invested companies. Origo participated in a
private placement by Kincora, subscribing to CAD 2 million (USD 1.95 million) of common shares and
common share warrants exercisable at a price of CAD 0.19 per warrant for up to three years.
Read more…
Kincora successfully closed the second tranche of a private placement, raising CAD 4.7 million. The
funds will be directed toward the continuation of drilling and exploration activities at the
company's flagship Bronze Fox project. Kincora also made an announcement regarding reports that

10. allege that two licenses held by Kincora's wholly owned subsidiary, Golden Grouse LLC, along with a
total of 107 other licenses, had been issued in violation of Mongolian anti-corruption laws, and
could be repatriated to the state. The reports only pertain to two Golden Grouse licenses and not
the company's flagship Bronze Fox project, leaving the company materially unaffected if they were
revoked.
Source: Origo Partners PLC
COAL MONGOLIA GOVERNMENT HOUR REVIEW
Coal Mongolia 2013 was a largely successful event. Industry and government presenters discussed
many of the key issues facing Mongolia's coal sector delivering a wide perspective for the market
outlook. With presentations focused on the development of the coal industry it appeared that
conversations between attendees were focused elsewhere, primarily on regulatory and legislative
concerns.
The second day of the conference delivered a highly anticipated government session. The
‗Government Hour‘ was intended to bring key officials to have meaningful discussions on the future
of Mongolia. The sessions covered a range of topics including a small selection of issues currently
being disputed by the majority of the public sector regarding the proposed draft Minerals Law—
these included: ownership percentage and the claiming of projects. Participants declined to speak
specifically about the draft legislation. They simply stated that is still under discussion and that
feedback from individuals and companies will be considered with great importance.
The direction that the discussion took was focused primary on the development of infrastructure,
both for transportation and utilities networks in underdeveloped regions of Mongolia. Specifically
they discussed was the development of a railway that would lead to increase trade, alleviating
transportation capacity issues, and helping to protecting the environment.
Source: Mongolian Investment Banking Group
S&P DOWNGRADES RIO OUTLOOK TO NEGATIVE ON RISING DEBT
Standard & Poor's Rating Services downgraded its outlook for Rio Tinto PLC on Monday from stable
to negative due to the miner's increased debt levels at the end of 2012.
The diversified miner reported its first full-year loss of USD 3 billion for 2012 earlier this month, as
it was hit by a USD 14.4 billion write down on the company's aluminum and coal business. After
reporting the loss, new chief executive Sam Walsh said he was ordering a review of all of the
company's projects.
S&P said it had worries over the repayment of Rio Tinto's gross debt of USD 26.7 billion while its
capital expenditure and dividend payment plan continues. The company's debt had increased 24
percent from USD 21.5 billion at the beginning of 2012, S&P said.
―We estimate this translates into adjusted debt of about USD 33 billion as we add asset-retirement
obligation, pensions, and operating leasing, and deduct surplus cash,‖ S&P said.
This breaches the USD 30 billion level that S&P sees appropriate with a stable rating, it said.
―The negative outlook indicates a one-in-three chance of the rating being lowered in the next 12 to
18 months. If leverage is not reduced and the adjusted ratio of funds from operations to debt does
not revert to 40 percent on a consistent basis, S&P said. ―This could, for example, be triggered by
further increase in debt or declining iron-ore prices to USD 120 per ton or below,‖ it added.
Should the company's absolute debt reduce, likely coming from asset disposals or iron-ore prices
remaining ―materially‖ above the USD 120 per ton level in 2013, the outlook may return to stable,
S&P said.
Source: Mining Journal
YUM CUTS OFF SOME CHINA KFC SUPPLIERS
The head of Yum Brands Inc.'s China operations made a rare appearance to take aim at the
country's food-safety issues and win back customers after allegations of quality oversights at the
company's KFC restaurants caused consumer confidence and sales to tumble in its largest market.
Yum plans to open four KFC flagship restaurants in Ulaanbaatar in 2013.

11. The food conglomerate is aiming to prevent food-safety problems by cutting its ties with suppliers
that source their chicken from small farms that are hard to regulate, said Sam Su, the chairman and
chief executive of Yum's China division, in a press briefing Monday. But the fundamental problems
that sparked consumer concern over the quality of the company's chicken reside in China's meat
industry, which relies on small-scale farms and is vulnerable to risk, Su said.
―We have been in China for many years now, so we can't say that we haven't known this,‖ said Su.
―But this situation is very complicated and it cannot be fixed with an apology.
For Yum, China is a critical market that accounted for 42 percent of the company's profits last year.
Yet the company's fourth-quarter same-store sales in the country fell 6 percent, a deeper fall than
its previous estimate of a 4 percent decline, as consumers in China pulled away from its KFC chain
after discovering that food-safety authorities were looking into whether KFC purchased raw chicken
with higher-than-permitted levels of antibiotics from two of its poultry suppliers. Yum attempted in
December to manage customer concerns with statements on its official Sina Corp. Weibo microblog,
a service similar to Twitter. Still, word-of-mouth spiraled, leading to thousands of negative
comments and would-be KFC consumers who steered clear of the chain.
Su said the incident would not affect company plans for growth in China. Yum aims to open 700
stores in China this year. KFC plans to minimize its risk in China by boosting supplier testing and will
work only with those that have direct management over their chicken houses. Su said the chain cut
from its network more than 1,000 small poultry producers used by the company's 25 poultry
suppliers.
Source: Wall Street Journal
KYRGYZSTAN SETS DEADLINE TO REVISE CENTERRA GOLD DEAL
Kyrgyzstan has given Centerra Gold Inc. three months to redraw terms before ripping up an
agreement to run its flagship mine in the Central Asian country, accusing the Canadian miner of
―colossal‖ environmental damage and underpaying the state. The case against Centerra, who mines
the Boroo deposit in Mongolia, bears similarity to the Oyu Tolgoi dispute currently being fought
between Rio Tinto and Mongolian government over an investment agreement.
Centerra said it had received a new claim from the government for USD 315 million for alleged
environmental destruction, almost tripling the damage claims that it faces.
―If within three months our negotiations yield no results, the government will unilaterally cancel
the agreement,‖ Economic Minister Temir Sariyev said during the debate on Wednesday.
Centerra said the 2009 agreement was ―solid and transparent‖ and it had already started talking to
the government. The Kumtor mine, bisected by a glacier 4,000 meters above sea level, is the
largest gold mine in Central Asia operated by a Western company. It is the industrial centerpiece of
the fragile Kyrgyz economy, contributing 12 percent of gross domestic product (GDP) in 2011.
Kyrgyzstan‘s GDP contracted by 0.9 percent last year after Centerra reduced output at the mine by
40 percent as a result of ice movement in the pit.
Sporadic protests, often fueled by the nationalist rhetoric of opposition politicians in the five-party
parliament, have also disrupted operations at the mine over the last year. Sariyev said there was no
desire within parliament to nationalize the mine, repeating earlier statements by both the
country‘s president and prime minister. But a specially appointed state commission has determined
that deals signed by Centerra between 1992 and 2009 were approved by previous political elites
without public discussion and were not entirely in Kyrgyzstan‘s interests.
Official Kyrgyz data show that, if the current agreement were to be renegotiated, Centerra would
pay about 5 billion soms (USD 105 million) more to the government every year. Sariyev said
Centerra would pay another USD 10 million a year for ecological damages.
Source: Reuters
ORIGO ENTERS JV IN MYANMAR
Origo Partners PLC has entered a joint venture with a leading conglomerate of Myanmar.
The joint venture with Serge Pun & Associates (SPA), SPA Origo Myanmar Holdings Co. Pte. Ltd., will
be owned 50:50 by Origo and SPA, and will benefit from the combination of Origo‘s transactional

12. and strategic expertise as well as SPA‘s extensive financial and operational experience in Myanmar.
The joint venture will initially focus on opportunities in metals and minerals exploration,
specifically in copper, gold, nickel, and other mineral deposits, and is undertaking country-wide
geological mapping. In addition, business opportunities are also being reviewed in the broader
natural resources sector, particularly in agriculture. The partners expect to make investments,
either directly or through affiliates or funds, once opportunities are identified.
―Despite this transformation there remain many risks to investing in a country dominated by the
military and with little infrastructure,‖ said Chris Rynning, chief executive of Origo. ―However, the
strategic partnership with SPA, one of Myanmar‘s most well-established companies, coupled with
the progress our team made on the ground in 2012 in understanding the local investment
environment, positions us well to take advantage of opportunities as the country continues to
reform and moves towards democracy.‖
Source: Origo Partners PLC
ECONOMY
DRAFT MINERALS LAW NOT GOING TO PARLIAMENT IN SPRING SESSION, SAYS PRESIDENT
President Ts. Elbegdorj told an audience of invited representatives from the private sector that
Mongolia may be looking to close its doors on mining investment.
Representatives of the private sector gathered in Civic Hall on 27 February to discuss the draft
Minerals Law at an open-hearing attended by President Ts. Elbegdorj. He said that of the 400
exploration licenses currently available, only 40 would be likely to move to the stage of mining. He
made it clear that his opinion was Mongolia would not need many more mining projects, and that
Mongolia only needed a few to continue driving its economy. The president charged the Ministry of
Mining with formulating a ―mining policy‖.
Speaking on the draft Minerals Law, Elbegdorj made clear that the bill would not be submitted to
Parliament during the Spring session. He conceded that the law needed further development and
input from other parts of government. However, reminded Elbegdorj, when the bill does come
before Parliament, policy makers will have the ability to change the bill however they may like.
The president said a new working group would be formed, and that the 2006 minerals law would
prevail until new legislation was passed.
Source: BCM
NEW CONVEYOR INCREASES EXPORT EFFICIENCY AT CHINESE BORDER
Government has installed a new conveyor belt at the Shivee Khuren-Sekhe border point to China to
increase export capacity there.
The eight-stream conveyor belt at the Chinese-Mongolian border in Gurval Tes Soum, Umnugobi
Aimag will help increase efficiency and lighten border staff's work load. The installation project was
overseen by mining firms Qinhua-MAK-Nariin Sukhait LLC with Umniin Gobiin Els acting as a
subcontractor.
The conveyor brings the time for processing from 50 seconds to 15 to 20 seconds.
Source: Zuunii Medee
MSE MAKES BOARD APPOINTMENTS
Mongolian Stock Exchange JSC (MSE) appointed its new board members. The appointment follows
Resolution No. 554 and 23 of the State Property Commission.
The board members are Chairman M. Batgerel, director of restructuring and policy implementation
at the State Property Committee; B. Daajamba, commissioner and vice chairman of the Financial
Regulatory Commission; G. Batkhurel, head of development policy, strategic planning at the
Ministry of Economic Development; B. Bayar, general director of legal at the Ministry of Energy; A.
Khurelbat, head of international cooperation at the Ministry of Mining; and M. Bayanmunk, director
general of heavy industry policy implementation and coordination at the Ministry of Industry and

13. Agriculture. Independent members are D. Bolormaa, director of social responsibility and sustainable
development at Mongolyn Alt (MAK); Ch. Ganbat, managing director of Liberty Partners; and J.
Maizorig, general partners at MDS and Associates LLP.
Source: Mongolian Stock Exchange JSC
FOREIGN DEBT STANDS AT USD 2 BILLION
Mongolia's foreign debt has grown to USD 2 billion, reported Ch. Saikhanbileg in a direct questioning
from the Mongolian People's Party.
The prime minister received the inquiry from MP B. Bat-Erdene, who voiced concern over excessive
debt from foreign organizations and countries.
―Since 1990 there no official statement has been released regarding Mongolia's foreign debt;
particularly how much money was borrowed from international organizations and financial
institutions, how much were spent and how much were paid off, and, moreover, how much is left
and what is the current rate for interest.‖
Saikhanbileg reported that Mongolia has spent USD 2.7 billion of borrowed money, of which 55
percent came from donor countries and 45 percent from international financial institutions from
1990 to 2012. Mongolia has thus far spent USD 900 million for principal payments and USD 200
million for interest. She said 55 percent of loans.
Seven percent of the borrowed money was in euros, 20 percent in Japanese yen, and 8 percent
from others. The remaining 5 percent comprised special drawing rights, with 42 percent
denominated in U.S. dollars, 36 percent in euros, 11 percent in yen, and 11 percent in the British
sterling pound.
The government is expected to pay MNT 115.3 billion in 2013, of which MNT 87.4 billion would be
principal payments and MNT 27.9 billion for interest.
Source: Info Mongolia
MNT 25 BILLION BILLS SOLD
A total of MNT 25 billion bills were sold at auction in 25,000 quantities with 12-week maturity.
Bids received totaled MNT 38 billion, and MNT 25 billion bills were sold at the weighted average
interest rate of 11.03.
Source: Ministry of Finance
GOVERNMENT SEEKS FINANCING FOR CONSTRUCTION OF OIL REFINERY FROM JBIC
The government will negotiate with the Japan Bank for International Cooperation for a loan to
finance the construction of an oil refinery in Darkhan.
Economic Development N. Batbayar and Finance Minister Chultem Ulaan received instructions to
pursue negotiations for financing of the Darkhan-Petroleum refinery at the Prime Minister's meeting
of the Cabinet of Ministries on 23 February. At the same meeting Mining Minister D. Gankhuyag was
ordered to complete an environmental impact study for the project and also participate in
negotiations.
Source: Info Mongolia
JANUARY 2013 STATISTICS
The Mongolian National Statistical Office released its January figures on February 15th.
• CPI decreased to 1.8 percent monthly in January 2013 compared to 2.8 percent monthly in
January 2012. The year-over-year nationwide CPI was 13.0 percent.
• Outstanding loan balances increased by 26.5 percent from MNT 5.65 trillion in Jan 2012 to MNT
7.14 trillion in January 2013.
• Overdue loan balances increased by 42.9 percent from MNT 73.8 billion in January 2012 to MNT
105.5 billion in January 2013.
• Foreign trade deficit decreased 14.9 percent from USD 254.6 million in January 2012 to USD 216.5
million in January 2013.
• The Bank of Mongolia has traded MNT 10 billion in 52-week government bills at a weighted

14. average of 10.99 percent. The auction attracted MNT 25 billion in bids by local banks.
Source: Mongolian Investment Banking Group
ORKHON AIMAG LEADS MONGOLIA IN COMPETITIVENESS INDEX
Orkhon Aimag led an index compiled by Economic Policy and Competitiveness Research Center
(EPCRC) ranking Mongolia's provinces by their competitiveness
The index ranked Mongolia's 21 Aimags, comparing 180 variables such as an appeasement of
business owners, and economic and social indicators. The index shows a stark contrast between
more urbanized provinces such as Orkhon compared with less-developed, rural locations such as
Dundgobi Aimag, which received 100 and 27.6 points, respectively.
―This research is unique because of its comprehensive study about the advantages and
disadvantages of provinces and their competitive abilities,‖ said B. Lakhshmi, interim director at
EPCRC. The research forms an elaborate database that can be used to process and plan long-term
development strategies for provinces.‖
The full index is as follows:
1. Orkhon 100 points
2. Umnugobi 92.77 points
3. Darkhan-Uul 83.86 points
4. Dornogobi 77.10 points
5. Selenge 73.91 points
6. Dornod 70.00 points
7. Gobisumber 65.02 points
8. Sukhbaatar 64.39 points
9. Tuv 63.50 points
10. Bayan-Ulgii 61.36 points
11. Uvs 60.76 points
12. Bulgan 59.56 points
13. Khentii 58.52 points
14. Hovd 57.62 points
15. Zavkhan 51.66 points
16. Gobi-Altai 50.11 points
17. Khuvsgul 49.76 points
18. Uvurkhangai 44.53 points
19. Bayankhongor 43.85 points
20. Arkhangai 37.57 points
21. Dundgobi 27.65 points
Source: Info Mongolia
NGO DELIVERS MEALS TO GOBI BEARS
The Undesnii Bakharkhal (tr: national pride) NGO delivered 10 tons of pellets to the Great Gobi
National park to feed the near-extinct Gobi bear. Park officials are responsible for distributing
pellets to 25 spots where the bears are known to visit regularly.
The Gobi bear's diet mainly consists of rhubarb, which is known to grow throughout the area with
enough rain. The working group appointed by the Ministry of Environment and Economic
Development is therefore studying the soil in the area and how well the herb can grow there. The
group is also tracking the animals' droppings to determine what other herbs and insects it may be
feeding on.
Students from Mongolian National University will leave for the Gobi park this summer. The Institute
of Biology has conducted research comparing the Gobi bear to other species of bear in the world.
A recent census found that only 22 Gobi bears remain in Mongolia.
Source: News.mn

15. HONG KONG STOCKS CLIMB, LED BY COAL MINERS
Hong Kong stocks last week on Thursday advanced on the back of solid gains in the coal-mining and
property sectors, cheering Federal Reserve chairman Ben Bernakes's commitment to continuing an
ultra-easy monetary policy.
The Hang Seng Index added 0.8 percent to 22,766.97 and the Hang Seng China Enterprise Index
gained 1.1 percent to 11,266.59. China Coal Energy Co. and China Shenhua Energy Co., two of the
worst performing constituents of the Hang Seng Index in February, led the advance on the last day
of the month, rising 3 percent and 2.5 percent, respectively. Also posting strong gains in the wake
of upbeat earnings reports, New World Development Co. rose 3.3 percent to extend the previous
day's advance while Sino L and Co. gained 2.8 percent.
Source: MarketWatch
CHINA SEEKS TO PROTECT ECONOMIC INTERESTS IN CENTRAL ASIA
China has been increasing its ties with the Central Asian republics in an apparent bid to promote
the stability of its western neighbors—and protect Chinese investments in the resource-rich region—
as the NATO withdrawal from Afghanistan approaches.
China is already the dominant economic force in the Central Asian region and may also overtake
Russia and the United States to become the primary political force, according to a report from the
International Crisis Group. The impetus for Beijing's involvement is growing in line with Chinese
concern about the security challenges Central Asia is facing, said the report, ―China's Central Asia
problem.‖
China's strategy seems to be the creation of close ties with Central Asia to reinforce economic
development and stability, which it believes will insulate itself, including its Xinjiang Uighur
Autonomous Region, as well as its neighbors from any negative consequences of NATO's 2014
withdrawal from Afghanistan, said Deirdre Tynan, Crisis Groups Central Asia Project Director.
Source: Business News Europe
CHINA'S COPPER BUYERS STAY AWAY
China this past week returned from the Lunar New Year holiday, but the country's copper buyers are
acting as if they are still on vacation. China is the largest consumer of Mongolian copper exports.
The red metal slumped 5.4 percent this week, its worst week since December 2011, as the widely
expected increase in demand from the world's biggest buyer failed to materialize. After rising
through January on signs of a global economic recovery, copper has now erased its 2013 gains and is
down 3.1 percent since the start of the year.
Analysts have pointed to the threat of curbs on the nation's property sector as a headwind for
copper. This past week, several local governments in China announced measures to restrict
financing to potential home buyers following recent real-estate price rises.
―It's not going to be a fantastic year,‖ said Ker Chung Yang, investment analyst at Phillip Futures in
Singapore. ―Judging from current market sentiment, China is likely to take a cautious approach.‖
Expectations for rising China demand had been high since the start of the year as recent data
showed a recovery in manufacturing following 2012's slowdown, which damped copper demand and
capped prices. China's warehouses and others around the world are full off excess copper, meaning
there is plenty of stock available for buyers. Stocks in bonded warehouses in China are about one
million tons, more than three times their level at the beginning of 2012.
Still, copper consumption in China has improved from its third-quarter trough last year, but it
remains below average 2012 levels, Simon Hunt, chief executive of consultant Simon Hunt Strategic
Services, said in a report this past week. Hunt isn't expecting China demand to rise until next
month, with the second quarter making peak buying activity for the year. Some China buyers have
also signaled to their suppliers that they would be prepared to buy copper at no higher than USD
7,700 a ton given continuing sluggish fabrication rates and caution after last year's weak market
conditions, according to London and Singapore traders.
Source: Wall Street Journal

16. CAVES POINT TO THAWING OF SIBERIA
Evidence from Siberian caves suggests that a global temperature rise of 1.5 degrees Celsius could
see permanently frozen ground thaw over a large area of Siberia, threatening release of carbon
from soils, and damage to natural and human environments. Representatives of Mongolia were
included in the science team.
A thaw in Siberia's permafrost (ground frozen throughout the year) could eventually release over
1,000 giga-tons of the greenhouse gases carbon dioxide and methane into the atmosphere,
potentially enhancing global warming. The data comes from an international team lead by Oxford
University scientists studying stalactites and stalagmites from caves located along the ―permafrost
frontier,‖ where ground begins to be permanently frozen in a layer tens to hundreds of meters
thick. Because stalactites and stalagmites only grown when liquid rainwater and snow melt drips
into the caves, these formations record 500,000 years of changing permafrost conditions, including
warmer periods similar to the climate of today.
―The stalactites and stalagmites from these caves are a way of looking back in time to see how
warm periods similar to our modern climate affect how far permafrost extends across Siberia,‖ said
Anton Vaks of Oxford University's Department of Earth Sciences, who led the work. He said the
thawing and escape of carbon gases could have ―huge implications for ecosystems in the region, and
for aspects of the human environment. For instance, natural gas facilities in the region as well as
power lines, roads, railways and buildings are all built on permafrost and are vulnerable to thawing.
Such a thaw could damage this infrastructure with obvious economic implications.‖
Source: Oxford University
POLITICS
DRAFT MINERALS LAW SUBMISSION PUSHED BACK TO FALL SESSION
President Ts. Elbegdorj announced at a Citizens' Hall meeting on 27 February that he would not
submit the draft Law on Minerals to Parliament until after the presidential election in June.
The draft law's submission has been postponed until the fall session of Parliament, said Elbegdorj,
after hearing of much criticism of the draft law at Coal Mongolia. Three key weaknesses of the bill
raised were the lack of detail over management of mineral explorations, the absence of
comprehensive analysis for mineral exploitations, and the need to develop domestic capacity to
exploit minerals in Mongolia. Also needed is more content on special permits, clarification of
taxation and royalty payments, and the need for domestic supplies.
Elbegdorj said he planned to organize a new working group to develop another draft Minerals Law.
Source: Udriin Sonin
GEC DETERMINES SPENDING THRESHOLD
The General Election Committee (GEC) has capped campaign spending for the 2013 presidential
election at MNT 3 billion per candidate and MNT 5.1 billion for a single party.
GEC approved the limit before the deadline set by the Law on the Role of the President, which
mandates spending requirements be determined before 1 March.
The day for the vote should be determined 65 days in advance, according to Mongolian law.
Source: News.mn
GROUP LOBBIES FOR 51 PERCENT OWNERSHIP OF OT FOR GOVERNMENT
A movement called ―51 Shares of OT‖ announced its establishment.
The group identifies itself as a conglomeration of several NGOS calling for 51 percent ownership of
Oyu Tolgoi. It claims to be a movement open to the people and will work to grant them support
when needed.
Source: Udriin Sonin

17. FORMER TAX OFFICIAL SUSPECTED OF CORRUPTION
A former official from the General Department of Taxation is now under investigation for graft.
Former Vice Director J. Batbayar is suspected by the Independent Authority Against Corruption
(IAAC) of helping more than 2,000 companies avoid paying taxes and abusing his authority.
Prior to these allegations, the State Investigation Authority had been investigating another case
connected with Batbayar regarding his stake in a raw materials company. The official had
purchased 50 percent of the shares of a gravel company on the bank of the Tuul river that was
under investigation. After white-collar crime authorities found unpaid taxes and illegal actions in
their audit, they opened their investigation into the stakeholder.
Source: Unuudur
CONSTITUTIONAL COURT MEMBER NOW SUSPECT IN MIAT SCANDAL
In relation to the MIAT money laundering scandal, the government has requested the suspension of
powers of D. Sugar, a member of the Constitutional Court.
Sugar, who is also a former chairman of the State Property Committee, may become a suspect and
face legal action because of reported mounting evidence of illegal activity. According to
Constitutional Court Article 5.2, a request to suspend the powers of a court official must be
answered within two weeks of receiving it.
Sugar has denied the allegations. Thus far, nine suspects have been detained for questioning in the
case. All suspects are former senior officials and their acquaintances.
Source: News.mn
OFFICIALS LEARN ABOUT SUSTAINABLE DEVELOPMENT IN SWEDEN
A Mongolian delegation traveled to Sweden from 12 to 20 February to observe sustainable
development practices.
The Mongolia delegation, led by J. Batbold, acting deputy of the state secretary of the Minister of
Environment and Green Development, attended the tour to learn about sustainable development
education and experience Sweden‘s eco-schools. Mongolian officials visited several of the schools,
learned about the activities of Uppsala University, and took part in training and workshops in
related areas.
The delegation and a group of Swedish officials led by the Ministry of Education‘s state secretary,
Bertil Ostberg, agreed that issues regarding the protection of nature had come to great importance
to their respective governments and that they would support each other in their aims for the U.N.
Education, Science and Culture Organization (UNESCO). They also discussed opportunities for
cooperation, such as workshops and seminars, exchange-student programs, and opportunities to
share experiences.
Source: UB Post
ELBEGDORJ TO VISIT NORTH KOREA
President Elbegdorj planned a visit North Korea on 26 February.
It was announced the president was preparing to make the journey during a meeting between the
Parliament Speaker, Z. Enkhbold, with the North Korean Ambassador to Mongolia Ri Chul Gwang for
his farewell back to North Korea. During their meeting, Gwang acknowledged Mongolia's aid in the
form of food sent to North Korea.
Mongolia and North Korea have cooperated mainly in agriculture and manufacturing. As of 2012,
Mongolia had about 200 North Korean workers in Mongolia and North Korea seeks to increase that
number to 5,000. This year Mongolia celebrates the 65th anniversary of diplomatic relations
between Mongolia and North Korea.
Source: Zuunii Medee
ELBEGDORJ 49TH BEST TWEETER AMONG WORLD LEADERS
President Ts. Elbegdorj ranked 49th in the world among leaders engaged with the Twitter social
networking application.

18. Research group Digital Daya found that 123 world leaders out of 164 countries had accounts on
Twitter set up in their personal name or through an official government office. In 2011, only 69 out
of 165 countries had embraced Twitter, demonstrating a 78 percent increase in the number of
heads of state and national governments on Twitter from 2011.
Source: Digital Daya
LEGAL PROPOSALS SIGNAL ROCKY SPELL FOR MINING
A controversial draft Minerals Law that the government hopes will steer Mongolia‘s mining industry
into a new era has divided opinion across the country, with supporters highlighting the need for
change, while critics say its implementation could put the industry‘s future at risk.
The government says the planned legislation forms part of a broader bid to ensure the mining
industry is developed fairly and sustainably in a way that benefits the country economically, while
putting more social responsibility on companies and providing added protection for the
environment. However, critics say the proposals come down too heavily on investment and licensing
regulation, adding that the draft law threatens the very industry it should be trying to strengthen.
Some critics claimed the law had been designed ahead of an election to fuel the emotions of many
locals who feel they are still not benefiting sufficiently from the mining boom. The law proposes a
number of new provisions, including an obligation on foreign mining companies to hand over a stake
of at least 34 percent in their existing projects to indigenous groups. It also requires companies to
mine lower-ore grades even if the process is not profitable. Under the planned law, exploration and
mining licenses will be granted only to legal entities in Mongolia, although foreign investors are
permitted to set up wholly-owned subsidiaries in the country.
Critics also point out that the draft law leaves key issues unresolved. Luke Leslie, head of mining at
London-listed Origo Partners PLC, told Dow Jones that the legislation raised concerns about security
of license tenure, while failing to identify a dispute resolution process or body.
D. Bat-Erdene, head of geology at Ulaanbaatar-based Biluut Mining and a member of the group that
drafted the legislation, defended the proposal when speaking at the open hearing, saying change
was necessary. He pointed out that while earlier laws designed to attract foreign investment had
created jobs and brought in both foreign capital and technology, they also led to speculation,
tensions with local communities and corruption. The proposed law, he said, sought to fix that.
Source: Oxford Business Group
LOW-LEVEL CORRUPTION WANING
Mongolia suffers massively from corruption, but government initiatives appear to be having a
beneficial effect on low-level graft, according to a new study.
For its ―Benchmarking Survey on Corruption,‖ The Asia Foundation carried out surveys from 2006 to
2010. The results suggest that ―household‖ level corruption has steadily dwindled over the last few
years. Each survey was conducted with a random sample of 600 to over 1,000 households in
Ulaanbaatar and various provinces. By the final round of responses, only 13 percent of households
had paid bribes in the previous three months, around half the percentage of those passing over
backhanders four years earlier. The decline seems largely attributable to a decline in the number of
households paying for ―services they were entitled to‖ as opposed to another two types of bribes
which remained proportionally stable over the survey period.
The report suggests that part of the reason for the decline in bribe-paying for entitled services is
due to the establishment of the Independent Authority Against Corruption (IAAC), the creation of a
hotline for people to report on corruption practices, and the subsequent convictions of high-ranking
officials, including former President N. Enkhbayar.

19. Source: Business News Europe
PROMOTING SOCIAL ACCOUNTABILITY
As Mongolia rushes from nomadism to high growth thanks to a mining boom, its citizens hope that
the public services in the country also catch up.
Typical complaints from Mongolians include wasteful spending by government, unproductive
practices and redundancies in government offices, long waits and red tape. To address public
concerns, the Partnership for Social Accountability and its partners implemented the Social
Accountability Learning in Action Program with World Bank funding to promote social accountability
in Mongolia.
Social accountability simply means ―to hold the government accountable,‖ explained G. Undral,
network coordinator of the partnership. The program, in addition to introducing the concept to
Mongolia, trains local non-government organizations how to use tools such as citizen score cards and
public expenditure tracking surveys to holds government accountable. Through the program these
organizations learned how to collect information about deficiencies in services, verifying them with
facts and evidence.
―We have shared these facts and evidence with government agencies, which add value to our
advocacy,‖ said B. Nyamsuren, coordinator of the Dashiin Dem Foundation. She finds the concept
and practices of social accountability are the most useful ways for citizens to engage in the process
of obtaining and improving the most needed public services.
To test what they learned on the ground, the partnership looked at what needed to be done to
improve the quality and accessibility of public services and, during 2010 to 2012, carried out 14
pilot projects in five years: education, health governance, infrastructure, and mining.
D. Oyunbolor worked on a project to raise her community's awareness of the extractive industry
operations and their environmental impacts. B. Bayarmaa is the head of the Owners of Huvsgul Lake
NGO and they monitored revenues, expenditures and reporting of the Human Development Fund
(HDF). This fund, which disbursed MNT 21,000 a month to each citizen, was set up by the
government to ensure that citizens got a share from the income gained from mining operations.
Source: World Bank
XI JINPING'S FIRST 100 DAYS
One-hundred days have passed since Xi Jinping was elected as the General Secretary of the
Communist Party of China on 15 November. As of next month, following the departure of Hu Jintao,
Xi will become the chairman of the central military commission, leader of the Communist Party of
China, and president of the People's Republic of China.
The overall sentiment is that Xi will continue the managed economic expansion Hu Jintao had come
to be known for. Yet, growing economic disparity and bleak market conditions globally, Xi will

20. certainly shift attention inward toward the development of the lower and middle classes to drive
domestic consumption.
The following are highlights of Xi's first 100 days to discern any possible expectations for both his
leadership style and policy approach.
Economic development – During the Central Economic Work Conference held in December, concrete
arrangements were made in order to improve slowing economic growth to maintain economic
stability and to open up invocation policy. Additionally, many economic indicators have been
trending positively in China, which has brought some comfort to the markets and reassurance for
industrial growth on a national scale.
Poverty alleviations – Since being elected Xi has visited poverty-stricken areas. Official statements
suggests that this action is to provide him with a first-hand experience of what it is like to live in
the impoverished conditions common across China. He has commented on strengthening water
diversion projects, ensuring safe working conditions, and a faster delivery of social and economic
development in these areas.
Anti-corruption – Since being elected several corruption cases have been investigated, including the
former deputy party chief of the Sichuan Province, the chief communist theory advisor and several
other high-level officials. Though this shows an active approach against corruption, the source
believes that only through fundamental political reform can true change be achieved.
With 100 days behind him, Xi will have plenty of opportunities to demonstrate his commitment to
the Chinese people and certainly to the economic welfare of the region. But high expectations from
citizens and global observers may make Xi the most closely scrutinized president that China has
ever had.
Source: Mongolian Investment Banking Group
NEW MONGOLIAN LAWS
The following laws, amendments, addenda and annulment to laws were published in the latest
weekly Government bulletin. Unless otherwise decided by Parliament, they will take effect ten (10)
days after publication.
Date Laws
22.02.2013 Law on Control on Circulation of explosive substance, tools /revised version
Addendum to Law on Special permit for economic activity
Annulment of Law on Control on Circulation of explosive substance, tools
Law on Addressing
Amendments to Law on Capital city's legal status
Amendments to Law on Social welfare for disabled citizen
Amendments to Law on Social welfare
Amendments to Law on Education
Amendments to Law on Primary, secondary education
Amendments to Law on Pre-school education
Addendum to Law on Health
Amendments to Law on Special permit for economic activity
Amendments to Law on petroleum products
Law on Regulation to comply law on legal status of lawyers
Amendments to Law on Government's special fund
Please visit BCM's website, Legislative Working Group, for a summary of new Mongolian laws. BCM
members who wish to access complete versions of the laws and regulations in Mongolian language
are welcome to email the BCM office: info@bcmongolia.org.

21. ANNOUNCEMENTS
ECONOMIC IMPACT ASSESSMENT - DRAFT MINERALS LAW, MARCH 18, UB
Dr. Brian Fisher, Managing Director, BAEconomics Pty. Ltd. and Dr. Ch. Khashchuluun, Chief
Executive Officer, UBRM Consulting, will present on the ―Economic Impact Assessment – Draft
Minerals Law‖ from 9:30 a.m. to 12 p.m. at the Kempinski Hotel, Altai Ballroom.
Dr. Fisher is one of Australia's most respected advisors on climate change, emissions trading, and
the economic impact of current future climate and energy policy. He previously held the position of
Executive Director of the Australian Bureau and Resource Economics (ABARE).
Dr. Khashchuluun is well-known to BCM members after several presentations such as at BCM‘s 25
February monthly meeting. He is a highly respected researcher and analyzer of economic and
commercial topics in Mongolia. Khashchuluun was Chairman of the National Development and
Innovation Committee until June 2012 and formerly on the faculty at the National University of
Mongolia.
The meeting, organized by BCM, is free. Please RSVP with an email to saruul@BCMongolia.org
for information and to register. Seats will be given to the first 100 respondents.
___________________________________________
FDI CONFERENCE, APRIL 19, UB
BCM and UBRM Consulting have partnered to organize the FDI Conference on 19 April from 9:30 am
to 12 noon at the Kempinski Hotel, Altai Ballroom.
Speakers include:
S. Bold, Central Bank, Chief Economist,
Dr. B. Amarsanaa of the Academic Secretary of National Legal Institute,
I. Ser-Od, Vice Director, BCM, and
D. Gan-Ochir, Advisor to President of Central Bank of Mongolia, Head of Financial Stability
Council Unit.
The event is free. For information or to register email saruul@BCMongolia.org.
___________________________________________
3RD RISK MANAGEMENT FORUM, 1 MAY, ULAANBAATAR
The 3rd Risk Management Forum of Mongolia will be held on 1 May 2013 in Ulaanbaatar at the Blue
Sky Tower.
This is the largest risk event in Mongolia, co-organized by the Business Council of Mongolia and
Mandal General Insurance. The Risk Forum will provide the most comprehensive overview of risks
that Mongolia faces today and the status of risk management all under one roof. Risk management
techniques and tools will be shared and best practices promoted across industries.
Last year, the event had attracted over 250 representatives of Mongolia's top corporations and
government agencies and resulted in the formation of Risk Institute of Mongolia. This year, the
expert speakers will be address topics concerning Macro Risks, Business Risks, and Community Risks.
For more information, visit RiskForum.mn.
___________________________________________
MINER & SUPPLIER CONFERENCE, 14-15 MARCH, ULAANBAATAR
The Third Annual Miner & Supplier Conference will be held at Chinggis Khan Hotel from 14 to 15
March. BCM members will receive a 10 percent discount for registration.
This year the forum will be organized under the slogan ―Maximizing Mining Capabilities with
Effective Procurement Strategies.‖ It several goals include improving contributions to society and
the national economy, promoting environmentally friendly products and technology and increasing
business coherence between suppliers and mining businessmen.
Contact Saruul at saruul@bcmongolia.org or at 317027 for a special discount code. For more
information visit minerandsupplier.com.

22. ___________________________________________
MINES AND MONEY HONG KONG, 19-22 MARCH
The Business Council of Mongolia is a supporting association of this event and as such all members
get a 15% discount. If you would like to register, please contact Charlie Hastings on
charlie.hastings@minesandmoney.com and he will help you with your booking.
Please click here to see the discount brochure, you can fill out the registration form on here and
send it back.
___________________________________________
MONGOLIA INVESTMENT SUMMIT 2013, APRIL 16-18, LONDON
Business Council of Mongolia members are invited to attend the Mongolia Investment Summit
London 2013 and receive a 15 percent discount on their registration fee.
With significant amounts of investment in Mongolia traditionally coming from Asia there are new
opportunities to be explored in the Western Hemisphere. Investor interest is high from the west and
fund managers, private investors and financiers want to gain exposure to Mongolian growth.
Mongolia Investment Summit London in April will provide an important opportunity to meet these
investors, raise the profile of Mongolia and promote your business.
The event provides an excellent opportunity to meet with major investors, mining groups,
government officials and real estate specialists to identify new business partners. At the event, the
views on the country will be discussed by investors from companies such as Barclays Natural
Resource Investments, HSBC Global Asset Management, Collabrium Capital and more. The event
provides an opportunity not to be missed.
Enter the discount code “Business-Council-Mongolia-Special” when you register to receive the
early bird discount plus an additional 15percent off.
___________________________________________
MONGOLIA ENERGY AND INFRASTRUCTURE SUMMIT, 15-16 MAY, ULAANBAATAR
Business Council of Mongolia members are invited to attend the Mongolia Energy and Infrastructure
Summit and receive a 15 percent discount on registration fees.
On the 15th and 16th May 2013, the Mongolia Energy and Infrastructure Summit will bring together
independent power providers, asset management firms, local and international banks, law firms,
and government officials to discuss the business opportunities and challenges facing the Mongolian
energy and infrastructure sector.
Key coverage includes:
- Renewable energy and the future of clean energy in Mongolia
- Infrastructure needs for the mining industry
- Insurance and political risk considerations for investors and developers
- Power and infrastructure projects for Ulaanbaatar‘s urbanization
- Financing challenges and the role of ECAs and multilaterals
For more information, please visit the event website: www.euromoneyseminars.com/MEI13
Enter the discount code ―MEI_BCM‖ when you register online to receive 15 percent off.
___________________________________________
COAL PROCESSING & MINING TECHNOLOGY EXPO, JUNE 4-5, 2013
The Coal Processing & Mining Technology Expo will be held in Ulaanbaatar from 4 to 5 June 2013.
The expo is co-located with the Transportation & Logistics Expo, and because of this co-location you
will be able to meet with a more diverse and broader group of attendees. With many international
as well as local Mongolian companies already signed up to exhibit, you will be a part of what is
becoming the premier event for the mining and transportation industries serving Mongolia.
BCM members will receive a special 10 percent discount. To register and receive your discount
email Saruul at saruul@bcmongolia.org. For more information about the exhibition contact Glenn

23. Scott at gscott@uexpos.com or visit the website coalexpomongolia.com.
___________________________________________
“MM TODAY” on MNB-TV, Friday‟s at 18:50
BCM is pleased to announce that Mongolian National Broadcasting continues its cooperation with
BCM on ―MM Today‖. This English news program is aired every Friday for 15 minutes and is
scheduled from 18:50 to 19:00 tonight. Tune in to watch this program that reports stories from
today‘s BCM NewsWire.
___________________________________________
BCM‟S MINING SUPPLY CHAIN DATABASE
The new version of BCM‘s Mining Supply Chain Database is in use. Following the initiative of Oyu
Tolgoi LLC, the BCM has maintained the Mining Supply Chain Database since March 2009. It is an
honor to introduce you to the new version of the database which is totally upgraded as to its
content and use of information technology opportunities.
As of December 31, suppliers registered on the database totaled 1,405. During 2012, 251 new
supplier entities joined the Database and 236 prior supplier registrants updated their company
profiles. In addition, 22 buyers were also registered and 82 tender announcements were posted.
We are inviting all Mongolian mining suppliers and buyer companies to join the Mining Supply Chain
Database. Please visit here for registration—FREE!
If you have any questions regarding the database, please contact Undral at undral@bcmongolia.org
or 317027.
BCM WEBSITES
MONGOLIAN WEBSITE „PRESENTATIONS‟ AND „NEWS‟ SECTIONS
The ‗Presentations‘ section on BCM‘s Mongolian website can be reached via bcm.mn/itgeluud.
As a key component of BCM‘s Mongolian website, articles from the ‗News‘ section and the
government website Open-Government.mn are regularly updated.
___________________________________________
ENGLISH WEBSITE: 'PRESENTATIONS', 'MONGOLIA REPORTS', „MONGOLIAN BUSINESS NEWS‟,
„PHOTO GALLERY‟
On BCM‘s English website, the ―Resources‖ and ―Presentations‖ sections are available.
Note the presentation by Bold Baatar, CEO of Altan Dornod Mongol, ―Mongolian Mining Investment
Environment‖ at the Mining Industry Open Discussion on February 1, 2013, at Kempinski Khan Palace
Hotel.
Please note the presentations from each of the BCM monthly meetings.
Please also note 25 presentations from the Mongolian Investment Summit 2012 on 30-31 October in
Hong Kong; and 9 presentations from Discover Mongolia 2012.
The ―Mongolia Reports‖ section includes the ―Official statement of Oyu Tolgoi LLC in relation to
information, data and facts related to Oyu Tolgoi discussed during open session of the State Great
Khural, dated 1 February, 2013‖; ―2013 Mongolia Investment Climate Statement‖ by the Economic
and Commercial Section of the U.S. Embassy; ―Mongolia Foreign Labor Force Ratio for 2013‖ by
Hogan Lovells International LLP; ―How Mongolia will perform in 2013?‖ by Mandal Asset
Management; ―Mongolia Business Owner and CFO Survey result‖ by BDSec JSC; ―The fiscal regime
for mining - a way forward‖ by IMF Fiscal Affairs Department; ―Mongolia-a supplement to Mining
Journal‖ from Mining Journal October, 2012; ―Macro Overview‖ September, 2012 by EPCRC; ―Taxes
for Expatriates in Mongolia‖ by PricewaterhouseCoopers.

24. BCM's English website includes the ―Mongolia Business News‖ section where the Open Letter to
Parliament and Government is available for download.
BCM continuously posts news stories and analysis of relevance to Mongolia at ‗Mongolian Business
News‖ before they are all put together each week for Friday's weekly NewsWire.
The ―Photo Gallery‖ contains photos from the 5th Anniversary BCM Gala dinner on November 5.
The BCM NewsWire will continue to be issued each Friday, incorporating items already on the home
page for a consolidated account of the week‘s events.
___________________________________________
SOCIAL NETWORK WITH BCM
The Business Council of Mongolia (BCM) has expanded its reach to your favorite social networks.
Keep up to date on the latest business deals in Mongolia and how the climate for investment is
improving each day with BCM.
Connect with BCM on Linked-in to join the diverse group of professional contacts creating a better
business environment in Mongolia today.
Add BCM on Facebook at http://www.facebook.com/pages/THE-BUSINESS-COUNCIL-OF-
MONGOLIA/129826330435540 to read the latest announcements and comment on events carried in
the NewsWire with the community.
Hear breaking news and announcements as they happen when you follow BCM on Twitter at
http://twitter.com/#!/bcMongolia.
We have now 973 fans on our Facebook fans page, 1,125 connections on LinkedIn network, and 613
followers on Twitter.
Of course for news information, interviews, event photos, and announcements regarding our
organization, visit the official BCM website at www.bcmongolia.org and www.bcm.mn.
BCM WORKING GROUP MEETING
The BCM Environmental Working Group met on Thursday, 28 of February 2013 with 8 members
attending.
Amanda Fine /WCS, moderated the session.
Amanda Fine stepped down as WG chair person due to her position transfer and congratulated
Bayarmaa A. of Clean Energy LLC on accepting her new role as EWG chairperson.
New members: Ann Edwards, /Country Director Mongolian program at WCS/, Lauren Bodin
/Environment coordinator at Areva.
Speakers and topics were:
1.Lauren Bodin /Environment coordinator of Areva/
- Environment assessment in Areva 2013.
2.Hasar Enkhriimaa-/Director of SEC LLC/
- Introduction of SEC LLC
3.Bayarmaa A, /Carbon Finance Specialist, Clean Energy LLC/,
- Salhit Wind farm Project
Next meeting: 25th of April 2013, at Express Tower 12th floor, BPI meeting room.
All presentations are available in BCM Environmental WG web page.
Please contact: erka@bcmongolia.org
___________________________________________
BCM WORKING GROUP NEWS
Business Council of Mongolia (BCM) has been pushing forward with its ‗BCM in the University`s

25. Classroom‘ series since March 2012. Led by BCM‘s Education Working Group, the program provides
lectures at universities to help inspire students and give them direction for their future careers.
The series has grown to include an average of 10 lectures per academic year.
Most recently Randolph Koppa, President, Trade Development Bank of Mongolia (TDB), gave a
presentation entitled ―International Bonds‘‘ to an audience of more than 50 students and teachers
at Financial Management Department, Institute of Finance and Economics, at 22th of February
2013. He presented interestingly about the Chinggis bond and the bond market, running 2 hours.
Students were concerned on the way to pay back the Chinggis bond.
Randolph‘s lecture is available on BCM Education Working group‘s web page.
Next ‗BCM in the University`s Classroom‘ will be held on 5th of March at the Institute of Finance
and Economics. Ganzorig U, CEO of Mandal Insurance is invited to speak. Presentation title:
―Insurance market and trend of development‖.
If you like to share your experience on some specific topic, you can discuss with us.
Please contact:erka@bcmongolia.org
ECONOMIC INDICATORS

26. SUPERMARKET PRICE COMPARISON – JAN 2013/FEB 2013;

27. INFLATION
Year 2006 6.0% [source: National Statistical Office of Mongolia (NSOM)]
Year 2007 *15.1% [source: NSOM]
Year 2008 *22.1% [source: NSOM]
Year 2009 *4.2% [source: NSOM]
Year 2010 *13.0% [source: NSOM]
Year 2011 *10.2% [source: NSOM]
Year 2012 *14.0% [source: NSOM]
January 31, 2013 *13.0% [source: NSOM]
*Year-over-year (y-o-y), nationwide
Note: 12.7% y-o-y, Ulaanbaatar city, January 31, 2013
CENTRAL BANK POLICY LOAN RATE
December 31, 2008 9.75% [source: IMF]
March 11, 2009 14.00% [source: IMF]
May 12, 2009 12.75% [source: IMF]
June 12, 2009 11.50% [source: IMF]
September 30, 2009 10.00% [source: IMF]
May 12, 2010 11.00% [source: IMF]
April 28, 2011 11.50% [source: IMF]
August 25, 2011 11.75% [source: IMF]
October 25, 2011 12.25% [source: IMF]
March 19, 2012 12.75% [source: Mongol Bank]
April 18, 2012 13.25% [source: Mongol Bank]
January 25, 2013 12.50% [source: Mongol Bank]
CURRENCY RATES – February 28, 2013
Currency Name Currency Rate
US dollar USD 1,402.15
Euro EUR 1,843.34
Japanese yen JPY 15.26
British pound GBP 2,127.62
Hong Kong dollar HKD 180.64
Chinese Yuan CNY 225.37
Russian Ruble RUB 45.92
South Korean won KRW 1.29
Disclaimer: Except for reporting on BCM‘s activities, all information in the BCM NewsWire is
selected from various news sources. Opinions are those of the respective news sources.