The document summarizes business news from Mongolia reported in Issue 238 of the Business Council of Mongolia NewsWire on September 7, 2012. Key highlights include:
- A group of Mongolian parliament members submitted a petition to renegotiate the investment agreement for the Oyu Tolgoi copper and gold mine project.
- Chalco dropped its $926 million bid for a majority stake in SouthGobi Resources Ltd. due to political opposition in Mongolia.
- Workers at PetroChina Daqing, a subsidiary of Chinese oil company Daqing Oilfield, threatened to strike over demands for higher wages and better benefits.
- SouthGobi Resources appointed a new chairman and board members
The document summarizes news from the Business Council of Mongolia newsletter. It includes several stories about the Oyu Tolgoi copper and gold mine project: the Mongolian government is considering increasing taxes and royalties on the mine by $300 million, threatening the project; Rio Tinto denies that China-Mongolia relations are causing delays in negotiations for power supply to the mine; and herders are demanding just compensation from Rio Tinto for being driven off their land by the mine. Other business stories cover mining, oil, trade, and economic development in Mongolia.
The document provides news highlights from the Business Council of Mongolia covering business, economic, and political news. Some of the top stories include:
- TT's East block of the Tavan Tolgoi coal project is set to begin large-scale production on December 1st.
- Mongolia is continuing negotiations with international miners to develop the TT West block after complaints caused them to cancel the previous agreement.
- Rio Tinto and Ivanhoe Mines stocks rebounded after the Mongolian government backed down from attempts to renegotiate the Oyu Tolgoi investment agreement.
- Erdene Resources reported encouraging early results from drilling at its Altan Nar gold prospect in southwest Mongolia.
The document is a newsletter from the Business Council of Mongolia covering business, economic, and political news from Mongolia in May 2011. Some of the top business stories include Petro Matad finding hydrocarbons at a new well, SouthGobi Resources preparing for slowing Chinese coal demand, and Eznis Airways signing a strategic partnership with Japan's largest airline. Construction at the Oyu Tolgoi mine was 15% complete at the end of March. Several mining companies also reported financial results for the first quarter of 2011. On the economic front, coal hauling resumed and the government wanted to accelerate a new power plant project. In politics, prosecutors forwarded charges against a former official to the anti-corruption agency.
The document summarizes business and economic news from Mongolia reported in Issue 213 of the Business Council of Mongolia NewsWire on March 16, 2012. Some of the key stories covered include:
- The IPO of Erdenes-Tavan Tolgoi (E-TT) being delayed by at least six months due to regulatory hurdles and political deadlock over Mongolia's parliamentary elections.
- Mitsui & Co. signing a cooperation agreement with E-TT that could lead to a purchasing agreement and Mitsui building infrastructure in Mongolia.
- Xanadu Mines preparing an exploration drilling program at its Sharchuluut Uul copper project in Mongolia.
The document summarizes business and economic news from Mongolia. It discusses several mining projects in the country, including Peabody being offered a contract to develop the West Tsankhi coal field, the priority of the new government being to attract investors to the Tavan Tolgoi coal field, and the CEO of Erdenes-TT stepping down while outlining three options for how to move the project forward. It also mentions the Oyu Tolgoi CEO defending the investment agreement for the project.
The document is a newsletter from the Business Council of Mongolia covering business and economic news from Mongolia. Some of the key stories covered include Erdenes TT resuming coal shipments to Chalco after agreeing to pay a higher interest rate on a $186 million loan. Soil stripping has begun at the West Tsankhi block of the Tavan Tolgoi coal mine. An Erdenes TT worker has gone on a hunger strike to protest poor labor conditions and unpaid overtime at the company. The Mongolian government plans to refund $33.8 million to 1,000 companies that had purchased shares in Erdenes TT.
The document provides a summary of business, economic, and political news from Mongolia based on a newsletter from the Business Council of Mongolia dated October 23, 2009. Some of the key highlights include Entrée Gold supporting the Oyu Tolgoi investment agreement, Mongolia Energy announcing coal resources at its Khushuut mine, and Rio Tinto posting a record 12% increase in iron ore output for the third quarter. The document also announces an upcoming meeting for BCM members to discuss topics such as the mining and healthcare sectors in Mongolia.
This document summarizes news from the October 16, 2009 issue of the Business Council of Mongolia NewsWire. It includes the following highlights:
1) The head of Mongolia's Nuclear Energy Agency attempted to calm concerns from uranium companies about a new law regarding state ownership, saying the law does not affect existing exploration licenses.
2) A joint venture between Mongolia and Russia wants to remove Khan Resources from a uranium project in Mongolia, but it is unclear how this could be done legally given Khan Resources' existing exploration license.
3) Rio Tinto purchased additional shares in Ivanhoe Mines for $388 million as part of an agreement to increase its stake in the company, which is developing
The document summarizes news from the Business Council of Mongolia newsletter. It includes several stories about the Oyu Tolgoi copper and gold mine project: the Mongolian government is considering increasing taxes and royalties on the mine by $300 million, threatening the project; Rio Tinto denies that China-Mongolia relations are causing delays in negotiations for power supply to the mine; and herders are demanding just compensation from Rio Tinto for being driven off their land by the mine. Other business stories cover mining, oil, trade, and economic development in Mongolia.
The document provides news highlights from the Business Council of Mongolia covering business, economic, and political news. Some of the top stories include:
- TT's East block of the Tavan Tolgoi coal project is set to begin large-scale production on December 1st.
- Mongolia is continuing negotiations with international miners to develop the TT West block after complaints caused them to cancel the previous agreement.
- Rio Tinto and Ivanhoe Mines stocks rebounded after the Mongolian government backed down from attempts to renegotiate the Oyu Tolgoi investment agreement.
- Erdene Resources reported encouraging early results from drilling at its Altan Nar gold prospect in southwest Mongolia.
The document is a newsletter from the Business Council of Mongolia covering business, economic, and political news from Mongolia in May 2011. Some of the top business stories include Petro Matad finding hydrocarbons at a new well, SouthGobi Resources preparing for slowing Chinese coal demand, and Eznis Airways signing a strategic partnership with Japan's largest airline. Construction at the Oyu Tolgoi mine was 15% complete at the end of March. Several mining companies also reported financial results for the first quarter of 2011. On the economic front, coal hauling resumed and the government wanted to accelerate a new power plant project. In politics, prosecutors forwarded charges against a former official to the anti-corruption agency.
The document summarizes business and economic news from Mongolia reported in Issue 213 of the Business Council of Mongolia NewsWire on March 16, 2012. Some of the key stories covered include:
- The IPO of Erdenes-Tavan Tolgoi (E-TT) being delayed by at least six months due to regulatory hurdles and political deadlock over Mongolia's parliamentary elections.
- Mitsui & Co. signing a cooperation agreement with E-TT that could lead to a purchasing agreement and Mitsui building infrastructure in Mongolia.
- Xanadu Mines preparing an exploration drilling program at its Sharchuluut Uul copper project in Mongolia.
The document summarizes business and economic news from Mongolia. It discusses several mining projects in the country, including Peabody being offered a contract to develop the West Tsankhi coal field, the priority of the new government being to attract investors to the Tavan Tolgoi coal field, and the CEO of Erdenes-TT stepping down while outlining three options for how to move the project forward. It also mentions the Oyu Tolgoi CEO defending the investment agreement for the project.
The document is a newsletter from the Business Council of Mongolia covering business and economic news from Mongolia. Some of the key stories covered include Erdenes TT resuming coal shipments to Chalco after agreeing to pay a higher interest rate on a $186 million loan. Soil stripping has begun at the West Tsankhi block of the Tavan Tolgoi coal mine. An Erdenes TT worker has gone on a hunger strike to protest poor labor conditions and unpaid overtime at the company. The Mongolian government plans to refund $33.8 million to 1,000 companies that had purchased shares in Erdenes TT.
The document provides a summary of business, economic, and political news from Mongolia based on a newsletter from the Business Council of Mongolia dated October 23, 2009. Some of the key highlights include Entrée Gold supporting the Oyu Tolgoi investment agreement, Mongolia Energy announcing coal resources at its Khushuut mine, and Rio Tinto posting a record 12% increase in iron ore output for the third quarter. The document also announces an upcoming meeting for BCM members to discuss topics such as the mining and healthcare sectors in Mongolia.
This document summarizes news from the October 16, 2009 issue of the Business Council of Mongolia NewsWire. It includes the following highlights:
1) The head of Mongolia's Nuclear Energy Agency attempted to calm concerns from uranium companies about a new law regarding state ownership, saying the law does not affect existing exploration licenses.
2) A joint venture between Mongolia and Russia wants to remove Khan Resources from a uranium project in Mongolia, but it is unclear how this could be done legally given Khan Resources' existing exploration license.
3) Rio Tinto purchased additional shares in Ivanhoe Mines for $388 million as part of an agreement to increase its stake in the company, which is developing
- China Nuclear Corp plans to start mining uranium at the Gurvanbulag deposit in Mongolia within two years, with Mongolia owning at least 51% of the project. The deposit contains an estimated 10,000-15,000 tons of uranium.
- China Investment Corp will invest $500 million in SouthGobi Energy Resources to accelerate development of its Mongolian coal projects and increase coal production.
- Rio Tinto and Chinalco have begun discussions for Chinalco to potentially invest in the Oyu Tolgoi copper and gold mine in Mongolia, though any Chinese involvement would be politically sensitive given Mongolia's history with China.
The document summarizes business and economic news from Mongolia reported in the Business Council of Mongolia NewsWire on November 4, 2011. Key points include:
- Investors are hopeful that Ivanhoe Mines will be acquired by Rio Tinto to resolve a shareholder dispute by January 2012.
- Mongolia Mining Corporation's Ukhaa Khudag coal mine is expected to be depleted within 27 years at its current production rate.
- Bloomberg plans to launch a Mongolian television station in partnership with Trade and Development Bank to provide business and financial news to Mongolia.
- Several mining companies announced exploration successes expanding coal and iron resources at projects in Mongolia.
The document summarizes business and economic news from Mongolia reported in Issue 266 of the Business Council of Mongolia NewsWire dated March 22, 2013. Key highlights include:
- Mongolian officials tried to calm fears that disagreements between the government and Rio Tinto over the Oyu Tolgoi mine would delay its planned June start of commercial production.
- Rio Tinto paid nearly $12 billion in taxes globally in 2012, including $280 million in Mongolia.
- Rio Tinto attracted nearly double the $2 billion sought from commercial banks for project financing of Oyu Tolgoi, securing around $3.65 billion committed so far.
- Several mining companies including Newera Resources
The document summarizes news from the Business Council of Mongolia newsletter. It reports that Ivanhoe Mines has made a significant new discovery at the Oyu Tolgoi mine in Mongolia, indicating there are greater resources than previously estimated. It also reports that Newcom Group and GE have signed an agreement to explore business opportunities in Mongolia, and that Mongolian Mining Corp has increased the price range for its upcoming IPO on the Hong Kong exchange.
The document is a newsletter from the Business Council of Mongolia covering business and economic news related to Mongolia. Some of the key stories covered include Mongolian Mining seeking to raise $680 million in an IPO, Petro Matad raising $46.8 million to accelerate its drilling program in Mongolia, Khan Resources hoping the Nuclear Energy Agency will cooperate after it let the appeal deadline pass in one of their court cases, and the opening of Mongolia's first investment bank focused on the mining sector by former UBS executives, signaling the mineral boom taking place in Mongolia.
This document provides a summary of business, economic, and political news from Mongolia in Issue 136 of the Business Council of Mongolia NewsWire dated September 17, 2010.
The main business highlights include Mitsui and Shenhua teaming up to bid for the Tavan Tolgoi coalfield, Mongolian Railway partnering with a Japanese firm to develop infrastructure, Rio Tinto increasing its stake in Ivanhoe Mines, and Origo Partners acquiring a stake in Kincora in Mongolia.
The economic news covers Mongolia taking bids for the Tavan Tolgoi contractor, national debt levels, bond sales, lending rates, and Mongolia's future beyond just mining.
The political
The document is a newsletter from the Business Council of Mongolia covering various business and economic stories in Mongolia. It discusses several mining projects in Mongolia including Rio Tinto facing hurdles at the Oyu Tolgoi copper mine, Wolf Petroleum discovering an oil seam at a depth of 9,600 meters, and Modun Resources receiving a mining license for its Nuurst thermal coal project. It also mentions an iron ore sale agreement between India Globalization Capital and Mon Resources, and Belarusian textile company Bellegprom considering outsourcing some knitting operations to Mongolia.
This document summarizes business and economic news from Mongolia reported in Issue 153-154 of the Business Council of Mongolia Newswire. Key highlights include:
- Russia blocked Khan Resources' litigation claim against a Russian uranium miner. Xanadu Mines and Noble Group announced a strategic alliance to explore for coking coal, iron ore, and ferroalloys in Mongolia. SouthGobi Resources delivered its first coal shipment directly to a customer in China rather than at the mine-gate.
The document summarizes news from the Business Council of Mongolia newsletter. It includes the following highlights:
- President Ts. Elbegdorj set a 2012 deadline to select companies to develop part of Mongolia's Tavan Tolgoi coal field, seeking to resolve a dispute between Chinese, Russian, and American bidders. Developing this field could bring billions of dollars in investment and royalties.
- Ivanhoe Mines will change its name to Turquoise Hill Resources to reflect its ownership in the giant Oyu Tolgoi copper and gold mine in Mongolia.
- Rio Tinto's Oyu Tolgoi mine in Mongolia is expected to begin copper production this year and
This document summarizes news from the Business Council of Mongolia newsletter dated November 6, 2009. It highlights several business and economic stories regarding Mongolian mining companies accelerating coal, copper and gold projects. It also discusses China Investment Corp investing $500 million in SouthGobi Energy Resources and Centerra Gold awaiting approval to resume heap leaching at its Boroo gold mine. Rio Tinto is planning to double its capital expenditures for 2010 to between $5-6 billion.
This issue of the Business Council of Mongolia newswire discusses various business and economic news items in Mongolia. It reports that at a Democratic Party meeting, heated exchanges occurred over the shareholding in the Oyu Tolgoi mine. It also reports that the Mongolian government plans to revoke four gold mining licenses held by Centerra Gold for environmental reasons. Additionally, it provides updates on several mining and exploration companies operating in Mongolia, including SouthGobi Resources' share buyback program and survey results from Garrison International's Tuvshir project.
This document is a newsletter from the Business Council of Mongolia covering various business news highlights from Mongolia. Some of the key stories covered include:
- SouthGobi Resources filing a notice of investment dispute against the Mongolian government over failure to approve mining licenses.
- Exploration work continuing for several mining companies, including Entree Gold expanding their Argo Zone deposit and Altan Rio beginning drilling at their Chandman-Yol project.
- China National Nuclear Corporation receiving approval for their Gurvanbulag uranium mine and a consortium being selected to develop the country's Power Plant No. 5.
- Several companies' stock prices falling due to declining coal demand and prices from China.
The document provides a summary of business and economic news from Mongolia. Some of the key points include:
- SouthGobi Resources suspended plans to build a railway from its coal mine to the Chinese border due to uncertainty over Mongolia's rail policy, and will instead focus on upgrading the road.
- Ivanhoe Mines said its Oyu Tolgoi copper mine may get a new partner in addition to Rio Tinto, as most large copper mines have multiple owners.
- SouthGobi Resources reported a net loss for the first quarter of 2010 due primarily to the partial conversion of a convertible debenture from China Investment Corporation, but revenues increased compared to the first quarter of 2009.
This document summarizes recent business, economic, and political news from Mongolia. On the business front, Oyu Tolgoi addressed rumors about dilution of Mongolia's shareholding in the company. Khan Resources plans to challenge a decision not to reinstate its mining licenses. SouthGobi announced its Q3 financial results and operational highlights. Erdene provided project updates and its Q3 results. Prophecy received a mining permit for its Ulaan Ovoo project and DEIA approval for its Chandgana project. Petro Matad began drilling a new exploration well. TDB opened Mongolia's subordinated debt market. On the economic side, contractor selection for Tavan Tolgoi is expected this
The document summarizes business news from Mongolia. It discusses several topics:
- Oyu Tolgoi defended its investment agreement as fair and valid, saying it benefits Mongolia. However, some lawmakers want to increase Mongolia's stake in the project.
- Despite calls to rework OT's agreement, investors increased shares in the project's main partner, shrugging off political risks.
- Prophecy Coal submitted a power purchase agreement proposal for its mine-mouth power plant project.
- Erdene Resources plans to split its coal and Mongolian mineral projects into separate companies to unlock shareholder value.
- Terra Energy is set to begin mining at its South Gobi coal project.
The document is a newsletter from the Business Council of Mongolia covering various business and economic news items from Mongolia in Issue 265 dated March 15, 2013. Some of the key stories covered include: Rio Tinto waiting for a decision from Australia's export credit agency on funding for the Oyu Tolgoi mine after the US raised environmental and social concerns about the project; Oyu Tolgoi being named the "Best Project" of 2012 by Bloomberg TV Mongolia; Mongolian Mining Corp. aiming to increase raw coal output to 12 million tons in 2013 after missing targets in 2012 due to weak demand; and average selling prices for Mongolian coal falling 30% in 2012 which impacted company revenues.
- The document summarizes news from the Business Council of Mongolia newsletter, including highlights on business, economic, and political news in Mongolia. Some of the business news included SouthGobi shares falling due to fears a deal with Chalco would be derailed, an investigation into Ivanhoe Mines sinking its stock price, and Draig Resources reporting its thickest coal seams yet at its Teeg license. Economic news included updates on roads development, food safety, and China looking to Mongolia for iron ore. Political news included progress on a foreign investment law and the election process.
The document is a newsletter from the Business Council of Mongolia that includes the following highlights:
- Several mining companies announced significant mineral resource estimates at their Mongolian properties, including Haranga Resources reporting 32.8 million tons of iron ore and Moly World reporting 203.4 million tons of molybdenum ore.
- Power remains an issue for the Oyu Tolgoi mine as agreements have not yet been reached to import electricity from China, potentially delaying production timelines.
- South Korea wants at least a 10% stake in the Tavan Tolgoi coal mine project and does not think the previously discussed 36% stake is sufficient.
- The newsletter also provides various other
Ivanhoe Mines has nominated G. Batsukh, the former Mongolian ambassador to China, to be the Chairman of the Board of Directors of Oyu Tolgoi LLC. Ivanhoe Mines has also appointed five other directors to the board. Additionally, a new independent development plan for Oyu Tolgoi confirms that it has the resources to become one of the top three copper-gold producers globally and an exemplar for environmentally responsible mining development. The plan estimates 27 years of mining based on current reserves and 59 years including additional inferred resources. Meanwhile, the Prime Minister of Mongolia has indicated that state support for developing the Tavan Tolgoi coal deposit will favor foreign bidders backed by their
The document is a newsletter from the Business Council of Mongolia that provides news highlights from Mongolia in the areas of business, economy, and politics. Some of the key business stories discussed include Erdenes-TT seeking to renegotiate its $250 million coal supply agreement with Chalco due to losses, Rio Tinto looking to the Oyu Tolgoi copper project in Mongolia as part of rebuilding after large writedowns, and Oyu Tolgoi being an important project for the legacy of former Rio Tinto CEO Tom Albanese.
How to Lead the People Side of Your BusinessTodd Averett
Todd Averett, president of Leading People Partners, LLC, gives a presentation on leading the people side of a business. He discusses that leading people effectively is critical because people are a core component of any business. To do so, leaders must believe that the people side matters and that they can impact it. The presentation then outlines three key practices for leading people: 1) leading yourself authentically, 2) leading your leadership team effectively, and 3) leading your entire organization powerfully. Investing in these three practices is how leaders can maximize their positive impact on the people side of the business.
- The presentation summarizes the Selenge Iron Ore Project in Mongolia, which contains four primary iron ore targets with a total exploration target of 250-400 million tonnes.
- Drilling at the Bayantsogt target has outlined an initial JORC resource of 33 million tonnes at 24.4% iron and metallurgical testing indicates the ore can produce a high grade 65-66% iron concentrate.
- The project is well located for supplying iron ore to inland steel mills in northern China, with strong demand and prices for magnetite concentrate.
- China Nuclear Corp plans to start mining uranium at the Gurvanbulag deposit in Mongolia within two years, with Mongolia owning at least 51% of the project. The deposit contains an estimated 10,000-15,000 tons of uranium.
- China Investment Corp will invest $500 million in SouthGobi Energy Resources to accelerate development of its Mongolian coal projects and increase coal production.
- Rio Tinto and Chinalco have begun discussions for Chinalco to potentially invest in the Oyu Tolgoi copper and gold mine in Mongolia, though any Chinese involvement would be politically sensitive given Mongolia's history with China.
The document summarizes business and economic news from Mongolia reported in the Business Council of Mongolia NewsWire on November 4, 2011. Key points include:
- Investors are hopeful that Ivanhoe Mines will be acquired by Rio Tinto to resolve a shareholder dispute by January 2012.
- Mongolia Mining Corporation's Ukhaa Khudag coal mine is expected to be depleted within 27 years at its current production rate.
- Bloomberg plans to launch a Mongolian television station in partnership with Trade and Development Bank to provide business and financial news to Mongolia.
- Several mining companies announced exploration successes expanding coal and iron resources at projects in Mongolia.
The document summarizes business and economic news from Mongolia reported in Issue 266 of the Business Council of Mongolia NewsWire dated March 22, 2013. Key highlights include:
- Mongolian officials tried to calm fears that disagreements between the government and Rio Tinto over the Oyu Tolgoi mine would delay its planned June start of commercial production.
- Rio Tinto paid nearly $12 billion in taxes globally in 2012, including $280 million in Mongolia.
- Rio Tinto attracted nearly double the $2 billion sought from commercial banks for project financing of Oyu Tolgoi, securing around $3.65 billion committed so far.
- Several mining companies including Newera Resources
The document summarizes news from the Business Council of Mongolia newsletter. It reports that Ivanhoe Mines has made a significant new discovery at the Oyu Tolgoi mine in Mongolia, indicating there are greater resources than previously estimated. It also reports that Newcom Group and GE have signed an agreement to explore business opportunities in Mongolia, and that Mongolian Mining Corp has increased the price range for its upcoming IPO on the Hong Kong exchange.
The document is a newsletter from the Business Council of Mongolia covering business and economic news related to Mongolia. Some of the key stories covered include Mongolian Mining seeking to raise $680 million in an IPO, Petro Matad raising $46.8 million to accelerate its drilling program in Mongolia, Khan Resources hoping the Nuclear Energy Agency will cooperate after it let the appeal deadline pass in one of their court cases, and the opening of Mongolia's first investment bank focused on the mining sector by former UBS executives, signaling the mineral boom taking place in Mongolia.
This document provides a summary of business, economic, and political news from Mongolia in Issue 136 of the Business Council of Mongolia NewsWire dated September 17, 2010.
The main business highlights include Mitsui and Shenhua teaming up to bid for the Tavan Tolgoi coalfield, Mongolian Railway partnering with a Japanese firm to develop infrastructure, Rio Tinto increasing its stake in Ivanhoe Mines, and Origo Partners acquiring a stake in Kincora in Mongolia.
The economic news covers Mongolia taking bids for the Tavan Tolgoi contractor, national debt levels, bond sales, lending rates, and Mongolia's future beyond just mining.
The political
The document is a newsletter from the Business Council of Mongolia covering various business and economic stories in Mongolia. It discusses several mining projects in Mongolia including Rio Tinto facing hurdles at the Oyu Tolgoi copper mine, Wolf Petroleum discovering an oil seam at a depth of 9,600 meters, and Modun Resources receiving a mining license for its Nuurst thermal coal project. It also mentions an iron ore sale agreement between India Globalization Capital and Mon Resources, and Belarusian textile company Bellegprom considering outsourcing some knitting operations to Mongolia.
This document summarizes business and economic news from Mongolia reported in Issue 153-154 of the Business Council of Mongolia Newswire. Key highlights include:
- Russia blocked Khan Resources' litigation claim against a Russian uranium miner. Xanadu Mines and Noble Group announced a strategic alliance to explore for coking coal, iron ore, and ferroalloys in Mongolia. SouthGobi Resources delivered its first coal shipment directly to a customer in China rather than at the mine-gate.
The document summarizes news from the Business Council of Mongolia newsletter. It includes the following highlights:
- President Ts. Elbegdorj set a 2012 deadline to select companies to develop part of Mongolia's Tavan Tolgoi coal field, seeking to resolve a dispute between Chinese, Russian, and American bidders. Developing this field could bring billions of dollars in investment and royalties.
- Ivanhoe Mines will change its name to Turquoise Hill Resources to reflect its ownership in the giant Oyu Tolgoi copper and gold mine in Mongolia.
- Rio Tinto's Oyu Tolgoi mine in Mongolia is expected to begin copper production this year and
This document summarizes news from the Business Council of Mongolia newsletter dated November 6, 2009. It highlights several business and economic stories regarding Mongolian mining companies accelerating coal, copper and gold projects. It also discusses China Investment Corp investing $500 million in SouthGobi Energy Resources and Centerra Gold awaiting approval to resume heap leaching at its Boroo gold mine. Rio Tinto is planning to double its capital expenditures for 2010 to between $5-6 billion.
This issue of the Business Council of Mongolia newswire discusses various business and economic news items in Mongolia. It reports that at a Democratic Party meeting, heated exchanges occurred over the shareholding in the Oyu Tolgoi mine. It also reports that the Mongolian government plans to revoke four gold mining licenses held by Centerra Gold for environmental reasons. Additionally, it provides updates on several mining and exploration companies operating in Mongolia, including SouthGobi Resources' share buyback program and survey results from Garrison International's Tuvshir project.
This document is a newsletter from the Business Council of Mongolia covering various business news highlights from Mongolia. Some of the key stories covered include:
- SouthGobi Resources filing a notice of investment dispute against the Mongolian government over failure to approve mining licenses.
- Exploration work continuing for several mining companies, including Entree Gold expanding their Argo Zone deposit and Altan Rio beginning drilling at their Chandman-Yol project.
- China National Nuclear Corporation receiving approval for their Gurvanbulag uranium mine and a consortium being selected to develop the country's Power Plant No. 5.
- Several companies' stock prices falling due to declining coal demand and prices from China.
The document provides a summary of business and economic news from Mongolia. Some of the key points include:
- SouthGobi Resources suspended plans to build a railway from its coal mine to the Chinese border due to uncertainty over Mongolia's rail policy, and will instead focus on upgrading the road.
- Ivanhoe Mines said its Oyu Tolgoi copper mine may get a new partner in addition to Rio Tinto, as most large copper mines have multiple owners.
- SouthGobi Resources reported a net loss for the first quarter of 2010 due primarily to the partial conversion of a convertible debenture from China Investment Corporation, but revenues increased compared to the first quarter of 2009.
This document summarizes recent business, economic, and political news from Mongolia. On the business front, Oyu Tolgoi addressed rumors about dilution of Mongolia's shareholding in the company. Khan Resources plans to challenge a decision not to reinstate its mining licenses. SouthGobi announced its Q3 financial results and operational highlights. Erdene provided project updates and its Q3 results. Prophecy received a mining permit for its Ulaan Ovoo project and DEIA approval for its Chandgana project. Petro Matad began drilling a new exploration well. TDB opened Mongolia's subordinated debt market. On the economic side, contractor selection for Tavan Tolgoi is expected this
The document summarizes business news from Mongolia. It discusses several topics:
- Oyu Tolgoi defended its investment agreement as fair and valid, saying it benefits Mongolia. However, some lawmakers want to increase Mongolia's stake in the project.
- Despite calls to rework OT's agreement, investors increased shares in the project's main partner, shrugging off political risks.
- Prophecy Coal submitted a power purchase agreement proposal for its mine-mouth power plant project.
- Erdene Resources plans to split its coal and Mongolian mineral projects into separate companies to unlock shareholder value.
- Terra Energy is set to begin mining at its South Gobi coal project.
The document is a newsletter from the Business Council of Mongolia covering various business and economic news items from Mongolia in Issue 265 dated March 15, 2013. Some of the key stories covered include: Rio Tinto waiting for a decision from Australia's export credit agency on funding for the Oyu Tolgoi mine after the US raised environmental and social concerns about the project; Oyu Tolgoi being named the "Best Project" of 2012 by Bloomberg TV Mongolia; Mongolian Mining Corp. aiming to increase raw coal output to 12 million tons in 2013 after missing targets in 2012 due to weak demand; and average selling prices for Mongolian coal falling 30% in 2012 which impacted company revenues.
- The document summarizes news from the Business Council of Mongolia newsletter, including highlights on business, economic, and political news in Mongolia. Some of the business news included SouthGobi shares falling due to fears a deal with Chalco would be derailed, an investigation into Ivanhoe Mines sinking its stock price, and Draig Resources reporting its thickest coal seams yet at its Teeg license. Economic news included updates on roads development, food safety, and China looking to Mongolia for iron ore. Political news included progress on a foreign investment law and the election process.
The document is a newsletter from the Business Council of Mongolia that includes the following highlights:
- Several mining companies announced significant mineral resource estimates at their Mongolian properties, including Haranga Resources reporting 32.8 million tons of iron ore and Moly World reporting 203.4 million tons of molybdenum ore.
- Power remains an issue for the Oyu Tolgoi mine as agreements have not yet been reached to import electricity from China, potentially delaying production timelines.
- South Korea wants at least a 10% stake in the Tavan Tolgoi coal mine project and does not think the previously discussed 36% stake is sufficient.
- The newsletter also provides various other
Ivanhoe Mines has nominated G. Batsukh, the former Mongolian ambassador to China, to be the Chairman of the Board of Directors of Oyu Tolgoi LLC. Ivanhoe Mines has also appointed five other directors to the board. Additionally, a new independent development plan for Oyu Tolgoi confirms that it has the resources to become one of the top three copper-gold producers globally and an exemplar for environmentally responsible mining development. The plan estimates 27 years of mining based on current reserves and 59 years including additional inferred resources. Meanwhile, the Prime Minister of Mongolia has indicated that state support for developing the Tavan Tolgoi coal deposit will favor foreign bidders backed by their
The document is a newsletter from the Business Council of Mongolia that provides news highlights from Mongolia in the areas of business, economy, and politics. Some of the key business stories discussed include Erdenes-TT seeking to renegotiate its $250 million coal supply agreement with Chalco due to losses, Rio Tinto looking to the Oyu Tolgoi copper project in Mongolia as part of rebuilding after large writedowns, and Oyu Tolgoi being an important project for the legacy of former Rio Tinto CEO Tom Albanese.
How to Lead the People Side of Your BusinessTodd Averett
Todd Averett, president of Leading People Partners, LLC, gives a presentation on leading the people side of a business. He discusses that leading people effectively is critical because people are a core component of any business. To do so, leaders must believe that the people side matters and that they can impact it. The presentation then outlines three key practices for leading people: 1) leading yourself authentically, 2) leading your leadership team effectively, and 3) leading your entire organization powerfully. Investing in these three practices is how leaders can maximize their positive impact on the people side of the business.
- The presentation summarizes the Selenge Iron Ore Project in Mongolia, which contains four primary iron ore targets with a total exploration target of 250-400 million tonnes.
- Drilling at the Bayantsogt target has outlined an initial JORC resource of 33 million tonnes at 24.4% iron and metallurgical testing indicates the ore can produce a high grade 65-66% iron concentrate.
- The project is well located for supplying iron ore to inland steel mills in northern China, with strong demand and prices for magnetite concentrate.
The document summarizes business risks for the mining and metals sector in Mongolia in 2011-2012. It notes that Mongolia's economy is growing significantly due to its mining sector, which contributes 60% of foreign investment and 70% of exports. Two major mining projects, Oyu Tolgoi and Tavan Tolgoi, are expected to further boost economic activity. The biggest M&A deal in 2010 was Rio Tinto increasing its stake in Ivanhoe Mines. Key risks identified are capacity constraints due to skills and infrastructure shortages, resource nationalism leading to increased costs, and maintaining social acceptance amid environmental concerns.
Rio Tinto's Chief Financial Officer Kay Priestly presented on the copper market and Rio Tinto's Oyu Tolgoi project in Mongolia. Oyu Tolgoi is considered the best undeveloped copper-gold deposit in the world, with the potential to produce 450,000 tons of copper and 330,000 ounces of gold annually for over 50 years. The project represents a significant investment in Mongolia that could contribute substantially to the country's GDP and provide opportunities for training and local procurement. Priestly argued that mining projects like Oyu Tolgoi, if governed responsibly, can serve as an economic foundation for developing nations through tax revenue, jobs, and infrastructure development.
The document discusses Mongolia's macroeconomic stability and outlook. It notes that while real GDP growth slowed to 12.3% in 2012 from 17.5% in 2011 due to global uncertainties, growth has remained in double digits. Inflation is under control due to proactive monetary policy that has guided inflation downward. The banking sector has grown steadily with non-performing loans under control. Ongoing legal and policy reforms aim to foster long-term macroeconomic stability and attract more foreign direct investment to ensure sustainable growth.
The Economic Policy and Competitiveness Research Center (EPCRC) was established in 2010 by Mongolian companies to provide research on issues affecting Mongolia's economic competitiveness. EPCRC conducts studies on topics such as industry clusters, economic modeling, and policy analysis. It also publishes an annual Mongolia Competitiveness Report in partnership with IMD World Competitiveness Center and advocates for policies to improve Mongolia's business environment and competitiveness. A study by EPCRC found that liberalizing Mongolia's air services could significantly increase international visitors, jobs, and GDP by facilitating more flights and reducing fares.
This document estimates the costs of Mongolia's inefficient trade regulation based on its poor performance in the World Bank's Trading Across Borders indicator. It finds that unnecessary documentation requirements for imports and exports cost businesses nearly $20 million annually. They also reduce GDP by $1.77 billion due to lost trade volumes and delays. Simplifying documentation could save over $79 million per year in opportunity costs by reducing delays, and increase the number of trades businesses complete annually.
This document appears to be an agenda for an event called OPEN16 taking place on September 29, 2016. It lists the schedule of rooms and topics to be covered that day, including tracks on CI/CD and DevOps, infrastructure, Linux history, containers, OpenStack, container managers, and monitoring/logging. There are also sections for an open source year in review and annual survey, information about the event organizers, and a customer panel.
The document provides an overview of business and economic news from Mongolia in Issue 228 of the Business Council of Mongolia NewsWire dated June 29, 2012. Key points include:
- The Oyu Tolgoi copper and gold mine is 90% complete with extraction set to begin in mid-August. Rio Tinto hopes to have funding secured for the mine's expansion by December.
- Approximately one-third of Oyu Tolgoi's workforce is currently Chinese, which could increase tensions between Mongolia and China given Mongolia's sensitivity about Chinese influence.
- Upcoming national elections in Mongolia are contributing to uncertainty over foreign investment policy, with the pro-business Democratic Party currently holding a lead in
This document summarizes amendments made to Mongolia's Minerals Law in 2014. Key changes include extending the exploration period to 12 years, increasing the maximum acreage for mining licenses from 8% to 20% of Mongolia's land, and requiring preference for Mongolian suppliers, employees, and customers. While some aspects were modified, competitive bidding is still not required for all new licenses and license holders are not required to periodically relinquish exploration areas. The amendments also establish new powers for government agencies related to mining.
The document summarizes the development of cluster development in Mongolia's mining sector. It discusses how mining investments totaling $13 billion are expected to generate $1.3 billion in demand for mining services companies. This would significantly grow Mongolia's mining supply chain. The document outlines some of the major mining projects planned in Mongolia, totaling over $20 billion. It also notes challenges to developing a supply chain, including remoteness, lack of infrastructure and skilled labor. However, the mining sector presents opportunities to cooperate across industries and leverage Mongolia's strategic location and cultural ties. The Business Council of Mongolia has also created a database of over 1,300 Mongolian suppliers to link them with mining opportunities.
Este documento presenta dos herramientas para compartir recursos en línea: Slideshare, que permite publicar presentaciones, documentos y archivos PDF para compartirlos con otros usuarios, y Flickr, un sitio web para almacenar, organizar, buscar y compartir fotografías con una gran comunidad de usuarios.
The document summarizes Mongolia's economy and investment opportunities and challenges. It notes that while the economy is slowing, growth is still occurring. Foreign direct investment in Mongolia reached $4.9 billion in 2011 but declined to $1.4 billion in the first half of 2013. The mining sector attracts the most investment, with 90% going to geological prospecting, oil exploration and mining. Mongolia issued its first sovereign debt bond in 2012, called the Chinggis Bond, to fund infrastructure and other development projects. While investment opportunities exist, Mongolia also faces challenges such as economic volatility and maintaining fiscal discipline.
This document discusses PHYTO-DRIP®, a patented seed treatment application system that allows for precise application of seed treatments onto individual seeds. It provides flexibility for plant raisers to customize seed treatment based on grower needs. Syngenta promotes the PHYTO-DRIP® technology globally as part of its FarMore® seed treatment platform. Contact Syngenta for more information on using PHYTO-DRIP®.
The document summarizes various business and economic news from Mongolia. It discusses negotiations over a labor contract at the Boroo Gold mine that could set a precedent for other mines. It also mentions BHP Billiton closing its Mongolia office, plans to upgrade the Ulaanbaatar Railway, and several mining companies' exploration and funding plans in Mongolia. Mongolia's strategy to maintain oversight of the Tavan Tolgoi coal mine if it is won by China's Shenhua is also summarized.
The document is a report from the International Monetary Fund (IMF) titled the World Economic Outlook from October 2015. It discusses adjustments to lower commodity prices in three key areas:
1) Recent global economic developments and prospects, risks to the outlook, and necessary policy responses. Growth is projected to slow across commodity exporters due to lower prices.
2) The impact of commodity price cycles on output for exporting countries, using models and historical data from the past five decades. Commodity booms tend to boost growth but recessions often follow.
3) Whether exchange rates and trade remain connected, given trends like global value chains. Historical evidence shows a link but recent episodes show some disconnection,
This document provides a summary of news from the Business Council of Mongolia for October 18, 2013. The main sections covered include Business, Economy, Politics, and Economic Indicators. For Business, some of the key stories summarized are that OT-Rio relations are improving as both sides work to resolve conflicts over financing at Oyu Tolgoi mine. Rio Tinto aims to continue developing underground mining at Oyu Tolgoi. Turquoise Hill has increased production at Oyu Tolgoi to full capacity. For Economy, highlights included Mongolia's coal exports declining and IMF cutting growth forecasts for Mongolia. The Politics section briefly mentioned several diplomatic visits and agreements.
This document lists fashion brands including Pierre Cardin, Kenzo, Scabal, Barker, and Porsche Design. It also mentions Harvey Nichols, a luxury department store. The final word is "MENSWEARaccessories", suggesting the document relates to brands and retailers for men's fashion accessories.
- Traditional public sector procurement departments are often seen as back offices that staff do not understand or want to deal with. They have a poor reputation.
- Procurement experts receive little training and development. They learn on the job from others who may perpetuate bad practices instead of best practices.
- For procurement to be effective, departments need proper resources, training, and influence over strategic decisions. Staff must feel valued and have input. Repeated cycles of replacing procurement without addressing underlying issues will only drive out good staff. Procurement has the potential to help organizations if given real support and time to develop strategies.
The Nuudelchin Group operates businesses in mining, construction materials, food production, and agriculture with over 700 employees across 6 subsidiaries. Their upcoming projects include constructing a 25-story Nuudelchin Tower commercial building in Ulaanbaatar and developing the 87.7 million ton Ulziit Ovoo iron ore deposit through their subsidiary Nuudelchin Iron Resource LLC. They aim to build infrastructure like roads and a beneficiation plant for the iron ore project in the first investment stage.
Rio Tinto and the Mongolian government are in ongoing negotiations over funding and control of the massive Oyu Tolgoi copper and gold mine project. While talks continued in March, disagreements remain over taxes, cost overruns, and management control. Failure to resolve the dispute could have serious negative consequences for Mongolia's economy and businesses that supply the mine project. Deputy Minister of Economic Development warned of a "catastrophe" if the project stops, as Oyu Tolgoi is expected to account for 30% of Mongolia's economy at full production. Mongolia's businesses are already feeling the effects of the uncertainty through slower contract awards and a general slowdown related to the mine project.
The document summarizes business and economic news from Mongolia. It discusses ongoing negotiations between Mongolia and Rio Tinto over the Oyu Tolgoi mining project. It also mentions that Aspire Mining has identified potential savings of $200 million by selecting a new route for a proposed rail line. Additionally, it provides updates on various mining and infrastructure projects throughout Mongolia.
The document summarizes news from the Business Council of Mongolia newsletter. It discusses several stories on business and economic news in Mongolia, including:
1) Peabody Energy expressing interest in acquiring a stake in Mongolia's Tavan Tolgoi coal deposit to expand its operations in China.
2) Erdenes-TT again delaying its planned IPO in Hong Kong, London, and Mongolia due to weak coal demand and prices.
3) Oyu Tolgoi grappling with water scarcity in the Gobi desert for its mine operations while facing skepticism about its water usage from local herders and NGOs.
This document summarizes news from the Business Council of Mongolia newsletter dated April 23, 2010. It covers several topics:
- Mongolian MPs gave positive reviews of Boroo Gold's operations and supported allowing it to continue mining.
- The Mongolian government is considering graduated royalty rates on minerals to replace the windfall profits tax.
- Khan Resources filed a court claim challenging the invalidation of its mining license, saying its planned buyout will not be affected.
- The Constitutional Court dismissed a petition regarding Petro China's oil exploration activities, ruling that Mongolian laws do not apply due to an earlier agreement.
- Documents related to investor selection and agreements for the Tavan
The document summarizes news from the Business Council of Mongolia newsletter. It highlights several stories:
1) Rio Tinto is firming up $2.5 billion in financing for the Oyu Tolgoi mine expansion and expects government approval to ship copper within weeks.
2) Erdenes Tavan Tolgoi offered a one-year contract to mine 2 million tons of coking coal at West Tsankhi to attract new customers and raise cash.
3) The Mongolian government remains silent on allowing Centerra Gold to begin operations at its Gatsuurt gold project, which was to supply ore to the nearby Boroo mine for processing.
The document is a newsletter from the Business Council of Mongolia covering business, economic, and political news highlights from Mongolia in Issue 292 on September 20, 2013. Some of the key stories covered include the Mining Minister announcing the completion of an audit of costs at the Oyu Tolgoi mine, the Supreme Court ruling against Oyu Tolgoi in a wrongful termination case, and Mongolia agreeing to take a domestic stake in a uranium venture led by Areva to help revive foreign investment in the country.
The document discusses several business news highlights from Mongolia. It mentions that the Tavan Tolgoi coal deal will undergo revision, with Japan and Korea potentially receiving stakes. It also discusses Ivanhoe Mines rejecting talks of altering its Oyu Tolgoi contract, Gobi Coal & Energy searching for a buyer, and Indian firms exploring bids for uranium acquisitions in Mongolia.
The document summarizes business and economic news from Mongolia. It discusses several mining projects and disputes between Rio Tinto and the Mongolian government over profits from the Oyu Tolgoi copper mine. It also mentions Anglo American entering the Mongolia market, restrictions placed on SouthGobi's assets, and presentations made at the Coal Mongolia 2013 forum calling for cooperation between the public and private sectors in Mongolia.
The document is a newsletter from the Business Council of Mongolia covering business, economic, and political news highlights from Mongolia. Some of the key business stories covered include: Mongolian miners starting operations at the Tavan Tolgoi coal mine which could impact international bidding for rights to the mine; the launch of exports from Mongolia's Oyu Tolgoi copper mine being delayed pending final government authorization; and a USD 122 million wind farm in Mongolia scheduled to begin operations in June 2013. Economic highlights include the payment of interest for Mongolia's first Chinggis bond and a strengthening currency. Political stories note Tony Blair advising Mongolian companies and Mongolia joining an international environment group.
- The document is a newsletter from the Business Council of Mongolia covering business, economic, and political news highlights from Mongolia.
- In business news, there were further delays to selecting a consortium for the West Tsankhi coal project. Erdenes MGL appointed a new executive director, and several mining and energy companies had news regarding projects and operations in Mongolia.
- Economic news included Mongolia completing a $1.5 billion international bond offering, updates on budgets, banking, welfare, housing, energy, poverty, infrastructure, and Mongolia's relationship with China on copper.
- Political news covered parliamentary discussions on foreign investment, elections, constitutional issues, banking regulations, and diplomatic meetings.
The document provides a summary of business, economic, and political news from Mongolia in its Business Council of Mongolia newsletter. Some of the key highlights include:
- Mongolia is confident it can resolve disputes with Rio Tinto over the $5 billion expansion of the Oyu Tolgoi copper and gold mine by the December 31 deadline.
- Rio Tinto's Oyu Tolgoi mine has shipped copper concentrate to China but has not recorded any revenue yet due to delays in Chinese customs approval.
- Entrée Gold is considering a proposal to transfer its mining licenses for the Oyu Tolgoi project to Oyu Tolgoi LLC.
- A private equity group in Mongolia is
The document summarizes the key news and events from the September 6th, 2013 issue of the Business Council of Mongolia NewsWire. It discusses several business and economic stories, including Rio Tinto replacing board members at the Oyu Tolgoi copper mine amid disputes with the Mongolian government over financing. It also mentions Erdenes Tavan Tolgoi planning to ramp up coal production and begin exports from its West Tsankhi mine. Additionally, it provides an overview of the 2013 Discover Mongolia investment forum, including remarks on the importance of respecting investment agreements and concerns about policy instability expressed by speakers from Anglo American and Erdenes Tavan Tolgoi.
This document summarizes news from the Business Council of Mongolia newsletter dated August 17, 2012. It includes highlights on business, economic, and political news items. On the business front, it discusses updates on the OT 94% construction completion, Rio Tinto's concerns about securing a power deal for OT, SouthGobi Resources' suspended mining license and profit decline, and Prophecy Coal's temporary mine shutdown. It also notes leadership changes and deals involving companies like Turquoise Hill Resources, Erdene Resource Development Corp, and Leighton Holdings. The economic section summarizes data, inflation trends, and mining industry effects. Politics updates include changes to government structure and parliamentary activities.
The document summarizes the key news highlights from Issue 185 of the Business Council of Mongolia NewsWire dated September 16, 2011. Some of the top business stories include TT's IPO being delayed until early 2012, Hunnu Coal agreeing to be acquired by Banpu for $477 million, and the Oyu Tolgoi mine expected to generate one-third of Mongolia's economy by 2020. The "Discover Mongolia" conference delivered investment opportunities in Mongolia's mining sector to over 1,000 investors. Government officials discussed plans to expand Mongolia's infrastructure including roads, railways, and power stations. A panel at the conference addressed issues like mining taxation, licensing, and activities of illegal artisanal miners.
The document summarizes news from Mongolia across business, economic, and political topics. In business, a feasibility study for a coal washing plant in Mongolia was completed. Erdenes-TT expects to repay its debt to Chalco by the end of the year from coal sales. Mongolian and Japanese banks established a new leasing company called TDB Leasing. A Mongolian company acquired a 20% stake in a North Korean oil refinery to diversify Mongolia's energy sources away from Russia and China.
The document summarizes news from the Business Council of Mongolia newsletter. It discusses progress in negotiations for the Oyu Tolgoi and Tavan Tolgoi mining deposits. Investment banks like Deutsche Bank and JP Morgan may help the government sell part of Tavan Tolgoi, estimated to be worth $1-2 billion. The government will own at least 51% of Tavan Tolgoi. NGOs are seeking more transparency in the negotiations. Banks proposed measures to the central bank like government-guaranteed mortgages to restart the housing market and stimulate the economy.
The document is a newsletter from the Business Council of Mongolia that provides summaries of business and economic news in Mongolia. It discusses several topics:
- An audit is being conducted to investigate alleged $2 billion in cost overruns at the Oyu Tolgoi mine, Mongolia's largest project.
- ZTE, a Chinese telecom equipment company, faces a corruption investigation in Mongolia related to its tax affairs in the country.
- Erdene Resource Development established a strategic alliance with Teck Resources to fund exploration in southwest Mongolia, focusing initially on Erdene's Khuvyn Khar copper project.
This document provides a summary of business and economic news from Mongolia in Issue 130 of the Business Council of Mongolia NewsWire dated August 6, 2010. Key highlights include:
- Khan Resources winning a second court case reinstating its uranium exploration license in Mongolia.
- Petro Matad's shares rising after tests confirm the presence of oil in its first exploration well and it beginning a three-well drilling campaign.
- Ivanhoe Mines having "interesting discussions" with potential new strategic investors after easing restrictions on its shareholder registry.
- The EBRD and Khan Bank signing Mongolia's first co-financing facility agreement worth $10 million to expand Khan Bank's
The document summarizes business and economic news from Mongolia reported in Issue 109 of the Business Council of Mongolia NewsWire dated March 12, 2010. Some of the key stories covered include Goldman Sachs potentially filing an international arbitration case regarding the Olon Ovoot mines, Mongolia Energy planning to start coal deliveries to China in August, and Rio Tinto's CEO being invited to a conference in China that could help rebuild the company's relationship there.
The document summarizes news from the Business Council of Mongolia newsletter dated July 4, 2014. It covers several topics:
- The Oyu Tolgoi copper mine director said the tax dispute with the government should not delay $4 billion in project financing for expansion. Meanwhile, the feasibility study is still delayed.
- Oyu Tolgoi and the government signed an agreement for the mine to receive power from a planned coal-fired power plant at the Tavan Tolgoi coal mine.
- Viking Mines signed a non-binding agreement with the Erdenet Power Plant for future coal supply from its Berkh Uul coal project, its second such agreement with a Mongolian authority.
After careful consideration for the preservation of the region’s environment, culture, and people, Jalsa Urubshurow opened Three Camel Lodge in 2002 as the only luxury eco-lodge in the Gobi Desert. Built by and staffed by locals, Three Camel Lodge offers travelers a way to experience the nomadic spirit of the region alongside modern comforts while protecting the natural beauty and culture.
After careful consideration for the preservation of the region’s environment, culture, and people, Jalsa Urubshurow opened the only luxury eco-lodge in the Gobi Desert, Three Camel Lodge, in 2002. Built by and staffed by locals, Three Camel Lodge offers travelers a variety of activities to learn about nomadic culture while enjoying modern comforts in a way that showcases the nomadic spirit without destroying the natural environment of the region.
The Business Council of Mongolia published its January 2020 Macroeconomic Updates report which contained the following key points:
1) Mongolia's GDP grew 6.3% in Q3 2019 while inflation was at 5.2% in December 2019. Exports reached a historic high of $7.6 billion in 2019, driven by record coal exports.
2) Foreign direct investment in Mongolia totaled $21.5 billion as of 2019, with the majority from Canada, China, Singapore, and Luxembourg invested mainly in mining.
3) The Mongolian currency, the togrog, depreciated 3.8% against the US dollar in 2019 as the central bank supplied $2.
Faro Foundation Mongolia is a non-governmental organization that promotes digital literacy and safe internet use in Mongolia. It works to educate the public on topics like online safety, proper social media use, and cyberbullying prevention. The organization's primary goal is to create positive social change through social media. It has developed a digital literacy curriculum and library on Facebook to teach essential digital skills to students, teachers, and parents.
The Business Council of Mongolia (BCM) is an independent non-profit organization established in 2007 to advocate for economic freedom and a competitive business environment in Mongolia. It has over 240 member organizations from various sectors. The BCM aims to equip its members with policy research, training, and networking opportunities. It is organized with a Board of Directors, Executive Committee, and six working groups focused on key issues. The Growth and Innovation working group works to promote digital transformation in Mongolia.
The One-Stop-Service Center (OSSC) was established in February 2019 under the Prime Minister's order to provide centralized public services to investors in Mongolia. The OSSC was created as part of Mongolia's three-pillar development policy and on the recommendation of the Investment Protection Council. It allows five government bodies, a bank, and notary office to render services to foreign investors from one location.
Mongolians are building a competitive Fintech sector with international ambitions by cultivating agile and innovative teams combining specialists and experts from 6 nationalities. To become truly internationally competitive, Mongolia must train professionals and executives to international standards by growing their next generation of innovative leaders and skilled experts. Overcoming these challenges will allow Mongolia to solve growing issues and compete in international markets.
The document discusses competitiveness rankings for Mongolia and its provinces. It analyzes Mongolia's performance in the IMD World Competitiveness Ranking, where Mongolia ranked 62nd out of 63 countries in 2018. The ranking evaluates countries across 4 factors: economic performance, government efficiency, business efficiency, and infrastructure. The document also summarizes findings from a provincial competitiveness report for Mongolia, which evaluated and ranked the competitiveness of Mongolia's 21 provinces. Finally, it outlines criteria and results from a competitiveness ranking of districts in Ulaanbaatar city across 5 factors of quality of life, living environment, safety and security, governance, and economic performance.
Digital transformation involves using digital technology in new ways to solve traditional business problems and drive organizational change. The presentation discusses how digital transformation differs from related concepts like digitization, analytics, and outsourcing. Key aspects of digital transformation include leveraging data as a strategic asset, adapting to digital natives, and undergoing cultural and technological changes. Methods like agile project management and design sprints are presented as ways to accelerate transformation. The presentation also provides examples of how companies have transformed, such as Domino's Pizza using digital strategies to regain market share.
DBS Bank was named the world's best digital bank by Euromoney in 2016 and 2018, beating competitors like Citi, BBVA, and ING. The CEO of DBS Bank, Piyush Gupta, accepted the award and said that banks of the future will be fundamentally different than today's banks due to their digital transformation. DBS Bank has spent three years focused on digital initiatives by changing employee mindsets and technology infrastructure to make banking simple and seamless for customers.
Mongolia transitioned to democracy in the early 1990s after a peaceful revolution. It now has a multi-party parliamentary democracy with freedoms of religion, expression, and private property rights guaranteed in its constitution. Mongolia's economy depends heavily on its mineral and agricultural sectors as it continues developing a market economy after transitioning from Soviet control.
The document discusses the Growth & Innovation Working Group of the Business Council Mongolia. The working group aims to:
1. Promote and advance business growth and innovation in Mongolian society through educating businesses, government, and the public on opportunities in research and development.
2. Enable all organizations to grow and innovate, not just start-ups or sectors traditionally thought of as innovative.
3. Focus on key objectives like digitalization, infrastructure, financial technology, data security, efficiency, public investment policy, and intellectual property protection to support the digital transformation of consumer and enterprise services through technologies like IoT, AI, fintech, blockchain, and more.
The working group plans events
The BCM held its January monthly meeting to discuss organizational updates. Key points:
- The BCM elected a new 15-member Board of Directors and appointed an Executive Committee and Working Groups.
- Two presentations were given on legal environments for asset management in Mongolia and on responsible mining.
- The BCM revised its mission statement to focus on providing members with policy research, training, and networking support for business in Mongolia.
- The BCM reorganized its working groups, which are now chaired by Board members, and strengthened its secretariat.
The document discusses Mongolia, Russia, and China's economic corridor program. It notes that the program aims to improve connectivity between the three countries through projects involving railway, roads, energy transmission lines, gas and oil pipelines, and high-speed internet. There are currently 32 projects across areas like infrastructure, energy, agriculture, border cooperation, trade, environment, education, medicine, and more. The document also discusses plans to establish a joint center for investment planning and projection in Ulaanbaatar to facilitate implementation of the economic corridor program projects and further trilateral cooperation.
This document provides information on business opportunities through procurement for Mongolia's Second Compact Agreement with the Millennium Challenge Corporation (MCC). It outlines that the total grant value is $350 million to fund activities supporting economic growth and poverty reduction in Mongolia. Key business opportunities include consulting services, goods, and construction works valued at approximately $44 million for the base year. The presentation also reviews MCC's procurement principles of transparency, fairness and competitiveness. It provides details on the procurement process and how opportunities will be advertised.
Why We Chose ScyllaDB over DynamoDB for "User Watch Status"ScyllaDB
Yichen Wei and Adam Drennan share the architecture and technical requirements behind "user watch status" for a major global media streaming service, what that meant for their database, the pros and cons of the many options they considered for replacing DynamoDB, why they ultimately chose ScyllaDB, and their lessons learned so far.
18062024_First India Newspaper Jaipur.pdfFIRST INDIA
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विवादास्पद फिल्म के ट्रेलर से गाली-गलौज वाले दृश्य हटा दिए गए हैं, और जुर्माना लगाया गया है। सुप्रीम कोर्ट और बॉम्बे हाई कोर्ट दोनों ने फिल्म की रिलीज पर रोक लगा दी है और उसे निलंबित कर दिया है। पहले यह फिल्म 7 जून और फिर 14 जून को रिलीज होने वाली थी, लेकिन अब यह 21 जून को रिलीज हो रही है।
“What Else Are They Talking About?”: A Large-Scale Longitudinal Analysis of M...Axel Bruns
Paper by Daniel Angus, Stephen Harrington, Axel Bruns, Phoebe Matich, Nadia Jude, Edward Hurcombe, and Ashwin Nagappa, presented at the ICA 2024 conference, Gold Coast, 22 June 2024.
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La defensa del expresidente Juan Orlando Hernández, declarado culpable por narcotráfico en EE. UU., solicitó este viernes al juez Kevin Castel que imponga una condena mínima de 40 años de prisión.
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19 जून को बॉम्बे हाई कोर्ट ने विवादित फिल्म ‘हमारे बारह’ को 21 जून को थिएटर में रिलीज करने का रास्ता साफ कर दिया, हालांकि यह सुनिश्चित करने के बाद कि फिल्म निर्माता कुछ आपत्तिजनक अंशों को हटा दें।
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Importance of Staying Connected with the World of Politics.pdfJaydenIrish
Discover the power of staying updated on the latest political events at Mecella! Our dedicated Politics section offers comprehensive coverage, insightful analysis, and expert commentary. Stay informed with recent political events, breaking news and in-depth articles on worldwide political developments. Join us in understanding the world of politics!
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Apna Punjab Media is a Punjabi newspaper that covers local and global news, cultural updates, and community events. It's a trusted source for Punjabi-speaking communities, offering a mix of traditional values and modern insights into Punjab's vibrant life and heritage.
1. BUSINESS COUNCIL of MONGOLIA
NewsWire
www.bcmongolia.org
info@bcmongolia.org
Issue 238 – September 7, 2012
NEWS HIGHLIGHTS:
Business
Group of Parliament members make another attempt to renegotiate OT agreement;
Erdenes-TT denies claims of sold property;
Chalco drops SouthGobi bid;
PetroChina Daqing workers threaten to strike;
Kincora announces assay results from Bronze Fox;
SouthGobi cancels coal property sale to Modun;
Discover Mongolia: Day Two;
Petro Matad attempts a comeback;
SouthGobi appoints new directors;
Benetton head visits Mongolia operations;
Scotch-whiskey distiller targets Mongolia;
USAID presents quality management training, supplier development forum;
GE celebrates 300 wind turbines installed in Brazil;
Rio, Areva to fuel UAE nuclear power ambitions.
Economy
Inspectors investigate 2,000 individuals for corporate tax fraud;
City breaks up traffic congestion;
Parliament confirms veto regarding court structure;
Budgetary standing committee considers higher excise taxes;
Radiation detected at abandoned uranium mine;
Accident pushes UB government to crack down on illegal construction projects;
Schools open for new academic year;
Levying the “foreigner tax”;
Ban on exploration licenses likely to be lifted in 2013, says De Facto;
Telecom reform brings greater competition;
Breaking the binds of gender equality;
Coal comprises nearly half of all exports;
Coal miners—stop digging;
China coal under more pressure as demand falters;
Manufacturing data shows China may be heading for a landing;
Teenage angst: implications of China's slowdown;
Russian banks: worries over exit of foreign banks, Nomos takeover;
Australian mining industry not down and out, says Premier.
Politics
Minister squanders chance to ease investors' fears, says MNMA president;
Cabinet appoints new police chairman;
President inspects Iran’s nuclear facilities;
Elbegdorj meets with Iranian leaders;
Speaker receives Australian delegation;
Indonesian president arrives in UB;
2. Fossil dealer submits evidence of fossils sold in Mongolia;
Children promote world peace and friendship;
Ethnic Mongols gather for Chinggis memorial in Inner Mongolia;
Nuclear-weapon-free status: recognition vs. institutionalization.
ECONOMIC INDICATORS:
MSE Top 20 Index by Market Capitalization;
Foreign-listed Companies with Mongolian Assets;
Inflation;
Central Bank policy rate;
Currency rates.
*Click on titles above to link to articles.
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BUSINESS
GROUP OF PARLIAMENT MEMBERS MAKE ANOTHER ATTEMPT TO RENEGOTIATE OT AGREEMENT
Mongolia's parliament is making another go at renegotiating the investment agreement to the Oyu
Tolgoi copper and gold project, with a faction of 24 members submitting a petition to the prime
minister.
In a petition entitled ―Demands to the Prime Minister,‖ a group of members are requesting the
enforcement of Resolution 57, a decree that states that the Mongolian government may own 51
percent of a project once the initial payment had been recuperated by its investors. The 2009 OT
investment agreement, however, states that an initial period of 30 years must pass before Mongolia
can purchase a larger stake in the project.
It was October last year when Mongolia's parliament made its first attempt to renegotiate the Oyu
Tolgoi investment agreement with investors Ivanhoe Mines, since renamed Turquoise Hill Resources,
and Rio Tinto PLC.
3. Leading the charge are MPs Ts. Dawaasuren, G. Uyanga, D. Battsogt, and Kh. Bolorchuluun.
However, there are conflicting reports as to the number of MPs backing the petition and the
number of signatures it actually has.
―The reported comments of the petitioners do not reflect the reality of the agreement between
investors and the government. Rio Tinto, and we are sure all potential investors, are looking to the
Government of Mongolia for leadership on this matter,‖ said Oyu Tolgoi LLC in a statement by
email.
―In a note to investors, Dale Choi of Origo Partners recommended investors react cautiously to the
news, but said he was confident the government would not escalate the matter further.
―In any event, a potential parliamentary motion to renegotiate the Oyu Tolgoi Investment
Agreement will require the support of a majority of 36 MPs out of a total of 71 sworn-in MPs or a
quorum of MPs present on that day.‖
Source: BCM
ERDENES-TT DENIES CLAIMS OF SOLD PROPERTY
Erdenes Tavan Tolgoi JSC has denied reports spread by newspaper Ardyn Erkh that it had sold a part
of its deposit to recover from debt.
Erdenes-TT issued an official statement denying a sale of property to a third party. The licensed
fields of Erdenes-TT are still registered under the name of the company and no such sale has
occurred or could be as it is property belonging to the Mongolian government. The coal miner also
added some internal financial information as proof of its statement.
Erdenes-TT requested in the statement that the newspaper name its source, while admitting,
however, that the firm is temporarily experiencing financial difficulties because of its contribution
to the Human Development Fund (HDF). However, it said the firm has no reason to suspend or
interrupt operations at Tavan Tolgoi.
Source: Business Mongolia
CHALCO DROPS SOUTHGOBI BID
Chalco has dropped its USD 926 million offer for a majority stake in Mongolia-focused coal miner
SouthGobi Resources Ltd. in the face of stiff political opposition.
The state-controlled Chinese aluminum giant‘s April bid triggered a sharp backlash in Mongolia,
which in May passed a law limiting foreign ownership to 49 percent for companies in strategic
sectors including mining. Turquoise Hills Resources Ltd., which owns a 58 percent stake in
SouthGobi Resources, said in a statement that there was ―minimal prospect of obtaining the
necessary regulatory approvals within an acceptable timeframe.‖
Shares of SouthGobi Resources have wilted since April as the CAD 8.48 (USD 10.68) per share bid by
state-controlled Aluminum Corp. of China Ltd. (Chalco) ran into opposition from the Mongolian
government. The firm‘s Hong Kong-listed shares slumped 5.57 percent on Monday ahead of the
widely expected announcement to close at HKD 20.35. The Toronto listed shares last traded at CAD
2.69.
―This is good news for both Chalco and SouthGobi,‖ said Helen Lau, analyst at UOB Kay Hian. ―For
Chalco it wouldn‘t need to pay such a high premium for SouthGobi shares and for SouthGobi now
the political risk has been removed and that probably will see the company returning to normal
production and sales.‖
SouthGobi‘s second-quarter profit plunged after Mongolia suspended its mining license following
Chalco‘s bid. Operations at its flagship Ovoot Tolgoi mine in the south of the country had been
―fully curtailed‖ since 30 June and were not expected to resume in the third quarter, SouthGobi
said last month.
The proposed deal had the backing of Turquoise Hill, but Mongolia is becoming wary about the
growing Chinese presence in its mining sector. Mongolia passed a controversial law in May aimed at
capping foreign ownership in the mining, finance, media and telecommunications sectors. Bids
above USD 75 million or involving state-owned firms like Chalco that aim for majority control are
subject to scrutiny by a government panel.
4. Source: Reuters
PETROCHINA DAQING WORKERS THREATEN TO STRIKE
The Union of Mongolian Transportation, Refinery Trade Unions of Mongolia and the Trade Union of
PetroChina Daqing Tamsag LLC have made a call for strike.
The workers of the Chinese oil extractor, a subsidiary of Daqing Oilfield Co. Ltd., have requested
salary increases. Currently over 300 Mongolian workers are employed there.
―The basic pay for our employees has not been increased in the last five years,‖ said company trade
union representative S. Erdenbat. ―However, the crude oil price in the world market has increased
two or three times. Moreover, the wages of state servants in Mongolia also has increased two to
three times, and other local mining workers‘ average salary is above USD 1,000 per month.‖
Erdenbat said the Confederation of Trade Unions (CTU) and the company union had requested 50
percent salary wages four months ago. The unions are now demanding the proposed salary wage as
well as longer vacation time and accommodations. If the workers go through with the strike,
Erdenbat promised that ―not a single liter of petroleum would be exported.‖
On 29 August, independent MPs Kh. Bolorchuluun, S. Ganbaatar, and Ts. Davaasuren delivered a
statement to PetroChina Daqing requesting that workers be given 20 days work followed by 10 days
vacation as well as provide other social needs.
The oil firm is also still facing allegations of its failing to meet environmental requirements for land
restoration at Bayan Undur Bag at Matad Soum. Although the case has not yet been resolved,
PetroChina Daqing is being asked to pay MNT 1.3 billion for environmental damages to Matad Soum.
Source: Info Mongolia
KINCORA ANNOUNCES ASSAY RESULTS FROM BRONZE FOX
Kincora Copper Ltd. announced the remaining assay results from a hole in the West Kasulu zone at
its Bronze Fox project in southeast Mongolia which show an ―extensive‖ copper and gold zone.
The company said the copper and gold mineralized zone has occasional elevated molybdenum
intersections, with mineralization open in all directions. The hole, F62, from the West Kasulu zone,
returned 3 meters averaging 0.82 percent copper equivalent, and up to 661 meters averaging 0.44
percent copper equivalent. The hole also intercepted 9 meters averaging 1.07 percent copper
equivalent. These intercepts include grades as high as 3.1 percent copper equivalent over 1 meter
from 929 to 930 meters.
―The exploration results continue to demonstrate the extent of the mineralization at Kincora
Copper's properties,‖ said John Rickus, President and Chief Executive Officer. ―The 2012
exploration program remains on track for the season and we continue to improve our understanding
of the extent of the high-grade system while adding new targets to be explored at a later stage.‖
The company said the soil geochemistry program for the current work concentration area has been
completed and further high gold anomalies are evident.
Source: Proactive Investors
SOUTHGOBI CANCELS COAL PROPERTY SALE TO MODUN
SouthGobi Resources Ltd. said the proposed sale of the Tsagaan Tolgoi thermal coal project in
Mongolia to Australian-listed Modun Resources Ltd. has been cancelled.
The coal miner said it was evaluating options for the deposit, which remained non-core to its
operations. The clear value was estimated at USD 30 million.
Source: Reuters
DISCOVER MONGOLIA: DAY TWO
With 1,400 visitors in attendance, the second day of the Discover Mongolia investment forum
concluded the event with reports on infrastructure from the government and progress to the
development of Mongolia's mineral sector.
The day featured a number of reports on the development of shale extraction, processing waste
coke-oven gas, and steel production in Mongolia.
5. During a panel discussion on Mongolia's legal and tax environment, panel chair Jim Dwyer, Executive
Director of the Business Council of Mongolia (BCM), noted that all foreign investment has been on
hold since the foreign investment law was passed in June. He said initial public offerings (IPOs) by
banks was one of the areas that could be affected given the lack of clarity in the law. It could also
prevent brokerage firms from getting foreign capital required to register with the Mongolian Stock
Exchange (MSE).
Dwyer added that BCM is currently drafting an investment support law, at the request of its
members, that would feature regulations for both domestic and foreign investors in all sectors and
which could cause the new foreign investment law to be modified.
During the discussion Jay Liotta, a partner of MahoneyLiotta LLC, stressed the importance of making
draft laws available for public review. David Wyche, Chief of the U.S. Embassy‘s Economic and
Commercial section, noted several points in the new foreign investment law that could deter
foreign investors. Economist and television personality Dambadarjaa ―De Facto‖ Jargalsaikhan
noted that corruption has been a major impediment to economic growth in Mongolia.
The day ended with a ―Government Hour‖ session where representatives of various ministries
answered the questions of audience members. Some in the audience expressed their unhappiness
with the fact that many ministries were left unrepresented, however. Issues discussed included the
opening of access to new ports for Mongolia and the use of mining funds to help diversify Mongolia's
economy.
Source: BCM
PETRO MATAD ATTEMPTS A COMEBACK
While larger companies can afford an exploration disappointment, juniors operating on threadbare
budgets with fewer assets such as Petro Matad Ltd. have more on the line. It is here that the
Mongolia-focused oil explorer has existed since it met resistance at Davsan Tolgoi in 2011.
Davsan Tolgoi, located in Block XX in eastern Mongolia, overlays the Tamsag basin—a basin it shares
with the adjacent and producing Tolson Uul oil field. The earlier unsuccessful drilling took part in
one area covering approximately 100 square kilometers, so with literally thousands of square
kilometers as yet unexplored, Petro Matad still believes it can strike black gold.
Petrol Matad has suspended any drill plans for the rest of the year in the hope of developing a more
balanced and lower-risk exploration drilling campaign for 2013. A second, smaller area of potential
hydrocarbon maturity east of Davsan Tolgoi (East Tolgoi) was identified and exploration is focused
on confirming these leads as potential drill targets. The Lag Nuur thrust fault, even further to the
east, has also shown promise and will likely figure in the options for drilling next year.
Blocks IV and V are located at the Valley of Lakes in Central Mongolia. Both have oil potential, with
Block V having seen more activity. Additional studies are scheduled for winter as well as initial
drilling next year. Block V has attracted more attention for its oil shale potential. Jeremy Boak has
been appointed as the leading authority on oil shale as its prime consultant.
―...[T]he potential of the resource and the energy needs of the region compel us to continue
evaluating it,‖ said Chief Executive Douglas McGay. ―The company has taken care not to detract
from its conventional oil exploration efforts in this and other blocks.‖
As Petro Matad's share price has shown, there is a lack of confidence in its ability to achieve its
goals. However, with fresh faces focusing on more manageable objectives, even the prospect of
defining commercial resources in frontier land can become less daunting.
Source: Oil Barrel
SOUTHGOBI APPOINTS NEW DIRECTORS
SouthGobi Resources Ltd. has made changes to the company's board of directors, including the
resignation of three existing directors and the appointment of five new directors.
The board accepted the resignation of directors Edward Floor, Robert Hanson, and Chairman Peter
Meredith. Subsequently it appointed Lindsay Dove, Sean Hilton, Kay Priestly, Brett Salt and Kelly
Sanders as directors of the company. Pierre Lebel, Andre Deepwell, Gordon Lancaster and
Alexander Molyneux continue to serve as directors of SouthGobi Resources.
6. Priestly, chief executive officer of Turquoise Hill Resources, has been appointed chairman of the
board. She has more than 30-years experience in the financial, mining and energy sectors. Hilton
has been appointed as Deputy Chairman and will play an active role in supporting the management
team. Hinton has more than 23 years of experience in Mongolia and China, including as an advisor
to Rio Tinto PLC, Oyu Tolgoi LLC and Goldman Sachs (Asia).
―Peter, Ed, and Robert have been longstanding directors and have been instrumental in providing
outstanding guidance in discovering, developing and successfully operating the SouthGobi's flagship
Ovoot Tolgoi mine.‖
Dove spent more than 30 years in the international oil, coal and shipping industries with BP PLC and
Rio Tinto, where he held a variety of senior management positions. Salt was appointed senior vice
president of strategy and development at Turquoise Hill and previously had 15 years' experience
with a variety of positions at Rio Tinto. Sanders currently is president and chief executive of
Kennecott Utah Copper and has been working in the mining industry for 32 years, including 28 years
with coal mining operations.
Source: SouthGobi Resources Ltd.
BENETTON HEAD VISITS MONGOLIAN OPERATIONS
Founder and non-executive Director of the Benetton Group, Luciano Benetton, landed at the
Chinggis Khan International Airport via private aircraft on 3 September.
The founder of the global fashion brand travels each year to the countries where his United Colors
of Benetton chain stores are located. During these trips he visits the stores and acquaints himself
with their operations. Moreover, Benetton is preparing to pass on the mantle to his son Alessandro
Benetton, who is currently chairman of the Benetton Group.
This is Luciano's fourth visit to Mongolia since 2007, this time accompanied by his regional and
continental directors as well as childhood friends.
Source: Info Mongolia
SCOTCH-WHISKEY DISTILLER TARGETS MONGOLIA
A Scotch-whiskey firm has set its sights on Mongolia as it bids to make further inroads into new and
emerging markets.
BenRiach Distillery Co. managing director Bill Walker is to hold tastings in the central Asian country
as part of a trade mission next week. Walker said there were opportunities worldwide for the
Scotch-whiskey industry, which had entered "a golden age." He added that "east of Beirut, the world
is booming."
"Mongolia, where I'll be next week, is absolutely in its infancy, but there will be opportunities, as
there are with places like Kazakhstan and Azerbaijan."
Edinburgh-based BenRiach already supplies a range of 12 to 15-year old single malt whiskies, along
with more mature and premium varieties, to markets including western Europe, Asia, North America
and, increasingly, Brazil and other Latin American economies.
Source: BBC
USAID PRESENTS QUALITY MANAGEMENT TRAINING, SUPPLIER DEVELOPMENT FORUM
USAID‘s Business Plus Initiative (BPI) is partnering with the Mongolian Quality Management Center of
Excellence and the Business Council of Mongolia (BCM) for two separate events in September and
October.
BPI and QMCE will present the first five-day Lead Auditor training series in Mongolia from 8 to 15
October. The event aims to build the awareness and capacity of professionals seeking to become
quality assurance managers, auditors and others responsible for quality, environment, and food
safety for businesses. Upon completion, trainees will have a full understanding of the principles and
practices of executing management system audits. Global Certi Co., a fully accredited and licensed
South Korean training and certification provider registered with global trading body RAB-QSA, will
facilitate the courses.
BCM and BPI will host a Roundtable series to present Supplier Development best practices and
7. proven experiences as realized by industry experts on September 21, 2012. Keynoted speakers
James Riordan and Fernando Bertoli will highlight specific buyer-led approaches to supplier
development that have been successful among extractive and other industries worldwide.
Source: USAID
GE CELEBRATES 300 WIND TURBINES INSTALLED IN BRAZIL
Salkhit wind farm turbine supplier General Electric Co., which this year is celebrating its 10th
anniversary in the wind industry, today announced that it has installed 300 wind turbines in Brazil.
Over the next two years, General Electric will install more than 600 additional units in Brazil as it
continues to grow in the region, said the company.
―We have delivered all our projects on schedule, which allows our customers to meet their PPA
[power purchase agreement] requirements.‖
As the General Electric fleet expands, the company also is announcing its plans to open two local
service centers by 2014, representing a USD 1.5 million investment in Brazil.
Source: General Electric Co.
RIO, AREVA TO FUEL UAE NUCLEAR POWER AMBITIONS
The Emirates Nuclear Energy Corp. the company developing nuclear power in the United Arab
Emirates (UAE), awarded fuel supply contracts worth some USD 3 billion to two of Mongolia's major
players in the extraction sector.
Rio Tinto PLC and Uranium Ore Inc. will supply natural uranium and Urenco Ltd. will provide
enrichment services, Emirates Nuclear said. OAO Techsnabexport and Areva SA, which is currently
exploring for uranium in Mongolia, will supply uranium concentrates.
The United Arab Emirates is aiming to be the first Gulf Arab nation to develop nuclear power, with
the first of four 1,400 megawatt reactors scheduled to start operating in 2017.
Source: Bloomberg
ECONOMY
INSPECTORS INVESTIGATE 2,000 INDIVIDUALS FOR CORPORATE TAX FRAUD
The State Investigation Office (SIO) has opened investigations of fraud into more than 2,000
directors and accounts who may have avoided paying taxes.
According to an official from the SIO, the heads of the companies may have used forged invoices
regarding valued added tax (VAT) to commit the crimes. Police officials have so far completed
questioning as part of their investigations.
Source: Udriin Sonin
CITY BREAKS UP TRAFFIC CONGESTION
Ulaanbaatar authorities have begun their implementation of a campaign to reduce traffic
congestion, already with some signs of success.
―Since the start of the new traffic arrangements, traffic congestion has decreased by 20 percent,‖
said Head of the Public Communications Department of the Traffic Police S. Enkhbat. ―City dwellers
are positive about the traffic arrangement.‖
The most sweeping regulation is a system that prohibits certain cars from driving on particular
roads, depending on the final digit of their license plates. Another is changes made to the schedules
of major trade centers. Inner lanes have been designated exclusively for public transportation as
well.
Officials and traffic police are working from 7 a.m. until 10 p.m. on weekdays with no days off. A
total of 150 assistant workers are also working on the roads. These restrictions are set to last until
27 October, when city officials will decide if they should be extended.
―Before the start of the arrangement, it took hours to get your desired place by bus‖, said Enkhbat.
―But now buses have become the fastest transportation means in the city and more people are
8. using public transportation to get to work and home. Buses have grown noticeably overcrowded in
mornings and evenings.‖
First offenders are banned from driving that day and are hit with a MNT 5,000 fine. On the first day
of traffic restrictions, 2,165 drivers were banned. As a result, the number of offenders has
decreased daily, with the number of drivers breaking the ordinance falling to 617 a week later.
Source: UB Post
PARLIAMENT CONFIRMS VETO REGARDING COURT STRUCTURE
Parliament has confirmed the president's veto on a portion of the Law on Court Administration.
The ban is directed at the 13th article of the Law on Court Administration, which was passed by
Parliament on 22 May, 2012.
Explaining the reason for the interdiction of the article, an MP said it was ―because it does not fit in
our court traditions, development trend, and international standards, in that the General Council
will consist of a head and another four members appointed by Parliament, the president, the
Cabinet of Ministries, and Supreme Court."
The decision was made after a full discussion by MPs and a vote for the ban's approval.
Source: Zuunii Medee
BUDGETARY STANDING COMMITTEE CONSIDERS HIGHER EXCISE TAXES
Deficits have the Standing Committee on Budgets considering higher taxes on alcohol and tobacco
products, said the committee chief.
The split of the Ministry of Education, Culture and Science into the Ministry of Education and
Science and Ministry of Culture, Sport and Tourism has led to cuts in budget expenses due to a MNT
1.3 billion deficit predicted to emerge. The MNT 500 billion advanced payment from the Oyu Tolgoi
copper-gold project was never transferred, said Ts. Davaasuren, chief of the Standing Committee
for Budgets. They payment would have made up for the deficit, he said.
―We did not even reach an agreement with investors,‖ said Davaasuren.
He added that the standing committee is now considering proposing an excise tax on goods such as
alcohol, tobacco and transportation to make up the deficit.
Source: Undesnii Shuudan
RADIATION DETECTED AT ABANDONED URANIUM MINE
An anti-nuclear organization claims that a former uranium mine is radioactive.
Rioka Imaoka, an instructor at the University of Tokyo, conducted radiation tests with the group in
Bayandun, Dashbalbar and Serelen Soums in Dornod Aimag. The tests came positive at Mardai mine,
a now-closed uranium mine from the Soviet era.
Located at the border of the three districts, there is currently no one living at the mine site except
for a herding family that was located 5 kilometers from where the radiation was detected. No fence
was posted around the mine site, making it possible for livestock to graze nearby.
The concentration of radiation detected ranged between 0.17 to 0.25 microsieverts an hour. In
some places where people used construction materials from the mine site, the group said it
detected radiation levels of 0.4 to 1 microsieverts. The group said it found levels 0.25 to 0.39
microsieverts of radiation at a kindergarten made from such materials.
Japanese regulations demand response to levels above 0.23 microsieverts.
Source: Udriin Sonin
ACCIDENT PUSHES UB GOVERNMENT TO CRACK DOWN ON ILLEGAL CONSTRUCTION PROJECTS
The Ulaanbaatar government has halted the activities of 60 construction projects following the
accidental death of a young girl.
This week a heavy pipe from a cement mixer fell, killing a 13-year old girl. In response the city
council ordered the Office of Policies and Professional Inspection Agency (PIA) to freeze the
construction operations of any project without official permits. Electricity and heating will not be
provided to these construction works until inspections are carried out.
Source: Unuudur
9. SCHOOLS OPEN FOR NEW ACADEMIC YEAR
The 2012-2013 school year began on Monday, 3 September this year, following opening ceremonies
on the previous Saturday.
Nationwide, 168,000 school children will study in 927 kindergartens and 506,000 students at 763
secondary schools. Mongolia spent 20 percent of its state budget on education this year. Another
175,000 students will study in Mongolia‘s 98 universities and institutes.
As per tradition, President Ts. Elbegdorj began the first day of school with a nationwide televised
lesson via the Mongolia National Broadcasting television network and radio. The president has
offered these lessons annually since first taking office in 2009.
Source: News.mn
LEVYING THE ―FOREIGNER TAX‖
The practice of offering discriminative prices to tourists in Mongolia for goods is growing more
widespread, even among state service organizations.
The so-called ―foreigner tax,‖ added onto everything from khuushur sold during Naadam to
entrance into Mongolia‘s national parks, is a fact of life in Mongolia. Tour guides have little more
explanation than this is how things work in Mongolia in response to complaints from clients.
Complaints include the MNT 3,000 fee foreign tourists must pay before entering state-protected
areas compared with MNT 300 for Mongolians, according to the a regulation ratified by the Ministry
of Nature and Environment. Foreigners are also required to pay USD 25 to view the opening
ceremony of the Naadam festival. It is also common for Mongolian vendors to refuse to return
change after receiving payment. The Chinggis Khan XIII Century Complex at Tsonjinboldog, one of
the few tourist attractions near Ulaanbaatar, forces tourists to pay MNT 10,000, double what
Mongolian natives pay.
When asked about the differing admission prices for foreigners and nationals at the Ensemble
Concert (MNT 25,000 compared with MNT 10,000), its manager said, ―Our ensemble is capable of
earning money only during summer. We set the ticket price after discussing it with tourism
agencies. Tourists traveling with agencies that signed a contract with the ensemble may enjoy a
discount.‖
Mongolia experienced only a 0.2 percent increase in tourism in 2011 compared with the year
before. Earning a bad reputation due to poor business practices will not likely help this situation.
The development of infrastructure is one way to target greater tourism in Mongolia, but Mongolia
may have to develop a better attitude as well.
Source: UB Post
BAN ON EXPLORATION LICENSES LIKELY TO BE LIFTED IN 2013, SAYS DE FACTO
Economic columnist and television host D. ―De Facto‖ Jargalsaikhan commented that the ban on the
issuance of exploration licenses would not likely extend past 2012 during the Discover Mongolia
international mining investment forum.
Jargalsaikhan commended that he learned this information from an inside source that he could not
disclose. The ban, initiated by President Ts. Elbegdorj, has prevailed since 2011. Since then
companies have only traded existing licenses.
Source: Business Mongolia
TELECOM REFORM BRINGS GREATER COMPETITION
Since the Mongolian government's telecommunications reform program in the mid 1990s, there has
been effective liberalization of all market segments, party privatization of the fixed-line incumbent
operation (Mongolia Telecom), and establishment of an independent regulators
Competition is in place for both fixed and mobile telephony including local, long-distance, and
international, internet, VoIP, and VSATs. The internet mobile phone market has undergone a
remarkable boom. The national policy has been to have a competitive telecommunications segment
with two CDMA and two GSM mobile telephone operators. Accordingly, two additional mobile
licenses were awarded in 2005 and 2006 to United (GSM) and rural mobile operator G-Mobile
10. (CDMA).
As part of the transition to a market-based economy, Mongolia committed itself to modernizing its
telecommunications network and steadily introducing advanced communications services.
Source: Herald Online
BREAKING THE BINDS OF GENDER EQUALITY
Mongolia lags in its efforts to promote gender equality, one of the three U.N. Millennium
Development Goals (MDG).
Gender equality and women's empowerment uses the guidelines of political representation,
education and economic earnings to help gage how countries are progressing. Statistics for Mongolia
show that women tend to be more educated than men, according the U.N. Development Project
2012-2016 report. Boys in the countryside are expected to work in the fields, while studying is
prioritized for girls.
This trend extends into the university years, with more women in college (60 to 70 percent) than
men. Yet, despite their more educated status, economically women are still at a disadvantage to
men, earning less. Mongolian women also have had historically low political representation.
Before the 2012 elections, political representation for women was 3.9 percent, one of the lowest
rates globally. Owing to the newly established quota system of 20 percent, nine women were voted
into seats in Parliament in June this year—tripling women's political representation to 12 percent.
Though this current figure represents an improvement, in some ways it is a regaining of political
powers. Ten years ago representation was at 12 percent but declining by 2008 to 3.9 percent. The
MDG for gender equality has a benchmark of 30 percent representation for women in government.
The global average is 19.7 percent.
Source: UB Post
COAL COMPRISES NEARLY HALF OF ALL EXPORTS
Last month coal constituted 44.6 percent of total exports in Mongolia.
Other minerals exported included copper concentrate (19.2 percent of exports), iron ore (12.1
percent), crude oil (7 percent), and zinc ore (2.4 percent).
Mongolia exported 20 million tons of coal last year. Xinhua news agency reported last month that
coal prices had fallen by 1.96 percent, to CNY 641 (USD 101) per ton in China.
Source: Zuunii Medee
COAL MINERS—STOP DIGGING
In China, prices at Qinhuangdao, the world's largest coal port by capacity, have dropped by about a
quarter this year. Higher-cost mines in China, Mongolia and Indonesia have reportedly slowed or
stopped producing. Stabilizing prices is one thing, but outside a few big operators (Yanzhou Coal,
China Shenhua), China's myriad of smaller miners are not known for their discipline. Any price rise
will probably be met by a pick-up in production.
There is also the need to find buyers. In theory, thermal coal prices will climb as power stations
stock up for the winter. Yet power station inventories are half as high again as their usual August
levels, limiting further demand. One big generator, China Resource Power, said two weeks ago that
it expects further falls in spot prices. China's ongoing economic slowdown does not suggest that
anyone else is standing by to pick up the slack.
There are importers. Coal supplies globally are at record levels following years of heavy investment.
U.S. mining companies are seeking new markets as home demand is hurt by falling shale gas prices.
Indonesia and Australia are also exporting record amounts of coal. Weak seaborne prices have
almost dragged China's domestic prices down to their level. That would usually mark a domestic
price floor. But miners the world over are just as keen to ship more coal on any sign that prices are
perking up.
Source: Financial Times
11. CHINA COAL UNDER MORE PRESSURE AS DEMAND FALTERS
Benchmark prices in China, the world's top producer and importer of the fuel, have been rolling at
two-year lows of 626 yuan ($98.50) a ton since end-July amid a global supply glut.
Beijing's coal prices, already near a two-year low, are likely to fall further as industrial demand
growths slows and imports add to pressure on domestic stocks, industry officials said. In recent
years coal has over taken copper as the largest export from Mongolia to Chinese buyers.
Hou Wenjin, a coal industry official with the Shanxi government, the country's second-biggest coal-
producing region, predicted China's 2012 imports could top 200 million tons as coastal utilities lock
in cheaper foreign supplies. Imports of more than 200 million tons would compare with 2011
imports of 182.4 million tons. Imports from January to July totaled 133 million tons, a 51.8 percent
rise from a year earlier.
Chen Ze, deputy director with the coal industry department of the government of Inner Mongolia,
China's biggest coal producing region, said demand growth from key industrial users such as those in
steel and cement sectors would ―most likely slow.‖ Dong Yueying, secretary general of the China
Coal Transportation and Distribution Association, said a slump in the Chinese steel sector has also
put coking coal prices under pressure, and this will have knock-on effects for coal for a while, said.
―Falling prices mean it is no longer economical for mines to wash the coal to get higher
specifications. So mines will sell into thermal markets,‖ he said.
Source: Reuters
MANUFACTURING DATA SHOWS CHINA MAY BE HEADING FOR A LANDING
Chinese manufacturing contracted in August as new orders fell, but the slowdown shows signs of
bottoming out, an industry group said Saturday. Chinese manufacturing activity may have a direct
impact on Mongolia's economy, as the latter depends on China's consumption of raw materials.
The report by the state-authorized China Federation of Logistics and Purchasing added to mixed
signals about whether China was starting to recover from its deepest downturn since the 2008
global financial crisis. It is a delicate time for the Communist Party, which is preparing to hand over
power to younger leaders this year.
The federation said its purchasing managers index (PMI) fell to 49.2 in August, from 50.1 in July on
a 100-point scale on which numbers below 50 show a contraction. It was the group's weakest
reading to date.
―It shows the economy is moving downward,‖ the report said, ―but is bottoming out considering
changes in the major subindex's.‖
An analyst, Zhang Liqun, said government policies were taking effect with domestic investment and
consumption growing steadily since June. China's economic growth fell to a three-year low of 7.6
percent in the quarter that ended in June, and corporate profits and other indicators have fallen
despite government stimulus measures. A preliminary version of a separate PMI by HSBC Corp. also
showed August manufacturing weakened, falling to 48.7, down 0.3 from July.
The logistic federation's survey showed all indexes—except for manufacturing—were either at or
below 50.
Source: New York Times
TEENAGE ANGST: IMPLICATIONS OF CHINA'S SLOWDOWN
China, an ancient civilization, is still in its economic adolescence, a phase marked by growth spurts
and mood swings. Other emerging economies endure this awkward period in relative obscurity,
attracting only cursory attention. China has no such luck. It has become big before becoming rich,
inviting scrutiny typically reserved for mature economies.
China may not be a member of the Group of Seven (G7), but is already a member of the so-called
System of Five (S5), a group of economies subject to extra attention from the International
Monetary Fund (IMF) because of their systematic significance. China, according to the fund, is the
most ―central‖ trading power in the world, based on its extensive trade links to other economies
that are themselves tightly interwoven. It is the biggest or second-biggest trading partner for 79
countries. Its appetite for imports, especially for base metals and oil, flatters the exports of
12. countries such as Mongolia.
China's precocious economy has, however, turned sullen and morose of late. The preliminary results
of HSBC PLC's August survey of over 420 manufacturing firms, many of them private, showed orders
falling and inventories backing up. The ratio of orders to inventories was at its worst since
December 2008. This disappointment followed the announcement that house prices rose in 49 out of
70 cities last month, a revival deemed bad news as it may delay further monetary easing.
The ―Sinodependency‖ index has massively outperformed the S&P 500 in recent years, climbing by
almost 129 percent since the beginning of 2009, compared with the S&P 500's gain of 57 percent. It
has also performed far better than China's own stock markets.
A hard landing would hobble South Korea and bring Taiwan's growth to a shuddering halt. But
growth in Brazil and Australia would hold up surprisingly well, perhaps because their currencies
would fall, absorbing some of the shock. However, these estimates capture only the direct impact
of the Chinese slowdown.
Adolescents have an uncanny ability to spoil things for everybody.
Source: The Economist
RUSSIAN BANKS: WORRIES OVER EXIT OF FOREIGN BANKS, NOMOS TAKEOVER
Sweden‘s Handelsbanken said it was the latest foreign bank to be leaving Russia, joining HSBC,
Barclays, Santander, Swedbank and Rabobank, which have all departed in the last few years
following the announcement of a controversial takeover of Nomos bank, which is removing the
Russian market one of the few independent privately-held lenders. Russia, Mongolia‘s neighbor to
the north, is an important trading partner to Mongolia, and this instance serves as an example of
how state control over banking, one of the ―strategically important sectors‖ listed in the foreign
investment law passed last May, can sour foreign interest.
The proposed takeover of Nomos has irritated its foreign minority shareholders to no small degree.
The bank was seen by investors as one of the few ways to enter the Russian banking sector bar the
two state-owned behemoths, VTB and Sberbank.
But 16 months after the offering, Nesis and his fellow controlling investors are suddenly selling out
to mid-ranking Otkritie Financial Corp., and taking the minorities and the London listing with it. For
investors, it looks like another abject lesson on Russian IPO, and a reason not to buy again when
Otkritie comes to the market as it plans in around three years.
An unnamed associate of Nesis said,‖the Russian financial markets are monstrously deformed. It‘s
difficult to compete with the state banks.‖
Although Vadim Belyaev, Otkrities‘ chief executive, insists the deal is part of a plan to scale up the
bank, it is clear he could not without state backing. Some market players suggest VTB could in fact
be using Otkritie to front the acquisition for itself, as it owns capital constraints mean it can‘t make
any more purchases for now. Only time will tell if the bid is legitimate in the hopes of creating a
bigger, modern, more universal privately held banking group that can take on state giants. Russia
needs more diversity in banking, including strong independent Russian banks and effective foreign
leaders.
Source: Financial Times
AUSTRALIAN MINING INDUSTRY NOT DOWN AND OUT, SAYS PREMIER
Australian Prime Minister Julia Gillard on Tuesday state in no uncertain terms that the so-called
death of the Australian mining boom had been exaggerated. Australia is Mongolia's top competitor
for coal exports to China.
Speaking at the Association of Mining and Exploration Companies convention, in Perth, she
conceded that the ―price boom‖ was passing, but said that the ―investment boom‖ was still to
reach its peak, which would be followed by a ―production boom.‖ Despite capital expenditure
delays, mining investment amounted to some AUD 47 billion for the 2010-2011 period, increasing to
AUD 82 billion in 2011-2012 period.
―It's set to hit AUD 119 billion by the end of this financial year. This is 13 times higher than before
the mining boom and much of this investment is coming from overseas,‖ Gillard said.
13. Australian exploration expenditure is also on the rise, increasing by 3.1 percent quarter-on-quarter
by 23 percent year-on-year in the three months ended June.
Source: Mining Weekly
POLITICS
MINISTER SQUANDERS CHANCE TO EASE INVESTORS' FEARS, SAYS MNMA PRESIDENT
The president of the Mongolian National Mining Association (MNMA) said the Discover Mongolia
conference did little to answer investors' questions regarding the Mongolian government's policy for
the mining sector.
Although recently installed Minister of Minerals D. Gankhuyag gave a speech, it revealed very little
about the direction he would take his ministry other than his intention to continue the policies of
the last government, said D. Damba, the President of the MNMA.
―This ambiguous position of the government is a bad message for investors, but it should be noted
that the timing was not good,‖ said Damba.
Damba added that more time was needed for the new government to set its agenda before the
government could make any concrete statements about its policies, for minerals or otherwise. He
went on to further criticize a recent amendment to the Law on Minerals that requires foreign
investors in the minerals sector to work with a Mongolian partner.
―I think that we may ban the monopoly of foreign state-owned companies, but there is no need for
such measures in cases of private companies.
Source: Udriin Sonin
CABINET APPOINTS NEW POLICE CHAIRMAN
The Cabinet of Ministries appointed B. Bilegt as Chairman of the General Policy Authority during an
irregular meeting held on 3 September.
Bilegt, 52, was one of the democratic activists of 1990. He served as chairman of National
Television and Radio, chairman of the General Intelligence Authority, and chairman of the
Administrative Office of the National Security Commission.
Source: News.mn
PRESIDENT INSPECTS IRAN‘S NUCLEAR FACILITIES
Iran on Monday gave President Ts. Elbegdorj a tour of its main uranium enrichment plant, the first
time that it has opened the site to a foreign leader.
The visit followed a summit of nonaligned nations in Tehran that Iranian officials hoped would show
the failure of Western sanctions to isolate Iran diplomatically. State TV showed Elbegdorj inspecting
centrifuges used to enrich uranium at the facility in the central Iranian town of Natanz. The West
says Iran‘s nuclear program aims at developing weapons technology, but Iran says it is for peaceful
purposes such as power generation and cancer treatment.
Iran has often said it is willing to transfer its nuclear expertise to other countries. The television
broadcast said that Elbegdorj was allowed to visit whatever he wanted in the plant. It suggested
that he endorsed the Iranian claim about the peacefully purposes of its nuclear program.
―This site is a unique place. Maybe in other countries it is not possible to visit such a sensitive
place,‖ he said. ―I found out how the enriched uranium is being used for peacefully energy.‖
Inspectors from the U.N. nuclear agency visit the site regularly, and Iran has in the past allowed
foreign diplomats and reporters to enter it as well. Mongolia is one of the 120 members of the
Nonaligned Movement of emerging nations, which held its summit in Tehran last week. Iran said
during the meeting that it would open its nuclear sites to participating delegates.
Source: Associated Press
ELBEGDORJ MEETS WITH IRANIAN LEADERS
First Iranian Vice President Mohammad Reza Rahimi called for closer friendly ties with Mongolia in
14. addition to expanded trade and economic relations.
According to a report by Iran‘s presidential office website, Rahimi, in a meeting with President Ts.
Elbegdorj, said that Iran is ready to take steps towards closer relations with Mongolia. Rahimi said
that ruling powers of the world are to invade the culture of civilized countries and encouraged
those affected to resist that intervention by hegemonic powers.
Referring to Iran‘s progress and achievements in different fields of science and technology, Rahimi
said that Iranians, by relying on their own capabilities against sanctions and enemies‘ conspiracies,
have resisted, and the self-efficiency of Iranians can be a role model for other independent nations.
President Elbegdorj praised Iran‘s Supreme Leader Ayatollah Seyed Ali Kamenei, saying that his
knowledge and mastery over culture and history is excellent. He also praised Iran‘s hosting of the
16th Nonaligned Movement summit in Tehran and called for strengthened bilateral ties between
Tehran and Ulaanbaatar. Elbegdorj said his country is planning to promote culture and the
prevention and cultural invasion and conspiracies of enemies while underlining the necessity for the
expansion of cultural cooperation and relations with Iran.
Elbegdorj also met with Iranian President Mahmoud Ahmadinejad, who said to Elbegdorj that
independent nations should stand together to influence future developments. Ahmadinejad
described Mongolian-Iranian relations as ―positive‖ while expressing his hope that the two nations
could cooperate.
Source: ABNA
SPEAKER RECEIVES AUSTRALIAN DELEGATION
Parliament Speaker Z. Enkhbold received a delegation of Australian MPs. MP Toni Windsor,
representative for New England in Australia, led the delegation, hoping to expand diplomatic
relations between the two nations.
―I am satisfied with the two countries relationship which is deepening in recent years and I will put
all my efforts in order to strengthen the relation of the two countries,‖ said Windsor.
Enkhbold noted that the visit comes near the 40th anniversary of diplomatic relations between the
countries. Australia established its consulate general in Ulaanbaatar last May, he said, adding that
he hoped Australia would soon establish a formal embassy.
Windsor told the speaker about Australia's interest in cooperating with Mongolia to develop its
mineral industry and the restoration of mined earth.
―In recent years Mongolia has entered too much into the minerals industry. As a result of this, there
is much soil left not restored and much more damaged. Hence, we are developing responsible
mining and are ready to study the Australian experience on such matters.‖
Source: Info Mongolia
INDONESIAN PRESIDENT ARRIVES IN UB
President Susilo Bambang Yudhoyono arrived in Ulaanbaatar with a delegation comprising the first
lady and members of Indonesia's cabinet this week.
Yudhoyono is slated to have a bilateral meeting with President Ts. Elbegdorj in the capital of the
resource-rich nation on Thursday. He will also meet with Prime Minister N. Altankhuyag and
Parliament Speaker Z. Enkhbold.
―Yudhoyono will conclude his visit to the country by attending a business forum, which will be
attended by dozens of Mongolian and Indonesian businesspeople,‖ said a press release.
The presidential spokesperson for foreign affairs, Teuku Faizasyah, said the Mongolian visit was
aimed at enhancing bilateral trade and investment. The Indonesian officials were treated to a
traditional welcoming ceremony by young Mongolians wearing traditional outfits upon his arrival.
Source: Jakarta Post
FOSSIL DEALER SUBMITS EVIDENCE OF FOSSILS SOLD IN MONGOLIA
The Mongolian government has no claim on a fossilized tyrannosaur skeleton at the center of an
international ownership dispute, say attorneys for the Florida fossil dealer who wants the specimen
back. There is now new evidence of fossils sold in one of Mongolia's museums, further complicating
15. matters.
The Manhattan U.S. attorney is seeking to seize the 75 percent-complete dinosaur on behalf of
Mongolia, making the legal argument that fossil dealer Eric Prokopi imported it knowing it was
stolen and provided a false description of it on customs forms. Prokopi and his legal counsel
contend, however, that the U.S. attorney does not have a legal basis to seize the fossils and there is
no conclusive evidence the fossils came from Mongolia about 10 years ago, as paleontologists have
said. They also argue Mongolia law does not clearly declare all fossils state property.
Separately from their formal attempt to end the case, the legal counsel released a photo showing
what appears to be a fossilized dinosaur tooth. This photo, they said, undercuts the Mongolian claim
on the dinosaur because it shows a fossil from the same species of dinosaur, a Tarbosaurus bataar,
on sale for tourists in a Mongolian-run museum. Mongolian law does not allow private ownership of
fossils, so they cannot be sold legally within the country.
―If it is illegal to sell fossils in Mongolia, then why are fossils being sold in the Natural History
Museum? We plan to introduce the photograph, along with other evidence, as this case goes
forward,‖ Prokopi's attorney said.
The Mongolian government maintains that its law is clear when it comes to the state ownership of
fossils, and that it has a history of enforcing this law. Records provided by President Ts. Elbegdorj's
attorney, Robert Painter, show several seizures of fossils nearly every year. As for the alleged sale
of a fossil in the museum, the museum leases the space for souvenir shops to private retailers, and
museum curators have said that no tenant in those spaces has sold fossils.
On Wednesday, Prokopi's attorney said that about half the reconstruction—fossilized bones welded
onto a metal frame—came from one creature and the other half from ―at least two, most likely
many‖ creatures.
―It's kind of a Frankenstein model of a dinosaur parts,‖ a somewhat surprised U.S. District Judge P.
Kevin Castel noted.
Government paleontologist experts apparently believe that the reconstruction came from a single
creature.
Source: MSNBC, Reuters
CHILDREN PROMOTE WORLD PEACE AND FRIENDSHIP
A total of 104 children from Japan, China, Russia, South Korea, North Korea and Mongolia gathered
together to celebrate world peace and friendship for the Kids‘ Asian Union Camp 2012 assembly,
held in Mongolia for the 12th time.
JCI in Mongolia organized the event, aiming to promote peace and understanding as well as
solidarity and friendship among young people from the nations involved. JCI Board Member T.
Odnyam said that children attending the event aged between six and 12, lived together and helped
each other while making friends. The children made and offered each other their country‘s
traditional meals while the Mongolian children introduced their foreign counterparts to Mongolia‘s
customs, traditions and lifestyle.
―I am attending this activity for the second time,‖ said Ts. Enkhjin, a student from Orchlon
secondary school. ―I lived together with kids from Japan and South Korea and we made very good
friends. Being friends means not quarreling. Let‘s create good things together.‖
Source: UB Post
ETHNIC MONGOLS GATHER FOR CHINGGIS MEMORIAL IN INNER MONGOLIA
Tens of thousands of ethnic Mongolians flocked to the shrine of the 13th-century conqueror Chinggis
Khaan for a grand memorial ritual.
At the round altar near the shrine in Ordos, Inner Mongolia autonomous region, worshippers knelt
and prayed while others offered blue khadags--a ceremonial silk scarf. Adults also sprinkled water
on the foreheads of children as a form of blessing.
The ritual, in honor of Chinggis Khaan's magical spear used in battle, is held annually but only
reaches its grandest form in the Year of the Dragon in the traditional celestial calendar every
twelve years, news reports said. Ethnic Mongolians claim themselves as offspring of Chinggis Khan,
16. who united the Mongol tribes and founded an empire. Chinggis Khaan memorial rituals are
protected as a state intangible cultural heritage.
Source: Bikya Masr
NUCLEAR-WEAPON-FREE STATUS: RECOGNITION VS. INSTITUTIONALIZATION
Mongolia's nuclear legacy has been one with many geopolitical motives as well as domestic
concerns.
In September 1992, in an address to the United Nations, the president of Mongolia declared his
country's territory a nuclear-weapon-free zone. The political context at the time was quite
dramatic: the announcement came on the heels of the completion of the Soviet-Russian troop
withdrawal from Mongolia, the collapse of the Soviet Union and the demise of communism in both
Russia and Mongolia. Decades of dependence on the Soviet Union and hostility toward China were
about to become history, as it set out to normalize its relations with China and revamp those with
its new old northern neighbor.
In geopolitical terms, it spoke to the country's unique location. Its two neighbors, Russia and China,
also happen to be two of the world's five acknowledged superpowers. The declaration at the United
Nations was one of the first independent moves made by Mongolia in formulating its own policy
goals. The concept of a nuclear-weapon-free zone had a great deal of appeal to Mongolia. Six zones
currently exist in Latin America, the Caribbean, the South Pacific, Southeast Asia, Central Asia, and
Africa. The Antarctic could also qualify.
As a policy the Mongolian initiative reflected the country's resolve to never let its territory be used
as a stationing ground for nuclear weapons. During the Sino-Soviet split the Soviet had reportedly
kept nuclear capable missiles in Mongolia. Ensuring its security by avoiding taking sides, Mongolia
welcomes the normalization of relations between Russia and China in the late 1980s and
endeavored to pursue greater balance and good neighborliness in its own relations with these two
countries.
Source: Brookings
ANNOUNCEMENTS
THE WORLD'S LARGEST FOOD EXHIBITION, "SIAL 2012" October 21-25, Paris, FRANCE
The Business Council of Mongolia with support from the French Embassy in Ulaanbaatar is now
registering Mongolian business delegation to participate to THE WORLD'S LARGEST FOOD
EXHIBITION, "SIAL 2012", which will be organized in Paris, France from October 21 to 25, 2012.
Totally 5,838 exhibitors from 200 countries will participate to this 25th world‘s leading food
exhibition. As a multi-specialist exhibition, it brings all the food channels together under one roof,
in 19 clearly identified sectors: bakery, beverages, dairy products, organic products, and wine.
Benefits available to delegation members are:
- Free participation in the program of conferences on semi-processed food products and
ingredients;
- Possibility to participate in a one-day retail study tour organized by MMM, leader in worldwide
retail benchmarking and trends;
- Free assistance in arranging and scheduling appointments with French exhibitors;
- Possibility to visit "Autumn Fair 2012" - 400 exhibitors under three categories: interior design,
food and restaurants, decoration accessories;
- Possibility to visit art-inspired exhibition on Champs-Elysees avenue (architecture, books, and
paintings);
- Free travel arrangements and hotel bookings;
- Entertainment programs in Paris: Eiffel Tower, Louvre Museum, Champs-Elysees Avenue, and
"Tosca" opera.
Please contact 317027, 99131377 or saruul@bcmongolia.org for registration or for additional
information.
17. Registration deadline is 6:00PM, September 20, 2012.
___________________________________________
MONGOLIA INVESTMENT SUMMIT 2012, HONG KONG, OCTOBER 30-31
The Mongolia Investment Summit 2012 will be held from 29 to 30 October at the Four Seasons Hotel
in Hong Kong to once again bring the best of Mongolia's investment opportunities to Asia's leading
investment hub.
Now in its third year, the summit has strongly cemented its position as the largest Mongolian
investment event outside of Ulaanbaatar, providing foreign investors with the most comprehensive
overview of Mongolia's key economic growth sectors all under one roof.
Speakers to the event include Altai Khangai, Chief Executive Officer of the Mongolian Stock
Exchange (MSE), Cameron McRae, President and Chief Executive Officer of Oyu Tolgoi LLC, and
James Passin, Co-founder and Manager of Firebird Mongolia Fund.
BCM is again a Supporting Organization for the event. BCM members will get a 15% discount. Jim
Dwyer, Executive Director of BCM, will chair both morning sessions. For more information, find a
brochure to the event by logging on to the website: mongoliainvestmentsummit.com.
___________________________________________
REGISTER NOW FOR MONGOLIAN MINING DIRECTORY-2013
Mongolian Mining Directory-2013 which provides information database for Mining companies,
investors, suppliers, service companies, government and non government organizations will be
published for the fourth year to commemorate the 90th anniversary of the Mongolian mining
industry. The MMD is distributed free of charge to international and domestic mining companies,
international conferences and exhibition, embassy offices in Mongolia and foreign countries to
investors.
BCM is a Supporting Organization of the MMD and welcomes Mongolian mining industry participants
who are interested in advertising their products and services in Mongolian Mining Directory-2013.
For more information please visit: www.mining.mn, www.mongolianminingdirectory.mn or call
+976-7011 5590.
___________________________________________
REGISTER FOR BCM‘S MINING SUPPLY CHAIN DATABASE AT NO COST
The new version of BCM‘s Mining Supply Chain Database is ready for use. Following the initiative of
Oyu Tolgoi LLC, the BCM has maintained the Mining supply chain database since March 2009. It is
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.
We are inviting all Mongolian mining suppliers and buyer companies to join the Mining Supply Chain
Database. Please visit here for registration.
If you have any questions regarding the database, please contact Undral at undral@bcmongolia.org
or 317027.
___________________________________________
―MM TODAY‖ on MNB-TV, Friday‘s at 19:00
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 10 minutes and is
scheduled for 19:00 tonight. Tune in to watch this program that reports stories from today‘s BCM
NewsWire.
___________________________________________
BCM‘s WORKING GROUP MEETING
The BCM Environmental Working Group met on Thursday, August 16, with 12 members attending.
Co-chair Amanda Fine, Wildlife Conservation Society (WCS), moderated the session.
New member Tsolmon A, Areva/Cogegobi, was welcomed.
18. Meeting discussions were on the following topics:
- Discussion on the new package of environmental laws;
- Ideas for BCM environmental working group activities.
Next meeting: OT ESIA self assessment.
Further discussions on new environmental laws.
Please contact erka@bcmongolia.org.
BCM WEBSITES
MONGOLIAN WEBSITE ‗PRESENTATIONS‘ AND ‗NEWS‘ SECTIONS
The new ‗Presentations‘ section on BCM‘s Mongolian website can be reached via link to
bcm.mn/itgeluud. Several presentations already posted include World Bank‘s Mongolia Quarterly
Economic Update–June 2012; 11 speeches from the 2nd Coaltrans on May 23-24 in UB.
As a key component of BCM‘s Mongolian website ‗News‘ section, articles from the Government‘s
―Open-Government.mn‖ site are regularly posted.
___________________________________________
ENGLISH WEBSITE 'PRESENTATIONS', 'MONGOLIA REPORTS' AND ‗MONGOLIAN BUSINESS NEWS‘
On BCM‘s English website, ‗Resource, Presentations‘ section, for your review are the following
recent postings from BCM‘s August 27 monthly meeting:
-Dr. Nigel Finch, Director of Admissions and Associate Professor, University of Sydney Business
School, ―Enhancing Sustainable Economic Growth in Mongolia by Improving Transparency and
Accountability in the Mongolian Public Sector‖;
-Caroline Clarke, Managing Partner, PricewaterhouseCoopers Audit LLC, ―International Women‘s
Forum and the Business Sector in Mongolia‖;
-John Bachrach, Director, IEEC, member of IMC Montan, ―Mining Consulting – Adding Value in the
Sector‖;
-Peter Benson, Team Leader, VicRoads International, ADB-funded Technical Assistance 7844:
Mongolia Road Sector Capacity Development Project".
We are now posting some news stories and analyses relevant to Mongolia to BCM website's
‗Mongolian Business News‘ as they come, instead of waiting until each Friday to put them all
together in the weekly NewsWire. The NewsWire will, however, continue to be issued on Friday,
and will incorporate items that are already on the home page, so that it presents a consolidated
account of the week‘s events.
___________________________________________
MONGOLIAN WEBSITE ‗PRESENTATIONS‘ AND ‗NEWS‘ SECTIONS
The new ‗Presentations‘ section on BCM‘s Mongolian website can be reached via link to
bcm.mn/itgeluud. Several presentations already posted include World Bank‘s Mongolia Quarterly
Economic Update–June 2012; 11 speeches from the 2nd Coaltrans on May 23-24 in UB.
As a key component of BCM‘s Mongolian website ‗News‘ section, articles from the Government‘s
―Open-Government.mn‖ site are regularly posted.
___________________________________________
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
19. the NewsWire with the community. Recently posted were the BCM football cup pictures.
Hear breaking news and announcements as they happen when you follow BCM on Twitter at
http://twitter.com/#!/bcMongolia.
Of course for news information, interviews, and announcements regarding our organization, visit
the official BCM website at www.bcmongolia.org and www.bcm.mn.
ECONOMIC INDICATORS
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]
July 31, 2012 *14.5% [source: NSOM]
*Year-over-year (y-o-y), nationwide
Note: 14.9% y-o-y, Ulaanbaatar city, July 31, 2012
CENTRAL BANK POLICY 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]
20. 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]
CURRENCY RATES – September 6, 2012
Currency Name Currency Rate
U.S. dollar USD 1,384.84
Euro EUR 1,734.86
Japanese yen JPY 17.67
British pound GBP 2,196.08
Hong Kong dollar HKD 178.54
Chinese yuan CNY 218.13
South Korean won KRW 1.22
Russian ruble RUB 42.66
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.