09.04.2010, NEWSWIRE, Issue 113

BUSINESS COUNCIL of MONGOLIA
NewsWire
www.bcmongolia.org
info@bcmongolia.org
Issue 113, April 9, 2010
NEWS HIGHLIGHTS:
Business:
 Tavan Tolgoi to be divided into two parts;
 Ivanhoe and Rio Tinto set to begin full-scale construction at Oyu Tolgoi;
 Second installment of OT advance paid;
 “A company like Rio Tinto does not offer bribes,” says First Deputy PM;
 MoU signed to provide 3,000 OT jobs to Ulaanbaatar unemployed;
 Working group for Tavan Tolgoi talks constituted;
 SouthGobi mulls listing on Mongolia Stock Exchange;
 Russian daily reports ARMZ will take 49% in Dornod uranium deposit;
 The troubles of Khan Resources in Mongolia;
 Scope of project will no longer exempt foreign workers from paying fees;
 Ivanhoe acquires critical mining and milling equipment for Oyu Tolgoi;
 Work to begin on 20-mw power station, 105-km road at Oyu Tolgoi;
 Ivanhoe lists provisions of agreement as it comes into effect;
 Magazine names Khan Bank Mongolia’s best once again;
 Mongol Postbank accounts transferred to Savings Bank;
 Red Hill to commence drilling at Chandgana Khavtgai;
 Gulfside files writ on Erdenetsogt property;
 Hopu buys slice of Mongolian coal transporter Winsway;
 Ivanhoe adopts shareholder rights plan;
 Habitat launches fund to build homes under special program;
 Khan Bank invites applications for academic scholarship.
Economy:
 MNT1.5 million to be paid in 2011 and 2012, including MNT500,000 in cash;
 Decision not taken under popular pressure, says Deputy PM;
 Mongolia on verge of mineral boom;
 Speaker sees economy growing 8%;
 Cashmere price hits record high, thanks to Chinese manipulation;
 Prime Minister meets private sector representatives;
 Privatization list approved;
 Labor leader demands rise in salaries, pensions;
 Teachers demand more money;
 Excise tax on some diesel raised;
 Rio executive sees "meaningful deficit" in copper supply;
 Imminent explosion in uranium prices unlikely;
 Asia's punch puts dollar on ropes;
 Bank of Korea toes Government line on policy interest rate;
 Rise in Asia manufacturing could fuel inflation;
 Car sales, including Toyotas, rise 37% y-o-y in Japan;
 U.S. delay gives China time on yuan revaluation;
 Chinese economists welcome U.S. delay;
 USD share of global foreign-exchange reserves rises in 4Q.
Politics:
 Bayar resigns as MPRP head in favor of Prime Minister Batbold;
 Protest passes off peacefully;

 Demand rejected, protesters to call for referendum;
 Prime Minister roots for east-west railway route;
 President calls for reforms as Spring session of Parliament opens;
 Bayar’s income rises 20 times, Gansukh’s 7 times and Bayartsogt’s 3 times;
 Four local districts to have priority in OT jobs in first phase;
 Mongolia, China reach agreement on cultural heritage issue;
 Herders yearn for return to system that is gone for good;
 Herders face migration dilemma, ending life as they have known it;
 Work begins on 895-meter flyover;
 Mongolia Society holds annual meeting in Philadelphia;
 Man who crashed car into protesters’ ger is mentally ill;
 Standing Committee rejects Constitutional Court’s opinion on adoption;
 Man dies in mine accident;
 Mark C. Minton new President of The Korea Society;
 Environmentalist says China “pushing resources to the limit”.
*Click on titles above to link to articles.
BUSINESS
TAVAN TOLGOI TO BE DIVIDED INTO TWO PARTS
The Government decided at a special meeting on April 2 that the Tavan Tolgoi deposit, while
remaining fully owned by the State, will be divided into two parts and the operating contract will
be awarded to two companies. They will be offered a production sharing agreement.
First Deputy Prime Minister N.Altankhuyag said the policy on the coal deposit will be submitted to
Parliament in the present session and hoped it would be approved without much delay.
Source: Ardin Erkh
IVANHOE AND RIO TINTO SET TO BEGIN FULL-SCALE CONSTRUCTION AT OYU TOLGOI
Announcing its financial results and review of operations for the year ended December 31, 2009,
Ivanhoe Mines Ltd. has said the signing and approval of ―the long-awaited‖ investment agreement
for the Oyu Tolgoi project in October 2009 marked the culmination of ―nine years of exploration
successes... and nearly six years of negotiations‖.
The provisions of the agreement include protection of the parties‘ investments in the project, the
amount and term of the investments, the right to realize the benefits of such investments, the
conduct of mining with minimum environmental impact and progressive rehabilitation, the social
and economic development of the South Gobi Region, and the creation of thousands of new jobs in
Mongolia.
Mongolia‘s state-owned company, Erdenes MGL LLC, will acquire a 34% interest in the Oyu Tolgoi
Project within 14 days of the approved agreement taking effect. Ivanhoe Mines will retain a
controlling 66% interest in OT LLC.
In late 2009, the joint Ivanhoe Mines-Rio Tinto Oyu Tolgoi Technical Committee conditionally
approved a USD758-million budget for 2010 to begin full-scale construction of Oyu Tolgoi. The 2010
budget provides for an early start on a site-wide development program. In 2009, Ivanhoe Mines
incurred exploration expenses of USD107.4 million at Oyu Tolgoi compared to the USD156.0 million
incurred in 2008. A significant portion of the 2009 expenditures was related directly to
development work. Ivanhoe Mines expects to begin capitalizing Oyu Tolgoi development costs in the
second quarter of 2010.
The agreement now has taken full legal effect, with the Mongolian Government confirming on
March 31, 2010 that all procedural and administrative conditions were satisfied within the allocated
six-month period that followed the agreement‘s official signing.
Source: www.Ivanhoe-mines.com
SECOND INSTALLMENT OF OT ADVANCE PAYMENT PAID
Mr. Keith Marshall, Executive Director of Oyu Tolgoi LLC, presented a check for USD50 million to
Finance Minister S.Bayartsogt last week, as the investment agreement on the copper-gold deposit
took full legal effect. The transaction is part of the process set out in the agreement whereby Oyu
Tolgoi LLC was to purchase three Treasury Bills (T-Bills) from the Government of Mongolia, having
an aggregate face value of USD287.5 million, for the aggregate sum of USD250 million. The annual

rate of interest on the T-Bills is 3.0%. Each T-Bill will mature on the fifth anniversary from the date
of its respective issuance.
The initial T-Bill, with a face-value of USD115.0 million, was purchased on October 20, 2009. The
purchase price was USD100.0 million. The present check was for a second T-Bill, with a face value
of USD57.5 million.
The final T-Bill, having a face value of USD115.0 million, will be purchased for USD100.0 million
within 14 days of OT LLC fully drawing down the financing necessary to enable the complete
construction of the Oyu Tolgoi Project, or June 30, 2011, whichever date is earlier.
Source: Udriin Sonin, Ivanhoe Mines
“A COMPANY LIKE RIO TINTO DOES NOT OFFER BRIBES,” SAYS FIRST DEPUTY PM
Mr. N.Altankhuyag, leader of the Democratic Party and First Deputy Prime Minister, has strongly
dismissed suggestions that there were any underhand deals behind the Oyu Tolgoi agreement. ―A
company like Rio Tinto does not offer bribes,‖ he said, adding, ―Maybe Chinese companies do, but
Rio Tinto is in a different league. It is a public company, operating openly in financial markets, and
does not indulge in corrupt practice.‖
Defending the decision of the Government, Mr. Altankhuyag asked critics to ponder the options. ―To
whom else could we give the mine? The Chinese, of course. Can Russia compete with China and
take it? It can‘t,‖ he said. Referring to snide references to the conduct of the three Ministers who
negotiated with the investors, Mr. Altankhuyag said his name should also be on the critics‘ list, ―I
will not run away from taking responsibility for the deal.‖
Referring to the assertion of former President N.Enkhbayar that he would surely have kept 51
percent ownership for Mongolia if he was in charge of the negotiations, Mr. Altankhuyag said
shouting from the sidelines is always easy. ―He can say so but there is no way he could, as Ivanhoe
had done the exploration. He is making irresponsible and exaggerated claims that he knows cannot
be tested. If he really could, why didn‘t he do so when he was in power? The mining law that
governed the agreement was made when he was not only in power, but also behaved like a king,
with none to oppose him,‖ the First Deputy Prime Minister said.
Source: www.News.mn
MoU SIGNED TO PROVIDE 3,000 OT JOBS TO ULAANBAATAR UNEMPLOYED
A Memorandum of Understanding was signed last week between Ulaanbaatar Mayor G. Monkhbayar
and the Executive Director of Oyu Tolgoi LLC, Mr. Keith Marshall, to reduce unemployment in the
capital city. The signing ceremony was attended by Finance Minister S.Bayartsogt, Mineral
Resources and Energy Minister D.Zorigt, Environment and Tourism Minister L.Gansukh, Social
Welfare and Labor Minister T.Gandhi and other dignitaries.
The company will hire 3,000 people from the six districts in Ulaanbaatar and spend MNT12 billion
each year on their salary and other expenses. Individual wages will depend on the job description.
The capital city has about 120,000 unemployed people, of whom 7,000 are registered at the
employment exchange.
The jobs will include taking care of gardens, repairs, street cleaning etc.
Source: Montsame, English.News.mn
WORKING GROUP FOR TAVAN TOLGOI TALKS CONSTITUTED
A special cabinet meeting last week constituted a working group and charged it with negotiating
with investors interested in the Tavan Tolgoi coal deposit and preparing a draft investment
agreement. The Minister of Minerals and Energy will chair it, with the Ministers of Finance, and of
Environment and Tourism as his deputies. The other members of the group will be senior officials
from the three Ministries.
The group will discuss with investors terms of investment and financing. It will also have to resolve
issues such as setting up, along with extraction facilities, plants for enrichment and washing,
constructing railways and load bearing motor roads, finding sources of water and energy, improving
operations at border checkpoints, using sea ports abroad, and manufacturing value-added products.
Detailed and extensive information on the geological aspects of the deposit have been collected,
and a preliminary technical and financial feasibility study prepared. A series of discussions have
been held with geologists and mining experts, and also with local representatives in Ulaanbaatar
and in Dalanzadgad district in Omnogobi province where the deposit is located.
Earlier, Prime Minister S.Batbold reassured the meeting that Mongolian national interests will be at
the forefront when an agreement is made with investors. The mega coal deposit will be fully owned
by the State and investors will act as contract operators. New railroads, power stations and towns

will be built, triggering national reconstruction. New factories will come up, national companies
will be encouraged and thousands of jobs will be created. ―We are aiming to manufacture
processed products, instead of exporting the raw resources,‖ he added.
Source: Montsame
SOUTHGOBI MULLS LISTING ON MONGOLIA STOCK EXCHANGE
SouthGobi Energy Resources Ltd., the Canada-listed mining company backed by China‘s sovereign
wealth fund, is considering selling shares in Mongolia. ―It‘s not going to be a major fund-raising
measure, but would be a way for local people to invest in the company,‖ Mr. David Bartel, vice
president of SouthGobi‘s mining operations in Mongolia, told an investment forum in Hong Kong last
week, without giving a time-table. ―Our resources are in Mongolia.‖
An Ulaanbaatar listing would counter criticism from Mongolians that they do not benefit from
foreign mining companies operating in the country, said Mr. Alisher Djumanov, chief executive of
Eurasia Capital Management, which is acting as an adviser. Should SouthGobi complete the plan, it
would be the first overseas company to list in the country, Mr. Djumanov said. About 300 local
companies are traded on the stock exchange, he said.
SouthGobi sold shares in Hong Kong for the first time this year. The stock has gained 10 percent
since the January 29 listing. China‘s sovereign wealth fund purchased USD50 million of stock in the
Hong Kong sale, and China Investment Corp. bought USD500 million of 30-year senior convertible
bonds issued by the coal producer last year.
SouthGobi raised about USD450 million in Hong Kong and would get far less in a listing in Mongolia,
Mr. Bartel said. The coal mining company had a loss of USD69.2 million in the three months ended
December 31 compared with USD17 million a year earlier as production costs more than doubled. It
produced about 1.3 million metric tons of coal in Mongolia last year, Mr. Bartel said.
Source: Bloomberg.com
RUSSIAN DAIIY REPORTS ARMZ WILL TAKE 49% IN DORNOD URANIUM DEPOSIT
According to a report in the Russian daily Kommersant, Atomredmetzoloto (ARMZ) will take a 49
percent stake in a joint venture to develop Mongolia's Dornod uranium deposit. ARMZ is part of
Rosatom, the Russian State Corporation controlling the nation‘s nuclear activities.
ARMZ is currently the fifth biggest global producer of uranium ore. It was founded in 1992 as
successor to the world‘s largest uranium production complex built by the Soviet Union. All uranium
mines in Russia, as well as a number of uranium joint ventures in the former USSR and abroad, were
brought together under ARMZ in 2008, after a restructuring of Russia‘s nuclear industry.
Source: Montsame
THE TROUBLES OF KHAN RESOURCES IN MONGOLIA
Despite the potentially huge profits, it can be difficult to do business in a former communist
country -- particularly one that is in Asia. Western companies have learned this the hard way. One
current example is in Mongolia, involving a Canadian company, Khan Resources, and a rapid chain of
events that put the company on the verge of losing vast amounts of money and essentially being
kicked out of Mongolia. In the end, however, Khan Resources would have the last say.
In early 2009, Khan Resources, which Mr. Richard Lockhart describes as a "minor, Toronto-listed
uranium explorer" owned a 58 percent interest in the Central Asia Uranium Company (CAUC), with
the remaining 42 percent split evenly between the Mongolian government and ARMZ, "which is an
arm of Rosatom and ultimately part of Russia's state-owned nuclear conglomerate." Mr. Lockhart is
an editor at Newsbase, a British-based news service that publishes reports on the international
energy sector, including on conventional fuels and alternative energy resources.
Both those partners wanted a greater share in CAUC, which mines the Dornod uranium deposit in
northeastern Mongolia. Dornod contains at least 28,000 tons of uranium, and Russian experts in
particular believe further and better exploration could uncover twice that amount.
The Russian Government gave its support to ARMZ. Prime Minister Vladimir Putin visited Mongolia in
May 2009 for talks with Mongolian officials that focused on Russian participation in mining
Mongolian uranium.
According to Mr. Lockhart, in July 2009 the Mongolian Government ―changed the law saying now
that Mongolia has to take at least a 51 percent stake in such ventures." Khan responded that it was
hoping for a "reasonable accommodation" with the Government, but threatened to take Mongolia to
international arbitration court. Both parties eventually started talks on a compromise.
So is the matter finally settled? Not at all. Khan's agreement to sell its shares to CNNC is not
finalized and there are already objections to that deal. "Since the CNNC put this offer on the table,

I understand the offer is valid until mid-April," Mr. Lockhart says. "The Mongolian Government has
also said that any deal selling Khan's interest in Dornod to the Chinese would require the Mongolian
Government's approval, and Khan Resources denies this."
Read more…
In late August, Russian President Dmitry Medvedev arrived in Ulaanbaatar accompanied by Rosatom
chief Sergei Kiriyenko. As Mr. Putin had done in May, Mr. Medvedev and Mr.Kiriyenko met with
Mongolian officials to discuss the participation of Russian companies in uranium mining on the
territory of its former communist ally. The two sides signed agreements that promised greater
Russian participation in extracting Mongolia's uranium.
In September, the head of ARMZ, Mr. Vadim Zhivov, said the Mongolian Government was reviewing
Khan Resource's contract and announced that "all the licenses" for the Dornod site had been
temporarily "suspended".
Things got even worse for Khan Resources a month later, when a hostile bid was made for the
Canadian company's CAUC shares. "This was obviously one way by the Russians to cement their
control" of CAUC, Mr. Lockhart says, "and ultimately of the Dornod deposit in eastern Mongolia."
The Russians offered 65 Canadian cents per share (about USD35 million in total) for Khan's CAUC
stake, which it "refused point blank saying that their assets there were worth much more," Mr.
Lockhart says. "Khan refused ARMZ's offer and refused it not only because of its low value, but Khan
has also accused ARMZ of negotiating with the Mongolian Government without recognizing Khan's
interest in the deposit." Mr. Lockhart says ARMZ accused Khan Resources of negotiating with the
Mongolian Government over the Russian company's interests in Dornod.
At the start of 2010, Khan Resources' situation seemed hopeless. The company's license to work at
the Dornod site was suspended and ARMZ would not withdraw its hostile bid despite Khan's refusal
to accept it.
The Mongolian Government lifted the suspension in January, but the Russian bid remained on the
table and Khan was still at risk of losing at least half its share in CAUC. Khan and the Mongolian
Government signed a new memorandum of understanding in late January.
But the beleaguered Canadian company received another bid in February. "Khan accepted a rival
offer from the Chinese at 96 cents [Canadian], so that's a considerable premium over the Russian's
offer," Mr. Lockhart says. The bid came from CNNC Overseas Uranium Holding, a Hong Kong-
registered unit of the China National Nuclear Corporation, China's main state-owned nuclear
company. Khan had found a buyer that could stand up to the pressure by the Mongolian government
and the Russian company and disburse some USD53 million.
ARMZ simply said it was leaving its bid open, but according to Mr. Lockhart, the company chose not
to renew it when a March 9 deadline arrived. By then, Khan had accused ARMZ of "opaque political
maneuvering and unsubstantial allegations without recognizing the rights of Khan or its
shareholders".
ARMZ, Khan Resources, and the Mongolian Government continue to trade accusations about
breaches of their agreement. The Government has also opened an investigation into the legality of
Khan Resources' licenses in Mongolia.
Khan fired off an open letter on March 26, saying the company found it "difficult to understand why
only the Canadian partner should be investigated when there are two other partners in the joint
venture. Are they to be investigated as well?"
The letter said "inaccurate information" was being fed to the public and media, and that Khan was
"surprised and disappointed that the ARMZ has made speculative and unsubstantiated comments
about the events that could take place in regard to the uranium licenses in Mongolia."
In the document, Khan accused the Russian company of releasing false information and "telling the
Government of Mongolia what to do and what not to do."
Source: Radio Free Europe/Radio Liberty
SCOPE OF PROJECT WILL NO LONGER EXEMPT FOREIGN WORKERS FROM PAYING FEES
The Government will no longer entertain pleas to exempt foreign workers and professionals from
paying special fees on the ground that they are employed at ―large national projects and buildings
and constructions programs‖. The provision was adopted in 2001, when the situation was very
different from the present. Now that large programs have become quite common, the Government
feels employers‘ recourse to the provision has been standing in the way of enforcing the national
policy on reducing the number of foreign workers to offer more opportunities to Mongolians,
particularly in enterprises with foreign investment.
Source: Montsame

IVANHOE ACQUIRES CRITICAL MINING AND MILLING EQUIPMENT FOR OYU TOLGOI
Last month, Ivanhoe Mines used USD195.4 million of the USD241.1 million of proceeds received from
the issue of 15 million common shares to Rio Tinto to purchase from Rio Tinto key mining and
milling equipment to be installed during the construction of the Oyu Tolgoi Project.
The equipment includes principal components for the 100,000-ton-per-day copper-gold
concentrator, including two large semi-autogenous grinding (SAG) mills, four ball mills, re-grind
mills, crushers, motors, gearless drives, conveyors and flotation cells.
Much of the equipment originally was ordered by Ivanhoe Mines from various manufacturers while it
was waiting for the investment agreement. The company subsequently transferred ownership of the
equipment to Rio Tinto in August 2008 under an agreement between the companies. Additional
equipment also was acquired by Rio Tinto directly from suppliers. At the time, Ivanhoe Mines
required funds for the ongoing development of the Project. The equipment-sale agreement with Rio
Tinto ensured that the procurement and delivery schedules for the critical, long-lead-time major
mining and milling equipment were protected while Ivanhoe Mines and Rio Tinto worked with the
Mongolian Government to conclude the mutually-acceptable, long-term Investment Agreement that
was executed in October 2009.
Source: Ivanhoe Mines
WORK TO BEGIN ON 20-MW POWER STATION, 105-KM ROAD AT OYU TOLGOI
In late 2009, the joint Ivanhoe Mines-Rio Tinto Oyu Tolgoi Technical Committee conditionally
approved a USD758 million budget for 2010 to begin full-scale construction of Oyu Tolgoi. The 2010
budget provides for an early start on a site-wide development program, which is planned to
include:
• Resumption of the sinking of the 10-metre-diameter Shaft #2, which will be used to hoist ore to
the surface from the deep, underground, copper-gold-rich Hugo Dummett Deposit.
• Construction of a 97-metre-tall (approximately 31-storey), reinforced-concrete headframe for
Shaft #2.
• Pouring the concrete foundation for the 100,000-tonne-per-day concentrator and deliveries of
building materials for the concentrator and infrastructure.
• Installation of a 20-megawatt power station and 35-kilovolt distribution system.
• Initial earthworks for the open-pit mine at the Southern Oyu deposits.
• Construction of a 105-km highway link to the Mongolia-China border, which will be fully paved by
the time production begins.
• Construction of a regional airport, with a concrete runway to accommodate Boeing 737-sized
aircraft.
Source: Ivanhoe Mines
IVANHOE LISTS PROVISIONS OF AGREEMENT AS IT COMES INTO EFFECT
Ivanhoe Mines has listed some noteworthy provisions of the approved investment agreement and
shareholders‘ agreement that have now come into full effect.
Mongolia‘s state-owned company, Erdenes, will acquire a 34% interest in the Oyu Tolgoi Project
within 14 days of the approved agreement taking effect.
Ivanhoe Mines will arrange financing for the construction of Oyu Tolgoi within two years of the
agreement taking effect. Production must begin within five years of financing being secured.
Ivanhoe Mines will fund the construction of the project through loans and equity obtained during
the construction and initial production periods. It will receive loan repayments, redemption of
equity, dividends and interest at a rate of 9.9% adjusted to the U.S. CPI.
Erdenes is entitled to nominate three directors and Ivanhoe Mines will nominate six directors to the
nine-member board of directors of OT LLC.
Ivanhoe Mines will nominate the management team that will be responsible for Oyu Tolgoi‘s core
operations. Management services payments will be received, based on capital and operating costs,
through the construction period and after production begins.
The Government has the option to purchase an additional equity interest of 16% of OT LLC, at an
agreed upon fair-market value, one year after the expiry of the initial 30-year term of the
Investment Agreement and following the start of the permitted 20-year extension. If exercised, this
additional equity interest would give the Government a total maximum interest of 50% of OT LLC
for the remainder of the Oyu Tolgoi Project‘s operational life. Ivanhoe Mines would continue to
hold management rights over the project and hold a deciding vote at board and shareholder
meetings.
Source: www.Ivanhoe-mines.com

For the complete financial results and review of operations published by the company, please visit
www.Ivanhoe-mines.com.
MAGAZINE NAMES KHAN BANK MONGOLIA’S BEST ONCE AGAIN
Khan Bank has been named ―The Best Bank in Mongolia‖ for the seventh year by Global Finance
magazine, headquartered in New York. The magazine announced its choice of the ―Best Emerging
Market Banks in Asia‖ in 2009 on March 16, based on its exclusive survey of 20 countries in the
region. The magazine noted that, with 100% online 490 branch units throughout the country, Khan
Bank has been providing comprehensive financial services to over 80% of all families in Mongolia. In
2009 the bank increased its equity 1.6 times to reach MNT128.3 billion and granted its 5 millionth
loan, in addition to launching a variety of innovative products in the market.
Global Finance editors evaluate input from industry analysts, corporate executives and banking
consultants on growth in assets, profitability, strategic relationships, customer service, competitive
pricing and innovative products before choosing the winners.
Source: Khan Bank
MONGOL POSTBANK ACCOUNTS TRANSFERRED TO SAVINGS BANK
With the completion of structural changes in the two banks, all former account holders at the
Mongol Postbank have now become customers of Savings Bank, and will be served by it. Savings
Bank has over 1,800 employees and branches all over the country.
Source: Onoodor
RED HILL TO COMMENCE DRILLING AT CHANDGANA KHAVATGAL
Coal Red Hill Energy and Prophecy Resource Corp. have announced the award of a contract to
commence a ten-drill hole, 2,200-metre resource expansion drilling program in early May, 2010 at
its Chandgana Khavtgai Coal Project located in the Nyalga Coal Basin in central-eastern Mongolia.
This is the largest exploration program performed to date by Red Hill with the full support of its
proposed merger partner Prophecy.
Red Hill's 100%-owned Nyalga Coal Basin projects (Khavtgai and Tal) host a combined total of 819.7
million tons with 409 million tons inferred thermal coal. The basin is it one of the largest thermal
coal basins in Mongolia.
Source: www.redhillenergy.com
GULFSIDE FILES WRIT ON ERDENETSOGT PROPERTY
Gulfside Minerals Ltd. has filed a writ in the Sukhbaatar District Court, seeking to rescind the
transfer of shares of ECM LLC, the company holding the Erdenetsogt exploration license to Mangreat
Group Ltd., a British Virgin Islands company. The basis for the litigation is Gulfside's right as a
shareholder of ECM, under an Agreement dated June 17, 2007, and later approved by the Supreme
Court of Mongolia, holding five percent (5%) of the shares of ECM and by virtue thereof to a right of
first refusal to purchase any shares of ECM offered for sale by other shareholders. Monrospromugoli
LLC ostensibly transferred the shares of ECM for USD5 million in November 2007, and Gulfside
alleges that it had the right under Mongolian law to buy the said shares as a shareholder of ECM.
Gulfside is seeking to have the, ninety five percent (95%) now owned by Mangreat returned to
Mongolia and offered to Gulfside. Gulfside has already been awarded 5% of ECM shares under an
Agreement signed with MRPU on June 17, 2007 which precedes the date of transfer of the shares to
the offshore company in November 2007.
Source: Gulfside Minerals Ltd
HOPU BUYS SLICE OF MONGOLIAN COAL TRANSPORTER WINSWAY
Hopu Investment Management Co., along with two Chinese firms, has signed a USD110-million deal
to buy a 20% stake in Winsway Coking Coal, in another venture into Mongolia by the Chinese
private-equity firm founded by top China dealmaker Fang Fenglei. Winsway specializes in
processing, washing and transporting coking coal and bringing resources from Mongolia to China.
The other investors in Winsway are investment company Silver Grant International Industries Ltd., a
mainland China-backed firm with property and industrial investments in Hong Kong and China, and
China Minmetals Corp., a state-owned metals firm.
Winsway's clients include Canadian company SouthGobi Energy Resources Ltd., a unit of Ivanhoe
Mines Ltd. The company will use the capital from the investment to expand its infrastructure, one
of the people said.
Hopu is a USD2.5-billion fund raised by Mr. Fang, Goldman Sachs Group Inc.'s China partner in a

securities joint venture, and former Goldman banker Richard Ong. The fund's investors include
Singapore's Temasek Holdings Pte. Ltd. and Goldman Sachs. Last year, Hopu, along with Temasek,
invested around USD300 million in Mongolia-focused Iron Mining International Ltd.
Deutsche Bank AG (DB) is advising Winsway on the deal.
Source: The Wall Street Journal Asia
IVANHOE ADOPTS SHAREHOLDER RIGHTS PLAN
Ivanhoe Mines has adopted a shareholder rights plan, to ensure ―fair treatment‖ of the company's
investors during a potential takeover bid, or other transaction that would involve a change of
control. The plan is effective immediately, subject to confirmation by a shareholder vote at the
company's annual general meeting next month.
The shareholder rights plan is similar to ones adopted by other Canadian firms, said Ivanhoe lead
independent director and chair of the company's corporate governance committee David Huberman.
―It is not in response to any specific initiative by any particular company and is not intended to
prevent takeover bids that treat Ivanhoe Mines shareholders fairly," he said.
Ivanhoe's most high profile asset is the Oyu Tolgoi project, for which it and shareholder Rio Tinto
signed an investment last year with the Mongolian Government. The company also owns 65% of
Mongolian coal-miner SouthGobi Energy Resources and 81% in Ivanhoe Australia. Rio Tinto currently
owns 22.4% of Ivanhoe and has the right to increase its holding to as much as 46.6%.
Ivanhoe, which will need to come up with its share of funding for the Oyu Tolgoi project, said in
January it had hired global investment banking firm Citi and independent mining-sector specialist
Hatch Corporate Finance to evaluate and advise the company on a range of strategic options.
Options included ―potential debt/equity offerings, a credit facility, the sale of subsidiaries, equity
investments, project financing and/or various corporate transactions,‖ the company said at the
time.
Source: www.miningweekly.com
HABITAT LAUNCHES FUND TO BUILD HOMES UNDER SPECIAL PROGRAM
Habitat for Humanity Mongolia has launched The Blue Sky Community and Environment Investment
Fund as part of the Blue Sky Build Campaign to raise money to build key community facilities at a
Bayanzurkh site between June 28 and July 2. The international organization believes that ―building
homes is more than providing roofs, walls and doors‖ and that ―establishing good homes is the
foundation of a strong and cohesive community‖ and intends the Fund to ensure this, by giving
donors a chance to play ―a vital part in building stronger, safer and cleaner cities, towns and rural
areas across Mongolia‖.
As towns and cities expand and grow in Mongolia so does their impact on the environment. The
Fund will supply plant species which have proven effects on pollution reduction and will improve
the air quality at the chosen site. It will compliment the environmental aspects of the homes, for
example fuel efficient stoves and bio-toilets. The fund will also ensure communities are able to
maintain the environmentally sustainable aspects of their homes, and understand their own impact
on the environment.
The planned week-long program will give the Bayanzurkh community and local volunteers the
opportunity to interact with members from the international community who build with them. This
is likely to include Ambassadors, volunteers from around the globe and influential people from a
cross section of society
Read more…
Homes built under the program will have the security needed to allow children to play freely
outside, minimizing the potential for crime in the area. The fund will also provide a children‘s play
area to further support the establishment of a cohesive community, and an excellent addition to
the community to enhance children‘s health and well being.
Source: Habitat for Humanity Mongolia National Office, Ulaanbaatar
KHАN BANK INVITES APPLICATIONS FOR ACADEMIC SCHOLARSHIP
Khan Bank Foundation has awarded over 400 scholarships to help promising Mongolian youths pursue
higher studies in the last three years. The scholarship program underscores Khan Bank‘s
commitment to the social and economic development of Mongolia.
The bank has now invited applications from secondary school graduates from every province to
receive financial help to study at a university. Altogether 100 such graduates, including 86 from the
provinces, will be selected. The last date for submitting applications, at any branch of the bank, is
April 16.

Source: www.khanbank.com
ECONOMY
MNT1.5 MILLION TO BE PAID IN 2011 AND 2012, INCLUDING MNT500,000 IN CASH
The Government has decided to grant MNT1.5 million to every citizen of Mongolia, in two phases –
in 2011 and 2012. MNT500,000 will be paid in cash, while the rest will be distributed as entitlement
to retirement benefits and health insurance, to access education and health, and to own
apartments.
The program will cover herders, private businessmen and the unemployed – sectors that have been
kept out of pension and health insurance schemes. The money will pay for four years‘ premium. It
will also entail every recipient to undergo a one-time wide-ranging medical test, and to receive
free inoculation against infectious diseases.
It will also cover tuition fees at higher educational institutions, and, for students in secondary
schools, the costs of stationery, books and uniforms. The unemployed would be able to study in
vocational training centers. A certificate issued as part of the payment program can be used, when
buying an apartment, to make the advance deposit, take a loan and pay the interest.
Source: Montsame
DECISION NOT TAKEN UNDER POPULAR PRESSURE, SAYS DEPUTY PM
First Deputy Prime Minister N.Altankhuyag has said it would not be correct to say the Government
decision to give MNT 1.5 million to every citizen was sudden and taken under pressure from
protesters organizing a mass movement. ―It is not that the people‘s demand suddenly reminded us
of our promise. We have always been exploring sources for the money. Indeed, one positive impact
of the promise has been that it made all of us work harder,‖ he said. The time frame was set to
allow the present Government to distribute the money before the next election, so that campaign
pledges are seen to be fulfilled.
No final decision has yet been taken on how exactly the non-cash MNT1 million will be given. ―This
is a very complicated matter and the Finance Ministry has been asked to suggest different ways of
how this can be done,‖ he said.
Asked why the Government began with the one campaign pledge that is perhaps the least
productive, Mr. Altankhuyag said this was not a fair perception. Much work has been done on other
promises like job creation, improving health and education services, encouraging industry, etc.
Source: English.News.mn
MONGOLIA ON VERGE OF MINERAL BOOM
In 2008, the GDP of Mongolia was USD5.3 billion. In the next decade, that could triple.
"That is realistic," says Mr. D Zorigt, Mongolia's Minister for Mineral Resources and Energy. "We have
world-class mines." The development of the gold and copper mine at Oyu Tolgoi in the south Gobi
region alone - without any of the other mining projects that are due to come on stream - will
represent a huge increase in government revenues.
"Our first priorities will be education, health, housing and social welfare," says the minister. "And
we hope mining will drive a new wave of industrialization, so that we can increase the skill set of
Mongolian people and manufacture modern products ourselves."
Both main political parties pledged to distribute cash handouts of around USD1,000 to every
Mongolian citizen based on mining revenues. Opposition MP S Oyun says the country cannot afford
the pay-out. "I think this is a very irresponsible policy. It was an easy way to gain votes in the
election because there is so much poverty in Mongolia. The main challenge is to create jobs and
income and give a decent living to the people."
Read more…
Gsogbadrakh, a widower, came to Ulaanbaatar with his sons after losing 300 sheep, goats, cows and
horses in the last dzud. They live in a ger on the edge of the city, but Gsogbadrakh has been unable
to find regular employment, and has survived on social welfare and casual work in construction. He
is not convinced mining will change his prospects and make Mongolia a wealthy country. "I'm
doubtful about that. Of course, if we use our resources wisely it will benefit the country, but I'm
not sure I really trust our politicians."
But Mr. Zorigt defends the Government commitment to distributing the cash. "Election promises
need to be kept. Otherwise in a young democracy like ours, people lose trust in the Government
and political parties. And we are facing a significant economic downturn because of the global
recession. So this should be seen as a way of enhancing consumption."

Source: news.bbc.co.uk
SPEAKER SEES ECONOMY GROWING 8%
Speaker D.Demberel told the first meeting of the Spring session of Parliament on Monday that
higher mineral resources prices have increased the national revenue to three times what it was five
years ago, and that the economy should grow eight percent this year, despite the extensive damage
from the dzud. About MNT500 billion is budgeted for State expenses in 2010, apart from MNT30.1
billion to be spent on developing small- and medium-sized enterprises, MNT20.6 billion on
supporting employment and MNT9.5 billion on implementing the Mongolian Livestock program.
Source: Montsame
CASHMERE PRICE HITS RECORD HIGH, THANKS TO CHINESE MANIPULATION
The price of cashmere has reached an unprecedented MNT53,000 per kilo in the eastern aimags
where the product is of the best quality. At first glance this would seem very welcome, more so
when herders have been badly hit by the weather and livestock loss, but the price rise is artificially
manipulated by Chinese traders and their apparent generosity is more likely to have a sting in the
tail for the Mongolian economy. By any reckoning, given the global price of one kg of raw cashmere
is now USD 65-70, this high price is not realistic.
Mongolia-based industries such as Gobi and Goyo have also had to pay the price jacked up by
Chinese traders. With their limited capital they have naturally been able to buy far less than their
actual needs. The bubble blown up by Chinese policy will soon burst and prices will plunge as supply
of raw cashmere increases. However, Mongolian companies will no longer have the money to buy.
The game seems to go like this: first, the Chinese manipulate an initial price rise so that Mongolian
buyers exhaust their resources; then when prices fall, the Mongolian companies have no funds to
take advantage of it, so the Chinese buy as much as they wish; finally, when Mongolian companies
badly need cashmere, they find nothing for sale in the country and have to import Mongolian
cashmere from China at a price dictated by traders who had originally taken it away. This is what
happened last year and it seems a repetition is more than likely.
Source: Onoodor
PRIME MINISTER MEETS PRIVATE SECTOR REPRESENTATIVES
Prime Minister S.Batbold invited representatives of the private sector to a meeting last week, prior
to a fresh session of Parliament, to report on the progress of the program to reform the business
environment in 2010. He listed measures taken by the Government and then, underlining the need
for the private sector to actively participate in the program, asked for his guests‘ opinions. A frank
and open discussion ensued.
Also present at the meeting were Minister of Finance S.Bayartsogt, Minister of Mineral Resources
and Energy D.Zorigt, Minister of Road, Transportation, Construction and Urban Development
Kh.Battulga, Minister of Foreign Affairs G.Zandanshatar, Minister of Food, Agriculture and Light
Industry T.Badamjunai, their advisors and other officials.
Source: Undesnii Shuudan
PRIVATIZATION LIST APPROVED
The Government has approved the list of organizations that will be privatized in 2010. The
Government Property Committee, which is responsible for implementing the work, has been given
the added task, together with Minister for Mineral Resources and Energy D.Zorigt, of devising
proper methods to let the Government take control of its shares in strategic mines. The bureau has
also been asked to submit by the third quarter of 2010 a report on how to trade some such shares in
domestic and foreign stock exchanges.
The companies to be privatized or restructured include Baganuur LC, Thermal Power Station-3,
Erdenet Thermal Power Station, UB Power Distributing Network, Mongolian Stock Exchange, Erdene
Zam, Mongolian Telecom, Autoimpex, Ulaanbaatar Road Repair and Maintenance, and Khutul
Cement and Lime.
Source: Ardin Erkh
LABOR LEADER DEMANDS RISE IN SALARIES, PENSIONS
Mongolian Labor Union President S.Ganbaatar told a press conference on Tuesday that the
Government should hold talks with it and the Employers Union urgently on raising salaries. He
demanded minimum wages to be fixed at MNT216,000. Referring to the recent move by the Ministry
for Social Welfare and Labor to raise salaries by 20 percent, Mr. Ganbaatar said the time for such

sops is over.
Rejecting the official figure of 35.2 percent poverty rate, he said a survey by his union has found 60
percent of Mongolia‘s population today falls in the ―poor‖ category. Their basic expenses are more
than what they earn. Since 70 percent of Mongolian households depend on salaries and pensions,
the minimum rates for both have to be raised to give people a better life. This Government, he
said, has ignored the law that says minimum wages must be revised once or twice every year.
He said their demand was for diverting the money spent on wasteful expenditure to be used to pay
the proposed increased salaries, not adding anything to the MNT7.1 trillion already in circulation.
He wanted a public debate on whether this is possible. He made it clear his demand was not just
about salaries of teachers or doctors that are paid by the State, but covered salaries in private
organizations also.
TEACHERS DEMAND MORE MONEY
More than 3,000 teachers of kindergartens, secondary schools and universities have announced they
would go on strike if their salary is not doubled by April 9. They claim they have to borrow money
regularly to meet basic household expenses. The Government decision to reduce its expenditure per
student as well as school closures because of infectious diseases have also affected teachers‘
earnings.
One teacher has said she has worked for 16 months for the state and is paid MNT260,000, plus 10
percent incentive for leading a class. Her family of four live on MNT60,000 a month as the rest of
her salary goes to loan repayment. Even though the basic salary was raised by 20 percent in 2008,
other additional payments were stopped. The State no longer pays for health insurance.
Teachers cannot take apartment loans because the banks prefer applicants earning at least
MNT500,000 a month. Some 60 percent of teachers already have bank loans.
Source: Onoodor
EXCISE TAX ON SOME DIESEL RAISED
The Government has raised the excise tax on diesel imported through Sukhbaatar, Zamiin-Uud,
Ereentsav and Altanbulag to MNT115,000 from MNT 30,000 per ton. Diesel coming into the country
through other border points has not been affected and the tax on petroleum also remains the same.
Source: Montsame
RIO EXECUTIVE SEES “MEANINGFUL DEFICIT” IN COPPER SUPPLY
Rio Tinto expects to see a "meaningful" deficit in global copper supply next year after a balanced
market this year, with China likely forced to draw down strategic reserves to help meet demand,
the company's top copper division executive has said. Mr. Andrew Harding, the mining major's head
of copper, said in an interview that even if predictions of demand from China and India proved to
be only remotely true, it would be hard for global supplies to meet demand -- and he saw the
potential for supply to fall short of expectations. "Looking at copper supply, I'd say the risk is on the
down side," Mr. Harding said.
"When prices go up, everyone does their best to produce as much as they can - we all do. But the
reality is it's very hard and there are no obvious signs of any improvement in the supply situation,"
he went on. The price of copper has more than doubled over the past 15 months, surging above
USD8,000 a ton on April 6. If the price trend of copper continues, it will soon surpass its record high
of USD8,940 a ton reached in July 2008.
Although the executive saw a fairly balanced supply-demand for copper in 2010, he said the global
copper market would face a supply deficit in 2011 due to demand in China and from recovering
developed countries such as the United States. "I can't actually give you a number of what the
deficit will be ... but I can say it will be meaningful," Mr. Harding said. "And it will be large enough
that the strategic reserves that people are holding will be largely consumed."
The massive Oyu Tolgoi project is due to come on-stream in 2013, sharply reversing any declines in
Rio Tinto copper output in the coming years. The project is forecast to put out 450,000 tons a year
on average over the next three decades.
Source: Reuters.com
IMMINENT EXPLOSION IN URANIUM PRICES UNLIKELY
For a resource that could spark a cataclysm in West Asia, uranium sure is cheap. A pound of
uranium oxide costs about USD42 right now, down from USD54 last summer.
Is a rebound in the cards? If it is, the trigger wouldn't come from Tehran, but rather Beijing, New

Delhi and Washington. Nuclear power is staging a come-back in fits and starts, as countries seek
diverse sources of electricity with low-carbon emissions. China alone is expected to increase its
nuclear-power output by 8.9% a year out to 2030, according to the U.S. Department of Energy.
The problem is that we have been here before. A few years back, uranium was touted as a sure-fire
investment. Supply was tight after years of low investment in mines, and the world was on the cusp
of a nuclear-power renaissance. After years of lying dormant, the price rocketed to a peak of
USD136 a pound in June 2007.
Guess what? It turned out that the nuclear renaissance would take a bit longer than expected, not
least because the financial crisis dented the appetite for new plants and made them harder to
finance. And supply wasn't as tight as many people thought. Kazakhstan drove an increase in global
output of 30 million pounds a year between 2006 and 2009, while demand rose by a mere 8 million
pounds
Read more…
This month, Macquarie downgraded its medium-term forecast for uranium prices by about 25%,
seeing them recovering to USD60 a pound by 2012 before falling again. China has used the price
collapse since 2007 to build up a stockpile estimated to be enough to last it for two years without
having to purchase any further uranium in the spot market. Given that it was China's purchases for
stockpiling that prevented an even sharper correction in uranium prices in 2009, this removes a
significant element of support in the near-term.
The long-term supports for uranium prices are there. The "megatons-to-megawatts" program to
recycle Soviet warheads into fuel rods is set to expire in 2013, potentially ending an important
alternative source of supply.
Meanwhile, the fitful move toward lower-carbon energy and the continuing development of new
reactor technologies mean the promised nuclear renaissance should happen. But much like the
Italian one, it likely won't be a quick, linear process.
The lesson of uranium's last boom and bust is that, as with any industrial metal, prices are cyclical
and feed back into shaping the fundamental factors of supply and demand. These are well balanced
for now. Beware any predictions of an imminent explosion in prices.
ASIA’S PUNCH PUTS DOLLAR ON ROPES
Despite racking up gains against the euro, the U.S. dollar continues to lose ground against
currencies exposed to China's resurgent economy. While gaining 12% against the euro since late
November, the dollar has taken a hit across much of Asia. This year, it is down 5% against the
Mongolian tugrug and the Indian rupee, 4% against the Indonesian rupiah, and 3% against the Korean
won and the Thai baht.
The dollar's weakness is evident also in Canada and Australia, commodity-rich economies that
benefit from China's demand for raw materials. The U.S. dollar reached parity with the Canadian
"loonie" Tuesday for the first time since June 2008 and traded at CAD1.0035 Wednesday in New
York.
The strength of these currencies underscores how even as the U.S. economy returns to health and
interest rates rise, Asia, led by China, remains at the front of the economic pack.
The rise in most Asian currencies comes even as China's yuan remains pegged against the greenback
at the same level it has kept since mid-2008. It reflects, therefore, an increasing confidence among
China's neighbors, who routinely intervene in foreign-exchange markets, that they can let their
currencies rise even if that makes their exporters less competitive compared to Chinese rivals. Part
of the reason for that change of heart is the sense that China isn't only a competitor for exports to
the West, but also a growing market for Asia's goods.
BANK OF KOREA TOES GOVERNMENT LINE ON POLICY INTEREST RATE
The South Korean Government and the country‘s Central Bank have vowed to closely cooperate in
economic and monetary policies, reaffirming a widely held view that the country's policy interest
rate will be kept lower for now. The pledge, made in a statement Monday, appears to confirm
earlier belief that the Bank of Korea's new leadership will be more likely to accommodate the
Government's emphasis on continued growth. The Government had put pressure on the central bank
to keep rates low, despite worries about inflation risk by its previous leadership.
―Both sides agreed to share information and work closely for harmonized economic and monetary
policies,‖ the Finance Ministry and the Bank of Korea said in a joint statement following a meeting
between Minister of Strategy and Finance Yoon Jeung-hyun and new central bank Governor Kim

Choong-soo.
The meeting, which took place days after Mr. Kim took office, comes at a time when policy makers
and central bankers around the world are contemplating when to raise their policy rates and roll
back expansionary fiscal policies adopted to combat the 2008-2009 global financial crisis.
A close associate of President Lee Myung-bak, Mr. Kim is expected to maintain the benchmark
interest rate at a record low at least until the end of the second quarter, in tune with the
Government's pro-growth policy.
Read more…
Mr. Yoon and Mr. Kim also shared the view that various economic activities such as industrial
production, exports and local demand are continuing to improve despite some lingering
uncertainties at home and abroad, the statement said. Asia's fourth-largest economy is likely to
have performed better than expected in the first quarter, thus boosting the growth estimate for the
full year. Last December, the Bank of Korea forecast gross domestic product to grow 4.6% this year
following a 0.2% rise in 2009.
RISE IN ASIA MANUFACTURING COULD FUEL INFLATION
Manufacturing activity in China and much of Asia continued to expand in March, underlining the
region's role as an engine of the global economic recovery. China's official Purchasing Managers
Index rose to 55.1 in March from 52.0 in February, the 13th straight month the index showed
manufacturing activity in China expanding. A reading above 50 indicates growth. Similar data in
Taiwan, South Korea and Australia also showed manufacturing activity growing in March, but more
slowly than in February.
The regional manufacturing growth -- coupled with a surge in crude oil prices to their highest level
in 17 months -- suggests that inflation could again become a problem. That could prompt Asian
governments and central banks to ease back on their fiscal and monetary stimulus that has helped
pull the region out of last year's slump, with implications for the global economy.
CAR SALES, INCLUDING TOYOTAS, RISE 37% Y-O-Y IN JAPAN
Japan's domestic sales of new cars, trucks and buses increased 37% from a year earlier in March,
rising for the eighth straight month, as the biggest Japanese car maker, Toyota Motor Corp., posted
solid sales growth despite concerns about damage to its reputation for quality after world-wide
recalls. Sales totaled 443,298 vehicles in March, up from 323,064 a year earlier, the Japan
Automobile Dealers Association said last week.
Sales of Toyota brand vehicles grew 51% from a year earlier in March to 204,514 vehicles, up from
the 146,145 in February. March sales of Lexus brand vehicles tripled on year to 4,919, stronger than
the 3,373 vehicles the previous month.
For the fiscal year ended March, overall auto sales rose 10% to 3.2 million vehicles. The figures
don't include sales of mini cars and trucks.
U.S. DELAY GIVES CHINA TIME ON YUAN REVALUATION
A U.S. Treasury's decision to delay making a determination on whether China is manipulating its
currency could give Beijing some room to let the yuan rise in value. But some U.S. lawmakers and
business groups are continuing to push for a tougher, and faster, approach.
Treasury Secretary Timothy Geithner said on April 3 the U.S. would delay a report to Congress on
the currency policies of major trading partners, including China, citing a spate of high-level
meetings between China and the U.S. The meetings, he said, "are the best avenue for advancing
U.S. interests at this time".
In a carefully worded and direct statement, Mr. Geithner said the Asian giant was relying on
"currency intervention" and must move to a "more market-oriented exchange rate". A number of
lawmakers have called on the Obama administration to label China a currency manipulator in that
report, saying Beijing purposefully undervalues the Chinese yuan against the U.S. dollar to give its
exports a competitive advantage.
The Treasury had been due to issue its semiannual report April 15. It declined to provide specifics
on when it might issue its report, or what sort of benchmarks, if any, it might seek from China over
the next few months to show Beijing is sincere about moving on the yuan.
Read more…
China's foreign and commerce ministries declined to comment on the delay, and its central bank

officials couldn't be reached.
The Treasury's announcement represents a gesture to tone down the debate, giving the Chinese
leadership political space to make a decision on the currency. Top Chinese officials haven't ruled
out letting the yuan rise, but they have said they wouldn't bow to outside pressure on the issue.
China's decision on the currency is complicated by a lack of consensus there on the best way to
move off the current peg. Chinese officials worry about inflation and asset bubbles, problems
economists say could be eased by shifting the currency off its de facto peg to the dollar.
Simply letting the currency float isn't considered an option. Nor is a large one-off appreciation,
which would deliver a shock to exporters. For those reasons, China opted for a policy of gradual
appreciation when the yuan formally went off its dollar peg in July 2005. That course created its
own problems. Because investors, businesses and individuals anticipated the currency was likely to
rise, many sold foreign currency and bought yuan. That fed a surge in domestic inflation and asset
prices.
Economists increasingly view a widening of the yuan's daily trading band as a likely compromise.
That would allow China to signal change, while allowing it to retain control over the trajectory of
the yuan's value.
CHINESE ECONOMISTS WELCOME U.S. DELAY
Chinese government-backed economists said Beijing welcomed a U.S. decision to delay its report on
exchange-rate policies, in another sign that bilateral ties are under repair before leaders of the two
powers meet next week. The comments, in a news briefing hosted by the foreign ministry, followed
a reiteration by a ministry spokeswoman earlier Tuesday that the exchange rate isn't the cause of
U.S.-China trade imbalances.
It wouldn't be reasonable to label China a currency manipulator, the spokeswoman, Ms. Jiang Yu,
said in China's first official statement since the U.S. said Saturday it will postpone a semiannual
report to Congress on the currency policies of major trading partners, which had been due on April
15.
While Ms. Jiang didn't directly comment when asked if China welcomes the delay, Chinese
economists indicated the move was a good sign for bilateral ties. "I personally see [the delay of the
report] as positive," said Mr. Zhang Yasheng, director-general of the Institute for International
Economic Research with the National Development and Reform Commission, China's economic
planning agency. He told reporters at a news briefing moderated by Ms. Jiang that it is only when
"each side takes half a step" back that they can see how to resolve the dilemma.
Ms. Jiang Tuesday stuck to China's stance that currency reform will occur based on China's needs.
"The appreciation of the yuan exchange rate is not the way to address the imbalance of trade
between U.S. and China," she said in a separate ministry briefing. "We hope the U.S. side can view
this question from an objective way."
USD SHARE OF GLOBAL FOREIGN-EXCHANGE RESERVES RISES IN 4Q
The U.S. dollar's share of allocated global foreign-exchange reserves rose in the last quarter of 2009
after two straight quarters of decline, according to data published by the International Monetary
Fund last week. The dollar's gains come amid concerns that ultra-loose monetary policy and massive
fiscal deficits in the U.S. are undermining the dollar's status as the world's premiere reserve
currency. Large foreign holders of dollar-denominated assets, such as China, have been particularly
vocal in their criticism of U.S. policies.
Dollar reserves accounted for 62.14% of global allocated reserve holdings, an increase from 61.5% in
the third quarter. The euro's shared dropped to 27.4% from 27.8% in the previous quarter but still
higher than 26.4% in the fourth quarter of 2008.
Global allocated reserves stood at USD4.56 trillion in the fourth quarter, up from USD4.43 trillion in
the previous quarter. The amount of allocated reserves held in dollars stood at USD2.84 trillion, an
increase from USD2.72 trillion in the second quarter as well as from the USD2.7 trillion recorded in
the fourth quarter of 2008.
Read more…
Much of the swings in the dollar's share of reserves during 2009 can be explained by exchange-rate
changes. In December alone, the dollar gained 5% against the euro and 8% against the yen. The
euro's share of global foreign-exchange reserves could drop to as low as 25% over the next two years
on the back of growing anxiety over the fiscal health of weaker nations in Europe.
Total world-wide foreign-exchange holdings measured USD8.08 trillion in the fourth quarter, up

from USD7.86 trillion in the third quarter, according to preliminary numbers from the IMF's Currency
Composition of Official Foreign Exchange Reserves, or Cofer. There are 140 reporting countries in
the Cofer data, though the institution doesn't disclose those reporting countries. The data don't
include China's USD2.4 trillion reserves.
Source: Dow Jones Newswire
POLITICS
BAYAR RESIGNS AS MPRP HEAD IN FAVOR OF PRIME MINISTER BATBOLD
Prime Minister S.Batbold has been chosen the new chairman of the MPRP. The incumbent head and
former Prime Minister, Mr. S.Bayar, told delegates to the party conference before the meeting
began on Thursday morning that he wanted to resign and proposed the name of Mr. Batbold as his
successor. A vote was taken among the 194 members present, and all 191 valid votes were for Mr.
Batbold. When in power, the MPRP tradition has been to have the same person as Prime Minister
and party chairman. Mr. Batbold‘s assumption of chairmanship will have to be ratified by the
party‘s general body.
Mr. Bayar said in his brief address that events have justified his decision last year to resign as Prime
Minister and now he wanted to hand over responsibility for the party also to Mr. Batbold. ―Today‘s
priority is adoption and implementation of an efficient economic policy, and creation of a proper
business environment. Mr. Batbold is the ideal man for this,‖ Mr. Bayar said. He noted that Mr.
Batbold is ―a born diplomat, preferring to work through consensus‖, and this has gained him
notable successes. However, he warned half in jest that Mr. Batbold would have to learn to say
―No‖, too. ―Politics is harsh and sometimes there may be no alternative to being firmly in
opposition to harmful developments‖.
Source: News.mn
PROTEST PASSES OFF PEACEFULLY
About 5,000 protesters from six districts of Ulaanbaatar and all 21 provinces, some of whom wore
blue Buddhist prayer scarves, surged through the center of Ulaanbaatar on Monday to demand that
Parliament be dissolved and promised aid be handed out. The largely peaceful rally, supported by
30 NGOs as well as civil movements, was the biggest in the city since July 2008 when five people
were killed and more than 200 hurt in riots over alleged election fraud. Mongolian media, however,
put the number of protesters at much lower, between 500 and 1,000, suggesting that the
Government‘s announcement at the last week that it would pay the promised MNT1.5 million soon
had taken the wind out of the protest organizers‘ sails.
Among the other demands of the protesters was that the Government crack down on graft. "Since
both parties in the coalition Government lied to the Mongolian people, they have no moral right to
sit in Parliament," said Ms. G. Uyanga, an activist and one of the protest's organizers. She said if the
Government failed to respond in 72 hours, the protests would enter the "next stage against the
corrupt authorities," though she would not say what actions would be taken. She called on the
Government to correct persisting unfairness.
City officials banned the sale of alcohol on Monday, hoping to avoid drunkenness that could
contribute to violence. There was not a single car near Government House, as MPs and others who
usually park their vehicles there, were unwilling to take any risk.
Read more…
The march concluded with its leaders going to Government House to submit their charter of
demands to the Parliament Speaker who, however, refused to receive it in person, sending the
Secretary of the Parliament Office to collect it. The protesters would not submit it to him, though,
and finally the head of Parliament Office received it. The protesters demanded a response within
72 hours from 2.10 p.m. Monday, when the charter was delivered. They sought and received
permission from the Mayor to put up gers in Sukhbaatar Square until the response is received.
The demonstrators held up placards with slogans like "Authority in the hands of the people", "Keep
your promises, Mr. President", and "Dismiss Parliament". Lamas from the New Center of Buddhists
performed a special prayer calling for national unity.
Source: Ardin Erkh, Montsame, www.washingtonexaminer.com
DEMAND REJECTED, PROTESTERS TO CALL FOR REFERENDUM
The demands of the protesting citizens have not been conceded. Replying to their charter
addressed to the Parliament Speaker on Monday, the directors of two Standing Committee and the
Director of the Parliament Office read out a statement that said that there was no provision of the

Constitution or any law that would justify dissolving Parliament.
The protest movement leaders responded by announcing they would demand a referendum on the
issue. Seven of them would go on a hunger strike to press for the fresh demand which will be
formally submitted soon.
Source: Udriin Sonin
PRIME MINISTER ROOTS FOR EAST-WEST RAILWAY ROUTE
Addressing a special Government meeting on Friday, the last such before the Spring session of
Parliament, Prime Minister S.Batbold listed his principal achievements in the 155 days since
assuming his present office. These include human resource development, approval of the budget,
declaring 2010 as the year of business environment reforms, distribution of money from the Human
Development Fund, arranging the Mongolian Economic Forum, and initiating policy reforms in the
education, financial markets and infrastructure sectors.
The Prime Minister said the Tavan Tolgoi issue was now the priority. Talking about the new railway,
he said an east-west route linking Tavan Tolgoi to Choibalsan via Sainshand will best serve national
interests. ―This road will open the possibility to develop broad economic relationships in Northeast
Asia as well as provide guaranteed infrastructure for coal, copper, uranium and oil sectors in the
Gobi region,‖ he said.
Mr. Batbold said the national program on a "Smokeless Ulaanbaatar" will be implemented soon, as
will be the one on "100,000 household apartments". He himself will head the committees charged
with overseeing implementation of the program on pollution. In the other program, 75,000
apartments are planned to be built in 35 Ger district locations. About 70 percent of metropolitan
citizens will then live in apartments.
Source: Onoodor
PRESIDENT CALLS FOR REFORMS AS SPRING SESSION OF PARLIAMENT OPENS
The Spring session of Parliament opened on April 5, with President Ts. Elbegdorj reminding MPs that
Mongolia did have a revolution, but a lot still remains to be accomplished. Recalling that Mongolians
chose ―the most complicated path of transition‖, the President said these changes and reforms took
place ―concurrently in politics, in the economy, in the society, in individual people‘s lives and in
our minds‖. The choice was tough as ―none of us was ready for this historic change, neither had we
had experience‖. Asserting that respect for basic individual rights and liberties has grown, he said,
―Yet, a lot remains to be accomplished.‖
He suggested several ways in which progress could be helped continue. A working group comprising
of MPs, scholars and academics has already been set up to recommend changes to the Constitution
to make it more suited to the needs of the times. He called for statutory accountability from those
in the government, and favored transferring more authority and power to local governments. He
also wanted public service to be made more compatible with modern requirements. He urged MPs
to reshape the present Parliamentary Election Law into something ―decent‖ in the light of
experience.
He called for election promises on payment of money from natural resources to be fulfilled to
emphasize integrity in the democratic process and reiterated his opposition to each MP getting
MNT1 billion to spend on his election constituency. He hoped Parliament and the Government would
be ―optimistic, constructive and creative‖ and restore the payment of ―Child Money, a form of fair
and optimal distribution of social wealth‖. A wrong can be undone by only those who understand
they made a mistake, he said, urging ―distinguished Members of Parliament‖ to put an end to their
―frivolous pursuit of money, and flippant money populism‖ if they hoped to hold on to their fast
eroding ―legal and moral rights‖.
Source: The Press Office of the President of Mongolia
BAYAR’S INCOME RISES 20 TIMES, GANSUKH’S 7 TIMES, AND BAYARTSOGT’S 3 TIMES
According to figures released by the Anti-Corruption Authority the declared assets and reported
income of most senior Government officials for 2009 show considerable increase over those for
2008. An exception was the President, whose income decreased by about MNT 1 million. The
Speaker earned more but his assets have not grown over the years. He still lists a Mazda car, a one-
room apartment and shares in Gobi Company.
Former Prime Minister S.Bayar‘s income rose 20 times in the year, reaching MNT109.2 million from
MNT5.4 million in 2008. He owns 10 percent of Sansar Cable TV and Palace LLC. The MNT94.7
million in his bank account in 2008 now stood at MNT156.3 million.
Minister for Finance S.Bayartsogt declared an income of MNT662.0 million in 2009, almost three

times more than in 2008. But the amount in his bank account came down to MNT 6.9 million from
MNT 64.9 million in 2008. He owns Nido LLC. The Finance Minister‘s family income had also become
less. His company also did not do very well, with new investments dropping from MNT986.6 million
in 2008 to just MNT 2 million.
Minister for Nature and Tourism L.Gansukh‘s income rose seven times within a year reaching
MNT378.5 million from MNT50.8 million in 2008. Some of his companies were closed down, but he
was able to fully pay back all bank loans. Mr. Gansukh‘s family income was up by MNT4 million.
Minister for Minerals and Energy D.Zorigt‘s income fell to MNT9.5 million from MNT17.0 million in
2008, though the family income rose by MNT7 million.
Source: Ardin Erkh
FOUR LOCAL DISTRICTS TO HAVE PRIORITY IN OT JOBS IN FIRST PHASE
Oyu Tolgoi LLC has decided to give preference to those registered before October 6, 2009 as
residing in Khanbogd, Bayan-Ovoo, Manlai and Dalanzadgad districts soums when employing people
during the construction phase. With their limited capacity in terms of local governance, social
services and public infrastructure, these four districts in the direct impact zone will not be able to
deal with any significant migration of job-seekers from other parts of the country.
Article 8.2 of the Investment Agreement states that ―the Investor and its affiliates and the
Government will cooperate to ensure that there is a suitably qualified workforce available to meet
the timeframe of the OT Project‖. Article 8.5.1 states that for construction work during the
construction period and expansion period, not less than 60% of the entities‘ employees will be
citizens of Mongolia, and Article 4.11 says that the Investor is to make it a priority to train, recruit
and employ citizens of local communities in the southern Gobi region, with preference to Umnugovi
aimag.
Source: Montsame
MONGOLIA, CHINA REACH AGREEMENT ON HERITAGE ISSUE
A Mongolian team led by Minister for Education, Culture and Science Yo.Otgonbayar was in Beijing
recently to hold talks on how to avoid conflicts in asking for UNESCO heritage status for cultural
practices that are common to both countries. The two countries agreed to consult each other
before submitting a claim to UNESCO. Chinese Vice-Minister for Culture Jao Shao Hua stressed that
bilateral relations must not be damaged because of misunderstanding over such issues.
There was a public outcry recently in Mongolia when UNESCO accepted China‘s claim to register
khuumii or throat singing as its country‘s cultural heritage. After Mongolia‘s protest, UNESCO
explained that it is common for more than one country to share a cultural heritage, and all such
countries can lay claim to it being registered by UNESCO under its name.
China spends an average of USD54,000 on preparing one claim for such recognition while the figure
for Mongolia is USD6,600. Since the khuumii controversy, the Government has budgeted about
USD66,000 to prepare the case to have 10 cultural heritages registered by UNESCO.
HERDERS YEARN FOR RETURN TO SYSTEM THAT IS GONE FOR GOOD
In a country where livestock outnumber people by an order of 16 to one, animal welfare is no small
matter. In Mongolia this year the animals are not faring well at all, and the 2.8 million human
inhabitants are feeling their pain. Hundreds of thousands of Mongolians depend directly upon
animals for their own livelihood.
Experts warn that the next four to six weeks will see more cold weather and devastated herds, as
ever greater numbers of frozen, emaciated animal carcasses dot the vast Mongolian countryside.
The disaster is also descending on the nation‘s cities and towns, which already suffer from poverty,
poor services and high rates of unemployment. Now it seems they must accommodate an influx of
tens of thousands of rural migrants who have lost their herds.
Drought, cold and snow are the proximate causes of this season‘s widespread misery. But weather
alone is not to blame for its severity. In the 20 years since Communist rule in Mongolia ended,
herding practices have changed drastically. Privatization meant the dismantling of large collectives,
and herders now find themselves missing some of the underappreciated benefits of scale—not to
mention, in many cases, access to technical and management expertise of the kind that helped
sustain operations through harsh winters.
According to Save the Children, a relief agency active in Mongolia, many distressed herders are
advocating a return to the Soviet-style system. But even that would not set things right. The old
system depended heavily on the Soviet army‘s role as a reliable buyer of Mongolian animal

products—as well as on direct subsidies ordered by the Politburo. Whatever the zud may bring in
years to come, those days are gone for good.
Source: The Economist
HERDERS FACE MIGRATION DILEMMA, ENDING LIFE AS THEY HAVE KNOWN IT
For many Mongolian herders, who have now lost all his animals in the weather disaster that has
afflicted the country, leaving the barren hillsides to settle in a tiny county town means the end of
life as they have known it. Families that have lost everything are scattered all around the county.
The International Federation of Red Cross and Red Crescent Societies (IFRC) has launched an
emergency appeal for 1 million USD992,000 to assist the people who suffer the most.
As the shocked and numbed herders move to tiny towns of only about 500 households, they know
they will face a new and unfamiliar life without their animals. The Mongolian Red Cross Society
believes that a proportion of those who begin this internal migration will eventually gravitate to the
capital's ger districts, where they face new and daunting challenges in adapting to an urban way of
life.
Visits to a couple of families who moved to one such little town in the past two years after harsh
weather claimed all their animals, provided contrasting impressions of their ability to cope. Sitting
in their ger, 45-year-old Nyam-Osor and his children seem despondent and weighed down by
poverty and hardship. "There's no way I can find any other work, because I can't read and write and
have no other skills," he says. But as children darted in and out of 42-year-old Dashdorj's ger, the
atmosphere couldn't have been more different. "I hope that some of my children will go and get
good jobs in the city, although my eldest son really wants to be a herder," said Dashdorj. He makes
a living for the family from doing odd jobs such as helping with cleaning, slaughtering and working
on preparing the cashmere which is Mongolian herders' most lucrative product.
Read more…
His experience seems to show that if herder families who end up in towns are resourceful and
willing to try their hand at new things, they can make a go of their lives there. Red Cross Red
Crescent assistance will also aim to assist those who have lost their animals in finding new ways of
making a living. But there's no doubt that even so, many migrant families still face formidable
challenges ahead.
Source: International Federation of Red Cross and Red Crescent Societies
WORK BEGINS ON 895-METER FLYOVER
An official ceremony was held recently to mark the formal beginning of construction of a 895-
meter-long flyover in Ulaanbaatar, the country‘s first ever steel-and-concrete flyover. The project,
to be completed by November, 2012, is being built with money from the Japanese Government and
will link the Big Ring Road with Engels Street, crossing the railroad and Narny Zam (Sun Road).
Minister of Road, Transport, Construction and Urban Development Kh. Battulga said while the
USD40 million towards costs and the technology and construction expertise will come from Japan,
60 percent of the actual work will be done by Mongolians.
Source: Zuunii Medee
MONGOLIA SOCIETY HOLDS ANNUAL MEETING IN PHILADELPHIA
International scholars, including those from Mongolia and the USA, read papers and participated in
panel discussions at the 2010 Annual Meeting of The Mongolia Society, held in conjunction with the
Association for Asian Studies (AAS), in Philadelphia, Pennsylvania, on March 26-27. The subjects
covered ranged from "Sound symbolism or phonosemantics in Mongolian" to "Sustainable
development framework and the mining industry in Mongolia: a comparative perspective", from
―Mongol Prince to Russian Saint: a neglected 15th-Century Russian account of Mongolian land
consecration rituals" to "Making of musical elites: class, aesthetic values, and influences on the
music-making of traditional long-song singers in post-socialist Mongolia".
Source: Montsame
MAN WHO CRASHED CAR INTO PROTESTERS’ GER IS MENTALLY ILL
The 48-year-old man who early on Wednesday morning crashed his car against a protesters‘ ger put
up in Sukhbaatar Square, saying he wanted to kill a leader of the protest movement, is mentally ill
and had been released from a mental hospital only on April 5, after 17 days of treatment. Six of
the 17 people in the ger were injured. The big car was spotted on the square just after 5.15 a.m.,
but the patrolling policemen, in four cars and on foot, could not do anything because they were
taken by surprise and could not imagine what was going to happen.

The man, D.Aranjin, was sentenced to four years in prison for hooliganism in 2000.
Source: Zuunii Medee
STANDING COMMITTEE REJECTS CONSTITUTIONAL COURT’S OPINION ON ADOPTION
The Standing Committee on Legislation has rejected the Constitutional Court‘s opinion that Article
57.2 of the Family Law, restricting citizens above 60 from adopting children, was a violation of the
State Constitution. A member of the Court explained the rationale behind the opinion, but a
majority of the members of the committee were not impressed. According to them, such adoption
can be allowed only when children who have lost their parents are sought to be adopted by
grandparents.
MAN DIES IN MINE ACCIDENT
A 27-year-old man died in Baganuur mine on April 3, leaving behind a pregnant wife. The cause of
the accident is not yet clear. The man was sent to hospital soon after 3 p.m. When his wife came to
see him, he told her, ―It seems okay. I think my rib is broken,‖ but he died around midnight.
There have been 201 accidents in the mining sector in the past three years, involving 249 people.
Of them, 94 were killed, 36 were disabled after severe injury, and 119 rendered incapable of heavy
work. Cave-ins accounted for 24.8 percent of the total accidents, while 12.8 percent occurred for
lack of proper technology, 26.9 percent for ignoring proper safety procedures, 7.2 percent
following mechanical breakdowns, 9.2 percent because of faulty equipment, and 7.6 percent were
transportation accidents. The rest were attributed to various causes.
MARK C. MINTON NEW PRESIDENT OF THE KOREA SOCIETY
Ambassador Mark C. Minton has been elected President of The Korea Society, the leading American
organization dedicated to the promotion of greater awareness, understanding, and cooperation
between the people of the USA and South Korea, effective May 1, 2010, in succession to Mr. Evans
Revere. Mr. Minton has played a leading role in America's relations with Asia during a distinguished
32-year career in the U.S. Foreign Service. He served as U.S. Ambassador to Mongolia from
September 2006 to September 2009 and was previously Deputy Chief of Mission at the U.S. Embassy
in Seoul.
Source: The Korea Society
ENVIRONMENTALIST SAYS CHINA “PUSHING RESOURCES TO THE LIMIT”
Mr. Ma Jun, director of a Beijing-based domestic non-governmental organization focused on water
pollution, has said the drought across southwestern China, the country‘s worst in a century, was the
starkest reminder yet that China is pushing its resources to the limit — with major repercussions for
China‘s environment and economy. The primary and direct cause of the drought was lack of rainfall
since September, but there are several exacerbating factors behind that.
One is the logging, deforestation and general eco-degradation in that region that has weakened the
ecological capability to regulate water. ―In recent years, many eucalyptus, rubber trees and other
non-local species — what we call ‗economic trees‘ — have been planted by paper mills in much of
southwestern China. Monsoons and droughts are not unusual, but forests can hold some of that
excess water and release it in the dry season. Right now, that has been very much weakened,‖ said
Mr. Ma.
Another problem is water pollution in the region. Lakes have been polluted, so the water is no
longer good for drinking or irrigation. Recently, large hydropower projects and mining activities in
the region have all worsened the problem. ―We really need to prevent overexploitation of our
resources,‖ he said, adding, ―Water is being shipped in from the big cities to help. But this is only
short-term emergency relief. In the long term, we need better water protection.‖
ANNOUNCEMENTS
MINETECH ON APRIL 9-10
On April 9-10, MINETECH-2010 will be organized in Misheel Expo. The Expo offers venues for mining
equipment and machinery suppliers and service providers with opportunities to promote their
products and services. Please contact Tegshjargal.N /Tel: 99104648/ and Ganbayar.P /Tel:
99109059/ for enquiries: tegshjargal@miningmongolia.mn and ganby@miningmongolia.mn.

_________________________________________
HACCP - FOOD SAFETY TRAINING
Churchill's Company will provide, with support from the EBRD BAS program, HACCP (Hazard Analysis
& Critical Control Points) Food Safety training to the hotel & tourist camp sectors during April/May.
The course comprises 5 one-day "sandwich" workshops, with delegates returning to their workplace
after each to work on allotted assignments, leading to the development of an integrated food
safety system. Participants will also be tested on both hygiene practices and HACCP Food Safety
systems.
Intending participants can find out more at http://www.churchillsquality.com or
Churchills@magicnet.mn; Tel: (976) 70111956.
____________________________________
“BSPOT" on B-TV
BTV (Business TV) now telecasts a 10-minute English-language news program called BSPOT every
evening from Monday to Friday at 21:30, taking most of the stories from the BCM NewsWire.
_____________________________________
“MM TODAY” on MNB-TV
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 21:15 tonight. Tune in to watch this program that reports stories from today‘s BCM
NewsWire.
SPONSORS

ECONOMIC INDICATORS
MSE TOP 20 INDEX
INFLATION
Year 2006 6.0% [source: National Statistical Office of Mongolia (NSOM)]
Year 2007 *15.1% [source: NSOM]
March 31, 2010 *8.5% [source: NSOM]
*Year-over-year (y-o-y)
CENTRAL BANK POLICY LOAN RATE
December 31, 2008 9.75% [source: IMF]
March 11, 2009 14.00% [source: IMF]
May 12, 2009 12.75% [source: IMF]
June 12, 2009 11.50% [source: IMF]
September 30, 2009 10.00% [source: IMF]

CURRENCY RATES – April 8, 2010
Currency name Currency Rate
US dollars USD 1,367.36
Euro EUR 1,829.60
Japanese yen JPY 14.57
British pound GBP 2,085.37
Hong Kong dollar HKD 176.12
Chinese yuan CNY 200.33
Russian ruble RUB 46.68
South Korean won KRW 1.22
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.

09.04.2010, NEWSWIRE, Issue 113

Recommended

Recommended

More Related Content

What's hot

What's hot (19)

Viewers also liked

Viewers also liked (20)

Similar to 09.04.2010, NEWSWIRE, Issue 113

Similar to 09.04.2010, NEWSWIRE, Issue 113 (16)

More from The Business Council of Mongolia

More from The Business Council of Mongolia (20)

Recently uploaded

Recently uploaded (20)

09.04.2010, NEWSWIRE, Issue 113