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BUSINESS COUNCIL of MONGOLIA
NewsWire
www.bcmongolia.org
info@bcmongolia.org
Issue 184, September 9 2011
NEWS HIGHLIGHTS:
Business:
 Discover Mongolia opens to investor and industry leaders;
 TT to raise USD 3 billion in 2012;
 MMC serves as a sneak preview to TT for investors;
 Envidity's liquid-coal fuel project hits major road bump;
 FRC approves Sharyn Gol’s stock offering on MSE;
 LSE is in talks on European clearinghouse acquisition;
 Xanadu's Nuurstei tests yield good results;
 Kincora Copper to expand Bronze Fox project;
 Earnings triple for Major Drilling;
 Major Drilling scrambles to meet great demand;
 Peabody agrees to acquire major Australian coal producer;
 Rio Tinto strives for sustainable development in nations;
 Powerscreen enters Mongolian mining market;
 Investors serve Leighton Holdings class action lawsuit;
 Rio Tinto to sell South African copper holdings;
 Outotec to aid mining sector development;
 Move One to support U.S. Embassy with supply chain.
Economy:
 Mongolia sells MNT 100 billion worth of bonds;
 Economic growth brings prosperity to Mongolia;
 Australian coal miners eye Mongolia;
 Connecting Mongolia: from city to pastures;
 Copper projections look shaky;
 Gold remains last safe haven for investors;
 Uranium market puts the squeeze on junior firms;
 Major Western economies are in deep trouble;
 Asian nations climb rungs of WEF competitiveness survey;
 Asian economies may be losing steam;
 China bullies the market;
 Startup Weekend II this month.
Politics:
 Eye on Mongolia, via CNN;
 “100,000 Homes” to grant MNT 1 million to potential homeowners;
 Government cracks down on miners ignoring restoration duties;
 Only eco-friendly nuclear goals for Mongolia, says Government;
 19 MPs call for revisions to OT contract;
 UB expands public transportation schedule;
 Finnish President opens relations with Mongolia;
 Royal visit from Kuwait;
 Elbegdorj to travel abroad;
 India courts Mongolia for its military defense strategy;
 Mongolia welcomes new German ambassador;
 Students begin new school year;
 China to fund Shine Yarmag housing complex;
 New party enters Mongolian politics;
 Mongolia’s MPP and China's Communist Party strive for cooperation.
*Click on titles above to link to articles.
SPONSORS
Khan Bank Eznis Airways
Kempinski Hotel Khan Palace Mongolian National Broadcasting
Mongolian Star Melchers Breakthrough PR
MCS Property Oxford Business Group
BUSINESS
DISCOVER MONOGLIA OPENS TO INVESTOR AND INDUSTRY LEADERS
Discover Mongolia kicked off Thursday to a huge reception by investors and industry professionals.
The event is Mongolia's leading mining conference for the latest news, introduction of new
companies, and opportunity to bring industry professionals and investors together. Day
One featured reflections on long-term investment in Mongolia, present and future opportunities,
and updates from Mongolia's largest mining sites.
James Passin, the fund manager of at Firebird Management, looking back at years of investment
working for the first institutional investor in Mongolia. He described the Mongolian Stock Exchange
(MSE) as “dull,” when he first came to Mongolia. Trades were infrequent and activity was low. Yet,
now the MSE is ranking among the top markets in the world. He described the storm of activity that
has generated and the exciting opportunities for growth and to attract new investment to Mongolia
with companies listed on the MSE.
UBS Managing Director Ghee Peh quickly ran through the synergies in Mongolia, a huge boon for the
nation. China is a voracious consumer of coal and copper, two minerals Mongolia has in droves. M.
Uyanga, the business development manager of Ernst and Young gave an honest look at the risks
investors should keep in mind. These include a shortage of skilled workers and infrastructure,
resource nationalism, maintaining social licenses, prices and currency, and fraud and corruption.
The day ended with a number of speeches given by company leaders. Chairman and Chief Executive
Officer of Prophecy Resources, John Lee discussed Mongolia's pressing need for energy. The
company has turned its focus on providing energy, finding it more profitable than the sale of
thermal coal. Other speakers included B. Enebish, the executive director of Erdenes Tavan Tolgoi,
giving a report on the steady progress on the development of its enormous coal mine; and David
Paull, the executive director of Aspire Mining, discussing the development of coking coal in
northern Mongolia.
In one of the most anticipated speeches, Cameron McRae, the chief executive of Oyu Tolgoi and
country director of Rio Tinto, reported on the progress on Oyu Tolgoi, the world's largest
undeveloped copper and gold deposit. He said by the time the mine's development is finished, it
will produce 460,000 tons per year of copper, in addition to large stocks of gold and silver. Oyu
Tolgoi will produce 24 percent of all the copper coming out of Asia, a great deal of which will be
consumed by China. Finally he ended his talk with a few words on Rio's status as a gold partner of
Mongolia's Olympics team. Some of the gold used for the 2012 Olympic medals will have originated
from Mongolia and McRae wished Mongolia‟s athletes luck in bringing back some of the gold that
came from Oyu Tolgoi.
Source: Business Council of Mongolia
TT TO RAISE USD 3 BILLION IN 2012
Erdenes Tavan Tolgoi will likely raise USD 3 billion when it goes to the market next year. Plans have
not yet finished for the IPO, but it is likely it will go on sale next year, possibly to the Mongolian
Stock Exchange (MSE), London Stock Exchange (LSE), and Hong Kong Exchange (HKE).
Mongolia's decision is partly based on its desired to boost living standards. The average income in
Mongolia is about USD 2,000 a year. Mongolia's entire economy was worth USD 6.8 billion last year.
The IPO “has a lot of the ingredients that investors would ultimately find attractive,” Peter Arden,
a senior research analyst at Ord Minnett, said by telephone from Melbourne. “Although there is still
lingering doubt over the sovereign risk there, the project is on the doorstep of China and the
emerging market.”
Tavan Tolgoi would be the first company to sell share simultaneously in three different markets. Of
the total shares, 10 percent will be owned by Mongolian citizens, who may sell their stock as they
choose.
Estimates say that Tavan Tolgoi holds more than 6 billion tons of coal and is one of the world's
biggest untapped sources. Last month Credit Suisse Group raised its predicted prices for coking coal
by an average of 15 percent from 2014 to 2018, citing “unrelenting” demand. Prices rose to a
record USD 330 a ton for three-month contracts in April.
Source: Bloomberg News
MMC SERVES AS A SNEAK PREVIEW TO TT FOR INVESTORS
Although Mongolia's resources have become the trendy new investment, investors would be wise to
heed caution. Analysis of the IPOs operating in Mongolia show signs of struggle.
Tavan Tolgoi's entrance on the London, Hong Kong, and Mongolian markets will be a true test of
Mongolia's promise. If shares do well, investors who have seen shaky post-IPO performance by
Mongolian-linked companies can maybe relax.
Although Mongolia has been grandstanded for its untapped mining potential, many of the companies
who have begun operation in Mongolia have not fared so well on the market. Only one of the three
companies listed on the Hong Kong exchange with substantial operations in Mongolia has seen share
prices rise.
Mongolian Mining Corporation (MMC), a wholly-owned Mongolian mining firm, is the best preview
investors have of how a Tavan Tolgoi might fare. Investors were initially hesitant to gamble on
Mongolia, but the success of MMC seems to have assured some.
“MMC is probably three to four years further advanced relative to [Tavan Tolgoi], so we think
there‟s a blueprint for [Tavan] in MMC,” said a Hong Kong-based analyst. “I think the valuation
will read through”
Tavan Tolgoi Erdenes, a state-owned mining firm, is expected to launch its IPOs in 2012.
Source: Financial Times
ENVIDITY'S LIQUID-COAL FUEL PROJECT HITS MAJOR ROAD BUMP
Operations have stalled on Envidity's “Shivee Ovoo Coal Gasification and Gas to Liquids Project.”
The project was expected to create 3,000 construction and 150 permanent high salary jobs for
Mongolians, in addition to introducing Mongolia as a leader in alternative fuels.
Six weeks ago, Envidity announced it will work in Mongolia on a new liquid-fuel source extracted
from coal. The company promised immense economic opportunity and to make Mongolia a world
leader in alternative fuels.
However, since then progress has stalled. The company points to strange behavior and a hesitancy
from its Mongolian partner Shine Shivee as a reason for Envidity's inability to move forward. Shivee
was legally obligated to sign a definitive agreement to initiate exploration, but has refused to do
so.
“One of the key reasons that we chose Mongolia to carry out the project despite significant offers
elsewhere was the specific request of Prime Minister Batbold to bring cutting edge value adding
technology to Mongolia” said General Clark. “If the Mongolian Government fails to address these
actions by license holders seeking to block the Envidity Project‟s many positive benefits to
Mongolia, it will send a clear message that sophisticated international mining investors must think
very carefully before investing the substantial time, financing, and other resources to develop a
project in the Mongolian mineral sector.”
Envidity has secured USD 120 million of cash and access to an additional USD 850 million in
sovereign bonds for a total of USD 1 billion in foreign direct investment into Mongolia over five
years. The company hopes that with timely support from the Government and its partners that the
project can still go forward.
Source: Minegolia
FRC APPROVES SHARYN GOL STOCK OFFERING ON MSE
Sharyn Gol JSC (SHG) will sell additional shares on the Mongolian Stock Exchange. The company is
hoping to raise MNT 17.7 billion to expand operations. The decision to allow SHG's FPOs was
approved by the Financial Regulation Committee.
At present, SHG holds reserves of unwashed raw coal. Coal quality and washability tests indicate a
strong potential for a high yield with low ash and moderate to low sulfur composition suitable for
international markets.
“Very encouraging results indicate the operations strong potential through establishing simple
washing process, to produce a premium high quality, low ash, and low-moderate sulfur coal product
suitable for export to international markets,” said Frontier Securities Chief Investment Strategist
Dale Choi.
The company plans to move forward with major production expansion, and to implement plans to
underground mining operations.
Source: Frontier Securities
LSE IS IN TALKS ON EUROPEAN CLEARINGHOUSE ACQUISTION
The London Stock Exchange's (LSE) attempt at horizontal expansion may not go unpunished. The
renowned market has strained to acquire its own clearinghouse, but at great risk, reported the
source. The LSE is one of three markets where Mongolia's Erdenes Tavan Tolgoi may list.
The LSE is in talks to purchase a major stake in LCH Clearnet. However, LCH is Europe's sole
independent large clearing house and is thus widely pursued. Paying a heavy bid many not be wise,
especially when the LSE is in current pursuit of expanding vertically by merging with Canada's
Toronto Stock Exchange (TSX).
The advantages of a market owning its own clearing house are numerous. Economically it is more
efficient to do business with one's self than a separate entity. Customers of the LSE would be
encouraged to use its own clearinghouse, likely with discounts. Clearing and settlement currently
accounts for less than 15 percent of the LSE's global revenue, but if it were to have its own larger
clearing business, it could rise as high as 50 percent.
Although the LSE may be able to improve the performance of LCH and improve economic efficiency
with its own clearinghouse, the market should learn from other exchanges which have fallen in
their attempts to bulk up.
Source: Wall Street Journal
XANADU'S NUURSTEI TESTS YIELD GOOD RESTULS
Laboratory results indicate the existence of high quality coal at Xanadu Mines‟ Nuurstei project.
The raw sample came from its first diamond drill hole at the project.
At the site of exploration, the firm uncovered samples 290 meters thick with coal seams of up to 6
meters in apparent thickness. Tests showed low to medium volatile coal. Washability, coking and
plastometric tests have not yet completed.
Coal quality analysis will continue over the next few months as part of a USD 1.5 million drilling
program. Four diamond holes have been drilled, reaching 1,393 meters.
“The initial coal quality results from Nuurstei are very encouraging, with subsequent drilling
confirming the discovery of a potentially significant new coking coal province in northern Mongolia
within reasonable distance of the Erdenet rail network,” said Xanadu‟s chairman Brian Thornton.
Nuurstei is the first project of the Xanadu and Noble JV strategic alliance in Mongolia targeting
coking coal and iron ore opportunities. The project covers an area exceeding 3,000 hectares.
Source: Xanadu Mines
KINCORA COPPER TO EXPAND BRONZE FOX PROJECT
Kincora Copper will take the outstanding 25 percent of the Bronze Fox copper and gold project as
part of its recent in exchange for 20 percent of its shares. As a result, diamond drilling exploration
operations will expand and Duchintav Khojgor will join the firm's board of directors.
Khojgor traded his 25 percent stake of Kincora Group, a separate entity from Kincora Copper, for 20
percent of Kincora Copper. As a result of the trade, exploration activities will expand for the
Bronze Fox project. The site consists of 223.23 square-kilometers of land 140 kilometers northeast
of Oyu Tolgoi, but on the same deposit of minerals.
The company completed 7,155 meters of diamond drilling within the central part of the license
covering an area of 30-square kilometers since April this year. Highlights includes mineral deposits
extending more than 900 meters in depth, the discovery of 3 new sites of interest, a third drilling
rig, and the expansion of the geology team to five members.
"We are extremely pleased to have Duchintav Khojgor show his confidence in the Company and
elect to convert his 25% direct interest in Bronze Fox into a stake in Kincora Copper,” said Stephen
Fabian, Kincora Copper's president and chief executive officer. “We are also very excited by the
results of the drilling which indicates that Bronze Fox has the potential to contain a large area of
copper mineralization as well at the potential for significant gold resource. With the addition of the
third drill rig we expect to complete more than 12,000 m of drilling before the end of the year."
Kincora Copper is a mining exploration and development company focused on copper and gold
deposits in Mongolia.
Source: Kincora Copper
EARNINGS TRIPLE FOR MAJOR DRILLING
Major Drilling's profits tripled this quarter due to an increased demand in drilling services. Drilling
operations have increased with the jump in both precious-metal and base-metal prices.
“Despite the recent events in the global economy, we have not seen our customers modify their
activity patterns,” said Chief Executive Francis McGuire. “Demand for drilling services continues to
grow.”
The company said it is seeing strong activity levels in all regions and segments. Earnings rose 40
percent to CAD 17.9 million. Quarterly gross margins jumped to 31.4 percent.
Drilling Group International Inc. is one of the world‟s largest drilling service companies serving the
mining industry. Its services including surface and underground coring, directional, reverse
circulation, RAB, geotechnical, and environmental drilling. It has operations in Mongolia with Major
Drilling Mongolia.
Source: Reuters
MAJOR DRILLING SCRAMBLES TO MEET GREAT DEMAND
This year's increase in mining activity means larger earnings for mining service companies, but the
firm Big Drilling is stretching itself thin to meet demands. The mining exploration drilling contractor
said it is getting more calls than ever before.
“Whether it's small players or big players, everybody is concerned about the lack of reserves.
Everybody sees this big supply gap,” said Chief Executive Officer Francis McGuire.
Gold demand from gold juniors was one area of particular growth this summer. Investors have
turned to precious metals as a safe haven during this time of uncertainty in the market. Gold
exploration now accounts for 48 percent of Major Drilling's revenues in addition to a large
contribution from coal.
Despite the poor global economy, mining firms have not scaled back operations. Earnings tripled to
more than CAD 17.9 million at the end of this quarter due to the surge in metal prices. However,
exploration prices have not yet met those from before the economic crisis of 2008.
Source: Mining Weekly
PEABODY AGREES TO ACQUIRE MAJOR AUSTRALIAN COAL PRODUCER
Peabody Energy and Arcerlol Mittal stepped up there offer to acquire Macarthur Coal. Macarthur
Coal agreed to the sale at AUD 16 per share, a total price of AUD 4.8 billion (USD 5.2 billion).
The two opened there offer at AUD 15.50 last July, but were flatly rejected by Macarthur's board of
directors. The board said it would not sell for under AUD 16 per share, which the two firms intially
contested, but eventually agreed to for a 100 percent acquisiton of Macarthur's shares. The final
sale's price was 40 perecent above the selling price at AUD 11.08.
Both Peabody and ArcelorMittal will benefit from the acquistion. The offer will allow Peabody to
strengthen its position in the global coal producing market and give ArcelMittal access to
Macarthur's coal reserves.
ArcelorMittal is a leadeing intergrated steel and mining company with operations in Mongolia.
Peabody Energy, the biggest U.S. coal producer, currently owns 26 percent of Tavan Tolgoi's
Western Tsankhi.
Source: Zacks Investment Research
RIO TINTO STRIVES FOR SUSTAINABLE DEVELOPMENT IN NATIONS
Rio Tinto is promising to take developing countries along on the upward trajectory of the mining
industry. An increase in mineral demands will give developing countries a huge leg up in their
future, said Rio Tinto's head for iron-ore expansion projects, David Joyce. He said the value
minerals such as copper will double over the next 15 to 20 years, according to projections. Rio
Tinto is a large stakeholder in Ivanhoe Mines which is running operations at the Oyu Tolgoi copper
and gold project.
“Mining investment tends to require significant outlays of capital up front, which are recouped over
long operating periods,” he said. “As a result, in most cases, we have a long-term and reliable
presence in places where our operations are located. This level of investment has the potential to
fundamentally change the lives of people, and at broad levels, the prosperity of nations, if done
responsibly.”
The representative said the mining industry is in the position of mining, processing, and
transporting more minerals over the next two decades than it has in the last 10,000. He named
countries throughout Asia and Africa that are continuing to urbanize and industrialize. He said this
will ultimately result in increased consumption of products needing metals world-wide.
The mining industry is also in the position of making positive, long-term contributions to nations for
development and stable economies, he said. Rio is currently undertaking a group-wide review of its
sustainable development strategy to ensure that its aim is right and true.
Source: Mining Weekly
POWERSCREEN ENTERS MONGOLIAN MINING MARKET
The Australian mining firm Powerscreen will begin mining operation in Mongolia. The company
recently signed an agreement with its first vendor, Wagner Asia Equipment.
“Signing Wagner Asia Equipment will further strengthen the Powerscreen distribution network
globally,” said Development Manager Allen Smith of Powerscreen. Mongolia is a fast developing
country with some of the world's largest deposits of minerals.”
Wagner Asia will supply Powerscreen with a large assortment of heavy machinery for crushing.
Source: KHL Group
INVESTORS SERVE LEIGHTON HOLDINGS CLASS ACTION LAWSUIT
To say business was bad for Leighton Holdings in August would be putting it mildly. Investors are
serving Leighton a class action lawsuit, claiming the firm misled them about problems with
infrastructure projects. This comes after three turnovers in the firm‟s board of directors this year,
a drop in stocks, and a net loss after projecting large returns for the year. Leighton Holdings is the
parent company of Leighton Asia, a mining services company operating in Mongolia.
Although the company projects profits of USD 480 million, the company actually lost nearly that
much at USD 427 million.
“We say Leighton failed in its corporate governance obligation and failed in its continuous
disclosure obligation by not revealing as soon as it should have the difficulties it was facing,” said
Andrew Watson, the head of the class action at the law firm Maurice Blackburn.
The representative claimed Leighton misrepresented itself. Leighton's shares have fallen from a
high of USD 38 to USD 20 in the past year. The immediate action of the lawsuit alone resulted in a
USD 4 fall from USD 28.94
Source: ABC
RIO TINTO TO SELL SOUTH AFRICAN COPPER HOLDINGS
Rio Tinto plans to sell its shares of South African copper producer Palabora. Meanwhile the firm is
actively acquiring more of Ivanhoe Mines and its operations in Oyu Tolgoi.
Rio Tinto plans to sell its 57.7 percent shareholding in Palabora, citing a “limited opportunity to
expand copper mining at Palabora,” said copper chief Andrew Harding.
Palabora operates a copper mine, smelter and refinery complex with a total production of 80,000
tons per year. Rio Tinto vowed to continue running operations efficiently and safely until a sale is
made.
Palabora accounts for 8 percent of Rio's copper reserves this year so far. Although Rio said it is
scaling back on this copper project, it recently bought up more shares of Ivanhoe Mines in Mongolia.
It currently owns a 48.5 percent stake in Ivanhoe and is the project operator at Oyu Tolgoi.
Source: Mining Weekly
OUTOTEC TO AID MINING SECTOR DEVELOPMENT
Outotec will collaborate with the Mongolian government to help the nation process its mineral
mining and metallurgical processing. The deal was discussed during Finnish President Tarja
Halonen's visit last week.
The company will support the Ministry of Minerals and Mining as a technical advisor on the project.
"We are glad to be advising Mongolia in developing the utilization of its enormous mineral
resources. Outotec's expertise of sustainable technologies covers the whole processing chain from
minerals to metals", says Outotec's Chief Executive Officer Pertti Korhonen.
The partnership will focus on analyzing the mine-to-metal refinement process, developing
sustainability in different mining and metallurgical processes, analyzing the environmental impacts
of mines and mineral processing, developing legislation for sustainable mining practices, organizing
staff, and developing university-level education and research in this sector.
Source: Outotec
MOVE ONE TO SUPPORT U.S. EMBASSY WITH SUPPLY CHAIN
The U.S. organization Move One will lead U.S. actions to the benefit of Mongolia on behalf of the
U.S. Embassy in Ulaanbaatar. Last month, the organization transported two shipments to strengthen
trade relations between Mongolia and the United States.|
Move one is responsible with sending household goods for U.S. Embassy staff relocating to Mongolia.
It has provided 20-foot containers of household goods in addition to cars and other general
equipment.
The provisions firm will provide supply chain solutions to help facilitate trade between the U.S.
government and Mongolia with in-country operations in Ulaanbaatar and a soon to be opened office
at Oyu Tolgoi. The company focuses on industrial development and logistic services.
Source: Business Mongolia
ECONOMY
MONGOLIA SELLS MNT 100 BILLION WORTH OF BONDS
The Minisitry of Finance issued MNT 300 billion worth Mongolian bonds to supports its wool and
cashmere sector. The bond trade opened last month and will run until the end of October. Thus
far, the Mongolian government has traded MNT 100 billion worth of government bonds by the
Mongolian Stock Exchange (MSE).
Interest will be paid on May 15, 2012 and November 15, 2012 when the bonds reach maturity.
Interest rates ranges between eight percent and 12 percent. The number of outstanding bonds
begin at 12,500 and end at 100,000. All bonds open at a value of MNT 100,000.
Source: Mongolian Stock Exchange
ECONOMIC GROWTH BRINGS PROSPERITY TO MONGOLIA
The growth in Mongolia's economy is producing change never before seen in Mongolia. As Mongolia's
GDP nomadic lifestyles are slowly becoming less common, poverty is on the decline, employment is
up and the population is growing steadily.
Mongolia's economy grew by 17.3 percent in the second quarter of 2011, reported the World Bank.
This has led to the rise of income as wages have nearly doubled. Poverty in Mongolia has fallen
dramatically across the country. In the city, poverty fell by 27.2 percent from 2002 to 2008 and
23.1 in the countryside.
The nomadic lifestyle in Mongolia is also falling into decline as wealth comes to Mongolia. People
have begun to prefer settling in one location, whether it is a city, provincial capital or rural town.
About 40 percent of Mongolia's population lives in Ulaanbaatar and in 2002 a further 23 percent
moved to Darkhan, Erdenet, provincial capitals, and small rural communities.
Mongolia's population growth was 1.2 percent, estimated the World Bank in 2007. Approximately 59
percent of the total population is under 30 years old, 27 percent of who are under 14. Ulaanbaatar's
population was estimated at just over one million in 2008.
Source: Frontier Securities
AUSTRALIAN COAL MINERS EYE MONGOLIA
Australian mining companies have begun a love affair with Mongolia. Interested in its valuable
mineral deposits, firms from Australia have come to Mongolia to woo government officials and take
up residency.
Mark Earley, the chief executive of an Australian company, C@Limited, which plans to open its first
Mongolian coal mine within the next three years, said the Mongolian government is actively
encouraging mining investment to raise the standards of living and tackle social issues. He cited
alcoholism and the numbers of orphans roaming the streets of the capital as two issues he
observed.
"I hope a lot of that money will go back and sort out the social issues in Mongolia, because it's got a
very bright future."
Australia is one of the world‟s largest mineral producers in the world.
Source: ABC
CONNECTING MONGOLIA FROM CITY TO PASTURE
Mongolia's information and communication technology (ICT) is one of Mongolia's most dynamic
sectors, reported the source. Not only has this sector grown widely in the past ten years, but has
also been responsible for greater connectivity in Mongolia and radically changing lifestyles.
In 2004, the government established the Information and Communication Agency under the Prime
Minister to consult the government about its function in relation to ICT. It has also promoted this
technology for socio-economic development. The ICT Vision 2010 strategy aims to foster a legal and
business framework for communications and various methods of doing so. It has resulted in laws
such as “Master Plan for the Development of Rural Communications until 2010” and “E-Mongolia”.
The ICTA's ultimate goal is to liberalize business, encourage competition, and develop
infrastructure for communications technology, in addition to closing disparity within the digital
divide.
Growth and development in the communications technology sector will likely continue further. As a
result of the government's efforts, four cellular services and over thirty Internet providers operate
in Mongolia. Its telecommunications base was renovated and installed following global standard
France's Alcatel, Germany's EWSD, and Japan's KDD. Mongolia also signed of memorandum of
understanding with South Korea's Koran Information and Communication Authority. Mongolia is
connected with more than 150 countries via satellite, mobile telephone services are reaching
farther into the countryside than ever before, and a number of programs bringing internet
connections to Mongolian families, such as “One Tugrug Internet.” Over 30,000 families acquired a
computer from the “Internet to Every Family” program and now over 80,000 families have
computers with more than 400,000 Internet users.
Source: Frontier Securities
COPPER PROJECTIONS LOOK SHAKY
Copper suffered in recent weeks due to a shaky economy and investors unwilling to bear risks.
Investors in the United States are most likely spooked due to an unexpected drop in employment.
Copper is one of Mongolia's chief exports and has a great influence on the Mongolian tugrug
performance. The most actively traded copper contract, December delivery, hit a low of USD
4.0725 per pound.
In the U.S. government sector, jobs were cut while the private sector added only 17,000 new
positions. Unemployment stood at 9.1 percent in the United States. Economic data has a huge
influence on the value of copper because it is so closely linked to consumption because it is found
an assortment of goods. If demand falls, it takes copper with it.
“I think you're going to see copper go sideways for the foreseeable future until people see how the
economy is going to pan out,” said Matt Zeman, head of trading at Kingsview Financial.
The weak data is projecting a poor future for copper and will likely prevent it from achieving any
fresh records this year.
Source: Wall Street Journal
GOLD REMAINS LAST SAFE HAVEN FOR INVESTORS
Spot gold is riding a roller coaster with the number of highs and lows it has hit since the U.S. lost its
triple A rating by Standards and Poor. Gold prices hit record highs after Switzerland decided to peg
its currency to the euro, but eased this week. Gold is an export in Mongolia that mining firms such
as Ivanhoe Mines has decided to put greater focus on.
The price of gold hit a record of USD 1,920.30 per ounce after Switzerland pegged its franc. In
times of economic turmoil, investors typically turn to safe havens, but the options are limited this
time around. Usually, those safe havens would be government bonds, gold and the Swiss franc, but
due to the loss in confidence in both U.S. and European credit, and the change to Swiss currency,
gold is the last place to turn.
"We've seen U.S. Treasuries have their reputation as 'risk-free assets' damaged. Now we've got the
Swiss franc subject to substantial and ongoing intervention by the SNB and so yes, it does
strengthen gold's claim as a safe haven."
Source: Reuters
URANIUM MARKET PUTS THE SQUEEZE ON JUNIOR FIRMS
The supply side of the Uranium market has felt a heavy impact since the Japanese nuclear disaster
last spring. In addition to falling demand, the current climate has driven suppliers to scale back on
uranium. The shock waves have reached Mongolia as Cameco, a firm currently operating in
Mongolia, continues to cope in the current market and expand. Meanwhile Cameco will partner with
a firm with Mongolia's neighbor Kazakhstan.
Two of the world's largest uranium producers have diminished their demand by 8 percent, largely
because of the decision to discontinue reactors in Germany and Japan. Spot uranium currently rests
at USD 49 per pound, while the long-term contract price stood at USD 64.50 pounds at the end of
August.
“The juniors are feeling, and will continue to feel, the negative impact of Fukushima, as they
struggle to raise money to advance projects,” said Tim Gabruch, administration and marketing
strategy vice president of Cameco. “All of these developments impact supply going forward and
they also provide an opportunity for Cameco and its business development efforts.”
The executive expressed skepticism as to whether junior uranium companies could continue with
their projects and continue to follow plans made during a better market climate. This was one
reason for Cameco's hostile CAD 520 million, all-cash bid for its competitor Hathor last week.
For demand, Gabruch predicted a “slowdown in nuclear power growth in the near term.”
Read more…
Cameco expects 513 reactors to open by 2020. Currently, 427 are open. If this was the case,
demand would rise from 180 million pounds in 2011 to more than 240 million pounds by 2020,
Gabruch said. The firm announced last week that it has partnered with the Kazakhstan firm,
Kazatomprom, to increase uranium production at the Inkai mine from 3.9 million pounds to 5.2
million pounds annually.
Source: Mining Weekly
MAJOR WESTERN ECONOMIES ARE IN DEEP TROUBLE
Today‟s market has turned the world upside down. The economic crisis has terrified the leaders of
nations and business alike and many in the west are looking to monetary authorities to save them.
Meanwhile, developing countries are growing quickly and are still hungry. As developing nations like
Mongolia continue to grow, some are wondering what lies around the next corner.
The European Union is in economic shambles. The president of the European Central Bank recently
scolded Italian leaders for delaying to pass bills that could bolster its economy. U.S. companies
seems to be doing well with a healthy reserve of funds, but that's only for the time being. The head
of the U.S. Reserve Ben Bernake has made it clear that the number of options it has to assist the
U.S. economy is limited. There's even the possibility that firms are weaker than they let on.
“I don't know whether to cut or invest, and I hate it,” said the head of a large commercial
conglomerate. “Businesses cannot stall. They either go up or down. “
On the other side of the coin are the representatives of the developing world, full of optimism.
While industry leaders worry export-heavy economies like China will struggle to keep up with their
growth, financiers are shaken by the thought of currency wars between developed nations and
emerging economies, as the fall of the euro and dollar put huge strains on the rest of the world.
Source: Wall Street Journal
ASIAN NATIONS CLIMB RUNGS OF WEF COMPETITIVENESS SURVEY
Emerging Markets are beginning to pose a greater challenge to developed nations. According to the
World Economic Forum, nations across Asia climbed higher on its Competitiveness Survey. Mongolia
ranked 96, three places higher than last year.
Singapore placed highest among Asian countries, rising one place from last year. China, the world's
second-largest economy, moved up to 26. The annual survey by the Geneva-based organization
ranks countries based on 12 main criteria, including labor-market efficiency, financial-market
development, infrastructure, and education. The survey signaled a shift in the geography of the
global market as fast-growing Asian nations climbed higher on the list.
"Asia's rise to economic prominence has been accompanied by a remarkable dynamism in terms of
competitiveness," the forum said in its report, with Singapore at the top in efficiency of
government and freedom from corruption.
While the eastern markets made efforts to improve their competitiveness, the west was
preoccupied with preventing recession and cutting debt. Countries like Australia were ranked lower
because of an inability to keep up with the growing global market. In Australia's case, it was a
weakness in infrastructure—particularly transportation. Top-ranked Switzerland was a cut among
the rest for its transparent government, highly developed financial markets, and research and
development activities. However, the quickly appreciating franc could count against it next year.
Source: Wall Street Journal
ASIAN ECONOMIES MAY BE LOSING STEAM
Evidence of a drop in manufacturing activity and construction projects in nations throughout Asia
may suggests those economies are slowing down. Although two reports showed a small increase in
production last month, it is unclear if China is growing or shrinking.
Data published in a recently periodical supported the warnings of economic experts that Asia has
not completely isolated from the global economic slowdown. Data regarding South Korea, Taiwan,
and Japan showed that economic activity was sliding down in all those nations. Financial crisis and
the lagged effects of interest drove government to raise interest rates to fight inflation.
“Now that the western world is teetering on the brink of recession the outlook has dimmed
further,” said Robert Piror-Wandesforde, Asia economist at Credit Suisse in Singapore.
“Unfortunately, there is little to suggest that large parts of Asia remain anything other than highly
susceptible to growth developments in the U.S. and Europe”.
Source: Financial Times
CHINA BULLIES THE MARKET
China's state-owned enterprises are feeling a backlash from overly-protective measures it took in
the last economic crisis. Although China face losses, it hasn't actually felt the need to live up to its
responsibilities and has instead tried to force its way out of bad contracts, counting on government
support if all else fails. China is currently pioneering a path that all developing countries could
learn from using these tactics, whether it be for its failure or success. Chinese firms are also heavily
invested in Mongolia's mining sector.
China COSCO's shipping contracts has been the source of some economic pains in China and also
serves as an example of growing trend among state-owned companies. Originally the company
agreed to long term shipping contracts to protect it from the high transportation costs nearly three
years ago. Now, unfortunately, prices are no longer so high and China is at a real loss. Rather than
bear the cost, China COSCO simply ended its payments in an effort to strong arm shipping
companies into renegotiations.
Part of the problem may be a lack of experience and know how in regards to risk management.
Another is China's aggressiveness and confidence in the market. However, now China is testing how
much foreign companies will tolerate before they are finally willing to walk away from the lucrative
Chinese market.
Source: Wall Street Journal
STARTUP WEEKEND II THIS MONTH
A convention for entrepreneurs in Mongolia will be held from 16 September to 18. Startup Weekend
aims to help the creation of new businesses and provide entrepreneur education.
The convention is a 54-hour event for developers, designers, marketers, product managers, and
start-up enthusiasts to come and share ideas, form teams, build products, and launch startups.
The event will open Friday, 16 September with open-mic pitches and will continue Saturday and
Sunday to focus on customer development, validating ideas, a practicing startup methodologies.
The event will end Sunday evening as teams demonstrate their prototypes and receive feedback
from a panel of experts.
Speakers at Mongolia‟s second Startup Weekend will include Demir Yener, USAID senior corporate
governance advisor, and Mark Watkins, New York English's chief executive officer.
Startup Weekend began in 2007 in Boulder, Colorado. In the groups first two years, over 80 Startup
Weekends have been held throughout the world. By 2010, it had built a network of over 25,000
alumni, 15 volunteer organizers, and 60 trained facilitators spread across more than 100 cities in 30
countries.
Source: Kauffman Foundation
POLITICS
EYE ON MONGOLIA, VIA CNN
Mongolia's most important goal is to convert its mineral wealth into benefits for its people said
Prime Minister S. Batbold to CNN, a U.S. television news network. The interview was part of a
week-long coverage, “Eye on Mongolia," serving as an introduction of Mongolia to millions of
viewers in the United States and around the world.
Mongolia will face many challenges, but its large supply of raw minerals and the ingenuity of its
people may help it develop rather quickly. Mongolia is a relatively new democracy and capitalist
economy, but has the luxury of choosing from a wide variety of models. For business and trade, S.
Batbold said he would like to follow in the footsteps of Norway and Chile.
Although one-third of Mongolia lives in poverty, the rapid changes in Mongolia may give the whole
country the opportunity for a new way of life. The distribution of Erdenes Tavan Tolgoi shares to
every Mongolian citizen could give every Mongolian an extraordinary advantage. Erdenes Tavan
Tolgoi is the state-owned company extracting coal from Tavan Tolgoi, one of the world‟s largest
untapped coal deposits worth billions of U.S. dollars.
Source: CNN
“100,000 HOMES” TO GRANT MNT 1 MILLION TO POTENTIAL HOMEOWNERS
The Mongolian government promised to give MNT 1 million to families towards the purchase of a
new housing unit for its “100,000 Homes” project. The project aims to build 100,000 new housing
units in Ulaanbaatar.
Construction is already underway on a 15,000-unit apartment complex for the government's housing
program. For each new homeowner, the government plans to give MNT 1 million directly to the
construction company. However, the potential homeowner will still have to make a down payment
on the home.
By providing citizens with comfortable homes, the Government hopes to reduce air pollution in the
city,” said Land and Geodesy authority Ts. Gankhuu. It is up to the provincial or city authorities, as
well as the Social Welfare Authority, and the Apartment Finance Corporation if that request is
approved. Gankhuu estimated that over 20,000 new homes will be built each year. This program
will provide families assistance in meeting their demand.
Source: Mongolia-Web
GOVERNMENT CRACKS DOWN ON MINERS WHO INGNORE RESTORATION DUTIES
The government halted the mining operations of 40 different mining companies because of their
failure to initate a sufficient amount of land restoration activities. By law, the Mongolian
government requires all mining companies to make real efforts for land resotration in return for
permission for production and exploration.
Mining companies possess over 14,000 hectares of land in Mongolia; 5,000 of which has already been
explored. Mongolian law requires those companies to make an effort to repair the damage done by
their exploration activities. However, enforcement has been weak.
“We started mining rehabilitation in 2004,” said B. Baatartsogt, head of the Geology and Mining
Inspection Deparment at the Gerneral Agency for Specialized Inspection. Our idea about
rehablitiation is also constantly changing. Mining companies have started trying different
rehabilitation methods, depenidng on the characterstics of their operations and experience.”
The government has distributed a book instructing mining companies how to close mines and repair
the damage they have made.
“Closing a mine is not just filling up a hole and growing some trees on top,” said Baatartsogt.
Read more…
“Rehabilitation programs should include infrastructure and worker's social problems, in addition to
the development of future uses for the former mining site.”
Altandornod Mongol and Mongol Gazar were singled out as two companies who did not make enough
effort towards these requierments. Reports have observed disruptions to the land'surface and land
slides as enough evidence to warrant this necessity.
Source: Undesnii Shuudan
ONLY ECO-FRIENDLY NUCLEAR GOALS FOR MONGOLIA, SAYS GOVERNMENT
The Mongolian government released a statement denying all claims that Mongolia is interested
importing and storing the nuclear waste of foreign nations. Although Mongolia is interested in
nuclear technology, all policies and decisions are fully compliant with various laws regarding
nuclear energy and waste.
In recent times, domestic and global media have reported on negotiations between Mongolia and
other countries regarding agreements to bury nuclear waste in Mongolia. The statement says all of
the claims are false and misleading. These actions would violate Mongolians laws. The released
document explains the government has and will always be in accordance with Mongolian law.
Government has incentives to further study the radioactive mineral resources and become a
peaceful miner, producer, and exporting country of nuclear energy. Mongolia is only interested in
producing nuclear energy by environmentally friendly means.
Source: Business-Mongolia
19 MPs CALL FOR REVISIONS TO OT CONTRACT
Members of Parliament are appealing to government for changes to be made to the Oyu Tolgoi
agreement. They say that although a quick signing was essential, it is imperative a review be made
because Mongolia is losing too much in the current deal.
A total of 19 MPs argued the need for change to the contract. They said a mineral reserve payment
of 20 or 30 percent is needed. Parliament has already replaced the original 6 percent tax with
a new one, but no changes were made to the Oyu Tolgoi contract. Additionally, the 30 year period
allotted to pay back the initial payment is too long. Current copper prices are USD 9,000 per ton.
At this price, the investment can be paid back within two years, they said.
Finally, after the intial investment is paid, the Mongolian share in OT should be raised to 50
percent. The current 34 percent stake is too low, said MP D. Gankhuyag.
Source: Odriin Sonin
UB EXPANDS PUBLIC TRANSPORTATION SCHEDULE
The public transportation schedule in Ulaanbaatar will be extended to help ease traffic problems.
Buses and trolleys on 56 routes will run from 6:30 a.m. until 22:30 p.m. in an effort to reduce
traffic jams in the capital city. This includes routes to and from the nearby town Nalaikh. Traffic
has increased with the start of the new school year.
This decision was made in a larger effort to ease traffic conditions in the city. Ulaanbaatar Mayor
G. Munkbayar recently ordered public officials to begin work an hour earlier in the morning and
streets have been widened in the city to allow the passage of more cars.
Source: MAD-Mongolia
FINNISH PRESIDENT OPENS RELATIONS WITH MONGOLIA
Human rights in Mongolia are just as important as financial gain in Finland, said Finnish President
Tarja Halonen. The Finnish head of state recently made her first official visit to Mongolia,
accompanied by a delegation of business executives. Like much of the rest of the world, companies
from Finland are hoping to take part in the mining boom taking place in Mongolia.
“When I talk about valuable relations, I talk about respecting human rights, rule of law,
transparency, more inclusive government,” said President Ts. Elbegdorj. “I think Finland is going to
be a great role model for Mongolia.”
Finnish companies are hoping to secure lucrative contracts to mining projects in Mongolia. The
Finnish delegation also included Minister for Foreign Trade and Development Alexander Stubb, who
said that Finnish companies could bring environmental values to the area. ”
Source: YLE
ROYAL VISIT FROM KUWAIT
Leaders from all over are taking a moment to pay a short visit to Mongolia. Most recently, the Emir
of Kuwait recently tightened relations with Mongolia on his recent visit to Mongolia.
Emir Sabah Al-Ahmad Al-Jaber Al-Sabah met with President Ts. Elbegdorj to discuss mutual
cooperation between each leader's respective nation. The royal visitor met Elbegdorj at the
presidency headquarters this week, accompanied by his deputy chief of the National Guard. Before
his departure the Kuwaiti leader extended an invitation for Elbegdorj to visit Kuwait.
Source: Kuwait News Agency
ELBEGDORJ TO TRAVEL ABROAD
After a full month of presidential visits to Mongolia, President Ts. Elbegdorj will begin his own tour
abroad. The tour will include visits to the United States and Russia this September. The president's
trip comes a few weeks after U.S. Vice President Joe Biden's trip to Mongolia. During his seven hour
stay, Biden discussed a Transparency Agreement and deepening ties between the two allies.
Source: Business-Mongolia
INDIA COURTS MONGOLIA FOR ITS MILITARY DEFENSE STRATEGY
India will attempt to bolster military ties with Mongolia for mutual defense purposes as both shares
a large border with China. Army Chief General VK Singh will leave for a three-day visit during
Mongolia's independence holiday. This trip follows President Pratibha's visit in July.
Singh's visit will be one of many regular visits from Indian officials in a deliberate effort to build
closer relations. The visit will consist of training exercises to be held during Mongolia's 100th
anniversary of Independence from 15 September until 29. About 40 troops of the Indian Army will
join the Mongolian Armed Forces in cooperative military training. The military exercise could
become an annual cooperative event.
Source: Indian Express
MONGOLIA WELCOMES NEW GERMAN AMBASSADOR
The new German Ambassador to Mongolia and the Mongolia government committed to greater
relations at the official presentation of diplomatic credentials.
“The Federal Republic of Germany rendered vaious assistance to Mongolia in support of its reform
and democratic transformation,” said President Ts. Elbegdorj in a statement following the
ceremony.
The president said he hopes the new ambassador would contribute to widening bilateral relations
and cooperation in the mining sector with infrastructure and education. He has sumbitted a
proposal to found a Mongolian-German joint university as well, intending to discuss the matter
during a visit from German Chancellor Angela Merkel.
Source: Montsame
STUDENTS BEGIN NEW SCHOOL YEAR
Last week, 1 September marked the beginning of the new school year. Opening ceremonies took
place in Mongolian primary and secondary schools. Traditionally, high-ranking government officials
visit schools every year to wish students luck. Parliament Speaker D. Demberel spoke at Secondary
School No. 38. and the National University of Mongolia.
Source: MAD-Mongolia
CHINA TO FUND SHINE YARMAG HOUSING COMPLEX
China agreed to grant Mongolia CNY 10 million in aid for its “Shine Yarmag” apartment complex.
The apartments are a part of the “100,000 Homes” project to provide housing to Mongolians.
Zhou Yongkanga, a high-level official of the Communist Party of China, was accompanied by
colleagues for a visit to Mongolia. China had already expressed interest in cooperating with
Mongolia on projects for oil production and processing, railway construction, agriculture, food
safety, border port development, and media relations. The recent visit included discussions on
greater cooperation in fields of science and technology too.
During the visit by Chinese officials, the CNY 10 million was granted to the Ministry of Justice and
Home Affairs by the Chinese government. They also proposed sending volunteer teachers to
Mongolia to teach Chinese to Mongolians.
Source: Undesnii Shuudan
NEW PARTY ENTERS MONGOLIAN POLITICS
A new party is to be organized by Ts. Shinebayar, who recently defected from the Mongolian
People's Revolutionary Party (MPRP). He is calling his new party Khamug Mongol Labor Party.
Shinebayar is currently the head of the Khamug Mongolia Alliance. He left the MPRP this summer,
citing personal reasons, but stirred great controversy in doing so. The official said he decided to
establish the party due to urging from young people in his alliance.
“We must now solve structural issues,” said Shinebayar. “But this is separate from the activities of
the Khamug Mongol Alliance.
Shinebayar's resignation was only recently accepted by the MPRP. The former-party member said he
has no lingering issues with his former colleagues and still respects the work they do.
Source: Mongol-Web
MONGOLIA‟s MPP AND CHINA'S COMMUNIST PARTY STRIVE FOR COOPERATION
Mongolia and China's economies will likely cooperate a great deal in the future, said Chinese Vice
President Xi Jinping. The vice president said he hopes the two nations will work together on mining
projects, calling the two nations' economies “complementary.”
Xi made his remarks during this meeting with Mongolian People's Party (MPP) Secretary General U.
Khurelsukh. The Chinese official explained that when facing opportunities for cooperation, China
and Mongolia should take advantage of them to reinforce a greater partnership on all relevant
fields. In regard to the mining sector, he said each nation's efforts should coincide with
infrastructure, construction, and financial cooperation.
Khurelsukh was in China to attend a two-day seminar presented by the Communist Party of China
(CPC) exchanging views and experiences on party building and national construction. The Mongolian
party leader said the seminar deepened mutual trust and understanding between the two parties.
The MPP is currently striving for greater friendly relations between the two nations and advance
bilateral cooperation. This includes politics involving the economy and culture. The two nations
chose to improve ties from a good-neighbor partnership of mutual trust to a strategic partnership,
according to a joint statement issued during Mongolian Prime Minister S. Batbold's visit to China in
June.
Source: Xinhuanet
ANNOUNCEMENTS
14th NAMBC ANNUAL INVESTORS CONFERENCE IN UB, OCTOBER 4-6 - TO COVER
INFRASTRUCTURE, MINING, LEGAL ISSUES AND POLITICS
The NAMBC's 14th Annual Investors Conference & Ikh Tenger Roundtable in UB, October 4-6, will be
the first time delegates are offered gavel-to-gavel complete simultaneous interpretation at all
sessions. The deadline for registration is September 20. For further details, registration forms and
room reservations at the Kempinski Khan Palace Hotel, go to www.nambc.org Registration is open
to all.
In addition to Prime Minister S. Batbold hosting the traditional Ikh Tenger roundtable and reception,
other speakers include the keynote address by Canadian Ambassador Greg Goldhawk, remarks on
the investment climate by US Ambassador Jonathan Addleton and an address on the Centennial of
Mongolia regaining independence by famed historian Jack Weatherford, author of Genghis Khan and
the Making of the Modern World and Mongol Queens.
Panels will focus on "Dispute Settlement, Judicial and Legal Reform," chaired by Michael Aldrich,
Hogan Lovells; "Infrastructure," chaired by Pete Morrow, Khan Bank & Newcom LLC; "Politics and
Prospects for the 2012 Parliamentary Elections," chaired by D. Jargalsaikhan, Xac Bank & host of
the "Jargal de facto" TV public affairs program; and "Mining and Natural Resource Development,"
chaired by David Paterson, Oyu Tolgoi LLC & Rio Tinto.
Conference registrants are also offered an optional one-day visit by air to the Oyu Tolgoi mine for
an additional fee.
Conference sponsors include Rio Tinto, Oyu Tolgoi LLC, Wagner Asia, Erdenes MGL, Erdenes Tavan
Tolgoi, and the Business Council of Mongolia (BCM), brother organization of the NAMBC. Founded in
1990, the NAMBC has been Mongolia's key link to the USA and Canada for over two decades.
________________________________________________
METALS MONGOLIA, ULAANBAATAR, NOVEMBER 3-4
The main objective of the international investment conference, to be held in Government House, is
to provide a discussion platform and assist in medium- and long-term planning and implementation
associated with the government‟s intentions to achieve value-added production at industrial parks
through downstream processing of ferrous and non-ferrous metal products. It is aimed to provide
potential investors with an insight into the government‟s policies pertaining to the metallurgical
industry, related exploration, extraction, processing, and infrastructure projects; to facilitate such
investments; provide opportunity for open discussion and possible solutions through involvement of
representatives of both public and private sector and professional organizations on the
opportunities and challenges in project financing, tax and legal environment.
The conference will have main and branch sessions involving over 800 representatives of parties
engaged in ferrous and non-ferrous metal projects, manufacturers, suppliers, foreign and domestic
investors, academics, professional associations, state administrative bodies, embassies. The main
conference will cover the present situation and future trends in Mongolia‟s metallurgical industry. A
special feature will be the “Government Hour,” which will feature an open discussion on
strengthening PPP in the metal-based industrialization process.
The branch conferences will be on:
- Opportunity to develop rare-earth based industries
- Developing base metal industries
- Developing iron and steel industries
- Issues facing provision of required infrastructure to ferrous and non-ferrous metals based on
industries-experiment and opportunity
Each branch conference will include thorough discussions of resources and reserves of the type of
metal discussed, applicable market conditions, investment projects, technology and equipment.
BCM is a Supporter of the event.
For more information, Visit: http://www.metalsmongolia.mn/, or call +976-70115590, Fax: + 976-
70125590, or email:info@metalsmongolia.mn.
________________________________________________
MIDEST 2011 IN PARIS, NOV 15
Registration is open for the MIDEST 2011 and the Maintenance Expo 2011 this fall. The conventions
will be held in Paris, France from November 15 to 18 2011. Registration will be made by the
Business Council of Mongolia in conjunction with the French Embassy.
MIDEST 2011 is both a business show and showcase for solutions. It is also a channel and a source of
information about the technologies delivering concrete industrial and economic advances.
Maintenance Expo 2011, featuring 1,700 subcontractors from 75 countries around the world, will be
an additional part of the event. Attendees will learn about advances in industrial subcontracting
techniques in the processing of metal, plastic, wood, and other materials. There will also be
information on rubber and composite materials, electronics, micro techniques, and more.
Those who join the official delegation will receive a variety of perks. Benefits include free access to
the exhibition hall in addition to the International Business Center where attendees can arrange
private meetings with exhibitors. Assistance will be given for arranging and scheduling
appointments with French exhibitors, show logistics, and travel and hotel booking. It will also
provide entrance to 100 conferences regarding stagey, economics, and technology.
For more information or registration call 317027 or email saruul@bcmongolia.org. The registration
deadline is September 26 at 6 p.m.
_________________________________________________
ALS TO TEACH COAL QUALITY COURSE IN UB, SEPTEMBER 19-21
A new course to teach the characteristics of coal that indicate its quality will be held from 19
September until 21 in Ulaanbaatar. The ALS Coal Quality Course intends to deliver a comprehensive
introduction to the broad issues of coal quality, from mining and preparation through to the end-
user.
ALS recently acquired Stewart, the parent of Stewart Mongolia LLC.
Topics include:
- Understanding Coal - Rank & Classification
- Sampling
- Quality control
- Petrography
- Thermal coal use in Power Stations
- Coal Analysis and Use
- Laboratory Calculations Coal use in Coke making - Steel making process
- Resource Evaluation Questions and Answers
- Coal Preparation
This training course will help students understanding how to obtain the maximum benefits from coal
products, said course producers. Over three days of lessons, the course will cover broad issues,
including exploration, mining, and testing. The course will be presented by experts in their field.
For more information or information contact O. Dashdarjaa at +976 9910 0879 or via email at
otgonbat.dashdarjaa@alsglobal.com. Visit the website at alsglobal.com.
________________________________________________
MONGOLIA TRADE & COMMODITY FINANCE CONFERENCE, ULAANBAATAR, OCTOBER 13
This landmark conference at the Chinggis Khaan Hotel will only welcome leading experts within the
trade and commodity finance sector, utilizing a format that includes detailed case studies,
informed debate and invaluable networking opportunities.
Among topics to be discussed:
- Considering the threat posed by volatile commodity prices
- Utilizing Mongolia‟s competitive advantage to improve product diversification
- Improving underdeveloped promotion services to demonstrate the unique appeal of Mongolia
- Raising capital from foreign investors to develop projects and infrastructure
- Developing an export financing structure
- Expanding trading relations beyond traditional allies to become a truly global trade partner
- Reducing dependence on foreign imports
- Forging relationships between local and international banks to provide vital liquidity.
Speakers include:
BCM is a Supporting Organization for this event and special offers are available for BCM members.
The conference brochures with agenda will be available in BCM office and will also be distributed at
BCM‟s September 26.
Please contact Ms. Monika Kuzniewska, Marketing Executive, at monika@exportagroup.com or by
phone at +44 (0) 20 8772 3013 for further information.
___________________________________________
MM TODAY” on MNB-TV, Fridays at 21:15
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.
___________________________________________
“BSPOT” on B-TV, Monday to Friday at 21:30
B-TV (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.
___________________________________________
POSTINGS ON BCM‟s ENGLISH WEBSITE 'PRESENTATIONS' AND 'MONGOLIA REPORTS' and BCM‟s
MONGOLIAN WEBSITE „NEWS‟ SECTIONS
As a key component of BCM‟s Mongolian website “News” section, articles from the Government‟s
“Open-Government.mn” site will be regularly posted. Also several draft laws, still to be discussed
in Parliament, are posted on BCM‟s English website in the Legislative Working Group section.
On BCM‟s English website - „Presentations‟ from BCM‟s 7 monthly meetings in 2011, Peter Nicholls,
OT‟s new VP-Operations, at Global MInES in Sydney on July 4, summaries of the key addresses at
Eurasia Capital‟s Mongolian Investment Conference on May 25, Jim Dwyer of BCM‟s interview on
Mongolia National Broadcasting‟s “Face to Face” on May 16, and the very successful Mines and
Money Hong Kong‟s „Mongolia Investment Summit‟ morning on March 25 are posted in BCM website‟s
"Resource, Presentations" for your review.
Also on BCM‟s English website, „Mongolia Reports‟ including "Blitz and Lead" by Sant Maral
Foundation, August 2011, Z. Batbayar, Deputy Director of the Water Authority, at BCM‟s
Environmental Working Group‟s recent meeting, the Polit Barometer-May 2011 from Sant Maral
Foundation and the U.S. Embassy Mongolia‟s Commercial Section‟s “2011 Mongolia Investment Climate
Statement” are among the reports posted on BCM's website (www.bcmongolia.org) in the “Resource,
Mongolia Reports” section.
We are now posting some news stories and analyses relevant to Mongolia on the BCM website's
„Mongolian Business News‟ as they come, instead of waiting until 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.
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]
July 31, 2011 *10.1% [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]
May 12, 2010 11.00% [source: IMF]
April 28, 2011 11.50% [source: IMF]
August 25, 2011 11.75% [source: IMF]
CURRENCY RATES – September 8, 2011
Currency Name Currency Rate
U.S. dollar USD 1250.49
Euro EUR 1759.00
Japanese yen JPY 16.14
British pound GBP 1990.97
Hong Kong dollar HKD 158.60
Chinese Yuan CNY 195.80
Russian Ruble RUB 42.31
South Korean won KRW 1.15
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.

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09.09.2011, NEWSWIRE, Issue 184

  • 1. BUSINESS COUNCIL of MONGOLIA NewsWire www.bcmongolia.org info@bcmongolia.org Issue 184, September 9 2011 NEWS HIGHLIGHTS: Business:  Discover Mongolia opens to investor and industry leaders;  TT to raise USD 3 billion in 2012;  MMC serves as a sneak preview to TT for investors;  Envidity's liquid-coal fuel project hits major road bump;  FRC approves Sharyn Gol’s stock offering on MSE;  LSE is in talks on European clearinghouse acquisition;  Xanadu's Nuurstei tests yield good results;  Kincora Copper to expand Bronze Fox project;  Earnings triple for Major Drilling;  Major Drilling scrambles to meet great demand;  Peabody agrees to acquire major Australian coal producer;  Rio Tinto strives for sustainable development in nations;  Powerscreen enters Mongolian mining market;  Investors serve Leighton Holdings class action lawsuit;  Rio Tinto to sell South African copper holdings;  Outotec to aid mining sector development;  Move One to support U.S. Embassy with supply chain. Economy:  Mongolia sells MNT 100 billion worth of bonds;  Economic growth brings prosperity to Mongolia;  Australian coal miners eye Mongolia;  Connecting Mongolia: from city to pastures;  Copper projections look shaky;  Gold remains last safe haven for investors;  Uranium market puts the squeeze on junior firms;  Major Western economies are in deep trouble;  Asian nations climb rungs of WEF competitiveness survey;  Asian economies may be losing steam;  China bullies the market;  Startup Weekend II this month. Politics:  Eye on Mongolia, via CNN;  “100,000 Homes” to grant MNT 1 million to potential homeowners;  Government cracks down on miners ignoring restoration duties;  Only eco-friendly nuclear goals for Mongolia, says Government;  19 MPs call for revisions to OT contract;  UB expands public transportation schedule;  Finnish President opens relations with Mongolia;  Royal visit from Kuwait;  Elbegdorj to travel abroad;  India courts Mongolia for its military defense strategy;
  • 2.  Mongolia welcomes new German ambassador;  Students begin new school year;  China to fund Shine Yarmag housing complex;  New party enters Mongolian politics;  Mongolia’s MPP and China's Communist Party strive for cooperation. *Click on titles above to link to articles. SPONSORS Khan Bank Eznis Airways Kempinski Hotel Khan Palace Mongolian National Broadcasting Mongolian Star Melchers Breakthrough PR MCS Property Oxford Business Group BUSINESS DISCOVER MONOGLIA OPENS TO INVESTOR AND INDUSTRY LEADERS Discover Mongolia kicked off Thursday to a huge reception by investors and industry professionals. The event is Mongolia's leading mining conference for the latest news, introduction of new companies, and opportunity to bring industry professionals and investors together. Day One featured reflections on long-term investment in Mongolia, present and future opportunities, and updates from Mongolia's largest mining sites. James Passin, the fund manager of at Firebird Management, looking back at years of investment working for the first institutional investor in Mongolia. He described the Mongolian Stock Exchange (MSE) as “dull,” when he first came to Mongolia. Trades were infrequent and activity was low. Yet, now the MSE is ranking among the top markets in the world. He described the storm of activity that has generated and the exciting opportunities for growth and to attract new investment to Mongolia with companies listed on the MSE. UBS Managing Director Ghee Peh quickly ran through the synergies in Mongolia, a huge boon for the nation. China is a voracious consumer of coal and copper, two minerals Mongolia has in droves. M. Uyanga, the business development manager of Ernst and Young gave an honest look at the risks
  • 3. investors should keep in mind. These include a shortage of skilled workers and infrastructure, resource nationalism, maintaining social licenses, prices and currency, and fraud and corruption. The day ended with a number of speeches given by company leaders. Chairman and Chief Executive Officer of Prophecy Resources, John Lee discussed Mongolia's pressing need for energy. The company has turned its focus on providing energy, finding it more profitable than the sale of thermal coal. Other speakers included B. Enebish, the executive director of Erdenes Tavan Tolgoi, giving a report on the steady progress on the development of its enormous coal mine; and David Paull, the executive director of Aspire Mining, discussing the development of coking coal in northern Mongolia. In one of the most anticipated speeches, Cameron McRae, the chief executive of Oyu Tolgoi and country director of Rio Tinto, reported on the progress on Oyu Tolgoi, the world's largest undeveloped copper and gold deposit. He said by the time the mine's development is finished, it will produce 460,000 tons per year of copper, in addition to large stocks of gold and silver. Oyu Tolgoi will produce 24 percent of all the copper coming out of Asia, a great deal of which will be consumed by China. Finally he ended his talk with a few words on Rio's status as a gold partner of Mongolia's Olympics team. Some of the gold used for the 2012 Olympic medals will have originated from Mongolia and McRae wished Mongolia‟s athletes luck in bringing back some of the gold that came from Oyu Tolgoi. Source: Business Council of Mongolia TT TO RAISE USD 3 BILLION IN 2012 Erdenes Tavan Tolgoi will likely raise USD 3 billion when it goes to the market next year. Plans have not yet finished for the IPO, but it is likely it will go on sale next year, possibly to the Mongolian Stock Exchange (MSE), London Stock Exchange (LSE), and Hong Kong Exchange (HKE). Mongolia's decision is partly based on its desired to boost living standards. The average income in Mongolia is about USD 2,000 a year. Mongolia's entire economy was worth USD 6.8 billion last year. The IPO “has a lot of the ingredients that investors would ultimately find attractive,” Peter Arden, a senior research analyst at Ord Minnett, said by telephone from Melbourne. “Although there is still lingering doubt over the sovereign risk there, the project is on the doorstep of China and the emerging market.” Tavan Tolgoi would be the first company to sell share simultaneously in three different markets. Of the total shares, 10 percent will be owned by Mongolian citizens, who may sell their stock as they choose. Estimates say that Tavan Tolgoi holds more than 6 billion tons of coal and is one of the world's biggest untapped sources. Last month Credit Suisse Group raised its predicted prices for coking coal by an average of 15 percent from 2014 to 2018, citing “unrelenting” demand. Prices rose to a record USD 330 a ton for three-month contracts in April. Source: Bloomberg News MMC SERVES AS A SNEAK PREVIEW TO TT FOR INVESTORS Although Mongolia's resources have become the trendy new investment, investors would be wise to heed caution. Analysis of the IPOs operating in Mongolia show signs of struggle. Tavan Tolgoi's entrance on the London, Hong Kong, and Mongolian markets will be a true test of Mongolia's promise. If shares do well, investors who have seen shaky post-IPO performance by Mongolian-linked companies can maybe relax. Although Mongolia has been grandstanded for its untapped mining potential, many of the companies who have begun operation in Mongolia have not fared so well on the market. Only one of the three companies listed on the Hong Kong exchange with substantial operations in Mongolia has seen share prices rise. Mongolian Mining Corporation (MMC), a wholly-owned Mongolian mining firm, is the best preview investors have of how a Tavan Tolgoi might fare. Investors were initially hesitant to gamble on Mongolia, but the success of MMC seems to have assured some. “MMC is probably three to four years further advanced relative to [Tavan Tolgoi], so we think there‟s a blueprint for [Tavan] in MMC,” said a Hong Kong-based analyst. “I think the valuation will read through” Tavan Tolgoi Erdenes, a state-owned mining firm, is expected to launch its IPOs in 2012. Source: Financial Times ENVIDITY'S LIQUID-COAL FUEL PROJECT HITS MAJOR ROAD BUMP Operations have stalled on Envidity's “Shivee Ovoo Coal Gasification and Gas to Liquids Project.”
  • 4. The project was expected to create 3,000 construction and 150 permanent high salary jobs for Mongolians, in addition to introducing Mongolia as a leader in alternative fuels. Six weeks ago, Envidity announced it will work in Mongolia on a new liquid-fuel source extracted from coal. The company promised immense economic opportunity and to make Mongolia a world leader in alternative fuels. However, since then progress has stalled. The company points to strange behavior and a hesitancy from its Mongolian partner Shine Shivee as a reason for Envidity's inability to move forward. Shivee was legally obligated to sign a definitive agreement to initiate exploration, but has refused to do so. “One of the key reasons that we chose Mongolia to carry out the project despite significant offers elsewhere was the specific request of Prime Minister Batbold to bring cutting edge value adding technology to Mongolia” said General Clark. “If the Mongolian Government fails to address these actions by license holders seeking to block the Envidity Project‟s many positive benefits to Mongolia, it will send a clear message that sophisticated international mining investors must think very carefully before investing the substantial time, financing, and other resources to develop a project in the Mongolian mineral sector.” Envidity has secured USD 120 million of cash and access to an additional USD 850 million in sovereign bonds for a total of USD 1 billion in foreign direct investment into Mongolia over five years. The company hopes that with timely support from the Government and its partners that the project can still go forward. Source: Minegolia FRC APPROVES SHARYN GOL STOCK OFFERING ON MSE Sharyn Gol JSC (SHG) will sell additional shares on the Mongolian Stock Exchange. The company is hoping to raise MNT 17.7 billion to expand operations. The decision to allow SHG's FPOs was approved by the Financial Regulation Committee. At present, SHG holds reserves of unwashed raw coal. Coal quality and washability tests indicate a strong potential for a high yield with low ash and moderate to low sulfur composition suitable for international markets. “Very encouraging results indicate the operations strong potential through establishing simple washing process, to produce a premium high quality, low ash, and low-moderate sulfur coal product suitable for export to international markets,” said Frontier Securities Chief Investment Strategist Dale Choi. The company plans to move forward with major production expansion, and to implement plans to underground mining operations. Source: Frontier Securities LSE IS IN TALKS ON EUROPEAN CLEARINGHOUSE ACQUISTION The London Stock Exchange's (LSE) attempt at horizontal expansion may not go unpunished. The renowned market has strained to acquire its own clearinghouse, but at great risk, reported the source. The LSE is one of three markets where Mongolia's Erdenes Tavan Tolgoi may list. The LSE is in talks to purchase a major stake in LCH Clearnet. However, LCH is Europe's sole independent large clearing house and is thus widely pursued. Paying a heavy bid many not be wise, especially when the LSE is in current pursuit of expanding vertically by merging with Canada's Toronto Stock Exchange (TSX). The advantages of a market owning its own clearing house are numerous. Economically it is more efficient to do business with one's self than a separate entity. Customers of the LSE would be encouraged to use its own clearinghouse, likely with discounts. Clearing and settlement currently accounts for less than 15 percent of the LSE's global revenue, but if it were to have its own larger clearing business, it could rise as high as 50 percent. Although the LSE may be able to improve the performance of LCH and improve economic efficiency with its own clearinghouse, the market should learn from other exchanges which have fallen in their attempts to bulk up. Source: Wall Street Journal XANADU'S NUURSTEI TESTS YIELD GOOD RESTULS Laboratory results indicate the existence of high quality coal at Xanadu Mines‟ Nuurstei project. The raw sample came from its first diamond drill hole at the project. At the site of exploration, the firm uncovered samples 290 meters thick with coal seams of up to 6 meters in apparent thickness. Tests showed low to medium volatile coal. Washability, coking and
  • 5. plastometric tests have not yet completed. Coal quality analysis will continue over the next few months as part of a USD 1.5 million drilling program. Four diamond holes have been drilled, reaching 1,393 meters. “The initial coal quality results from Nuurstei are very encouraging, with subsequent drilling confirming the discovery of a potentially significant new coking coal province in northern Mongolia within reasonable distance of the Erdenet rail network,” said Xanadu‟s chairman Brian Thornton. Nuurstei is the first project of the Xanadu and Noble JV strategic alliance in Mongolia targeting coking coal and iron ore opportunities. The project covers an area exceeding 3,000 hectares. Source: Xanadu Mines KINCORA COPPER TO EXPAND BRONZE FOX PROJECT Kincora Copper will take the outstanding 25 percent of the Bronze Fox copper and gold project as part of its recent in exchange for 20 percent of its shares. As a result, diamond drilling exploration operations will expand and Duchintav Khojgor will join the firm's board of directors. Khojgor traded his 25 percent stake of Kincora Group, a separate entity from Kincora Copper, for 20 percent of Kincora Copper. As a result of the trade, exploration activities will expand for the Bronze Fox project. The site consists of 223.23 square-kilometers of land 140 kilometers northeast of Oyu Tolgoi, but on the same deposit of minerals. The company completed 7,155 meters of diamond drilling within the central part of the license covering an area of 30-square kilometers since April this year. Highlights includes mineral deposits extending more than 900 meters in depth, the discovery of 3 new sites of interest, a third drilling rig, and the expansion of the geology team to five members. "We are extremely pleased to have Duchintav Khojgor show his confidence in the Company and elect to convert his 25% direct interest in Bronze Fox into a stake in Kincora Copper,” said Stephen Fabian, Kincora Copper's president and chief executive officer. “We are also very excited by the results of the drilling which indicates that Bronze Fox has the potential to contain a large area of copper mineralization as well at the potential for significant gold resource. With the addition of the third drill rig we expect to complete more than 12,000 m of drilling before the end of the year." Kincora Copper is a mining exploration and development company focused on copper and gold deposits in Mongolia. Source: Kincora Copper EARNINGS TRIPLE FOR MAJOR DRILLING Major Drilling's profits tripled this quarter due to an increased demand in drilling services. Drilling operations have increased with the jump in both precious-metal and base-metal prices. “Despite the recent events in the global economy, we have not seen our customers modify their activity patterns,” said Chief Executive Francis McGuire. “Demand for drilling services continues to grow.” The company said it is seeing strong activity levels in all regions and segments. Earnings rose 40 percent to CAD 17.9 million. Quarterly gross margins jumped to 31.4 percent. Drilling Group International Inc. is one of the world‟s largest drilling service companies serving the mining industry. Its services including surface and underground coring, directional, reverse circulation, RAB, geotechnical, and environmental drilling. It has operations in Mongolia with Major Drilling Mongolia. Source: Reuters MAJOR DRILLING SCRAMBLES TO MEET GREAT DEMAND This year's increase in mining activity means larger earnings for mining service companies, but the firm Big Drilling is stretching itself thin to meet demands. The mining exploration drilling contractor said it is getting more calls than ever before. “Whether it's small players or big players, everybody is concerned about the lack of reserves. Everybody sees this big supply gap,” said Chief Executive Officer Francis McGuire. Gold demand from gold juniors was one area of particular growth this summer. Investors have turned to precious metals as a safe haven during this time of uncertainty in the market. Gold exploration now accounts for 48 percent of Major Drilling's revenues in addition to a large contribution from coal. Despite the poor global economy, mining firms have not scaled back operations. Earnings tripled to more than CAD 17.9 million at the end of this quarter due to the surge in metal prices. However, exploration prices have not yet met those from before the economic crisis of 2008. Source: Mining Weekly
  • 6. PEABODY AGREES TO ACQUIRE MAJOR AUSTRALIAN COAL PRODUCER Peabody Energy and Arcerlol Mittal stepped up there offer to acquire Macarthur Coal. Macarthur Coal agreed to the sale at AUD 16 per share, a total price of AUD 4.8 billion (USD 5.2 billion). The two opened there offer at AUD 15.50 last July, but were flatly rejected by Macarthur's board of directors. The board said it would not sell for under AUD 16 per share, which the two firms intially contested, but eventually agreed to for a 100 percent acquisiton of Macarthur's shares. The final sale's price was 40 perecent above the selling price at AUD 11.08. Both Peabody and ArcelorMittal will benefit from the acquistion. The offer will allow Peabody to strengthen its position in the global coal producing market and give ArcelMittal access to Macarthur's coal reserves. ArcelorMittal is a leadeing intergrated steel and mining company with operations in Mongolia. Peabody Energy, the biggest U.S. coal producer, currently owns 26 percent of Tavan Tolgoi's Western Tsankhi. Source: Zacks Investment Research RIO TINTO STRIVES FOR SUSTAINABLE DEVELOPMENT IN NATIONS Rio Tinto is promising to take developing countries along on the upward trajectory of the mining industry. An increase in mineral demands will give developing countries a huge leg up in their future, said Rio Tinto's head for iron-ore expansion projects, David Joyce. He said the value minerals such as copper will double over the next 15 to 20 years, according to projections. Rio Tinto is a large stakeholder in Ivanhoe Mines which is running operations at the Oyu Tolgoi copper and gold project. “Mining investment tends to require significant outlays of capital up front, which are recouped over long operating periods,” he said. “As a result, in most cases, we have a long-term and reliable presence in places where our operations are located. This level of investment has the potential to fundamentally change the lives of people, and at broad levels, the prosperity of nations, if done responsibly.” The representative said the mining industry is in the position of mining, processing, and transporting more minerals over the next two decades than it has in the last 10,000. He named countries throughout Asia and Africa that are continuing to urbanize and industrialize. He said this will ultimately result in increased consumption of products needing metals world-wide. The mining industry is also in the position of making positive, long-term contributions to nations for development and stable economies, he said. Rio is currently undertaking a group-wide review of its sustainable development strategy to ensure that its aim is right and true. Source: Mining Weekly POWERSCREEN ENTERS MONGOLIAN MINING MARKET The Australian mining firm Powerscreen will begin mining operation in Mongolia. The company recently signed an agreement with its first vendor, Wagner Asia Equipment. “Signing Wagner Asia Equipment will further strengthen the Powerscreen distribution network globally,” said Development Manager Allen Smith of Powerscreen. Mongolia is a fast developing country with some of the world's largest deposits of minerals.” Wagner Asia will supply Powerscreen with a large assortment of heavy machinery for crushing. Source: KHL Group INVESTORS SERVE LEIGHTON HOLDINGS CLASS ACTION LAWSUIT To say business was bad for Leighton Holdings in August would be putting it mildly. Investors are serving Leighton a class action lawsuit, claiming the firm misled them about problems with infrastructure projects. This comes after three turnovers in the firm‟s board of directors this year, a drop in stocks, and a net loss after projecting large returns for the year. Leighton Holdings is the parent company of Leighton Asia, a mining services company operating in Mongolia. Although the company projects profits of USD 480 million, the company actually lost nearly that much at USD 427 million. “We say Leighton failed in its corporate governance obligation and failed in its continuous disclosure obligation by not revealing as soon as it should have the difficulties it was facing,” said Andrew Watson, the head of the class action at the law firm Maurice Blackburn. The representative claimed Leighton misrepresented itself. Leighton's shares have fallen from a high of USD 38 to USD 20 in the past year. The immediate action of the lawsuit alone resulted in a USD 4 fall from USD 28.94
  • 7. Source: ABC RIO TINTO TO SELL SOUTH AFRICAN COPPER HOLDINGS Rio Tinto plans to sell its shares of South African copper producer Palabora. Meanwhile the firm is actively acquiring more of Ivanhoe Mines and its operations in Oyu Tolgoi. Rio Tinto plans to sell its 57.7 percent shareholding in Palabora, citing a “limited opportunity to expand copper mining at Palabora,” said copper chief Andrew Harding. Palabora operates a copper mine, smelter and refinery complex with a total production of 80,000 tons per year. Rio Tinto vowed to continue running operations efficiently and safely until a sale is made. Palabora accounts for 8 percent of Rio's copper reserves this year so far. Although Rio said it is scaling back on this copper project, it recently bought up more shares of Ivanhoe Mines in Mongolia. It currently owns a 48.5 percent stake in Ivanhoe and is the project operator at Oyu Tolgoi. Source: Mining Weekly OUTOTEC TO AID MINING SECTOR DEVELOPMENT Outotec will collaborate with the Mongolian government to help the nation process its mineral mining and metallurgical processing. The deal was discussed during Finnish President Tarja Halonen's visit last week. The company will support the Ministry of Minerals and Mining as a technical advisor on the project. "We are glad to be advising Mongolia in developing the utilization of its enormous mineral resources. Outotec's expertise of sustainable technologies covers the whole processing chain from minerals to metals", says Outotec's Chief Executive Officer Pertti Korhonen. The partnership will focus on analyzing the mine-to-metal refinement process, developing sustainability in different mining and metallurgical processes, analyzing the environmental impacts of mines and mineral processing, developing legislation for sustainable mining practices, organizing staff, and developing university-level education and research in this sector. Source: Outotec MOVE ONE TO SUPPORT U.S. EMBASSY WITH SUPPLY CHAIN The U.S. organization Move One will lead U.S. actions to the benefit of Mongolia on behalf of the U.S. Embassy in Ulaanbaatar. Last month, the organization transported two shipments to strengthen trade relations between Mongolia and the United States.| Move one is responsible with sending household goods for U.S. Embassy staff relocating to Mongolia. It has provided 20-foot containers of household goods in addition to cars and other general equipment. The provisions firm will provide supply chain solutions to help facilitate trade between the U.S. government and Mongolia with in-country operations in Ulaanbaatar and a soon to be opened office at Oyu Tolgoi. The company focuses on industrial development and logistic services. Source: Business Mongolia ECONOMY MONGOLIA SELLS MNT 100 BILLION WORTH OF BONDS The Minisitry of Finance issued MNT 300 billion worth Mongolian bonds to supports its wool and cashmere sector. The bond trade opened last month and will run until the end of October. Thus far, the Mongolian government has traded MNT 100 billion worth of government bonds by the Mongolian Stock Exchange (MSE). Interest will be paid on May 15, 2012 and November 15, 2012 when the bonds reach maturity. Interest rates ranges between eight percent and 12 percent. The number of outstanding bonds begin at 12,500 and end at 100,000. All bonds open at a value of MNT 100,000. Source: Mongolian Stock Exchange ECONOMIC GROWTH BRINGS PROSPERITY TO MONGOLIA The growth in Mongolia's economy is producing change never before seen in Mongolia. As Mongolia's GDP nomadic lifestyles are slowly becoming less common, poverty is on the decline, employment is up and the population is growing steadily. Mongolia's economy grew by 17.3 percent in the second quarter of 2011, reported the World Bank. This has led to the rise of income as wages have nearly doubled. Poverty in Mongolia has fallen dramatically across the country. In the city, poverty fell by 27.2 percent from 2002 to 2008 and
  • 8. 23.1 in the countryside. The nomadic lifestyle in Mongolia is also falling into decline as wealth comes to Mongolia. People have begun to prefer settling in one location, whether it is a city, provincial capital or rural town. About 40 percent of Mongolia's population lives in Ulaanbaatar and in 2002 a further 23 percent moved to Darkhan, Erdenet, provincial capitals, and small rural communities. Mongolia's population growth was 1.2 percent, estimated the World Bank in 2007. Approximately 59 percent of the total population is under 30 years old, 27 percent of who are under 14. Ulaanbaatar's population was estimated at just over one million in 2008. Source: Frontier Securities AUSTRALIAN COAL MINERS EYE MONGOLIA Australian mining companies have begun a love affair with Mongolia. Interested in its valuable mineral deposits, firms from Australia have come to Mongolia to woo government officials and take up residency. Mark Earley, the chief executive of an Australian company, C@Limited, which plans to open its first Mongolian coal mine within the next three years, said the Mongolian government is actively encouraging mining investment to raise the standards of living and tackle social issues. He cited alcoholism and the numbers of orphans roaming the streets of the capital as two issues he observed. "I hope a lot of that money will go back and sort out the social issues in Mongolia, because it's got a very bright future." Australia is one of the world‟s largest mineral producers in the world. Source: ABC CONNECTING MONGOLIA FROM CITY TO PASTURE Mongolia's information and communication technology (ICT) is one of Mongolia's most dynamic sectors, reported the source. Not only has this sector grown widely in the past ten years, but has also been responsible for greater connectivity in Mongolia and radically changing lifestyles. In 2004, the government established the Information and Communication Agency under the Prime Minister to consult the government about its function in relation to ICT. It has also promoted this technology for socio-economic development. The ICT Vision 2010 strategy aims to foster a legal and business framework for communications and various methods of doing so. It has resulted in laws such as “Master Plan for the Development of Rural Communications until 2010” and “E-Mongolia”. The ICTA's ultimate goal is to liberalize business, encourage competition, and develop infrastructure for communications technology, in addition to closing disparity within the digital divide. Growth and development in the communications technology sector will likely continue further. As a result of the government's efforts, four cellular services and over thirty Internet providers operate in Mongolia. Its telecommunications base was renovated and installed following global standard France's Alcatel, Germany's EWSD, and Japan's KDD. Mongolia also signed of memorandum of understanding with South Korea's Koran Information and Communication Authority. Mongolia is connected with more than 150 countries via satellite, mobile telephone services are reaching farther into the countryside than ever before, and a number of programs bringing internet connections to Mongolian families, such as “One Tugrug Internet.” Over 30,000 families acquired a computer from the “Internet to Every Family” program and now over 80,000 families have computers with more than 400,000 Internet users. Source: Frontier Securities COPPER PROJECTIONS LOOK SHAKY Copper suffered in recent weeks due to a shaky economy and investors unwilling to bear risks. Investors in the United States are most likely spooked due to an unexpected drop in employment. Copper is one of Mongolia's chief exports and has a great influence on the Mongolian tugrug performance. The most actively traded copper contract, December delivery, hit a low of USD 4.0725 per pound. In the U.S. government sector, jobs were cut while the private sector added only 17,000 new positions. Unemployment stood at 9.1 percent in the United States. Economic data has a huge influence on the value of copper because it is so closely linked to consumption because it is found an assortment of goods. If demand falls, it takes copper with it. “I think you're going to see copper go sideways for the foreseeable future until people see how the economy is going to pan out,” said Matt Zeman, head of trading at Kingsview Financial.
  • 9. The weak data is projecting a poor future for copper and will likely prevent it from achieving any fresh records this year. Source: Wall Street Journal GOLD REMAINS LAST SAFE HAVEN FOR INVESTORS Spot gold is riding a roller coaster with the number of highs and lows it has hit since the U.S. lost its triple A rating by Standards and Poor. Gold prices hit record highs after Switzerland decided to peg its currency to the euro, but eased this week. Gold is an export in Mongolia that mining firms such as Ivanhoe Mines has decided to put greater focus on. The price of gold hit a record of USD 1,920.30 per ounce after Switzerland pegged its franc. In times of economic turmoil, investors typically turn to safe havens, but the options are limited this time around. Usually, those safe havens would be government bonds, gold and the Swiss franc, but due to the loss in confidence in both U.S. and European credit, and the change to Swiss currency, gold is the last place to turn. "We've seen U.S. Treasuries have their reputation as 'risk-free assets' damaged. Now we've got the Swiss franc subject to substantial and ongoing intervention by the SNB and so yes, it does strengthen gold's claim as a safe haven." Source: Reuters URANIUM MARKET PUTS THE SQUEEZE ON JUNIOR FIRMS The supply side of the Uranium market has felt a heavy impact since the Japanese nuclear disaster last spring. In addition to falling demand, the current climate has driven suppliers to scale back on uranium. The shock waves have reached Mongolia as Cameco, a firm currently operating in Mongolia, continues to cope in the current market and expand. Meanwhile Cameco will partner with a firm with Mongolia's neighbor Kazakhstan. Two of the world's largest uranium producers have diminished their demand by 8 percent, largely because of the decision to discontinue reactors in Germany and Japan. Spot uranium currently rests at USD 49 per pound, while the long-term contract price stood at USD 64.50 pounds at the end of August. “The juniors are feeling, and will continue to feel, the negative impact of Fukushima, as they struggle to raise money to advance projects,” said Tim Gabruch, administration and marketing strategy vice president of Cameco. “All of these developments impact supply going forward and they also provide an opportunity for Cameco and its business development efforts.” The executive expressed skepticism as to whether junior uranium companies could continue with their projects and continue to follow plans made during a better market climate. This was one reason for Cameco's hostile CAD 520 million, all-cash bid for its competitor Hathor last week. For demand, Gabruch predicted a “slowdown in nuclear power growth in the near term.” Read more… Cameco expects 513 reactors to open by 2020. Currently, 427 are open. If this was the case, demand would rise from 180 million pounds in 2011 to more than 240 million pounds by 2020, Gabruch said. The firm announced last week that it has partnered with the Kazakhstan firm, Kazatomprom, to increase uranium production at the Inkai mine from 3.9 million pounds to 5.2 million pounds annually. Source: Mining Weekly MAJOR WESTERN ECONOMIES ARE IN DEEP TROUBLE Today‟s market has turned the world upside down. The economic crisis has terrified the leaders of nations and business alike and many in the west are looking to monetary authorities to save them. Meanwhile, developing countries are growing quickly and are still hungry. As developing nations like Mongolia continue to grow, some are wondering what lies around the next corner. The European Union is in economic shambles. The president of the European Central Bank recently scolded Italian leaders for delaying to pass bills that could bolster its economy. U.S. companies seems to be doing well with a healthy reserve of funds, but that's only for the time being. The head of the U.S. Reserve Ben Bernake has made it clear that the number of options it has to assist the U.S. economy is limited. There's even the possibility that firms are weaker than they let on. “I don't know whether to cut or invest, and I hate it,” said the head of a large commercial conglomerate. “Businesses cannot stall. They either go up or down. “ On the other side of the coin are the representatives of the developing world, full of optimism. While industry leaders worry export-heavy economies like China will struggle to keep up with their growth, financiers are shaken by the thought of currency wars between developed nations and
  • 10. emerging economies, as the fall of the euro and dollar put huge strains on the rest of the world. Source: Wall Street Journal ASIAN NATIONS CLIMB RUNGS OF WEF COMPETITIVENESS SURVEY Emerging Markets are beginning to pose a greater challenge to developed nations. According to the World Economic Forum, nations across Asia climbed higher on its Competitiveness Survey. Mongolia ranked 96, three places higher than last year. Singapore placed highest among Asian countries, rising one place from last year. China, the world's second-largest economy, moved up to 26. The annual survey by the Geneva-based organization ranks countries based on 12 main criteria, including labor-market efficiency, financial-market development, infrastructure, and education. The survey signaled a shift in the geography of the global market as fast-growing Asian nations climbed higher on the list. "Asia's rise to economic prominence has been accompanied by a remarkable dynamism in terms of competitiveness," the forum said in its report, with Singapore at the top in efficiency of government and freedom from corruption. While the eastern markets made efforts to improve their competitiveness, the west was preoccupied with preventing recession and cutting debt. Countries like Australia were ranked lower because of an inability to keep up with the growing global market. In Australia's case, it was a weakness in infrastructure—particularly transportation. Top-ranked Switzerland was a cut among the rest for its transparent government, highly developed financial markets, and research and development activities. However, the quickly appreciating franc could count against it next year. Source: Wall Street Journal ASIAN ECONOMIES MAY BE LOSING STEAM Evidence of a drop in manufacturing activity and construction projects in nations throughout Asia may suggests those economies are slowing down. Although two reports showed a small increase in production last month, it is unclear if China is growing or shrinking. Data published in a recently periodical supported the warnings of economic experts that Asia has not completely isolated from the global economic slowdown. Data regarding South Korea, Taiwan, and Japan showed that economic activity was sliding down in all those nations. Financial crisis and the lagged effects of interest drove government to raise interest rates to fight inflation. “Now that the western world is teetering on the brink of recession the outlook has dimmed further,” said Robert Piror-Wandesforde, Asia economist at Credit Suisse in Singapore. “Unfortunately, there is little to suggest that large parts of Asia remain anything other than highly susceptible to growth developments in the U.S. and Europe”. Source: Financial Times CHINA BULLIES THE MARKET China's state-owned enterprises are feeling a backlash from overly-protective measures it took in the last economic crisis. Although China face losses, it hasn't actually felt the need to live up to its responsibilities and has instead tried to force its way out of bad contracts, counting on government support if all else fails. China is currently pioneering a path that all developing countries could learn from using these tactics, whether it be for its failure or success. Chinese firms are also heavily invested in Mongolia's mining sector. China COSCO's shipping contracts has been the source of some economic pains in China and also serves as an example of growing trend among state-owned companies. Originally the company agreed to long term shipping contracts to protect it from the high transportation costs nearly three years ago. Now, unfortunately, prices are no longer so high and China is at a real loss. Rather than bear the cost, China COSCO simply ended its payments in an effort to strong arm shipping companies into renegotiations. Part of the problem may be a lack of experience and know how in regards to risk management. Another is China's aggressiveness and confidence in the market. However, now China is testing how much foreign companies will tolerate before they are finally willing to walk away from the lucrative Chinese market. Source: Wall Street Journal STARTUP WEEKEND II THIS MONTH A convention for entrepreneurs in Mongolia will be held from 16 September to 18. Startup Weekend aims to help the creation of new businesses and provide entrepreneur education. The convention is a 54-hour event for developers, designers, marketers, product managers, and
  • 11. start-up enthusiasts to come and share ideas, form teams, build products, and launch startups. The event will open Friday, 16 September with open-mic pitches and will continue Saturday and Sunday to focus on customer development, validating ideas, a practicing startup methodologies. The event will end Sunday evening as teams demonstrate their prototypes and receive feedback from a panel of experts. Speakers at Mongolia‟s second Startup Weekend will include Demir Yener, USAID senior corporate governance advisor, and Mark Watkins, New York English's chief executive officer. Startup Weekend began in 2007 in Boulder, Colorado. In the groups first two years, over 80 Startup Weekends have been held throughout the world. By 2010, it had built a network of over 25,000 alumni, 15 volunteer organizers, and 60 trained facilitators spread across more than 100 cities in 30 countries. Source: Kauffman Foundation POLITICS EYE ON MONGOLIA, VIA CNN Mongolia's most important goal is to convert its mineral wealth into benefits for its people said Prime Minister S. Batbold to CNN, a U.S. television news network. The interview was part of a week-long coverage, “Eye on Mongolia," serving as an introduction of Mongolia to millions of viewers in the United States and around the world. Mongolia will face many challenges, but its large supply of raw minerals and the ingenuity of its people may help it develop rather quickly. Mongolia is a relatively new democracy and capitalist economy, but has the luxury of choosing from a wide variety of models. For business and trade, S. Batbold said he would like to follow in the footsteps of Norway and Chile. Although one-third of Mongolia lives in poverty, the rapid changes in Mongolia may give the whole country the opportunity for a new way of life. The distribution of Erdenes Tavan Tolgoi shares to every Mongolian citizen could give every Mongolian an extraordinary advantage. Erdenes Tavan Tolgoi is the state-owned company extracting coal from Tavan Tolgoi, one of the world‟s largest untapped coal deposits worth billions of U.S. dollars. Source: CNN “100,000 HOMES” TO GRANT MNT 1 MILLION TO POTENTIAL HOMEOWNERS The Mongolian government promised to give MNT 1 million to families towards the purchase of a new housing unit for its “100,000 Homes” project. The project aims to build 100,000 new housing units in Ulaanbaatar. Construction is already underway on a 15,000-unit apartment complex for the government's housing program. For each new homeowner, the government plans to give MNT 1 million directly to the construction company. However, the potential homeowner will still have to make a down payment on the home. By providing citizens with comfortable homes, the Government hopes to reduce air pollution in the city,” said Land and Geodesy authority Ts. Gankhuu. It is up to the provincial or city authorities, as well as the Social Welfare Authority, and the Apartment Finance Corporation if that request is approved. Gankhuu estimated that over 20,000 new homes will be built each year. This program will provide families assistance in meeting their demand. Source: Mongolia-Web GOVERNMENT CRACKS DOWN ON MINERS WHO INGNORE RESTORATION DUTIES The government halted the mining operations of 40 different mining companies because of their failure to initate a sufficient amount of land restoration activities. By law, the Mongolian government requires all mining companies to make real efforts for land resotration in return for permission for production and exploration. Mining companies possess over 14,000 hectares of land in Mongolia; 5,000 of which has already been explored. Mongolian law requires those companies to make an effort to repair the damage done by their exploration activities. However, enforcement has been weak. “We started mining rehabilitation in 2004,” said B. Baatartsogt, head of the Geology and Mining Inspection Deparment at the Gerneral Agency for Specialized Inspection. Our idea about rehablitiation is also constantly changing. Mining companies have started trying different rehabilitation methods, depenidng on the characterstics of their operations and experience.” The government has distributed a book instructing mining companies how to close mines and repair the damage they have made.
  • 12. “Closing a mine is not just filling up a hole and growing some trees on top,” said Baatartsogt. Read more… “Rehabilitation programs should include infrastructure and worker's social problems, in addition to the development of future uses for the former mining site.” Altandornod Mongol and Mongol Gazar were singled out as two companies who did not make enough effort towards these requierments. Reports have observed disruptions to the land'surface and land slides as enough evidence to warrant this necessity. Source: Undesnii Shuudan ONLY ECO-FRIENDLY NUCLEAR GOALS FOR MONGOLIA, SAYS GOVERNMENT The Mongolian government released a statement denying all claims that Mongolia is interested importing and storing the nuclear waste of foreign nations. Although Mongolia is interested in nuclear technology, all policies and decisions are fully compliant with various laws regarding nuclear energy and waste. In recent times, domestic and global media have reported on negotiations between Mongolia and other countries regarding agreements to bury nuclear waste in Mongolia. The statement says all of the claims are false and misleading. These actions would violate Mongolians laws. The released document explains the government has and will always be in accordance with Mongolian law. Government has incentives to further study the radioactive mineral resources and become a peaceful miner, producer, and exporting country of nuclear energy. Mongolia is only interested in producing nuclear energy by environmentally friendly means. Source: Business-Mongolia 19 MPs CALL FOR REVISIONS TO OT CONTRACT Members of Parliament are appealing to government for changes to be made to the Oyu Tolgoi agreement. They say that although a quick signing was essential, it is imperative a review be made because Mongolia is losing too much in the current deal. A total of 19 MPs argued the need for change to the contract. They said a mineral reserve payment of 20 or 30 percent is needed. Parliament has already replaced the original 6 percent tax with a new one, but no changes were made to the Oyu Tolgoi contract. Additionally, the 30 year period allotted to pay back the initial payment is too long. Current copper prices are USD 9,000 per ton. At this price, the investment can be paid back within two years, they said. Finally, after the intial investment is paid, the Mongolian share in OT should be raised to 50 percent. The current 34 percent stake is too low, said MP D. Gankhuyag. Source: Odriin Sonin UB EXPANDS PUBLIC TRANSPORTATION SCHEDULE The public transportation schedule in Ulaanbaatar will be extended to help ease traffic problems. Buses and trolleys on 56 routes will run from 6:30 a.m. until 22:30 p.m. in an effort to reduce traffic jams in the capital city. This includes routes to and from the nearby town Nalaikh. Traffic has increased with the start of the new school year. This decision was made in a larger effort to ease traffic conditions in the city. Ulaanbaatar Mayor G. Munkbayar recently ordered public officials to begin work an hour earlier in the morning and streets have been widened in the city to allow the passage of more cars. Source: MAD-Mongolia FINNISH PRESIDENT OPENS RELATIONS WITH MONGOLIA Human rights in Mongolia are just as important as financial gain in Finland, said Finnish President Tarja Halonen. The Finnish head of state recently made her first official visit to Mongolia, accompanied by a delegation of business executives. Like much of the rest of the world, companies from Finland are hoping to take part in the mining boom taking place in Mongolia. “When I talk about valuable relations, I talk about respecting human rights, rule of law, transparency, more inclusive government,” said President Ts. Elbegdorj. “I think Finland is going to be a great role model for Mongolia.” Finnish companies are hoping to secure lucrative contracts to mining projects in Mongolia. The Finnish delegation also included Minister for Foreign Trade and Development Alexander Stubb, who said that Finnish companies could bring environmental values to the area. ” Source: YLE
  • 13. ROYAL VISIT FROM KUWAIT Leaders from all over are taking a moment to pay a short visit to Mongolia. Most recently, the Emir of Kuwait recently tightened relations with Mongolia on his recent visit to Mongolia. Emir Sabah Al-Ahmad Al-Jaber Al-Sabah met with President Ts. Elbegdorj to discuss mutual cooperation between each leader's respective nation. The royal visitor met Elbegdorj at the presidency headquarters this week, accompanied by his deputy chief of the National Guard. Before his departure the Kuwaiti leader extended an invitation for Elbegdorj to visit Kuwait. Source: Kuwait News Agency ELBEGDORJ TO TRAVEL ABROAD After a full month of presidential visits to Mongolia, President Ts. Elbegdorj will begin his own tour abroad. The tour will include visits to the United States and Russia this September. The president's trip comes a few weeks after U.S. Vice President Joe Biden's trip to Mongolia. During his seven hour stay, Biden discussed a Transparency Agreement and deepening ties between the two allies. Source: Business-Mongolia INDIA COURTS MONGOLIA FOR ITS MILITARY DEFENSE STRATEGY India will attempt to bolster military ties with Mongolia for mutual defense purposes as both shares a large border with China. Army Chief General VK Singh will leave for a three-day visit during Mongolia's independence holiday. This trip follows President Pratibha's visit in July. Singh's visit will be one of many regular visits from Indian officials in a deliberate effort to build closer relations. The visit will consist of training exercises to be held during Mongolia's 100th anniversary of Independence from 15 September until 29. About 40 troops of the Indian Army will join the Mongolian Armed Forces in cooperative military training. The military exercise could become an annual cooperative event. Source: Indian Express MONGOLIA WELCOMES NEW GERMAN AMBASSADOR The new German Ambassador to Mongolia and the Mongolia government committed to greater relations at the official presentation of diplomatic credentials. “The Federal Republic of Germany rendered vaious assistance to Mongolia in support of its reform and democratic transformation,” said President Ts. Elbegdorj in a statement following the ceremony. The president said he hopes the new ambassador would contribute to widening bilateral relations and cooperation in the mining sector with infrastructure and education. He has sumbitted a proposal to found a Mongolian-German joint university as well, intending to discuss the matter during a visit from German Chancellor Angela Merkel. Source: Montsame STUDENTS BEGIN NEW SCHOOL YEAR Last week, 1 September marked the beginning of the new school year. Opening ceremonies took place in Mongolian primary and secondary schools. Traditionally, high-ranking government officials visit schools every year to wish students luck. Parliament Speaker D. Demberel spoke at Secondary School No. 38. and the National University of Mongolia. Source: MAD-Mongolia CHINA TO FUND SHINE YARMAG HOUSING COMPLEX China agreed to grant Mongolia CNY 10 million in aid for its “Shine Yarmag” apartment complex. The apartments are a part of the “100,000 Homes” project to provide housing to Mongolians. Zhou Yongkanga, a high-level official of the Communist Party of China, was accompanied by colleagues for a visit to Mongolia. China had already expressed interest in cooperating with Mongolia on projects for oil production and processing, railway construction, agriculture, food safety, border port development, and media relations. The recent visit included discussions on greater cooperation in fields of science and technology too. During the visit by Chinese officials, the CNY 10 million was granted to the Ministry of Justice and Home Affairs by the Chinese government. They also proposed sending volunteer teachers to Mongolia to teach Chinese to Mongolians. Source: Undesnii Shuudan NEW PARTY ENTERS MONGOLIAN POLITICS
  • 14. A new party is to be organized by Ts. Shinebayar, who recently defected from the Mongolian People's Revolutionary Party (MPRP). He is calling his new party Khamug Mongol Labor Party. Shinebayar is currently the head of the Khamug Mongolia Alliance. He left the MPRP this summer, citing personal reasons, but stirred great controversy in doing so. The official said he decided to establish the party due to urging from young people in his alliance. “We must now solve structural issues,” said Shinebayar. “But this is separate from the activities of the Khamug Mongol Alliance. Shinebayar's resignation was only recently accepted by the MPRP. The former-party member said he has no lingering issues with his former colleagues and still respects the work they do. Source: Mongol-Web MONGOLIA‟s MPP AND CHINA'S COMMUNIST PARTY STRIVE FOR COOPERATION Mongolia and China's economies will likely cooperate a great deal in the future, said Chinese Vice President Xi Jinping. The vice president said he hopes the two nations will work together on mining projects, calling the two nations' economies “complementary.” Xi made his remarks during this meeting with Mongolian People's Party (MPP) Secretary General U. Khurelsukh. The Chinese official explained that when facing opportunities for cooperation, China and Mongolia should take advantage of them to reinforce a greater partnership on all relevant fields. In regard to the mining sector, he said each nation's efforts should coincide with infrastructure, construction, and financial cooperation. Khurelsukh was in China to attend a two-day seminar presented by the Communist Party of China (CPC) exchanging views and experiences on party building and national construction. The Mongolian party leader said the seminar deepened mutual trust and understanding between the two parties. The MPP is currently striving for greater friendly relations between the two nations and advance bilateral cooperation. This includes politics involving the economy and culture. The two nations chose to improve ties from a good-neighbor partnership of mutual trust to a strategic partnership, according to a joint statement issued during Mongolian Prime Minister S. Batbold's visit to China in June. Source: Xinhuanet ANNOUNCEMENTS 14th NAMBC ANNUAL INVESTORS CONFERENCE IN UB, OCTOBER 4-6 - TO COVER INFRASTRUCTURE, MINING, LEGAL ISSUES AND POLITICS The NAMBC's 14th Annual Investors Conference & Ikh Tenger Roundtable in UB, October 4-6, will be the first time delegates are offered gavel-to-gavel complete simultaneous interpretation at all sessions. The deadline for registration is September 20. For further details, registration forms and room reservations at the Kempinski Khan Palace Hotel, go to www.nambc.org Registration is open to all. In addition to Prime Minister S. Batbold hosting the traditional Ikh Tenger roundtable and reception, other speakers include the keynote address by Canadian Ambassador Greg Goldhawk, remarks on the investment climate by US Ambassador Jonathan Addleton and an address on the Centennial of Mongolia regaining independence by famed historian Jack Weatherford, author of Genghis Khan and the Making of the Modern World and Mongol Queens. Panels will focus on "Dispute Settlement, Judicial and Legal Reform," chaired by Michael Aldrich, Hogan Lovells; "Infrastructure," chaired by Pete Morrow, Khan Bank & Newcom LLC; "Politics and Prospects for the 2012 Parliamentary Elections," chaired by D. Jargalsaikhan, Xac Bank & host of the "Jargal de facto" TV public affairs program; and "Mining and Natural Resource Development," chaired by David Paterson, Oyu Tolgoi LLC & Rio Tinto. Conference registrants are also offered an optional one-day visit by air to the Oyu Tolgoi mine for an additional fee. Conference sponsors include Rio Tinto, Oyu Tolgoi LLC, Wagner Asia, Erdenes MGL, Erdenes Tavan Tolgoi, and the Business Council of Mongolia (BCM), brother organization of the NAMBC. Founded in 1990, the NAMBC has been Mongolia's key link to the USA and Canada for over two decades. ________________________________________________ METALS MONGOLIA, ULAANBAATAR, NOVEMBER 3-4 The main objective of the international investment conference, to be held in Government House, is to provide a discussion platform and assist in medium- and long-term planning and implementation associated with the government‟s intentions to achieve value-added production at industrial parks
  • 15. through downstream processing of ferrous and non-ferrous metal products. It is aimed to provide potential investors with an insight into the government‟s policies pertaining to the metallurgical industry, related exploration, extraction, processing, and infrastructure projects; to facilitate such investments; provide opportunity for open discussion and possible solutions through involvement of representatives of both public and private sector and professional organizations on the opportunities and challenges in project financing, tax and legal environment. The conference will have main and branch sessions involving over 800 representatives of parties engaged in ferrous and non-ferrous metal projects, manufacturers, suppliers, foreign and domestic investors, academics, professional associations, state administrative bodies, embassies. The main conference will cover the present situation and future trends in Mongolia‟s metallurgical industry. A special feature will be the “Government Hour,” which will feature an open discussion on strengthening PPP in the metal-based industrialization process. The branch conferences will be on: - Opportunity to develop rare-earth based industries - Developing base metal industries - Developing iron and steel industries - Issues facing provision of required infrastructure to ferrous and non-ferrous metals based on industries-experiment and opportunity Each branch conference will include thorough discussions of resources and reserves of the type of metal discussed, applicable market conditions, investment projects, technology and equipment. BCM is a Supporter of the event. For more information, Visit: http://www.metalsmongolia.mn/, or call +976-70115590, Fax: + 976- 70125590, or email:info@metalsmongolia.mn. ________________________________________________ MIDEST 2011 IN PARIS, NOV 15 Registration is open for the MIDEST 2011 and the Maintenance Expo 2011 this fall. The conventions will be held in Paris, France from November 15 to 18 2011. Registration will be made by the Business Council of Mongolia in conjunction with the French Embassy. MIDEST 2011 is both a business show and showcase for solutions. It is also a channel and a source of information about the technologies delivering concrete industrial and economic advances. Maintenance Expo 2011, featuring 1,700 subcontractors from 75 countries around the world, will be an additional part of the event. Attendees will learn about advances in industrial subcontracting techniques in the processing of metal, plastic, wood, and other materials. There will also be information on rubber and composite materials, electronics, micro techniques, and more. Those who join the official delegation will receive a variety of perks. Benefits include free access to the exhibition hall in addition to the International Business Center where attendees can arrange private meetings with exhibitors. Assistance will be given for arranging and scheduling appointments with French exhibitors, show logistics, and travel and hotel booking. It will also provide entrance to 100 conferences regarding stagey, economics, and technology. For more information or registration call 317027 or email saruul@bcmongolia.org. The registration deadline is September 26 at 6 p.m. _________________________________________________ ALS TO TEACH COAL QUALITY COURSE IN UB, SEPTEMBER 19-21 A new course to teach the characteristics of coal that indicate its quality will be held from 19 September until 21 in Ulaanbaatar. The ALS Coal Quality Course intends to deliver a comprehensive introduction to the broad issues of coal quality, from mining and preparation through to the end- user. ALS recently acquired Stewart, the parent of Stewart Mongolia LLC. Topics include: - Understanding Coal - Rank & Classification - Sampling - Quality control - Petrography - Thermal coal use in Power Stations - Coal Analysis and Use - Laboratory Calculations Coal use in Coke making - Steel making process
  • 16. - Resource Evaluation Questions and Answers - Coal Preparation This training course will help students understanding how to obtain the maximum benefits from coal products, said course producers. Over three days of lessons, the course will cover broad issues, including exploration, mining, and testing. The course will be presented by experts in their field. For more information or information contact O. Dashdarjaa at +976 9910 0879 or via email at otgonbat.dashdarjaa@alsglobal.com. Visit the website at alsglobal.com. ________________________________________________ MONGOLIA TRADE & COMMODITY FINANCE CONFERENCE, ULAANBAATAR, OCTOBER 13 This landmark conference at the Chinggis Khaan Hotel will only welcome leading experts within the trade and commodity finance sector, utilizing a format that includes detailed case studies, informed debate and invaluable networking opportunities. Among topics to be discussed: - Considering the threat posed by volatile commodity prices - Utilizing Mongolia‟s competitive advantage to improve product diversification - Improving underdeveloped promotion services to demonstrate the unique appeal of Mongolia - Raising capital from foreign investors to develop projects and infrastructure - Developing an export financing structure - Expanding trading relations beyond traditional allies to become a truly global trade partner - Reducing dependence on foreign imports - Forging relationships between local and international banks to provide vital liquidity. Speakers include: BCM is a Supporting Organization for this event and special offers are available for BCM members. The conference brochures with agenda will be available in BCM office and will also be distributed at BCM‟s September 26. Please contact Ms. Monika Kuzniewska, Marketing Executive, at monika@exportagroup.com or by phone at +44 (0) 20 8772 3013 for further information. ___________________________________________ MM TODAY” on MNB-TV, Fridays at 21:15 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. ___________________________________________ “BSPOT” on B-TV, Monday to Friday at 21:30 B-TV (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. ___________________________________________ POSTINGS ON BCM‟s ENGLISH WEBSITE 'PRESENTATIONS' AND 'MONGOLIA REPORTS' and BCM‟s MONGOLIAN WEBSITE „NEWS‟ SECTIONS As a key component of BCM‟s Mongolian website “News” section, articles from the Government‟s “Open-Government.mn” site will be regularly posted. Also several draft laws, still to be discussed in Parliament, are posted on BCM‟s English website in the Legislative Working Group section. On BCM‟s English website - „Presentations‟ from BCM‟s 7 monthly meetings in 2011, Peter Nicholls, OT‟s new VP-Operations, at Global MInES in Sydney on July 4, summaries of the key addresses at Eurasia Capital‟s Mongolian Investment Conference on May 25, Jim Dwyer of BCM‟s interview on Mongolia National Broadcasting‟s “Face to Face” on May 16, and the very successful Mines and Money Hong Kong‟s „Mongolia Investment Summit‟ morning on March 25 are posted in BCM website‟s "Resource, Presentations" for your review. Also on BCM‟s English website, „Mongolia Reports‟ including "Blitz and Lead" by Sant Maral Foundation, August 2011, Z. Batbayar, Deputy Director of the Water Authority, at BCM‟s Environmental Working Group‟s recent meeting, the Polit Barometer-May 2011 from Sant Maral Foundation and the U.S. Embassy Mongolia‟s Commercial Section‟s “2011 Mongolia Investment Climate Statement” are among the reports posted on BCM's website (www.bcmongolia.org) in the “Resource,
  • 17. Mongolia Reports” section. We are now posting some news stories and analyses relevant to Mongolia on the BCM website's „Mongolian Business News‟ as they come, instead of waiting until 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. ECONOMIC INDICATORS
  • 18. 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] July 31, 2011 *10.1% [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] May 12, 2010 11.00% [source: IMF] April 28, 2011 11.50% [source: IMF] August 25, 2011 11.75% [source: IMF]
  • 19. CURRENCY RATES – September 8, 2011 Currency Name Currency Rate U.S. dollar USD 1250.49 Euro EUR 1759.00 Japanese yen JPY 16.14 British pound GBP 1990.97 Hong Kong dollar HKD 158.60 Chinese Yuan CNY 195.80 Russian Ruble RUB 42.31 South Korean won KRW 1.15 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.