The document summarizes news from the Business Council of Mongolia newsletter. It discusses several mining and exploration projects in Mongolia, including: Discover Mongolia opening as an investor conference; plans for Erdenes Tavan Tolgoi to raise $3 billion in an IPO next year; exploration results from Xanadu Mines and Kincora Copper expanding their projects; and earnings increasing for mining services company Major Drilling due to high demand.
The document summarizes news from the Business Council of Mongolia newsletter. It includes the following key points:
- Rio Tinto warns that renegotiating Mongolia's investment agreement for the Oyu Tolgoi project risks damaging the country's reputation with foreign investors.
- Ivanhoe Mines and Rio Tinto have an uneasy relationship as partners in the Oyu Tolgoi project, made more difficult by disputes between the companies and potential government interference.
- Petro Matad receives encouraging initial results from its Davsan Tolgoi 4 exploration well in Mongolia, indicating a high quality oil without water.
The document summarizes news from Mongolia's Business Council covering business, economic, and political topics. On business, it discusses mining company executives who see opportunities in Mongolia's growth. It also notes disagreements between Rio Tinto and Ivanhoe Mines over expansion plans for the Oyu Tolgoi mine. On the economy, it discusses Mongolia's dependence on China and policy debates. Politically, it mentions discussions between the President and MPs on national security and debates on foreign visitor policies.
The document summarizes news highlights from the Business Council of Mongolia newsletter. It includes the following key points:
- Ivanhoe Mines expects to begin test production at its Oyu Tolgoi copper and gold mine by Q4 2012 and reach full commercial production in 2013.
- Mongolia Mining, the first Mongolian firm to tap the Hong Kong IPO market, has secured strategic investors like Kerry Group and Ancora Capital to help raise $1 billion.
- The Central Bank of Mongolia is likely to penalize banks that failed to disclose ownership details by the required deadline, as the bank has now posted these details publicly on its website.
- Canadian mining companies are playing
The document summarizes business and economic news from Mongolia. It discusses Ivanhoe assessing options for its Oyu Tolgoi mine in Mongolia, including potentially auctioning it off. It also mentions a JORC resource estimate quadrupling the coal inventory for Sharyn Gol to over 374 million metric tons. Additionally, it provides an overview of the most recent Business Council of Mongolia monthly meeting, including presentations on the stock exchange, an upcoming coal conference, and aviation industry growth.
The document summarizes news from the Business Council of Mongolia newsletter. It reports on several stories related to Mongolia's mining and business sector: Turquoise Hill Resources' stock dropped 26% as rights to purchase new shares began trading, following the company's $2.4 billion rights offering to repay debt; Kincora Copper announced a $6.6 million write-down after Mongolia revoked 106 mineral exploration licenses, including two held by Kincora; Aspire Mining signed memoranda for potential purchase of 3.3 million tons per year of coking coal from its Ovoot project in Mongolia by Russian buyers.
This newsletter from the Business Council of Mongolia provides an overview of recent Mongolian business and economic news. It discusses developments at the Oyu Tolgoi mine, including its 2014 budget approval and a power deal. It also reports on mining, exploration and financing deals involving Tavan Tolgoi, Shenhua, Erdenet, and several junior miners. On the economic front, it mentions inflation, currency rates and plans to allocate part of the budget to construction. For politics, it notes progress on a minerals policy and cooperation between ministries. The newsletter recaps the previous month's BCM meeting and welcomes seven new member companies to the Business Council of Mongolia.
The document summarizes news from the Business Council of Mongolia newsletter dated February 19, 2010. It includes the following highlights:
- The newsletter covers business, economic, and political news in Mongolia, including updates on mining projects like Oyu Tolgoi and Tavan Tolgoi.
- SouthGobi Sands was named the "Local Job Creator of the Year" by the Mongolian National Chamber of Commerce for hiring many local residents.
- Leighton Holdings expressed confidence it will be chosen to develop the large Tavan Tolgoi coal deposit, while it already has contracts for other mines in Mongolia.
- Gobi, Mongolia's largest cashmere manufacturer, held
The document summarizes business and economic news from Mongolia reported in Issue 266 of the Business Council of Mongolia NewsWire dated March 22, 2013. Key highlights include:
- Mongolian officials tried to calm fears that disagreements between the government and Rio Tinto over the Oyu Tolgoi mine would delay its planned June start of commercial production.
- Rio Tinto paid nearly $12 billion in taxes globally in 2012, including $280 million in Mongolia.
- Rio Tinto attracted nearly double the $2 billion sought from commercial banks for project financing of Oyu Tolgoi, securing around $3.65 billion committed so far.
- Several mining companies including Newera Resources
The document summarizes news from the Business Council of Mongolia newsletter. It includes the following key points:
- Rio Tinto warns that renegotiating Mongolia's investment agreement for the Oyu Tolgoi project risks damaging the country's reputation with foreign investors.
- Ivanhoe Mines and Rio Tinto have an uneasy relationship as partners in the Oyu Tolgoi project, made more difficult by disputes between the companies and potential government interference.
- Petro Matad receives encouraging initial results from its Davsan Tolgoi 4 exploration well in Mongolia, indicating a high quality oil without water.
The document summarizes news from Mongolia's Business Council covering business, economic, and political topics. On business, it discusses mining company executives who see opportunities in Mongolia's growth. It also notes disagreements between Rio Tinto and Ivanhoe Mines over expansion plans for the Oyu Tolgoi mine. On the economy, it discusses Mongolia's dependence on China and policy debates. Politically, it mentions discussions between the President and MPs on national security and debates on foreign visitor policies.
The document summarizes news highlights from the Business Council of Mongolia newsletter. It includes the following key points:
- Ivanhoe Mines expects to begin test production at its Oyu Tolgoi copper and gold mine by Q4 2012 and reach full commercial production in 2013.
- Mongolia Mining, the first Mongolian firm to tap the Hong Kong IPO market, has secured strategic investors like Kerry Group and Ancora Capital to help raise $1 billion.
- The Central Bank of Mongolia is likely to penalize banks that failed to disclose ownership details by the required deadline, as the bank has now posted these details publicly on its website.
- Canadian mining companies are playing
The document summarizes business and economic news from Mongolia. It discusses Ivanhoe assessing options for its Oyu Tolgoi mine in Mongolia, including potentially auctioning it off. It also mentions a JORC resource estimate quadrupling the coal inventory for Sharyn Gol to over 374 million metric tons. Additionally, it provides an overview of the most recent Business Council of Mongolia monthly meeting, including presentations on the stock exchange, an upcoming coal conference, and aviation industry growth.
The document summarizes news from the Business Council of Mongolia newsletter. It reports on several stories related to Mongolia's mining and business sector: Turquoise Hill Resources' stock dropped 26% as rights to purchase new shares began trading, following the company's $2.4 billion rights offering to repay debt; Kincora Copper announced a $6.6 million write-down after Mongolia revoked 106 mineral exploration licenses, including two held by Kincora; Aspire Mining signed memoranda for potential purchase of 3.3 million tons per year of coking coal from its Ovoot project in Mongolia by Russian buyers.
This newsletter from the Business Council of Mongolia provides an overview of recent Mongolian business and economic news. It discusses developments at the Oyu Tolgoi mine, including its 2014 budget approval and a power deal. It also reports on mining, exploration and financing deals involving Tavan Tolgoi, Shenhua, Erdenet, and several junior miners. On the economic front, it mentions inflation, currency rates and plans to allocate part of the budget to construction. For politics, it notes progress on a minerals policy and cooperation between ministries. The newsletter recaps the previous month's BCM meeting and welcomes seven new member companies to the Business Council of Mongolia.
The document summarizes news from the Business Council of Mongolia newsletter dated February 19, 2010. It includes the following highlights:
- The newsletter covers business, economic, and political news in Mongolia, including updates on mining projects like Oyu Tolgoi and Tavan Tolgoi.
- SouthGobi Sands was named the "Local Job Creator of the Year" by the Mongolian National Chamber of Commerce for hiring many local residents.
- Leighton Holdings expressed confidence it will be chosen to develop the large Tavan Tolgoi coal deposit, while it already has contracts for other mines in Mongolia.
- Gobi, Mongolia's largest cashmere manufacturer, held
The document summarizes business and economic news from Mongolia reported in Issue 266 of the Business Council of Mongolia NewsWire dated March 22, 2013. Key highlights include:
- Mongolian officials tried to calm fears that disagreements between the government and Rio Tinto over the Oyu Tolgoi mine would delay its planned June start of commercial production.
- Rio Tinto paid nearly $12 billion in taxes globally in 2012, including $280 million in Mongolia.
- Rio Tinto attracted nearly double the $2 billion sought from commercial banks for project financing of Oyu Tolgoi, securing around $3.65 billion committed so far.
- Several mining companies including Newera Resources
The document summarizes business and economic news from Mongolia reported in Issue 182 of the Business Council of Mongolia NewsWire dated August 26, 2011. Key points include:
- The selection of investors for the Tavan Tolgoi coal mine is still under review and Japanese and Korean companies have not been ruled out as potential investors.
- A new thermal power plant is being planned for the Gobi region to provide power for mining operations at Tavan Tolgoi and Oyu Tolgoi.
- Macmahon Holdings and BBM Operta Group were awarded a contract for work at the Tavan Tolgoi coal mine.
The document summarizes business and economic news from Mongolia in Issue 100 of the Business Council of Mongolia NewsWire dated January 8, 2010. Some of the key stories covered include SouthGobi Energy planning to raise $400 million from a Hong Kong IPO to fund coal production expansion in Mongolia, China National Gold's unit partnering with Monnis for gold exploration in Mongolia, and SouthGobi aiming to increase coal production at its Ovoot Tolgoi mine sixfold by 2012 through investments in mining infrastructure. The document also provides highlights of exploration and corporate activities by Entrée Gold in Mongolia in 2009, including the signing of an investment agreement for the Oyu Tolgoi mining project.
The document provides a summary of business and economic news from Mongolia in Issue 191 of the Business Council of Mongolia NewsWire dated October 28, 2011. Key highlights include:
- The Mongolian Investment Summit in Hong Kong saw a large turnout with presentations on investment opportunities in Mongolia's natural resources.
- Plans were announced for discussions in November on an investment agreement for the Tavan Tolgoi Western coal project. Additionally, Chinalco plans to purchase 15 million tons of coking coal per year from the Tavan Tolgoi East project.
- General mining news included Xanadu Resources reporting success on exploration projects for coking and thermal coal, as well as copper and gold.
The document summarizes business and economic news from Mongolia. It discusses several mining projects and disputes between Rio Tinto and the Mongolian government over profits from the Oyu Tolgoi copper mine. It also mentions Anglo American entering the Mongolia market, restrictions placed on SouthGobi's assets, and presentations made at the Coal Mongolia 2013 forum calling for cooperation between the public and private sectors in Mongolia.
The document provides an issue of the Business Council of Mongolia NewsWire, which summarizes various business and economic news in Mongolia. It discusses updates on major mining projects reaching construction milestones. It also reports on exploration results from several mining companies discovering new copper and gold deposits. Additionally, it mentions Centerra Gold reporting over $1 billion in revenue and discusses real estate trends in Mongolia's capital city of Ulaanbaatar. The issue concludes with recapping the most recent Business Council of Mongolia meeting.
The document summarizes business news from Mongolia. It discusses several topics:
- Oyu Tolgoi defended its investment agreement as fair and valid, saying it benefits Mongolia. However, some lawmakers want to increase Mongolia's stake in the project.
- Despite calls to rework OT's agreement, investors increased shares in the project's main partner, shrugging off political risks.
- Prophecy Coal submitted a power purchase agreement proposal for its mine-mouth power plant project.
- Erdene Resources plans to split its coal and Mongolian mineral projects into separate companies to unlock shareholder value.
- Terra Energy is set to begin mining at its South Gobi coal project.
The document is a newsletter from the Business Council of Mongolia covering business and economic news from Mongolia. It reports that Erdenes Oyu Tolgoi has said progress is being made to resolve issues around financing the expansion of the Oyu Tolgoi copper and gold mine. It also reports that Turquoise Hill Resources plans to raise up to $2.4 billion through a rights offering to repay funding from Rio Tinto for the Oyu Tolgoi mine. Additionally, it discusses a US law firm investigating claims on behalf of minority shareholders of Turquoise Hill Resources.
The document provides news highlights from the Business Council of Mongolia covering business, economic, and political topics. In the business section, it summarizes that Ivanhoe Mines began trading rights for its $1.8 billion rights offering, Singapore's wealth fund acquired a 5.5% stake in Ivanhoe Mines, and Altan Rio intersected high grades of gold at its exploration project. It also mentions officials planning to inspect Areva's uranium project and Khan Bank obtaining $94 million in financing.
This document provides a summary of business and economic news from Mongolia. It discusses several major business deals and events, including China lending money to Mongolia's Development Bank, positive drill results from mining companies, and financing for various industrial projects in Mongolia. It also summarizes political events, including visits by Chinese and Russian leaders that resulted in new economic agreements. Finally, it outlines presentations made at a recent Business Council of Mongolia meeting, including discussions of upcoming investment conferences and a CEO survey on business trends in Mongolia.
This document summarizes business and economic news from Mongolia reported in the Business Council of Mongolia NewsWire on April 22, 2011. Key highlights include MIAT airline beginning direct flights to Hong Kong to boost business travel between the two places. Prophecy Resource Corp expressed commitment to partnering with Mongolia for mutual growth. Rio Tinto's credit rating was upgraded to single 'A' status. Erdene Resource provided updates on its mining projects in Mongolia. Voyager Resources listed highlights of its Khongor copper-gold property.
The document summarizes business and economic news from Mongolia reported in the Business Council of Mongolia NewsWire on September 5, 2014. Key highlights include:
- Tender selection for the TT coal mine project will begin in November.
- Rio Tinto has appointed a new CEO for the Oyu Tolgoi copper mine as it works to resolve tax disputes and restart expansion.
- Investors conferences were held to discuss Mongolia's investment environment and the importance of partnerships beyond just China and Russia.
- Several energy agreements were announced between Mongolia, Russia, and China involving gas pipelines and currency trades.
This document provides a summary of business and economic news from Mongolia. It discusses that Mongolia Mining Corp. plans to pursue acquisitions after its successful IPO in Hong Kong. It also mentions that the Trade & Development Bank plans a $150 million bond sale. Additionally, it provides updates on mining companies such as Energy Resources, SharynGol, Petro Matad, and Oyu Tolgoi.
The document is a newsletter from the Business Council of Mongolia covering business and economic news from Mongolia. Some of the key highlights include:
- Turquoise Hill Resources announced another setback at its Oyu Tolgoi copper mine in Mongolia due to equipment failures.
- Erdenes TT suspended coal exports from its East Tsankhi mine due to the expiration of a pricing agreement.
- Mongolia and Russian Railways signed an agreement to partner on modernizing Mongolia's railway system by 2020, which could benefit Aspire Mining's Ovoot coking coal project.
- The London Stock Exchange extended its partnership with the Mongolian Stock Exchange for another three years to help
The Business Council of Mongolia NewsWire issue 300 provides news highlights from Mongolian business, economic, and political realms. Key business stories include SouthGobi Resources restating financial results for the past 3 years due to revenue recognition errors, and several mining and exploration companies announcing new partnerships, investments, and projects. Economic reports touch on recommendations to tighten policies, investment rules spurring mining development, and Mongolia gearing up for challenges in the mining sector. Political headlines cover initiatives such as joining the Open Government Partnership and establishing cross-border reserves with Russia.
The document is a newsletter providing summaries of business and economic news from Mongolia. Key points include:
- Oyu Tolgoi mine has cleared the last hurdle to beginning production by signing an agreement to purchase power from China. However, the Mongolian government still wants to discuss details of the investment agreement for the mine.
- Prophecy Coal may stop mining operations at its Ulaan Ovoo mine if the government does not increase what it is willing to pay, as the company says it is currently selling coal at a loss.
- A joint venture between Newcom Group and Soft Bank Energy called Clean Energy Asia has been established with the goal of developing renewable energy projects and an "
This summary provides the key details from the Business Council of Mongolia newsletter:
- Mongolia wants to resolve its mine dispute with Rio Tinto over cost overruns at the Oyu Tolgoi mine by early 2014 in order to proceed with the mine's expansion.
- Turquoise Hill Resources, the operator of Oyu Tolgoi, will proceed with a $2.4 billion rights offer to repay credit facilities used for the mine's construction.
- Permafrost at the planned site of Power Plant No. 5 poses new challenges as construction is set to begin in 2015, increasing costs for the project's consortium.
The document is a newsletter from the Business Council of Mongolia covering various business and economic news items from Mongolia in Issue 265 dated March 15, 2013. Some of the key stories covered include: Rio Tinto waiting for a decision from Australia's export credit agency on funding for the Oyu Tolgoi mine after the US raised environmental and social concerns about the project; Oyu Tolgoi being named the "Best Project" of 2012 by Bloomberg TV Mongolia; Mongolian Mining Corp. aiming to increase raw coal output to 12 million tons in 2013 after missing targets in 2012 due to weak demand; and average selling prices for Mongolian coal falling 30% in 2012 which impacted company revenues.
The document is a newsletter from the Business Council of Mongolia providing news and updates on business and economic matters in Mongolia. It announces that the newsletter will be on hiatus for the Tsagaan Sar holiday and then resume on March 2nd. It then provides highlights on various business, economic and political stories in Mongolia, including updates on mining companies, infrastructure developments, government policies and meetings/events from the Business Council of Mongolia.
The document summarizes news from the Business Council of Mongolia newsletter. It highlights several stories: Khan Bank received an $8 million EBRD loan to finance small and medium businesses; Golomt Bank signed agreements with Hungarian and Chinese banks to provide financing for trade; the Mongolian Stock Exchange is negotiating to use Bloomberg's terminal system for bond trades and took legal action against 196 companies that failed to file reports; Rio Tinto's CEO has helped steer the company to recovery as it approaches interim results and considers options for generating cash going forward including potential growth projects.
The document is a newsletter summarizing business and economic news from Mongolia. It discusses Mongolia's plans to privatize and sell shares of major state-owned assets like the Erdenet Mining Corp, Tavan Tolgoi coal deposit, and Oyu Tolgoi copper mine through initial public offerings, likely in Hong Kong. It also mentions that BNP Paribas and Standard Chartered Bank were selected to structure loans for the $4.6 billion Oyu Tolgoi project. Additionally, the newsletter states that Mongolia is receiving proposals from stock exchanges like London, NASDAQ, and Hong Kong to assist in privatizing its state-run stock market.
1. The document discusses Mongolia's infrastructure project established in 2013 to construct new residential districts in Ulaanbaatar, including 42,000 apartments and facilities like schools and hospitals.
2. It provides details on ongoing construction works in 7 districts, including the Buyant-Ukhaa district where engineering infrastructure like water, sewage, power, and heating systems are being built.
3. The project has been successful so far, completing over 95.6 billion MNT worth of works including power facilities, heating centers, water lines and more to develop infrastructure.
Nagaraju B C is seeking a challenging position in a reputable company where he can utilize his academic background in commerce and interpersonal skills. He has a B.Com degree from PES College in Mandya and is currently pursuing his M.Com from Karnataka State Open University. He has over 2 years of experience working in accounts and finance roles for various companies. His technical skills include proficiency in MS Office, Tally ERP 9, and he can type at 20 words per minute. He is looking to leverage his strengths in working independently and under pressure, as well as effectively managing his time.
The document summarizes business and economic news from Mongolia reported in Issue 182 of the Business Council of Mongolia NewsWire dated August 26, 2011. Key points include:
- The selection of investors for the Tavan Tolgoi coal mine is still under review and Japanese and Korean companies have not been ruled out as potential investors.
- A new thermal power plant is being planned for the Gobi region to provide power for mining operations at Tavan Tolgoi and Oyu Tolgoi.
- Macmahon Holdings and BBM Operta Group were awarded a contract for work at the Tavan Tolgoi coal mine.
The document summarizes business and economic news from Mongolia in Issue 100 of the Business Council of Mongolia NewsWire dated January 8, 2010. Some of the key stories covered include SouthGobi Energy planning to raise $400 million from a Hong Kong IPO to fund coal production expansion in Mongolia, China National Gold's unit partnering with Monnis for gold exploration in Mongolia, and SouthGobi aiming to increase coal production at its Ovoot Tolgoi mine sixfold by 2012 through investments in mining infrastructure. The document also provides highlights of exploration and corporate activities by Entrée Gold in Mongolia in 2009, including the signing of an investment agreement for the Oyu Tolgoi mining project.
The document provides a summary of business and economic news from Mongolia in Issue 191 of the Business Council of Mongolia NewsWire dated October 28, 2011. Key highlights include:
- The Mongolian Investment Summit in Hong Kong saw a large turnout with presentations on investment opportunities in Mongolia's natural resources.
- Plans were announced for discussions in November on an investment agreement for the Tavan Tolgoi Western coal project. Additionally, Chinalco plans to purchase 15 million tons of coking coal per year from the Tavan Tolgoi East project.
- General mining news included Xanadu Resources reporting success on exploration projects for coking and thermal coal, as well as copper and gold.
The document summarizes business and economic news from Mongolia. It discusses several mining projects and disputes between Rio Tinto and the Mongolian government over profits from the Oyu Tolgoi copper mine. It also mentions Anglo American entering the Mongolia market, restrictions placed on SouthGobi's assets, and presentations made at the Coal Mongolia 2013 forum calling for cooperation between the public and private sectors in Mongolia.
The document provides an issue of the Business Council of Mongolia NewsWire, which summarizes various business and economic news in Mongolia. It discusses updates on major mining projects reaching construction milestones. It also reports on exploration results from several mining companies discovering new copper and gold deposits. Additionally, it mentions Centerra Gold reporting over $1 billion in revenue and discusses real estate trends in Mongolia's capital city of Ulaanbaatar. The issue concludes with recapping the most recent Business Council of Mongolia meeting.
The document summarizes business news from Mongolia. It discusses several topics:
- Oyu Tolgoi defended its investment agreement as fair and valid, saying it benefits Mongolia. However, some lawmakers want to increase Mongolia's stake in the project.
- Despite calls to rework OT's agreement, investors increased shares in the project's main partner, shrugging off political risks.
- Prophecy Coal submitted a power purchase agreement proposal for its mine-mouth power plant project.
- Erdene Resources plans to split its coal and Mongolian mineral projects into separate companies to unlock shareholder value.
- Terra Energy is set to begin mining at its South Gobi coal project.
The document is a newsletter from the Business Council of Mongolia covering business and economic news from Mongolia. It reports that Erdenes Oyu Tolgoi has said progress is being made to resolve issues around financing the expansion of the Oyu Tolgoi copper and gold mine. It also reports that Turquoise Hill Resources plans to raise up to $2.4 billion through a rights offering to repay funding from Rio Tinto for the Oyu Tolgoi mine. Additionally, it discusses a US law firm investigating claims on behalf of minority shareholders of Turquoise Hill Resources.
The document provides news highlights from the Business Council of Mongolia covering business, economic, and political topics. In the business section, it summarizes that Ivanhoe Mines began trading rights for its $1.8 billion rights offering, Singapore's wealth fund acquired a 5.5% stake in Ivanhoe Mines, and Altan Rio intersected high grades of gold at its exploration project. It also mentions officials planning to inspect Areva's uranium project and Khan Bank obtaining $94 million in financing.
This document provides a summary of business and economic news from Mongolia. It discusses several major business deals and events, including China lending money to Mongolia's Development Bank, positive drill results from mining companies, and financing for various industrial projects in Mongolia. It also summarizes political events, including visits by Chinese and Russian leaders that resulted in new economic agreements. Finally, it outlines presentations made at a recent Business Council of Mongolia meeting, including discussions of upcoming investment conferences and a CEO survey on business trends in Mongolia.
This document summarizes business and economic news from Mongolia reported in the Business Council of Mongolia NewsWire on April 22, 2011. Key highlights include MIAT airline beginning direct flights to Hong Kong to boost business travel between the two places. Prophecy Resource Corp expressed commitment to partnering with Mongolia for mutual growth. Rio Tinto's credit rating was upgraded to single 'A' status. Erdene Resource provided updates on its mining projects in Mongolia. Voyager Resources listed highlights of its Khongor copper-gold property.
The document summarizes business and economic news from Mongolia reported in the Business Council of Mongolia NewsWire on September 5, 2014. Key highlights include:
- Tender selection for the TT coal mine project will begin in November.
- Rio Tinto has appointed a new CEO for the Oyu Tolgoi copper mine as it works to resolve tax disputes and restart expansion.
- Investors conferences were held to discuss Mongolia's investment environment and the importance of partnerships beyond just China and Russia.
- Several energy agreements were announced between Mongolia, Russia, and China involving gas pipelines and currency trades.
This document provides a summary of business and economic news from Mongolia. It discusses that Mongolia Mining Corp. plans to pursue acquisitions after its successful IPO in Hong Kong. It also mentions that the Trade & Development Bank plans a $150 million bond sale. Additionally, it provides updates on mining companies such as Energy Resources, SharynGol, Petro Matad, and Oyu Tolgoi.
The document is a newsletter from the Business Council of Mongolia covering business and economic news from Mongolia. Some of the key highlights include:
- Turquoise Hill Resources announced another setback at its Oyu Tolgoi copper mine in Mongolia due to equipment failures.
- Erdenes TT suspended coal exports from its East Tsankhi mine due to the expiration of a pricing agreement.
- Mongolia and Russian Railways signed an agreement to partner on modernizing Mongolia's railway system by 2020, which could benefit Aspire Mining's Ovoot coking coal project.
- The London Stock Exchange extended its partnership with the Mongolian Stock Exchange for another three years to help
The Business Council of Mongolia NewsWire issue 300 provides news highlights from Mongolian business, economic, and political realms. Key business stories include SouthGobi Resources restating financial results for the past 3 years due to revenue recognition errors, and several mining and exploration companies announcing new partnerships, investments, and projects. Economic reports touch on recommendations to tighten policies, investment rules spurring mining development, and Mongolia gearing up for challenges in the mining sector. Political headlines cover initiatives such as joining the Open Government Partnership and establishing cross-border reserves with Russia.
The document is a newsletter providing summaries of business and economic news from Mongolia. Key points include:
- Oyu Tolgoi mine has cleared the last hurdle to beginning production by signing an agreement to purchase power from China. However, the Mongolian government still wants to discuss details of the investment agreement for the mine.
- Prophecy Coal may stop mining operations at its Ulaan Ovoo mine if the government does not increase what it is willing to pay, as the company says it is currently selling coal at a loss.
- A joint venture between Newcom Group and Soft Bank Energy called Clean Energy Asia has been established with the goal of developing renewable energy projects and an "
This summary provides the key details from the Business Council of Mongolia newsletter:
- Mongolia wants to resolve its mine dispute with Rio Tinto over cost overruns at the Oyu Tolgoi mine by early 2014 in order to proceed with the mine's expansion.
- Turquoise Hill Resources, the operator of Oyu Tolgoi, will proceed with a $2.4 billion rights offer to repay credit facilities used for the mine's construction.
- Permafrost at the planned site of Power Plant No. 5 poses new challenges as construction is set to begin in 2015, increasing costs for the project's consortium.
The document is a newsletter from the Business Council of Mongolia covering various business and economic news items from Mongolia in Issue 265 dated March 15, 2013. Some of the key stories covered include: Rio Tinto waiting for a decision from Australia's export credit agency on funding for the Oyu Tolgoi mine after the US raised environmental and social concerns about the project; Oyu Tolgoi being named the "Best Project" of 2012 by Bloomberg TV Mongolia; Mongolian Mining Corp. aiming to increase raw coal output to 12 million tons in 2013 after missing targets in 2012 due to weak demand; and average selling prices for Mongolian coal falling 30% in 2012 which impacted company revenues.
The document is a newsletter from the Business Council of Mongolia providing news and updates on business and economic matters in Mongolia. It announces that the newsletter will be on hiatus for the Tsagaan Sar holiday and then resume on March 2nd. It then provides highlights on various business, economic and political stories in Mongolia, including updates on mining companies, infrastructure developments, government policies and meetings/events from the Business Council of Mongolia.
The document summarizes news from the Business Council of Mongolia newsletter. It highlights several stories: Khan Bank received an $8 million EBRD loan to finance small and medium businesses; Golomt Bank signed agreements with Hungarian and Chinese banks to provide financing for trade; the Mongolian Stock Exchange is negotiating to use Bloomberg's terminal system for bond trades and took legal action against 196 companies that failed to file reports; Rio Tinto's CEO has helped steer the company to recovery as it approaches interim results and considers options for generating cash going forward including potential growth projects.
The document is a newsletter summarizing business and economic news from Mongolia. It discusses Mongolia's plans to privatize and sell shares of major state-owned assets like the Erdenet Mining Corp, Tavan Tolgoi coal deposit, and Oyu Tolgoi copper mine through initial public offerings, likely in Hong Kong. It also mentions that BNP Paribas and Standard Chartered Bank were selected to structure loans for the $4.6 billion Oyu Tolgoi project. Additionally, the newsletter states that Mongolia is receiving proposals from stock exchanges like London, NASDAQ, and Hong Kong to assist in privatizing its state-run stock market.
1. The document discusses Mongolia's infrastructure project established in 2013 to construct new residential districts in Ulaanbaatar, including 42,000 apartments and facilities like schools and hospitals.
2. It provides details on ongoing construction works in 7 districts, including the Buyant-Ukhaa district where engineering infrastructure like water, sewage, power, and heating systems are being built.
3. The project has been successful so far, completing over 95.6 billion MNT worth of works including power facilities, heating centers, water lines and more to develop infrastructure.
Nagaraju B C is seeking a challenging position in a reputable company where he can utilize his academic background in commerce and interpersonal skills. He has a B.Com degree from PES College in Mandya and is currently pursuing his M.Com from Karnataka State Open University. He has over 2 years of experience working in accounts and finance roles for various companies. His technical skills include proficiency in MS Office, Tally ERP 9, and he can type at 20 words per minute. He is looking to leverage his strengths in working independently and under pressure, as well as effectively managing his time.
The document summarizes the latest news from the Business Council of Mongolia newsletter. It discusses several business, economic, and political stories in Mongolia, including the government's plans to resolve disputes over mining licenses, revise mineral laws to attract investment, and proposals to allow gambling on horse racing. It also provides summaries of presentations given at the most recent BCM meeting on waste management initiatives, public opinion polling, and Peabody Energy's energy advocacy campaign.
This document provides an introduction to Rust and discusses its memory safety features through ownership and borrowing rules. It explains that Rust avoids garbage collection and is memory safe by enforcing that references and mutable references cannot be held simultaneously. This prevents issues like use-after-free and iterator invalidation. The ownership system transfers control of values during assignment and function calls. Borrowing allows sharing references while a value is valid. The compiler enforces rules that any borrow must not outlive the owner and there can only be one mutable reference at a time.
Este documento describe la didáctica crítica como un modelo de enseñanza que requiere que los estudiantes interactúen con su entorno, reflexionen de manera crítica sobre la realidad social, y propongan soluciones de manera colectiva. Se enfoca en cómo los estudiantes aprenden a través de la construcción del conocimiento y la discusión en grupo.
This document summarizes socio-political trends in Mongolia from survey data collected between 2012-2014. It shows changes over time in:
- Voter preferences between the main political parties. Support for the Democratic Party has increased while support for the MPP has decreased.
- Issues of most concern to citizens, with unemployment and inflation consistently ranking high.
- Satisfaction with the business environment and investment conditions, both of which have declined.
- Government approval ratings, which have decreased slightly over the period.
- Perceptions of successes of the government, with dealing with corruption and agriculture most commonly cited.
The document summarizes recent news from Mongolia related to business, economy, and politics. It discusses how Parliament asked the government to finalize mining agreements for Oyu Tolgoi and Tavan Tolgoi by February 1st. It also mentions that the risk of miners abandoning projects in Mongolia is high due to lack of progress on mining laws and taxes. Additionally, it provides details on workforce reductions at the Oyu Tolgoi mine and caps on foreign ownership in strategic deposits proposed in draft amendments to minerals laws.
The document contains a portfolio of design work including billboards, flyers, banners, social media designs, and packaging designs for hotels and a property called Whiz Prime and Intiwhiz. The designs are for promotions, packages, and openings in various cities in Indonesia and include dimensions and description of designs.
The document summarizes the Ovoot Coking Coal Project in Mongolia acquired by Aspire Mining Limited, an Australian company. It describes the project's geology and drilling results which indicated thick multiple coal seams. It outlines the deal terms under which Aspire acquired the project, providing cash and shares to the vendors. This has significantly increased the project's value. The document argues that listing on the Australian Securities Exchange provides benefits for funding exploration of early stage projects in Mongolia through access to capital markets.
The document summarizes the key news highlights from Issue 185 of the Business Council of Mongolia NewsWire dated September 16, 2011. Some of the top business stories include TT's IPO being delayed until early 2012, Hunnu Coal agreeing to be acquired by Banpu for $477 million, and the Oyu Tolgoi mine expected to generate one-third of Mongolia's economy by 2020. The "Discover Mongolia" conference delivered investment opportunities in Mongolia's mining sector to over 1,000 investors. Government officials discussed plans to expand Mongolia's infrastructure including roads, railways, and power stations. A panel at the conference addressed issues like mining taxation, licensing, and activities of illegal artisanal miners.
The document discusses the costs of inefficient regulation for businesses in Mongolia. It provides examples showing that streamlining import and export documentation procedures could save Mongolian businesses and the government millions of dollars per year. Reducing the time required for trade procedures by 17.5 days could increase Mongolia's GDP by over $1.7 billion per year. The document also discusses how Georgia achieved rapid economic growth through aggressive incremental regulatory reforms that reduced burdens on businesses.
The document summarizes news from the Business Council of Mongolia newsletter. It highlights several key events:
- Mongolia's first copper exports from the Oyu Tolgoi mine were delayed at the government's request, amid disputes over revenue sharing.
- Despite the expected start of OT exports and presidential election results, Mongolia's resource nationalism continues to concern investors and hurt economic growth prospects.
- Mongolia opened its first wind farm, a USD122 million project that aims to reduce coal reliance and air pollution in the capital. The EBRD plans to invest another USD50 million in wind projects.
The document provides a summary of business, economic, and political news from Mongolia in its Business Council of Mongolia newsletter. Some of the key highlights include:
- Mongolia is confident it can resolve disputes with Rio Tinto over the $5 billion expansion of the Oyu Tolgoi copper and gold mine by the December 31 deadline.
- Rio Tinto's Oyu Tolgoi mine has shipped copper concentrate to China but has not recorded any revenue yet due to delays in Chinese customs approval.
- Entrée Gold is considering a proposal to transfer its mining licenses for the Oyu Tolgoi project to Oyu Tolgoi LLC.
- A private equity group in Mongolia is
The document summarizes trends in the global mining industry. It notes that demand is being driven by growth in emerging markets while supply is challenging due to declining ore grades and remote mine locations. This has led to higher commodity prices and costs for miners. Miners have announced over $300 billion in capital expenditures, with profits of $110 billion and cash reserves over $100 billion. China is presented as continuing to outperform growth targets and not having reached peak steel demand yet. All miners are facing cost pressures and deals and investment in Mongolia have increased substantially. The outlook is for continued demand from emerging markets and ongoing supply challenges.
This document contains personal and career information for Bahruz Gachayev. It details his date of birth, contact information, education history and work experience. Bahruz has worked in health, safety and environment roles for Saipem-Azfen Joint Venture and Naval Engineering Group since 2014. His responsibilities have included hazard identification, inspections, audits, training and emergency response planning. He holds a bachelor's degree in journalism and various health and safety training certificates.
This document summarizes a presentation by Orica Limited about launching mining projects in Mongolia. It discusses key issues for Mongolia such as its dependence on China for mineral exports and economic growth. It also outlines Mongolia's needs like capital, technology, and management expertise to develop its $2 trillion in mineral resources. Some challenges are a lack of infrastructure, high interest rates, and corruption. To succeed, the presentation recommends bringing experienced technical capabilities, operational excellence, and a willingness to invest for the long-term while meeting Mongolia's need for high technology solutions.
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Voyager Resources is an ASX-listed company exploring for copper in Mongolia. It has three projects, including its flagship Khul Morit project, which has returned high-grade copper results from drilling and shows geological signs of hosting a large copper porphyry system. The company is fully funded and will continue drilling programs focused on delineating copper porphyry targets at Khul Morit. It also aims to form strategic partnerships and complete the mining license application for Khul Morit in the next three months.
This document discusses human resource risks that can negatively impact company profits. It identifies several factors that influence employee productivity, such as personality, emotional intelligence, discipline, leadership, organizational culture, and motivation. The document also lists common human risks like error patterns in thinking and behavior, such as not taking care of one's health or teammates. Finally, it proposes ways to prevent these risks, such as implementing systems for psychological well-being, purpose, communication, team roles, and skills management to develop human resources and turn crises into opportunities.
The document summarizes news from Mongolia covering business, economic, and political topics. It discusses ongoing debates around amendments to Mongolia's Minerals Resources Law and defines what constitutes a strategic deposit. Rising global food and fuel prices are identified as risks for the East Asia region. Inflation in Mongolia is expected to reach double digits in 2008 due to high commodity prices and expansionary fiscal policy. A regional steel plant decided to raise employee salaries. An international tax workshop in Ulaanbaatar and opportunities for Canadian and US investment in Mongolia are also announced.
The document provides news highlights from the Business Council of Mongolia. It includes summaries of several stories: Erdenes-TT pushes back its IPO to 2013 due to delays in passing securities laws; Energy Resources reaches the finals for a global corporate social responsibility award; and the Mongolian vice minister of finance says a new foreign investment law is unlikely to be retroactive to halt Chalco's proposed purchase of Ivanhoe Mines. It also briefly summarizes personnel changes at Ivanhoe Mines and Voyager Resources, and reports that Entrée Gold's Heruga deposit continues expanding in size.
The document summarizes news from the Business Council of Mongolia newsletter. It reports that Ivanhoe Mines has made a significant new discovery at the Oyu Tolgoi mine in Mongolia, indicating there are greater resources than previously estimated. It also reports that Newcom Group and GE have signed an agreement to explore business opportunities in Mongolia, and that Mongolian Mining Corp has increased the price range for its upcoming IPO on the Hong Kong exchange.
This document provides a summary of news from the Business Council of Mongolia for May 18, 2012. It includes highlights on business, economic, and political news. For business, it summarizes news about mining companies like Erdenes-TT, Ivanhoe Mines, SouthGobi Resources, and Centerra Gold. It also discusses plans from Mongolian companies to produce synthetic diesel from coal. For the economy, it covers secondary bond trading, tax revenue from resources, and threats from climate change. For politics, it mentions new legislation on foreign investment and elections.
This document summarizes a newsletter from the Business Council of Mongolia dated March 1, 2013. It includes sections on business, economy, and politics news highlights. In the business section, it discusses ongoing talks between investors of the Oyu Tolgoi project and the Mongolian government. It also mentions several personnel changes at companies operating in Mongolia like Turquoise Hill Resources and Energy Resources LLC expanding its coal processing capacity. The economic section notes updates on mining, finance, and economic indicators. The politics section discusses proposed revisions to Mongolia's minerals law and investigations into corruption cases.
The document summarizes news from the Business Council of Mongolia newsletter. It includes the following highlights:
- Turquoise Hill says sales volume from the Oyu Tolgoi copper and gold mine has fallen below expectations due to post-commissioning issues and a shutdown of one line for 6-8 weeks. Production targets for 2014 are 150,000-175,000 tons of copper and 700,000-750,000 ounces of gold.
- The $4.2 billion financing package for the underground expansion of Oyu Tolgoi is dependent on completion of a feasibility study due in the second quarter. Both Turquoise Hill and the Mongolian government's Erdenes Oyu Tolgoi LLC are
The document summarizes business and economic news from Mongolia reported in the Business Council of Mongolia NewsWire on November 4, 2011. Key points include:
- Investors are hopeful that Ivanhoe Mines will be acquired by Rio Tinto to resolve a shareholder dispute by January 2012.
- Mongolia Mining Corporation's Ukhaa Khudag coal mine is expected to be depleted within 27 years at its current production rate.
- Bloomberg plans to launch a Mongolian television station in partnership with Trade and Development Bank to provide business and financial news to Mongolia.
- Several mining companies announced exploration successes expanding coal and iron resources at projects in Mongolia.
The document summarizes news from the Business Council of Mongolia covering business, economic, and political topics in Mongolia. Some key points include:
- Rio Tinto faces further delays in expanding the Oyu Tolgoi copper mine due to potential missed deadlines for securing project financing.
- Mongolia will spend 1 trillion MNT on industrial production and the volume of gold sales grew 8-fold year-over-year.
- Parliament adjusted its schedule for the spring session and a new state-owned company will replace ministries' construction departments.
- The BCM meeting had over 100 attendees and new members were introduced, including Mongol Bridge Group and Resource Mincom LLC.
The document summarizes news from the Business Council of Mongolia newsletter. Key points include:
- Construction at the Oyu Tolgoi copper/gold mining project is ahead of schedule, with pre-stripping of the open pit mine to begin in August.
- Ivanhoe owns 66% of the project and plans to initially send most production to Chinese smelters.
- The monthly Business Council of Mongolia meeting welcomed 12 new members and heard presentations on Germany-Mongolia business and two Mongolian mining companies.
- Arts and creativity were also discussed, including efforts to preserve Mongolian cultural heritage.
The document summarizes news from the Business Council of Mongolia newsletter. It discusses progress in negotiations for the Oyu Tolgoi and Tavan Tolgoi mining deposits. Investment banks like Deutsche Bank and JP Morgan may help the government sell part of Tavan Tolgoi, estimated to be worth $1-2 billion. The government will own at least 51% of Tavan Tolgoi. NGOs are seeking more transparency in the negotiations. Banks proposed measures to the central bank like government-guaranteed mortgages to restart the housing market and stimulate the economy.
The document summarizes recent news from Mongolia across various sectors including business, economy, politics, and tourism. Some key highlights include:
1) Major mining projects in Mongolia like Oyu Tolgoi and Tavan Tolgoi have started development and operations, while several exploration companies are reporting promising early results.
2) Mongolia is taking steps to develop its oil refining capacity to reduce dependence on imports by starting construction on several new refineries.
3) The tourism industry in Mongolia is seeing a shift towards more luxury camping experiences offering travelers a chance to live like nomads in remote areas of the country.
4) Russia has launched a new tourist route on the Trans-
The document summarizes news from the Business Council of Mongolia newsletter dated December 7, 2012. It covers various business, economic and political stories regarding Mongolia. On the business front, it discusses companies building new plants, resuming mining operations, and selling Mongolian assets. Economically, it mentions Mongolia's bonds declining as its coalition government becomes unstable. Politically, it notes a political party possibly exiting the coalition and various leaders' meetings with counterparts from other countries.
The document is a newsletter from the Business Council of Mongolia covering various business and economic stories in Mongolia. It discusses several mining projects in Mongolia including Rio Tinto facing hurdles at the Oyu Tolgoi copper mine, Wolf Petroleum discovering an oil seam at a depth of 9,600 meters, and Modun Resources receiving a mining license for its Nuurst thermal coal project. It also mentions an iron ore sale agreement between India Globalization Capital and Mon Resources, and Belarusian textile company Bellegprom considering outsourcing some knitting operations to Mongolia.
The document summarizes business and economic news from Mongolia. It reports that the Mongolian Prime Minister said any involvement of Chinese company Chinalco in the Oyu Tolgoi mining project would need government approval. It also reports that Eznis Airways plans to buy two new jets to meet growing demand and that TNK-BP signed an agreement to potentially deliver oil products to Mongolia. Additionally, it provides positive drilling results from Erdene Resource Development Corp's copper and molybdenum project and notes that Xstrata officials met with the Prime Minister to discuss their Australian coal mining operations.
This document summarizes news from the Business Council of Mongolia newsletter dated July 1, 2011. It highlights several stories on business and economic news in Mongolia, including: Aspire Mining raising the production target for its Ovoot coal mine, which would make it one of the largest coal mines worldwide; Prophecy Coal's first coal shipment from Mongolia to Russia; new wells being drilled by petroleum companies; and airlines and transportation projects expanding services. It also summarizes updates on the Mongolian economy, including inflation reaching 9.8% and sovereign wealth and private equity funds investing in Mongolia. Politics news included the registration of an opposition party and changes in government. The monthly Business Council meeting recap
The document summarizes news from the Business Council of Mongolia newsletter dated September 19, 2014. It covers several topics:
1) The tax dispute between Rio Tinto and the Mongolian government over the Oyu Tolgoi copper mine has been resolved, with taxes owed reduced to $30 million from $130 million.
2) Exploration drilling has started at Aspire Mining's Nuurstei coal project, which could lead to a pre-feasibility study.
3) Genie Energy has signed an agreement to explore an additional 25,000 square kilometers in Mongolia for oil shale, bringing its total exploration area to 60,000 square kilometers.
The document provides a summary of business and economic news from Mongolia. Some of the key points include:
- SouthGobi Resources suspended plans to build a railway from its coal mine to the Chinese border due to uncertainty over Mongolia's rail policy, and will instead focus on upgrading the road.
- Ivanhoe Mines said its Oyu Tolgoi copper mine may get a new partner in addition to Rio Tinto, as most large copper mines have multiple owners.
- SouthGobi Resources reported a net loss for the first quarter of 2010 due primarily to the partial conversion of a convertible debenture from China Investment Corporation, but revenues increased compared to the first quarter of 2009.
The document summarizes news from the Business Council of Mongolia newsletter. It highlights several stories:
1) Rio Tinto is firming up $2.5 billion in financing for the Oyu Tolgoi mine expansion and expects government approval to ship copper within weeks.
2) Erdenes Tavan Tolgoi offered a one-year contract to mine 2 million tons of coking coal at West Tsankhi to attract new customers and raise cash.
3) The Mongolian government remains silent on allowing Centerra Gold to begin operations at its Gatsuurt gold project, which was to supply ore to the nearby Boroo mine for processing.
The document is a newsletter from the Business Council of Mongolia that provides news highlights on business, economic, and political issues in Mongolia. It includes summaries of multiple news stories related to Mongolian companies and mining projects, economic indicators and foreign investment in Mongolia, and political developments. It also announces an upcoming meeting of the Business Council of Mongolia that will feature presentations from the U.S. Ambassador, the CEO of a Mongolian investment company, and the chairman of Mongolia's National Development and Innovation Committee.
This document provides a summary of news from the Business Council of Mongolia for October 18, 2013. The main sections covered include Business, Economy, Politics, and Economic Indicators. For Business, some of the key stories summarized are that OT-Rio relations are improving as both sides work to resolve conflicts over financing at Oyu Tolgoi mine. Rio Tinto aims to continue developing underground mining at Oyu Tolgoi. Turquoise Hill has increased production at Oyu Tolgoi to full capacity. For Economy, highlights included Mongolia's coal exports declining and IMF cutting growth forecasts for Mongolia. The Politics section briefly mentioned several diplomatic visits and agreements.
The document summarizes business and economic news from Mongolia reported in the Business Council of Mongolia NewsWire on June 24, 2011. Key highlights include:
- The Mongolian government suspended PetroChina's crude oil transport along a gravel road for various violations.
- Erdene Resource Development took investors on a tour of its mining operation sites in Mongolia.
- Mongolia Growth Group received an insurance license under the name Mandal General to underwrite property and casualty insurance in Mongolia.
- Several mining and exploration companies including Voyager Resources, Mongolia Energy Corporation, and Petro Matad provided updates on their drilling, mining, and exploration activities in Mongolia.
After careful consideration for the preservation of the region’s environment, culture, and people, Jalsa Urubshurow opened Three Camel Lodge in 2002 as the only luxury eco-lodge in the Gobi Desert. Built by and staffed by locals, Three Camel Lodge offers travelers a way to experience the nomadic spirit of the region alongside modern comforts while protecting the natural beauty and culture.
After careful consideration for the preservation of the region’s environment, culture, and people, Jalsa Urubshurow opened the only luxury eco-lodge in the Gobi Desert, Three Camel Lodge, in 2002. Built by and staffed by locals, Three Camel Lodge offers travelers a variety of activities to learn about nomadic culture while enjoying modern comforts in a way that showcases the nomadic spirit without destroying the natural environment of the region.
The Business Council of Mongolia published its January 2020 Macroeconomic Updates report which contained the following key points:
1) Mongolia's GDP grew 6.3% in Q3 2019 while inflation was at 5.2% in December 2019. Exports reached a historic high of $7.6 billion in 2019, driven by record coal exports.
2) Foreign direct investment in Mongolia totaled $21.5 billion as of 2019, with the majority from Canada, China, Singapore, and Luxembourg invested mainly in mining.
3) The Mongolian currency, the togrog, depreciated 3.8% against the US dollar in 2019 as the central bank supplied $2.
Faro Foundation Mongolia is a non-governmental organization that promotes digital literacy and safe internet use in Mongolia. It works to educate the public on topics like online safety, proper social media use, and cyberbullying prevention. The organization's primary goal is to create positive social change through social media. It has developed a digital literacy curriculum and library on Facebook to teach essential digital skills to students, teachers, and parents.
The Business Council of Mongolia (BCM) is an independent non-profit organization established in 2007 to advocate for economic freedom and a competitive business environment in Mongolia. It has over 240 member organizations from various sectors. The BCM aims to equip its members with policy research, training, and networking opportunities. It is organized with a Board of Directors, Executive Committee, and six working groups focused on key issues. The Growth and Innovation working group works to promote digital transformation in Mongolia.
The One-Stop-Service Center (OSSC) was established in February 2019 under the Prime Minister's order to provide centralized public services to investors in Mongolia. The OSSC was created as part of Mongolia's three-pillar development policy and on the recommendation of the Investment Protection Council. It allows five government bodies, a bank, and notary office to render services to foreign investors from one location.
Mongolians are building a competitive Fintech sector with international ambitions by cultivating agile and innovative teams combining specialists and experts from 6 nationalities. To become truly internationally competitive, Mongolia must train professionals and executives to international standards by growing their next generation of innovative leaders and skilled experts. Overcoming these challenges will allow Mongolia to solve growing issues and compete in international markets.
The document discusses competitiveness rankings for Mongolia and its provinces. It analyzes Mongolia's performance in the IMD World Competitiveness Ranking, where Mongolia ranked 62nd out of 63 countries in 2018. The ranking evaluates countries across 4 factors: economic performance, government efficiency, business efficiency, and infrastructure. The document also summarizes findings from a provincial competitiveness report for Mongolia, which evaluated and ranked the competitiveness of Mongolia's 21 provinces. Finally, it outlines criteria and results from a competitiveness ranking of districts in Ulaanbaatar city across 5 factors of quality of life, living environment, safety and security, governance, and economic performance.
Digital transformation involves using digital technology in new ways to solve traditional business problems and drive organizational change. The presentation discusses how digital transformation differs from related concepts like digitization, analytics, and outsourcing. Key aspects of digital transformation include leveraging data as a strategic asset, adapting to digital natives, and undergoing cultural and technological changes. Methods like agile project management and design sprints are presented as ways to accelerate transformation. The presentation also provides examples of how companies have transformed, such as Domino's Pizza using digital strategies to regain market share.
DBS Bank was named the world's best digital bank by Euromoney in 2016 and 2018, beating competitors like Citi, BBVA, and ING. The CEO of DBS Bank, Piyush Gupta, accepted the award and said that banks of the future will be fundamentally different than today's banks due to their digital transformation. DBS Bank has spent three years focused on digital initiatives by changing employee mindsets and technology infrastructure to make banking simple and seamless for customers.
Mongolia transitioned to democracy in the early 1990s after a peaceful revolution. It now has a multi-party parliamentary democracy with freedoms of religion, expression, and private property rights guaranteed in its constitution. Mongolia's economy depends heavily on its mineral and agricultural sectors as it continues developing a market economy after transitioning from Soviet control.
The document discusses the Growth & Innovation Working Group of the Business Council Mongolia. The working group aims to:
1. Promote and advance business growth and innovation in Mongolian society through educating businesses, government, and the public on opportunities in research and development.
2. Enable all organizations to grow and innovate, not just start-ups or sectors traditionally thought of as innovative.
3. Focus on key objectives like digitalization, infrastructure, financial technology, data security, efficiency, public investment policy, and intellectual property protection to support the digital transformation of consumer and enterprise services through technologies like IoT, AI, fintech, blockchain, and more.
The working group plans events
The BCM held its January monthly meeting to discuss organizational updates. Key points:
- The BCM elected a new 15-member Board of Directors and appointed an Executive Committee and Working Groups.
- Two presentations were given on legal environments for asset management in Mongolia and on responsible mining.
- The BCM revised its mission statement to focus on providing members with policy research, training, and networking support for business in Mongolia.
- The BCM reorganized its working groups, which are now chaired by Board members, and strengthened its secretariat.
The document discusses Mongolia, Russia, and China's economic corridor program. It notes that the program aims to improve connectivity between the three countries through projects involving railway, roads, energy transmission lines, gas and oil pipelines, and high-speed internet. There are currently 32 projects across areas like infrastructure, energy, agriculture, border cooperation, trade, environment, education, medicine, and more. The document also discusses plans to establish a joint center for investment planning and projection in Ulaanbaatar to facilitate implementation of the economic corridor program projects and further trilateral cooperation.
This document provides information on business opportunities through procurement for Mongolia's Second Compact Agreement with the Millennium Challenge Corporation (MCC). It outlines that the total grant value is $350 million to fund activities supporting economic growth and poverty reduction in Mongolia. Key business opportunities include consulting services, goods, and construction works valued at approximately $44 million for the base year. The presentation also reviews MCC's procurement principles of transparency, fairness and competitiveness. It provides details on the procurement process and how opportunities will be advertised.
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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.