The document is a newsletter from the Business Council of Mongolia covering business, economic, and political news highlights from Mongolia. Some of the key stories covered include Korea Resources planning to take at least a 10% stake in the Tavan Tolgoi coal project, Ivanhoe Mines changing its name to Turquoise Hill Resources, and positive partial assay results from Kincora Copper's Bronze Fox copper project. Developers also broke ground on new projects including the Village@Nukht development and Shanagan Uul East coal exploration. Revenue increases were reported by MMC and several conferences on mining and construction were scheduled for September in Mongolia.
The document summarizes news from the Business Council of Mongolia newsletter. It includes the following highlights:
- President Ts. Elbegdorj set a 2012 deadline to select companies to develop part of Mongolia's Tavan Tolgoi coal field, seeking to resolve a dispute between Chinese, Russian, and American bidders. Developing this field could bring billions of dollars in investment and royalties.
- Ivanhoe Mines will change its name to Turquoise Hill Resources to reflect its ownership in the giant Oyu Tolgoi copper and gold mine in Mongolia.
- Rio Tinto's Oyu Tolgoi mine in Mongolia is expected to begin copper production this year and
This document is a newsletter from the Business Council of Mongolia covering various business news highlights from Mongolia. Some of the key stories covered include:
- SouthGobi Resources filing a notice of investment dispute against the Mongolian government over failure to approve mining licenses.
- Exploration work continuing for several mining companies, including Entree Gold expanding their Argo Zone deposit and Altan Rio beginning drilling at their Chandman-Yol project.
- China National Nuclear Corporation receiving approval for their Gurvanbulag uranium mine and a consortium being selected to develop the country's Power Plant No. 5.
- Several companies' stock prices falling due to declining coal demand and prices from China.
The document summarizes business and economic news from Mongolia. Key points include:
- Ivanhoe Mines is confident its power deal with China will come through in time for its 2013 copper production target.
- The Mongolian government established a state-owned firm, Erdenes Oyutolgoi, to manage its interest in the Oyu Tolgoi mine.
- Xanadu Mines reported total coal resources of 497 million tons across its projects after a new resource estimate.
- The Coal Mongolia conference will be held in Ulaanbaatar to attract investments into Mongolia's coal sector.
- GE will provide technical training to support Mongolia's Salkhit wind farm
The document is a newsletter from the Business Council of Mongolia that provides news highlights on business, economic, and political issues in Mongolia and internationally. Some of the key stories covered include: progress being unclear on the planned IPO of Mongolia's Tavan Tolgoi coal mine; the Mongolian government greenlighting a planned 600-megawatt coal power plant by Prophecy Coal; and Xanadu Mines planning to continue drilling its metallurgical coal exploration project through the winter months.
The document is a newsletter from the Business Council of Mongolia covering business, economic, and political news highlights from Mongolia. Some of the key stories covered include OT copper mine beginning initial production, Rio Tinto paying $935 million to maintain its stake in Ivanhoe Mines, a ruling in favor of Khan Resources over the expropriation of its uranium project, and updates on several mining and exploration companies' activities and projects in Mongolia.
The document summarizes news from the Business Council of Mongolia newsletter. It highlights several stories: mining companies expanding exploration targets and confirming viability of projects in Mongolia; coal and iron ore marketing agreements being formed with Chinese partners; and Aspire Mining identifying potential to increase resources at its Ovoot coking coal project through further exploration outside current boundaries. It also previews the agenda for the next BCM monthly meeting.
This document summarizes news from the Business Council of Mongolia newsletter. Key points include:
- The Prime Minister wants the Tavan Tolgoi coal deposit to remain fully state-owned rather than developed as a joint venture.
- China's CNNC will buy Canadian uranium explorer Khan Resources for $52.9 million, gaining access to deposits in Mongolia.
- SouthGobi Energy dropped 12% in its Hong Kong stock debut due to high valuation and poor market conditions.
- A Canadian consultancy said the Tavan Tolgoi deposit could support multiple mining operations to export coal to China, South Korea, and Japan.
The Prime Minister of Mongolia discussed Mongolia's economic outlook and challenges in an interview. He stated that Mongolia expects around 8% GDP growth in 2010 and over 10% growth for the next 5 years. Mongolia is a major exporter of coal and copper to China and aims to increase processing industries to create jobs. The main economic problem is managing mining wealth to reduce poverty levels and potential social tensions. The Prime Minister aims to channel wealth to combat poverty and is considering economic models of resource-rich nations like Canada, Chile and hybrid models.
The document summarizes news from the Business Council of Mongolia newsletter. It includes the following highlights:
- President Ts. Elbegdorj set a 2012 deadline to select companies to develop part of Mongolia's Tavan Tolgoi coal field, seeking to resolve a dispute between Chinese, Russian, and American bidders. Developing this field could bring billions of dollars in investment and royalties.
- Ivanhoe Mines will change its name to Turquoise Hill Resources to reflect its ownership in the giant Oyu Tolgoi copper and gold mine in Mongolia.
- Rio Tinto's Oyu Tolgoi mine in Mongolia is expected to begin copper production this year and
This document is a newsletter from the Business Council of Mongolia covering various business news highlights from Mongolia. Some of the key stories covered include:
- SouthGobi Resources filing a notice of investment dispute against the Mongolian government over failure to approve mining licenses.
- Exploration work continuing for several mining companies, including Entree Gold expanding their Argo Zone deposit and Altan Rio beginning drilling at their Chandman-Yol project.
- China National Nuclear Corporation receiving approval for their Gurvanbulag uranium mine and a consortium being selected to develop the country's Power Plant No. 5.
- Several companies' stock prices falling due to declining coal demand and prices from China.
The document summarizes business and economic news from Mongolia. Key points include:
- Ivanhoe Mines is confident its power deal with China will come through in time for its 2013 copper production target.
- The Mongolian government established a state-owned firm, Erdenes Oyutolgoi, to manage its interest in the Oyu Tolgoi mine.
- Xanadu Mines reported total coal resources of 497 million tons across its projects after a new resource estimate.
- The Coal Mongolia conference will be held in Ulaanbaatar to attract investments into Mongolia's coal sector.
- GE will provide technical training to support Mongolia's Salkhit wind farm
The document is a newsletter from the Business Council of Mongolia that provides news highlights on business, economic, and political issues in Mongolia and internationally. Some of the key stories covered include: progress being unclear on the planned IPO of Mongolia's Tavan Tolgoi coal mine; the Mongolian government greenlighting a planned 600-megawatt coal power plant by Prophecy Coal; and Xanadu Mines planning to continue drilling its metallurgical coal exploration project through the winter months.
The document is a newsletter from the Business Council of Mongolia covering business, economic, and political news highlights from Mongolia. Some of the key stories covered include OT copper mine beginning initial production, Rio Tinto paying $935 million to maintain its stake in Ivanhoe Mines, a ruling in favor of Khan Resources over the expropriation of its uranium project, and updates on several mining and exploration companies' activities and projects in Mongolia.
The document summarizes news from the Business Council of Mongolia newsletter. It highlights several stories: mining companies expanding exploration targets and confirming viability of projects in Mongolia; coal and iron ore marketing agreements being formed with Chinese partners; and Aspire Mining identifying potential to increase resources at its Ovoot coking coal project through further exploration outside current boundaries. It also previews the agenda for the next BCM monthly meeting.
This document summarizes news from the Business Council of Mongolia newsletter. Key points include:
- The Prime Minister wants the Tavan Tolgoi coal deposit to remain fully state-owned rather than developed as a joint venture.
- China's CNNC will buy Canadian uranium explorer Khan Resources for $52.9 million, gaining access to deposits in Mongolia.
- SouthGobi Energy dropped 12% in its Hong Kong stock debut due to high valuation and poor market conditions.
- A Canadian consultancy said the Tavan Tolgoi deposit could support multiple mining operations to export coal to China, South Korea, and Japan.
The Prime Minister of Mongolia discussed Mongolia's economic outlook and challenges in an interview. He stated that Mongolia expects around 8% GDP growth in 2010 and over 10% growth for the next 5 years. Mongolia is a major exporter of coal and copper to China and aims to increase processing industries to create jobs. The main economic problem is managing mining wealth to reduce poverty levels and potential social tensions. The Prime Minister aims to channel wealth to combat poverty and is considering economic models of resource-rich nations like Canada, Chile and hybrid models.
The document discusses several business news highlights from Mongolia. It mentions that the Tavan Tolgoi coal deal will undergo revision, with Japan and Korea potentially receiving stakes. It also discusses Ivanhoe Mines rejecting talks of altering its Oyu Tolgoi contract, Gobi Coal & Energy searching for a buyer, and Indian firms exploring bids for uranium acquisitions in Mongolia.
This document summarizes news from the Business Council of Mongolia newsletter dated August 17, 2012. It includes highlights on business, economic, and political news items. On the business front, it discusses updates on the OT 94% construction completion, Rio Tinto's concerns about securing a power deal for OT, SouthGobi Resources' suspended mining license and profit decline, and Prophecy Coal's temporary mine shutdown. It also notes leadership changes and deals involving companies like Turquoise Hill Resources, Erdene Resource Development Corp, and Leighton Holdings. The economic section summarizes data, inflation trends, and mining industry effects. Politics updates include changes to government structure and parliamentary activities.
The document summarizes business and economic news from Mongolia reported in Issue 242 of the Business Council of Mongolia NewsWire dated October 5, 2012. Key highlights include:
- Erdenes-TT beginning exploration at West Tsankhi coal mine and Oyu Tolgoi nearing completion of an international airport.
- Chalco abandoning plans to purchase a 30% stake in Winsway Coking Coal and Gobi Energy halting drilling at Ger Chuluu D1 well without discovering hydrocarbons.
- Newera intersecting 26-meter long coal seams at its Shanagan East project and FeOre receiving a mining license for its Dartsagt iron-ore project.
The document summarizes news from the Business Council of Mongolia newsletter. It discusses several Mongolian mining and business stories:
1) Mongolia Energy Corporation is preparing its Khushuut coal mine to begin operations in October, with an estimated 85 million tons of reserves.
2) Khan Resources is appealing a court decision to invalidate its mining licenses, saying the international community is watching the case's progress.
3) Petro Matad has discovered hydrocarbons at its first well in Mongolia, de-risking its entire block which contains 14 more prospects.
4) Hunnu Coal has begun trial mining at its Unst Khudag coal mine to obtain samples and data for
The document summarizes business and economic news from Mongolia. Key points include:
- Investors have agreed to amend the Oyu Tolgoi investment agreement to make financing conditions easier for Mongolia.
- Ivanhoe Mines and BHP Billiton discovered a new zone of copper and gold mineralization near the Oyu Tolgoi mine.
- Petro Matad plans to resume drilling for oil in eastern Mongolia next month after suspending operations over the winter.
The document summarizes news from the Business Council of Mongolia newsletter dated October 10, 2014. Key highlights include:
- Rio Tinto's $5.4 billion Oyu Tolgoi copper project expansion in Mongolia has missed another deadline for financing commitments from lenders, raising concerns over Rio's copper earnings and Mongolia's economic outlook.
- Mongolia plans to expand its state-owned Darkhan metallurgical plant to include an iron ore wet concentrate plant by year's end, and upgrade the facility over the next four years.
- China's Sinopec submitted plans for a $30 billion brown coal gasification project in Mongolia to produce synthetic natural gas.
- MIAT
This document provides a summary of business, economic, and political news from Mongolia in its Business Council of Mongolia NewsWire issue 179 dated August 5, 2011. Key highlights include that Centerra Gold hopes to produce an initial resource statement on its Altan Tsagaan Ovoo prospect by the end of 2011. Construction at the Oyu Tolgoi project is 32% complete and under budget. Ivanhoe Mines CEO estimates the company is worth at least double its current value given the quality of its Oyu Tolgoi asset. Erdenes Tavan Tolgoi began shipping coal to Chinese company Chalco and hopes to export 1 million tons of coal in 2011.
The document is a newsletter from the Business Council of Mongolia that provides news highlights from Mongolia in business, economy, and politics. Some of the key business highlights include: Oyu Tolgoi is expected to begin copper and gold production in August 2012; SouthGobi Resources updated coal reserves at Ovoot Tolgoi; and Winsway Coking Coal plans to issue $500 million in senior notes to finance investments including in Mongolia. Economic highlights include a 30% increase in minimum wages and plans for Mongolian citizens to receive shares in Erdenes MGL. Political highlights discuss Mongolia considering nuclear power and investigations related to riots in July 2010.
This document summarizes news from the Business Council of Mongolia newsletter dated November 6, 2009. It highlights several business and economic stories regarding Mongolian mining companies accelerating coal, copper and gold projects. It also discusses China Investment Corp investing $500 million in SouthGobi Energy Resources and Centerra Gold awaiting approval to resume heap leaching at its Boroo gold mine. Rio Tinto is planning to double its capital expenditures for 2010 to between $5-6 billion.
The document summarizes business news from Mongolia, including several mining companies. SouthGobi Resources aims to secure a second coal mining license by year-end. Erdene Resource will apply for a molybdenum-copper mining license. Ivanhoe Mines reported increased revenue but wider losses in Q2 2010. Prophecy Resource reported the Chandgana Khavtgai project contains over 1 billion tons of coal. Canadian mining companies face challenges but also see success in Mongolia's emerging economy and significant mineral deposits, led by Ivanhoe Mine's giant Oyu Tolgoi copper-gold mine.
The document summarizes news from the Business Council of Mongolia newsletter. It highlights several stories:
- Ivanhoe Mines CEO Robert Friedland says revenue from byproducts at the Oyu Tolgoi mine will offset production costs and the mine is ahead of schedule.
- The Mongolian government has acquired over 263,000 hectares of land around Oyu Tolgoi for infrastructure development.
- Analysts are bullish on the prospects of Petro Matad due to its exploration success, strong management team, and large land holdings in Mongolia.
The document is a newsletter from the Business Council of Mongolia that provides news highlights related to business and the economy in Mongolia and the region. Some of the key stories covered include the London Stock Exchange Group signing a strategic partnership with the Mongolian Stock Exchange to help restructure and develop it. Noble Group confirmed investing in Aspire Mining, a coking coal explorer in Mongolia. Leighton Asia started providing contracting assistance for Prophecy Resource's Ulaan-Ovoo coal project in Mongolia. SRK Consulting also opened new offices in Mongolia to service the mining industry.
The document is a newsletter from the Business Council of Mongolia covering business and economic news from Mongolia. Some of the key stories covered include:
- Rio Tinto securing a power deal for its Oyu Tolgoi copper mine in Mongolia ahead of a September 30th deadline.
- Turquoise Hill Resources working to resolve a tax dispute with Mongolia's government before funding commitments expire for the underground expansion of the Oyu Tolgoi mine.
- SouthGobi Resources reporting a narrower loss in Q2 2014 due to higher coal sales volumes, despite significantly lower coal prices.
The document summarizes business, economic and political news from Mongolia reported in Issue 295 of the Business Council of Mongolia NewsWire dated October 11, 2013. Key highlights include Rio Tinto and Mongolia resolving some issues regarding the Oyu Tolgoi mine expansion, Turquoise Hill Resources appointing a new board director, and the Mongolian government approving a road construction to facilitate coal exports from the Baruun Noyon Uul mine.
- The document summarizes news from the Business Council of Mongolia newsletter, covering business, economic, and political news in Mongolia.
- In business news, precious metals production is helping offset costs at the Oyu Tolgoi mine, Rio Tinto increased its stake in Ivanhoe Mines, and Voyager Resources discovered a new copper intersection. Aspire Mining received a positive report on its Ovoot coal mine's product quality. Petro Matad shifted drilling operations due to technical difficulties. Prophecy Coal signed coal sales agreements.
- Economic news included Mongolia excelling in 2011 and consumption and mining spurring economic growth.
- In politics, employees may strike at Erdenes T
The document summarizes business and economic news from Mongolia. It discusses ongoing negotiations between Mongolia and Rio Tinto over the Oyu Tolgoi mining project. It also mentions that Aspire Mining has identified potential savings of $200 million by selecting a new route for a proposed rail line. Additionally, it provides updates on various mining and infrastructure projects throughout Mongolia.
The document is a newsletter from the Business Council of Mongolia providing news highlights on business and economic developments in Mongolia. Some of the key points mentioned include Hunnu Coal doubling its thermal coal resource estimates, SouthGobi receiving a mining license for the Soumber Deposit, and Mongolia Growth Group achieving milestones by raising funds and obtaining an insurance license. For the Tavan Tolgoi coal deposit, the document reports that China Shenhua Energy, a Russian-Mongolian group, and Peabody Energy have been selected to develop the project, pending parliamentary ratification.
The document is a newsletter from the Business Council of Mongolia covering business and economic news from Mongolia. Some of the key points covered include:
- Mongolia Mining Corp agreeing to acquire QGX Coal Ltd in the largest acquisition deal in Mongolia worth $464 million.
- Prophecy Resources plans to build the Chandgana power plant in Mongolia with an initial capacity of 600MW and ultimately 4,200MW.
- Erdene Resource Development receiving a mining license for its Zuun Mod molybdenum-copper project.
- Oyu Tolgoi, Mongolia's largest mine, is expected to contribute significantly to economic growth over the next decade according to a new
- The document is a newsletter from the Business Council of Mongolia covering business, economic, and political news highlights from Mongolia.
- In business news, there were further delays to selecting a consortium for the West Tsankhi coal project. Erdenes MGL appointed a new executive director, and several mining and energy companies had news regarding projects and operations in Mongolia.
- Economic news included Mongolia completing a $1.5 billion international bond offering, updates on budgets, banking, welfare, housing, energy, poverty, infrastructure, and Mongolia's relationship with China on copper.
- Political news covered parliamentary discussions on foreign investment, elections, constitutional issues, banking regulations, and diplomatic meetings.
The document summarizes business and economic news from Mongolia. It reports that Ivanhoe Mines completed a $1.8 billion rights offering to finance the Oyu Tolgoi project. It also reports that Aspire Mining appointed a new director for its Ovoot coking coal project and that Altan Rio closed a 90% earn-in deal for a gold project. Additionally, it provides updates on several other mining and energy projects in Mongolia.
This document outlines the implementation of a risk management strategy at Wagner Asia Group, a foreign-invested company operating in Mongolia. It identifies internal and external risks, such as safety issues, corruption, and economic/political instability. To address these risks, the company focused on its values, terminated problematic employees, standardized policies/contracts, and improved safety/security procedures. It also established a chief risk management role and conducted employee surveys, audits, and training to strengthen governance and oversight across its operations.
Unlocking the economic potential of Mongolia's resources sectors.
- Mongolia's GDP is predicted to double in 5 years due to new mining projects and infrastructure investments totaling $39-52 billion.
- Funding will come from foreign investment, domestic banking sector growth, stock and debt markets, sovereign borrowing, and other sources. Realizing this potential requires political stability, strong legal systems, and prudent fiscal policies.
The document discusses several business news highlights from Mongolia. It mentions that the Tavan Tolgoi coal deal will undergo revision, with Japan and Korea potentially receiving stakes. It also discusses Ivanhoe Mines rejecting talks of altering its Oyu Tolgoi contract, Gobi Coal & Energy searching for a buyer, and Indian firms exploring bids for uranium acquisitions in Mongolia.
This document summarizes news from the Business Council of Mongolia newsletter dated August 17, 2012. It includes highlights on business, economic, and political news items. On the business front, it discusses updates on the OT 94% construction completion, Rio Tinto's concerns about securing a power deal for OT, SouthGobi Resources' suspended mining license and profit decline, and Prophecy Coal's temporary mine shutdown. It also notes leadership changes and deals involving companies like Turquoise Hill Resources, Erdene Resource Development Corp, and Leighton Holdings. The economic section summarizes data, inflation trends, and mining industry effects. Politics updates include changes to government structure and parliamentary activities.
The document summarizes business and economic news from Mongolia reported in Issue 242 of the Business Council of Mongolia NewsWire dated October 5, 2012. Key highlights include:
- Erdenes-TT beginning exploration at West Tsankhi coal mine and Oyu Tolgoi nearing completion of an international airport.
- Chalco abandoning plans to purchase a 30% stake in Winsway Coking Coal and Gobi Energy halting drilling at Ger Chuluu D1 well without discovering hydrocarbons.
- Newera intersecting 26-meter long coal seams at its Shanagan East project and FeOre receiving a mining license for its Dartsagt iron-ore project.
The document summarizes news from the Business Council of Mongolia newsletter. It discusses several Mongolian mining and business stories:
1) Mongolia Energy Corporation is preparing its Khushuut coal mine to begin operations in October, with an estimated 85 million tons of reserves.
2) Khan Resources is appealing a court decision to invalidate its mining licenses, saying the international community is watching the case's progress.
3) Petro Matad has discovered hydrocarbons at its first well in Mongolia, de-risking its entire block which contains 14 more prospects.
4) Hunnu Coal has begun trial mining at its Unst Khudag coal mine to obtain samples and data for
The document summarizes business and economic news from Mongolia. Key points include:
- Investors have agreed to amend the Oyu Tolgoi investment agreement to make financing conditions easier for Mongolia.
- Ivanhoe Mines and BHP Billiton discovered a new zone of copper and gold mineralization near the Oyu Tolgoi mine.
- Petro Matad plans to resume drilling for oil in eastern Mongolia next month after suspending operations over the winter.
The document summarizes news from the Business Council of Mongolia newsletter dated October 10, 2014. Key highlights include:
- Rio Tinto's $5.4 billion Oyu Tolgoi copper project expansion in Mongolia has missed another deadline for financing commitments from lenders, raising concerns over Rio's copper earnings and Mongolia's economic outlook.
- Mongolia plans to expand its state-owned Darkhan metallurgical plant to include an iron ore wet concentrate plant by year's end, and upgrade the facility over the next four years.
- China's Sinopec submitted plans for a $30 billion brown coal gasification project in Mongolia to produce synthetic natural gas.
- MIAT
This document provides a summary of business, economic, and political news from Mongolia in its Business Council of Mongolia NewsWire issue 179 dated August 5, 2011. Key highlights include that Centerra Gold hopes to produce an initial resource statement on its Altan Tsagaan Ovoo prospect by the end of 2011. Construction at the Oyu Tolgoi project is 32% complete and under budget. Ivanhoe Mines CEO estimates the company is worth at least double its current value given the quality of its Oyu Tolgoi asset. Erdenes Tavan Tolgoi began shipping coal to Chinese company Chalco and hopes to export 1 million tons of coal in 2011.
The document is a newsletter from the Business Council of Mongolia that provides news highlights from Mongolia in business, economy, and politics. Some of the key business highlights include: Oyu Tolgoi is expected to begin copper and gold production in August 2012; SouthGobi Resources updated coal reserves at Ovoot Tolgoi; and Winsway Coking Coal plans to issue $500 million in senior notes to finance investments including in Mongolia. Economic highlights include a 30% increase in minimum wages and plans for Mongolian citizens to receive shares in Erdenes MGL. Political highlights discuss Mongolia considering nuclear power and investigations related to riots in July 2010.
This document summarizes news from the Business Council of Mongolia newsletter dated November 6, 2009. It highlights several business and economic stories regarding Mongolian mining companies accelerating coal, copper and gold projects. It also discusses China Investment Corp investing $500 million in SouthGobi Energy Resources and Centerra Gold awaiting approval to resume heap leaching at its Boroo gold mine. Rio Tinto is planning to double its capital expenditures for 2010 to between $5-6 billion.
The document summarizes business news from Mongolia, including several mining companies. SouthGobi Resources aims to secure a second coal mining license by year-end. Erdene Resource will apply for a molybdenum-copper mining license. Ivanhoe Mines reported increased revenue but wider losses in Q2 2010. Prophecy Resource reported the Chandgana Khavtgai project contains over 1 billion tons of coal. Canadian mining companies face challenges but also see success in Mongolia's emerging economy and significant mineral deposits, led by Ivanhoe Mine's giant Oyu Tolgoi copper-gold mine.
The document summarizes news from the Business Council of Mongolia newsletter. It highlights several stories:
- Ivanhoe Mines CEO Robert Friedland says revenue from byproducts at the Oyu Tolgoi mine will offset production costs and the mine is ahead of schedule.
- The Mongolian government has acquired over 263,000 hectares of land around Oyu Tolgoi for infrastructure development.
- Analysts are bullish on the prospects of Petro Matad due to its exploration success, strong management team, and large land holdings in Mongolia.
The document is a newsletter from the Business Council of Mongolia that provides news highlights related to business and the economy in Mongolia and the region. Some of the key stories covered include the London Stock Exchange Group signing a strategic partnership with the Mongolian Stock Exchange to help restructure and develop it. Noble Group confirmed investing in Aspire Mining, a coking coal explorer in Mongolia. Leighton Asia started providing contracting assistance for Prophecy Resource's Ulaan-Ovoo coal project in Mongolia. SRK Consulting also opened new offices in Mongolia to service the mining industry.
The document is a newsletter from the Business Council of Mongolia covering business and economic news from Mongolia. Some of the key stories covered include:
- Rio Tinto securing a power deal for its Oyu Tolgoi copper mine in Mongolia ahead of a September 30th deadline.
- Turquoise Hill Resources working to resolve a tax dispute with Mongolia's government before funding commitments expire for the underground expansion of the Oyu Tolgoi mine.
- SouthGobi Resources reporting a narrower loss in Q2 2014 due to higher coal sales volumes, despite significantly lower coal prices.
The document summarizes business, economic and political news from Mongolia reported in Issue 295 of the Business Council of Mongolia NewsWire dated October 11, 2013. Key highlights include Rio Tinto and Mongolia resolving some issues regarding the Oyu Tolgoi mine expansion, Turquoise Hill Resources appointing a new board director, and the Mongolian government approving a road construction to facilitate coal exports from the Baruun Noyon Uul mine.
- The document summarizes news from the Business Council of Mongolia newsletter, covering business, economic, and political news in Mongolia.
- In business news, precious metals production is helping offset costs at the Oyu Tolgoi mine, Rio Tinto increased its stake in Ivanhoe Mines, and Voyager Resources discovered a new copper intersection. Aspire Mining received a positive report on its Ovoot coal mine's product quality. Petro Matad shifted drilling operations due to technical difficulties. Prophecy Coal signed coal sales agreements.
- Economic news included Mongolia excelling in 2011 and consumption and mining spurring economic growth.
- In politics, employees may strike at Erdenes T
The document summarizes business and economic news from Mongolia. It discusses ongoing negotiations between Mongolia and Rio Tinto over the Oyu Tolgoi mining project. It also mentions that Aspire Mining has identified potential savings of $200 million by selecting a new route for a proposed rail line. Additionally, it provides updates on various mining and infrastructure projects throughout Mongolia.
The document is a newsletter from the Business Council of Mongolia providing news highlights on business and economic developments in Mongolia. Some of the key points mentioned include Hunnu Coal doubling its thermal coal resource estimates, SouthGobi receiving a mining license for the Soumber Deposit, and Mongolia Growth Group achieving milestones by raising funds and obtaining an insurance license. For the Tavan Tolgoi coal deposit, the document reports that China Shenhua Energy, a Russian-Mongolian group, and Peabody Energy have been selected to develop the project, pending parliamentary ratification.
The document is a newsletter from the Business Council of Mongolia covering business and economic news from Mongolia. Some of the key points covered include:
- Mongolia Mining Corp agreeing to acquire QGX Coal Ltd in the largest acquisition deal in Mongolia worth $464 million.
- Prophecy Resources plans to build the Chandgana power plant in Mongolia with an initial capacity of 600MW and ultimately 4,200MW.
- Erdene Resource Development receiving a mining license for its Zuun Mod molybdenum-copper project.
- Oyu Tolgoi, Mongolia's largest mine, is expected to contribute significantly to economic growth over the next decade according to a new
- The document is a newsletter from the Business Council of Mongolia covering business, economic, and political news highlights from Mongolia.
- In business news, there were further delays to selecting a consortium for the West Tsankhi coal project. Erdenes MGL appointed a new executive director, and several mining and energy companies had news regarding projects and operations in Mongolia.
- Economic news included Mongolia completing a $1.5 billion international bond offering, updates on budgets, banking, welfare, housing, energy, poverty, infrastructure, and Mongolia's relationship with China on copper.
- Political news covered parliamentary discussions on foreign investment, elections, constitutional issues, banking regulations, and diplomatic meetings.
The document summarizes business and economic news from Mongolia. It reports that Ivanhoe Mines completed a $1.8 billion rights offering to finance the Oyu Tolgoi project. It also reports that Aspire Mining appointed a new director for its Ovoot coking coal project and that Altan Rio closed a 90% earn-in deal for a gold project. Additionally, it provides updates on several other mining and energy projects in Mongolia.
This document outlines the implementation of a risk management strategy at Wagner Asia Group, a foreign-invested company operating in Mongolia. It identifies internal and external risks, such as safety issues, corruption, and economic/political instability. To address these risks, the company focused on its values, terminated problematic employees, standardized policies/contracts, and improved safety/security procedures. It also established a chief risk management role and conducted employee surveys, audits, and training to strengthen governance and oversight across its operations.
Unlocking the economic potential of Mongolia's resources sectors.
- Mongolia's GDP is predicted to double in 5 years due to new mining projects and infrastructure investments totaling $39-52 billion.
- Funding will come from foreign investment, domestic banking sector growth, stock and debt markets, sovereign borrowing, and other sources. Realizing this potential requires political stability, strong legal systems, and prudent fiscal policies.
1. TenGer Financial Group is a diversified financial services group in Mongolia spanning microfinance, insurance, lending, savings, and payments.
2. As the Mongolian economy and financial sector grows, TenGer is well positioned to track this growth as it offers a full range of financial services.
3. Investing in financial institutions like TenGer provides exposure to Mongolia's economic development, but requires conditions like strong corporate governance, professional management, and balanced ownership to be met.
Sharyn Gol JSC is a Mongolian coal mining company that operates the oldest coal mine in Mongolia. The company is planning a major expansion to increase production from 0.8 million tonnes per year currently to 2.5 million tonnes per year. Recent drilling has delineated large new JORC-compliant coal resources totaling 324 million tonnes that can support increased production. The company's rail spur provides access to both domestic and international coal markets in China and Russia. Sharyn Gol JSC aims to become a leading Mongolian coal producer and exporter by capitalizing on strong Asian demand for thermal coal.
- The boss of Rio Tinto insisted that the dispute with China over copper exports from Mongolia's Oyu Tolgoi mine would be resolved shortly, saying such issues were "bumps in the road" that the company was used to dealing with through cooperation with authorities.
- Mongolia has repaid over three-quarters of its debt to Chalco related to the Tavan Tolgoi coal mine, resuming normal mining operations after negotiations to double the price it sells coal to its distributor.
- An investigation into Mongolia's Development Bank found mismanagement of funds and financing of projects not approved by government or parliament, putting its cash at risk by concentrating holdings in just two banks.
The document is a newsletter from the Business Council of Mongolia covering business and economic news from Mongolia in Issue 281 dated July 5, 2013. It includes over 50 brief news highlights on topics like mining projects, transportation, tourism, and economic indicators. Some of the key stories include Rio Tinto postponing the first shipment from the Oyu Tolgoi mine due to a dispute with Mongolia over revenue, Turquoise Hill securing a $225 million loan from Rio Tinto to fund OT operations, MMC expanding its coal processing capacity to 15 million tons annually, and a Mongolian firm preparing to launch a new oil enterprise in North Korea.
This document provides information on first aid and common health risks in the workplace. It outlines how to treat injuries like wounds, burns, sprains and broken bones. It also covers health emergencies such as fainting, seizures, strokes, heart attacks, nosebleeds and choking. Additionally, it discusses office-specific health risks including eyestrain from excessive computer use, neck and back problems from poor posture, and obesity due to sedentary jobs. The goal is to educate about first aid protocols and promoting worker health and safety.
The document summarizes business and economic news from Mongolia. It discusses several mining projects in the country, including Peabody being offered a contract to develop the West Tsankhi coal field, the priority of the new government being to attract investors to the Tavan Tolgoi coal field, and the CEO of Erdenes-TT stepping down while outlining three options for how to move the project forward. It also mentions the Oyu Tolgoi CEO defending the investment agreement for the project.
The document provides a summary of business and economic news from Mongolia in its January 22, 2016 issue. Some of the key stories included: Oyu Tolgoi reporting record levels of copper and gold production in Q4 2015; Aspire Mining finalizing approvals for a proposed railway to transport coal; and the head of the Erdenet Miners' Union demanding lower royalties and greater transparency for the state-owned mine. The summary also mentions a planned direct flight between New Delhi and Ulaanbaatar by March 2016 and several new business openings in Mongolia.
The document provides an overview of Mongolia's investment climate and policies regarding foreign investment. It discusses Mongolia's generally openness to foreign investment but also notes some limitations. While most laws do not discriminate against foreign investors, the government passed restrictions in 2009 regarding foreign involvement in the uranium sector. Specifically, the Uranium Law revoked uranium licenses and requires investors to accept the state taking a 51% stake in uranium mining companies. However, a major investment agreement for the Oyu Tolgoi copper-gold mine in 2009 was seen positively and reaffirmed Mongolia's commitment to compensating private rights holders.
The document outlines seven major Russian coking coal development projects that will provide almost 80 million tonnes of new annual production capacity by 2020 to supply Russian steelmakers and export markets in Asia, and argues that while increased competition is possible, lack of infrastructure means Mongolian and Russian coal production will likely co-exist targeting different markets due to transportation challenges.
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.
This document discusses ethics in business and how to initiate and sustain an ethical workplace culture. It outlines key principles of ethics like honesty, integrity, and fairness. It also discusses how establishing ethical leadership and values can help improve employee engagement, operational processes, customer satisfaction, and corporate social responsibility programs. The conclusion emphasizes that ethics is about doing what is right rather than just what you have a right to do, and provides questions to evaluate ethical choices and ensure they benefit all stakeholders.
The document is a newsletter from the Business Council of Mongolia that provides summaries of business and economic news in Mongolia. It discusses several topics:
- An audit is being conducted to investigate alleged $2 billion in cost overruns at the Oyu Tolgoi mine, Mongolia's largest project.
- ZTE, a Chinese telecom equipment company, faces a corruption investigation in Mongolia related to its tax affairs in the country.
- Erdene Resource Development established a strategic alliance with Teck Resources to fund exploration in southwest Mongolia, focusing initially on Erdene's Khuvyn Khar copper project.
This document summarizes a presentation about applying business integrity given by John Howarth of Jacobs Engineering LLC. It discusses how the construction and engineering sector faces significant challenges with corruption. Corruption damages economies, projects and careers while inhibiting investment. While laws alone cannot prevent corruption, companies can take collective action by setting clear expectations, robust governance, and zero tolerance policies. The presentation advocates for conducting business ethically and transparently, ensuring partners exhibit the same behaviors, and providing a fair process to stamp out unethical influences in decision making. Maintaining integrity throughout long supply chains is challenging.
Modun Resources is developing the Nuurst Thermal Coal Project in Mongolia to supply coal for power generation and reduce air pollution in Ulaanbaatar. The project has a JORC-compliant resource of 478 million tonnes and initial mining plans target 1 million tonnes of raw coal and 250,000 tonnes of cleaner-burning dried coal briquettes annually. The project is well-located near existing infrastructure and customers in Ulaanbaatar. Modun aims to become a long-term, reliable domestic coal supplier and help Mongolia meet its increasing energy demands and air quality targets in a sustainable manner.
The Baganuur coal mine in Mongolia is seeking to expand its operations and capacity. It has proven coal reserves of over 700 million tons. The mine currently produces around 3 million tons annually but needs to increase production to 6 million tons by 2020 to meet growing demand from power plants in the central region. To do this, the mine plans to invest over $130 million USD to modernize equipment, transition to more efficient surface mining, and expand conveyor transport systems. This investment is expected to lower production costs, increase reserves, and have a positive net present value and internal rate of return that would justify the funds. The mine aims to partially finance this expansion through an initial public offering on the domestic stock exchange while maintaining majority
The document discusses Mongolia's Ministry of Finance proposal to cancel all 30 of Mongolia's existing double tax treaties. The Ministry believes the current tax treaties overly benefit developed countries and cost Mongolia billions in lost tax revenue. They analyzed other countries' tax treaties and found Mongolia's treaties have very poor provisions, such as allowing foreign companies to avoid Mongolian taxes by establishing shell parent companies in countries like Netherlands. The Ministry proposes unilaterally canceling all tax treaties and renegotiating new ones that better protect Mongolia's tax interests.
Private health insurance could help improve Mongolia's healthcare system by addressing current problems. The system faces low spending, high out-of-pocket costs, and an incapable public insurance program. This leads to many seeking treatment abroad. A new "Jargalan Health Insurance" program is proposed with innovative products, improved customer service, and connected hospital networks. It could retain healthcare spending domestically, reduce the number of untreated conditions, and protect people from financial hardship due to medical costs. Both the national healthcare system and individuals would benefit from alternative funding, improved access to care, and reduced out-of-pocket expenses.
The document is a newsletter from the Business Council of Mongolia that includes the following highlights:
- Several mining companies announced significant mineral resource estimates at their Mongolian properties, including Haranga Resources reporting 32.8 million tons of iron ore and Moly World reporting 203.4 million tons of molybdenum ore.
- Power remains an issue for the Oyu Tolgoi mine as agreements have not yet been reached to import electricity from China, potentially delaying production timelines.
- South Korea wants at least a 10% stake in the Tavan Tolgoi coal mine project and does not think the previously discussed 36% stake is sufficient.
- The newsletter also provides various other
The document provides business and economic news highlights from Mongolia. It discusses several mining contracts and projects, including MacMahon and BBM Operta receiving a USD 500 million contract for the Tavan Tolgoi coal mine. It also mentions firms like Sharyn Gol raising funds, TVN discovering coal at Nuurst, and Kincora uncovering higher grade copper at Bronze Fox. The highlights cover economic topics like Germany advising Mongolia's economy and direct flights to the US potentially beginning in 2013.
- The document provides a summary of business and economic news from Mongolia, including stories on mining projects, commodity prices, and the Mongolian economy.
- A key story discusses a study finding that Mongolia is unlikely to receive dividends from its stake in the Oyu Tolgoi copper and gold mine until at least 2035, though it will continue receiving other revenues from the project.
- Other stories cover mining project expansions and discoveries, appointments within mining companies and the Mongolian government, and economic indicators from Mongolia such as inflation and currency rates.
The document is a newsletter from the Business Council of Mongolia providing summaries of business and economic news from Mongolia. It discusses several stories including: OT expanding its mining operations and hiring hundreds of Mongolians starting in July; OT shipping over 2 million tons of copper concentrate in Q1 2016; a Mongolian development bank inking an oil loan with Russia; and mines leading tax payments in Mongolia in 2014 and 2015. It also briefly summarizes other mining, economic, political and business stories from Mongolia.
The document summarizes business and economic news from Mongolia reported in the Business Council of Mongolia NewsWire on July 30, 2010. Key highlights include:
- Chinese aluminum company Chalco suspended its stock trading ahead of a signing ceremony with mining company Rio Tinto regarding potential partnerships or investments.
- Engineering company Fluor reached an agreement to provide program management and engineering services for the construction of Ivanhoe Mine's Oyu Tolgoi copper and gold mining project in Mongolia.
- Mongolia's Nuclear Energy Agency requested a postponement of a court case regarding its attempt to invalidate exploration licenses held by Canadian mining company Khan Resources in Mongolia.
The document is a newsletter from the Business Council of Mongolia covering business and economic news from Mongolia. Some of the key stories covered include:
- Oyu Tolgoi mine is confident disputes with the Mongolian government can be resolved to allow development of the underground mine to continue.
- Turquoise Hill Resources completed the divestment of its interest in Inova Resources for $85 million.
- Over 100 exploration licenses were revoked by Mongolia as part of an investigation into corruption, concerning foreign and domestic mining investors.
- Prophecy Coal restarted operations at its Ulaan Ovoo coal mine, hiring staff and recalling equipment to mine 30,000-50,000 tons per
The document summarizes news from the Business Council of Mongolia newsletter. It reports that six groups have been shortlisted to develop the Tavan Tolgoi coal field, including ArcelorMittal, Vale, Peabody Energy, Xstrata, a Mitsui & Shenhua joint venture, and a Russia-Japan-Korea consortium. It also provides updates on exploration and drilling programs from several mining companies operating in Mongolia.
The document provides news highlights from the Business Council of Mongolia covering business, economic, and political topics. In the business section, it discusses Khan Resources losing an appeal on uranium mining licenses, the launch of a new iron ore venture by Hunnu Coal's chairman, mining ending at the Boroo gold mine with 250 layoffs, work progressing ahead of schedule at the Oyu Tolgoi copper and gold mine, and Petro Matad planning to drill up to two additional exploration wells on Block XX.
The document summarizes business and economic news from Mongolia reported in Issue 291 of the Business Council of Mongolia NewsWire dated September 13, 2013. Key points include:
- Oyu Tolgoi appointed a new CEO from Rio Tinto as disputes continue over project financing terms between Rio Tinto and the Mongolian government.
- Mongolian representatives will meet with Rio Tinto investors in London to discuss the situation at Oyu Tolgoi amid declining foreign investment in Mongolia.
- A new digital cable platform is set to launch in Mongolia provided by NAGRA, allowing subscribers access to premium content and services.
The document is a newsletter from the Business Council of Mongolia covering business and economic news in Mongolia. Some of the key highlights include:
- Prophecy Coal Corp acquiring additional coal exploration licenses adjacent to its Chandgana project to consolidate the coal basin.
- SouthGobi Resources beginning construction of a new paved highway to transport coal from its Ovoot Tolgoi mine to the Chinese border.
- Sojitz Corp. of Japan aiming to more than triple its sales of Mongolian coal to China within three years.
- EzNis Airways receiving a new Boeing 737 aircraft, expanding its international flight routes from Mongolia.
- Cockpit4u Aviation Service becoming the
The document provides a summary of business and economic news from Mongolia. Some of the key points include:
- Final demands from Mongolia regarding the Oyu Tolgoi investment agreement are almost ready and an agreement is possible before Naadam in July.
- Ivanhoe Mines shares jumped on reports that the Mongolian parliament may approve the Oyu Tolgoi agreement this month.
- CNNC International acquired a 69% stake in Western Prospector, a uranium exploration company.
- Entree Gold is compiling results from its spring exploration program including expanding resources at its Heruga copper-gold deposit.
This document provides a summary of business, economic, and political news from Mongolia in its Business Council of Mongolia NewsWire newsletter. It highlights several major mining and infrastructure projects in Mongolia, including progress on the Oyu Tolgoi mine and issues around negotiations between Ivanhoe Mines and Rio Tinto. It also discusses Mongolia's economy, including developments regarding the Tavan Tolgoi coal mine, inflation, bond sales, and relations with China. On the political front, it mentions meetings between Mongolian and Chinese leaders and parliamentary discussions around corruption issues.
The document provides a summary of business, economic, and political news from Mongolia based on a newsletter from the Business Council of Mongolia. Some of the key highlights include:
- Drill results from Erdene Resource Development Corp's copper-gold project in Mongolia confirmed continuity of the mineralized zone.
- Mongolia Mining Corporation selected NIC and Uniservice Solution to supply fuel and provide support services for its operations.
- Mongolia Energy Corporation has sales agreements in place for 2 million tons of coking coal from its Khushuut project.
- Several mining companies discussed exploration and drilling results from their projects in Mongolia.
- Centerra Gold and Tsesten Mining have requested that the Gatsuurt gold deposit and Tsaidam coal deposit be added to Mongolia's list of strategically important deposits. The Gatsuurt deposit contains an estimated 50-60 tons of gold worth $300 million.
- Mongolia signed a contract with British company RMS to supply rail fasteners for expanding Mongolia's Chinese-gauge railway system.
- Hunnu Air plans to purchase an Airbus A330-200 aircraft to begin direct flights to Paris and the United States, as it seeks to better compete with MIAT Mongolian Airlines.
The document is a newsletter from the Business Council of Mongolia covering business and economic news related to Mongolia. Some of the key stories covered include Mongolian Mining seeking to raise $680 million in an IPO, Petro Matad raising $46.8 million to accelerate its drilling program in Mongolia, Khan Resources hoping the Nuclear Energy Agency will cooperate after it let the appeal deadline pass in one of their court cases, and the opening of Mongolia's first investment bank focused on the mining sector by former UBS executives, signaling the mineral boom taking place in Mongolia.
This document provides a summary of business and economic news from Mongolia in Issue 130 of the Business Council of Mongolia NewsWire dated August 6, 2010. Key highlights include:
- Khan Resources winning a second court case reinstating its uranium exploration license in Mongolia.
- Petro Matad's shares rising after tests confirm the presence of oil in its first exploration well and it beginning a three-well drilling campaign.
- Ivanhoe Mines having "interesting discussions" with potential new strategic investors after easing restrictions on its shareholder registry.
- The EBRD and Khan Bank signing Mongolia's first co-financing facility agreement worth $10 million to expand Khan Bank's
The document summarizes business news from Mongolia. It discusses several topics:
- Transport firms halting coal exports from Tavan Tolgoi due to unpaid fees. Erdenes-TT seeking a $400-500 million government loan to repay debt and fund infrastructure projects.
- Rio Tinto inviting bankers to arrange $4 billion in project financing for the Oyu Tolgoi copper-gold mine.
- Exploration companies reporting positive drilling results at iron ore projects in Mongolia, confirming wide zones of mineralization.
- Other news items on mining, coal shipping, airline routes, and proposed industry consolidation.
The document is a newsletter from the Business Council of Mongolia that provides news highlights from Mongolia in the areas of business, economy, and politics from January 20, 2012. In the business section, it summarizes that Erdenes-TT will pursue an IPO in London and Ulaanbaatar instead of Hong Kong, Voyager Resources made a new copper discovery at its KM project, and Erdene received encouraging gold drilling results at its Altan Nar property. It also briefly summarizes several other mining and business deals and developments in Mongolia.
The document provides a summary of business and economic news from Mongolia in its Issue 336 dated August 1, 2014. Some of the key highlights include:
- Turquoise Hill announces the sale of a 29.95% stake in SouthGobi Resources to a Hong Kong company.
- Erdenes TT partners with Korean and Mongolian companies to develop a coal-to-methane gas facility at Tavan Tolgoi.
- Xanadu Mines expands drilling at its Altan Tolgoi copper-gold project, intersecting additional mineralization.
The document summarizes business and economic news from Mongolia. It discusses Rio Tinto's Oyu Tolgoi mine project and potential delays in approval for expansion. It also mentions Mongolian Mining Corp. seeking an extension on debt repayment due to low coal prices. Additionally, it provides details on Xanadu Mines receiving support for a proposed acquisition of the Kharmagtai copper project.
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.
Acolyte Episodes review (TV series) The Acolyte. Learn about the influence of the program on the Star Wars world, as well as new characters and story twists.
El Puerto de Algeciras continúa un año más como el más eficiente del continente europeo y vuelve a situarse en el “top ten” mundial, según el informe The Container Port Performance Index 2023 (CPPI), elaborado por el Banco Mundial y la consultora S&P Global.
El informe CPPI utiliza dos enfoques metodológicos diferentes para calcular la clasificación del índice: uno administrativo o técnico y otro estadístico, basado en análisis factorial (FA). Según los autores, esta dualidad pretende asegurar una clasificación que refleje con precisión el rendimiento real del puerto, a la vez que sea estadísticamente sólida. En esta edición del informe CPPI 2023, se han empleado los mismos enfoques metodológicos y se ha aplicado un método de agregación de clasificaciones para combinar los resultados de ambos enfoques y obtener una clasificación agregada.
An astonishing, first-of-its-kind, report by the NYT assessing damage in Ukraine. Even if the war ends tomorrow, in many places there will be nothing to go back to.
Here is Gabe Whitley's response to my defamation lawsuit for him calling me a rapist and perjurer in court documents.
You have to read it to believe it, but after you read it, you won't believe it. And I included eight examples of defamatory statements/
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1. BUSINESS COUNCIL of MONGOLIA
NewsWire
www.bcmongolia.org
info@bcmongolia.org
Issue 234 – August 10, 2012
NEWS HIGHLIGHTS:
Business:
Korea Resources stakes claim for at least 10 percent of TT west project;
Ivanhoe name change to Turquoise Hill Resources takes effect;
Kincora Copper releases partial assay results of Bronze Fox project;
Newera to break ground at Shanagan Uul East;
Developers break ground at Village@Nukht;
MMC sees 71.1 percent increase in revenue for first half 2012;
Prophecy Coal debuts Prophecy Power division to focus on energy sector;
23 brokers meet new MSE requirements;
MSE looks to give input to government regulations;
Petro Matad appoints new exploration manager, reassesses exploration assets;
Nomin celebrates 20-year milestone;
Organizers prepare for biggest event ever at Discover Mongolia;
Mining and construction conferences set for September;
Mongolia cashmere brand collaborates for London Design Festival.
Standard Chartered accused of hiding transactions with Iranian banks;
Xstrata sets out to show that it can stand alone;
Thai group in rival bid to Heineken for APB stake;
China launches rare-earths platform.
Economy:
Rail authorities look to new border points to access China and Russia;
Japan to aid in development of Mongolia's railway system;
City government to crack down on companies transporting gravel;
Chinese inspectors to evaluate potential for meat trade;
Traffic accidents on the rise;
Foreign aid goes to construction of new schools;
Key political risks to watch;
Coal price to drop as steel output slows;
Molybdenum demand from China to exceed global rates to 2016;
ASX-listed mining juniors struggle to convince investors;
Australian explorers head overseas;
Reform by stealth is a reason for optimism about China;
Chinggis Khaan grave hunter dies at 80.
Politics:
Justice Coalition says it will proceed with its participation in grand coalition;
No final decision on grand coalition until after case is resolved, says MP;
Enkhbayar's supporters lash out;
Bat-Uul appointed as new mayor of Ulaanbaatar;
Standing committee structure put in place;
Government falling short on funding roads project, says Development Bank;
Railroad workers protest forced retirement of union head;
Mongolia, India begin joint military exercises;
2. West eyes strengthened ties to Mongolia;
Experts in democracy to visit Mongolia;
U.S. fossil dealer fights for return of Tyrannosaurus baatar skeleton;
Enkhbayar case shines a light on misinformation;
Inner Mongolia party chief tapped for promotion.
*Click on titles above to link to articles.
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BUSINESS
KOREA RESOURCES STAKES CLAIM FOR AT LEAST 10 PERCENT OF TT WEST PROJECT
State-owned Korea Resources Corp. intends to take in at least 10 percent of the Tavan Tolgoi
western block coal project, said its president and chief executive.
―South Korea wishes to participate in the management of the Tavan Tolgoi project and wants 10
percent in return,‖ said Kim Shin-John. ―Thirty-six percent for a consortium between Russian,
Japan and South Korea from the Mongolian government is too little.‖
Shin-Jon added that Korea Resources was not the only company hoping to invest in the project and
that other would-be suitors include Korea Electric Power Corp. Posco, Daewoo International Corp.,
and LG International Corp.
The tender to the Tavan Tolgoi Western Tsankhi project has been up in the air for about a year now
since the government announced its decision of dividing the project between United States'
Peabody Energy Co. (24 percent), China's Shenhua Energy Co. (40 percent), and the before
unmentioned bidder Mongolian Railways-Russian Railways consortium (36 percent). The decision was
immediately revoked following complaints from Japan and Korea and has since been left undecided.
Shenhua Energy has previously stated that it wants the largest share possible while other observers
have pointed out that it is unlikely that Peabody Energy will participate unless it can lead
operations. President of Japan's Mitsui & Co. Fuminobu Kavashiman said in March that his company
would also like to act as a strategic investor.
Representatives of Erdenes MGL JSC have previously said that a decision would not likely appear
3. until after elections. With elections now behind Mongolia, however, foreign investors are likely to
speak out more loudly and often.
Source: UB Post
IVANHOE NAME CHANGE TO TURQUOISE HILL RESOURCES TAKES EFFECT
Ivanhoe Mines Ltd. has announced its name change to Turquoise Hill Resources Ltd. has gone into
effect. The company said its new trading symbol will be ―TRQ‖ and would become effective at the
opening of trading on the Toronto Stock Exchange, the New York Stock Exchange and the NASDAQ
stock market on 8 August.
―Changing our name to Turquoise Hill Resources marks another milestone in our corporate history,‖
said Turquoise Hill Chief Executive Officer Kay Priestly. ―Our new name more closely aligns the
company with our world-class Oyu Tolgoi project and will have added significance as we rapidly
approach the start of production.‖
A corporate name change was an element of a deal with the company's majority shareholder, Rio
Tinto PLC, to ensure funding of the USD 6 billion Oyu Tolgoi copper and gold mine in Mongolia.
In April, Rio provided an additional credit facility of up to USD 1.5 billion to ensure construction
wouldn't be delayed. Rio said it would also support the completion of a loan of USD 3 billion to USD
4 billion to be provided by third-party lenders. The deal resolved issues over financing Oyu Tolgoi,
which will, once in production, be set to beat Chile's Escondida as the world's largest copper mine.
Initial commercial production at Oyu Tolgoi is expected in second quarter of 2013.
The company noted that the change to Turquoise Hill Resources will not affect existing Ivanhoe
Mines stock certificates. The new name was approved by shareholders at the company's annual
meeting on 28 June, 2012.
Source: Proactive Investors
KINCORA COPPER RELEASES PARTIAL ASSAY RESULTS OF BRONZE FOX PROJECT
Kincora Copper Ltd. reported an average of 0.5 percent copper, 0.1 grams per tons of gold and 0.33
percent molybdenum mineralization across 180 meters in its partial assay results from its Bronze
Fox copper project.
The assay results come from Hole BF62 located in the West Kasulu zone at Bronze Fox. Results from
this hole include an average of 0.89 percent copper, 0.14 grams per ton of gold, and 694 parts per
million of molybdenum over 37 meters.
The company said these results confirm the potential for a deep high-grade porphyry-style copper
deposit and provides encouragement that exploration could be touching upon the edge of a large
high-grade copper and gold reserve.
―These exciting results confirm that higher-grade zones exist within this exceptionally large
system,‖ said John Rickus, President and Chief Executive Officer of Kincora Copper. ―For the
remainder of the year, our team will continue to explore a number of high priority targets to
establish the extent of the copper and gold mineralization on the Bronze Fox properties.‖
Further core cutting and sampling at Hole BF62 is ongoing. Between April and July, exploration
completed 7,168 meters of diamond core drilling. Partial cores containing 2,219 samples were sent
for lab testing with 2,184 results received.
The partial assay from Tourmaline Hills includes 1 meter of 2.75 grams per ton of gold at Hole F61
as well as five meters averaging 2.65 grams per tons of gold there.
Source: Kincora Copper Ltd.
NEWERA TO BREAK GROUND AT SHANAGAN UUL EAST
Newera Resources Ltd. plans to explore its Shanagan Uul East project, located in central Mongolia,
after receiving promising data from mapping studies.
The Shanagan projects comprises of one exploration license covering an area of approximately
2,223 hectares located approximately 50 kilometers from an existing heavy-duty rail line that
services the nearby Baganuur light coal deposit and connects to the trans-Siberian railway.
Newera subsequently contracted Mongolia-based geological consulting group Nordic Geological
4. Solutions (NGS) LLC for field mapping, completed with reportedly positive results. In its review,
NGS reported late Permian coal-bearing strata within an 8 square kilometer area and up to nine
coal seams.
Newera Resources intends to employ an initial drilling program of five holes of a combined length of
1,000 meters, as well as trenching, to produce a maiden JORC resource within the next quarter.
Source: Newera Resources Ltd.
DEVELOPERS BREAK GROUND AT VILLAGE@NUKHT
Asia Pacific Investment Partners and its subsidiary Mongolia Properties held a groundbreaking
ceremony for its Village @ Nukht development project.
Located 50 meters south of the Nukht gated community, construction is underway for the new
buildings. While construction has been ongoing since March, the ceremony marked the next phase in
construction in the arena, which is expected to open in early 2013.
The 10,000 square meter retail, dining, entertainment, and office center will feature such facilities
as a three-story German-themed Brauhaus, high-end Italian restaurant, courtyard and spa-massage
treatment center, as well as office lofts on the third floor. In addition, the company said the new
development will offer scenic views of the surrounding Bogd Khan mountain and family-oriented
amenities such as an outdoor activities center for children.
Source: Asia Pacific Investment Partners
MMC SEES 71.1 PERCENT INCREASE IN REVENUE FOR FIRST HALF 2012
Mongolia Mining Corp. reported a 71.1 percent revenue increase in the first six months ended 30
June compared with the same period a year before in interim results.
The increase amounted to some USD 233 million for the first six months of 2012. During this period,
MMC grew its earnings before interest, tax, depreciation and amortization by 139.6 percent to
approximately USD 67.2 million compared with the same period in 2011. Additionally, the
company's earnings per share increased by 56 percent to USD 0.84 a share from USD 0.54 for the
comparable 2011 period.
Source: Mongolian Mining Corp.
PROPHECY COAL DEBUTS PROPHECY POWER DIVISION TO FOCUS ON ENERGY SECTOR
Prophecy Coal Corp. has unveiled it power division named Prophecy Power, a unit to focus on the
power sector in Mongolia.
Prophecy Coal's Chandgana will similarly develop the Chandgana coal project to secure fuel supply
to Prophecy Power, it said. The proposed 600-megawatt power plant will be built next to Prophecy
Coal's Chandgana coal deposit located in Central Mongolia. The project will be implemented in two
phases, with the first to see two 150-megawatt power generators and transmission lines built next
year and completed by 2016 and the second to see two other 150-megawatt generators built
between 2014 and 2017.
Since obtaining the license for construction, the company has been in on-going talks with the
Mongolian government to finalize the power purchase agreement to secure the country's long-term
energy supply. Meanwhile, Prophecy Power has been in talks with several private Mongolian
companies regarding bi-lateral power purchase agreements. The proposed mining projects—which
include copper, molybdenum, and iron ore, will collectively need 200 megawatts of power by 2016,
and exclude the Oyu Tolgoi project.
Source: Proactive Investors
23 BROKERS MEET NEW MSE REQUIREMENTS
With the number of members meeting requirements set by the Mongolian Stock Exchange's trading
system increasing day by day, the number of compliant brokers has reached 23.
The increase has brought the number of members contributing to the Settlement Guarantee Fund to
42, and the number of members that concluded a revised agreement with the MSE to 52. The
number of member organizations that have placed collateral now stands at 24.
5. Source: Mongolian Stock Exchange
MSE LOOKS TO GIVE INPUT TO GOVERNMENT REGULATIONS
Representatives of the Mongolian Stock Exchange attended a meeting of the Capital Markets
Working Group regarding the compliance of brokerage firms with the exchange's new regulations
Members of the working group discussed the objectives, structure, mechanics, roles and
responsibilities of the working group as well as recent market developments and other business
related to the new Millennium Exchange trading system. There it was decided that a new sub
working group would be formed to address current market issues in a timely manner.
In addition to the MSE were representatives of the Financial Regulatory Commission (FRC),
Mongolian Securities Clearing House (MSCH) and Central Depository, brokerage firms who meet
compliance for trade, and the Mongolian Association of Securities Dealers.
Source: Mongolian Stock Exchange
PETRO MATAD APPOINTS NEW EXPLORATION MANAGER, REASSESSES EXPLORATION ASSETS
Oil firm Petro Matad Ltd. has set out to bolster its planned work program by hiring an experienced
exploration manager.
Ridvan Karpuz was appointed for his 23 years of work experience and ―a proven track record of
significant oil discoveries.‖ His experience has been in remote and logistically demanding locations
and in globally significant hydrocarbon provinces such as the Middle East, North Sea, Barren Sea,
Norwegian Sea, North Atlantic, and North Africa. More recently he has been at Australian-listed
OMV AG where he spent the last four years working in Iran, Yemen, and more recently Tunisia.
―His proven leadership record in commercial oil exploration and commitment to residency in
Mongolia will enhance our exploration program,‖ said Chief Executive Douglas McGay.‖
At the end of June, the company said it would review its exploration assets in Mongolia and assess a
technical path forward possibly through partnerships. The company, which recently installed a new
management team, added its plans to revisit the data from last year's troubled drilling campaign at
Davsan Tolgoi to lower the risks for a drilling campaign planned for 2013. Drilling and working rigs
have been stood down and drilling has been suspended for the remainder of 2012 while this study
continues.
Source: Proactive Investors
NOMIN CELEBRATES 20-YEAR MILESTONE
Nomin Holding celebrates its 20th anniversary this year, holding a formal celebration during
Naadam where representatives from more than 400 companies from around the world gathered to
give their congratulations.
―Twenty years might be a short time in terms of social development. However, for us, Nomin and
Mongolia, it has been the years of progress and development,‖ said General Director Sh.
Bayarsaikhan.
Nomin Holding celebrated the event with a tour of its many facilities to show the company's growth
over the last 10 years, topped off with a birthday cake and a visit to the enormous Chinggis Khan
statue outside the city.
Source: Mongolian Economy
ORGANIZERS PREPARE FOR BIGGEST EVENT EVER AT DISCOVER MONGOLIA
The organizers of this year's Discover Mongolia international mining investors' forum are planning for
the biggest showing yet. This year marks the event's 10-year anniversary.
Last year's event attracted 1,500 delegates from around the world, but organizers believe they can
beat that record this year. The forum will have a strong focus on helping the attendees continue
identifying potential opportunities to benefit from Mongolia's resource-driven economic growth by
expanding its scope to better support the understanding of regional supply and demand functions as
they relate to the Mongolian growth story.
―We are very pleased to announce that this year's forum will include a regional view that will
6. provide a much more robust understanding of Northeast Asia's supply and demand of raw
materials,‖ said member of the organizing committee D. Jargalsaikhan.
Acknowledging that market conditions have taken effect over potential investment into Mongolia,
the event is committed to addressing certain key topics on their minds with sessions scheduled to
discuss political stability and the recent parliamentary election, slowing Chinese economic growth,
infrastructure issues facing Mongolia's development, and the legal environment for foreign
investment into Mongolia.
To address these topics, speakers include Peter Nicholls, Vice President of Oyu Tolgoi LLC,
Zolijargal, Deputy Governor of the Bank of Mongolia, James Passin, Fund Manager of Firebird
Management LLC.
Source: Market Wire
MINING AND CONSTRUCTION CONFERENCES SET FOR SEPTEMBER 5-7
Representatives of 170 companies from 22 countries will gather in Mongolia for the Mining Mongolia
2012 and Building & Construction Mongolia forums from 5 to 7 September at Buyant-Ukhaa Sports
Palace.
Source: MiningandConstructionMongolia.com
MONGOLIA CASHMERE BRAND COLLABORATES FOR LONDON DESIGN FESTIVAL
London-based furniture designer Peter Marigold has collaborated with the cashmere brand Oyuna to
create a symbolic installation at the 2012 London Design Festival.
The installation is an abstract reinterpretation of the traditional Mongolian ger that redefines
common perceptions of indoor-outdoor space. Made by blackened raw steel, and dark cast wooden
surfaces, the skeletal organically finished structure provides the backdrop to Oyuna's cashmere
shawls, throws, and clothing.
Oyuna was founded by Ts. Oyuna and David Bernasconi in London in 2002. Oyuna's designs are
inspired by the colors of Mongolia's wild plants and by the creativity of inner city London life.
Source: World Interior Design Network
STANDARD CHARTERED ACCUSED OF HIDING TRANSACTIONS WITH IRANIAN BANKS
The New York State Department of Financial Services in the United States accused Standard
Chartered of masking more than 60,000 transactions for Iranian banks and corporations. Standard
Chartered is known for its operations with developing nations and emerging economies, opening a
representative office in Mongolia in 2011.
Senior management at the 150-year-old bank used the New York branch ―as a front for prohibited
dealings with Iran—dealings that indisputably helped sustain a global threat to peace and stability,‖
according to a regulatory order sent to the bank. The order requires the bank to explain the
apparent violations of law in a hearing later this month and justify why its license to operate in New
York should not be revoked. The bank has stated that is ―strongly rejects the position and portrayal
of facts‖.
The accusations against Standard Chartered come as U.S. officials work to crack down on the flow
of money to foreign countries, companies and individuals connected to terrorism, weapons of mass
destruction, and drug trafficking. Banking regulators said it had discovered evidence that Standard
Chartered operated ―similar schemes‖ to do business with other countries under United States
sanctions, including Myanmar, Libya, and Sudan.
Standard Chartered is the latest in a series of global banks to be accused of facilitating illegal flows
of money from outside the United Sates. HSBC has been accused of being used by Mexican drug
cartels to funnel cash back to the United States; by Saudi Arabian banks with terrorist ties that
needed access to dollars; and by Iranians who wanted to circumvent U.S. sanctions.
The bank came under scrutiny from the Federal Reserve Bank of New York in 2003 after regulators
discovered deficiencies in monitoring its transactions. As a result, the bank entered a formal
agreement with regulators that it strengthen its oversight with independent constancies. Even the
independent monitoring by Deloitte Touche was allegedly compromised. Deloitte, however, denies
7. it aided the bank.
Source: New York Times
XSTRATA SETS OUT TO SHOW THAT IT CAN STAND ALONE
Xstrata PLC on Tuesday sought to underline its stand-alone growth prospects and pledged to prune
capital spending against the backdrop of shareholder opposition to the terms of the miner's USD 60
billion planned merger with commodities trader Glencore International PLC.
―The inherent capacity of Xstrata to generate value as a stand-alone company remains very, very
powerful indeed,‖ he said, while saying that he saw a merged entity as a ―more powerful business
model.‖
The long-mooted combination of Xstrata's mining output with Glencore's marketing machine was
thrown into disarray in June when Qatar's sovereign wealth fund went public in calling for 3.25
Glencore shares for each of the miner's, rather than 2.8 on offer. Xstrata and Glencore last month
delayed their shareholder votes on the deal until September, after Qatar's intervention, with little
progress since, according to people familiar with the matter. With more than 11 percent of the
miner, the fund probably holds sufficient votes to block the deal.
―This set of results was all about Xstrata,‖ said Myles Allsop, analyst at UBS. ―It felt like they were
trying to address some of the concerns raised in the market about the outlook for thermal coal,
their growth projects, capital expenditure and their stand-alone organic growth profile, and
emphasis that they are a credible investment if the Glencore merger does not happen.‖
Xstrata said that it would defer USD 1 billion of about USD 8.2 billion in capital expenditure this
year, amid calls from investors for greater discipline given the ailing outlook for the global economy
and commodity prices.
Source: Financial Times
THAI GROUP IN RIVAL BID TO HEINEKEN FOR APB STAKE
The battle for control of Asia Pacific Breweries (APB), a major beer distributor in Mongolia,
intensified on Tuesday after an affiliate of Thai brewer ThaiBev made an unexpected SGD 1 billion
(USD 805 million) offer. APB has recently expanded its aims in Mongolia to enter into vodka
distribution in addition to its partnership with MCS Group for bottling and distributing beers such as
Tiger.
The matter was for a 7.3 percent stake in the maker of Tiger beer owned by Fraser and Neave
(F&N), and has challenged efforts by Dutch brewery Heineken to take control of the drinks business.
The development complicates an already tangled set of deals from which Heineken hopes to emerge
with control of APB.
Heineken last week offered SGD 50 a share, or SGD 4.2 billion, for a 32.4 percent stake held by
F&N, a Singapore conglomerate, in a joint venture through which the two companies control APB. It
is also offering the same price for a 7.3 percent direct stake that F&N has in APB.
However, F&N said on Tuesday that the affiliate of ThaiBev had made an unsolicited offer for the
direct 7.3 percent holding that F&N has in APB, for SGD 55 a share. That values APB at about 10
percent more than the offer tabled by Heineken.
ThaiBev has recently been increasing its stake in F&N in an apparent attempt to influence the
outcome of any shareholder vote on Heineken's offer, which is expected to take place at an
extraordinary shareholder meeting within weeks.
ThaiBev had already agreed to buy a 22 percent stake in F&N from Oversea-Chinese Banking Corp.
(OCBC), Singapore's second-largest bank by assets, and other affiliates. As part of that deal
announced last month, it also agreed to buy for SGD 45 a share an 8.4 percent direct stake in APB
held by OCBC. Since then, ThaiBev has purchased 2.1 percent of F&N through the open market,
bringing its total ―deemed stake‖ in the food, drinks and property conglomerate to 24.1 percent.
That makes the Thai group the largest shareholder in F&N.
Source: Financial Times
8. CHINA LAUNCHES RARE-EARTHS PLATFORM
China has launched its trading platform for rare-earth metals as it moves to boost its pricing power
over the strategic resources for which it dominates global productions.
China's leading producer of rare-earths, Inner Mongolia Baotou Steel Rare-Earth (Group) Hi-Tech
Co., started the platform in cooperation with nine other companies and institutions. The facility is
located in the city of Baotou in China's resource-rich northern region of Inner Mongolia, described as
containing over half of global light rare-earths output.
China dominates production of the metals—key elements in consumer electronics and other high-
tech goods—producing in excess of 90 percent of rare-earths, though it only has 23 percent of global
reserves. Their strategic importance gained prominence in late 2010 when Japanese industry
sources said China temporarily cut off exports amid a territorial dispute between the countries.
China denied halting exports
The United States claims that China sets export quotas, duties, and other restrictions that make the
products increasingly more expensive. A source close to the World Trade Organization (WTO) said
last month that the body would investigate Chinese export restrictions on rare-earths, after a
request by the European Union, the United States, and Japan.
Zhan Rihui, vice general of Baotou Steel, said that pricing on the platform will be ―transparent and
consistent.‖
Source: AFP
ECONOMICS
RAIL AUTHORITIES LOOK TO NEW BORDER POINTS TO ACCESS CHINA AND RUSSIA
The Mongolian government is investigating opportunities for installing additional border points to
Russian and China, given increasing mining production export through the Tianjin border.
―We are investigating the transport of mining commodities by way of Vladivostok of Russia and
three other borders points to China,‖ said L. Purevbaatar, head of Mongolian Railway JSC. He added
that attempts have been made to transport coal through the Nahutka border point of Russia as well.
Purevbaatar said the Mongolia would have to make negotiations with both the Chinese and Russian
governments as well as their respective railway companies before development could begin. He
added that a discounted price on aluminum might be included in such agreements.
Source: Unuudur
JAPAN TO AID IN DEVELOPMENT OF MONGOLIA'S RAILWAY SYSTEM
The chairman of Japan's Freight Railway Co. discussed opportunities to collaborate on the
development of Mongolia's railways.
Naohiko Ito, who is in Mongolia on an official visit, visited the Ulaanbaatar Railroad Authority's
management department, where to his surprise he found starkly different railroad operations from
what is used in Japan.
―The process of loading and hauling is done by an intermediary company. Also, reports regarding
the receiving, loading and documentation of loads are handled by separate companies,‖ said Ito.
Ito met with the deputy head of the Mongolian Railroad Authority to discuss possibilities for
cooperation for the development of Mongolia's railway system, to educate people on information
technology and Japan's modern railroad system. Ito pointed out that the vast amount of green land
gave greater potential for the development of a railway system than Japan.
Source: UB Post
CITY GOVERNMENT TO CRACK DOWN ON COMPANIES TRANSPORTING GRAVEL
The growing number of construction projects in the capital has called for more resources such as
gravel, but the practices of unscrupulous companies is taking a toll on the land they travel through
to get those materials to those projects.
The number of firms permitted to collect gravel for construction purposes has grown in Mongolia,
9. including 70 that carry gravel from the Tuul River. The trucks carrying gravel are massive and drive
freely to their destinations, leaving clouds of dust and ruined terrain in their wake. Around 200
people from 32 households living in the Khan-Uul District have complained to authorities about
these circumstances. Each of these households breeds between 10 and 200 heads of cattle.
―Any damage that was made will be compensated by those entities, ―said Z. Batbayar, the deputy
chairman of the Water Authority. ―There is specific demand for gravel for the buildings under
construction in Ulaanbaatar, but gravel exploration raises the issues of environmental damage.
In 2012, only 5 of the 70 businesses that transport gravel from the Tuul River to construction
projects in Ulaanbaatar have submitted plans for rehabilitation measures to the Specialized
Inspection Agency (SIA), with the rest in violation of environment laws.
Source: UB Post
CHINESE INSPECTORS TO EVALUATE POTENTIAL FOR MEAT TRADE
A Chinese delegation will come to Mongolia for inspection to see if China can permit meat imports.
Chinese authorities have expressed interest in importing meats from Mongolia's Western provinces.
Delegates from China's General Administration of Quality Supervision, Inspection and Quarantine are
set to visit the main laboratory of Mongolia's State Professional Inspection Agency and meat
processing factories in Mongolia. The delegates will visit processing factories in Arkhangai and Uvs
Aimags.
Source: Zuunii Medee
TRAFFIC ACCIDENTS ON THE RISE
The number of deaths from traffic accidents saw a 21.6 percent increase and accidents increased
by 16.4 percent from a year ago.
Most of the deadly accidents occurred outside the city. A third of those affected were pedestrians,
another third were drivers, and the rest were passengers.
Many of the injuries and deaths could have been avoided had those involved been wearing a
seatbelt, while inattention to road sides was another reported cause. Observers have also noticed
an increase in the number of collisions with road borders, fences, houses and gers. Most accidents
occurred on Fridays and Saturdays.
Traffic authorities reported that drivers were responsible for the accident 98.7 percent of the time,
while pedestrians were the cause of 1.3 percent.
Source: Udriin Sonin
FOREIGN AID GOES TO CONSTRUCTION OF NEW SCHOOLS
Funding from the World Bank will go to the construction of 40 new kindergartens using Canadian
standards and technology this year.
Nineteen of the kindergartens will be built in Ulaanbaatar and one school per provincial center.
Construction has already begun in Orkhon, Tuv, and Uvurkhangai Aimags.
JICA has provided funding for the construction of 6 schools in Ulaanbaatar this year. Additionally,
an extension to School No. 53 is complete as well as an extension to the Amgalan school complex
for 640 children in Khujirbulan which is due for completion in September.
Source: Unuudur
KEY POLITICAL RISKS TO WATCH
June's parliamentary election proved inconclusive, and the coalition government that is still taking
shape is certain to involve parties hostile to foreign mining firms, a move that will worry investors.
The following is a summary of key political risks to watch:
Investment politics
The grand coalition under negotiation, to be led as prime minister by Democratic Party (DP) chief
N. Altankhuyag, will include minority parties that want to limit foreign investment in the booming
mining sector. There is talk of reviewing the contract for Rio Tinto PLC's giant Oyu Tolgoi copper-
gold mine and also ensuring that the 7.5 billion-ton Tavan Tolgoi coal mine remain in Mongolian
10. hands.
Few major Mongolian projects are progressing smoothly. Aluminum Corp. of China Ltd.'s attempted
takeover of SouthGobi Resources Ltd. was delayed after Parliament passed legislation to cap foreign
investment purchases to below 50 percent unless government approval was attained. The
legislation's passage was seen as a direct response to the proposed deal.
The ―resource‖ curse‖
With 16.7 percent growth in the first quarter this year, the highest in Asia, the country is already
showing classic symptoms of ―Dutch disease‖, including soaring inflation and high interest rates. In
July ratings agency Fitch said ―rising systematic risks‖ could lead Mongolia to a repeat of the boom-
bust cycle it experienced in 2007 through 2009, should commodity prices fall.
The government is trying to protect against fluctuating commodity prices, and wants to use the
proceeds from mining to pay for infrastructure, health and education, and develop other sectors.
Getting on with the neighbors
Many of Mongolia's 2.7 million citizens are concerned about growing Chinese and Russian influence,
fears not allayed by the grant of majority interest in Tavan Tolgoi's western block to Chinese and
Russian interests last year—a decision that was later reversed. China already dominates Mongolia's
economy, buying 90 percent of the country's exports in the first half of 2011.
Mongolia's reliance on Russia and China for fuel, power and transportation also poses risks to the
mining sector. It also depends on Russia's railway network to fulfill plans to deliver coal to Japan
and South Korea.
Source: Reuters
COAL PRICE TO DROP AS STEEL OUTPUT SLOWS
Coal used to make steel is set to drop to the lowest price in two years, eroding earnings at BHP
Billiton Ltd. and Rio Tinto Group, as European demand wanes and China shifts supply contracts to
Mongolia and Australia.
The contract price may drop 11 percent to USD 200 a metric ton in the three months to 31
December from USD 225 a ton this quarter, according to analysts and industry officials surveyed.
The spot prices in China fell 24 percent to USD 179.50 as of 2 August, the lowest this year.
―Steel demand in Europe is very weak and consumption has slowed dramatically in recent months,‖
said Tim Cahill, an analyst at J&E Davy Holdings Ltd. ―It'll get worse in the second half as
government spending slows and banks stop lending to home buyers.‖
Possible higher supplies will also put pressure on prices after the BHP Billiton Mitsubishi Alliance,
the world's biggest exporter of steelmaking coal, resumed operations last month at its Queensland
mines, pruning the risk of shortages. The venture supplies about 18 percent of global coking coal.
Mongolia is likely to provide the strongest new competition being next to China and because of the
size and quality of its reserves, Australia's Bureau of Resource and Energy Economics said in a 2 July
report.
―China benefits from its proximity and availability of cheaper coal from Mongolia,‖ said Helen Lau,
a Hong Kong-based analyst with UOB-Kay Hian Ltd. ―Mongolia will continue to replace Australian
coking coal in China.‖
Should benchmark prices fall below USD 200 a ton because of receding demand in China, the world's
biggest steel producer and consumer, coking coal suppliers will start cutting output to support
prices, said Kuni Chen, an analyst with CRT Capital Group LLC. Global steel demand growth is
forecast to slow to 3.6 percent this year from 5.6 percent in 2011. China may consume 648 million
tons of steel this year compared with 657 million tons forecast in March because of the slowing
economy, Australia's Bureau of Resources and Energy Economic said in a 27 June report.
Source: Bloomberg Businessweek
MOLYBDENUM DEMAND FROM CHINA TO EXCEED GLOBAL RATES TO 2016
Global demand for molybdenum, a growing export for Mongolia, bounced back from the impact of
the global economic downturn, growing by just over 11 percent in 2010 and a further 9 percent in
2011 according to a new report from Roskill. In Mongolia molybdenum is a primary by-product found
11. in copper and gold mines.
China now accounts for around 31 percent of global molybdenum demand and its growth rates
continue to outpace those in other countries. While global demand for molybdenum is forecast to
grow at an average of 4.6 percent per year to 2016, Chinese demand is forecast to increase by 7.5
percent a year. The principal engines of growth will be increased use of stainless steel containing
molybdenum in process, power and desalination plants, in oil and gas production, and distribution
and in motor vehicle components.
Primary molybdenum mines were the first to respond to the recovery in demand in 2010, but in
2011 growth in output by by-product molybdenum from copper mines outpaced growth from
primary mines. In 2012 mine capacity is sufficient to meet demand, and supply is likely to show a
surplus over the next three years.
The longer term price prospects for molybdenum appears stable, given apparent adequate existing
mine capacity and 140 kilotons per year of relatively low-cost by-product molybdenum in new
copper molybdenum mining projects under review in addition to 100 kilotons per year in
molybdenum-driven projects.
Source: Market Watch
ASX-LISTED MINING JUNIORS STRUGGLE TO CONVINCE INVESTORS
You know things are tough when you cannot float a company with coal targets in Mongolia. And
when anything with gold under its belt cannot seem to attract enough money to get listed.
Kumai Energy Ltd. has seen fit to withdraw its prospectus for an initial public offering through the
Australian Securities Exchange (ASX), despite seeming to have a story that is suited to the markets'
interests: coal in Mongolia, with four prospective licenses. Further still, all the upcoming floats to
list on the ASX makes for grim reading. There are 12 resource floats listed—one has withdrawn, six
have their listing dates ―to be announced‖ and the market is awaiting to see whether the others get
off over the next five week.
The languishing ―TBA‖ floats are—believe it or not—all gold stories. It's the market of course: the
bottom has well and truly dropped out of the junior sector. Those investors left in the market are
interested in drilling results—not promises of future potential. The companies all have a plausible
story to sell, but no one seems to be listening.
Source: The Australian
AUSTRALIAN EXPLORERS HEAD OVERSEAS
Australian-listed mineral explorers are increasingly moving their exploration offshore as
uncertainties and difficulties in the local market make foreign destinations more attractive—a fact
the Mongolian government should pay mind to as it considers introducing tax hikes to the industry
driving Mongolia's growth—said mining consultant Surbiton Associates.
―We've tracked the local gold and wider mining industry over a long period and the trend to
offshore exploration is very clear,‖ Surbiton director Sandra Close said. ―It's now reached the point
where over half of all the exploration expenditure by Australian-listed companies is being spent
overseas—it's not just for gold but for all minerals.‖
Close expressed concerns that if the trend continued, new discoveries would be developed offshore
in direct competition with Australian producers and the local industry would decline. She also noted
that the resources industry and its exports were a vital part of the Australian economy.
Other taxation concerns included the introduction of a carbon tax, which the federal government
had initially promised not to introduce, as well as recent uncertainty regarding the diesel fuel
rebate.
Source: Mining Weekly
REFORM BY STEALTH IS A REASON FOR OPTIMISM ABOUT CHINA
China pessimists are claiming vindication as growth slows in the world's second-largest economy and
main consumer of Mongolian mineral exports. Optimists point out that Beijing has fiscal room to
respond but there are risks to any short-term policy measures. An aging population and a rocky
12. leadership transition strengthen the bears' case.
However, there are grounds for hope. Recent political turmoil put reactionary forces in the
Communist Party of China on the defensive. Meanwhile, reform-minded officials pushed through
some modest but significant financial market reforms.
The need for interest rate liberalization is widely recognized inside and outside China. Freeing up
deposit rates and abandoning the fixed spread between deposit and loan rates would result in
better returns for depositors and encourage banks to sharpen their lending practices. In the face of
opposition from the big banks, the government took a small step when it cut rates recently—freeing
up banks to offer deposit rates marginally higher than the base rate, arguing that this would make
the rate more palatable to depositors.
A one-shot approach to breaking up big banks or freeing interest rates risks a backlash and
concerted opposition that could block changes altogether. Reform-minded officials are taking a
more subtle approach—using a megaphone to draw attention to the problems and introducing small
but tangible changes. Given the severe political constraints China's leaders face, however, modest
reforms by stealth are better than no reforms at all.
The author, Eswar Prasad, is a professor of economics at Cornell University, a senior fellow at the
Brookings Institution and a former head of International Monetary Fund's (IMF's) China division.
Source: Financial Times
CHINGGIS KHAAN GRAVE HUNTER DIES AT 80
Maury Kravitz was a lawyer, a gold trader and a student of history, but he was best known for his
fascination with Chinggis Khan, a fascination that led him to four expeditions in search of his grave
site in Mongolia.
―I got a call in early 1995... about some cockamamie scheme to look for a burial site in Mongolia for
Genghis Khan,‖ John Woods, a professor of history at the University of Chicago, who would
eventually be persuaded to join Kravitz on his search. ―Although the scheme seemed strange, he
was so magnetic that I couldn't turn away.‖
Kravitz, 80, died of complications from chronic obstructive pulmonary disease Tuesday, 31 July. As
an amateur student of history as young man, Kravitz's main focus was Chinggis Khan. Kravitz
assembled a library of more than 400 volumes concerning the nomadic tribesman who ruled the
nomadic tribes of northeast Asia in the 13th century. He said in a 1994 Chicago Tribune story that
his admiration for Chinggis grew out of his ability to overcome obstacles to become the most
important ruler of his era.
Kravitz managed to win approval for his expedition from the Mongolian government. L. Orgil, now
an ambassador for Mongolia to Switzerland, said Kravitz's expeditions raised awareness both within
and outside the country of Mongolia's impact on world history.
―Maury was a big friend of Mongolia and its people,‖ said Orgil.
Source: Chicago Tribune
POLITICS
JUSTICE COALITION SAYS IT WILL PROCEED WITH ITS PARTICIPATION IN GRAND COALITION
The Justice Coalition, comprised of both the Mongolian People's Revolutionary Party (MPRP) and
Mongolian National Democratic Party (MNDP), held a meeting to announce that it would proceed
with its participation with the Democratic Party (DP) and Civil Will Green Party (CW-GP) for a grand
coalition government.
In a press conference following the coalition meeting, N. Battsereg, the leader of the parliamentary
representatives from the Justice Coalition, officially denied rumors that the Justice Coalition would
abandon the grand coalition in light of the four year-sentence given to N. Enkhbayar, the party's
formal leader.
―As of now, none of the members of the Justice Coalition are opposing the negotiation on forming a
coalition government,‖ said N. Battsereg.
13. He said that the party has made inroads toward developing roles for party members within the
coalition. As for now, the coalition has lodged its complaint with the Sukhbaatar district court and
has expressed its desire to hear the DP's stance on the matter.
Source: Info Mongolia
NO FINAL DECISION ON GRAND COALITION UNTIL AFTER CASE IS RESOLVED, SAYS MP
N. Enkhbayar will have two opportunities to appeal his four-year sentence to prison for graft, said
MP G. Uyanga from the Mongolian People's Revolutionary Party (MPRP). In the meantime, observers
are waiting to see if the Justice Coalition can remain intact and continue its participation in the
grand coalition headed by the party that led the anti-corruption offensive that resulted in
Enkhbayar's arrest.
While some party members have called for protest until Enkhbayar is freed from prison, the official
stance of the Justice Coalition, comprised of both Enkhbayar's Mongolian People's Revolutionary
Party (MPRP) and the Mongolian National Democratic Party (MNDP), is to stay in the grand coalition.
Uyanga admitted that there are many rumors in the air regarding the Justice Coalition's next move,
but she contends that the party has set a nine-year plan for the pact, rather than a loose
agreement that would extend only past the election.
Uyanga said the parties will make their final decision to the future of the Justice Coalition and its
participation in the grand coalition only after Enkhbayar‘s case concludes.
Source: Udriin Sonin
ENKHBAYAR'S SUPPORTERS LASH OUT
Enkhbayar, his supporters, and members of the Mongolian People Revolutionary Party (MPRP) have
protested his sentence of four years in prison, announcing their intention to appeal the decision.
After the trial, attorney S. Narangerel said the judges refused to take as witnesses D. Choijames
Khamba, a Buddhist Bishop, and Kh. Narankhuu, the former executive director of Erdenet, at the
trial. Amongst the charges, Enkhbayar was found guilty of redirecting equipment intended for the
Gandan monastery, for which he has been ordered to pay USD 40,000 in damages, while charges of
dealings with Erdenet Mining Corp. were thrown out.
E. Batsugar, Enkhbayar's son, came to a gathering of Enkhbayar supporters, targeting Ye. Sagsai,
deputy director of the Ulaanbaatar Prosecutor's Office, and Ts. Soyombo-Erdene, the presiding
judge over the Sukhbaatar district court in his claims of injustice. Enkhbayar's wife, O. Tsolmon,
blamed incumbent President Ts. Elbegdorj for the four-year jail sentence of her husband, saying
there were no facts or evidence for the trial.
―Elbegdorj is the person behind the sentencing of my husband. The judges of the Sukhbaatar
district court, which have no conscience nor compassion, will bear their bad karma one day,‖ she
said.
Source: Global Times, UB Post
BAT-UUL APPOINTED AS NEW MAYOR OF ULAANBAATAR
Outgoing Prime Minister S. Batbold ratified the appointment of E. Bat-Uul as governor of
Ulaanbaatar, handing him his credentials on 7 August.
With the appointment Bat-Uul becomes Ulaanbaatar 31st mayor. Batbold advised the new mayor to
maintain the city's civil services and imparted upon him his wish that he successfully enact policies
that reflect his administration's plans.
―First, I am going to reconcile the roadwork and afterward will give attention to making
arrangements for winter,‖ said Bat-Uul.
Bat-Uul received the official stamp from outgoing Mayor G. Munkhbayar, wishing Bat-Uul success
and presenting him with the latest formal report on the capital city budget.
The new mayor expressed his intentions to begin immediately in development of needed
infrastructure in the city's ger districts, as cited in the Democratic Party's (DP's) action plan.
Source: Unuudur
14. STANDING COMMITTEE STRUCTURE PUT IN PLACE
Parliament approved amendments to the Law on Parliament that will provide guidance for the
structure of the new government.
The amendments provides for eight standing committees, including a new standing committee on
petitions. The legislation also allows MPs to belong to three standing committees compared with
two in the past. Standing committees will be composed of between 10 and 19 members.
Additionally, the session of Parliament when these amendments were passed saw the election of A.
Bakei as the chair of standing committee on state structure.
Source: Zuunii Medee
GOVERNMENT FALLING SHORT ON FUNDING ROADS PROJECT, SAYS DEVELOPMENT BANK
A representative of the Development Bank of Mongolia has complained of the government's slow
pace in funding road projects.
―The funding received for the projects‘ proposals are not enough,‖ said Ts. Lut-Ochir. ―To tell the
truth, there are a few ready-to-go projects that fulfill all the requirements including a baseline for
research. Road projects are ready to proceed.‖
He said the Development Bank would provide funding to 17 road projects in Ulaanbaatar and 13
road projects in the provinces. Although the 17 projects in Ulaanbaatar have already begun, the
Bank lacks the funding for their completion.
The Ministry of Finance said that the officials responsible for signing the agreement are on annual
leave, said Lut-Ochir. He added that changes to the agreement have been made so that it is in line
with past negotiations, so there should be no delay to its approval. He warned that companies are
already burning through the money paid to them by the Development Bank and time is running out
before operations will have to come to a halt.
Source: Unuudur
RAILROAD WORKERS PROTEST FORCED RETIREMENT OF UNION HEAD
The railroad workers' union has protested pressures from both Russian and Mongolian stakeholders
for union head T. Ochirkhuu to retire.
Minister of Road, Transportation and Construction Ts. Dashdorj has decided that Ochirkhuu must
retire now that he has reached the age of retirement. Union members, however, contend that the
union head has not in fact reached the age of retirement and thus may continue his duties at his
post.
Russian stakeholders have also delivered an official request that the union head be replaced. It asks
that a new union representative be chosen at the September stockholders meeting and that the
chosen replacement be Russian.
Source: Zuunii Medee
MONGOLIA, INDIA BEGIN JOINT MILITARY EXERCISES
Aiming at sharpening their counter-insurgency skills and enhancing training infrastructure for U.N.
peacekeeping missions, the Mongolian armed forces began participating in joint exercises with its
Indian counterpart at Begaum in Karnataka, India on 6 August.
The Mongolian army will be represented by 38 personnel. For over 10 days they will participate in
several counter-insurgency and counter-terrorism operations in Begaum.
Codenamed ―Nomadic Elephant,‖ the exercise will focus specially on the needs of peacekeeping
missions under the U.N. flag and will help in increasing the coordination and understanding between
troops of the two nations, they said.
Additionally, the eighth round of joint exercise will also aim at conducting special sessions to
modernize Mongolian defense. Defense cooperation and relations between the two nations have
seen a steady growth over the last decade, with the first joint exercise in 2004. Joint drills have
been held every year, officials said.
Source: Business Standard
15. WEST EYES STRENGTHENED TIES TO MONGOLIA
Mongolia presents the United States with a unique geopolitical opportunity to manage the
renaissance of Chinese primacy in Central Asia. Mongolia's history and geography bind it to China
and Russia, and this makes it an essential strategic partner for those wanting to hedge against the
influence of either or both.
Mongolia's eastern border with China is less than 1,000 kilometers from North Korea, which makes it
an intriguing partner on security and defense issues with the United States, Japan, and South Korea.
According to Jane's Information Group, Mongolia has no aspirations—or capacity—to develop a
strategic weapons system, but this cannot be entirely dismissed if developments surrounding North
Korea's latent nuclear weapon program take a turn.
Ulaanbaatar has long been part of Washington's strategic calculus in Central Asia and its importance
has been magnified by the war in Afghanistan. More than 100 members of the Mongolian Armed
Forces are serving there as part of the International Security Assistance Force. Mongolian troops
have helped train the Afghan National Army in mobile field artillery techniques and continue to
provide security at Kabul International Airport.
Mongolia has also committed troops to the NATO mission in Kosovo from 2005 to 2007 and
contributed peacekeepers to South Sudan last year. It cooperation with NATO was formalized this
year when it signed an Individual Partnership and Cooperation Program, which is expected to focus
on building up Mongolia's military capacity, as well as improving interoperability with NATO troops.
Additionally, after its first Khaan Quest exercise in 2004, senior party officials in China began
pushing for increased engagement with their northern neighbor on security and defense issues. In
June, the leaders of Mongolia and China met in Beijing on the sidelines of the 12th Heads of State
summit for the Shanghai Cooperation Organization (SCO), where Mongolia has observer status.
The United States views Mongolia through an integrated lens balancing its economic interests with
strategic concerns. As the world's fastest growing economy, Mongolia is an appealing target for
foreign investors in sectors such as mining, nuclear power and technology. For Washington, though,
security still trumps in Mongolia.
Source: Defense News
EXPERTS IN DEMOCRACY TO VISIT MONGOLIA
At the invitation of President Ts. Elbegdorj, leading theorists on democracy will soon arrive to
deliver a lecture at the Great Hall of the Government Palace to discuss models for development
following the global financial crisis.
The political scientists are the senior fellows and professors of the Freeman Spogli Institute for
International Studies at Stanford University, California. The roster consists of the famous political
scientist Francis Fukuyama, leading contemporary scholar in the field of democracy studies Larry
Diamond and one of the most influential political analysts Stephen Krasner.
Source: Mongolia Web
U.S. FOSSIL DEALER FIGHTS FOR RETURN OF TYRANNOSAURUS BAATAR SKELETON
The U.S. fossil dealer who attempted to sell the Tarbosaurus baatar skeleton at an auction before
President Ts. Elbegdorj intervened has made it clear he wants it back.
In a court filing on 27 July, fossil dealer Eric Prokopi put the U.S. government on notice that he
plans to fight their attempt to take ownership of it. According to his filed claim, Prokopi
―purchased components of the [tyrannosaur] on the international market and then spent a year of
his life and considerable expenses identifying, restoring, and mounting and preparing it.‖ The
document refers to the fossil as a ―display piece,‖ reflecting the work he put into preparing and
mounting the skeleton.
―We are just trying to create a factual distinction between a fossil which is imported and a finished
piece which is what was being sold at the auction,‖ McCullough said.
The sale, which came to USD 1.1 million at auction, did not go through because of the Mongolian
claim. Paleontologists have supported this claim, saying that clearly identifiable remains for
Tarbosaurus baatar are only known to have come from within Mongolia. Prokopi has said the bones
16. could have come from elsewhere.
The international legal landscape for fossils is complicated. Mongolia makes fossils found within its
boundaries state property, but U.S. law allows for the collection and sale of fossils dug up on
private land with permission by the land owner. But this case involves probable Mongolian fossils
offered for sale in the United States.
―Until the case is tried in court, I don't know if there are any laws that have been broken here in
the U.S.‖ said George Winters, executive director of the Association of Applied Paleontological
Sciences (AAPS).
Winters said it is not difficult to find fossils from the same species of dinosaur or others quite likely
taken from Mongolia and listed in auction catalogs or on eBay. In China, tourists may legally
purchase fossils, but when they attempt to take their purchases home, they maybe be detained or
even jailed, since Chinese law does not permit the export of fossils.
Source: Discovery
ENKHBAYAR CASE SHINES A LIGHT ON MISINFORMATION
At the three-day trial of Mongolia's third President, N. Enkhbayar, lawyer Narangerel argued
nepotism was common in Mongolia, asking what's wrong with asking for favors from friends whom
you have helped along the way.
The widely televised trial provided the opportunity for the public to see and hear the arguments of
both the prosecution and defense. Understanding the trail would be easiest to those who are
already familiar with civil law procedures and the papers inside the thick folders that contain the
details to the case. However, the Mongolian public was interested in connecting the dots to
Enkhbayar's case to understand how political corruption occurs in Mongolia.
Many of the foreign journalists observing the trial seemed to capture only occasional statements of
lawyers and individuals when there was some kind of debate. During such debates, the most
common words Enkhbayar used were ―I didn't do it‖ or ―ask them, not me‖—meaning that those
who benefited from the questionable privatization of state-owned old buildings in lucrative
locations, or preferential contracts with mining corporations were not Enkhbayar himself, but his
son and his sister. However, all of these dealings joined the roster of Enkhbayar's own companies.
Many say Enkhbayar's sentence was ―too soft‖, while Enkhbayar's lawyer seems to agree that his
client is guilty—except that it is an excusable offense in Mongolia's legal system. International
opinion apparently differs with poorly informed coverage of the events. Perhaps it is because these
sources rely on coverage from Beijing where in the past it has reported inaccuracies due to China's
so-called Great Firewall, which prohibits access to certain websites.
Source: News.mn
INNER MONGOLIA PARTY CHIEF TAPPED FOR PROMOTION
Chinese President Hu Jintao is maneuvering to promote one of his closest allies and a leading figure
of the Inner Mongolian autonomous region to the Communist Party's inner sanctum, two
independent sources said, in a bid to retain clout and preserve his legacy after retiring as party
chief.
Hu Chunhua, party boss of the northern region of Inner Mongolia, is a rising political star of the
party's next generation of senior leaders. He is seen as a reformer and a close ally of Hu Jintao,
although the two are not related. Under the constitution, the president, 69, has to stand down
early next year in a once-in-a-decade leadership transition.
The president wants ―Little Hu,‖ as the younger man is popularly known in China, to be either
catapulted straight into the party's supreme-decision making body—the Politburo Standing
Committee—or at least promoted to the prestigious post of party chief in Shanghai.
Jintao is widely expected to hand the top job in the party to Vice President Xi Jinping and look to
promote other allies to important roles. He has been pushing to shrink the standing committee to
seven from the current nine members to retain influence. Sources have said membership could be
increased to 11. A new leadership line-up is expected to be announced at a party congress to be
held in October at the earliest. That new lineup will formally take over the reins of power in March.
17. If elevated, Hu Chunhua, 49, would be the youngest member of the standing committee and as an
ally of an outgoing president would be seen as someone destined for bigger things, possibly the
party leadership. He gained some international exposure earlier this year, when he accompanies Xi
on a trip to the United States, along with a smattering of other provincial leaders.
Hu Chunhua won plaudits from the government, diplomats and analysts said, after successfully
dealing with rare protests by ethnic Mongols last year in Inner Mongolia, who took to the streets
angered by the destruction of traditional grazing land by coal miners and a lack of respect for their
culture.
Source: Reuters
ANNOUNCEMENTS
DISCOVER MONGOLIA-2012, AUGUST 30-31
The Discover Mongolia conference will be held on August 30-31 in Ulaanbaatar. The conference
venue will again be the Children's Palace. BCM is a supporting organization of Discover Mongolia
2012, and its members will have the opportunity for an early-bird rate for attendance.
Oyu Tolgoi LLC, Mongolia's largest copper and gold mining firm, will be the event's premier sponsor,
in addition to the forum's ―gold sponsors‖: Monnis International Inc., Xanadu Mines Ltd., Aspire
Mining Ltd., Micromine Mongolia LLC, and Mongolian Mining Corp. The conference agenda will
concentrate on recent developments that have taken place in Mongolia's mining and foreign
investment landscape.
For more information, call +976 7014 9762 or email info@discovermongoliaforum.com.
___________________________________________
MONGOLIA INVESTMENT SUMMIT 2012, HONG KONG, OCTOBER 30-31
The Mongolia Investment Summit 2012 will be held from 29 to 30 October at the Four Seasons Hotel
in Hong Kong to once again bring the best of Mongolia's investment opportunities to Asia's leading
investment hub.
Now in its third year, the summit has strongly cemented its position as the largest Mongolian
investment event outside of Ulaanbaatar, providing foreign investors with the most comprehensive
overview of Mongolia's key economic growth sectors all under one roof.
Speakers to the event include Altai Khangai, Chief Executive Officer of the Mongolian Stock
Exchange (MSE), Cameron McRae, President and Chief Executive Officer of Oyu Tolgoi LLC, and
James Passin, Co-founder and Manager of Firebird Mongolia Fund.
For more information, find a brochure to the event by logging on to the website:
mongoliainvestmentsummit.com.
___________________________________________
REGISTER NOW FOR MONGOLIAN MINING DIRECTORY-2013
Mongolian Mining Directory-2013 which provides information database for Mining companies,
investors, suppliers, service companies, government and non government organizations will be
published for the fourth year to commemorate the 90th anniversary of the Mongolian mining
industry. The MMD is distributed free of charge to international and domestic mining companies,
international conferences and exhibition, embassy offices in Mongolia and foreign countries to
investors.
BCM is a Supporting Organization of the MMD and welcomes Mongolian mining industry participants
who are interested in advertising their products and services in Mongolian Mining Directory-2013.
For more information please visit: www.mining.mn, www.mongolianminingdirectory.mn or call
+976-7011 5590.
___________________________________________
18. REGISTER FOR BCM’S MINING SUPPLY CHAIN DATABASE AT NO COST
The new version of BCM‘s Mining Supply Chain Database is ready for use. Following the initiative of
Oyu Tolgoi LLC, the BCM has maintained the Mining supply chain database since March 2009. It is
honor to introduce you to the new version of the database which is totally upgraded as to its
content and use of information technology opportunities.
We are inviting all Mongolian mining suppliers and buyer companies to join the Mining Supply Chain
Database. Please visit here for registration.
If you have any questions regarding the database, please contact Undral at undral@bcmongolia.org
or 317027.
___________________________________________
POSTINGS ON MONGOLIAN WEBSITE ‘PRESENTATIONS’ AND ‘NEWS’ SECTIONS
The new ‗Presentations‘ section on BCM‘s Mongolian website can be reached via link to
bcm.mn/itgeluud. Several presentations already posted include World Bank‘s Mongolia Quarterly
Economic Update–June 2012; 11 speeches from the 2nd Coaltrans on May 23-24 in UB.
As a key component of BCM‘s Mongolian website ‗News‘ section, articles from the Government‘s
―Open-Government.mn‖ site are regularly posted.
___________________________________________
POSTINGS ON ENGLISH WEBSITE 'PRESENTATIONS', 'MONGOLIA REPORTS' AND ‘MONGOLIAN
BUSINESS NEWS’
On BCM‘s English website, ‗Resource, Presentations‘ section, for your review are 4 presentations
from BCM‘s June 25 monthly meeting; 12 presentations from the 2nd Coaltrans on May 23-24 in UB;
3 speeches from ―Corporate Governance Training for Directors‖ on April 27-28; 12 presentations on
Mongolian entities at Mines and Money Hong Kong 2012 on March 21-23; 11 presentations from Coal
Mongolia 2012 on February 9-10; and speeches from all BCM‘s monthly meetings in 2011-12.
Also on BCM‘s English website, ‗Resource, Mongolia Reports‘ section, please note the Polit
Barometer, June 2012, and the Polit Barometer, April 2012 by Sant Maral Foundation (Mongolian
and English versions); Risk Report for Mongolia 2012 by Mongolia Economic Forum; ―Preliminary
estimates of staggering costs of inefficient trade regulation in Mongolia‖ by Olin McGill, consultant
to USAID BPI; ADB‘s Asian Development Outlook, April 2012; detailed results of BCM‘s NewsWire
survey of March 2012; World Bank‘s Mongolia Quarterly Economic Update, February 2012; Executive
Summary of the Mongolian Real Estate Report 2012 by M.A.D. Investment Solutions; 2011 Mongolia
Investment Climate Statement by Economic and Commercial Section of U.S. Embassy, Ulaanbaatar,
Mongolia; and Transition Report 2011 (Mongolia data) by EBRD and the Economic Research Institute.
We are now posting some news stories and analyses relevant to Mongolia to BCM website's
‗Mongolian Business News‘ as they come, instead of waiting until each Friday to put them all
together in the weekly NewsWire. The NewsWire will, however, continue to be issued on Friday,
and will incorporate items that are already on the home page, so that it presents a consolidated
account of the week‘s events.
___________________________________________
SOCIAL NETWORK WITH BCM
The Business Council of Mongolia (BCM) has expanded its reach to your favorite social networks.
Keep up to date on the latest business deals in Mongolia and how the climate for investment is
improving each day with BCM.
Connect with BCM on Linked-in to join the diverse group of professional contacts creating a better
business environment in Mongolia today.
Add BCM on Facebook at http://www.facebook.com/pages/THE-BUSINESS-COUNCIL-OF-
MONGOLIA/129826330435540 to read the latest announcements and comment on events carried in
the NewsWire with the community.
Hear breaking news and announcements as they happen when you follow BCM on Twitter at
http://twitter.com/#!/bcMongolia.
19. Of course for news information, interviews, and announcements regarding our organization, visit
the official BCM website at www.bcmongolia.org and www.bcm.mn.
ECONOMIC INDICATORS
20. INFLATION
Year 2006 6.0% [source: National Statistical Office of Mongolia (NSOM)]
Year 2007 *15.1% [source: NSOM]
Year 2008 *22.1% [source: NSOM]
Year 2009 *4.2% [source: NSOM]
Year 2010 *13.0% [source: NSOM]
Year 2011 *10.2% [source: NSOM]
June 30, 2012 *14.7% [source: NSOM]
*Year-over-year (y-o-y), nationwide
Note: 15.1% y-o-y, Ulaanbaatar city, June 30, 2012
CENTRAL BANK POLICY RATE
December 31, 2008 9.75% [source: IMF]
March 11, 2009 14.00% [source: IMF]
May 12, 2009 12.75% [source: IMF]
June 12, 2009 11.50% [source: IMF]
September 30, 2009 10.00% [source: IMF]
May 12, 2010 11.00% [source: IMF]
April 28, 2011 11.50% [source: IMF]
August 25, 2011 11.75% [source: IMF]
October 25, 2011 12.25% [source: IMF]
March 19, 2012 12.75% [source: Mongol Bank]
April 18, 2012 13.25% [source: Mongol Bank]
21. CURRENCY RATES – August 9, 2012
Currency Name Currency Rate
U.S. dollar USD 1,358.01
Euro EUR 1,680.06
Japanese yen JPY 17.33
British pound GBP 2,116.12
Hong Kong dollar HKD 175.12
Chinese yuan CNY 213.30
South Korean won KRW 1.20
Russian ruble RUB 42.84
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.