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 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
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 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 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 summarizes business and economic news from Mongolia. It discusses ongoing negotiations between Mongolia and Rio Tinto over the Oyu Tolgoi mining project. It also mentions that Aspire Mining has identified potential savings of $200 million by selecting a new route for a proposed rail line. Additionally, it provides updates on various mining and infrastructure projects throughout Mongolia.
The document summarizes news from the Business Council of Mongolia newsletter. It discusses several stories on business and economic news in Mongolia, including:
1) Peabody Energy expressing interest in acquiring a stake in Mongolia's Tavan Tolgoi coal deposit to expand its operations in China.
2) Erdenes-TT again delaying its planned IPO in Hong Kong, London, and Mongolia due to weak coal demand and prices.
3) Oyu Tolgoi grappling with water scarcity in the Gobi desert for its mine operations while facing skepticism about its water usage from local herders and NGOs.
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 180 of the Business Council of Mongolia NewsWire dated August 12, 2011. Several mining companies had positive developments, including SouthGobi achieving record sales and revenue from coal mining. Voyager Resources announced a major new copper discovery. Guildford Coal acquired additional land and aims to begin coal production within a year. Other news included MEC completing a road to transport coal to China, Petro Matad drilling exploration wells, and Shivee Ovoo building Mongolia's first coal drying factory. The economy news discussed proposals for the Tavan Tolgoi coal project, China raising railway freight rates, and the first new listing on the Mongolian stock
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
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 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 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 summarizes business and economic news from Mongolia. It discusses ongoing negotiations between Mongolia and Rio Tinto over the Oyu Tolgoi mining project. It also mentions that Aspire Mining has identified potential savings of $200 million by selecting a new route for a proposed rail line. Additionally, it provides updates on various mining and infrastructure projects throughout Mongolia.
The document summarizes news from the Business Council of Mongolia newsletter. It discusses several stories on business and economic news in Mongolia, including:
1) Peabody Energy expressing interest in acquiring a stake in Mongolia's Tavan Tolgoi coal deposit to expand its operations in China.
2) Erdenes-TT again delaying its planned IPO in Hong Kong, London, and Mongolia due to weak coal demand and prices.
3) Oyu Tolgoi grappling with water scarcity in the Gobi desert for its mine operations while facing skepticism about its water usage from local herders and NGOs.
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 180 of the Business Council of Mongolia NewsWire dated August 12, 2011. Several mining companies had positive developments, including SouthGobi achieving record sales and revenue from coal mining. Voyager Resources announced a major new copper discovery. Guildford Coal acquired additional land and aims to begin coal production within a year. Other news included MEC completing a road to transport coal to China, Petro Matad drilling exploration wells, and Shivee Ovoo building Mongolia's first coal drying factory. The economy news discussed proposals for the Tavan Tolgoi coal project, China raising railway freight rates, and the first new listing on the Mongolian stock
The document summarizes recent news from Mongolia across various sectors including business, economy, politics, and tourism. Some key highlights include:
1) Major mining projects in Mongolia like Oyu Tolgoi and Tavan Tolgoi have started development and operations, while several exploration companies are reporting promising early results.
2) Mongolia is taking steps to develop its oil refining capacity to reduce dependence on imports by starting construction on several new refineries.
3) The tourism industry in Mongolia is seeing a shift towards more luxury camping experiences offering travelers a chance to live like nomads in remote areas of the country.
4) Russia has launched a new tourist route on the Trans-
The document summarizes news from the Business Council of Mongolia newsletter. 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 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 summarizes business and economic news from Mongolia. It discusses progress in negotiations between Mongolia and Rio Tinto regarding development of the Oyu Tolgoi copper and gold mine. It also mentions several Mongolian mining and infrastructure projects, including positive coal exploration results at Nuurstei, completion of a paved highway to transport coal, and planned railway construction. Additionally, it notes several business agreements signed, including between Diasoft and Trade and Development Bank of Mongolia regarding banking software and between First Frontier Capital and Golomt Bank regarding promoting foreign investment in Mongolia.
- The document summarizes news from the Business Council of Mongolia newsletter, including highlights on business, economic, and political news in Mongolia. Some of the business news included SouthGobi shares falling due to fears a deal with Chalco would be derailed, an investigation into Ivanhoe Mines sinking its stock price, and Draig Resources reporting its thickest coal seams yet at its Teeg license. Economic news included updates on roads development, food safety, and China looking to Mongolia for iron ore. Political news included progress on a foreign investment law and the election process.
The document summarizes business and economic news from Mongolia. It reports that the Mongolian Prime Minister said any involvement of Chinese company Chinalco in the Oyu Tolgoi mining project would need government approval. It also reports that Eznis Airways plans to buy two new jets to meet growing demand and that TNK-BP signed an agreement to potentially deliver oil products to Mongolia. Additionally, it provides positive drilling results from Erdene Resource Development Corp's copper and molybdenum project and notes that Xstrata officials met with the Prime Minister to discuss their Australian coal mining operations.
This document summarizes news from the Business Council of Mongolia newsletter dated 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 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
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 related to business and economic developments in Mongolia. Some of the key highlights include:
- Mongolian Mining Corp plans a $700 million IPO on the Hong Kong stock exchange, the first for a Mongolian company in Hong Kong.
- Erdenes Tavan Tolgoi has begun removing soil at the Tavan Tolgoi coal deposit in preparation for mining operations.
- The border port at Gashuun Sukhait is planned to operate 24 hours a day by the end of the year to accommodate increased coal exports and equipment deliveries for the Oyu Tolgoi project.
- A South Korean
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.
The document is a newsletter from the Business Council of Mongolia covering business, economic, and political news from Mongolia in May 2011. Some of the top business stories include Petro Matad finding hydrocarbons at a new well, SouthGobi Resources preparing for slowing Chinese coal demand, and Eznis Airways signing a strategic partnership with Japan's largest airline. Construction at the Oyu Tolgoi mine was 15% complete at the end of March. Several mining companies also reported financial results for the first quarter of 2011. On the economic front, coal hauling resumed and the government wanted to accelerate a new power plant project. In politics, prosecutors forwarded charges against a former official to the anti-corruption agency.
The document is a newsletter from the Business Council of Mongolia covering business, economic, and political news highlights from Mongolia. Some of the key business stories covered include: Mongolian miners starting operations at the Tavan Tolgoi coal mine which could impact international bidding for rights to the mine; the launch of exports from Mongolia's Oyu Tolgoi copper mine being delayed pending final government authorization; and a USD 122 million wind farm in Mongolia scheduled to begin operations in June 2013. Economic highlights include the payment of interest for Mongolia's first Chinggis bond and a strengthening currency. Political stories note Tony Blair advising Mongolian companies and Mongolia joining an international environment group.
The document 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 is a newsletter from the Business Council of Mongolia covering business and economic news related to Mongolia. Some of the key stories covered include Mongolian Mining seeking to raise $680 million in an IPO, Petro Matad raising $46.8 million to accelerate its drilling program in Mongolia, Khan Resources hoping the Nuclear Energy Agency will cooperate after it let the appeal deadline pass in one of their court cases, and the opening of Mongolia's first investment bank focused on the mining sector by former UBS executives, signaling the mineral boom taking place in Mongolia.
This document provides a summary of business, economic, and political news from Mongolia in 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 summarizes news from the Business Council of Mongolia newsletter. It reports that Ivanhoe Mines has made a significant new discovery at the Oyu Tolgoi mine in Mongolia, indicating there are greater resources than previously estimated. It also reports that Newcom Group and GE have signed an agreement to explore business opportunities in Mongolia, and that Mongolian Mining Corp has increased the price range for its upcoming IPO on the Hong Kong exchange.
The document 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.
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.
This document discusses operational imperatives and progress at improving efficiency. It includes:
1) Results from reducing time to market by 25% and costs by $15 million through improved planning, partnering, and manufacturing.
2) Goals to increase gross margin by 300 basis points by 2020 through sourcing improvements, product mix changes, and design optimizations.
3) Target to reduce inventory days by 30% through leveraging common components, improved planning and end of life management.
O documento descreve a criação de um zine ("Folhetim dos Jogos") para divulgar conteúdo sobre RPG no blog "Filhos da Gehenna". O zine terá distribuição física em eventos e digital no blog, sem periodicidade definida, e abordará adaptações, dicas para mestres e divulgação de eventos.
The document summarizes recent news from Mongolia across various sectors including business, economy, politics, and tourism. Some key highlights include:
1) Major mining projects in Mongolia like Oyu Tolgoi and Tavan Tolgoi have started development and operations, while several exploration companies are reporting promising early results.
2) Mongolia is taking steps to develop its oil refining capacity to reduce dependence on imports by starting construction on several new refineries.
3) The tourism industry in Mongolia is seeing a shift towards more luxury camping experiences offering travelers a chance to live like nomads in remote areas of the country.
4) Russia has launched a new tourist route on the Trans-
The document summarizes news from the Business Council of Mongolia newsletter. 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 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 summarizes business and economic news from Mongolia. It discusses progress in negotiations between Mongolia and Rio Tinto regarding development of the Oyu Tolgoi copper and gold mine. It also mentions several Mongolian mining and infrastructure projects, including positive coal exploration results at Nuurstei, completion of a paved highway to transport coal, and planned railway construction. Additionally, it notes several business agreements signed, including between Diasoft and Trade and Development Bank of Mongolia regarding banking software and between First Frontier Capital and Golomt Bank regarding promoting foreign investment in Mongolia.
- The document summarizes news from the Business Council of Mongolia newsletter, including highlights on business, economic, and political news in Mongolia. Some of the business news included SouthGobi shares falling due to fears a deal with Chalco would be derailed, an investigation into Ivanhoe Mines sinking its stock price, and Draig Resources reporting its thickest coal seams yet at its Teeg license. Economic news included updates on roads development, food safety, and China looking to Mongolia for iron ore. Political news included progress on a foreign investment law and the election process.
The document summarizes business and economic news from Mongolia. It reports that the Mongolian Prime Minister said any involvement of Chinese company Chinalco in the Oyu Tolgoi mining project would need government approval. It also reports that Eznis Airways plans to buy two new jets to meet growing demand and that TNK-BP signed an agreement to potentially deliver oil products to Mongolia. Additionally, it provides positive drilling results from Erdene Resource Development Corp's copper and molybdenum project and notes that Xstrata officials met with the Prime Minister to discuss their Australian coal mining operations.
This document summarizes news from the Business Council of Mongolia newsletter dated 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 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
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 related to business and economic developments in Mongolia. Some of the key highlights include:
- Mongolian Mining Corp plans a $700 million IPO on the Hong Kong stock exchange, the first for a Mongolian company in Hong Kong.
- Erdenes Tavan Tolgoi has begun removing soil at the Tavan Tolgoi coal deposit in preparation for mining operations.
- The border port at Gashuun Sukhait is planned to operate 24 hours a day by the end of the year to accommodate increased coal exports and equipment deliveries for the Oyu Tolgoi project.
- A South Korean
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.
The document is a newsletter from the Business Council of Mongolia covering business, economic, and political news from Mongolia in May 2011. Some of the top business stories include Petro Matad finding hydrocarbons at a new well, SouthGobi Resources preparing for slowing Chinese coal demand, and Eznis Airways signing a strategic partnership with Japan's largest airline. Construction at the Oyu Tolgoi mine was 15% complete at the end of March. Several mining companies also reported financial results for the first quarter of 2011. On the economic front, coal hauling resumed and the government wanted to accelerate a new power plant project. In politics, prosecutors forwarded charges against a former official to the anti-corruption agency.
The document is a newsletter from the Business Council of Mongolia covering business, economic, and political news highlights from Mongolia. Some of the key business stories covered include: Mongolian miners starting operations at the Tavan Tolgoi coal mine which could impact international bidding for rights to the mine; the launch of exports from Mongolia's Oyu Tolgoi copper mine being delayed pending final government authorization; and a USD 122 million wind farm in Mongolia scheduled to begin operations in June 2013. Economic highlights include the payment of interest for Mongolia's first Chinggis bond and a strengthening currency. Political stories note Tony Blair advising Mongolian companies and Mongolia joining an international environment group.
The document 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 is a newsletter from the Business Council of Mongolia covering business and economic news related to Mongolia. Some of the key stories covered include Mongolian Mining seeking to raise $680 million in an IPO, Petro Matad raising $46.8 million to accelerate its drilling program in Mongolia, Khan Resources hoping the Nuclear Energy Agency will cooperate after it let the appeal deadline pass in one of their court cases, and the opening of Mongolia's first investment bank focused on the mining sector by former UBS executives, signaling the mineral boom taking place in Mongolia.
This document provides a summary of business, economic, and political news from Mongolia in 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 summarizes news from the Business Council of Mongolia newsletter. It reports that Ivanhoe Mines has made a significant new discovery at the Oyu Tolgoi mine in Mongolia, indicating there are greater resources than previously estimated. It also reports that Newcom Group and GE have signed an agreement to explore business opportunities in Mongolia, and that Mongolian Mining Corp has increased the price range for its upcoming IPO on the Hong Kong exchange.
The document 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.
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.
This document discusses operational imperatives and progress at improving efficiency. It includes:
1) Results from reducing time to market by 25% and costs by $15 million through improved planning, partnering, and manufacturing.
2) Goals to increase gross margin by 300 basis points by 2020 through sourcing improvements, product mix changes, and design optimizations.
3) Target to reduce inventory days by 30% through leveraging common components, improved planning and end of life management.
O documento descreve a criação de um zine ("Folhetim dos Jogos") para divulgar conteúdo sobre RPG no blog "Filhos da Gehenna". O zine terá distribuição física em eventos e digital no blog, sem periodicidade definida, e abordará adaptações, dicas para mestres e divulgação de eventos.
The document provides an overview of Mongolia's macroeconomic indicators and developments in July 2013. It summarizes that GDP growth slowed to 7.2% in the first quarter due to declining exports and FDI inflows. Inflation decelerated to 8.4% in May after accelerating to double digits in 2012 due to expansionary fiscal policy. The current account deficit remained significant despite slowing imports as fiscal policy continued to be procyclical.
The document discusses why Christians should encourage one another. It provides several Bible verses explaining that encouragement is important to prevent people from being hardened by sin, to help those who are disheartened, and to build each other up in Christ. The document also discusses how encouragement should be done carefully, with the right preparation, awareness, example, mood, motives, and use of both grace and truth.
How to cope with ED. Do you know how to cope with ED (Erectile Dysfunction)? This presentation provides a few possible solutions. Based on article found here: http://curemyerectiledysfunction.com/how-to-cope-with-ed
Kannan Cheeroth Sukumaran is a software engineer from India with over 9 years of experience developing web and windows applications using technologies like .NET, C#, VB, ASP.NET, SQL Server, Oracle, and Crystal Reports. He has extensive experience designing, developing, and maintaining applications for various domains including HRMS, document management, construction management, retail, and healthcare. Currently located in Singapore, he is looking for new opportunities to contribute his skills and experience to progressive organizations.
Los mamíferos son un grupo diverso de animales que incluyen delfines, murciélagos, ratas, perros, conejos y humanos. Tienen el cuerpo cubierto de pelo, mamas las hembras, y los bebés se alimentan de la leche materna. Los mamíferos viven en todos los hábitats y mantienen su temperatura corporal constante de forma independiente a su entorno.
This document analyzes the differences between speech and writing. It notes that speech is temporary and auditory while writing is permanent and visual. It also notes that writing lacks prosodic features found in speech. The document discusses how readers can set their own pace when reading written text and return to previously read parts. It suggests dividing written text into parts to make it easier for readers to understand. Finally, it discusses how speech allows for interaction between speakers and listeners to clarify understanding, which is lacking in some situations where only writing is used, like television.
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.
The document summarizes the key news highlights from Issue 185 of the Business Council of Mongolia NewsWire dated September 16, 2011. Some of the top business stories include TT's IPO being delayed until early 2012, Hunnu Coal agreeing to be acquired by Banpu for $477 million, and the Oyu Tolgoi mine expected to generate one-third of Mongolia's economy by 2020. The "Discover Mongolia" conference delivered investment opportunities in Mongolia's mining sector to over 1,000 investors. Government officials discussed plans to expand Mongolia's infrastructure including roads, railways, and power stations. A panel at the conference addressed issues like mining taxation, licensing, and activities of illegal artisanal miners.
This document provides a summary of business and economic news from Mongolia in Issue 130 of the Business Council of Mongolia NewsWire dated August 6, 2010. Key highlights include:
- Khan Resources winning a second court case reinstating its uranium exploration license in Mongolia.
- Petro Matad's shares rising after tests confirm the presence of oil in its first exploration well and it beginning a three-well drilling campaign.
- Ivanhoe Mines having "interesting discussions" with potential new strategic investors after easing restrictions on its shareholder registry.
- The EBRD and Khan Bank signing Mongolia's first co-financing facility agreement worth $10 million to expand Khan Bank's
The document summarizes business and economic news from Mongolia reported in 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 that provides news highlights from June 4, 2010. It covers business, economic, and political news items. The business section notes that the Mongolian minister wants to import Chinese labor for the Oyu Tolgoi project due to a lack of qualified local workers. It also discusses several mining projects and deals, including Shenhua reiterating interest in the Tavan Tolgoi coal mine and MEC offering a contract to Leighton Asia for coal mining in western Mongolia. The economic section covers topics like the prime minister stressing the need for better corporate governance and China scaling back factory production growth. The politics section mentions China pledging $500 million during
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 summarizes business and economic news from Mongolia reported in the Business Council of Mongolia NewsWire on June 24, 2011. Key highlights include:
- The Mongolian government suspended PetroChina's crude oil transport along a gravel road for various violations.
- Erdene Resource Development took investors on a tour of its mining operation sites in Mongolia.
- Mongolia Growth Group received an insurance license under the name Mandal General to underwrite property and casualty insurance in Mongolia.
- Several mining and exploration companies including Voyager Resources, Mongolia Energy Corporation, and Petro Matad provided updates on their drilling, mining, and exploration activities in Mongolia.
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.
This document provides a summary of news from the Business Council of Mongolia for May 18, 2012. It includes highlights on business, economic, and political news. For business, it summarizes news about mining companies like Erdenes-TT, Ivanhoe Mines, SouthGobi Resources, and Centerra Gold. It also discusses plans from Mongolian companies to produce synthetic diesel from coal. For the economy, it covers secondary bond trading, tax revenue from resources, and threats from climate change. For politics, it mentions new legislation on foreign investment and elections.
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 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.
This document is a newsletter from the Business Council of Mongolia providing updates on business and economic news in Mongolia. It announces that the BCM office will be closed from December 25 to January 4 for holidays. It then provides summaries of various news stories related to business, economic, and political developments in Mongolia, including plans for Mongolia to establish three national holding companies, updates on mining projects and negotiations, and economic forecasts for 2010.
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 summarizes various business and economic news from Mongolia. It discusses negotiations over a labor contract at the Boroo Gold mine that could set a precedent for other mines. It also mentions BHP Billiton closing its Mongolia office, plans to upgrade the Ulaanbaatar Railway, and several mining companies' exploration and funding plans in Mongolia. Mongolia's strategy to maintain oversight of the Tavan Tolgoi coal mine if it is won by China's Shenhua is also summarized.
The document is a 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.
This document summarizes business and economic news from Mongolia reported in Issue 153-154 of the Business Council of Mongolia Newswire. Key highlights include:
- Russia blocked Khan Resources' litigation claim against a Russian uranium miner. Xanadu Mines and Noble Group announced a strategic alliance to explore for coking coal, iron ore, and ferroalloys in Mongolia. SouthGobi Resources delivered its first coal shipment directly to a customer in China rather than at the mine-gate.
The document provides a summary of business, economic, political, and other news from Mongolia in Issue 339 dated August 22, 2014 from the Business Council of Mongolia newsletter. Some key highlights include:
- Operations at Mongolia's Tavan Tolgoi coal mine have been halted due to payment disputes between the state-owned mine operator and contractor Macmahon Holdings.
- Mongolian Mining Corp saw revenues fall 22% in the first half of 2014 compared to the same period in 2013 due to challenging market conditions in China.
- The World Bank has appointed a new country representative for Mongolia, James Anderson, who will begin work in Ulaanbaatar next week.
- Guildford Coal
The document summarizes news from the Business Council of Mongolia newsletter. It includes the following top stories:
- Mongolia will develop its largest untapped uranium field in a joint venture with Russia, revoking Khan Resources' license for the area. Khan Resources plans to appeal the decision in Mongolian courts.
- SouthGobi Energy, a Canada-listed mining company backed by China, expects earnings to be neutral this year but potentially robust next year as production expands at its Ovoot Tolgoi mine in Mongolia.
- Ivanhoe Mines will announce an independent development plan for its Oyu Tolgoi copper-gold project in Mongolia.
The document summarizes news from the Business Council of Mongolia newsletter. It highlights several stories:
1) Rio Tinto is close to striking a deal with Mongolia on developing the second stage of the Oyu Tolgoi mine, as an engineering contractor has begun hiring workers for the project.
2) Mongolian Mining Corporation has secured $150 million in pre-export loan financing and a $50 million option to fund working capital and investments.
3) Mongolia Growth Group has appointed a new CEO, Paul Byrne, to lead the company in its next phase of development.
The document summarizes news from the Business Council of Mongolia newsletter dated September 19, 2014. It covers several topics:
1) The tax dispute between Rio Tinto and the Mongolian government over the Oyu Tolgoi copper mine has been resolved, with taxes owed reduced to $30 million from $130 million.
2) Exploration drilling has started at Aspire Mining's Nuurstei coal project, which could lead to a pre-feasibility study.
3) Genie Energy has signed an agreement to explore an additional 25,000 square kilometers in Mongolia for oil shale, bringing its total exploration area to 60,000 square kilometers.
The document 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.
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.
Essential Tools for Modern PR Business .pptxPragencyuk
Discover the essential tools and strategies for modern PR business success. Learn how to craft compelling news releases, leverage press release sites and news wires, stay updated with PR news, and integrate effective PR practices to enhance your brand's visibility and credibility. Elevate your PR efforts with our comprehensive guide.
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.
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.
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/
1. BUSINESS COUNCIL of MONGOLIA
NewsWire
www.bcmongolia.org
info@bcmongolia.org
Issue 131, August 13 2010
NEWS HIGHLIGHTS:
Business:
PM told MEC ready to start work at Khusuut coal mine;
NEA to appeal Khan Resources case verdict;
Khan Resources says international community watching progress of case;
Friedland’s 'trillions' claim creates ripples;
Hunnu Coal boss lists opportunities for Mongolian coal;
Oyu Tolgoi LLC to start training workers on September 1;
Hunnu Coal starts trial mining;
National Life Insurance LLC offers new pension plan and health coverage;
Petro Matad hits hydrocarbons, “but you never can tell”;
Rio seeks JV opportunities with Chinese companies;
Despite turnaround, Rio still has problems;
ING's net profit soars.
Economy:
Mongolia plans for hi-tech, multipolar economy;
Social and economic data for July;
NASDAQ OMX submits bid to develop Mongolian Stock Exchange;
Fraser survey keeps Mongolia among least attractive mining destinations;
Economic potential of livestock cannot be ignored, says Minister;
Foreign firms show interest in infrastructure projects;
92% of allocated SME loans distributed nationwide;
New pension system being developed;
MP wants personal income tax to contribute more to budget;
Outstanding loans rise 3.1% m-o-m, 15.2% y-o-y;
China’s copper demand “unstoppable”, says Chilean miner;
Where's the copper to come from to meet future demand?
Indonesia in talks with miners over new mining law;
Russia grain export ban sparks price fears;
Russia’s grain ban is the wrong response;
China and the IMF: Getting away with manipulation;
China's calculated yen for the Japanese yen;
China's double gold game;
China cracks down on energy use, shuts 2,000 factories;
China needs slower, better growth;
China shows further signs of slowing:
China’s trade surplus widens further.
Politics:
Millennium Development Goals will not be reached in stipulated time;
Minister appeals for restraint over Chinese company’s activity;
Prime Minister urges people to come up with ideas;
2. Elbegdorj invited to join World Economic Forum’s council on climate change;
Tourism boss wants guides to be more well-informed;
PM orders USD250,000 for Taishir water power plant;
Strong Canadian participation in farm show co-sponsored by Embassy;
Prosecution agency turns 80;
Mayor plans untreated water for toilets, better street lights;
New buildings for both major parties;
U.S. Ambassador attends ceremony at Amarbayasgalant Monastery;
North Korea offers ginseng to pay part of Czech debt;
U.S. ventures into troubled Asian waters.
*Click on titles to link to articles.
BUSINESS
PM TOLD MEC READY TO START WORK AT KHUSUUT COAL MINE
Mongolia Energy Corporation (MEC) has told Prime Minister S.Batbold that with the feasibility study
completed and its reserve estimated, the Khushuut coal mine will be operational by next October.
Not just mining, but its wash plant and enrichment factory will also start working. ―Some civil
movements and local people were against the coal mine operation, but all differences have now
been resolved in a spirit of harmony,‖ the Governor of Khovd province has said, expressing relief
and happiness that the work at the mine would help change the face of Khovd.
Over 800 workers are employed at the mine, and over 310 km of road and bridges are planned to be
built. According to the Government resolution, the concession agreement will be used to solve the
coal export issue. The mine has 85 million tons of coal and roughly half of this is coking coal. This
reserve estimate applies only to its studied area. There might be other huge reserve in other areas.
In June 2010, MEC awarded a six-year, USD232 million contract to Leighton Asia to develop and
operate the mine. Leighton will carry out all mining activities including planning, drilling, transport
and handling of coal. Annual production will be 0.5 mt in the first year, rising to 8 mt by fourth
year. The estimated mine life is 19 years. The mine is spread over 600 hectares and the total cost
of developing it is expected to reach USD202 million in the first two years.
Exploration work was carried out by the China National Administration of Coal Geology. The
company is planning to conduct further exploration to measure additional coal reserves. The open-
pit method will be used to extract coal. Diesel-powered hydraulic excavators will be used. Track
dozers will be used for material movement and overburden dump maintenance. Front-end loaders
will also be used for pit clean-up and coal loading.
MEC is planning to construct a 1,100t/h coal preparation plant to process raw coal. The USD60
million plant will produce coking coal, middling and rejects. It will be operational by the third year
of operation. Until the plant is constructed, the coal will be processed using a dry screening
process.
Source: Mongolia Energy Corporation
NEA TO APPEAL KHAN RESOURCES CASE VERDICT
The Nuclear Energy Agency (NEA) has chosen to appeal an administrative court`s verdict on July 19
that the NEA's decision to invalidate the mining license held by Khan`s joint venture unit, Central
Asian Uranium Co (CAUC), was illegal and invalid. "We are very disappointed that the NEA has
chosen to appeal a very clear and definitive ruling of the court. We trust the court will deal with
the matter quickly and uphold the ruling in favor of CAUC," said Mr. Grant Edey, president and CEO
of Khan Resources.
CAUC is a joint venture between Khan, the Russian company Priargunsky and the government of
Mongolia. Their chief license is for Khan's Dornod uranium deposit, a former Russian open-pit
uranium mine in north eastern Mongolia. It is believed to have resources of 22,000 tons. In April,
the NEA canceled the mining and exploration licenses of two of Khan's units claiming specific
violations, prompting the Canadian company to challenge the decision in Mongolian courts. It is now
unclear whether Khan will continue the process of re-registering its licenses for both its units in the
country, as stated previously.
The Dornod deposit was coincidentally also the highly sought-after prize of a takeover battle last
3. year for Khan between Russian state uranium miner ARMZ, the world`s fifth largest uranium
producer, and the China National Nuclear Corporation (CNCC), China`s official agent seeking
offshore uranium sources.
Source: Khan Resources
KHAN RESOURCES SAYS INTERNATIONAL COMMUNITY WATCHING PROGRESS OF CASE
Mr. O.Enkhbayar, Director of Khan Resources Inc. in Mongolia, has said that the company expects
the Nuclear Energy Agency to re-register its licenses soon, now that the City Administrative Court
has ruled in two separate cases that the agency‘s cancellation of these licenses was illegal. He said
the progress of the dispute was being watched by the entire international investor community.
Khan Resources owns 58% shares in CAUC LLC, with the Mongolian Government and the Russian
State-owned company ARMZ equally sharing the remaining 42%. However, Mr. Enkhbayar said,
neither ―has invested a single MNT‖ in the uranium project in Mardai in Dornod province, where
extraction has not begun because of the low price of uranium. Khan Resources had been holding the
license since 1996, with approval of the National Security Council and the Government, and has
scrupulously observed all laws and regulations. The government of Mongolia has claimed the grant
of license was its share of the investment, and ARMZ has said its share was in the infrastructure in
place since the time when the Soviet Russian Government worked the deposits. However, most of
the facilities and equipment have been irreparably damaged in the intervening years of inactivity
and are presently worth nothing or very little.
Source: Zuunii Medee
FRIEDLAND‟S „TRILLIONS‟ CLAIM CREATES RIPPLES
Confusion surrounding reports about Oyu Tolgoi, Ivanhoe Mines' colossal joint venture with Rio
Tinto, has sent ripples throughout the global financial community. A PowerPoint presentation by
Ivanhoe Mines chairman Robert Friedland last week at a miners‘ conference in Australia said
USD16,078,743,199 was the after-tax net present value (NPV) figure for Oyu Tolgoi based on recent
metal prices, but Mr. Friedland also said the figure could rise to "trillions".
An Ivanhoe spokesman later clarified that the project indeed contained an estimated USD1 trillion
worth of metal in situ, but corrected widespread reports and indicated the NPV was USD16 billion
plus.
Source: AAP
HUNNU COAL BOSS LISTS OPPORTUNITIES FOR MONGOLIAN COAL
Hunnu Coal chairman Matthew Wood has echoed the warning of Ivanhoe Mines Chairman Robert
Friedland that Mongolia could kill the Australian coal industry. He said the warning could become
reality as South and Middle Gobi coking and thermal coal begin shipped to Japan and Korea within a
few years. Australia-listed Hunnu Coal is busy advancing several promising Mongolian thermal and
coking coal projects with minimal start up costs.
Mr. Wood can see some shocks ahead for Australia‘s leading export industry. ―I think Australia is
going to find it hard to compete with coal 600 kilometers from Beijing with labor at tenth of the
price,‖ he has said. ―Mongolia has a highly supportive government and has abolished the stupid
taxes Australia is now contemplating. Australia has got some problems.‖
He noted some other advantages of mining coal in Mongolia. ―Australian mines are getting deeper
and older. The easy, cheaper coal is gone. These deposits in Mongolia are open cut from surface –
they haven‘t even been developed yet, the best years are still coming.‖
The Mongolian government is working hard to expand the coal industry and announced major
railway investment plans last month. Mr. Wood said one of the plans was a link from the giant
Tavan Tolgoi coking coal field in the South Gobi province, where Hunnu Coal has projects, all the
way up to northern Mongolia where it can link up to Russia‘s Trans Siberian railway line. From
there, the coal is railed out for export through Vladivostok on the east coast of Russia. ―That‘s a
very short boat ride to Korea and Japan,‖ Mr. Wood said.
The Japanese and Koreans are extremely keen to get access to Mongolian coal ―so it‘s not just
about China; Mongolian coal will be seaborne and that is a real threat to Australia‖. Mr. Wood said,
―These things aren‘t going to happen next month, they are not going to happen next year but
people in Queensland will be competing against Mongolian coal well and truly in five to ten years.‖
Source: MiningNews.net
OYU TOLGOI LLC TO START TRAINING WORKERS ON SEPTEMBER 1
The Ministry of Education, Culture, and Science recently signed a memorandum of understanding
4. with Oyu Tolgoi LLC on providing training to around 2,500 people who will work in the mines to
begin operation in about three years from now. The first phase of the training starts on September
1 and will offer 10 courses in different areas of work for altogether 1,000 people. The training will
be held at different centers in Nalaikh, Darkhan, Dornod, Govisumber, Dornogovi, Umnugovi,
Selenge, and Khovd. Intending trainees have to be over 24, and must have completed secondary
school. The company will bear all costs of the training. Those who pass the course with credit will
be given priority when jobs are offered in Oyu Tolgoi.
Source: Udriin Sonin
HUNNU COAL STARTS TRIAL MINING
Hunnu Coal has started trial mining at the Unst Khudag coal mine. The trial open cut operation
would produce an initial supply of coal for bulk test work, and for delivery to potential offtake
partners for independent test work. Hunnu said in a statement that the trial mine would also
deliver important geotechnical and hydrological data, which would be used in the modeling of a
much larger up-scaled open cut mine. Offtake agreements were currently being negotiated with
both Mongolian and Chinese thermal coal users, said Hunnu.
Meanwhile, an extensive drilling program has recently started with the aim of generating an initial
Joint Ore Reserves Committee (Jorc) resource during the coming months. The Unst Khudag project
has an exploration target of between 250 million tons and 500 million tons, and coal analysis has
revealed a high quality thermal coal product. Two drilling rigs were now operating on the current
drilling site, with further drilling rigs being sourced to fast-track the exploration program.
Earlier in the week, the company said the results of the recently completed exploration drilling
program at Unst Khudag and surrounding licenses had been ―extremely encouraging‖. A total of 34
drill holes were completed, 28 located on the existing mining license and six others on the
adjoining exploration license.
Source: www.miningweekly.com, Hunnu Coal
NATIONAL LIFE INSURANCE LLC OFFERS NEW PENSION PLAN AND HEALTH COVERAGE
The National Life Insurance LLC has introduced two new products. With its voluntary retirement
plan, Mongolians now have the opportunity to be insured in two kinds of retirement plans. The first
of these is the existing compulsory retirement plan where the premium is paid into the social
insurance fund, while the second aims to set up an endowment fund for insured individuals. The
new plan is not meant to compete with the State retirement plan, but targets those who are
outside it. It offers greater choice to people on choosing the age from when they wish to draw
pension. Employers can offer this plan to motivate their employees to work longer.
The insurance company, the only one providing life insurance in Mongolia, has also developed a
family health insurance scheme to help people tide over the ever-increasing costs of medical
treatment. The scheme covers accidents, illness, hospitalization or surgery. The company has listed
the following salient features of the scheme:
Worldwide coverage - 24 hours a day/ 7 days a week/ 365 days a year.
Maximum annual cover is USD 1,000,000.
The client can choose the doctor and the hospital, in or outside Mongolia.
Coverage includes both outpatient and in patient expenses, yearly check-ups and local
ambulance service.
Those opting for a high-end product will get worldwide emergency medical and travel
assistance service from International SOS Medica to the limit of USD 1,000,000.
Service utilized at the company‘s recommended hospitals can be paid for by direct billing.
In all other cases reimbursement will cover 80% of treatment cost, subject to the annual
limit.
Every policy will be valid for one year and terms are flexible.
Three options are presently available:
Platinum plan – Worldwide coverage and overall annual limit is USD 1,000,000.
Gold plan – Worldwide coverage, excluding USA & Canada, except in emergency cases.
Maximum annual limit is USD 1,000,000.
Silver plan – coverage area is only Asian countries and annual limit is USD 300,000.
Source: www.nationallifedaatgal.com
PETRO MATAD HITS HYDROCARBONS, “BUT YOU NEVER CAN TELL”
Petro Matad has hit hydrocarbons with its first well in Mongolia. The company has struck oil at its
5. Davsan Tolgol-1 wildcat well in Block XX where good reservoir quality is indicated by fast drilling
breaks through all sandstone and conglomerate intervals. Petro Matad CEO Douglas McGay has said,
―To have achieved success on the first well has been both a significant achievement for our
company and Mongolia, and also a tribute to our technical team.‖
The company‘s shares had been rising steadily before the drilling started and then rose further with
the successful outcome. But you never can tell. Even with great advances in technology the
industry-wide success for wildcats is reckoned to be one out of six wells drilled. Mongolia is real
frontier territory. Squeezed between China and Russia, Mongolia is twice the size of the UK and
France combined yet very sparsely populated. It is a country of climatic extremes, with a short
drilling season, creating some major logistical and technical problems for drilling crews.
We do not know as yet how much oil has been discovered. Provisional resource estimates for the
DT-1 well were put at 122 million barrels. The significance of the strike, however, as Mr. McGay has
said, is that it has de-risked the whole block, which is home to a further 14 prospects and where
several further wells are planned.
Source: Oilbarrel.com
RIO SEEKS JV OPPORTUNTIES WITH CHINESE COMPANIES
While CEO Tom Albanese thinks that Rio Tinto‘s strategic focus on large, long-life, low-cost assets
would serve the company well in ―increasingly volatile‖ markets, its CFO, Mr. Guy Elliott, has said
that Rio was also constantly scanning the globe for acquisition opportunities. "In a volatile
environment, it's often easier to obtain greater capacity through buying, rather than building."
Mr. Elliott said that Rio Tinto would look to identify possible small- and medium-sized acquisition
opportunities, and would also be open to "innovative" joint-venture opportunities, particularly with
Chinese companies. "All opportunities will be assessed through our proven and rigorous processes,
and Rio Tinto will remain focused on value accretion, and not on growth for growth's sake."
Source: www.miningweekly.com
DESPITE TURNAROUND, RIO STILL HAS PROBLEMS
Rio Tinto, the diversified miner worst hit by the financial crisis, surprised the market last week with
the strength of its six-month earnings, debt reduction and accelerated capital spending. That
followed similarly bullish half year results from rivals Anglo American and Xstrata. But despite the
turnaround in Rio's fortunes, its exposure to the oversupplied aluminum market and a legal wrangle
over its Mongolian copper investment should keep investors' enthusiasm in check.
Rising commodity prices explained most of the jump in Rio's underlying first-half earnings. Net debt
tumbled to USD12 billion on June 30 from USD39 billion a year ago. The company restored its
interim dividend. And it is no longer neglecting growth. Planned capital expenditure of USD9 billion
for 2011 will be USD1 billion above the 2008 peak and 50% more than this year's USD6 billion.
Higher revenues should fall faster to the bottom line thanks to last year's USD2.5 billion of cost
cuts, but further productivity gains will be hard to achieve. Rio is sensitive to rising energy prices
because of its electricity-intensive output of aluminum, the biggest contributor to earnings after
iron ore.
Meanwhile, Rio is short of growth beyond iron ore. It is reluctant to increase aluminum capacity
while the market is oversupplied. Aluminum prices, down 16% during the second quarter, remain
under pressure. Infrastructure bottlenecks limit expansion of its Australian coal operations. A legal
dispute over how much Rio can increase its indirect stake in Mongolia's Oyu Tolgoi, potentially one
of the world's biggest copper mines, clouds its copper prospects as grades fall at existing mines.
Source: The Wall Street Journal Asia
ING‟S NET PROFIT SOARS
Dutch financial-services company ING Groep NV on Wednesday reported a larger-than-expected
jump in second-quarter net profit, as strong results at its banking arm offset a weaker performance
for insurance. ING, the Netherlands' biggest financial company by market capitalization, posted a
net profit of USD1.44 billion for the three months ended June 30, beating analyst expectations.
The company, which was bailed out twice by the Dutch government during the global financial crisis
and still has to repay €5 billion of State aid, said commercial growth "gained pace", particularly at
its bank, and that "market conditions further improved".
Source: The Wall Street Journal Asia
6. ECONOMY
MONGOLIA PLANS FOR HI-TECH, MULTIPOLAR ECONOMY
Mr. B.Ganbat, a departmental head in the National Development and Innovation Committee, says a
proper development strategy for Mongolia must have provision for setting up high-tech industry.
The present situation, where the country exports only raw and unprocessed output from the mining
and agriculture sectors, keeps the economy vulnerable to unpredictable pressures. At present, over
90% of Mongolia‘s exports are produced with low technology and this has to change. Value has to
be added to raw output if more wealth is to be generated. Parliament has approved the
government policy on how to develop a high technology industrial sector and a transformation of
the economy will follow. Exclusive dependence on mining will give way to a multipolar economy.
This will need financial institutions with new orientation and the government is working on
establishing a State-owned entity likely to be called High Technology, Innovation, and Investment
Corporation to help develop a knowledge-based economy. The necessary human resources are being
prepared at the National Center of Nano-technology in the National University of Mongolia, at the
Food and Biotechnology Center in the Mongolian University of Science and Technology, at the
biomedical unit in the Medical Science University, and in Jonon University. He stressed that nothing
will happen overnight as the example of other countries shows, but he dismissed doubts that this is
beyond Mongolia‘s economic or intellectual capacity, and suggestions that the country should
instead import technology.
Knowledge and information are freely accessible in a globalized world, and Mongolia will restrict
imports to what it cannot design locally, for many possible reasons. Its small population will be a
helpful factor in the development of high technology, Mr. Ganbat felt, and added that the Autumn
session of Parliament is likely to discuss the subject further.
Source: Onoodor
SOCIAL AND ECONOMIC DATA FOR JULY
The National Statistics Office has released the following data:
Consumer price index
The national consumer price index dropped 2.8 percent in July against June, but was 8.3 percent
more than at the end of 2009 and 9.8 percent more year-over-year. The fall during the month was
mainly due to a 6.5 percent decrease in the price of food and non-alcoholic beverages.
Unemployment
The number of active job hunters, as registered at the Labor and Welfare Service Divisions in the
provinces and in Ulaanbaatar, reached 39,176 at the end of July, falling 3.7 per cent against the
figure for 2009.
Government budget, tax collection
The General Government Budget (GGB) showed a deficit of MNT129.4 billion at the end of the first
seven months of 2010, MNT152.2 billion less than in the same period last year. The current account,
however, showed a surplus of MNT198.5 billion.
Tax revenue increased 65.5 percent, with a 330 percent rise in windfall profit tax receipts, 230
percent rise in corporate income tax and 629 percent rise in value added tax.
Share trading
Some 2.3 million shares valued at MNT3.1 billion were traded at the Mongolian Stock Exchange in
the 20 trading days in July.
Foreign trade
Total turnover of trade with 120 countries in the first seven months of the year reached USD
3,207.7 million, 59.7 percent more than in the same period last year. Exports rose 66.8 percent and
imports 53.6 percent, with the deficit of USD130.7 million standing 20.3 percent below the
corresponding figure in 2009.
Industrial output
Total industrial output in the first seven months of 2010 rose 15.9 percent (at 2005 constant prices)
over that in the same period last year.
Social insurance and allowances
7. Of the total 501,400 employees covered by social insurance at the end of July, 40.7 percent worked
for the government and the rest for private establishments. The total amount disbursed as pension
was MNT194.1 billion, of which retirement pension accounted for 73.0 percent, disability pension
for 12.9 percent, breadwinner loss pension for 7.3 percent, and military pension for 6.8 percent.
MNT14.6 billion was paid in social welfare allowances to 55,700 people, 4.7 per cent more than on
2009, with the amount rising 0.7 per cent. MNT174.7 billion has so far this year been given to 2.5
million people from the Human Development Fund.
Construction
Domestic entities were responsible for executing 91.7 percent of the construction and installation
work altogether worth MNT84.8 billion.
Passengers and freight
The railway transported more passengers and more freight than last year, and as a result revenue
increased 27.9 percent. Airlines transported 27.6 percent more passengers and 22.7 percent more
freight. Revenue increased 17.8 percent.
Source: Montsame
NASDAQ OMX SUBMITS BID TO DEVELOP MONGOLIAN STOCK EXCHANGE
A consortium comprising Mosdaq of Mongolia and NASDAQ OMX, the world‘s largest exchange
company with trading, technology and public company service capability spanning 6 continents, is
among those bidding to be chosen to manage and coordinate the work of the proposed Mongolian
Stock Exchange joint venture. The Government expects the JV to substantially increase both the
volume and worth of stocks traded at the exchange, to raise total market capitalization to 46% of
GDP, and to ensure that at least 10% of all capital investment in Mongolia is channeled through the
stock exchange.
Following submission of tender material to the State Property Committee, two representatives of
the consortium – Mr. Ulf Carlsson, General Manager, NASDAQ OMX North Asia & Japan, and Mr. J.
Erdenebat of Mosdaq – answered media questions earlier in the week. Asked if it is reasonable to
expect the joint venture to perform as an international exchange without corresponding changes in
the country‘s economic scene and legal environment, Mr. Carlsson conceded that big investors
usually do not favor financial markets in developing countries with a small economy, but the
consortium was confident that use of state-of-the-art technology will change that mindset, as long
as Mongolia followed international norms in implementing laws, setting up a stable tax network,
and conducting corporate business in a transparent way.
The Government wants the selected company to provide the funds for the entire program and has
not specified how it will be allowed to recoup its investment. Mr. Erdenebat declined to go into
details, but indicated they would be interested in shares of the Mongolian Stock Exchange when it
becomes a joint venture.
Source: Onoodor
FRASER SURVEY KEEPS MONGOLIA AMONG LEAST ATTRACTIVE MINING DESTINATIONS
Mongolia remains among the 10 least unattractive places to work in, according to an update of the
Fraser Institute's annual survey of mining companies. The other 9 in the bottom square are Ecuador,
Kazakhstan, Bolivia, Venezuela, Zimbabwe, Russia, Colorado, Indonesia, and Tasmania.
The Canadian province of Alberta has replaced Quebec as the jurisdiction viewed as most attractive
to for investment by industry executives. Unsurprisingly, Australian jurisdictions suffered the
biggest drop in ranking compared with the previous survey released in mid-April, after then-Prime
Minister Kevin Rudd caused an uproar in the mining industry at home and abroad with proposals in
May for a 40% resources super profits tax (RSPT).
The big take-away from the updated survey is that sudden changes in mining policies, without
consultation with the industry, run the risk of scaring away investors, survey coordinator Fred
McMahon said on Wednesday. The question now is whether other governments will be less likely to
impose big changes after watching the Australian story unfold, he said in an interview.
High commodity prices can make it tempting for governments to introduce changes that return
more mining revenue to State coffers. ―It is of great concern, and it will be interesting to see
whether other rational jurisdictions take a lesson from Australia,‖ Mr. McMahon commented.
Read more…
―The mining industry's response to these things will depend on, one, the magnitude – whether it's
reasonable and unreasonable, and two, whether it is done in such a way as to give miners
8. confidence in the stability of the mining regime, or whether it is done in a way that will make them
very concerned about future ugly surprises down the road,‖ Mr. McMahon commented.
The Fraser Institute, a Canadian public policy think-tank, conducted an update to its annual survey
during the month of June, ―following the global recovery in commodity prices and the introduction
of new regulatory hurdles and taxation in many jurisdictions‖. The results are based on the opinions
of mining executives representing 429 mineral exploration and development companies on the
investment climate of 51 jurisdictions around the world.
Source: www.miningweekly.com
ECONOMIC POTENTIAL OF LIVESTOCK CANNOT BE IGNORED, SAYS MINISTER
Mr. Kh.Zoljargal, Deputy Minister of Food, Agriculture, and Light Industry, has said that contrary to
the prevalent practice of entrusting the National Emergency Mitigation Agency with the
responsibility of storing hay and fodder, this year every district has been asked to prepare 100-180
tons of hay so that there is no problem with local distribution in the event of urgent need. The
Asian Development Bank has given MNT3 billion to be distributed among herders who have lost all
their animals. Each such household is getting MNT300,000 to replenish their herd. The Government
has no other plans to help herders in this, but livestock borrowing is in full swing among them.
Mr. Zoljargal said emphasis on mining and infrastructure development must not underestimate the
contribution livestock meat and other products can make to the national economy. Once their
safety is guaranteed by international standards of health and hygiene, export of meat, guts, skin
and hides can easily earn USD300 million annually, a figure that will rise if Mongolia can also
produce end products.
The Minister was confident domestic meat prices can be kept stable with proper planning. ―There is
no reason the Government should take the responsibility to provide cheap meat for those who can
afford high prices, but the interests of the comparatively less affluent and more vulnerable
sections, who consume goat and horse meat, should be served by storing enough of these in the
national reserve,‖ he said. If government policy regulations keep these meats cheap, the price of
lamb and beef can also be kept stable, he said.
Source: Udriin Sonin
FOREIGN FIRMS SHOW INTEREST IN INFRASTRUCTURE PROJECTS
Officials of the Ministry of Road, Transportation, Construction, and Urban Development say that
several foreign companies have shown interest in investing in infrastructure-related projects. The
recently passed Concession Law applies to 99 projects, of which 72 are under the purview of the
Ministry. Most of the proposals so far received relate to road and apartment construction and they
have come from companies in Russia, China, Germany and Canada.
The officials are optimistic that preliminary work on the railway would begin in two months and
that technical and economical assessments of projects to be included in the Sainshand industrial
complex would also be over before long. Both have already attracted considerable interest from
foreign companies.
Source: Udriin Sonin
92% OF ALLOCATED SME LOANS DISTRIBUTED NATIONWIDE
Reported problems with collateral, particularly in the provinces, notwithstanding, 92 percent of the
projected MNT30 billion has been disbursed as loans to small and medium enterprises in all 21
provinces and six districts of Ulaanbaatar. Mr. D.Batmagnai, officer in charge of Finance and
Investment of SME, has said the target has been met 99 percent in Ulaanbaatar and 95 percent in
the provinces. Loans have been given through Khan Bank, XacBank and Savings Bank in the
countryside and through Capitron Bank, Golomt Bank and Ulaanbaatar Bank in Ulaanbaatar.
He admitted that collateral was a problem as people in the countryside in general do not have
enough assets to offer as security. However, many proposals were also rejected because the banks
did not consider them deserving of support. Organizations and individuals submitted about 6,000
proposals and only about 10 percent of them have received these special loans. Most of these are in
manufacturing and refining raw materials. Many viable proposals that were rejected this year could
be reconsidered next year, he said.
The Government spent MNT1 billion to encourage SMEs in 2008. This works out to only about
MNT60-70 million per province. In 2009 and 2010, when MNT30 billion was budgeted nationwide,
one province got about MNT700 million. But even this is not enough, according to the official.
Source: News.mn
9. NEW PENSION SYSTEM BEING DEVELOPED
Procedures are being formulated to allow Mongolians not enlisted in the mandatory pension scheme
under the State social insurance fund to join a new scheme. Mr. S.Ganbold, Head of Financial
Regulatory Agency, has said the scheme will benefit the 400,000 or so people outside the present
scheme who thus have no pension cover. Also, the proposed scheme will add variety to the
insurance sector. Among the various advantages of the new scheme is one that allows the heirs of
an insured person who dies before his policy matures to claim part of the premium paid, and
another that permits people to choose from policies that run for varied terms.
Source: Udriin Sonin
MP WANTS PERSONAL INCOME TAX TO CONTRIBUTE MORE TO BUDGET
MP D.Baldan-Ochir (MPRP) feels that the tax policy needs change, so that personal income tax is
made to contribute more to the tax budget than at present. He rules out tinkering with the rates of
corporate income tax, as that might discourage badly needed fresh investment, but he thinks the
present situation, where only 5% of the State budget comes from personal income tax, is
unsustainable. With corporate income tax expected to provide 90% of the budget, tax inspectors
focus on companies and there are frequent cases of unnecessary litigation.
Mr. Baldan-Ochir says the secret of development of countries like those in Europe, the USA, and
Japan is their collection of personal income tax. Mongolian citizens must understand that paying tax
is not paying any sort of penalty and is also not something to be avoided. There can be no social
development without increased tax revenue and everybody who pays some tax contributes to this
development. He listed four ―justifications‖ for his demand for bringing more people under the
personal income tax net: It will eliminate the need for distribution of social welfare, establish
social justice, curb corruption, and give citizens value for their money.
Source: Undesnii Shuudan
OUTSTANDING LOANS RISE 3.1% M-O-M, 15.2% Y-O-Y
The Central Bank reports that money supply (broad money or M2) at the end of July was 0.6 percent
more than at the end of June and 41.2 percent more than in July, 2009. Outstanding
loans at the end of July rose 3.1 percent over the end of June, and 15.2 percent over July, 2009.
Principals in arrears fell 1.9 per cent against June 2010, and 22.9 percent against July, 2009. Non-
performing loans at the end of July rose 2.9 percent over June, and 17.4 percent over July, 2009.
Source: The Central Bank
CHINA‟S COPPER DEMAND “UNSTOPPABLE”, SAYS CHILEAN MINER
China's copper demand is expected to grow at 8 percent this year from last year, and at a similar
pace next year, Mr. Rodrigo Toro, a senior sales executive of Chile's Codelco, the world's largest
copper producer, has said. "The growth of demand in China is practically unstoppable," he said,
adding that Beijing's tighter monetary policy was a healthy dose to control the country's breakneck
growth.
"We are happy to see the demand in China will continue at very healthy rate, not as big as would be
at 12 percent GDP growth, because producers would not be able to respond to that additional
demand." He said the global copper demand growth would be 4 percent this year, but added it
might improve next year if the economy picked up pace.
"Treatment charges for copper concentrate will remain extremely low for quite some time. The
overcapacity in smelting and refining is so big that the demand for concentrate will exceed largely
the possibility of supply of copper concentrate," he said.
Source: Reuters.com
WHERE‟S THE COPPER TO COME FROM TO MEET FUTURE DEMAND?
"We need more copper in the next 20 years than was mined in the last 110 years," Ivanhoe Chairman
Robert Friedland is reported as saying. "Those of us in the business don't have any idea where this
metal is going to come from." He has a point.
Most serious analysts of the copper sector point to declining resources and grades at the world's
largest copper mines which are not being replaced sufficiently by new deposits being brought on
stream - and those major deposits that are being considered and developed carry, for the most
part much lower grades and require huge capital to get them off the ground. There are exceptions
- Tenke Fungurume in the DRC for example and other projects in that country - but the political and
security situation there still impacts development and slows down the availability of capital from
still risk-averse banks.
10. Mr. Friedland is a very astute and prescient judge of the mining sector, as well as having the
foresight - and the luck - to run companies successful in making major discoveries - Voiseys Bay,
Oyu Tolgoi. He deals a hard bargain in offloading his interests to the majors who have the clout,
and the capital raising ability, to develop them which does not always make him popular amongst
his peers. However in his views on copper most would undoubtedly agree with his analysis and be
enthused for the future of copper price as a result.
But, it's unlikely to be a smooth ride for copper ahead, whatever the longer term prospects may
suggest. Price performance so far this year has been, to say the least, pretty volatile and this
pattern is likely to continue as positive, and negative, assessments continue to be made on the
state of the global economy on which the copper market is very dependent. China and reports on
speeding up or slowing down of growth there, will be a major factor, as will speculation and
running down, or building up, of inventories.
Read more…
Copper is also vulnerable to disruptions - particularly when the price rises and the copper miners
are seen as making excessive profits. Increasingly aware labor forces demand a higher share of the
pot, as do governments strapped for cash to meet their social programs who see miners as an easy
target. Although the backlash against the Australian labor government for trying to bleed the
industry, which may well bring it down despite a prior huge lead in the polls, may make other
governments think twice. But, there are few areas of the world where mining is seen in such a
positive light as Australia where it is given much of the credit, deservedly so, for keeping the
country out of the economic hell that has decimated the finances of many of the older Western
economies.
Political disruptions may also occur as new mine development moves into countries where political
stability is more suspect. The Democratic Republic of Congo (DRC) is one such environment. In the
old autocratic Belgian Congo days the country was one of the world's top copper and cobalt
producers, but this dwindled to virtually nothing under a succession of corrupt governments and
while this has received a huge new boost under the current Kabila government there is no telling
whether this volatile nation will descend into anarchy again. Hopefully not, but recent
developments like the treatment of First Quantum, which has spent major capital sums on its DRC
developments, still suggests some major underlying governance problems.
Growth in global copper requirements is almost assured though as it is very much an ‗infrastructure'
dependent metal and growth aspirations of BRIC economies - and virtually all developing nations -
where aspirations for Western-type wealth and consumerism is forcing unprecedented levels of
global growth. This too will impact other metals and minerals, but few quite so heavily as copper.
The future for the red metal looks strong - but will we be able, as Mr. Friedland suggested, to
supply the world's requirements over the next 20 years.
Source: mineweb.com
INDONESIA IN TALKS WITH MINERS OVER NEW MINING LAW
Indonesia is in talks with mining companies to try and adjust their contracts in line with a new law
that aims to boost government revenue and at the same time attract investments through
streamlined procedures. The talks so far have focused on adjusting royalties and extensions. The
new law was passed last year to replace one dating back 41 years. It aims to squeeze more benefits
from rich mineral reserves in Indonesia, the world's top exporter of tin and thermal coal and a key
producer of zinc, copper, nickel and gold.
Industry has so far not strongly opposed the new law as commodity prices are now high enough to
ensure sufficient return on investments in spite of any increased royalties, and also because it
promises to make mining in the country simpler. The new law is not binding on companies that
already have contracts to operate in Indonesia. The government can only persuade them to change
some parts of the contract, including those on royalties, to bring them in line with the new rules.
Any forced change may be considered a breach of contract and may risk international arbitration. In
the past, such disputes have resulted in hefty losses for the government.
Indonesia has struggled to lure foreign investment into mining in recent years, its difficulties
compounded by some politicians taking a nationalist line on resource exploitation and also because
of uncertainty over regulations. The government has issued two new implementing regulations
under the new mining law this year to allow firms to start obtaining mining permits and speed
issuance for existing investors.
Source: Mineweb.com
11. RUSSIA GRAIN EXPORT BAN SPARKS PRICE FEARS
The prices of everyday staples such as bread, flour and beer are set to rise sharply after Russian
Prime Minister Vladimir Putin last week imposed a ban on grain exports, triggering panic in
commodities markets and sending wheat prices to their highest since the 2007-08 global food crisis.
The ban would take effect from August 15 and last until December 31, a spokesman for Mr. Putin
said. A severe drought has devastated crops and wildfires have spread across Russia in the past
weeks.
The move, which caught traders and food producers by surprise, pushed the price of wheat to its
highest in two years and evoked memories of the last time the then Soviet Union suffered a
catastrophic crop failure in 1972. And Moscow introduced export restrictions during the 2007-08
global food crisis, triggering a wave of panic buying from North Africa and Middle East importers.
European wheat prices rose more than 12 per cent following the announcement. U.S. wheat futures
also jumped and are up more than 80 per cent since mid-June, the fastest rally in nearly 40 years.
There were fears that food price inflation could take off and that the world could even suffer a
repeat of the 2008 food crisis should the big shortfall in wheat output persist. Prices of other crops
including barley, corn and rapeseed also jumped sharply.
The worst drought in more than a century in the Black Sea region has led to widespread alarm.
Forecasts for the Russian grain crop have been falling daily. The UN has attempted to quell growing
panic in the markets, saying that fears of a repetition of the 2007-08 food crisis were unjustified.
But it also cut its forecast for global wheat production by 25 million tons to 651million tons, the
biggest revision in 20 years, and warned that a continuation of the current weather conditions could
affect planting of the next Russian crop, with ―potentially serious implications‖ for global wheat
supplies in the 2011-12 season.
Russia provided 14.5% of global exports from the 2009-10 crop, according to the Food and
Agriculture Organization of the UN. Moreover, it has played a key role in meeting rising import
demand, exporting 17.5 million metric tons of wheat, up from less than one million in 2000-01.
Mongolia imports a large quantity of flour from Russia to meet domestic demands.
Source: The Financial Times
RUSSIA‟S GRAIN BAN IS THE WRONG RESPONSE
Two years ago, rocketing prices for agricultural commodities sparked food riots in the streets of
some developing countries. Prices have been rising sharply again this year, especially for grains
such as wheat. Last week, they shot up after Russia imposed an export ban on grains until the end
of this year. Another food crisis does not look out of the question.
Not for nothing did Lenin once call grain the ―currency of currencies‖. Its price not only determines
the cost of staples such as bread; it is also used as animal feed. Russia‘s ban – announced
theatrically by its Prime Minister, Mr. Vladimir Putin – was blamed on droughts and fires that have
ravaged some of its wheat-growing districts. These have depleted the summer harvest and may
cause the winter crop to fail too. But while it is possible to sympathize with the Russian
predicament, the ban is counterproductive. It is both a costly mechanism for protecting the welfare
of less well-off Russians and makes a rerun of 2008 more likely.
The embargo comes against the backdrop of a tight commodities market. True, the picture is
brighter than it was two years ago International Monetary Fund‘s. Grain inventories, which act as a
buffer against shortages, are much higher. If this winter‘s harvests in Argentina and Australia hold
up, supplies should be adequate to meet demand. But the ban introduces a worrying variable.
Traders, spooked by Russia‘s ban, may now seek to hoard supplies. Other countries may copy
Moscow‘s export ban to protect their own domestic markets. Despite the plumper supply cushion, it
would not take much to pitch markets back into a world of shortages and sky-high prices.
Read more…
The crisis of 2008 was the first such upheaval for 30 years. To face a second so soon should be a
wake-up call. It would be irresponsible to expect the benign conditions of the past to return. Things
can be done. Countries should invest more in irrigation projects to improve the quality of the
increasingly marginal land under cultivation and make more use of hardy GM crops. A bigger
strategic grain reserve to absorb shocks may be needed.
Equally importantly, there is a need for an international system, perhaps under the auspices of the
World Trade Organization, to set out the rules under which countries can suspend exports of
agricultural commodities. That would make the markets more predictable and limit the risk of self-
feeding crises developing. The alternative is more crises.
Source: The Financial Times
12. CHINA AND THE IMF: GETTING AWAY WITH MANIPULATION
A growing list of countries — from the United States to the European Union to Brazil — have
complained that China has been cheapening its currency. So it is positive news — of a sort — that
China agreed to submit this year to the International Monetary Fund‘s annual review of exchange
rate and economic policies. But nobody should interpret this as a major shift in policy. Indeed, the
fund‘s economists reported last week that ―the renminbi remains substantially below the level that
is consistent with medium-term fundamentals.‖
The new openness means China is more comfortable that it can get away with the manipulation. It
agreed to the review only after the fund softened its standards for determining whether countries
are manipulating their exchange rate to boost exports, in violation of IMF rules, and to give
countries like China ―the benefit of any reasonable doubt‖ when evaluating their policies.
True, China has relied less on exports to fuel growth since the financial crisis started. This defused
some criticism of its currency policy. Its trade surplus fell by half in the last two years as recession
forced many countries to slash their imports while China‘s fast recovery boosted its own imports,
aiding growth overseas. And in June it said it would allow the renminbi to gradually inch upward
against the dollar.
Unfortunately, some of that will be short-lived. Even through the global downturn, China‘s share of
world exports grew to nearly 10 percent. China‘s exports are now rebounding, and its trade surplus
is expected to bottom out this year. Since the announced policy change, its currency has risen little
against the dollar and has actually lost value against the euro and the Japanese yen.
Yet China cannot be left off the hook. The IMF must monitor China‘s trade surplus to assess its drag
on global demand. If the fund‘s economists are proved right, its executive board should reassess its
conclusions, call a manipulator a manipulator, and persuade the international community to make
China stop.
Read more…
The IMF seems to view the outlook as a glass half full. Its executive board welcomed the change in
China‘s currency policy, and ―a number‖ of its directors — which in fund-speak means 6 to 9 out of
24 — disagreed with the staff‘s view that the renminbi is undervalued. This tolerant attitude is
probably wise. Retaliating against China with punitive trade barriers, as urged by some in Congress,
would spark a tit-for-tat confrontation that would endanger economic recovery. China also is doing
other things — increasing pension payments and unemployment checks, and providing subsidies for
college education and purchases of homes and durable goods — in order to increase domestic
consumption and reduce reliance on exports.
Source: The New York Times
CHINA‟S CALCULATED YEN FOR THE JAPANESE YEN
A strong yen is giving Tokyo an awful headache. Beijing is adding to the problem. If things get
worse, these old rivals could find themselves facing off in global currency markets. China has
ramped up its stockpiling of yen this year, snapping up USD5.3 billion worth of the currency in June,
Japan's Ministry of Finance reported Monday. China has already bought USD20 billion worth of yen
financial assets this year, almost five times as much as it did in the previous five years combined.
That's making the yen even stronger than it otherwise would be.
There are a few explanations for this activity. China's currency managers have long stated their
desire to diversify the nation's foreign exchange horde away from dollars. More recently, Beijing
signaled it will use a basket of its biggest trade partners' currencies to manage the yuan's levels,
rather than only the dollar. That basket undoubtedly includes yen. Economists from Standard
Chartered believe the South Korean won and Canadian and Australian dollars are also in the mix.
Fundamental factors are also underpinning the yen's strength. Converging interest rates in the U.S.
and Japan take away an incentive for Japanese investors to send yen abroad and for global hedge
funds to favor the yen for carry trades. Japan's persistent current account surplus creates structural
demand for yen, too.
But it doesn't take much for China to move the Japanese currency. A one percentage point shift of
China's reserves into yen equals a month's worth of Japan's current account surplus. And news that
China has a new found love for the Japanese currency has hedge funds piling onto the brawny yen
story.
Read more…
Intended or not, Beijing's yen buying will benefit Chinese exporters that compete with Japan, and
pressure Japanese companies to move even more fabrication facilities to lower-cost China.
Conversely, the stronger currency is threatening Japan's export-led profit recovery: Already the yen
is well above levels at which major Japanese manufacturers have based their earnings and sales
13. forecasts.
It's up to Japan to respond. If the dollar drops to below 83 yen from 85.42 currently, the Bank of
Japan could inject more cash into the banking system, a yen weakener, Nomura's currency
strategist Taisuke Tanaka notes. Such levels could also move Japan's finance ministry to direct
official yen selling in currency markets, something it's not done since 2004.
If it does intervene, though, the ministry might find the People's Bank of China a willing buyer--
gladly vacuuming up enough yen to stifle its efforts.
Source: The Wall Street Journal Asia
CHINA‟S DOUBLE GOLD GAME
Let‘s play a little game called "Spot the Gold Price", shall we?
Our friend gold had bounced in the wake of poor economic figures from the U.S., in particular job
losses. Back up through USD1200/oz, it scored at the expense of the dollar. In a continuing
paradox, we have the all-important China contribution. The Central Bank is not going to stockpile
gold seriously, or so it leads us to believe, but is certainly encouraging its citizens to do so.
They bought 73 tons in 2009. That is only 3% of newly-mined supply, but up from 18 tons in 2007.
This will surely be followed by a range of gold-based financial products. So, why the double
game?
At the last count, China officially held 1,054 tons, which is worth USD38 billions right now. That is
1.6% of its total reserves of USD2,000 billion, mostly held in U.S. dollars. Now that is over 50kt of
gold, if converted, so we can't go there. But China mines - and is the world's largest miner - about
352 tpy. That's 10.5 million ounces. If every Chinese type person bought just half an ounce - that's
10% of GDP, those 1.3 billion customers would mop up 650 million ounces, or 22,000 tpy. Which is
just plain silly. Isn't it? So let's deduct the old, the young, the sick, lame and lazy and divide
China's appetite by ten. That is still 2,200 tpy, almost all the world's mined output. It won't
happen. Will it?
But there is more to China's strategy than meets the eye, is there not? Hold a lot of gold within
your borders, but let your citizens pay for it: mops up their surplus funds, stops them becoming
excessive about consumerism, and keeps the fear factor on the boil - never a bad thing with 1.3
billion of them on the loose.
But what is the end game? For there surely is one.
Read more…
There will come a time - of that let there be no doubt - when China's foreign exchange reserves will
be dissipated, when it will need the only true collateral the world has ever recognized: Gold. It
will appeal to the hearts and minds of its citizens in authoritarian fashion. It will offer them paper
in exchange for their personal gold holdings. Being China, it might be exchange or the firing squad.
There is precedent. America's Roosevelt did it in 1933. Germany's Hitler did it in 1940 and Britain's
Wilson pulled off the same trick in 1964. But for the short term - which in China's case can be a
century - it is perhaps a compelling reason not to go short of gold.
Source: David.Hargreaves@WH-Ireland.Co.Uk , used in Mineweb.com
CHINA CRACKS DOWN ON ENERGY USE, SHUTS 2,000 FACTORIES
Earlier this summer, Prime Minister Wen Jiabao of China promised to use an ―iron hand‖ to improve
his country‘s energy efficiency, and a growing number of businesses are now discovering that it
feels like a fist. The Ministry of Industry and Information Technology quietly published a list late
Sunday of 2,087 steel mills, cement works and other energy-intensive factories required to close by
September 30. Energy analysts described it as a significant step toward the country‘s energy-
efficiency goals, but not enough by itself to achieve them.
Over the years, provincial and municipal officials have sometimes tried to block Beijing‘s attempts
to close aging factories in their jurisdictions. They have particularly sought to protect older steel
mills and other heavy industrial operations that frequently have thousands of employees and have
sometimes provided workers with housing, athletic facilities and other benefits since the 1950s or
1960s.
To prevent such local obstruction this time, the ministry said in a statement on its Web site that
the factories on its list would be barred from obtaining bank loans, export credits, business licenses
and land. The ministry even warned that their electricity would be shut off, if necessary. The goal
of the factory closings is ―to enhance the structure of production, heighten the standard of
technical capability and international competitiveness and realize a transformation of industry from
being big to being strong‖, the ministry said.
Read more…
14. The announcement was the latest in a series of Chinese moves to increase energy efficiency. The
National Development and Reform Commission, which is the government‘s most powerful economic
planning agency, announced last Friday that it had forced 22 provinces to halt their practice of
providing electricity at discounted prices to energy-hungry industries like aluminum production.
Even if China meets its energy-efficiency goal this year and its carbon goal by 2020, its total carbon
emissions are still on track to rise steeply in the next decade, according to forecasts by the
International Energy Agency. That is because of factors including rapid growth in the Chinese
economy, growing car ownership and rising ownership of household appliances.
The current Chinese five-year plan calls for using 20 percent less energy this year for each unit of
economic output than in 2005. But surging production by heavy industry since last winter has put in
question China‘s ability to meet the target. The success or failure of China‘s energy-efficiency
campaign is being watched closely not just by economists, who cite the campaign as one reason
that growth of the Chinese economy has slowed down a little this summer, but also by climate
scientists.
China‘s energy consumption rose so sharply last winter that it produced the biggest surge ever of
greenhouse gases by a single country. Power plants burned more coal to generate enough electricity
to meet demand.
As China has become increasingly dependent on imported oil and coal, its national security
establishment has become more visibly involved in energy policy and energy security, including
efforts to improve energy efficiency. Efficiency improved 14.4 percent in the first four years of the
current plan, only to deteriorate by 3.6 percent in the first quarter of this year, according to
official statistics. Mr. Wen responded by convening a special meeting of the cabinet in May to
address the situation.
The ministry said in its statement that the factories to be closed would include 762 that make
cement, 279 that produce paper, 175 that manufacture steel and 84 that process leather. Closing
factories is more palatable now than in the past because a labor shortage in many cities has made it
easier for workers, particularly young ones, to find other jobs.
Source: The New York Times
CHINA NEEDS SLOWER, BETTER GROWTH
Earlier this year China posted robust growth of 11.9 percent, prompting worries that the country
was overheating. Recently the mood has changed, with signs of a slowdown. Manufacturing output
grew at its slowest rate for 17 months in July, while predictions suggest third-quarter growth will
dip below 10 per cent. Concerns are now being voiced that a faltering of the Chinese economy will
imperil the global recovery.
Such short-term concerns are premature, says Mr. Yu Yongding, an academician with the Chinese
Academy of Social Sciences and a former member of the monetary policy committee of the Chinese
central bank. He recalls that China posted growth in 2009 of 9.1 percent, a merely respectable
achievement by Chinese standards, but impressive nonetheless in the midst of a global financial
catastrophe. Most of this came from new infrastructure investment, which probably added 8
percentage points, offsetting a sharp fall in exports. Yet although China‘s huge stimulus package
was a great success, it also stored up serious problems for the future.
Rushed investment in roads and buildings leads to waste, which will have dire long-term
consequences for China‘s improved, but still fragile, banking system. Investment in infrastructure
avoids overcapacity, but brings returns only if it goes hand in hand with stronger manufacturing and
other growth. Where will tolls come from if there is no traffic on an eight-lane highway? How then
will the bank loans be repaid?
China has concentrated obsessively on GDP growth for far too long. But growth is not a good excuse
for postponing much-needed structural adjustment. This readjustment, when it comes, will
inevitably lead to a slowdown. But it is the only way to lay a solid foundation for sustainable growth
in the long run. And the longer the delay, the more painful the adjustment will be.
Read more…
Such issues have been under-examined as Chinese policymakers grapple with how to halt a housing
boom. Low interest rates and excess liquidity created by 2009‘s huge credit expansion have driven
house prices to dizzying heights. From January 2009 to May 2010, in 36 big cities, residential house
prices increased by 40 percent. In Beijing, Shanghai, and Shenzhen rises were even greater.
Justifiable or not, high house prices have caused immense public resentment, and as a result
China‘s leaders have of late been attempting to undo some of their own work. Over-expansionary
monetary policy began to be withdrawn in the second half of 2009. Credit expansion was reined in.
Policies to contain the fever of property development also followed. For the first time, both a
15. property tax and a capital gains tax are under discussion.
Thankfully, these measures seem to be working, with property sales cooling. Indeed, weaker growth
this year is mostly explained by deliberate policy changes in Beijing. Europe‘s sovereign debt crisis
and the slowdown of the global economy may have an impact later this year, but they have not
done so yet.
Now the real economic debate in China focuses on whether the government should move again, this
time to reverse the new slowdown it itself initiated. Some western economists, in particular, worry
that China‘s property market is beginning a collapse that will hit the nation‘s banking system. But,
in my view, wobbling because of the current dip in growth would be a mistake.
Yes, at the moment there is a tug of war between house buyers and property developers. Whether
prices fall will depend on who blinks first. But this, in turn, depends on whether both believe in the
credibility of government policy. If the government stands firm, house prices will fall. Of course, if
controls are implemented haphazardly the government risks such a collapse. But currently a 30 per
cent drop is the worst-case scenario. Chinese households have low debt levels and even a dramatic
fall could be borne by well-capitalized banks.
Overall, therefore, China‘s short-term fiscal position remains much better than almost all other big
economies. It is in the long run that all is not well. A viable economy cannot be built on steel and
concrete alone, and China‘s problem is more its poor allocation of resources than the bursting of a
property bubble. At present real estate, at around a quarter of total investment, simply takes up
too much economic room.
The economy‘s list of structural problems is also long, including over-dependence on investment
and external demand, an unacceptably wide gap in incomes, too few social goods and an
underdevelopment of the service sector. Slow progress in anti-corruption campaigns and
institutional reforms are also worrying.
In the long-run, however, it is the pattern of growth that needs most urgent attention. Investment
and exports have been the twin engines of China‘s growth. But investment growth will soon hit a
ceiling imposed by social, environmental and natural resources. The danger is that deflation will set
in and the growth process will break down. Increasing exports can postpone, but not prevent, this
reverse.
Following the increase in the size of the Chinese economy and the general slowdown of the global
economy, China‘s export drive is also crashing into a stone wall of trade friction and protectionism.
To sustain growth it must lower investment and rebalance its current account. Improving the
quality, rather than the quantity, of growth should be the priority.
Source: The Financial Times
CHINA SHOWS FURTHER SIGNS OF SLOWING
China‘s economy continued to slow last month as efforts to cool the property market and reduce
energy consumption began to bite, even as consumer price inflation rose further. The rates of
increase for industrial production, fixed asset investment and retail sales each fell last month,
while new banks loans and money supply growth also slowed.
However, inflation jumped to 3.3 percent, higher than the 3 percent target the government has set
for the year and up from 2.9 percent the month before. In contrast, factory-gate inflation fell back
from 6.4 percent to 4.8 percent. The latest figures come a day after data showing a sharp decline
in the pace of growth in imports in July, adding to signs that demand is waning.
Most economists argue that China is witnessing a controlled slowing from the potential overheating
of earlier in the year, rather than a new slump, but the pace of the slowdown has caught some
analysts by surprise and is prompting calls for the government to shift course and unwind some of
its tightening policies.
Read more…
The year-on-year rate of increase of industrial output fell from 13.7 percent in June to 13.4 percent
last month, while the growth rate of urban fixed asset investment cooled to 24.9 percent compared
with 25.5 percent the same period last year. Retail sales increased by 17.9 percent year-on-year,
down from 18.3 percent in June. Taking into account inflation, the 14.6 percent real increase was
the lowest since February last year. Most economists said the rise in consumer prices was temporary
and partly caused by recent flooding disrupting food supplies. But one of the principal risks facing
China in the coming months is a sharpening spike in inflation, which would reduce the government‘s
room to support the economy if the slowdown gathers pace.
Source: The Financial Times
16. CHINA‟S TRADE SURPLUS WIDENS FURTHER
China‘s trade surplus jumped in July to its highest level in 18 months, raising new questions about
whether the country‘s currency remains undervalued despite government efforts to introduce a
more flexible exchange rate. The trade surplus for July increased to USD28.7 billion, well ahead of
the USD20 billion recorded the month before and significantly above analyst forecasts, according to
data released on Tuesday.
The pace of increase in exports actually fell last month to 38.1 per cent, year-on-year, down from
43.9 per cent in June. However, import growth slowed even more, moving up 22.7 per cent against
34.1 per cent in June. The rising trade surplus will increase the political pressure on Beijing to
appreciate its currency more rapidly. Earlier in the year, Beijing was able to point to a series of
much smaller monthly surpluses – and a trade deficit in March – as evidence that the economy was
already rebalancing and was much less dependent on exports. However the figures over the last
three months suggest that the surplus in the second half of the year is likely to be much larger.
Yet the slowdown in import growth in China could also be a reflection of a significant cooling in the
domestic economy, which would make policymakers in Beijing more reluctant to strengthen the
currency sharply. China signaled a major shift in exchange rate policy in late June when it said
would abandon the de facto currency peg it had operated for the previous two years against the US
dollar. But since then there has only been very modest movement in the exchange rate, with the
renminbi rising 0.78 per cent against the US dollar.
Source: The Financial Times
POLITICS
MILLENNIUM DEVELOPMENT GOALS WILL NOT BE REACHED IN STIPULATED TIME
The 3rd national report on realization of the Millennium Development Goals (MDGs) has concluded
that despite steady progress, it will be difficult to achieve them by 2015. The report was presented
at a ceremony last week in the Ministry of Foreign Affairs that was attended by, among others, Mr.
Ajay Chhibber, a UN Assistant Secretary-General and Director of the Regional Bureau for Asia and
the Pacific. A team made up of representatives of Bangladesh, Vietnam, Laos and China held a
meeting to assess the reports and concluded that Mongolia "reduced its poverty rate by only 1.4 per
cent in the last 14-year period and this is not a satisfactory indicator".
Source: Ardiin Erkh
MINISTER APPEALS FOR RESTRAINT OVER CHINESE COMPANY‟S ACTIVITY
The recent clash between employees of GCC Air and local people arose because citizens of three
districts feel the gold extraction activity of the Chinese company in Uvs province is responsible for
severely polluting the Orlogo River. Community representatives told Prime Minister S. Batbold when
he was in Uvs during his tour of the provinces of their unhappiness at the way ―misinformation is
being released‖, and at the way police had acted, opening fire and arresting people. They asked
him to take immediate action to halt the operation of the company, to punish the guilty policemen,
to release detained citizens, and to compensate losses to the environment and individual lives.
State Secretary of the Ministry of Minerals and Energy Ch.Khurelbaatar has said the company owns
two mining licenses covering 108.9 hectares and has so far paid MNT286.5 million in taxes.
However, they are yet to submit any environmental evaluation report to the Ministry of Nature,
Environment, and Tourism. The Government has also concluded that certain parts of the license do
indeed fall under areas where mining is now prohibited under the law protecting selected
territories. Minister of Nature, Environment, and Tourism L.Gansukh has said they have begun work
on revoking the company‘s license in such areas.
Minister of Justice and Internal Affairs Ts.Nyamdorj has said the company was legally obliged to
stop their work after receiving prohibitory notices from the State Special Inspection Agency, but he
also blamed the local communities for the violence and warned them against a repetition. ―As long
as a company holds a proper license, it does not matter whether it is Mongolian or Chinese. We
shall not allow hoodlums to resolve legal issues and shall not be intimidated by threats,‖ he said.
Appealing for calm to prevail, he assured the aggrieved communities that the Government will act
according to the law and see nobody suffers without reason.
Source: Onoodor
PRIME MINISTER URGES PEOPLE TO COME UP WITH IDEAS
Prime Minister S.Batbold was in the western provinces last week as part of his extended tour of the
countryside on a fact-finding mission. He held meetings with citizens at province capitals and at
17. several district centers to explain the Government‘s policies, programs and achievements as also to
listen to people‘s grievances and demands, most of which related to special allowances for remote
regions, rise in tuition fees at universities and institutes, lack of insurance cover for traders and
herdsmen, low salaries of doctors and medical workers, improving infrastructure, and generating
employment.
Everywhere he spoke, Mr. Batbold asked people to discuss problems among themselves and come up
with suggestions on how their condition could be improved. He promised careful consideration of all
such good ideas received from the grassroots. He also urged households to make their own
preparations for the winter, and not to depend totally on the provincial authorities. Referring to
the potential development of local mineral resources like brown coal, chromium, iron ore, gold and
oil and of manufacturing industries based on these, he told citizens of Gobi-Altai that until such
time that these plans materialized, they should cooperate with the province authorities in
expanding infrastructure, tourism, the small- and medium-size sector, and health, education and
industrial services.
Source: Montsame
ELBEGDORJ INVITED TO JOIN WORLD ECONOMIC FORUM‟S COUNCIL ON CLIMATE CHANGE
President Ts.Elbegdorj has received an invitation from Professor Klaus Schwab, Founder and
Executive Chairman of the World Economic Forum, to become a member of the Forum‘s Global
Agenda Council on Climate Change,‖given your thought and leadership in this field‖.
Source: The President‘s Office
TOURISM BOSS WANTS GUIDES TO BE MORE WELL-INFORMED
Mr. N.Molor, Director of the National Tourism Center, has expressed his unhappiness that proper
tourism has failed to pick up in Mongolia. Tourists from other societies can develop respect for local
culture and traditions only if these are competently and carefully explained to them. Mr. Molor
feels most tourist guides are ignorant of such aspects, with the result that the increase in the
number of tourists has only meant a rise in environmental pollution and exploitation of natural
resources like water. Local communities reap little benefit from tourism in their area, and are thus
unable to work for regional development with the revenue that properly planned tourism should
generate.
Mr. Molor would prefer more involvement of local citizens in handling tourists, instead of leaving
the entire work to tour guides who parrot information acquired from books and the Internet, and
are without any personal knowledge of or commitment to local customs, culture, and lifestyle. The
problem, he admitted, was that local guides mostly do not know any foreign language. He urged
local administrations to work together with tourist companies in Ulaanbaatar to organize tourist
itineraries that stressed local variations and to offer explanations researched by academics. The
Japanese development organization JICA began implementing some eco-tourism projects in
Mongolia about three years ago. These had great potential but have not been successful, according
to Mr. Molor, even though the term is widely used by tour operators.
Source: Zuunii Medee
PM ORDERS USD250,000 FOR TAISHIR WATER POWER PLANT
Following a visit to the Taishir water power plant on August 8 Prime Minister S.Batbold instructed
the Ministry for Finance and the Ministry for Minerals and Energy to release US250,000 so that full
generation there may begin in September. The plant is expected to provide power to meet all the
needs of Gobi-Altai and Zavkhan provinces, but does not work to capacity, and has been supplying
power to only Taishir and Jargalan districts since August, 2008. Generation cannot increase as the
water level in the Zavkhan River is not high. The project was begun in 1997 with Kuwaiti assistance.
So far, over MNT90 billion has been spent on it.
Source: English.News.mn
STRONG CANADIAN PARTICIPATION IN FARM SHOW CO-SPONSORED BY EMBASSY
The Embassy of Canada is the co-sponsor this year, for the first time, of Mongolia‘s national farm
show, ATAR III 2010, being held on August 13-15 in Selenge, the major agricultural province of the
country. The other sponsors are the Ministry of Food, Agriculture and Light Industry, the Governor‘s
Office of Selenge and Tuv provinces, and the Gatsuurt Company. It is the first dryland farm
technology and equipment show in Mongolia, with 15 Canadian and 200 Mongolian agri-businesses
companies participating.
The aim of the show is to deepen Canada-Mongolia cooperation in the agricultural sector; introduce
18. and promote Canadian advanced agricultural machinery, products and technology; boost
agricultural trade between the two countries; and to establish contacts between representatives of
the Canadian and Mongolian private sectors. Among the Canadian exhibitors are Morris Industries,
which manufactures air seeding, tillage and hay handling systems; Westeel, which makes steel
storage products for farm and commercial use, and also offers custom storage solutions to the
needs of petroleum and industrial sectors; Schulte Industries, producer of rotary cutters, rock and
snow removers; Skyway Grain Systems, specialists in custom grain handling systems and grain
storage structures, and OC Flock Management, whose expertise is in reproductive technologies in
sheep and goats.
Source: The Canadian Embassy
PROSECUTION AGENCY TURNS 80
The National Prosecution Agency last week observed the 80th
anniversary of its establishment as a
legal government authority affiliated to the Ministry of Justice. For all this period, prosecutors have
served the State and the people by monitoring the work of filing cases, conducting investigation,
and representing the government in court cases. Prosecutors marked the anniversary by paying
tribute to the statue of Chinggis Khaan and laying wreaths at the statue of Sukhbaatar. Later, there
were a concert and a wrestling event at the Cultural Center.
Source: Zuunii Medee
MAYOR PLANS UNTREATED WATER FOR TOILETS, BETTER STREET LIGHTS
Ulaanbaatar Mayor G.Munkbayar has begun discussions with engineers on the economic and
technical aspects of using untreated and/or recycled water in apartment toilets. The budget has
allocated MNT1 billion for the program that will save money and also conserve fresh water. Mr.
Munkhbayar also plans to announce an international open tender soon to install on the main streets
illumination that meets global standards.
Source: Montsame
NEW BUILDINGS FOR BOTH MAJOR PARTIES
Both major political parties are going to have new buildings. The MPRP building is at the same site
where the old one was irreparably damaged in the July 1 violence in 2008, while the DP is
constructing a new building in place of the old one which has been sold.
The MPRP expects its Independence Palace to be ready by next March. The old building which was
burnt was demolished and new construction began in the second season of 2009. The party
considered 18 plans from 11 architecture firms and chose the one from Baldan Company. Undur
Buyant Holding Company was selected as the builder. The party had restricted the tender to
companies that supported the MPRP. The new building will have 12 stories, including two in the
basement and a technical floor. It will be 39.2 meters tall, 56.8 meters long and 43.3 meters wide.
It will have office rooms, a meeting hall to seat 800 people, an auditorium for 300 people, a
museum gallery with 1,000 sq. meters of floor space, a dining hall with 400 seats, a library, a
supermarket as well as a garage for 96 cars. It will cost MNT14.6 billion.
The DP will call its building Democracy Palace. The foundation stone was laid on December 6, 2009
and the construction work is being executed by Balban‘s Company. The palace will have two blocks,
with 27.780 sq. meters of total floor space. The public block will be five stories high while the
office tower will have 20 floors rising 120 meters. There will be a Democratic History hall, a
museum, a lecture hall with 200 seats, an Internet training and research center, a business
information center, a meeting hall with 520 seats, and rooms for translators, observers and
journalists. A three-meter tall monument ―My freedom and my inspiration‖ will be placed in the
center of the building. Sculptor L.Gankhuyag hopes to finish the work by 2012.
Source: English.News.mn
U.S. AMBASSADOR ATTENDS CEREMONY AT AMARBAYASGALANT MONASTERY
U.S. Ambassador Jonathan Addleton and some Embassy staff participated in a recent celebration
marking the 20th anniversary of the reopening of Amarbayasgalant Monastery. The monastery
complex is nearly 300 years old, but communist purges starting in 1937 forced its closure as tens of
thousands of monks were arrested, executed, or forced into hiding. In 1989 the beginning of the
democratic movement opened the door for the re-emergence of Buddhism and the reopening of the
monasteries.
The Embassy has a long relationship with the monastery which, as one of the few remaining
historical structures in Mongolia, holds a special place as one of its most important cultural heritage
19. sites. At the opening ceremony, the monks dedicated a brand new ―wish granting‖ stupa on the
hillside, performed chants, and recognized the monastery‘s supporters.
The head monk thanked the U.S. Government for its support – including this year‘s USD75,000
cultural preservation grant to provide fire and theft protection for the all-wooden complex, and a
new roof for the main temple building. This grant is part of the U.S. State Department‘s
Ambassador‘s Fund for Cultural Preservation which has supported hundreds of cultural heritage
sites around the world.
Source: The U.S. Embassy in Mongolia
NORTH KOREA OFFERS GINSENG TO PAY PART OF CZECH DEBT
Pyongyang‘s cash-strapped totalitarian regime has offered to settle part of its debt to the Czech
Republic with a large consignment of ginseng rather than eat into its limited funds. With the
domestic economy crumbling, North Korea is also feeling the pinch of tighter international
sanctions imposed over its nuclear and missile programs and the sinking of a South Korean warship.
Its access to global markets is further hindered by outstanding international debts of about ISD12
billion, two-thirds to former communist states.
Czech officials confirmed that Pyongyang had offered to settle 5 percent of its USD 10 million in
accumulated debt in ginseng, an invigorating root used in dietary supplements and teas that are
supposed to improve memory, stamina and libido. Communist Czechoslovakia was a leading supplier
of heavy machinery, trucks and trams to North Korea.
Non-cash trade and settlement of debt has been common among socialist countries. Cuba
compensates Venezuela for discounted oil by sending doctors to work in deprived areas. However,
the now-capitalist Czechs are unconvinced they need an injection of vigor. ―We have been trying to
convince them to send, for instance, a shipment of zinc, which is mined there. We would sell it
ourselves,‖ Mr. Tomas Zidek, the Czech Republic‘s deputy finance minister, has said.
A newspaper calculates that 5 percent of the North Korean debt would amount to 20 tons of the
curly white root. Retail prices of North Korean ginseng in Taiwan suggest a figure closer to 12 tons.
Both sums massively outstrip the Czech Republic‘s annual consumption of about 1.4 tons year.
International security services last year seized large illegal consignments of smuggled arms, which
are a key source of hard cash revenue for Pyongyang, probably worth hundreds of millions of
dollars.
North Korea‘s military runs the export companies that ship specialty foodstuffs, such as shellfish,
ginseng and mushrooms, to gain hard currency. Intelligence agencies say the ginseng trade is
controlled by Pyongyang‘s shadowy ―Bureau 39‖, which runs the country‘s foreign funds.
Source: The Financial Times
U.S. VENTURES INTO TROUBLED ASIAN WATERS
When Mrs. Hillary Clinton said in July that the resolution of territorial disputes in the South China
Sea was in the U.S. national interest, she threatened to upset a delicate diplomatic balance that
has been maintained for a decade. That restraint has held in check a potentially explosive cocktail
composed of China‘s pursuit of energy security, its neighbors‘ fears about its growing power and
U.S. concerns about Beijing‘s military expansion in an oil and gas-rich area. The sea is also home to
vital shipping lanes.
The U.S. Secretary of State drew attention to Washington‘s anxiety about the region when she
added her voice to calls for a multilateral approach to resolving territorial disputes in the South
China Sea during an Asian security forum, calling the issue a ―leading diplomatic priority‖. China,
Vietnam, Malaysia, the Philippines, Brunei, Taiwan and Indonesia lay claims to all or part of the
body of water that extends from China‘s Hainan Island to the northern coast of Borneo. The areas
with the most overlapping claims are mainly near the Spratly and Paracel island groups.
In 2002, China and the Association of South East Asian Nations (Asean) signed a declaration of
conduct, under which all parties pledged to exercise restraint in the disputed waters. But Asean
members feel that the accord has become meaningless, and observers speak of Chinese
assertiveness in the South China Sea, while disputes between fishing vessels and naval forces are on
the rise. What has for many years been a dispute between neighbors is also gaining a global
dimension.
The view in Washington is that Mrs. Clinton‘s comments reflect U.S. concerns that, left unchecked,
China‘s military drive could transform the region‘s political landscape. ―China is shifting its military
focus from a land-centric focus to an air and maritime-focused capability,‖ Admiral Mike Mullen,
chairman of the US joint chiefs of staff, said in India recently. ―The Pacific region is a critical
economic region; a critical trade region … [and so] I‘ve gone from being curious about where
20. China‘s headed to being concerned about it.‖
Read more…
A new submarine base on Hainan is expected to result in China‘s navy becoming more active in
regional waters. This could restrict the U.S. Navy‘s freedom of movement in the area. Beijing also
recently called the South China Sea a ―core interest‖ – a status it had in the past only assigned to
Taiwan and Tibet, although Beijing made its reference ―in the context of specific U.S. activities
that China opposed, not the dispute more generally‖, said Mr. Taylor Fravel, an expert on Chinese
security issues at Massachusetts Institute of Technology.
―The Chinese may see parts of the South China Sea as the potential redoubt for their future ballistic
missile-carrying submarines,‖ said Mr. Tim Huxley of the International Institute for Strategic
Studies. ―China‘s greater interest in the South China Sea [is] not just about natural resources. There
are hard strategic issues as well.‖ When Beijing issued its first official reaction to Mrs. Clinton‘s
comments, it made a point of condemning the ―internationalization‖ of the dispute and also
disclosed that it had conducted a naval exercise in the area the previous week.
South-east Asian governments have also expressed concern. Indonesia is leading efforts to try to
forge a regional consensus. In a recent letter to the UN, Jakarta said China‘s attempt to use
isolated islets to establish its legal claim to sovereignty ―clearly lacks international legal basis‖, and
to allow it would undermine the UN Convention on the Law of the Sea – the framework for
establishing sovereignty. ―[China‘s military expansion] is a fact,‖ said a spokesman for Indonesia‘s
foreign ministry. China‘s growth was increasing suspicion in the region, he said. Vietnam, and to a
lesser extent Malaysia, have also begun to push back against what some see as Chinese bullying,
says Mr. Huxley.
From China‘s perspective, things look different. Mr. Li Jinming, a South China Sea expert at Xiamen
University, says China is concerned about Vietnam pushing ahead with oil exploration in disputed
areas.
A UN deadline early last year for coastal states to file claims for stretches of seabed linked to their
continental shelf made things worse. Claims filed by the Philippines, Vietnam and Malaysia
triggered an intervention from China, which claims almost all of the South China Sea. A Philippine
foreign ministry official said Asean members wanted a meeting of senior officials from the regional
group and China to discuss the drafting of a binding code of conduct. ―But China is non-committal
at this time,‖ he added.
Beijing believes that time is on its side. Mr. Song Xiaojun, a Beijing-based military analyst, says
Asean countries are betting on the rivalry between China and the U.S., with ―a foot on one boat
each‖. But he thinks China‘s continued economic rise will change the odds eventually.
Source: The Financial Times
NEW MONGOLIAN REGULATIONS
The following new laws, amendments and annulment were published in the latest weekly
Government bulletin. Unless otherwise decided by Parliament, they will take effect ten (10) days
after publication.
Date Laws
04.08.2010 1. Law on Prohibition of Newly Approval for Special Licence of Quest for Minerals
2. Law on Air Atmosphere
3. Annulment of Law on Air Atmosphere
4. Amendments to Law on Environmental Protection
5. Amendments to Law on Road Traffic Safety
6. Amendments to Law on Special Fund of Government
7. Amendments to Law on Excise Tax
8. Law on Payment for Air Pollution
9. Amendments to Law on General Tax
10. Amendments to Law on State Consolidated Budget of Mongolia
Please visit BCM's website, Legislative Working Group, for a summary of new Mongolian laws. BCM
members who wish to access complete versions of the laws and regulations in Mongolian language
are welcome to call or email the BCM office: 332345 or info@bcmongolia.org.
21. ANNOUNCEMENTS
MONGOLIA INVESTMENT CONFERENCE ON SEPTEMBER 7
The 1st Mongolia Investment Conference on September 7 at Chinggis Khaan Hotel, Ulaanbaatar, will
showcase a range of Mongolian-based opportunities in the resource and financial sectors and
beyond. With participants drawn from the highest levels of the Mongolian government, the
conference offers investors the chance to meet key decision-makers in Mongolia and to receive
insight into the key market drivers, risks and influences that shape the Mongolian market.
Seats are limited and the sponsor, Eurasia Capital, reserves the right to grant access only to
qualified delegates. For more information please contact Ms. Zhyldyz Sadyralieva - +976 99061673
or zhyldyz.sadyralieva@eurasiac.com.
_______________________________________
“BSPOT" on B-TV
BTV (Business TV) now telecasts a 10-minute English-language news program called BSPOT every
evening from Monday to Friday at 21:30, taking most of the stories from the BCM NewsWire.
________________________________________
“MM TODAY” on MNB-TV
BCM is pleased to announce that Mongolian National Broadcasting continues its cooperation with
BCM on ―MM Today‖. This English news program is aired every Friday for 10 minutes and is
scheduled for 21:15 tonight. Tune in to watch this program that reports stories from today‘s BCM
NewsWire.
_______________________________________
NEW POSTINGS ON BCM WEBSITE‟S „MONGOLIAN BUSINESS NEWS‟
The draft Tavan Tolgoi Investment Agreement which was submitted by the Government to
Parliament is posted in both languages to BCM‘s websites, (www.bcmongolia.org) and
(www.bcm.mn), ‗Mongolian Business News‘ for your review.
We are now posting some news stories and analyses relevant to Mongolia on the BCM website's
‗Mongolian Business News‘ as they come, instead of waiting until Friday to put them all together in
the weekly NewsWire. The NewsWire will, however, continue to be issued on Friday, and will
incorporate items that are already on the home page, so that it presents a consolidated account of
the week‘s events.
SPONSORS
23. 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]
July 31, 2010 *9.8% [source: NSOM]
*Year-over-year (y-o-y)
CENTRAL BANK POLICY LOAN RATE
December 31, 2008 9.75% [source: IMF]
March 11, 2009 14.00% [source: IMF]
May 12, 2009 12.75% [source: IMF]
June 12, 2009 11.50% [source: IMF]
September 30, 2009 10.00% [source: IMF]
May 12, 2010 11.00% [source: IMF]
CURRENCY RATES – August 12, 2010
Currency name Currency Rate
US dollars USD 1,333.59
Euro EUR 1,742.20
Japanese yen JPY 15.67
British pound GBP 2,107.47
Hong Kong dollar HKD 171.73
Chinese yuan CNY 196.87
Russian ruble RUB 44.15
South Korean won KRW 1.13
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.