The document summarizes business and economic news from Mongolia reported in the Business Council of Mongolia NewsWire on April 15, 2011. It discusses several mining and oil exploration companies operating in Mongolia, including Xanadu Mines forming a strategic alliance with Noble Group, and Petro Matad upgrading reserve estimates for its Block XX exploration license. It also mentions the Mongolian Stock Exchange remaining one of the best performing markets globally in the first quarter of 2011.
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 summarizes news from the Business Council of Mongolia newsletter. It highlights that MCS won contracts over $33 million, fuel shortages may impact SouthGobi operations, and Voyager Resources acquired a porphyry copper project. It also provides updates on bond issuances, World Bank optimism for Mongolia's growth but warnings about similarities to pre-2008 crisis conditions, and plans for the country's first sovereign bond issuance later in May.
This document provides a summary of business, economic, and political news from Mongolia in Issue 136 of the Business Council of Mongolia NewsWire dated September 17, 2010.
The main business highlights include Mitsui and Shenhua teaming up to bid for the Tavan Tolgoi coalfield, Mongolian Railway partnering with a Japanese firm to develop infrastructure, Rio Tinto increasing its stake in Ivanhoe Mines, and Origo Partners acquiring a stake in Kincora in Mongolia.
The economic news covers Mongolia taking bids for the Tavan Tolgoi contractor, national debt levels, bond sales, lending rates, and Mongolia's future beyond just mining.
The political
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.
The document summarizes news from the Business Council of Mongolia newsletter. It reports that Ivanhoe Mines has made a significant new discovery at the Oyu Tolgoi mine in Mongolia, indicating there are greater resources than previously estimated. It also reports that Newcom Group and GE have signed an agreement to explore business opportunities in Mongolia, and that Mongolian Mining Corp has increased the price range for its upcoming IPO on the Hong Kong exchange.
This document is a newsletter from the Business Council of Mongolia that provides news highlights from Mongolia's business sector in January 2012. It summarizes that MMC surpassed its 2012 coal production target. It also reports that grieved workers detained SouthGobi Sands' COO and that the EBRD financed Vitafit Group's improved production capabilities. Additionally, it mentions that commodities giant Trafigura is looking to acquire Mongolian coal assets to capitalize on Mongolia's importance as a supplier to China.
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.
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 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 summarizes news from the Business Council of Mongolia newsletter. It highlights that MCS won contracts over $33 million, fuel shortages may impact SouthGobi operations, and Voyager Resources acquired a porphyry copper project. It also provides updates on bond issuances, World Bank optimism for Mongolia's growth but warnings about similarities to pre-2008 crisis conditions, and plans for the country's first sovereign bond issuance later in May.
This document provides a summary of business, economic, and political news from Mongolia in Issue 136 of the Business Council of Mongolia NewsWire dated September 17, 2010.
The main business highlights include Mitsui and Shenhua teaming up to bid for the Tavan Tolgoi coalfield, Mongolian Railway partnering with a Japanese firm to develop infrastructure, Rio Tinto increasing its stake in Ivanhoe Mines, and Origo Partners acquiring a stake in Kincora in Mongolia.
The economic news covers Mongolia taking bids for the Tavan Tolgoi contractor, national debt levels, bond sales, lending rates, and Mongolia's future beyond just mining.
The political
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.
The document summarizes news from the Business Council of Mongolia newsletter. It reports that Ivanhoe Mines has made a significant new discovery at the Oyu Tolgoi mine in Mongolia, indicating there are greater resources than previously estimated. It also reports that Newcom Group and GE have signed an agreement to explore business opportunities in Mongolia, and that Mongolian Mining Corp has increased the price range for its upcoming IPO on the Hong Kong exchange.
This document is a newsletter from the Business Council of Mongolia that provides news highlights from Mongolia's business sector in January 2012. It summarizes that MMC surpassed its 2012 coal production target. It also reports that grieved workers detained SouthGobi Sands' COO and that the EBRD financed Vitafit Group's improved production capabilities. Additionally, it mentions that commodities giant Trafigura is looking to acquire Mongolian coal assets to capitalize on Mongolia's importance as a supplier to China.
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.
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 summarizes news from the Business Council of Mongolia newsletter dated November 6, 2009. It highlights several business and economic stories regarding Mongolian mining companies accelerating coal, copper and gold projects. It also discusses China Investment Corp investing $500 million in SouthGobi Energy Resources and Centerra Gold awaiting approval to resume heap leaching at its Boroo gold mine. Rio Tinto is planning to double its capital expenditures for 2010 to between $5-6 billion.
This document summarizes news from the Business Council of Mongolia newsletter. Key points include:
- The Prime Minister wants the Tavan Tolgoi coal deposit to remain fully state-owned rather than developed as a joint venture.
- China's CNNC will buy Canadian uranium explorer Khan Resources for $52.9 million, gaining access to deposits in Mongolia.
- SouthGobi Energy dropped 12% in its Hong Kong stock debut due to high valuation and poor market conditions.
- A Canadian consultancy said the Tavan Tolgoi deposit could support multiple mining operations to export coal to China, South Korea, and Japan.
The document summarizes news from Mongolia in the areas of business, economy, and politics. Some of the key highlights include:
- Mongolia sees only a few remaining issues to resolve regarding the Oyu Tolgoi mining deal.
- Turquoise Hill Resources says inventory is building at the Oyu Tolgoi mine as some copper and gold sales have been deferred.
- Erdenes Tavan Tolgoi plans to significantly increase its coal exports to 11 million tons in 2014 with the goal of exporting 35 million tons annually once rail infrastructure is improved.
- The Mongolian government introduces its 2014 work plan while parliament works to meet international anti-money laundering standards.
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 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 summarizes news from the Business Council of Mongolia newsletter. It discusses Mongolia shifting its approach to developing the massive Tavan Tolgoi coal deposit by offering foreign investors a chance to develop half of it. Japan, South Korea, and Russia are forming a consortium to jointly bid for rights. Updates on several Mongolian mining projects are provided, including positive drill results from Erdene Resource's Zuun Mod molybdenum-copper project and testing of deep targets on Entrée Gold's Shivee West property adjacent to the giant Oyu Tolgoi mine. The London Stock Exchange is also set to begin reforming the Mongolian Stock Exchange this month.
- 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 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 Prime Minister of Mongolia discussed Mongolia's economic outlook and challenges in an interview. He stated that Mongolia expects around 8% GDP growth in 2010 and over 10% growth for the next 5 years. Mongolia is a major exporter of coal and copper to China and aims to increase processing industries to create jobs. The main economic problem is managing mining wealth to reduce poverty levels and potential social tensions. The Prime Minister aims to channel wealth to combat poverty and is considering economic models of resource-rich nations like Canada, Chile and hybrid models.
This document provides a summary of news from the Business Council of Mongolia for October 18, 2013. The main sections covered include Business, Economy, Politics, and Economic Indicators. For Business, some of the key stories summarized are that OT-Rio relations are improving as both sides work to resolve conflicts over financing at Oyu Tolgoi mine. Rio Tinto aims to continue developing underground mining at Oyu Tolgoi. Turquoise Hill has increased production at Oyu Tolgoi to full capacity. For Economy, highlights included Mongolia's coal exports declining and IMF cutting growth forecasts for Mongolia. The Politics section briefly mentioned several diplomatic visits and agreements.
The document 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. 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 business news from Mongolia, including several mining companies. SouthGobi Resources aims to secure a second coal mining license by year-end. Erdene Resource will apply for a molybdenum-copper mining license. Ivanhoe Mines reported increased revenue but wider losses in Q2 2010. Prophecy Resource reported the Chandgana Khavtgai project contains over 1 billion tons of coal. Canadian mining companies face challenges but also see success in Mongolia's emerging economy and significant mineral deposits, led by Ivanhoe Mine's giant Oyu Tolgoi copper-gold mine.
The document is a newsletter from the Business Council of Mongolia that includes the following highlights:
- Several mining companies announced significant mineral resource estimates at their Mongolian properties, including Haranga Resources reporting 32.8 million tons of iron ore and Moly World reporting 203.4 million tons of molybdenum ore.
- Power remains an issue for the Oyu Tolgoi mine as agreements have not yet been reached to import electricity from China, potentially delaying production timelines.
- South Korea wants at least a 10% stake in the Tavan Tolgoi coal mine project and does not think the previously discussed 36% stake is sufficient.
- The newsletter also provides various other
The document 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 is a newsletter from the Business Council of Mongolia covering business and economic news from Mongolia in Issue 281 dated July 5, 2013. It includes over 50 brief news highlights on topics like mining projects, transportation, tourism, and economic indicators. Some of the key stories include Rio Tinto postponing the first shipment from the Oyu Tolgoi mine due to a dispute with Mongolia over revenue, Turquoise Hill securing a $225 million loan from Rio Tinto to fund OT operations, MMC expanding its coal processing capacity to 15 million tons annually, and a Mongolian firm preparing to launch a new oil enterprise in North Korea.
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.
Banks have agreed to extend funding for the underground expansion of the Oyu Tolgoi mine by six months. Erdenes Tavan Tolgoi reported $50 million in coal sales in Q1 2014. An investors' group is urging Mongolians who chose cash instead of shares in Erdenes Tavan Tolgoi to reconsider and take the shares instead. Petro Matad confirmed two new oil prospects in its blocks with estimated reserves of 60-100 million barrels and 22-24 million barrels respectively. Xanadu Mines has $10 million in financing to advance exploration at its Kharmagtai copper and gold project. Consolidation Services appointed a former Hertz Equipment Rental executive to its advisory board to
The document provides news highlights from the Business Council of Mongolia covering business, economic, and political news. In business news, it reports that Erdenes-Tavan Tolgoi is considering selling convertible bonds before its IPO, which has been pushed back to at least September. It also reports that Guildford Coal's estimates in Mongolia have reached over 2 billion tons and that SouthGobi Resources will sell the Tsagaan Tolgoi deposit for $30 million.
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.
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 summarizes news from the Business Council of Mongolia newsletter dated November 6, 2009. It highlights several business and economic stories regarding Mongolian mining companies accelerating coal, copper and gold projects. It also discusses China Investment Corp investing $500 million in SouthGobi Energy Resources and Centerra Gold awaiting approval to resume heap leaching at its Boroo gold mine. Rio Tinto is planning to double its capital expenditures for 2010 to between $5-6 billion.
This document summarizes news from the Business Council of Mongolia newsletter. Key points include:
- The Prime Minister wants the Tavan Tolgoi coal deposit to remain fully state-owned rather than developed as a joint venture.
- China's CNNC will buy Canadian uranium explorer Khan Resources for $52.9 million, gaining access to deposits in Mongolia.
- SouthGobi Energy dropped 12% in its Hong Kong stock debut due to high valuation and poor market conditions.
- A Canadian consultancy said the Tavan Tolgoi deposit could support multiple mining operations to export coal to China, South Korea, and Japan.
The document summarizes news from Mongolia in the areas of business, economy, and politics. Some of the key highlights include:
- Mongolia sees only a few remaining issues to resolve regarding the Oyu Tolgoi mining deal.
- Turquoise Hill Resources says inventory is building at the Oyu Tolgoi mine as some copper and gold sales have been deferred.
- Erdenes Tavan Tolgoi plans to significantly increase its coal exports to 11 million tons in 2014 with the goal of exporting 35 million tons annually once rail infrastructure is improved.
- The Mongolian government introduces its 2014 work plan while parliament works to meet international anti-money laundering standards.
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 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 summarizes news from the Business Council of Mongolia newsletter. It discusses Mongolia shifting its approach to developing the massive Tavan Tolgoi coal deposit by offering foreign investors a chance to develop half of it. Japan, South Korea, and Russia are forming a consortium to jointly bid for rights. Updates on several Mongolian mining projects are provided, including positive drill results from Erdene Resource's Zuun Mod molybdenum-copper project and testing of deep targets on Entrée Gold's Shivee West property adjacent to the giant Oyu Tolgoi mine. The London Stock Exchange is also set to begin reforming the Mongolian Stock Exchange this month.
- 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 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 Prime Minister of Mongolia discussed Mongolia's economic outlook and challenges in an interview. He stated that Mongolia expects around 8% GDP growth in 2010 and over 10% growth for the next 5 years. Mongolia is a major exporter of coal and copper to China and aims to increase processing industries to create jobs. The main economic problem is managing mining wealth to reduce poverty levels and potential social tensions. The Prime Minister aims to channel wealth to combat poverty and is considering economic models of resource-rich nations like Canada, Chile and hybrid models.
This document provides a summary of news from the Business Council of Mongolia for October 18, 2013. The main sections covered include Business, Economy, Politics, and Economic Indicators. For Business, some of the key stories summarized are that OT-Rio relations are improving as both sides work to resolve conflicts over financing at Oyu Tolgoi mine. Rio Tinto aims to continue developing underground mining at Oyu Tolgoi. Turquoise Hill has increased production at Oyu Tolgoi to full capacity. For Economy, highlights included Mongolia's coal exports declining and IMF cutting growth forecasts for Mongolia. The Politics section briefly mentioned several diplomatic visits and agreements.
The document 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. 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 business news from Mongolia, including several mining companies. SouthGobi Resources aims to secure a second coal mining license by year-end. Erdene Resource will apply for a molybdenum-copper mining license. Ivanhoe Mines reported increased revenue but wider losses in Q2 2010. Prophecy Resource reported the Chandgana Khavtgai project contains over 1 billion tons of coal. Canadian mining companies face challenges but also see success in Mongolia's emerging economy and significant mineral deposits, led by Ivanhoe Mine's giant Oyu Tolgoi copper-gold mine.
The document is a newsletter from the Business Council of Mongolia that includes the following highlights:
- Several mining companies announced significant mineral resource estimates at their Mongolian properties, including Haranga Resources reporting 32.8 million tons of iron ore and Moly World reporting 203.4 million tons of molybdenum ore.
- Power remains an issue for the Oyu Tolgoi mine as agreements have not yet been reached to import electricity from China, potentially delaying production timelines.
- South Korea wants at least a 10% stake in the Tavan Tolgoi coal mine project and does not think the previously discussed 36% stake is sufficient.
- The newsletter also provides various other
The document 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 is a newsletter from the Business Council of Mongolia covering business and economic news from Mongolia in Issue 281 dated July 5, 2013. It includes over 50 brief news highlights on topics like mining projects, transportation, tourism, and economic indicators. Some of the key stories include Rio Tinto postponing the first shipment from the Oyu Tolgoi mine due to a dispute with Mongolia over revenue, Turquoise Hill securing a $225 million loan from Rio Tinto to fund OT operations, MMC expanding its coal processing capacity to 15 million tons annually, and a Mongolian firm preparing to launch a new oil enterprise in North Korea.
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.
Banks have agreed to extend funding for the underground expansion of the Oyu Tolgoi mine by six months. Erdenes Tavan Tolgoi reported $50 million in coal sales in Q1 2014. An investors' group is urging Mongolians who chose cash instead of shares in Erdenes Tavan Tolgoi to reconsider and take the shares instead. Petro Matad confirmed two new oil prospects in its blocks with estimated reserves of 60-100 million barrels and 22-24 million barrels respectively. Xanadu Mines has $10 million in financing to advance exploration at its Kharmagtai copper and gold project. Consolidation Services appointed a former Hertz Equipment Rental executive to its advisory board to
The document provides news highlights from the Business Council of Mongolia covering business, economic, and political news. In business news, it reports that Erdenes-Tavan Tolgoi is considering selling convertible bonds before its IPO, which has been pushed back to at least September. It also reports that Guildford Coal's estimates in Mongolia have reached over 2 billion tons and that SouthGobi Resources will sell the Tsagaan Tolgoi deposit for $30 million.
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.
The document summarizes business and economic news from Mongolia reported in Issue 109 of the Business Council of Mongolia NewsWire dated March 12, 2010. Some of the key stories covered include Goldman Sachs potentially filing an international arbitration case regarding the Olon Ovoot mines, Mongolia Energy planning to start coal deliveries to China in August, and Rio Tinto's CEO being invited to a conference in China that could help rebuild the company's relationship there.
Robert Waldinger discusses how to recover Active Directory if a disaster occurs. He outlines several use cases for AD recovery including recovering objects, attributes, GPOs, Sysvol, and an entire forest. Waldinger emphasizes that recovery plans should be documented, tested, and updated regularly. He demonstrates recovering objects using Windows Server 2012 Admin Center and configuring the AD Recycle Bin. Waldinger also shows recovering single attributes with Recovery Manager for AD and recovering GPO changes. The presentation concludes with emphasizing familiarity with AD recovery tools and performing regular disaster recovery tests.
Este documento presenta una prueba de evaluación para un curso de primer grado sobre conocimiento del medio social y cultural. La prueba contiene cuatro secciones que evalúan la comprensión de los estudiantes sobre los medios de transporte, los que han utilizado personalmente, cómo dibujar uno con alas y ruedas, y identificar qué acciones pertenecen al pasado. La prueba concluye instando a los estudiantes a sumar los puntos obtenidos en cada sección para evaluar su propio desempeño.
O documento apresenta as regras para jogar como Goolians, uma raça de homens-cangurus de Marte. Ele descreve as características biológicas e sociais dos Goolians, incluindo suas habilidades de salto e cauda, e seu medo e complexo de superioridade. Dois personagens Goolians são apresentados como exemplos: Zuki, um guerreiro medroso, e Anatok, o covarde líder da tribo Goolian.
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 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.
This document provides a summary of Kunhiraman Vappalakalathil's career experience and qualifications. He has over 30 years of experience in financial management, analysis, reporting, internal controls, and auditing. Most recently, he worked as the Finance Director for Fly540 Angola from 2012-2015. Prior to that, he held several financial and accounting roles for KLM Royal Dutch Airlines from 1996-2012, including Financial Process & Quality Manager and Financial Accounting Manager. He holds an MCom in Financial Accounting from Madras University and a BCom in Financial and Cost Accounting from Calicut University.
Mule has three layers - application, integration, and transport. It allows you to develop or reuse services and business logic, configure message processors to orchestrate services, and integrate applications using various transports and connectors. Key aspects that can be configured include flows, services, routers, filters, and transformers to route, filter, transform messages between services and transports. Mule also provides APIs to extend and customize its capabilities.
This document provides an overview of Office 365 for IT professionals presented by Andy Malone. It begins with an introduction of Andy Malone and his background. The bulk of the document then explores various components and capabilities of Office 365 including exploring Office 365, understanding data storage locations, identity management with Azure Active Directory, provisioning accounts, and Exchange Online. It provides summaries of key Office 365 services and components. The document concludes with some final tips and thoughts on Office 365 and links to additional tools and resources.
This document discusses supporting green development in Mongolia through sustainable mining practices. It notes that mining leases in Mongolia have increased substantially in recent years, raising concerns about environmental and social impacts. The authors propose a vision for green development that uses landscape-level conservation planning to guide decisions about mining mitigation. They suggest identifying important habitats and areas of conflict before impacts occur to better enable avoidance. An offsets system is proposed to standardize ecological replacement of impacted areas. Challenges remain in strengthening protections, building capacity for implementation, and funding a long-term vision for people and nature in Mongolia.
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 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 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 and economic news from Mongolia. It reports that Erdenes Oyu Tolgoi has said progress is being made to resolve issues around financing the expansion of the Oyu Tolgoi copper and gold mine. It also reports that Turquoise Hill Resources plans to raise up to $2.4 billion through a rights offering to repay funding from Rio Tinto for the Oyu Tolgoi mine. Additionally, it discusses a US law firm investigating claims on behalf of minority shareholders of Turquoise Hill Resources.
The document summarizes business news from Mongolia. It discusses several topics:
- Oyu Tolgoi defended its investment agreement as fair and valid, saying it benefits Mongolia. However, some lawmakers want to increase Mongolia's stake in the project.
- Despite calls to rework OT's agreement, investors increased shares in the project's main partner, shrugging off political risks.
- Prophecy Coal submitted a power purchase agreement proposal for its mine-mouth power plant project.
- Erdene Resources plans to split its coal and Mongolian mineral projects into separate companies to unlock shareholder value.
- Terra Energy is set to begin mining at its South Gobi coal project.
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 a summary of business and economic news from Mongolia. Key highlights include:
- Prophecy Coal signing an agreement with a major power company to develop the Chandgana Power Plant.
- Wagner Asia complaining that police in Ulaanbaatar are unlawfully stopping trucks in the city.
- Petrovis facing potential fines or loss of permits for raising gas prices.
- Turquoise Hill reporting a large increase in quarterly income primarily due to gains in derivative values.
- Kincora raising $4.6 million through a private equity placement to fund exploration at its Bronze Fox project.
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 provides news highlights from the Business Council of Mongolia. It includes summaries of several stories: Erdenes-TT pushes back its IPO to 2013 due to delays in passing securities laws; Energy Resources reaches the finals for a global corporate social responsibility award; and the Mongolian vice minister of finance says a new foreign investment law is unlikely to be retroactive to halt Chalco's proposed purchase of Ivanhoe Mines. It also briefly summarizes personnel changes at Ivanhoe Mines and Voyager Resources, and reports that Entrée Gold's Heruga deposit continues expanding in size.
The document summarizes business and economic news from Mongolia. Key points include:
- Investors have agreed to amend the Oyu Tolgoi investment agreement to make financing conditions easier for Mongolia.
- Ivanhoe Mines and BHP Billiton discovered a new zone of copper and gold mineralization near the Oyu Tolgoi mine.
- Petro Matad plans to resume drilling for oil in eastern Mongolia next month after suspending operations over the winter.
The document summarizes news from the Business Council of Mongolia newsletter. It includes the following highlights:
- Turquoise Hill says sales volume from the Oyu Tolgoi copper and gold mine has fallen below expectations due to post-commissioning issues and a shutdown of one line for 6-8 weeks. Production targets for 2014 are 150,000-175,000 tons of copper and 700,000-750,000 ounces of gold.
- The $4.2 billion financing package for the underground expansion of Oyu Tolgoi is dependent on completion of a feasibility study due in the second quarter. Both Turquoise Hill and the Mongolian government's Erdenes Oyu Tolgoi LLC are
The document summarizes 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 summarizing business and economic news from Mongolia. It discusses Mongolia's plans to privatize and sell shares of major state-owned assets like the Erdenet Mining Corp, Tavan Tolgoi coal deposit, and Oyu Tolgoi copper mine through initial public offerings, likely in Hong Kong. It also mentions that BNP Paribas and Standard Chartered Bank were selected to structure loans for the $4.6 billion Oyu Tolgoi project. Additionally, the newsletter states that Mongolia is receiving proposals from stock exchanges like London, NASDAQ, and Hong Kong to assist in privatizing its state-run stock market.
The document summarizes news from Mongolia across business, economic, and political topics. In business, a feasibility study for a coal washing plant in Mongolia was completed. Erdenes-TT expects to repay its debt to Chalco by the end of the year from coal sales. Mongolian and Japanese banks established a new leasing company called TDB Leasing. A Mongolian company acquired a 20% stake in a North Korean oil refinery to diversify Mongolia's energy sources away from Russia and China.
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.
Rio Tinto and the Mongolian government are in ongoing negotiations over funding and control of the massive Oyu Tolgoi copper and gold mine project. While talks continued in March, disagreements remain over taxes, cost overruns, and management control. Failure to resolve the dispute could have serious negative consequences for Mongolia's economy and businesses that supply the mine project. Deputy Minister of Economic Development warned of a "catastrophe" if the project stops, as Oyu Tolgoi is expected to account for 30% of Mongolia's economy at full production. Mongolia's businesses are already feeling the effects of the uncertainty through slower contract awards and a general slowdown related to the mine project.
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.
The document summarizes news from the Business Council of Mongolia newsletter. It highlights several stories:
1) Rio Tinto is firming up $2.5 billion in financing for the Oyu Tolgoi mine expansion and expects government approval to ship copper within weeks.
2) Erdenes Tavan Tolgoi offered a one-year contract to mine 2 million tons of coking coal at West Tsankhi to attract new customers and raise cash.
3) The Mongolian government remains silent on allowing Centerra Gold to begin operations at its Gatsuurt gold project, which was to supply ore to the nearby Boroo mine for processing.
The document is a newsletter from the Business Council of Mongolia 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
After careful consideration for the preservation of the region’s environment, culture, and people, Jalsa Urubshurow opened Three Camel Lodge in 2002 as the only luxury eco-lodge in the Gobi Desert. Built by and staffed by locals, Three Camel Lodge offers travelers a way to experience the nomadic spirit of the region alongside modern comforts while protecting the natural beauty and culture.
After careful consideration for the preservation of the region’s environment, culture, and people, Jalsa Urubshurow opened the only luxury eco-lodge in the Gobi Desert, Three Camel Lodge, in 2002. Built by and staffed by locals, Three Camel Lodge offers travelers a variety of activities to learn about nomadic culture while enjoying modern comforts in a way that showcases the nomadic spirit without destroying the natural environment of the region.
The Business Council of Mongolia published its January 2020 Macroeconomic Updates report which contained the following key points:
1) Mongolia's GDP grew 6.3% in Q3 2019 while inflation was at 5.2% in December 2019. Exports reached a historic high of $7.6 billion in 2019, driven by record coal exports.
2) Foreign direct investment in Mongolia totaled $21.5 billion as of 2019, with the majority from Canada, China, Singapore, and Luxembourg invested mainly in mining.
3) The Mongolian currency, the togrog, depreciated 3.8% against the US dollar in 2019 as the central bank supplied $2.
Faro Foundation Mongolia is a non-governmental organization that promotes digital literacy and safe internet use in Mongolia. It works to educate the public on topics like online safety, proper social media use, and cyberbullying prevention. The organization's primary goal is to create positive social change through social media. It has developed a digital literacy curriculum and library on Facebook to teach essential digital skills to students, teachers, and parents.
The Business Council of Mongolia (BCM) is an independent non-profit organization established in 2007 to advocate for economic freedom and a competitive business environment in Mongolia. It has over 240 member organizations from various sectors. The BCM aims to equip its members with policy research, training, and networking opportunities. It is organized with a Board of Directors, Executive Committee, and six working groups focused on key issues. The Growth and Innovation working group works to promote digital transformation in Mongolia.
The One-Stop-Service Center (OSSC) was established in February 2019 under the Prime Minister's order to provide centralized public services to investors in Mongolia. The OSSC was created as part of Mongolia's three-pillar development policy and on the recommendation of the Investment Protection Council. It allows five government bodies, a bank, and notary office to render services to foreign investors from one location.
Mongolians are building a competitive Fintech sector with international ambitions by cultivating agile and innovative teams combining specialists and experts from 6 nationalities. To become truly internationally competitive, Mongolia must train professionals and executives to international standards by growing their next generation of innovative leaders and skilled experts. Overcoming these challenges will allow Mongolia to solve growing issues and compete in international markets.
The document discusses competitiveness rankings for Mongolia and its provinces. It analyzes Mongolia's performance in the IMD World Competitiveness Ranking, where Mongolia ranked 62nd out of 63 countries in 2018. The ranking evaluates countries across 4 factors: economic performance, government efficiency, business efficiency, and infrastructure. The document also summarizes findings from a provincial competitiveness report for Mongolia, which evaluated and ranked the competitiveness of Mongolia's 21 provinces. Finally, it outlines criteria and results from a competitiveness ranking of districts in Ulaanbaatar city across 5 factors of quality of life, living environment, safety and security, governance, and economic performance.
Digital transformation involves using digital technology in new ways to solve traditional business problems and drive organizational change. The presentation discusses how digital transformation differs from related concepts like digitization, analytics, and outsourcing. Key aspects of digital transformation include leveraging data as a strategic asset, adapting to digital natives, and undergoing cultural and technological changes. Methods like agile project management and design sprints are presented as ways to accelerate transformation. The presentation also provides examples of how companies have transformed, such as Domino's Pizza using digital strategies to regain market share.
DBS Bank was named the world's best digital bank by Euromoney in 2016 and 2018, beating competitors like Citi, BBVA, and ING. The CEO of DBS Bank, Piyush Gupta, accepted the award and said that banks of the future will be fundamentally different than today's banks due to their digital transformation. DBS Bank has spent three years focused on digital initiatives by changing employee mindsets and technology infrastructure to make banking simple and seamless for customers.
Mongolia transitioned to democracy in the early 1990s after a peaceful revolution. It now has a multi-party parliamentary democracy with freedoms of religion, expression, and private property rights guaranteed in its constitution. Mongolia's economy depends heavily on its mineral and agricultural sectors as it continues developing a market economy after transitioning from Soviet control.
The document discusses the Growth & Innovation Working Group of the Business Council Mongolia. The working group aims to:
1. Promote and advance business growth and innovation in Mongolian society through educating businesses, government, and the public on opportunities in research and development.
2. Enable all organizations to grow and innovate, not just start-ups or sectors traditionally thought of as innovative.
3. Focus on key objectives like digitalization, infrastructure, financial technology, data security, efficiency, public investment policy, and intellectual property protection to support the digital transformation of consumer and enterprise services through technologies like IoT, AI, fintech, blockchain, and more.
The working group plans events
The BCM held its January monthly meeting to discuss organizational updates. Key points:
- The BCM elected a new 15-member Board of Directors and appointed an Executive Committee and Working Groups.
- Two presentations were given on legal environments for asset management in Mongolia and on responsible mining.
- The BCM revised its mission statement to focus on providing members with policy research, training, and networking support for business in Mongolia.
- The BCM reorganized its working groups, which are now chaired by Board members, and strengthened its secretariat.
The document discusses Mongolia, Russia, and China's economic corridor program. It notes that the program aims to improve connectivity between the three countries through projects involving railway, roads, energy transmission lines, gas and oil pipelines, and high-speed internet. There are currently 32 projects across areas like infrastructure, energy, agriculture, border cooperation, trade, environment, education, medicine, and more. The document also discusses plans to establish a joint center for investment planning and projection in Ulaanbaatar to facilitate implementation of the economic corridor program projects and further trilateral cooperation.
This document provides information on business opportunities through procurement for Mongolia's Second Compact Agreement with the Millennium Challenge Corporation (MCC). It outlines that the total grant value is $350 million to fund activities supporting economic growth and poverty reduction in Mongolia. Key business opportunities include consulting services, goods, and construction works valued at approximately $44 million for the base year. The presentation also reviews MCC's procurement principles of transparency, fairness and competitiveness. It provides details on the procurement process and how opportunities will be advertised.
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केरल उच्च न्यायालय ने 11 जून, 2024 को मंडला पूजा में भाग लेने की अनुमति मांगने वाली 10 वर्षीय लड़की की रिट याचिका को खारिज कर दिया, जिसमें सर्वोच्च न्यायालय की एक बड़ी पीठ के समक्ष इस मुद्दे की लंबित प्रकृति पर जोर दिया गया। यह आदेश न्यायमूर्ति अनिल के. नरेंद्रन और न्यायमूर्ति हरिशंकर वी. मेनन की खंडपीठ द्वारा पारित किया गया
Youngest c m in India- Pema Khandu BiographyVoterMood
Pema Khandu, born on August 21, 1979, is an Indian politician and the Chief Minister of Arunachal Pradesh. He is the son of former Chief Minister of Arunachal Pradesh, Dorjee Khandu. Pema Khandu assumed office as the Chief Minister in July 2016, making him one of the youngest Chief Ministers in India at that time.
1. BUSINESS COUNCIL of MONGOLIA
NewsWire
www.bcmongolia.org
info@bcmongolia.org
Issue 163, April 15 2011
NEWS HIGHLIGHTS:
Business:
Xanadu Mines, Noble Group finalize terms for strategic alliance in Mongolia;
Petro Matad upgrades reserve estimates;
Firebird raises shares in Berkh-Uul JSC to over 50%;
Silk Road Management raises USD30 million for Mongolia Human Capital Fund;
ASX-listed Alamar Resources to be called Mongolian Resource Corporation;
OT looks to Chile for mining engineers;
Silk Road Mongolia Index gained 9.3% in 1Q2011;
Hochtief gives profit warning after Leighton reviews outlook;
With loss looming, Leighton seeks cash;
Guildford Coal signs call option deed for Mongolian investment;
MCS wins tender to build power transmission lines;
Boeing 737s around the world face new scrutiny;
With shares ready to hit AUD100, Rio Tinto all set to return to respectability.
Economy:
Tavan Tolgoi winners may be named next month;
MSE remains best performing equity market globally;
EBRD invests USD10 million in Mongolia Opportunities Fund;
MSE super deal based on hopes for a commodities super-cycle;
LSE hopes deal will give it advantage when Mongolia finally “emerges”;
London's drive to Hong Kong, via Mongolia;
6 banks in Mongolia to lend USD14.2 million for LSE fees;
Hong Kong Stock Exchange team visits Ulaanbaatar;
Quam Silk Road Mongolia Fund launched;
SME loans help set up 581 factories in 2010;
Financial Regulatory Authority wants more amenities, equipment;
Standing Committee finds Food Ministry’s report incomplete;
Workers in closed mines to get two months’ minimum salary;
Japanese study group calls for trade talks with Mongolia;
Wind farm to be built near Sainshand;
Inner Mongolia alone has one-third of China's wind power capacity;
Global macro policy agenda has become more urgent, says IMF;
China posts first quarterly trade deficit in seven years;
Dollar still in downdraft;
Dangers threaten to hamper the success of fast-growing China.
Politics:
Government “cheating the people”, says Standing Committee;
Russia stalling progress on transit transport rates, Minister tells MPs;
Party leaders pledge not to compete in offering cash allowances;
Draft suggests extra money for state staff in remote regions;
Mongolian metals to make London Olympic medals;
Elbegdorj certain that movements for democracy will succeed;
2. New appeals court to hear cases against officials;
Officials discuss issues relating to new election law;
Prison psychologists doing good work;
China to fund rehabilitation center for Mongolian troops;
Names to succeed Sangaragchaa being considered;
Women’s NGOs send MPs their demand note by post.
*Click on titles above to link to articles.
BUSINESS
XANADU MINES, NOBLE GROUP FINALIZE TERMS FOR STRATEGIC ALLIANCE IN MONGOLIA
Xanadu Mines Ltd. has announced finalization of terms for a strategic alliance with Noble Group to
explore and develop coking coal, iron ore and ferro alloy opportunities in Mongolia. Following
execution of formal agreements, Xanadu and Noble will participate in the strategic alliance through
a joint venture company with each party holding a 50% interest. The existing assets held by Xanadu
will not form part of the present alliance. The initial focus of the joint venture will be the pursuit
of a number of opportunities already identified to maximize the benefits of Xanadu‘s and Noble‘s
respective country experiences and strengths.
The agreement includes a placement of ordinary shares to Noble of up to 9,688,367 shares, which
will take Noble‘s equity interest in Xanadu (through its subsidiary) to 9.9%. The agreement contains
a right until 31 December 2014, for Noble to "top-up" its shareholding in Xanadu in the event that
Xanadu issues new shares. The funds from the placement, together with a similar amount
contributed to the joint venture by Noble, will be applied exclusively to the exploration and
development of coal, iron ore and ferro alloy opportunities in Mongolia.
Commenting on the alliance, Xanadu‘s Chairman Brian Thornton said, ―The completion of formal
agreements will enable the joint venture to advance and bring to fruition a number of opportunities
that the companies have been evaluating in Mongolia. With the transfer of Noble‘s exploration team
to Xanadu to support the joint venture, our total personnel in Mongolia now number 24. The
alliance, while focusing on coking coal, iron ore and ferro alloys, will also allow Xanadu to continue
to advance its existing Galshar and Khar Tarvaga thermal coal projects and its copper gold assets in
north west Mongolia and the south east Gobi.‖
Source: Xanadu Mines
PETRO MATAD UPGRADES RESERVE ESTIMATES
Mongolia-focused oil explorer Petro Matad delighted its growing fan base with a bullish operations
update in March. The firm, run by Australian veteran Doug McGay, announced a meaty upgrade to
its own reserve estimates after re-working the data on its core exploration prospect, Block XX, in
the far east of the country. Petro Matad shares hit an all-time high on the back of the news, but
with the next 12-18 months set to be an exceptionally active time for the company, the hope is
that in-fill testing, additional seismic work and more drilling on the huge acreage within its
Mongolian licenses will identify a major new oil producing area.
Mongolia itself is in an ―embryonic‖ stage according to the company, both in its economic
development and also in exploiting its own natural resources. That includes its largely untapped oil
fields. At present, it imports all of its oil requirements and is keen to substitute home produced for
imported. As a result, it has established a reasonably benign regime for oil companies to explore.
Politically also, it is stable.
Even so, interest has been patchy compared with the frenetic activity offshore Brazil, Africa and
the Gulf of Mexico. Indeed, Petro Matad can claim the title of the only internationally-listed firm
operating in the country, with the exception of a subsidiary of Ivanhoe Energy (TSE:IE), which
operates one PSC.
Its principal asset is the 100 percent owned production sharing contract for 14,250 sq-km Block XX.
It also has two other Blocks, IV and V, located in central Mongolia and which jointly cover 71,040 sq
km. In Block XIX, next door to Block XX, Chinese-owned PetroChina has drilled extensively and is
inching forward towards meaningful commercial production, but infrastructure still remains
primitive with any oil produced shipped out by road.
Petro Matad still has some way to go to reach even that stage. So far, it has drilled only three
complete wells on Block XX, on the prospect it now calls Davsan Tolgoi (or DT), and any meaningful
3. production remains a way off, though it is a testament to the potential that even with the limited
drilling so far the current market value is nearly £370 million (USD 600 million).
Read more…
A fourth well on Davsan Tolgoi was suspended three–quarters of the way down just before the end
of 2010 as the Mongolian winter really kicked in. Temperatures can dip below minus 20 degrees
centigrade and Petro Matad took the decision to avoid reaching a critical stage of drilling just as
temperatures plunged to potentially dangerous levels.
Using a reassessment of the information from the wells drilled last year, Petro Matad raised its
forecast of the amount of recoverable oil in Block XX by nearly 200 percent. It also increased its
targets for possible additional discoveries to 18 prospects and three leads.
According to the March statement, the data led to a much greater understanding of the target
area‘s geological characteristics, while, as a huge bonus, it also made a potentially significant new
discovery.
As a result, DT is now estimated to contain total unrisked recoverable resources of 293 million
barrels, with a risked recoverable resource of 225 million barrels. In terms of unrisked recoverable
resource, it represented an ―approximate tripling of what was previously postulated for at Davsan
Tolgoi,‖ the statement said.
The new discovery provided most of the upgrade in reserves and will also form the basis of the 2011
drilling program, chief executive Doug McGay added. "The discovery and definition of the new
UvganGol paleovalley prospects are very exciting and add a new dimension to resource definition in
this region,‖ he said. Total oil-in-place estimates for this eastern corner of Block XX now stand at
1.87 billion barrels, a figure that includes the recent drilling plus estimates for an adjoining area of
228 sq km immediately to the east.
Financially, Petro Matad is also solid enough. It raised USD54 million last year through a placing.
That has given it cash enough for the immediate plans. How quickly it burns through it depends on
how quickly the drilling program and other in-fill work accelerates. In addition to appraisal work,
there is also a possible fifth well on DT while an initial seismic survey is planned for Blocks 1V and V
with possible drilling here later in the year if those results throw up some interesting results.
To fund all that may mean Petro Matad has to come back to shareholders again for more money,
but a major plus is that institutional support so far has been very solid. All of its major shareholders
took shares in last year‘s placing including Mongolian oil products importer Petrovis, which has a 20
percent stake, and also the European Bank for Reconstruction and Development (EBRD), which owns
17.3 percent.
The key in the next few months will be the appraisal test results for the flow rate and quality of oil
at Davsan Tolgoi, which should follow once drilling resumes at DT-4, which is expected to occur
fairly quickly now that the weather has improved, and further testing is carried out on the three
previous wells.
Source: Proactive Investors
FIREBIRD RAISES SHARES IN BERKH-UUL JSC TO OVER 50%
Firebird Mongolia Fund recently purchased 1,865,993 shares of Berkh Uul JSC (MSE: BEU) from
Petrovis LLC, bringing its total holding in the diversified mining company to over 50%. Berkh Uul has
fluorspar, coal, and gold properties. Firebird has made a number of large investments in fluorspar
mining companies in countries including South Africa, Kenya, and Canada.
Source: BD Securities
SILK ROAD MANAGEMENT RAISES USD30 MILLION FOR MONGOLIA HUMAN CAPITAL FUND
Silk Road Management has received commitments of USD30 million for Mongolia Human Capital
Fund, L.P., the first Mongolia-focused venture capital and private equity fund. The Fund intends to
pursue attractive investment opportunities in non-resource sectors in Mongolia. This successful
result exceeds the original target of USD25 million as Silk Road Management has attracted strong
investor interest from Asia, the Middle East, Kazakhstan and Russia. These investors are primarily
family offices and high net worth individuals.
"We are very pleased," stated Mr. Alisher Ali, Managing Partner of Silk Road Management. "We are
committed to bringing capital to early-stage, dynamically growing Mongolian companies and, at the
same time, providing international investors with access to high growth sectors in Mongolia beyond
mining and resources."
Mongolia Human Capital Fund, L.P. seeks industries where human capital is a key factor for the
success of companies and therefore intends to back strong and innovative management teams
capable of building businesses and unlocking significant shareholder value. The Fund will pursue
4. investment opportunities in such sectors as financial services, media, information technologies,
health care, education, professional services and other human capital intensive industries.
Source: Silk Road Management
ASX-LISTED ALAMAR RESOURCES TO BE CALLED MONGOLIAN RESOURCE CORPORATION
S3 Investment Company, Inc./Redwood Capital has completed the acquisition transaction, ASX
listing and a USD10-million Public Offering capital raise for its client Mongolian Resource
Corporation (MRC). As a result of the acquisition, Alamar Resources Limited, which is traded on the
Australian Stock Exchange, will change its name to Mongolian Resource Corporation Ltd. Redwood
Capital acted as the Asian merchant banking financial advisor for MRC.
Alamar Resources Limited has said that the capital raised will be used to fund the acquisition,
exploration and development of the MRC Mongolian assets and for general working capital purposes.
Mr. Jim Bickel, Chairman and CEO of S3/Redwood, is one of three new directors appointed to the
Alamar Resources Limited board as part of the transaction. Redwood‘s Managing Director Matthew
Totty stated, ―I am extremely excited about Mongolia and working full time in country on a number
of new projects with our local partners. We feel the ASX is a natural place for Mongolian mining
companies to list and MRC has been well received.‖ MRC is a diversified mining company engaged in
the acquisition, development and operation of resource properties in Mongolia, particularly late
stage or current producing mines.
Source: S3 Investment Company, Inc.
OT LOOKS TO CHILE FOR MINING ENGINEERS
Splashed over half a page on a recent Sunday edition of the Chilean newspaper El Mercurio was an
advertisement attempting to entice Chilean mining engineers to Mongolia to work on Rio Tinto‘s
flagship Oyu Tolgoi project. The timing couldn‘t have been more appropriate: that day, several
hundred bankers, traders and miners descended on Santiago for the largest annual gathering of the
copper industry.
On the tightness of the copper market, the delegates disagreed; on the tightness in the labor
market, they were unanimous. ―I think the number one tightest area that I experience regularly is
in the supply of talented, experienced mining industry professionals,‖ said Mr. Andrew Harding,
head of Rio‘s copper division. The trend is more than just a boon for anyone with a degree in mine
engineering (and a boon it is: in some parts of the world, salary inflation is running well in excess of
10 per cent). More importantly for investors in metals and mining, it underscores the challenges
miners are finding as they attempt to respond to record copper prices.
The difficulties obtaining engineers and, increasingly, equipment such as large trucks and mills, will
only prolong the tightness in the market. In particular, with prices of other minerals such as iron
ore and coal also at record levels, it sets up a competition between different commodities to
secure resources. While that is unlikely to be a big issue for the likes of Rio or BHP, it is making life
difficult for smaller miners.
Source: The Financial Times
SILK ROAD MONGOLIA INDEX GAINED 9.3% IN 1Q2011
Providing its first quarter 2011 update for Silk Road indices, Silk Road Management has said Silk
Road Mongolia Index now has 31 members and exceeds USD38 billion in total market capitalization
(as of March 31, 2011) after strong performance of Mongolia-related companies. Two new
companies have been added to the index: Aduunchuluun JSC (ADL:MO) and BDSec JSC (BDS:MO),
both listed on the Mongolia Stock Exchange (MSE). The number of MSE-listed companies has reached
9, representing 29% of total number of the index members.
Silk Road Mongolia Index gained 9.3% in 1Q2011 mainly thanks to robust performance of locally-
listed companies and internationally listed large- and mid-caps: Ivanhoe Mines (+19.8%), SouthGobi
Resources (+17.3%), Aspire Mining (+108%), and triple digit gains in Mongolia listed companies:
Sharyn Gol (+117.1%), Baganuur (+126%) and Shivee Ovoo (+146%).
In 1Q2011, the share of locally-listed companies increased to 4.6% (USD1.75 billion) in total market
capitalization of the index members from the 2.7% (USD836 million) at the end of last year. The
management believes the weight of the Mongolia-listed companies in this index will further
increase thanks to a series of expected domestic share offerings, in particular the Mongolian state-
owned enterprises (SOEs), especially highly anticipated IPO of Erdenes Tavan Tolgoi.
Silk Road Composite Index, Silk Road Central Asia Index and Silk Road Hong Kong Index have been
rebalanced as Bestway International Holdings (718:HK) and Oxus Gold (OXS:LN) have been excluded
from these indices since they do not meet the index requirements anymore.
5. Source: Silk Road Management
HOCHTIEF GIVES PROFIT WARNING AFTER LEIGHTON REVIEWS OUTLOOK
The German construction company Hochtief AG issued a profit warning last week after its Australian
unit Leighton Holdings Ltd. said it would review its outlook amid concerns that it may announce
write-downs and a capital increase. The resultant drop in Hochtief's share price presents an
opportunity for Actividades de Construcción y Servicios SA to increase its stake in the company,
which for months has resisted the Spanish builder's unsolicited, hostile bid to compile a majority
holding.
Previous profit warnings from Leighton in November and February had been played down by
Hochtief, but last week the German company said it expected "significant adverse effects" on its
own 2011 forecast. "There is no indication that Hochtief's forecasts for the business years 2012 and
2013 are affected," Hochtief said.
The announcement came after Leighton requested the Australian Stock Exchange halt trading in its
shares, pending an update on its targets. The problems at Leighton come at an awkward time for
Hochtief. ACS, which aims to build a stake of more than 50% in Hochtief, raised its holding in the
Essen-based company to about 41% at the end of March. Leighton's woes caused analysts to
downgrade it, citing the possibility of write-downs and a capital increase.
Source: The Wall Street Journal
WITH LOSS LOOMING, LEIGHTON SEEKS CASH
Leighton Holdings Ltd. has said it will conduct a USD800-million capital-raising, a move that comes
as the Australian construction company warned that it will post a loss this year. The profit warning
prompted ratings agency Moody's Investors Service to place Leighton's credit rating of Baa1/Stable
on review. "The rating action reflects concerns in relation to the write-downs, and the weakening in
Leighton's business profile particularly if further disappointments emerge," Moody's said in a written
statement.
The capital-raising, through a 1-for-9 rights issue at AUD22.50 a share, will represent one of the
largest cash calls in Australia this year.
Source: The Wall Street Journal
GUILDFORD COAL SIGNS CALL OPTION DEED FOR MONGOLIAN INVESTMENT
Guildford Coal Limited has signed a Call Option Deed with certain affiliated funds of Och-Ziff
Capital Management Group LLC with respect to Terra Energy LLC. On March 31, Guildford
announced the acquisition of a 20% stake in Terra Energy LLC with the option to increase its
shareholding to 70%. Terra Energy LLC holds a 100% interest in 6 exploration permits that are
prospective for thermal and coking coal in the South Gobi and Middle Gobi regions.
Drilling on these tenements is expected to commence this month and the first mining license is
expected before the end of 2011. The Call Option Deed provides the Och-Ziff Funds with the right
to acquire a 25% stake in Terra Energy LLC for AUD25 million in cash. Should the option be
exercised by the Och-Ziff Funds, Terra Energy LLC will be in a strong financial position to fund the
development of its Mongolian coal projects.
Source: Guildford Coal Limited
MCS WINS TENDER TO BUILD POWER TRANSMISSION LINES
MCS International LLC has won the tender to build the transmission lines for a power plant to come
up in the near future to provide electricity to some parts of the Gobi and to mines there, according
to information from the Ministry of Minerals Resource and Energy.
Source: News.mn
BOEING 737s AROUND THE WORLD FACE NEW SCRUTINY
The Boeing 737 is a workhorse of international aviation. And the accident in which the roof of a jet
ripped open 34,000 feet over Arizona has brought scrutiny to the hundreds of older-model 737s
around the world that could be similarly vulnerable because of tiny, hard-to-find stress fractures in
the aluminum skin. The planes will now be subjected to repeated examinations as the problem
revealed by the fuselage crack on the affected flight resonates through the world's 737 fleet.
The incident has forced airlines and governments around the world to take swift action. What the
plane manufacturer usually does in this kind of situation is to issue a "directive" to all users of the
plane in question around the world. This would normally contain, among other things, a description
of the problem and clear instructions on what to do/not to do, to ascertain if those planes can
6. continue flying or need immediate grounding. Industry observers assume Boeing has already done so
and is working this out with all 737 users, including MIAT. However, MIAT has made no public
revelation of what, if anything, it is doing, together with Boeing, to ensure the safety of their 737
fleet.
There are about 6,000 737s in operation worldwide."Some airlines may not always maintain the
records that they need to and certainly not all airlines will maintain their airplanes to the highest
levels of safety," said Mr. Henry Harteveldt, an aviation analyst. However, special inspections are
needed for planes that have reached the threshold of 30,000 takeoffs and landings. The inspections
are high-tech and labor-intensive, and take two experts in aircraft service about eight hours.
Repairs on any fatigue cracks will take a day or two at most. The checks will have to be repeated
every 500 flights.
A 737-200 model flying for Aloha Airlines in 1988 had one of the most spectacular aviation incidents
in modern history when its roof ripped off while flying from Hilo to Honolulu. A flight attendant was
sucked out of the plane and plunged to her death, and dozens of passengers were injured.
Source: The New York Times, BCM Newswire
WITH SHARES READY TO HIT AUD100, RIO TINTO ALL SET TO RETURN TO RESPECTABILITY
If the pundits are on the money, Rio Tinto shares will hit AUD100 in the near future -- the first
triple-digit dazzler to grace the ASX boards since the onset of the financial crisis. For Australia‘s
second-biggest miner, the pending moment will symbolize ―mission accomplished'' for Rio's return to
respectability after its near-death experience of its ill-fated Alcan acquisition in 2007. Rio shares
peaked at AUD115 in May 2008, but by the end of that year it tumbled to AUD30.
In recent history, blue-chip stocks have struggled to surpass the AUD100 level. Unlike Americans
who happily mortgage their condo for one USD125,000 Berkshire Hathaway share, local investors
have been reluctant to embrace ``expensive'' shares. But cracking the ton means bragging rights for
the investor-relations guys. ``There's certainly something romantic in a stock being over AUD100 in
our market,'' says Austock Securities senior private adviser Michael Heffernan.
What's more pertinent is the company's overall earnings and dividend pools, which are divided
between the shares on issue. A company with 100 million AUD1 shares on issue has more mouths to
feed than an entity with one million AUD100 shares on issue. Share buybacks -- such as BHP Billiton's
and Rio's current efforts -- increases EPS and in theory boosts the value of the remaining shares by a
similar amount.
Rio is generating billions from the commodity boom, but is valued on a miserly current year price-
earnings ratio of under 10 times. As with BHP Billiton, investors simply don't believe the commodity
price growth -- especially for iron ore -- can continue. Based on the average valuation (or target
price) of 12 analysts, Rio shares are predicted to hit AUD106. Rio's tragic twist is that it would
already be an AUD100-plus stock if it hadn't been for the emergency rights issue at the height of the
downturn, which increased the miner's share base by one-third.
Source: The Australian
SPONSORS
Khan Bank Eznis Airways
Kempinski Hotel Khan Palace Mongolian National Broadcasting
7. Mongolian Star Melchers
ECONOMY
TAVAN TOLGOI WINNERS MAY BE NAMED NEXT MONTH
Mongolia may announce the winning bids to develop Tavan Tolgoi next month. ―Negotiations are
still ongoing,‖ Mr. E. Amarkhuu, Director-General of Fuel Policy at the Ministry of Mineral Resources
and Energy told reporters in Beijing on Tuesday. Mongolia will choose more than one of the six
groups shortlisted for the project, he said.
Talks are under way on the contract for the central and western part of the site. The shortlist
includes Peabody Energy Corp., a Shenhua Group Corp.-Mitsui & Co. joint venture, Vale SA, a
Russia-Japan-South Korea consortium, ArcelorMittal, and Xstrata Plc.
―Definitely not one,‖ Mr. Amarkhuu said, when asked about the number of winners. ―It‘ll be a
combination of the companies.‖ The Government is seeking mining expertise and commitment to
infrastructure development, including railway construction, Mr. Amarkhuu said. Mongolia is also
targeting ―value-added production‖ including coal-to-liquid and coal-to-gas projects, he said.
The Government hopes 90 percent of the employees at Tavan Tolgoi will be local, Mr. Amarkhuu
said. ―It‘s difficult because it heavily depends on availability of qualified personnel,‖ he said. ―We
have to see whether Mongolia has a sufficient number of them.‖ Foreign companies can bring in
their own staff while training locals ―as fast as possible‖ and gradually replacing the imported
workforce with Mongolians, Mr. Amarkhuu said.
Source: Bloomberg News
MSE REMAINS BEST PERFORMING EQUITY MARKET GLOBALLY
The Mongolian Stock Exchange (MSE) had an impressive year in 2010 as the best performing equity
market globally. Driven by positive investor sentiments, the market retains the title until now,
climbing +64% YTD (+73% in USD terms due to a 4.9% YTD appreciation of the MNT against the USD
as of March 31). We anticipate such strong performance will continue throughout 2011, fueled by
resource-linked investments and developments.
The MSE Top Index, the benchmark for the country's domestic equities, hit our projected level of
20,000 two weeks (on January 26) after we released our 2011 end-year estimate in our Mongolia
Outlook 2011 report (January 11, 2011). The benchmark continued its rally to peak at 32,955
(increasing 123% YTD) on February 25. The MSE has since seen a 27% correction, falling to 24,187 as
of March 31. In our view, the rally was driven by over speculation and did not reflect the market
fundamentals. This sharp volatility is the result of low liquidity and small free-float of listed
companies. Since the start of the year until February 25, the MSE gained USD1,736 million in total
market capitalization with a total trade volume of USD7.9 million (or slightly over USD210,000 in
average daily trade). During the following correction, USD780 million in total market capitalization
was lost through a mere USD388,000 daily trade volume. In our view, low liquidity will remain a
concern in 2011.
We expect the MSE to enjoy growing investor interest thanks to a strong economic outlook in 2011
and beyond. The country's GDP is expected to grow at least 10% this year and continue double-digit
expansion annually for the rest of this decade. Our 2011 year-end target for the MSE Top Index has
been upgraded to 27,500 (from previous 20,000) that represents +15% upside to current level and
+86% for 2011. The rationale for the upward revision are stronger outlook for prices for the
Mongolian export commodities (coking and thermal coal +6% by end-2011); expected economic
growth of 10.3% projected by IMF; estimated +60% y-o-y surge in physical volume exports in 2011;
and as a result along with resources stocks, MSE-listed non-resource companies are also expected to
experience robust earnings thanks to strong performance in the resources sector.
Source: Eurasia Capital
EBRD INVESTS USD10 MILLION IN MONGOLIA OPPORTUNITIES FUND
A senior delegation from the European Bank for Reconstruction and Development (EBRD), led by
President Thomas Mirow, was in Mongolia on April 8-9. Mr. Mirow was accompanied by Mr. Olivier
8. Descamps, Managing Director for Turkey, Eastern Europe, the Caucasus and Central Asia, and Mr.
Paul Vlaanderen, EBRD Board Director for the Netherlands and Mongolia.
The delegation met President Ts. Elbegdorj, Parliament Speaker D. Demberel, Minister of Finance
S. Bayartsogt and the Governor of the Central Bank, Mr. L. Purevdorj. It also held negotiations with
the Bank‘s existing and potential business partners and signed an EBRD-funded transaction with
Mongolia Opportunities Fund, the country‘s first private equity fund serving the fast-growing small
and medium-sized businesses sector.
The delegation reinforced the Bank‘s strong commitment to supporting the economic development
of Mongolia with a view to promoting and supporting further private sector development, including
micro, small, medium and large local enterprises and ensuring sustainable development of
Mongolia‘s emerging and important natural resources sector as well as to contribute to a
strengthening of the country‘s financial sector. The USD10 million equity contribution by the EBRD
to the Mongolia Opportunities Fund, signed by Mr. Mirow and Mr. Mandar Jayawant, the Fund‘s
Managing Partner, is aimed at increasing the availability of equity capital for the growing SME
sector in Mongolia.
A specific feature of the Fund is that it is dedicated to the non-natural resource sector. It will
support companies along the mining supply chain operating both in services and manufacturing,
food processing and food supply sectors, as well as small scale infrastructure development. The
Fund will make a significant contribution to balanced growth in the Mongolian economy. It will
consider making equity investments in Mongolian SMEs with individual investment ranging from
USD2.5 million up to USD7.5 million.
Read more…
―With this investment the EBRD will take a 25 per cent stake in Mongolia Opportunities Fund that
will play an important role in developing the private equity market in Mongolia. Jointly with our
partner investor International Finance Corporation, the Fund will provide support to the country‘s
small and medium-sized businesses, especially, at a time when long-term equity financing remains
a scarcity in the country,‖ Mr. Mirow said.
Since the beginning of its operations in Mongolia in October 2006, the EBRD has committed about
USD 425 million to 36 projects in various sectors of Mongolia‘s economy, with 100 per cent of the
projects being related to private sector debt and equity investments.
Source: The FINANCIAL
MSE SUPER DEAL BASED ON HOPES FOR A COMMODITIES SUPER-CYCLE
London Stock Exchange staff fed up with working in the Big Smoke are about to be offered the
chance to spread their wings – and fly off to Mongolia. Ulaanbaatar‘s Mongolian Stock Exchange last
week took a big step towards modernization with a deal with the London Stock Exchange under
which a number of LSE staff will effectively run the Mongolian bourse for two or three years.
The deal is remarkable on three levels. First, Mongolia is hoping to use London as a gateway
through which to source inward capital flows and investment as a counter-weight to growing
Chinese and Russian involvement in Mongolia‘s booming mineral and natural resources sectors.
Second, the British exchange is gambling that by getting involved it makes London the obvious
destination for Mongolian mining and natural resources companies wanting to list abroad. Much of
this is based on LSE CEO Mr. Xavier Rolet‘s firm belief in the longevity of the commodities ―super-
cycle‖.
Third, the LSE will not merely be providing technical assistance – what usually happens in these
situations. The LSE will appoint a management team at the Mongolian exchange ―to oversee its
development and privatization‖, according to a statement by the companies. One project is to
implement an international-standard Mongolian market index.
The LSE‘s Sri Lanka-based technology provider, Millennium IT, will provide trading, surveillance and
post-trading infrastructure. A representative from the Mongolian Exchange will be based
permanently at LSE headquarters in Britain too.
This is very deep involvement of a foreign exchange in the running of another country‘s and is as
unusual as it is creative. But for both sides, whether this pans out as hoped will still depend on one
thing: whether the super-cycle lasts.
Source: beyondbrics in The Financial Times
LSE HOPES DEAL WILL GIVE IT ADVANTAGE WHEN MONGOLIA FINALLY “EMERGES”
Last week Mr. Xavier Rolet, chief executive of the London Stock Exchange, could be found not in
Canada – where a proposed LSE merger with its counterpart in Toronto is being scrutinized by
regulators – but in Mongolia. Ulaanbaatar may seem an unlikely destination for the man running an
9. exchange whose future may well depend on the successful completion of its merger with TMX
Group, but Mr. Rolet was there to sign a deal with the Mongolian Stock Exchange. The British bourse
is providing advice to the Mongolians as they try to modernize their 20-year old exchange.
But this is no standard deal involving one mature western exchange and a relatively undeveloped
minnow in a remote emerging market. The LSE is also sending a team from London to take over the
management of the Mongolian exchange and to ―oversee its development and privatization‖ under
a two-year contract.
For the LSE, the bet is that getting involved early in the development of Mongolia‘s nascent market
structure will put it in pole position to capitalize on the country‘s emergence as a mining and
natural resources hot spot, amid what economists are calling the commodities ―super-cycles‖.
Mr. Rolet will be hoping that big initial public offerings coming from Mongolia in the future will
choose London over Hong Kong or New York. Next could come dual listings of Mongolian companies
in Ulaanbaatar and London. One Mongolian company is already listed on the LSE: Petro Matad, an
oil and gas explorer quoted on Aim since May 2008.
Read more…
Asked why Mongolia would go as far as handing the management of its national exchange to
foreigners, Mr. E. Oyun, deputy chairman of the Mongolian Government‘s State Property Committee
– which owns the exchange – said, ―If you have a new Ferrari and you are not a good driver, how
can you drive it? We want to put a Formula One driver in here.‖
Mongolia is watching as China, eager for Mongolia's commodities such as coal and copper, is
becoming increasingly active in extractive industries. Mr. Oyun said Ulaanbaatar hopes to use
London as a gateway through which to channel inward capital flows. ―We need to diversify our
sources of investment,‖ he said. That is one reason why a representative from the Mongolian
exchange will be based at LSE headquarters.
Mr. S. Batbold, Prime Minister of Mongolia, has said that the LSE was ―the best possible partner‖ to
support the country‘s ambitions for its bourse. His government has tried to harness the boom in
foreign-led mining and metals investment to national development goals. One example is the
scheme for privatizing Tavan Tolgoi, an enormous coal deposit in the Gobi desert. But until then
liquidity remains thin and the exchange is relatively rudimentary. ―The distribution of shares in
Erdenes Tavan Tolgoi and other announced privatization initiatives involving local capital market
listings require as a precondition a relatively liquid and reasonably functioning stock exchange,‖
said Mr. James Passin, principal at Firebird Management, a New York-based fund that is one of the
country‘s largest foreign investors.
Mr. Oyun said, ―We are expecting much from the LSE. After two or three years we want to have a
‗mini LSE‘ in Ulan Bator.‖
Source: The Financial Times
LONDON’S DRIVE TO HONG KONG, VIA MONGOLIA
Mongolia Stock Exchange is the prettiest pink-and-white, neoclassical fairytale affair, once a
children's cinema, across the road from the parliament in Ulaanbaatar. It was founded by
Naidansurengiin Zolzhargal, a descendant of Genghis Khan, some 20 years ago and, although it is
the smallest exchange in the world by market value, it is also the best-performing. Mineral-rich
Mongolia is bursting with resources, including hectare after hectare of forests, tons of fish, gold,
iron ore, fluorite, uranium and coal, and foreign direct investment is growing at 30 per cent per
annum and likely to hit USD11 billion in a few years.
So it's no wonder that Mr. Xavier Rolet, the boss of the London Stock Exchange, has jumped at the
chance to set up a new partnership with the Mongolian exchange. He visited the capital last week
to celebrate the deal, which is a great one for both parties. For Mongolia, it brings the stamp of
London's approval and its reputation for transparency, which is so vital in a fast-growing economy
such as this. One of its biggest companies, Tavan Tolgoi, a USD8-billion state-owned coal mine, is
already on its way to a London listing (although it's likely to head for Hong Kong as well), and there
are many more companies seeking new capital and investors. It's a full-on partnership, with London
providing the new technology, new rules, new regulations and everything else it takes to build a
modern stock market; it will also help with the privatization of the exchange.
As London is showing with Mongolia, exchanges move to where capital is needed and the Far East is
going to be gobbling up a lot for a long time to come. Mongolia is an exotic first step, but the longer
journey for Mr. Rolet should be to go further east.
Read more…
This brings me to the latest tie-ups of exchanges elsewhere in the world. As predicted, the
Americans have reacted with what you might call naked protectionism to Deutsche Börse's bid for
10. the NYSE Euronext. There's no doubt in my mind that the Americans have encouraged a rival offer
from the hi-tech Nasdaq and the Intercontinental Exchange to trump the Germans. So, bar divine
intervention, it looks as if they will succeed in creating one of the world's biggest exchanges.
Deutsche's bid is just one in a long line of foreign takeovers that America has managed to rebuff.
This opens up a wonderful opportunity for Mr. Rolet: he should make Frankfurt his next pit stop, to
chat to Deutsche's Reto Francioni about a possible merger. And, even though the German exchange
is worth three times as much, there's no reason why London shouldn't emerge as at least an equal.
The last time the two tried to walk to the altar it ended in disaster, but memories are short and the
people at the top very different, so there seems no reason why they shouldn't get the structure
right now.
There's another stopover that Mr. Rolet should make in his travels and that's Hong Kong, which
recently expressed interest in talking to partners. Hong Kong is still the best way into mainland
China, certainly until it opens its own market, and would give London the eastern leg of the golden
triangle. Most of the new listings out of China and Asia are looking at dual listings in London and
Hong Kong anyway, so it is logical the two should share more than a common language.
Source: The Independent
6 BANKS IN MONGOLIA TO LEND USD14.2 MILLION FOR LSE FEES
A consortium of commercial banks led by the Trade and Development Bank (TDB) agreed on Monday
to provide the Mongolian Stock Exchange (MSE) with USD14.2 million to be paid to the London Stock
Exchange as fees for its management of the MSE and IT investment for two years, to develop the
country‘s capital market to meet global needs and standards. This is the first such big loan from
commercial banks and the State Property Committee is the guarantor.
The consortium includes, besides the TDB, Golomt Bank, Khan Bank, XacBank, Ulaanbaatar City
Bank, and State Bank.
Source: News.mn
HONG KONG STOCK EXCHANGE TEAM VISITS ULAANBAATAR
The signing of the Master Service Agreement between the London Stock Exchange and the State
Property Committee managed to overshadow a visit to Ulaanbaatar by senior officials from the
Hong Kong Stock Exchange around the same time. The HKEx team included Mr.Ronald Arkulli, a
Director on the Board, Mr. Mark Dickens, Head of its Listing Department, Mr. Romesh Lamba, Head
of its Market Research Department, and Mr. Eric Landkhiir. They are believed to have explored the
possibility of Mongolian companies opting for an IPO, following the very successful one of Energy
Resources last year.
Source: Undesnii Shuudan
QUAM SILK ROAD MONGOLIA FUND LAUNCHED
Investment management firm Silk Road Management (SRM) has announced the launch of the Quam
Silk Road Mongolia Fund, a new hedge fund investing in globally listed companies primarily exposed
to the Mongolian economy. ―Mongolia has a significant undeveloped mineral wealth, including some
of the world‘s largest undeveloped copper, gold and uranium deposits and it is believed to have the
largest untapped supply of coal,‖ Mr. Alisher Ali, Managing Partner of Silk Road Management and
Chairman of Eurasia Capital, said. ―Developing its massive resources will allow Mongolia to become
the world‘s fastest growing economy throughout the next decade.‖
The new fund targets long term investment growth through investment in companies with strong
fundamentals and whose main business operations and/or assets are based in Mongolia. The hedge
fund is an open-end investment vehicle, primarily investing in liquid stocks which are members of
the USD38-billion Silk Road Mongolia Index.
Source: HedgeCo.net
SME LOANS HELP SET UP 581 FACTORIES IN 2010
The MNT30 billion the Government lent to SME projects in 2010 led to 581 factories being
established. Total production was increased by 10%, while the processing sector alone grew by
11.4%, 24% of which was in food, 17% in goods, 35.6% in wood, 29.6% in iron and 54% in mineral
elements processing. Altogether 4,044 organizations were registered in 2010.
Source: Udriin Sonin
FINANCIAL REGULATORY AUTHORITY WANTS MORE AMENITIES, EQUIPMENT
The Standing Committee on the Economy this week reviewed the work report of the Financial
11. Regulatory Authority (FRA) and found its performance satisfactory. The FRA has mentioned certain
obstacles to its working better, particularly when it will have to cooperate with the London Stock
Exchange to develop the capital market. Its computers are not high-speed enough and are also not
secure against hacker attacks, posing a threat to the confidentiality of individual and corporate
financial data. The FRA also does not have its own office and lacks enough mining finance
professionals. It wants to send its officials abroad for training in mineral resources trade.
Source: Undesnii Shuudan
STANDING COMMITTEE FINDS FOOD MINISTRY’S REPORT INCOMPLETE
Members of the Standing Committee on Nature, Environment, Food and Agriculture found Minister
T.Badanjunai‘s report on implementation of the Government program between 2008 and 2012
inadequate and decided to send their views to the Standing Committee on the Economy. The report
contained several heartening figures. Flour production at the end of October, 2010 was 55.8% more
than in the same period of 2009. Also 24,100 tons of processed meat was produced and 15,300 tons
of this was exported. MNT625 million was given as loan to 64 SME organizations and imported food
processing equipment and spare parts for them were exempted from paying customs and value
added tax. The Government spent MNT5.9 billion on livestock disease prevention and veterinary
equipment.
Members were, however, critical of the slow progress in solving problems of unemployment,
poverty, nature protection, environmental recovery, support to SMEs, and unsafe food, and said
these issues should have found a place in the report.
Source: Udriin Soniin
WORKERS IN CLOSED MINES TO GET TWO MONTHS’ MINIMUM SALARY
The Government has decided to grant MNT280,400, or two months‘ minimum salary, as
compensation to miners whose work places have been closed down in Nalaikh, Bor-Undur, and
Berkh of Khentii province, in Saikhan-Ovoo of Bulgan province, and to workers of Nalaikh glass
factory. Giving this information to journalists, the Minister for Social Welfare and Labor, Ms.
T.Gandhi, said the meeting had taken three significant decisions related to social welfare. The one
on compensation to miners was taken on the basis of the Ministry‘s recommendations prepared
after consultation with the Prime Minister who is also Chief of the National Committee to Support
Employment. The compensation will be paid after rules are passed.
The second decision was to open a center in South Korea to help and advise Mongolian citizens
there, especially women married to Koreans. The center will also help with documents for children
of Mongolian-Korean marriages, and offer assistance in incidents of property dispute, domestic
violence, and human trafficking.
The third relates to selection of people who wish to work in South Korea. Up to 15,000 citizens are
registered every year and 2,000 of them are sent. It was decided that those not chosen will not
have to pay fresh registration fees to the Ministry if they wish to go another year.
Source: Unuudur
JAPANESE STUDY GROUP CALLS FOR TRADE TALKS WITH MONGOLIA
Japan and Mongolia should promptly start bilateral economic partnership talks, a study group
comprising Japanese government officials and private-sector experts has recommended. It says such
partnership would help Japan raise automobile exports and secure steady supplies of mineral
resources, while bringing more foreign investment to Mongolia.
Japan intends to put the talks on a fast track in light of the need to reduce its dependence on China
for rare-earth metals, the earthquake and its aftermath have made things uncertain. Japan's trade
with Mongolia totaled about 10.4 billion yen in 2009, accounting for less than 0.1% of its total
foreign trade. Mongolia imposes tariffs on about 99.7% of items shipped from Japan, including cars
and electronics.
Source: The Nikkei
WIND FARM TO BE BUILT NEAR SAINSHAND
The Energy Regulatory Authority has granted special permission to Sainshand Wind Farm LLC to set
up a wind farm at a place 15 km away from Sainshand, the center of Dorngobi aimag. The farm will
have a 52-mw capacity and would annually supply 171.6 million kw to the national network.
Source: Ardiin Erkh
12. INNER MONGOLIA ALONE HAS ONE-THIRD OF CHINA’S WIND POWER CAPACITY
Inner Mongolia Autonomous Region in north China has become the country's first province-level
region to have over 10GW of wind turbines installed and connected to the power grid. This makes
up about one third of China's total grid-access wind installed capacity.
By the end of February 2011, Inner Mongolia had 10.9GW wind turbines integrated to the grid,
including 4.8GW installed in 2010. The region has 150GW of exploitable wind power resources,
about half of the country's onshore exploitable wind power resources. Inner Mongolia hosts two of
the country's eight 10GW-level wind power bases.
Over the past six years, Inner Mongolia realized more than 100 percent of annual growth rate in
grid-access wind power installation. Five of its cities had their respective grid-access wind capacity
exceeding 1GW. In 2010, wind farms in Inner Mongolia generated 19.92 billion kwh of wind power,
up 73.2 percent year on year. The region plans to build another 3.5GW of wind farms this year.
Source: Xinhua
GLOBAL MACRO POLICY AGENDA HAS BECOME MORE URGENT, SAYS IMF
The International Monetary Fund highlighted new risks to the economic recovery and feeble efforts
to tackle existing hazards, but left its projection for global economic growth unchanged at 4.4%,
from 5% last year. The risk of a major supply disruption that spikes oil to USD150-a-barrel levels and
the potential for Europe's sovereign-debt crisis to spread to its core economies are the biggest
threats to the global recovery, the IMF said in its annual World Economic Outlook.
Fears of a double-dip recession have faded as the global recovery gains steam, weakening the
political will for world leaders to tackle some of the fundamental vulnerabilities in the global
economy. Policy advice given to advanced countries last year by the IMF has "so far has been only
partly heeded", said Mr. Olivier Blanchard, the IMF's chief economist. ―Overall, the macro policy
agenda for the world economy remains the same, but with the passage of time, it has become more
urgent."
Rich countries need to slash their bloated and unsustainable budgets, reduce their mountains of
debt overhang and cultivate stronger growth. Emerging nations need to let their currencies
appreciate and bolster domestic demand. Unless the U.S. soon begins earnestly getting its fiscal
house in order, China lets the yuan appreciate at a faster pace, and European and emerging nations
implement ambitious economic restructuring, "little progress will be made with respect to
rebalancing and the recovery will stand on increasingly hollow legs," the IMF warned.
Source: The Wall Street Journal
CHINA POSTS FIRST QUARTERLY TRADE DEFICIT IN SEVEN YEARS
China on Sunday registered its first quarterly trade deficit in seven years, reflecting the rising
prices of imported commodities and highlighting concerns that China's foundations of growth may
be weakening. Most economists predict another banner year for Beijing and forecast further
growth—especially with a boost from the U.S. economy's gradual recovery—although slightly less
than last year's 10.3%. But the Chinese trade deficit suggests that commodity prices surging at
faster than anticipated rates could blunt some of the gains.
The weakening of China's net exports could undercut the arguments of those within China pushing
for faster appreciation of the yuan —something the U.S., Europe and other trading partners have
been demanding. In March, China managed to eke out a small trade surplus, the government said
Sunday, as the trade balance swung to a USD139 million surplus in March from a USD7.3 billion
deficit in February.
China's imports in March rose 27.3% from a year earlier, up from February's 19.4% rise. Exports rose
by 35.8% from a year earlier, up from February's 2.4% increase, which was suppressed due to the
Lunar New Year holiday that month, when many exporters shut down production. For the first
quarter, however, China registered a deficit of USD1.02 billion, the first time China reported a
quarterly trade deficit since the first three months of 2004.
For the full year, China is still widely expected to post a significant trade surplus. Its foreign trade
tends to go through a cycle in which companies stock up on imported raw materials early in the
year; those are then processed into exports. But the annual surplus is likely to narrow over the
coming year as a slowly strengthening currency, rising labor costs and general inflation are making
exports somewhat more expensive, while rising commodity prices are inflating the costs of imports.
An economist for UBS estimates China's trade surplus this year will be around USD150 billion, which
would be down nearly a fifth from last year's level and mark the third straight year of decline.
Read more…
The Chinese Government has made scant progress on tapping the country's potentially vast
13. domestic market. The percentage of the economy accounted for by consumer spending has fallen
and is about 35% of GDP—about half the level of the U.S.
The ability of China to continue its 30-year record of 10% annual growth faces other challenges,
including a roughly 5% annual rate of inflation. That is nearly twice the pace of a year ago, and is
widely expected to move higher in the next few months despite the Chinese central bank's recent
tightening of interest rates and bank reserve requirements. A bursting of China's property bubble
would be especially damaging.
Source: The Wall Street Journal
DOLLAR STILL IN DOWNDRAFT
The beleaguered greenback won a reprieve from the last-gasp agreement averting a shutdown of
the U.S. Government, but many investors remain inclined to punish the dollar. Away from
Washington, most market signs still point to further declines for the greenback.
The main problem for the dollar continues to be that the U.S., like Japan, continues to be
perceived as a laggard when it comes to raising interest rates. Investors are still concerned about
the Fed's so-called quantitative-easing bond-purchase plan, which has weighed on the dollar for
months and goes through June.
Loose monetary policy has contributed to rising global inflation. Central banks have responded by
raising rates, making assets denominated in other currencies more appealing. Last week, the
European Central Bank raised interest rates by one-quarter of a percentage point.
In response to this overall dynamic, last week was a bad one for the dollar. The euro rose to its
highest levels since January 2010, and the dollar fell further against higher-yielding currencies,
such as the Australian dollar, which hit its highest level against the greenback since the currency
began to float freely in 1983. The dollar even lost slightly to the yen on Friday, despite predictions
by many analysts of lasting damage to Japan's economy from its multiple disasters. Late Friday, the
euro was at USD1.4457, compared with USD1.4223 a week ago. With the dollar so beaten down,
some analysts say it can't slip much further. Still, another round of dollar selling may be on the
way—the result of continued wrangling in Washington.
Source: The Wall Street Journal
DANGERS THREATEN TO HAMPER THE SUCCESS OF FAST-GROWING CHINA
As finance ministers converge on Washington this week for a meeting of the International Monetary
Fund, the world economy is leaning ever more heavily on China. Over the past three decades, the
Chinese economy has grown at an annual clip of around 10%, a pace that stands out this year
especially as the global economy is gripped by turmoil in Japan, the Middle East and parts of
Europe.
World Bank chief economist Justin Yifu Lin says China accounted for about one-quarter of global
growth between 2000 and 2009, edging out the U.S. for the top spot, and well ahead of any other
nation. But Beijing's continued success isn't a sure bet. Many fast-growing countries have flamed
out.
Here are three problems that could turn China into an also-ran over the next few years.
The property bubble bursts: In China's three dozen largest cities, prices have shot up by about 50%
over the past two years, according to Dragonomics Research, a Beijing consulting firm. Ordinary
Chinese have become real-estate speculators, figuring that real-estate prices can only go up. Unlike
Americans, Chinese have few options to invest their money outside real estate. Bank deposit rates
are set well below inflation; the stock market is seen as rigged; and the Government won't let them
invest overseas.
Big state-owned industries are also big speculators. In late 2008, China ordered state-owned banks
to boost lending to fight the global recession. Many of those loans went to state-owned
manufacturers which poured money into real estate, according to economist Yongheng Deng of the
National University of Singapore. The price of land acquired through auctions in eight big Chinese
cities doubled in 2009, he found.
The Chinese Government is trying to let the air out of the real-estate bubble by increasing
mortgage down payments and introducing property taxes, among other measures. But that may not
be enough. Local governments depend on revenue from land sales to fund their operations—and as
opportunities for graft. UBS Investment says it will be "very difficult" for China to avoid a burst
bubble in the "medium term", which usually means in the next three to five years. But some China
hands warn that a reckoning could come earlier. China specialist Nicholas Lardy says a real-estate
collapse could shave 2.5 percentage points off Chinese growth—a deeper hit than the country took
at the start of the global financial crisis.
14. Read more…
Unbalanced rebalancing: China has grown rapidly by massive investments in highways, airports,
shipping terminals, mines, steel mills and other projects and by helping exporters through low
wages and an undervalued currency. But that economic strategy may be losing steam. Although
investment has risen to nearly 50% of gross domestic product, job creation is limping along at 1% a
year. China's exports, meanwhile, are unlikely to match the pace of past years because of
diminished demand in Europe and the U.S.
China's leaders know they need to focus far more on the country's potentially vast domestic market.
Shifting toward domestic demand has been the leadership's formal goal since at least 2007, but the
government has made scant progress. Indeed, the percentage of the economy accounted for by
consumer spending has continued to fall and is now about 35% of GDP—about half the level of the
U.S.
Recently, China's leaders again declared they would "rebalance" their economy, this time by
promising to lift workers' incomes so they at least kept up with the rate of growth. But they
announced few concrete policies to make China more consumer-friendly. The magnitude of the
problem is enormous," says Peking University finance professor Michael Pettis, because the country
isn't making strides to a new growth model while the old one is topping out.
Political unrest: China's leaders talk about a "harmonious society," but are now cracking down on
democracy activists emboldened by the Middle East demonstrations, even though there have been
few, if any, Chinese street protests. Although Chinese citizens get enraged at land grabs by local
authorities and other abuses of power, demonstrations are sporadic and rarely spread nationally.
Sometimes, the Chinese look at Beijing as an ally in fighting corrupt local officials, not as a target
of protest.
But political tumult, almost by definition, comes as a surprise. A Japan-style nuclear disaster, for
instance, would be "a catastrophe for the regime" in China, said Dragonomics' managing director,
Arthur Kroeber, because nuclear-plant construction is likely to be shoddier than in Japan, and the
Government's ability to manage a crisis far more limited. That could produce outrage aimed at
Beijing.
In the past, when Beijing has seen signs of political unrest, officials have tried to head off dissent
through economic improvement. One reason the Government is focusing on inflation—at 5%, about
twice the pace of a year ago—is because anger over high prices has preceded political unrest, most
notably during the Tiananmen Square protests of 1989.
The biggest blemish on China's economic record came in the two years following Tiananmen, when
China's growth rate fell by two-thirds to an average of just 4%. Political unrest produced economic
stagnation.
Source: The Wall Street Journal
POLITICS
GOVERNMENT “CHEATING THE PEOPLE”, SAYS STANDING COMMITTEE
The Standing Committee on State Structure has criticized the pace of implementation of the
Government program between 2008 and 2012. Members did not accept the claim of the Chief of the
Cabinet Secretariat, Mr. Ch.Khurelbaatar, that 83% of it has been implemented, and were
particularly unhappy that several goals, such as increasing pension and state officials‘ salaries
three-fold, and ensuring a minimum household income of MNT1 million, have not been met. They
also complained that the program of new apartments has not yet begun, even though it was passed
in June, 2010. Nor has there been any work on building the 1,100-km railway. The Government
program was to generate 60,000 jobs, but so far only 15,875 citizens have got jobs. They criticized
the Government for ―cheating the people‖ as most of these were election pledges.
Source: Ardiin Erkh
RUSSIA STALLING PROGRESS ON TRANSIT TRANSPORT RATES, MINISTER TELLS MPs
Taking part in a meeting of the Standing Committee on Security and Foreign Policy, Minister for
Foreign Affairs and Trade G.Zandanshatar said Russian intransigence was holding up progress on
transit transport rates. Replying to a question on the issue from Mrs. S.Oyun, the Minister explained
that Mongolia, Russia and China concluded a trilateral agreement on transit transport in 2005 but
Russia ―has been unwilling‖ to attend any meeting since then to discuss changes, unless ―the
revisions it wants are accepted‖. Mongolia and China are not agreeable to this.
Another MP, Mr. D.Terbishdagva wanted to know what had happened to the USD300 million loan
15. from China that has been talked about since 2003. Mr. Zandanshatar said China has released only
USD40 million of this, to be spent on information technology programs, but Parliament wants it to
be used differently, and is yet to take a decision.
Source: English.News.mn
PARTY LEADERS PLEDGE NOT TO COMPETE IN OFFERING CASH ALLOWANCES
Leaders of political parties, including those not represented in Parliament, last week signed a
pledge that they will not compete with one another in promising cash allowances during next year‘s
local and parliamentary elections. The memorandum of understanding they signed at a meeting in
Government House also said they will respect national security concerns and all national laws. It
also reiterated their faith in the parliamentary system of governance and said they would set up
working groups to improve the parliamentary structure and strengthen democratic principles. It is,
however, not clear if this self-imposed self-restriction is only on raising the amount promised or if it
applies to the very first announcement of such allowance by any party.
Those who signed the memorandum were the leaders of the Mongolian People‘s Party, the
Democratic Party, the Green Party, the Civil Will Party, the National New Party, the Social
Democratic Party, the Republican Party, the Traditional United Party, and the Motherland Party.
Source: Undesnii Shuudan
DRAFT SUGGESTS EXTRA MONEY FOR STATE STAFF IN REMOTE REGIONS
A draft law prepared by 30 MPs has been submitted to Parliament, seeking monetary compensation
for state employees posted in remote settlements and in the Gobi region. A similar draft prepared
by 24 MPs in 2009 was rejected by Parliament.
The draft lists 91 districts in Gobi-Altai, Bayan-Ulgii, Zavkhan, Uvs, Khovd, Khuvsgul, Bayankhongor,
Sukhbaatar and Dornod provinces as remote regions, and 87 districts of Gobi-Altai, Bayankhongor,
Sukhbaatar, Uvurkhangai, Uvs, Dundgobi, Dornogobi, Gobisumber and Umnugobi provinces as being
in the Gobi region. They have been so identified on the basis of their distance from Ulaanbaatar,
cost of living, social and economic amenities, and climate.
The draft proposes that state employees working there be paid 20% extra salary every month and
six months‘ extra salary after five years‘ employment. It also wants all imports through border
points of Bayan-Ulgii, Khovd, Uvs, Zavkhan, Dornod, Gobi-Altai, Sukhbaatar and Umnugobi provinces
to be exempted from paying excise tax to make life there easier.
Source: News.mn
MONGOLIAN METALS TO MAKE LONDON OLYMPIC MEDALS
Gold, silver and copper from Oyu Tolgoi will be used to make the 4,700 medals for the London 2012
Olympic and Paralympic Games. Mining major Rio Tinto will provide all the metal for medals
awarded at the two events, according to the London Organizing Committee of the Olympic Games
and Paralympic Games, and the company has said the metals will come from its Bingham Canyon
mine in the United States and from the mine in Mongolia that Rio Tinto is developing in partnership
with Ivanhoe Mines. Rio Tinto will become a Tier 3 sponsor of the Olympics, which means it will be
among those to provide products and services rather than cash.
The opening ceremony for the Olympic Games is July 27, 2012, while Oyu Tolgoi is due on stream in
August 2012. But timing is not an issue, as the small amount from there will be derived from metal
obtained during exploration activities, a Rio Tinto spokesman said.
Global miner BHP Billiton supplied the metal for the Beijing Olympics medals.
Source: Reuters
ELBEGDORJ CERTAIN THAT MOVEMENTS FOR DEMOCRACY WILL SUCCEED
President Ts.Elbegdorj has said popular protests in the Middle East are ―ushering in a new age
where the seeds of democracy can at last find fertile ground‖. Watching the throngs of
demonstrators, he says he was ―gripped by the same feeling that swept Mongolia's Sukhbaatar
Square two decades earlier. Back then, as one of the organizers of our democratic uprising against
the communist-run government, I stood for days in the biting cold, freezing but exhilarated because
the fear that our rulers instilled in us -- to bend us, and ultimately break us into subservience -- was
gone. We were not backing down. There was no certainty that freedom would prevail, but in the
end, it did.‖
Saying that the present movements should not come as a surprise, for it has long been clear that
―people deprived of freedom will naturally seek it, fight for it, and if necessary, die for it‖,
President Elbegdorj called upon the leaders of the concerned states to ―acknowledge this fact and
16. unleash the tremendous potential of their countrymen through political liberalization‖. He recalled
how, in 1990, following the overthrow of the then ruling Politburo, Mongolia‘s democratic leaders
has asked a simple question: What next? ―It was easy to be against something,‖ but the difficult
work began only later. Countries that emerge from these democratic revolutions should study the
experience of countries such as Mongolia that have transitioned to democratic governance. ―Our
customs and cultures might be different, but sharing advice from our successes as well as our
failures can prove invaluable in helping these countries get back on their feet‖, he said, and added,
―Having lived under and fought against the tyranny of communism, there's one thing I know: There
is no dictatorship, no military regime, and no authoritarian government that can stand against the
collective will of a people who want to be free.‖
Source: Foreign Policy
NEW APPEALS COURT TO HEAR CASES AGAINST OFFICIALS
An Appeals Court of Administrative Cases has started working, taking forward President
Ts.Elbegdorj‘s Judicial Reform Program. A special court to hear citizens‘ grievances against
decisions and actions by State officials was set up seven years ago, meeting a long felt demand.
However, appeals against the ruling of this court were placed before criminal and civil courts. The
Senior Advisor to the President, Mr. P.Tsagaan, likened this practice to ―asking a dentist to treat a
patient‘s kidneys‖, and said at a press conference that the Appeals Court would ―provide further
protection to citizens from state administrations‘ and officials‘ illegal actions‖. The court in full
strength will have 7 judges.
Source: The Office of the President
OFFICIALS DISCUSS ISSUES RELATING TO NEW ELECTION LAW
The Standing Committee on State Structure this week organized a meeting to facilitate exchange of
views on a new Election Law among members of the working group considering the issue, on the
one hand, and representatives of the General Election Committee (GEC), the Supreme Court, the
Central Bank, the General Police Department and the Union of Mongolian Journalists, on the other.
They discussed the laws needed to stop electoral irregularities, to resolve disputes, and to set out
the role of the participating organizations.
GEC Secretary Ch.Sodnomtseren said electoral district officials should have the power and authority
to collect the evidence to impose penalties for misconduct. They should also have the power to
decide on disputes, which the Constitutional Court has recently transferred to courts. He felt this
will take a long time, and the meeting favored an amendment in the interest of prompt settlement
of disputes. There should also be clarity on who is the final authority to decide on disputes of a
criminal nature, the GEC or a criminal court.
Source: Zuunii Medee
PRISON PSYCHOLOGISTS DOING GOOD WORK
Psychologists were attached to 18 of the country‘s 24 prisons last year to provide counseling service
to a particularly vulnerable section of the population. An official of the Court Decision
Implementing General Board has said the success of this experimental measure has led to a decision
to have two psychologists in all jails with more than 250 inmates. Finances are a constraint right
now. Work with prisoners has special needs and requires new facilities, but a properly equipped
room costs between MNT2 million and MNT3 million to build, and other facilities even more. The
psychologists, who held a meeting among themselves recently to share views and experience, felt
they needed access to books and research papers to achieve better results in the special kinds of
counseling they have to provide.
Source: News.mn
CHINA TO FUND REHABILITATION CENTER FOR MONGOLIAN TROOPS
Mongolia and China have signed an agreement to use a grant of CNY40 million to set up a
rehabilitation-and-relaxation center for Mongolian troops who return from UN peacekeeping
operations. Mr. Ts.Sukhbaatar, Ambassador of Mongolia to China, and Maj-Gen Jia Xiaoning, deputy
director for foreign affairs of the Chinese Defense Ministry, also agreed to name the center after
the two countries. The center is expected to be ready for use in September, when the Defense
Ministry of Mongolia celebrates its 100th anniversary.
Source: Montsame
17. NAMES TO SUCCEED SANGARAGCHAA BEING CONSIDERED
It will take at least three months to dispose of the appeal by Anti-Corruption Authority head
Sangaragchaa against his conviction, but Parliament has the legal authority to dismiss him on the
basis of the decision of the lower court. Thus, even though the Speaker has asked the ACA staff to
continue work as usual, some names are actively being considered to succeed Mr. Sangaragchaa
now in hail. Among the front runners are Mr. J.Enkhsaikhan, Vice-president of the Attorneys‘
Association and a former director of the National Intelligence Agency, Mr. G.Ganzorig, a former
Legal Advisor to the President, Mr. T.Lkhagva, a former head of the General Customs Authority,
and Mr. T.Bilegt, another former director of the National Intelligence Agency.
Source: Undesnii Shuudan
WOMEN’S NGOs SEND MPs THEIR DEMAND NOTE BY POST
As MPs did not receive it by hand when women‘s NGOs prepared a demand note after a discussion
on increasing women‘s participation in decision making on March 7, the National Alliance of
MonFemnet, the Center for Citizens‘ Alliance, the Center of Human Rights and Development and
Women Leaders Foundation has now sent it to all 76 MPs by post.
The note demands women‘s active involvement in all decision making as they constitute 50% of the
country‘s population and number of tax payers. The women‘s organizations want politicians in
power to accept this basic principle of societal justice as stressed in international agreements and
conventions. They especially want a quota for women in next year‘s parliamentary election.
Source: Ardiin Erkh
ANNOUNCEMENTS
MONTPELIER GROUP’S WEALTH MANAGEMENT EVENING, ULAANBAATAR, MAY 4
The Montpelier Group is holding a Wealth Management Evening on May 4 at The Corporate Hotel
between 6 pm and 8 pm. Mr. Peter Davies, Managing Director of the Group will present ―An
Introduction to Montpelier‖, outlining the Group‘s presence in Mongolia and how it can benefit
expatriates living here. Mr. Matthew White. Regional Sales Manager, Friends Provident
International, calls his presentation ―Saving for the Future – The Cost of Delay‖, and will cover
important and fundamental areas of financial planning for expatriates. Mr. Chris Ivinson, Area
Manager, Royal Skandia, will give ―A Global Account for Mobile Investors‖, explaining how investors
can avoid the currency trap and plan their taxation issues. Reservations
The numbers of seats for this event is limited. For reservations please email
jmeaburn@montpeliergroup.com or call +66 (0)2 661 5150. There is no charge for this event.
______________________________________
RUNGE’S COURSE ON MINING FOR NON-MINERS, ULAANBAATAR, MAY 19-20
Runge will hold a course on Mining for Non-Miners in Ulaanbaatar, designed for people of a non-
mining background who interact with mining personnel. The confirmed dates are May 19 and 20,
with one day focusing on coal mining and the other on metal mining. The course is aimed at
providing those from a non-mining background with a comprehensive understanding of the mining
industry. After attending it, participants will have a greater understanding of the operational
practices pivotal to the mining industry, and will be able to interpret essential terminology and feel
more comfortable interacting with core mining staff.
The course fee for non-members is USD2,000 but Runge is offering a massive 50% discount to BCM
members, who pay USD1,000. Initial response has been extremely positive. The number of
participants is limited. Please send your expression of interest via return email by Monday, May 2,
if you are interested in attending this course to saruul@bcmongolia.org, or telephone 332345.
Runge is a world class mining consulting, software and training company with an office in
Ulaanbaatar with expat and local staff. The entire schedule of its upcoming courses for Q2 2011 can
be found in the BCM website, Events Calendar.
___________________________________________
MONGOLIA INVESTMENT CONFERENCE, ULAANBAATAR, MAY 25
Eurasia Capital is organizing the 2nd Annual Mongolia Investment Conference on May 25 in
Ulaanbaatar, to provide a better understanding of a range of Mongolia-based opportunities across
various industries and asset classes. With participants drawn from the highest levels of the
Mongolian government, the conference offers investors and companies the chance to meet key
decision-makers in Mongolia and to acquire first-hand insights about key market drivers, risks and
18. influences that shape the Mongolian market.
High level government officials, representatives of local business groups, international financial
institutions, CEOs of mining and non-resource companies will be among the speakers. They will
provide information on the current market environment and outlook for the Mongolian economy
offer insight into industries that are attracting growing interest
assess the risks and rewards
evaluate the comparative advantages of various business opportunities
present a clear understanding of opportunities worth investing in.
To download the preliminary agenda please click here http://enews.eurasiac.com/cgi-
bin19/DM/t/hIEW0CUnT0Ddg0PLK60EM. For more information and applications please contact: Ms.
Zhyldyz Sadyralieva by email: zhyldyz.sadyralieva@eurasiac.com or phone: +976 99061673.
___________________________________________
“MM TODAY” on MNB-TV, Fridays at 21:15
BCM is pleased to announce that Mongolian National Broadcasting continues its cooperation with
BCM on ―MM Today‖. This English news program is aired every Friday for 10 minutes and is
scheduled for 21:15 tonight. Tune in to watch this program that reports stories from today‘s BCM
NewsWire.
___________________________________________
“BSPOT” on B-TV, Monday to Friday at 21:30
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.
___________________________________________
NEW POSTINGS ON BCM WEBSITE'S 'PRESENTATIONS' AND 'MONGOLIA REPORTS'
Presentations from BCM‘s monthly meetings in the 2011 first quarter, several from the very
successful Mines and Money Hong Kong‘s ‗Mongolia Investment Summit Morning‘ on March 25, and
by Voyager Resources‘ CEO in both English and Mongolian at a March 16 MICC-sponsored gathering.
In addition Mongolia Reports including the U.S. Embassy Mongolia‘s Commercial Section‘s ―2011
Mongolia Investment Climate Statement‖ are among the presentations posted on BCM's website
(www.bcmongolia.org) in the "Resource, Presentations" and ―Resource, Mongolia Reports‖ sections
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.
20. INFLATION
Year 2006 6.0% [source: National Statistical Office of Mongolia (NSOM)]
Year 2007 *15.1% [source: NSOM]
Year 2008 *22.1% [source: NSOM]
Year 2009 *4.2% [source: NSOM]
March 31, 2011 *8.0% [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 - April 14, 2011
Currency Name Currency Rate
US dollar USD 1,205.89
Euro EUR 1,748.42
Japanese yen JPY 14.44
British pound GBP 1,971.09
Hong Kong dollar HKD 155.08
Chinese Yuan CNY 184.66
Russian Ruble RUB 42.74
South Korean won KRW 1.11
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.