The Business Council of Mongolia NewsWire issue 300 provides news highlights from Mongolian business, economic, and political realms. Key business stories include SouthGobi Resources restating financial results for the past 3 years due to revenue recognition errors, and several mining and exploration companies announcing new partnerships, investments, and projects. Economic reports touch on recommendations to tighten policies, investment rules spurring mining development, and Mongolia gearing up for challenges in the mining sector. Political headlines cover initiatives such as joining the Open Government Partnership and establishing cross-border reserves with Russia.
This summary provides the key details from the Business Council of Mongolia newsletter:
- Mongolia wants to resolve its mine dispute with Rio Tinto over cost overruns at the Oyu Tolgoi mine by early 2014 in order to proceed with the mine's expansion.
- Turquoise Hill Resources, the operator of Oyu Tolgoi, will proceed with a $2.4 billion rights offer to repay credit facilities used for the mine's construction.
- Permafrost at the planned site of Power Plant No. 5 poses new challenges as construction is set to begin in 2015, increasing costs for the project's consortium.
The document is a newsletter from the Business Council of Mongolia covering 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 news highlights from the Business Council of Mongolia newsletter. It includes the following key points:
- Ivanhoe Mines expects to begin test production at its Oyu Tolgoi copper and gold mine by Q4 2012 and reach full commercial production in 2013.
- Mongolia Mining, the first Mongolian firm to tap the Hong Kong IPO market, has secured strategic investors like Kerry Group and Ancora Capital to help raise $1 billion.
- The Central Bank of Mongolia is likely to penalize banks that failed to disclose ownership details by the required deadline, as the bank has now posted these details publicly on its website.
- Canadian mining companies are playing
The document summarizes news from the Business Council of Mongolia newsletter. It reports on several stories related to Mongolia's mining and business sector: Turquoise Hill Resources' stock dropped 26% as rights to purchase new shares began trading, following the company's $2.4 billion rights offering to repay debt; Kincora Copper announced a $6.6 million write-down after Mongolia revoked 106 mineral exploration licenses, including two held by Kincora; Aspire Mining signed memoranda for potential purchase of 3.3 million tons per year of coking coal from its Ovoot project in Mongolia by Russian buyers.
The document summarizes news from the Business Council of Mongolia newsletter. It highlights several stories: Khan Bank received an $8 million EBRD loan to finance small and medium businesses; Golomt Bank signed agreements with Hungarian and Chinese banks to provide financing for trade; the Mongolian Stock Exchange is negotiating to use Bloomberg's terminal system for bond trades and took legal action against 196 companies that failed to file reports; Rio Tinto's CEO has helped steer the company to recovery as it approaches interim results and considers options for generating cash going forward including potential growth projects.
The document summarizes business news from Mongolia. It discusses several topics:
- Oyu Tolgoi defended its investment agreement as fair and valid, saying it benefits Mongolia. However, some lawmakers want to increase Mongolia's stake in the project.
- Despite calls to rework OT's agreement, investors increased shares in the project's main partner, shrugging off political risks.
- Prophecy Coal submitted a power purchase agreement proposal for its mine-mouth power plant project.
- Erdene Resources plans to split its coal and Mongolian mineral projects into separate companies to unlock shareholder value.
- Terra Energy is set to begin mining at its South Gobi coal project.
The document summarizes business and economic news from Mongolia reported in Issue 266 of the Business Council of Mongolia NewsWire dated March 22, 2013. Key highlights include:
- Mongolian officials tried to calm fears that disagreements between the government and Rio Tinto over the Oyu Tolgoi mine would delay its planned June start of commercial production.
- Rio Tinto paid nearly $12 billion in taxes globally in 2012, including $280 million in Mongolia.
- Rio Tinto attracted nearly double the $2 billion sought from commercial banks for project financing of Oyu Tolgoi, securing around $3.65 billion committed so far.
- Several mining companies including Newera Resources
This newsletter from the Business Council of Mongolia provides an overview of recent Mongolian business and economic news. It discusses developments at the Oyu Tolgoi mine, including its 2014 budget approval and a power deal. It also reports on mining, exploration and financing deals involving Tavan Tolgoi, Shenhua, Erdenet, and several junior miners. On the economic front, it mentions inflation, currency rates and plans to allocate part of the budget to construction. For politics, it notes progress on a minerals policy and cooperation between ministries. The newsletter recaps the previous month's BCM meeting and welcomes seven new member companies to the Business Council of Mongolia.
This summary provides the key details from the Business Council of Mongolia newsletter:
- Mongolia wants to resolve its mine dispute with Rio Tinto over cost overruns at the Oyu Tolgoi mine by early 2014 in order to proceed with the mine's expansion.
- Turquoise Hill Resources, the operator of Oyu Tolgoi, will proceed with a $2.4 billion rights offer to repay credit facilities used for the mine's construction.
- Permafrost at the planned site of Power Plant No. 5 poses new challenges as construction is set to begin in 2015, increasing costs for the project's consortium.
The document is a newsletter from the Business Council of Mongolia covering 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 news highlights from the Business Council of Mongolia newsletter. It includes the following key points:
- Ivanhoe Mines expects to begin test production at its Oyu Tolgoi copper and gold mine by Q4 2012 and reach full commercial production in 2013.
- Mongolia Mining, the first Mongolian firm to tap the Hong Kong IPO market, has secured strategic investors like Kerry Group and Ancora Capital to help raise $1 billion.
- The Central Bank of Mongolia is likely to penalize banks that failed to disclose ownership details by the required deadline, as the bank has now posted these details publicly on its website.
- Canadian mining companies are playing
The document summarizes news from the Business Council of Mongolia newsletter. It reports on several stories related to Mongolia's mining and business sector: Turquoise Hill Resources' stock dropped 26% as rights to purchase new shares began trading, following the company's $2.4 billion rights offering to repay debt; Kincora Copper announced a $6.6 million write-down after Mongolia revoked 106 mineral exploration licenses, including two held by Kincora; Aspire Mining signed memoranda for potential purchase of 3.3 million tons per year of coking coal from its Ovoot project in Mongolia by Russian buyers.
The document summarizes news from the Business Council of Mongolia newsletter. It highlights several stories: Khan Bank received an $8 million EBRD loan to finance small and medium businesses; Golomt Bank signed agreements with Hungarian and Chinese banks to provide financing for trade; the Mongolian Stock Exchange is negotiating to use Bloomberg's terminal system for bond trades and took legal action against 196 companies that failed to file reports; Rio Tinto's CEO has helped steer the company to recovery as it approaches interim results and considers options for generating cash going forward including potential growth projects.
The document summarizes business news from Mongolia. It discusses several topics:
- Oyu Tolgoi defended its investment agreement as fair and valid, saying it benefits Mongolia. However, some lawmakers want to increase Mongolia's stake in the project.
- Despite calls to rework OT's agreement, investors increased shares in the project's main partner, shrugging off political risks.
- Prophecy Coal submitted a power purchase agreement proposal for its mine-mouth power plant project.
- Erdene Resources plans to split its coal and Mongolian mineral projects into separate companies to unlock shareholder value.
- Terra Energy is set to begin mining at its South Gobi coal project.
The document summarizes business and economic news from Mongolia reported in Issue 266 of the Business Council of Mongolia NewsWire dated March 22, 2013. Key highlights include:
- Mongolian officials tried to calm fears that disagreements between the government and Rio Tinto over the Oyu Tolgoi mine would delay its planned June start of commercial production.
- Rio Tinto paid nearly $12 billion in taxes globally in 2012, including $280 million in Mongolia.
- Rio Tinto attracted nearly double the $2 billion sought from commercial banks for project financing of Oyu Tolgoi, securing around $3.65 billion committed so far.
- Several mining companies including Newera Resources
This newsletter from the Business Council of Mongolia provides an overview of recent Mongolian business and economic news. It discusses developments at the Oyu Tolgoi mine, including its 2014 budget approval and a power deal. It also reports on mining, exploration and financing deals involving Tavan Tolgoi, Shenhua, Erdenet, and several junior miners. On the economic front, it mentions inflation, currency rates and plans to allocate part of the budget to construction. For politics, it notes progress on a minerals policy and cooperation between ministries. The newsletter recaps the previous month's BCM meeting and welcomes seven new member companies to the Business Council of Mongolia.
The document provides news highlights from the Business Council of Mongolia covering business, economic, and political topics. In the business section, it summarizes that Ivanhoe Mines began trading rights for its $1.8 billion rights offering, Singapore's wealth fund acquired a 5.5% stake in Ivanhoe Mines, and Altan Rio intersected high grades of gold at its exploration project. It also mentions officials planning to inspect Areva's uranium project and Khan Bank obtaining $94 million in financing.
The document summarizes business and economic news from Mongolia reported in the Business Council of Mongolia NewsWire on June 24, 2011. Key highlights include:
- The Mongolian government suspended PetroChina's crude oil transport along a gravel road for various violations.
- Erdene Resource Development took investors on a tour of its mining operation sites in Mongolia.
- Mongolia Growth Group received an insurance license under the name Mandal General to underwrite property and casualty insurance in Mongolia.
- Several mining and exploration companies including Voyager Resources, Mongolia Energy Corporation, and Petro Matad provided updates on their drilling, mining, and exploration activities in Mongolia.
The document summarizes business and economic news from Mongolia. It discusses Ivanhoe assessing options for its Oyu Tolgoi mine in Mongolia, including potentially auctioning it off. It also mentions a JORC resource estimate quadrupling the coal inventory for Sharyn Gol to over 374 million metric tons. Additionally, it provides an overview of the most recent Business Council of Mongolia monthly meeting, including presentations on the stock exchange, an upcoming coal conference, and aviation industry growth.
The document is a newsletter from the Business Council of Mongolia covering various business and economic news items from Mongolia in Issue 265 dated March 15, 2013. Some of the key stories covered include: Rio Tinto waiting for a decision from Australia's export credit agency on funding for the Oyu Tolgoi mine after the US raised environmental and social concerns about the project; Oyu Tolgoi being named the "Best Project" of 2012 by Bloomberg TV Mongolia; Mongolian Mining Corp. aiming to increase raw coal output to 12 million tons in 2013 after missing targets in 2012 due to weak demand; and average selling prices for Mongolian coal falling 30% in 2012 which impacted company revenues.
The document is a newsletter from the Business Council of Mongolia covering business and economic news from Mongolia. Some of the key stories covered include:
- Oyu Tolgoi exported 140,000 tons of copper concentrate in the first half of 2014.
- Moody's downgraded the credit ratings of three Mongolian banks, Khan Bank, XacBank, and Trade and Development Bank, following Mongolia's sovereign downgrade.
- Trade and Development Bank pulled a planned US dollar bond offering due to financial market turmoil in Europe.
- BDSec JSC received approval to issue 6 million new shares in a rights offering to raise about $2.5 million.
The document summarizes business, economic, and political news from Mongolia based on a newsletter from the Business Council of Mongolia. Some key points include:
- The CEO of Oyu Tolgoi LLC, Mongolia's largest company, will step down in November after completing his three-year term.
- Mongolia has granted three local firms a one-year contract to mine part of the Tavan Tolgoi coal mine in an effort to boost coal output and payments.
- Mongolia's fifth largest bank, Savings Bank, is being taken over by a state-owned bank after its main shareholder defaulted on loans.
- The document summarizes business and economic news from Mongolia. It reports that Turquoise Hill Resources and Rio Tinto expect to sign a $4 billion financing plan by the end of June to develop the second phase of the Oyu Tolgoi mine, while Mongolia plans to begin investigating Oyu Tolgoi's tax and contractual compliance. It also mentions that Erdenes Tavan Tolgoi will begin mining the West Tsankhi coal area and potentially partner with foreign miners, and that Japanese companies will build Mongolia's second international airport.
The document summarizes news from the Business Council of Mongolia newsletter dated January 11, 2013. It covers several topics:
- In the business section, it discusses the completion of the Oyu Tolgoi mine's airport, KFC's plans to open locations in Mongolia, and Mongolian Growth Group listing on the TSXV exchange.
- The economy section notes Japan and Mongolia signing an emissions reduction pact, planned infrastructure developments, and forecasts for Mongolia's economic growth in 2013.
- The politics section covers several proposed laws and investment discussions between Mongolia and other countries.
The document summarizes business and economic news from Mongolia. It reports that Goldman Sachs has agreed to buy a stake in Mongolia's Trade and Development Bank to help it expand. It also reports that a Mongolian company has become the first to meet international food safety standards, and that coal producers are increasing exports and expanding border infrastructure to facilitate greater exports. It further reports on several mining companies' operations and plans for expanding production.
The document provides a summary of business and economic news from Mongolia in its Issue 336 dated August 1, 2014. Some of the key highlights include:
- Turquoise Hill announces the sale of a 29.95% stake in SouthGobi Resources to a Hong Kong company.
- Erdenes TT partners with Korean and Mongolian companies to develop a coal-to-methane gas facility at Tavan Tolgoi.
- Xanadu Mines expands drilling at its Altan Tolgoi copper-gold project, intersecting additional mineralization.
The document provides news highlights from the Business Council of Mongolia. It includes summaries of several stories: Erdenes-TT pushes back its IPO to 2013 due to delays in passing securities laws; Energy Resources reaches the finals for a global corporate social responsibility award; and the Mongolian vice minister of finance says a new foreign investment law is unlikely to be retroactive to halt Chalco's proposed purchase of Ivanhoe Mines. It also briefly summarizes personnel changes at Ivanhoe Mines and Voyager Resources, and reports that Entrée Gold's Heruga deposit continues expanding in size.
The document summarizes news from the Business Council of Mongolia newsletter. It 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 summarizes business and economic news from Mongolia. It reports that Khan Resources received notice from Mongolia's State Property Committee to increase state ownership of its uranium project to 51%. It also reports that Centerra Gold forecasts gold production of 640,000-700,000 ounces in 2010. Additionally, it mentions that Ivanhoe Mines plans to spend $758 million on development work at its Oyu Tolgoi copper-gold mine in 2010.
The document is a newsletter from the Business Council of Mongolia that provides news highlights on business, economic, and political issues in Mongolia. It includes summaries of multiple news stories related to Mongolian companies and mining projects, economic indicators and foreign investment in Mongolia, and political developments. It also announces an upcoming meeting of the Business Council of Mongolia that will feature presentations from the U.S. Ambassador, the CEO of a Mongolian investment company, and the chairman of Mongolia's National Development and Innovation Committee.
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.
This document summarizes recent business, economic, and political news from Mongolia. On the business front, Oyu Tolgoi addressed rumors about dilution of Mongolia's shareholding in the company. Khan Resources plans to challenge a decision not to reinstate its mining licenses. SouthGobi announced its Q3 financial results and operational highlights. Erdene provided project updates and its Q3 results. Prophecy received a mining permit for its Ulaan Ovoo project and DEIA approval for its Chandgana project. Petro Matad began drilling a new exploration well. TDB opened Mongolia's subordinated debt market. On the economic side, contractor selection for Tavan Tolgoi is expected this
This document summarizes the August 30, 2013 issue of the Business Council of Mongolia NewsWire. It provides highlights on business, economic, and political news in Mongolia. Some of the top business stories include Mongolia granting pre-mining agreements to SouthGobi, a Chinese company eyeing Turquoise Hill's Inova Resources, and Wolf Petroleum raising funds for oil and gas exploration. On the economic front, the Premier attempts to cool fears about the economy while the agriculture sector receives funding. Politically, Mongolia plans to scrap its controversial foreign investment law and a delegation is set to discuss the Oyu Tolgoi mine in London. The newsletter also recaps the latest BCM monthly meeting and new members.
The document summarizes business and economic news from Mongolia reported in Issue 291 of the Business Council of Mongolia NewsWire dated September 13, 2013. Key points include:
- Oyu Tolgoi appointed a new CEO from Rio Tinto as disputes continue over project financing terms between Rio Tinto and the Mongolian government.
- Mongolian representatives will meet with Rio Tinto investors in London to discuss the situation at Oyu Tolgoi amid declining foreign investment in Mongolia.
- A new digital cable platform is set to launch in Mongolia provided by NAGRA, allowing subscribers access to premium content and services.
The document summarizes the key news and events from the September 6th, 2013 issue of the Business Council of Mongolia NewsWire. It discusses several business and economic stories, including Rio Tinto replacing board members at the Oyu Tolgoi copper mine amid disputes with the Mongolian government over financing. It also mentions Erdenes Tavan Tolgoi planning to ramp up coal production and begin exports from its West Tsankhi mine. Additionally, it provides an overview of the 2013 Discover Mongolia investment forum, including remarks on the importance of respecting investment agreements and concerns about policy instability expressed by speakers from Anglo American and Erdenes Tavan Tolgoi.
The document provides a summary of business and economic news from Mongolia. Some of the key points include:
- Final demands from Mongolia regarding the Oyu Tolgoi investment agreement are almost ready and an agreement is possible before Naadam in July.
- Ivanhoe Mines shares jumped on reports that the Mongolian parliament may approve the Oyu Tolgoi agreement this month.
- CNNC International acquired a 69% stake in Western Prospector, a uranium exploration company.
- Entree Gold is compiling results from its spring exploration program including expanding resources at its Heruga copper-gold deposit.
The document provides news highlights from the Business Council of Mongolia covering business, economic, and political topics. In the business section, it summarizes that Ivanhoe Mines began trading rights for its $1.8 billion rights offering, Singapore's wealth fund acquired a 5.5% stake in Ivanhoe Mines, and Altan Rio intersected high grades of gold at its exploration project. It also mentions officials planning to inspect Areva's uranium project and Khan Bank obtaining $94 million in financing.
The document summarizes business and economic news from Mongolia reported in the Business Council of Mongolia NewsWire on June 24, 2011. Key highlights include:
- The Mongolian government suspended PetroChina's crude oil transport along a gravel road for various violations.
- Erdene Resource Development took investors on a tour of its mining operation sites in Mongolia.
- Mongolia Growth Group received an insurance license under the name Mandal General to underwrite property and casualty insurance in Mongolia.
- Several mining and exploration companies including Voyager Resources, Mongolia Energy Corporation, and Petro Matad provided updates on their drilling, mining, and exploration activities in Mongolia.
The document summarizes business and economic news from Mongolia. It discusses Ivanhoe assessing options for its Oyu Tolgoi mine in Mongolia, including potentially auctioning it off. It also mentions a JORC resource estimate quadrupling the coal inventory for Sharyn Gol to over 374 million metric tons. Additionally, it provides an overview of the most recent Business Council of Mongolia monthly meeting, including presentations on the stock exchange, an upcoming coal conference, and aviation industry growth.
The document is a newsletter from the Business Council of Mongolia covering various business and economic news items from Mongolia in Issue 265 dated March 15, 2013. Some of the key stories covered include: Rio Tinto waiting for a decision from Australia's export credit agency on funding for the Oyu Tolgoi mine after the US raised environmental and social concerns about the project; Oyu Tolgoi being named the "Best Project" of 2012 by Bloomberg TV Mongolia; Mongolian Mining Corp. aiming to increase raw coal output to 12 million tons in 2013 after missing targets in 2012 due to weak demand; and average selling prices for Mongolian coal falling 30% in 2012 which impacted company revenues.
The document is a newsletter from the Business Council of Mongolia covering business and economic news from Mongolia. Some of the key stories covered include:
- Oyu Tolgoi exported 140,000 tons of copper concentrate in the first half of 2014.
- Moody's downgraded the credit ratings of three Mongolian banks, Khan Bank, XacBank, and Trade and Development Bank, following Mongolia's sovereign downgrade.
- Trade and Development Bank pulled a planned US dollar bond offering due to financial market turmoil in Europe.
- BDSec JSC received approval to issue 6 million new shares in a rights offering to raise about $2.5 million.
The document summarizes business, economic, and political news from Mongolia based on a newsletter from the Business Council of Mongolia. Some key points include:
- The CEO of Oyu Tolgoi LLC, Mongolia's largest company, will step down in November after completing his three-year term.
- Mongolia has granted three local firms a one-year contract to mine part of the Tavan Tolgoi coal mine in an effort to boost coal output and payments.
- Mongolia's fifth largest bank, Savings Bank, is being taken over by a state-owned bank after its main shareholder defaulted on loans.
- The document summarizes business and economic news from Mongolia. It reports that Turquoise Hill Resources and Rio Tinto expect to sign a $4 billion financing plan by the end of June to develop the second phase of the Oyu Tolgoi mine, while Mongolia plans to begin investigating Oyu Tolgoi's tax and contractual compliance. It also mentions that Erdenes Tavan Tolgoi will begin mining the West Tsankhi coal area and potentially partner with foreign miners, and that Japanese companies will build Mongolia's second international airport.
The document summarizes news from the Business Council of Mongolia newsletter dated January 11, 2013. It covers several topics:
- In the business section, it discusses the completion of the Oyu Tolgoi mine's airport, KFC's plans to open locations in Mongolia, and Mongolian Growth Group listing on the TSXV exchange.
- The economy section notes Japan and Mongolia signing an emissions reduction pact, planned infrastructure developments, and forecasts for Mongolia's economic growth in 2013.
- The politics section covers several proposed laws and investment discussions between Mongolia and other countries.
The document summarizes business and economic news from Mongolia. It reports that Goldman Sachs has agreed to buy a stake in Mongolia's Trade and Development Bank to help it expand. It also reports that a Mongolian company has become the first to meet international food safety standards, and that coal producers are increasing exports and expanding border infrastructure to facilitate greater exports. It further reports on several mining companies' operations and plans for expanding production.
The document provides a summary of business and economic news from Mongolia in its Issue 336 dated August 1, 2014. Some of the key highlights include:
- Turquoise Hill announces the sale of a 29.95% stake in SouthGobi Resources to a Hong Kong company.
- Erdenes TT partners with Korean and Mongolian companies to develop a coal-to-methane gas facility at Tavan Tolgoi.
- Xanadu Mines expands drilling at its Altan Tolgoi copper-gold project, intersecting additional mineralization.
The document provides news highlights from the Business Council of Mongolia. It includes summaries of several stories: Erdenes-TT pushes back its IPO to 2013 due to delays in passing securities laws; Energy Resources reaches the finals for a global corporate social responsibility award; and the Mongolian vice minister of finance says a new foreign investment law is unlikely to be retroactive to halt Chalco's proposed purchase of Ivanhoe Mines. It also briefly summarizes personnel changes at Ivanhoe Mines and Voyager Resources, and reports that Entrée Gold's Heruga deposit continues expanding in size.
The document summarizes news from the Business Council of Mongolia newsletter. It 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 summarizes business and economic news from Mongolia. It reports that Khan Resources received notice from Mongolia's State Property Committee to increase state ownership of its uranium project to 51%. It also reports that Centerra Gold forecasts gold production of 640,000-700,000 ounces in 2010. Additionally, it mentions that Ivanhoe Mines plans to spend $758 million on development work at its Oyu Tolgoi copper-gold mine in 2010.
The document is a newsletter from the Business Council of Mongolia that provides news highlights on business, economic, and political issues in Mongolia. It includes summaries of multiple news stories related to Mongolian companies and mining projects, economic indicators and foreign investment in Mongolia, and political developments. It also announces an upcoming meeting of the Business Council of Mongolia that will feature presentations from the U.S. Ambassador, the CEO of a Mongolian investment company, and the chairman of Mongolia's National Development and Innovation Committee.
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.
This document summarizes recent business, economic, and political news from Mongolia. On the business front, Oyu Tolgoi addressed rumors about dilution of Mongolia's shareholding in the company. Khan Resources plans to challenge a decision not to reinstate its mining licenses. SouthGobi announced its Q3 financial results and operational highlights. Erdene provided project updates and its Q3 results. Prophecy received a mining permit for its Ulaan Ovoo project and DEIA approval for its Chandgana project. Petro Matad began drilling a new exploration well. TDB opened Mongolia's subordinated debt market. On the economic side, contractor selection for Tavan Tolgoi is expected this
This document summarizes the August 30, 2013 issue of the Business Council of Mongolia NewsWire. It provides highlights on business, economic, and political news in Mongolia. Some of the top business stories include Mongolia granting pre-mining agreements to SouthGobi, a Chinese company eyeing Turquoise Hill's Inova Resources, and Wolf Petroleum raising funds for oil and gas exploration. On the economic front, the Premier attempts to cool fears about the economy while the agriculture sector receives funding. Politically, Mongolia plans to scrap its controversial foreign investment law and a delegation is set to discuss the Oyu Tolgoi mine in London. The newsletter also recaps the latest BCM monthly meeting and new members.
The document summarizes business and economic news from Mongolia reported in Issue 291 of the Business Council of Mongolia NewsWire dated September 13, 2013. Key points include:
- Oyu Tolgoi appointed a new CEO from Rio Tinto as disputes continue over project financing terms between Rio Tinto and the Mongolian government.
- Mongolian representatives will meet with Rio Tinto investors in London to discuss the situation at Oyu Tolgoi amid declining foreign investment in Mongolia.
- A new digital cable platform is set to launch in Mongolia provided by NAGRA, allowing subscribers access to premium content and services.
The document summarizes the key news and events from the September 6th, 2013 issue of the Business Council of Mongolia NewsWire. It discusses several business and economic stories, including Rio Tinto replacing board members at the Oyu Tolgoi copper mine amid disputes with the Mongolian government over financing. It also mentions Erdenes Tavan Tolgoi planning to ramp up coal production and begin exports from its West Tsankhi mine. Additionally, it provides an overview of the 2013 Discover Mongolia investment forum, including remarks on the importance of respecting investment agreements and concerns about policy instability expressed by speakers from Anglo American and Erdenes Tavan Tolgoi.
The document provides a summary of business and economic news from Mongolia. Some of the key points include:
- Final demands from Mongolia regarding the Oyu Tolgoi investment agreement are almost ready and an agreement is possible before Naadam in July.
- Ivanhoe Mines shares jumped on reports that the Mongolian parliament may approve the Oyu Tolgoi agreement this month.
- CNNC International acquired a 69% stake in Western Prospector, a uranium exploration company.
- Entree Gold is compiling results from its spring exploration program including expanding resources at its Heruga copper-gold deposit.
Red roses symbolize true love, romance, and passion. A bunch of red roses can make a day feel special. Yellow roses represent friendship and care, as well as warmth and affection. Pink roses denote sophistication and refinement, with darker shades symbolizing gratitude and admiration and lighter shades representing respect and understanding. Orange roses convey enthusiasm and strong feelings, symbolizing admiration, attraction, and a blooming desire. White roses depict purity, humility, truth, and innocence, symbolizing the pureness of new love or portraying honor, reverence, and heavenliness.
El documento describe el realismo como una corriente pictórica y literaria que busca representar la realidad de forma objetiva y exacta. Se inició en 1850 en el siglo XIX. En España, el realismo surgió en un contexto de confrontación política y desarrollo industrial, y se expresó principalmente a través de la novela, con autores como Galdós, Clarín, Pardo Bazán y Pereda, que retrataron costumbres regionales.
This risk report from the Mongolia Economic Forum and Economic Research Institute identifies several key risks facing Mongolia's economy and development. Section I provides background on Mongolia's rapid economic growth over the past 15 years, with GDP increasing 10 times nominally and 2 times in real terms. Section II identifies four main risks: 1) boom-bust economic cycles driven by commodity price and policy fluctuations can cause volatile GDP growth, inflation, and currency depreciation; 2) the "resource curse" from overdependence on mining risks instability; 3) environmental risks threaten sustainable development; 4) increasing political risks may destabilize the country. The conclusion is that managing these interconnected risks will be important for Mongolia to develop stably into the
This document discusses operational imperatives and progress at improving efficiency. It includes:
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3) Target to reduce inventory days by 30% through leveraging common components, improved planning and end of life management.
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.
Las dos subespecies de gorila oriental, el gorila de montaña y el gorila de llanura, se encuentran en peligro crítico debido a la caza furtiva, la pérdida de hábitat, las enfermedades y la inestabilidad política. Solo quedan dos poblaciones salvajes, una en las montañas Virunga y otra en la selva de Bwindi en Uganda. Aunque las medidas de conservación han logrado que la población de Virunga crezca un 26.3% entre 2003-2010, los gorilas siguen clasificados como en
Dokumen tersebut merupakan program tahunan mata pelajaran Fiqih untuk kelas 3 semester 1 dan 2 yang mencakup 5 standar kompetensi yaitu tentang shalat sunah, shalat Jumat, shalat bagi orang sakit, puasa Ramadhan, dan amalan-amalan pada bulan Ramadhan.
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Este documento resume aspectos clave del Renacimiento en España, incluyendo su surgimiento e influencias, diferencias con la Edad Media, hechos históricos como la conquista de Granada y el descubrimiento de América, y desarrollos culturales como el humanismo y la difusión de autores grecolatinos. También describe los géneros literarios principales de este periodo en España, como la lírica renacentista con autores como Garcilaso de la Vega, y la literatura religiosa ascética y mística con figuras como Fray Luis de Le
The document discusses various methods used in ancient times to transport large monolithic structures. It describes how megaliths were lifted using levers, logs, and tread wheel cranes powered by human labor. These methods allowed stones weighing up to 10 tons to be rolled on logs and pulled with ropes. Additional techniques discussed include using wet sand to reduce friction and make transporting heavy objects like stone blocks and statues across deserts easier for ancient Egyptians building pyramids. In conclusion, moving monolithic structures was achieved through labor-intensive methods that required significant time but allowed for transportation of massive stonework with limited technology.
This document summarizes news from the Business Council of Mongolia newsletter dated April 23, 2010. It covers several topics:
- Mongolian MPs gave positive reviews of Boroo Gold's operations and supported allowing it to continue mining.
- The Mongolian government is considering graduated royalty rates on minerals to replace the windfall profits tax.
- Khan Resources filed a court claim challenging the invalidation of its mining license, saying its planned buyout will not be affected.
- The Constitutional Court dismissed a petition regarding Petro China's oil exploration activities, ruling that Mongolian laws do not apply due to an earlier agreement.
- Documents related to investor selection and agreements for the Tavan
The document summarizes the latest news from the Business Council of Mongolia newsletter. It discusses several business, economic, and political stories in Mongolia, including the government's plans to resolve disputes over mining licenses, revise mineral laws to attract investment, and proposals to allow gambling on horse racing. It also provides summaries of presentations given at the most recent BCM meeting on waste management initiatives, public opinion polling, and Peabody Energy's energy advocacy campaign.
The document summarizes the latest news from the Business Council of Mongolia newsletter. It discusses several business and economic stories including Rio Tinto cutting jobs at a Mongolian copper mine, Rosneft signing agreements in Mongolia, and the Mongolian government funding cement plant development. It also provides recaps of the council's monthly meeting and presentations given on the Mongolian government's economic stimulus plan and opportunities to privatize state assets.
The document summarizes the September 26, 2014 issue of the Business Council of Mongolia NewsWire. It includes the following highlights:
- Eight new members joined the Business Council of Mongolia, including companies in facilities management, tourism, accounting, and cycling.
- Upcoming events were announced, including a Risk Management and Insurance Conference in October focusing on risks in the mining industry and political/trade risks.
- Speakers at the Business Council of Mongolia monthly meeting discussed challenges in the mining industry due to economic pressures, the need for cost-cutting, and support for small start-up companies through business accelerators.
The document is a newsletter from the Business Council of Mongolia covering business and economic news from Mongolia. Some of the key stories covered include Mongolia disputing that delays at the Oyu Tolgoi mine are its fault, Viking Mines signing a coal supply agreement, plans for a solar farm in the Gobi desert, and the Oxford Business Group releasing a report highlighting Mongolia's untapped economic potential. It also mentions several economic indicators and upcoming political and business events in Mongolia.
The document summarizes business and economic news from Mongolia. It discusses several mining projects and companies, including progress on the Oyu Tolgoi mine, Shenhua Energy's interest in the Tavan Tolgoi coal project, and Haranga Resources announcing iron ore prospects at its Selenge project. It also mentions Newcom LLC's plans to export renewable energy from Mongolia to Japan and the Development Bank of Mongolia raising $600 million in international debt markets. The Business Council of Mongolia meeting featured presentations on the banking sector, foreign investors' views of Mongolia, and private sector involvement in development.
The document summarizes news from the Business Council of Mongolia newsletter. It includes the following key points:
- Rio Tinto warns that renegotiating Mongolia's investment agreement for the Oyu Tolgoi project risks damaging the country's reputation with foreign investors.
- Ivanhoe Mines and Rio Tinto have an uneasy relationship as partners in the Oyu Tolgoi project, made more difficult by disputes between the companies and potential government interference.
- Petro Matad receives encouraging initial results from its Davsan Tolgoi 4 exploration well in Mongolia, indicating a high quality oil without water.
This document summarizes news from the Business Council of Mongolia's newsletter dated August 31, 2012. It includes highlights on business, economics, and politics in Mongolia. On business, it discusses the mining minister seeking a larger stake in the Oyu Tolgoi project, Rio Tinto being confident of securing power supply for Oyu Tolgoi from China, and several other mining projects and companies. On economics, it covers topics like road construction projects, the wool industry, and inflation. On politics, it mentions the cabinet restructuring the government and preparations for local elections in November.
The document provides an overview of business and economic news from Mongolia in Issue 228 of the Business Council of Mongolia NewsWire dated June 29, 2012. Key points include:
- The Oyu Tolgoi copper and gold mine is 90% complete with extraction set to begin in mid-August. Rio Tinto hopes to have funding secured for the mine's expansion by December.
- Approximately one-third of Oyu Tolgoi's workforce is currently Chinese, which could increase tensions between Mongolia and China given Mongolia's sensitivity about Chinese influence.
- Upcoming national elections in Mongolia are contributing to uncertainty over foreign investment policy, with the pro-business Democratic Party currently holding a lead in
The document is a newsletter from the Business Council of Mongolia that provides news highlights on business, economic, and political issues in Mongolia. It summarizes recent news stories on topics like bad bank debts affecting investors, mining and resource companies operating in Mongolia, economic indicators, and an recap of the BCM monthly meeting. The meeting discussed Mongolia's new investment law, opportunities in the oil and mining industries, environmental conservation programs, and the role of the new Invest Mongolia agency in attracting investment.
The document summarizes business and economic news from Mongolia reported in the Business Council of Mongolia NewsWire. It includes the following highlights:
- The mining minister says the deal for the Gatsuurt gold project between the government and Centerra Gold will be finalized by the end of spring.
- FTI Consulting has been appointed to lead the debt restructuring of Mongolian Mining Corporation after it defaulted on $600 million in bonds.
- Petro Matad has lost its partner Shell in two production sharing contracts in Mongolia, but Shell will provide compensation to Petro Matad.
The document summarizes news from the Business Council of Mongolia covering business, economic, and political topics in Mongolia. Some key points include:
- Rio Tinto faces further delays in expanding the Oyu Tolgoi copper mine due to potential missed deadlines for securing project financing.
- Mongolia will spend 1 trillion MNT on industrial production and the volume of gold sales grew 8-fold year-over-year.
- Parliament adjusted its schedule for the spring session and a new state-owned company will replace ministries' construction departments.
- The BCM meeting had over 100 attendees and new members were introduced, including Mongol Bridge Group and Resource Mincom LLC.
- The document summarizes business and economic news from Mongolia. It discusses several mining companies expanding operations in Mongolia, including Centerra Gold and Xstrata Coal. It also mentions the European Bank for Reconstruction and Development planning to increase investments in Mongolia by 50% in industries like mining, retail, and tourism. Additionally, it provides updates on Mongolia's rankings in terms of ease of doing business and notes a sharp fall in the country's budget surplus for the first 8 months of 2008.
The document provides a summary of business and economic news from Mongolia. It discusses several stories including CHPP No. 4 receiving funds for renovations, a meat producer making the first shipment to China, a trade finance program helping a food storage facility get built, and Mongolian Airlines turning a profit despite economic challenges. It also lists updates from various Mongolian companies and economic indicators. The summary recaps the main topics and events covered in the Mongolian business news document.
The document is a newsletter from the Business Council of Mongolia providing news highlights from July 8, 2011. It includes over 50 brief news items covering business, economic, and political news in Mongolia. Some of the top business stories include Centerra Gold announcing a significant new discovery in northeast Mongolia, Oyu Tolgoi beginning work on a new vocational training center, and Sedgman receiving a $24 million contract at the Ukhaa Khudag coal mine.
The document is a newsletter providing summaries of business and economic news from Mongolia. Key points include:
- Oyu Tolgoi mine has cleared the last hurdle to beginning production by signing an agreement to purchase power from China. However, the Mongolian government still wants to discuss details of the investment agreement for the mine.
- Prophecy Coal may stop mining operations at its Ulaan Ovoo mine if the government does not increase what it is willing to pay, as the company says it is currently selling coal at a loss.
- A joint venture between Newcom Group and Soft Bank Energy called Clean Energy Asia has been established with the goal of developing renewable energy projects and an "
The document summarizes news from the Business Council of Mongolia newsletter dated December 7, 2012. It covers various business, economic and political stories regarding Mongolia. On the business front, it discusses companies building new plants, resuming mining operations, and selling Mongolian assets. Economically, it mentions Mongolia's bonds declining as its coalition government becomes unstable. Politically, it notes a political party possibly exiting the coalition and various leaders' meetings with counterparts from other countries.
This document summarizes the key news highlights from Issue 267 of the Business Council of Mongolia NewsWire dated March 29, 2013. It includes news on business, economic, and political developments in Mongolia. The Business Council of Mongolia monthly meeting recap is also provided, including an overview of presentations on the American University of Mongolia, updates to Mongolia's Strategic Entities Foreign Investment Law, and Australia's third neighbor policy with Mongolia. Key companies and organizations that recently joined the Business Council of Mongolia are also listed.
This document summarizes news from the Business Council of Mongolia newsletter dated July 1, 2011. It highlights several stories on business and economic news in Mongolia, including: Aspire Mining raising the production target for its Ovoot coal mine, which would make it one of the largest coal mines worldwide; Prophecy Coal's first coal shipment from Mongolia to Russia; new wells being drilled by petroleum companies; and airlines and transportation projects expanding services. It also summarizes updates on the Mongolian economy, including inflation reaching 9.8% and sovereign wealth and private equity funds investing in Mongolia. Politics news included the registration of an opposition party and changes in government. The monthly Business Council meeting recap
The document summarizes news from the Business Council of Mongolia newsletter. It highlights several business and economic stories including Turquoise Hill posting 2013 production numbers and guidance for 2014, FeOre selling its iron ore stake for $56.7 million, Merex planning an IPO of 40% of its shares on the Mongolian stock exchange, Xanadu Mines completing the acquisition of the Oyut Ulaan project, and MIAT planning an IPO with assistance from an international investment firm. It also previews the agenda for the upcoming BCM monthly meeting.
The document provides a summary of business and economic news from Mongolia. It includes the following highlights:
- Rio Tinto is restructuring leadership at the Oyu Tolgoi mine, with the current CEO stepping aside and a new managing director being appointed.
- The head of Mongolia's Erdenes Mongol, which holds state mining assets, plans to continue pursuing a strategy of diversifying into other industries similar to Singapore's Temasek fund.
- The Business Council of Mongolia released proceedings from its first annual summit addressing issues like maintaining stability and improving the business environment.
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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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.
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1. BUSINESS COUNCIL of MONGOLIA
NewsWire
www.bcmongolia.org
info@bcmongolia.org
Issue 300 – November 15, 2013
THIS MARKS BCM NEWSWIRE'S 300TH ISSUE! THANKS TO ALL OUR MEMBERS FOR THEIR
SUPPORT!
NEWS HIGHLIGHTS:
Business
SouthGobi Resources to restate results for past 3 years;
Entrée negotiates for stabilities at OT;
Areva forms a joint venture with Mongolia’s Mon-Atom;
Prophecy Coal pays off outstanding loan;
Sentosa completes first round of drilling at Darvii Naruu;
U.S. firm presents alternative course for Aspire's railway project;
Petro Matad data acquisition on track, exploration director to leave;
Undur Tolgoi to acquire road construction firm;
MEC fails to make note payments;
Teck increases stake in Erdene to 10.4 percent;
APU ordered to cease use of Chinggis Khaan’s name for its beer;
Erel to commission prefabricated materials factory;
HBOil extends option to purchase offshore DPRK exploration rights;
Direct UB-Erenhot flight to launch;
APU opens world-class food warehouse;
AUM opens new presentation course;
Michelmores extends international credentials in Tenger deal;
Kyrgyz lawmaker indicates government losing patience with Kumtor talks.
Economy
World Bank urges tightened economic policies;
Mongolia's new investment rules to spur mining sector development: miners;
Mongolia gears up for the fight of its mining life;
Mongolia to open investment agency;
Mongolia commissions UB-Dundgobi road;
Government wage budget increases 18 percent;
Bring in the start ups: supporting SMEs in Mongolia;
Greenfields man helps combat Tuberculosis in Mongolia;
Central Asian commodities exporters going strong, says EBRD;
China expected to cut growth target to 7 percent;
New leadership brings a change to Australia’s resources sector;
Mining will continue to drive Australian economy for the next five years.
Politics
Mongolia will never bury nuclear waste, says Elbegdorj;
12 health projects expected for completion in 2013, says Health Minister;
2. President initiates development roadmap meeting;
The MNT 70,000 grant per month for students will be changed;
Amarjargal resigns from Parliament;
Mongolia joins Open Government Partnership;
Mongolia receives support from international institute for green economy;
Serbia and Mongolia sign agreement on visa abolishment;
Mongolia signs intergovernmental agreement on dry ports;
Mongolian ambassador stresses educational ties with India;
UN officer attends Mongolian peacekeepers ceremony in South Sudan;
Mongolia and Russia to establish cross-border protected reserve;
Ganjuur Sutra registered on UNESCO World Heritage List;
Mongolia's wealthy politicians;
Ministry of Health leads in government red tape, says study;
Overview of the Investment Funds Law;
South Korean money laundering in Mongolia comes to light;
UB Mayor to receive honors in Washington, D.C.
ECONOMIC INDICATORS
MSE Top 20 Index by market Capitalization;
Foreign-listed Companies with Mongolian Assets;
Inflation;
Central bank policy rate;
Currency rates.
*Click on titles above to link to articles.
SPONSORS
Khan Bank International SOS
Wagner Asia Automotive Oxford Business Group
Mongolian National Broadcasting Breakthrough PR
3. BCM MONTHLY MEETING RECAP
The BCM meeting on 11 November with Bayanjargal Byambasaikhan in the chair was attended by
150 members and invited guests. The meeting observed BCM's 6th-year anniversary and was
followed by BCM‘s Annual Membership Renewal Dinner seating 185 members.
Jim Dwyer, Executive Director, spoke on the importance of BCM‘s members, ―our Lifeblood.‖ Jim
announced a special offer for subsidiaries and divisions of current BCM members to join at a 50%
dues discount. This dovetails with a BCM goal to attract more medium-sized entities to its
membership.
BCM membership now stands at 268, an all-time high, compared with 250 in October 2012. The 5
newest members are:
1. Clear Lakes Capital was established in 2011 to manage offices and apartments in Mongolia. It
focuses on the central parts of Ulaanbaatar offering well-furnished properties and improves the
properties by replacing kitchens and fridges, installing flat screen TVs, ovens and dishwashers. All
apartments have emergency water heaters and most properties have LED lighting and smoke
detectors installed. Above all Clear Lakes responds to occasional breakdowns in a matter of hours.
Its properties are to be found in Park View, Regency Residence, Four Seasons Gardens and Temple
View.
2. Since its establishment in 1924, the Institute of Finance & Economics (IF&E) has been one of the
leading economic and business development centers in Mongolia offering high quality programs.
Students are offered new opportunities and the latest knowledge reflecting current market
developments. IFE is on its way of becoming a highly competitive business school in Asia.
IF&E offers a wide range of Business programs such as Financial Management, Business
Administration, Tourism & Hospitality Management and, Business Economics, Business Law, and
Marketing Management.
3. Ramada Ulaanbaatar City Center is a premier international hotel in Ulaanbaatar. The hotel is set
in a luxury shopping mall complex, standing 17 stories tall with a new modern architecture. It
features 128 guest rooms and suits, and inclusive executive floors with its own lounge. The hotel is
located in the heart of the Ulaanbaatar downtown and 20 minutes away from Chinggis Khan
International Airport.
4. Established in 1998, the Mongolian National University is the second biggest private institution of
higher education in Mongolia. Its distinguished history of excellence and hard work continues to
provide students with unique opportunities to make difference through academic teaching, research
and professional programs. Currently 5,200 students study in the 58 undergraduate and three
graduate programs.
Mongolian National University has established cooperative relationships with 18 universities and
research institutions abroad. The university pays close attention to foreign language education. In
Mongolia only MNU students are trained for seven semesters in advanced specialized knowledge of
English education and curriculum contents, and the ability to use English.
5. Salmira Investment Fund is a U.S.-based investment partnership formed by three brothers. The
fund is an expression of the three principals‘ profound interest in emerging and frontier market
investing. Ultimately, Salmira is a fledgling family office that the brothers hope will continue to
grow as it positions itself in Mongolia and other Asian economies on the verge of exciting expansion.
The fund has active investments in Mongolia‘s transportation and financial sectors; its principals
continue to evaluate opportunities across most sectors of the Mongolian economy. In addition to its
Mongolia-based projects, Salmira evaluates and has participated in various private market
4. opportunities in Southeast Asia as well as real estate and resource-related investments in the
United States.
___________________________________________
Nick Cousyn, Chief Operating Officer of BDSec JSC, presented ―A Westerner‘s Journey to the DPRK,‖
where he discussed his recent visit to North Korea for a site visit to the Rason port and the Sungri
oil refinery recently acquired by Mongolia-listed HBOil JSC. HBOil is participating in an oil
exploration and production joint venture with North Korea's state-owned oil company and is set to
purchase a company with oil exploration rights in North Korea's East Sea.
Matthew Pottle, Managing Partner, PwC, presented ―PwC CEO Survey 2013 – Confidence in Growth‖
where he discussed data collected from two year's of surveys and interviews from company heads
based in Monoglia benchmarked against international responses. He said that although chief
executives had short-term concerns for the economy, there was greater confidence for the long
term.
David L. Wyche, Economic and Commercial Section Chief at the U.S. Embassy, presented ―The U.S.-
Mongolia Transparency Agreement.‖ The agreement signed this year is a result of years of
cooperation for a trade and investment framework agreement (TIFA) and was a key step toward
establishing a free trade agreement.
Sereeter Javkhlanbaatar, Director General, Foreign Investment Regulations and Registration
Department of the Ministry of Economic Development, gave an update on the new Investment Law,
which took effect this month. The new law, he said, removes distinctions between foreign and
domestic investors, providing many equal provisions. One dramatic change, some audience
members noted, was a new rule for establishing a foreign invested company. While in the past a
start-up in Mongolia needed USD 100,000 in assets, now USD 100,000 is required per investor.
Javklhanbaatar noted many improvements, however, including the removal of restrictions for
investment by private companies. Any entity 50 percent or more owned by a foreign government,
however, will need ministry approval for more than 33 percent acquisition for any company
operating within banking and finance, telecommunications and media, or mining.
_________________________________________________________
BUSINESS
SOUTHGOBI RESOURCES TO RESTATE RESULTS FOR PAST 3 YEARS
Coal miner SouthGobi Resources Ltd., controlled by Rio Tinto PLC, said it would restate results from
2011 through 2013 because of an error in the way it booked revenue from coal sales at its Ovoot
Tolgoi mine.
The company said it expects a delay in filing its third-quarter results due 11 November, after it
recognized revenue earlier than it should have at the flagship mine. Turquoise Hill Resources,
through which Rio controls SouthGobi Resources, also said it would restate its results for the same
period.
SouthGobi said it should have recognized revenue when coal was loaded onto a customer's truck,
and not when the coal was delivered to the customer's stockpile, without being collected. The
company said it had applied for an order to stop its management from trading in its stock.
SouthGobi said that if it delayed filing of the restated results beyond 14 November, it could
potentially default on convertible debentures held by China Investment Corp.
Source: Reuters
ENTRÉE NEGOTIATES FOR STABILITIES AT OT
Entrée Gold Inc. reported on its negotiations with Mongolia for its joint venture with Oyu Tolgoi LLC
in its third-quarter report published 13 November.
5. Since the government placed its temporary restriction on the joint venture licenses from transfer in
February 2013, discussions have focused on issues arising from Entrée's exclusion from the 2009 Oyu
Tolgoi investment agreement, including the fact that the government of Mongolia does not have a
full 34 percent interest in the joint venture property. Discussions have also covered the fact that
the mining licenses integral to future underground operations are held by more than one corporate
entity and that Entrée does not benefit from the stability that it would otherwise have if it were a
party to the 2009 agreement.
―Meetings to discuss possible ways of addressing all parties' concerns have been positive and
constructive,‖ said the Source. ―No final agreements have been reached and further discussions
with all stakeholders are required.‖
Stakeholders of the Oyu Tolgoi project, including the Government of Mongolia, OT LLC, Erdenes Oyu
Tolgoi LLC, Erdenes MGL LLC and Rio Tinto.
Source: Entree Gold Inc.
AREVA FORMS A JOINT VENTURE WITH MONGOLIA‟S MON-ATOM
Areva SA has signed an agreement to develop uranium mines in Mongolia and form a new joint
venture with state-owned Mon-Atom. The joint venture is for Areva Mines LLC, 66 percent owned
by Areva and 34 percent owned by Mon-Atom. An agreement for Mitsubishi Corporation to take an
equity interest has also been signed.
The signing ceremony took place in the presence of Luvsanvandan Bold, minister for foreign affairs,
Laurent Fabius, French minister of foreign affairs, Luc Oursel, president and chief executive officer
of Areva, and Ken
Kobayashi, president and chief executive officer of Mitsubishi Corporation.
―This collaboration, which also involves our partner, Mitsubishi Corporation, is strategic on two
levels. It will enable us to develop the uranium sector in Mongolia and to pursue the geographic
diversification of Areva‘s mining activities,‖ said Luc Oursel.
Present in the country since 1997, Areva has carried out exploration work resulting in the discovery
of two uranium deposits in the province of Dornogobi, Dulaan Uul and Zoovch Ovoo, whose
resources are estimated at 60,000 tons.
Source: Areva SA
PROPHECY COAL PAYS OFF OUTSTANDING LOAN
Prophecy Coal Corp. announced that it has sold 18,525,000 common shares of Prophecy Platinum
Corp. Proceeds from the sale were used to fully pay out the secured loan from Waterton Global
Value L.P. Prophecy Platinum was previously owned by Prophecy Coal in a private sale to arms
length purchasers.
After closing the private sale, the company owns approximately 7.3 percent of the issued and
outstanding shares of Prophecy Platinum Corp.
Source: Prophecy Coal Corp.
SENTOSA COMPLETES FIRST ROUND OF DRILLING AT DARVII NARUU
Sentosa Mining Ltd. has completed the first round of reverse circulation drilling at its Darvii Naruu
Copper Gold Project in Gobi-Altai Aimag.
The company drilled 18 holes totaling 2,020 meters to test six anomalies selected from the 37
identified by a recent airborne geophysics survey. Samples from the drill holes are currently being
transported to Ulaanbaatar in Mongolia where they will undergo geochemical analysis. In addition a
selection of 23 surface and RC drill chip samples from various locations are being transported back
to Perth, Western Australia were they will undergo Petrology analysis. Analysis should be completed
by the end of this month with results expected in early December.
Source: Proactive Investors
U.S. FIRM PRESENTS ALTERNATIVE COURSE FOR ASPIRE'S RAILWAY PROJECT
The United States' Trimble firm announced 13 November that its Quantm alignment planning system
6. was employed by Aspire Mining Ltd. for route optimization on the Mongolian Northern Railways
project from its Ovoot project to Erdenet Soum.
Quantm was selected to investigate alignment alternatives on the 547-kilometer coal freight rail
pre-feasibility study. The pre-feasibility study revision that SMEC prepared for Aspire identified a
more direct route from the Ovoot project to Mongolia's second-largest city, Erdenet. The more
direct route has resulted in a lower capital expenditure projection for the Northern Rail Line
project, with potential savings of approximately USD 200 million.
"The Quantm software was a direct factor in enabling us to achieve the results from the rail study,"
said Matt Crompton, infrastructure manager for Aspire. "It helped us do the analysis quickly and the
results are now ready for use by more traditional platforms for detailed engineering and analysis."
Source: Trimble
PETRO MATAD DATA ACQUISITION ON TRACK, EXPLORATION DIRECTOR TO LEAVE
Oil explorer Petro Matad Ltd. has acquired over half of the 200 kilometers of 2D seismic earmarked
for its licenses on Blocks IV and V in Mongolia.
The seismic program is designed to provide detailed coverage over two prospect areas and to
confirm at least two locations for drilling in 2014. Acquisition of the remaining data is progressing
well, it added, though fieldwork was slightly delayed, and is expected to be completed prior to the
winter shutdown. Processing of the data acquired to date has already started. Petro Matad has also
been re-interpreting the data generated by its unsuccessful drilling campaign in the northern part
of Block XX, a process it said is now largely complete. This reworking has indicated that none of the
wells in that campaign were in three graven areas identified as a part of a trend extending into the
adjacent and producing field to the north, Block XIX.
―Possible extension of those fields into Block XX therefore remains untested,‖ Petro Matad said.
Scout data from Block XIX is being integrated with the existing database in order to evaluate how
best to pursue this potential. The re-interpretation work also identified a number of similar basins
in the southern part of Block XX and seismic to further delineate these basins is planned for 2014.
Separately, Petro Matad announced the departure of the exploration director who is carrying out
the re-interpretation work. Ridvan Karpuz is leaving at the end of the year to take up a new
position elsewhere, though he will remain as a non-executive and oversee the exploration program.
Karpuz joined in August of last year and was responsible for the re-appraisal and re-interpretation
work on the Mongolian acreage. Executive directors John Henriksen and Amarzul Tuul will manage
the group‘s operations in Mongolia until a new exploration director is appointed.
Source: Petro Matad
UNDUR TOLGOI TO ACQUIRE ROAD CONSTRUCTION FIRM
Undur Tolgoi Minerals Inc. has entered into an agreement to acquire complete interest in Great
Hoard Holdings SARL, a Luxembourg entity that holds 75 percent of the share capital of Mongolian
company Ashid Munkhiin Zam LLC.
Through its wholly owned British Virgin Island-registered subsidiary, Jucca Holdings Ltd., Undur
Tolgoi will acquire Great Hoard Holdings SARL in an exchange for 5,363,636 newly issued shares of
Undur Tolgoi. AMZ holds road construction, repair and maintenance permits. AMZ intends to seek
road construction contracts and tenders in Mongolia. Road construction is one of the fastest growing
industries in Mongolia. The government intends to build over 10,000 kilometers of paved road in the
next 10 years. As part of its goal, the government passed a law in 2012 mandating paved roads
between Ulaanbaatar and each of the country's 21 province centers by 2016.
Last year Mongolia raised USD 1.5 billion in its first ever bond offering. Shortly afterward the
government announced that most of the bond money would be spend on development of
infrastructure and allocated USD 335 million to the road budget. Mongolia's roads officially total
49,294 kilometers, but only about 25 percent of the roads are currently paved. Most roads are little
more than dirt tracks, which are usually dusty and occasionally muddy. By undertaking
straightforward grading work, the roads would be quite similar to those servicing many of the
mining and outback communities in Australia.
7. "We are excited to enter the road construction industry in Mongolia,‖ said Chairman James Passin.
―For the benefit of its shareholders, we are committed to building [Undur Tolgoi] into a significant
and successful Mongolian-focused public company. Following a strategic review of the company, the
Board of Directors is refocusing the company away from mineral exploration in order to participate
in Mongolia's massive infrastructure growth potential."
Source: Undur Tolgoi Minerals Inc.
MEC FAILS TO MAKE NOTE PAYMENTS
Mongolia Energy Corp. Ltd. failed to repay principal and interest before the expiration of a
convertible note on 12 November.
MEC‘s default on redemption of the SF convertible note also triggers its potential early redemption
obligation under other existing convertible notes. As of the date of this announcement, these
outstanding convertible notes, excluding the note, have the aggregate principal amount of
approximately HKD 2.4 billion (USD 309.5 million). The holders of the note have proposed a
conditional six-month moratorium from 12 November 2013 on repayment of principal and interest
due under the note subject to formal agreement between the parties and MEC that the company
intends to exercise.
Shareholders and potential investors of the company are urged to exercise caution when dealing in
the shares of the company.
Source: Mongolia Energy Corp. Ltd.
TECK INCREASES STAKE IN ERDENE TO 10.4 PERCENT
Teck Resources Ltd. brought its stake in Erdene Resource Development Corp. to 10.4 percent via a
private placement that grossed a total USD 685,000.
Teck Resources has subscribed for 2.14 million units of the private placement for a total of USD
150,000. This investment will reduce the minimum amount of additional equity investment required
to be made by Teck on or before April 23rd, 2014 from USD 500,000 to USD 350,000 in order to
maintain the Strategic Alliance between Teck and Erdene.
The issuance saw a sale total of 9,797,500 units priced at USD 0.07 per unit. It follows a USD
500,000 private placement previously announced on 18 October, which was oversubscribed and
increased to the maximum to satisfy strong investor demand. Each unit is comprised of one common
share of Erdene and one-half of one common share purchase warrant. Each whole common share
purchase warrant entitling the holder to purchase one common share at a price of USD 0.10 for a
24-month period.
Source: Erdene Resource Development Corp.
APU ORDERED TO CEASE USE OF CHINGGIS KHAAN‟S NAME FOR ITS BEER
The Fair Competition and Consumer Protection Authority Mongolia have delivered a claim notice to
alcohol producer APU to cease the use of Chinggis Khaan for its beer products.
The note reported that consumers had complained of the company‘s use of the same name for the
beer product as well as its vodka. APU has accepted the claim and announced the company would
no longer provide a beer called Chinggis Khan.
Separately, Parliament has been in continued discussions about legislation that would ban the usage
of Chinggis Khaan‘s name and image for the marketing of alcohol and tobacco products
Source: News.mn
EREL TO COMMISSION PREFABRICATED MATERIALS FACTORY
Erel Group's new prefabricated materials factory is set to play a key role in the development of
Mongolia's ger districts.
Erel has concluded a contract with EBAWE Anlagentechnik GmbH, a German manufacturer for the
construction of a prefabricated construction materials factory. The factory produces hollow core
slabs, solid walls, sandwich walls, beams and columns. The prefabricated panels have advantages
over ordinary building materials due to the shorter time for construction, flexibility in form,
8. dimensions and design, cost-effective installation, and high resistance against earthquakes.
The provision of concrete will be ensured by means of a newly installed batching plant and
connected bucket conveyor system. For architectural panels a concrete grinding machine is
available.
The factory, known as Erel BUK-1, aims to be a major supplier of prefabricated concrete elements
for the Ulaanbaatar City Regeneration Project. The project goal is to develop and build up to
200,000 housing units as well as infrastructure, such as schools, hospitals, office space, retail
space, parks and recreational areas, district heating, electricity, water, sewerage and other
utilities and amenities. The aim is to move citizens from the ger districts.
The project will be financed in part by the Development Bank of Mongolia.
Source: Info Mongolia
HBOIL EXTENDS OPTION TO PURCHASE OFFSHORE DPRK EXPLORATION RIGHTS
HBOil JSC has negotiated an extension of its option agreement for the acquisition of up to 51
percent of a company with oil exploration rights in North Korea's East Sea.
HBOil extended the deadline on its option to purchase 51 percent of Korex Ltd. which holds the
exclusive rights for the exploration and production of hydrocarbons in the entire territorial waters
of North Korea in the East Sea to 31 January 2014. The extension allows HBOil additional time to
raise the necessary funds to exercise its option in full.
HBOil JSC will be featured as a presenting company at the annual Mongolia Investment Summit in
Hong Kong from 19 to 20 November.
Source: BDSec
DIRECT UB-ERENHOT FLIGHT TO LAUNCH
China's Capital Airlines will open a direct air route next Thursday between Ulaanbaatar and Erenhot
in north China's Inner Mongolia Autonomous Region.
The airline will operate two weekly round-trip flights with a flight duration of one hour and 20
minutes. The lowest fare without tax for one-way and round-trip tickets will be 620 yuan (USD
101.8) and 1,050 yuan respectively. It is the first year-round direct flight opened between the two
cities.
MIAT Mongolia Airlines opened a temporary direct flight between Ulaanbaatar and Erenhot on 7
August which is due to close on 2 November. Erenhot, bordering Mongolia, has been a bridgehead
for China's economic and trade ties with its northern neighbor, with many Mongolians residing and
doing business in the city.
Source: Xinhuanet
APU OPENS WORLD-CLASS FOOD WAREHOUSE
APU JSC opened its world-class, fully automated food warehouse.
Built in cooperation with Germany's Krones, construction, equipment and software installation took
11 months. The warehouse spans 96,000 cubic meters and stands 12 stories high. A single software
program is used to manage the warehouse while a separate program is used for supply
management.
Source: Udriin Sonin
AUM OPENS NEW PRESENTATION COURSE
The American University of Mongolia (AUM) is rolling out its "Taking the Stage: Becoming a Dynamic
Presenter" course targeting business professionals.
The workshop is structured to guide students through the presentation process from research to
practice to assessment. Students will choose a topic to focus on for the workshop throughout the
four weeks and build a single presentation on that topic. Students are given the opportunity to
prepare a presentation they need for work.
The course will be held from 19 November to 12 December at a cost of MNT 500,000.
Source: American University of Mongolia
9. MICHELMORES EXTENDS INTERNATIONAL CREDENTIALS IN TENGER DEAL
Law firm Michelmores‘ London office has advised private equity groups Bamboo Finance and Triodos
Investment Management on the sale of a significant stake in Tenger Financial Group to a consortium
led by Japanese bank Orix Corporation and which included the International Finance Corporation
and Mongolyn Alt Corporation.
The transaction has taken over a year to bring to completion as a result of a series of complex
constitutional and regulatory hurdles that needed to be overcome, including the approval of the
Ministry of Economic Development and the Bank of Mongolia. Enclude Capital Advisory UK Ltd., a
London-based specialist corporate finance advisor acted, as the sole financial advisor to the sellers.
―This complex multi-party, multi-jurisdictional deal is further evidence of Michelmores‘ growing
expertise in advising private equity funds, financial institutions, corporates and government
agencies on a wide variety of cross-border transactions in some of the most challenging emerging
markets,‖ said Joe Whitfield, a team leader for Michelmores.
Source: Lawyer Monthly
KYRGYZ LAWMAKER INDICATES GOVERNMENT LOSING PATIENCE WITH KUMTOR TALKS
A member of Kyrgyzstan's ruling coalition has indicated growing impatience on the part of the
government with discussions over the future of the Kumtor gold mine. Omurbek Tekebayev, leader
of the Ata-Meken parliamentary faction, said November 12 that Bishkek should have no dealings
with Centerra Gold Inc., the mine's current owner.
A new round of negotiations between the Kyrgyz government and Toronto-listed Centerra Gold are
currently underway, after the parliament rejected a proposed agreement that would have given
Kyrgyzstan a 50 percent holding in the mine. Under the draft agreement, Kyrgyzstan would have
exchanged the 32.7 percent stake it has held in the listed parent company since 2009, for a 50
percent stake in a new joint venture that would manage the mine. On 23 October, the Kyrgyz
parliament gave a resounding rejection of the draft deal, with just two of the 120 MPs voting in
favor. Instead, MPs instructed the government to negotiate a new deal that would give Kyrgyzstan
at least 67 percent of the mine.
However, there have recently been indications that Bishkek has become impatient with the long
drawn out negotiations any if a deal is not reached by December may move ahead with
nationalizing the mine, despite the damage this would likely do to the country's reputation among
international investors. In an interview with the BBC, President Almazbek Atambaev—who has
previously urged the government and parliament to reach a compromise with Centerra—indicated
that nationalization could be an option.
"In the next month we will define: either we will annul the agreement, or nationalize the project.
We are considering the opportunity of assets distribution to our benefit in more than 60 percent.
But the head of the state has rather radical opinion—he is for 100 percent," Tekebayev said.
Tekebayev also denied that nationalization would result in production at the mine, which accounts
for around 12 percent of Kyrgyzstan's GDP, being suspended.
Source: BNE
ECONOMY
WORLD BANK URGES TIGHTENED ECONOMIC POLICIES
The World Bank said that the persistent large balance of payments imbalance is a key challenge to
the Mongolian economy, in its newly released semi-annual Mongolia Economic Update.
The recent amendment of the 2013 budget shows the government‘s commitment to keep the
official budget deficit within the ceiling of the Fiscal Stability Law. Yet, the fiscal policy will remain
highly expansionary in 2013 and 2014 as a large portion of the Chinggis bond is used to finance
public investment projects outside the budget. The budget deficit is expected to reach over 12
percent of GDP in 2013 even though the official budget deficit is contained at 2 percent of GDP.
Monetary policy has been expansionary as well, with outstanding bank loans increased 62 percent in
10. one year in September. Credit expansion is largely due to lending programs introduced by the Bank
of Mongolia. The rapid credit growth has been reflected in volatile exchange rate movement and
rising inflation in recent months.
Growth-oriented economic policies need to be tightened toward economic stability, and fiscal
policy should be tightened further and the off-budget spending should be included in the budget
and controlled under the fiscal discipline of the Fiscal Stability Law. The Bank of Mongolia should
curb the rapid growth of credit and phase out policy lending programs.
"By slowing down the expansion of investments and by focusing on those investments that will have
the greatest economic impact, the government will be able to address progressively the
development needs of the country while maintaining economic stability,‖ said Coralie Gevers, the
World Bank Country Manager in Mongolia. ―If one stimulates the economy too much in a global
environment that is uncertain, it runs the risk of generating economic volatility which will hurt poor
people and will make it hard for businesses to plan and finance their operations.‖
The World Bank expects Mongolia‘s economy to grow at 12.5 percent for 2013, a downward revision
from its previous forecast of 13 percent. The revised forecast reflects the facts that economic
growth in China and the recovery of the minerals market have been slower than expected.
Source: World Bank
MONGOLIA'S NEW INVESTMENT RULES TO SPUR MINING SECTOR DEVELOPMENT: MINERS
Mongolia's new legislation that removes distinction between domestic and foreign companies when
it comes to investing in the country will help attract more investment, miners with projects in the
region said Friday.
From 1 November, foreign companies will not need to seek government or parliamentary approval
before investing in Mongolia. There will be no restrictions on the amount of investment if the
company is not 50 percent or more owned by a foreign government. If the company is state-owned
with more than 50 percent share held by a foreign government, it cannot buy more than 33 percent
of a project in Mongolia, without government approvals.
The new law also provides a stable tax structure as the rates cannot be amended by future
legislation unless those changes benefit the investor. It also removes all restrictions on the
movement of assets in or out of the country and also provides protection against nationalization of
the investors' assets.
‖We believe that this will improve sentiment towards Mongolia-related investment stories,"
Australia's Aspire Mining Ltd. said in a note to stakeholders Thursday.
"While the investment law has become effective recently and further regulations are to be issued, it
is certainly a welcome development which should promote domestic and foreign investment in
Mongolia," an official from SouthGobi Resources Ltd. said.
"Reports also suggest that the law is a first step in streamlining the investment environment and
creating more favorable investment conditions by simplifying the registration process and removing
some approval requirements," he added.
Source: Platts
MONGOLIA GEARS UP FOR THE FIGHT OF ITS MINING LIFE
On 1 November Mongolia's new, friendlier foreign investment law came into force. Probably not a
day too soon.
Foreign direct investment in the country dropped 49 percent to September 2013 compared to last
year which already marked a 17 percent year-on-year decline. The value of the currency, the
tugrik, is down 20 percent this year. Inflation has returned to double digits. The Mongolian central
bank's off-balance sheet spending is burning through foreign reserves as foreign debts balloon to 55
percent of gross domestic product (GDP). The country has been bailed out by the International
Monetary Fund (IMF) no fewer than five times and it suffers a domestic bank failure on average
every 18 months.
While the changes from the 2012 Strategic Entities Foreign Investment Law (SEFIL) which has been
replaced, including greater certainty surrounding mining taxes and royalties and the scrapping of
11. the distinction between private foreign and domestic investors, are being universally welcomed as a
positive step, a number of issues remain unresolved.
"In spite of the ups and downs, the trend has been a steady march forward as more and more
investors discover the long term prospects of the country and the potential rewards for patience
and commitment," said the Chairman of Oyu Tolgoi and Mongolia's trade and foreign affairs
ambassador at large, Galsan Batsukh.
Following its so-called Article IV mission to Mongolia the IMF issued a stern warning about Mongolia's
prospects given the country's deteriorating macro-economic picture, reduced investment from
developed economies and the economic slowdown in China: "Spillover risks will particularly affect
the more vulnerable emerging market economies. In light of this, Mongolia needs to change course
to avoid becoming highly exposed to these external shocks and risks of crisis.‖
Source: Mining.com
MONGOLIA TO OPEN INVESTMENT AGENCY
The Cabinet of Ministers approved the creation for an investment authority on 9 November.
The agency will be under the authority of the Ministry of Economic Development and will be tasked
with attracting foreign investors, sustaining the stability of the legal and business environments,
promoting the country‘s investment environment, and issuing stability certificates for eligible
investors.
The agency will also be responsible for coordinating with the State Registration Authority and
enforcing the terms of the Investment Law.
Source: Business-Mongolia.com
MONGOLIA COMMISSIONS UB-DUNDGOBI ROAD
A commissioning ceremony was held for a new 104-kilometer road connecting Ulaanbaatar with
Dundgobi Aimag was held 10 November.
The road is the third completed out of plans by the government to connect the capital with each of
Mongolia's 21 provinces. Three Mongolian companies participated in construction for one year and
four months. Spending on the road was MNT 49.2 billion, financed by proceeds for the 2012 USD 1.5
billion Chinggis bond.
Source: Undesnii Shuudan
GOVERNMENT WAGE BUDGET INCREASES 18 PERCENT
The Mongolian Labor Union has successfully negotiated an 18 percent increase in its allocations for
salaries, pensions and welfare.
The Union and Mongolian Employers‘ Federation announced a 36 billion increase for additional
spending in these areas after working together with 30-person working group of government
officials for the negotiations. They said MNT 139 billion would be used for salaries increases to
teachers and health care workers and MNT 96 billion for pensions and social welfare. They are
planning a gradual implementation to the provinces outside of Ulaanbaatar.
The government plans to implement a new method for implementing the salary hikes to prevent
inflationary pressures on groceries such as meat and gasoline. The salary raises will be granted to
employees that demonstrate qualifications and productivity as well as having years of experience.
The government plans to introduce future salary increases in line with economic growth.
The total allotment for government wages is MNT 1.5 trillion.
Source: Unuudur
BRING IN THE START UPS: SUPPORTING SMES IN MONGOLIA
Small businesses have never been old-fashioned nor in vogue in Mongolia. Small-and medium-size
enterprises (SMEs), however, are still important to the economy.
Assisting SMEs has been challenging to past governments in Mongolia, which spent billions of tugrugs
in soft loans to contribute to SME development. Despite these efforts, small business owners still
complain that not enough has been done.
12. ―Soft loans that are supposed to go to SMEs are usually stuck with the middle man, the bank,‖ said
E. Ariuntugs, chief executive at the Mongolian Financial Non-Banking Institutions' Association.
There are also many who say that soft loans do not go to SMEs at all, but instead go to large
companies. One method to resolve this issue would be to introduce a mechanism that issues soft
loans through non-banking financial institutions (NBFIs) instead of banks. Most SMEs who fail to
meet the threshold put up by banks are left with no choice but to knock on the doors of NBFIs
because SME start ups are typically classified as high risk by banks. But an NBFI is different from
the bank. They provide services for about 60 percent of SMEs, with some 390,000 clients typical
among them. In total MNT 320 billion is circulated among NBFIs in Mongolia, of which about 70
percent is investors-owned equity. This gives more leeway to take risks and provide fewer obstacles
for small business owners to attain credit.
Approval of the Investment Law by Parliament is a large step forward in the right direction for
Mongolia‘s financial sector. However, this too is likely to be of most benefit for the country‘s
largest companies. Only NBFIs have the power to directly address the situation.
Source: Mongolian Economy
GREENFIELDS MAN HELPS COMBAT TUBERCULOSIS IN MONGOLIA
In an article for online publication The Conversation, Cameron Wright likens the spread of
tuberculosis in Mongolia to the reign of the nation‘s 12th century warlord Genghis Khan.
―This invader, Mycobacterium tuberculosis, favors stealth over force,‖ he writes. ―The disease that
it causes, tuberculosis (TB), has endured from ancient times into the 21st century. ―TB
disproportionately affects the world‘s vulnerable, with over 95 percent of active cases and deaths
caused by TB occurring in developing countries.
The 24-year-old Greenfields resident and Youth Ambassador for Development currently resides in
Ulaanbaatar, Mongolia, where he works as a Public Health Project Officer for the Mongolian Anti-
Tuberculosis Association (MATA). Since he flew to Mongolia in March this year, he has teamed up
with various national and international health organizations, including WHO and World Vision
Mongolia, to help combat TB and raise awareness of the MATA‘s work worldwide.
―Mongolia has a high burden of TB relative to its population,‖ he said.
Wright said his plans post-Mongolia are ―still evolving,‖ but hopes to secure a future in the public
health sector when he returns in March next year.
―It will also be good to see my family and friends,‖ he said.
Source: Madurah Mail
CENTRAL ASIAN COMMODITIES EXPORTERS GOING STRONG, SAYS EBRD
The European Bank for Reconstruction and Development (EBRD) reported strong growth across
almost the entire Central Asia and Caucasus region, with the launch of new natural resources
projects in Kazakhstan, Mongolia and Turkmenistan boosting the economies of the three major
commodities producers.
Mongolia, where production started at the massive Oyu Tolgoi copper-gold deposit this year, has the
region's highest growth forecast for 2013, with the EBRD expecting to see growth of 13 percent. Ten
percent growth is expected for Turkmenistan, following an increase in gas exports to China. Growth
will "remain strong over the medium term, supported by exploration of Turkmenistan's abundant gas
reserves and further diversification of export routes," the report says.
The EBRD increased its 2013 forecast for Kazakhstan's economic growth after an increase in oil
production and continuing high levels of investment. The EBRD expects Kazakhstan's economy to
grow by 5.6 percent in 2013—up from an earlier forecast of 4.9 percent—and 5.5 percent in 2014.
However, the bank warns of weakness in Kazakhstan's banking sector, where levels of non-
performing loans remain high. Strong growth of between 6 percent and 8 percent is also expected
elsewhere in Central Asia, despite a fall in remittance flows from Russia, which is expected to have
the greatest impact on the Tajik economy.
In the Caucasus, growth has accelerated to 4.5 percent in Azerbaijan due to a combination of
higher oil production and fiscal stimulus from the government, though the EBRD expects growth to
13. slow slightly to 3.5 percent in 2014. Meanwhile, growth in Armenia slowed from 7.1 percent in 2012
to just 2.5 percent this year following delays in public infrastructure spending and a hike in Russian
gas prices. There was a similar picture in Georgia, where growth dropped to 2 percent mainly due
to uncertainty in the run-up to the country's 27 October presidential elections. A modest recovery is
expected in both countries in 2014.
Source: BNE
CHINA EXPECTED TO CUT GROWTH TARGET TO 7 PERCENT
China will cut its growth target to 7 percent next year in a sign of the government‘s determination
to push through structural reforms and steer the economy on to a more sustainable path, one of the
country‘s top investment banks has predicted.
With Communist party leaders gathered in Beijing this week for a meeting that will set China‘s
policy direction for the coming decade, investors and companies have been looking for clues about
their strategic thinking. A lowering of the country‘s growth target—although unlikely to be
announced until the annual Chinese parliament in March—would be an important distillation of the
government‘s plans. China has consistently exceeded its annual growth targets in practice, but a
cut would still be an indication of Beijing‘s willingness to tolerate slower growth in the interest of
addressing risks from rising debt levels to soaring property prices. Beijing has aimed for 7.5 percent
growth in recent years.
China International Capital Corp. (CICC), an investment bank headed by Levin Zhu, son of former
premier Zhu Rongji, forecast in a report on Monday that the government will decide to lower next
year‘s growth target to 7 percent. CICC‘s analysts, led by chief economist Peng Wensheng, said the
target cut would set the stage for 2014 as a crucial year for implementing reforms, following on
from the Communist party plenary meeting that began in Beijing on Saturday and concludes on
Tuesday.
CICC said the lower growth target would lead the central bank to keep monetary policy on a tighter
footing, a shift that appears to have started already. On Monday, it reported that banks issued CNY
506 billion (USD 83 billion) in new loans in October, well down from September‘s CNY 787 billion.
Overall new credit issuance, including China‘s shadow banks, was also much lower in October,
falling to CNY 856 billion from September‘s CNY 1.4 trillion.
―The October credit numbers point quite clearly to a firmer stance,‖ said Louis Kuijs, an economist
with Royal Bank of Scotland in Hong Kong. ―We expect the firmer stance to be maintained in the
coming quarters.‖
Source: Financial Times
NEW LEADERSHIP BRINGS A CHANGE TO AUSTRALIA‟S RESOURCES SECTOR
The election of Australia's Liberal leader Tony Abbott as the new Prime Minister has heralded
significant changes for the country‘s resources sector.
In October, Abbott ingratiated himself to the resources sector by releasing draft legislation to
repeal the much-contested minerals resource rent tax (MRRT). Opponents criticized that the MRRT,
which was introduced in 2012, was predicted to raise only AUD 7.2 billion in revenue by the 2016-
2017 financial year, nearly AUD 5-billion less than expected by the Gillard government. The tax
raised only AUD 126 million during the first half of the 2012-2013 financial year.
Further, the newly elected government has moved to simplify the environmental approvals process
for major projects, introducing a ―one-stop-shop‖ concept to slash red tape and increase
investment, while maintaining environmental standards. The second stage would see the federal
and state governments agree on bilateral assessments and updating those that are already in, while
stage three would see agreements on bilateral approvals within 12 months with willing states. Azure
Capital MD for corporate advisory Geoff Rasmussen pointed out that the strong Australian dollar, as
well as the high cost of labor and the perception of unnecessary bureaucratic delays in
environmental approvals, were all still a disadvantage to Australia.
―Ultimately, you are competing against every country in the world in trying to get global
investment dollars into your assets. Getting rid of the MRRT and the carbon tax is not going to mean
14. that we will be fundamentally more competitive overnight.‖
Rasmussen noted that, while there was little to be done about the strength of the Australian dollar,
government did have influence on the cost structure of certain projects. He also suggested further
tax reforms and possible incentives to provide a permanent workforce in the northern regions of the
country, where resource projects are currently reliant on the fly-in, fly-out method of transporting
workers to site.
Source: Mining Weekly
MINING WILL CONTINUE TO DRIVE AUSTRALIAN ECONOMY FOR THE NEXT FIVE YEARS
Economic forecaster BIS Shrapnel has said that the mining industry would continue to be a positive
driver of the Australian economy—which competes Mongolia for exports to China—over the next five
years, despite a predicted fall in investment in the sector. In its ―Mining in Australia 2013 to 2028‖
report, BIS said that mining investment, production, contractor services and employment would
follow very different paths over the next five years.
While the mining investment boom peaked in the 2012-2013 financial year and was forecast to
decline 20 percent over the next five years, mining production was poised to grow 41 percent over
the same period, driving commensurate increases in mining operations activities, maintenance and
exports. The value of mining production rose 8.8l percent in 2012-2013 to AUD 151 billion, and BIS
noted that the outlook for production was strong, with yearly average growth of 7.1 percent
forecast to 2017-2018. This would lift the mining sector‘s share of Australian gross domestic product
(GDP) to 12.2 percent, making it Australia‘s second-largest industry sector.
―With respect to the mining boom, it‘s probably fair to say that this is not the beginning of the end,
but the end of the beginning,‖ said senior manager of BIS‘s infrastructure and mining unit, Adrian
Hart. ―
He said BIS Shrapnel is forecasting the ratio mining activity to GDP to rise from 18.7 percent to 19.8
percent by 2018. However, Hart noted that growth in mining employment would not keep pace with
the expansion in production as miners sought to restore productivity lost during the furious race to
invest in new capacity since the mid-2000s. BIS expected that mining operations employment would
rise only 11 percent over the next five years, mainly in oil and gas and iron-ore, whereas mining
construction employment would slump 40 percent.
―Given the strong increases in production expected, this translates to a 60 percent labour
productivity surge over the next five years,‖ Hart said. He added that this would provide both
challenges and opportunities for suppliers and contractors to the mining industry.
Source: Mining Weekly
POLITICS
MONGOLIA WILL NEVER BURY NUCLEAR WASTE, SAYS ELBEGDORJ
President Tsaskhia Elbegdorj refuted suspicions that Mongolia was being targeted as a destination
for nuclear waste disposal on Twitter November 13th following widespread rumors within the public
and a protest against yellow cake production by young members of the Mongolian People's Party.
―Mongolia still stands on its nuclear-free status. I assure you again the rumor about nuclear waste
burial in Mongolia is not the policy of Mongolia,‖ said Elbegdorj in a tweet.
The government issued an official statement 12 November on nuclear waste, refuting claims that
plans existed where nuclear waste would be buried und Mongolian soil
―Some political parties and public organizations released a note claiming Mongolia is allowing the
burial of nuclear waste from Japan in Mongolia,‖ reads the note. ―The note claimed that the Prime
Minister signed a nuclear waste agreement during his visit to Japan and the Foreign Minister signed
a uranium deal with France. Mongolia has declared its policy on nuclear energy and uranium
exploration. The reform Government takes this responsibility seriously announcing that Mongolia
has neither buried nuclear waste nor will bury nuclear waste in the future.‖
Source: News.mn
15. 12 HEALTH PROJECTS EXPECTED FOR COMPLETION IN 2013, SAYS HEALTH MINISTER
Health Minister N. Udval provided an update on the developments in the health sector, specifically
regarding the construction of new health facilities, during Prime Minister Norov Altankhuyag's 30-
minute weekly press meeting Thursday.
"Eight out of the 47 projects have ended. 12 are planned to be completed by the end of this year,"
said Udval.
One project for the establishment of a burn center has increased to MNT 26 billion during the
project implementation, she noted. Responding to this, the prime minister said the government
would cut financing from the state budget, with the remaining work sold by tender bid auction.
Altankhuyag said that from here on hospitals would have the power to appoint their heads
themselves rather than have appointments come down from the Ministry of Health.
Source: Montsame
PRESIDENT INITIATES DEVELOPMENT ROADMAP MEETING
President Tsakhia Elbegdorj has initiated a meeting for 16 November where government, business,
academia, and civil society will convene to provide input for a road map for development for
Mongolia in the years up until 2050.
The meeting ―From a Big Government to a Smart Government‖ will open debates and discussions
about how far Mongolia is looking into her future, how well the country is cognizant of its strengths
and weaknesses, and how cautious Mongolia is against repeating its past mistakes.
Participants will be divided into five groups --decision-makers, local government, media, academia
and NGOs, and businesses—to together reach a common stand on Mongolia‘s development agenda.
The conclusions made during the each of the five sessions will be reported on by moderators at the
Plenary Session.
Source: Montsame
THE MNT 70,000 GRANT PER MONTH FOR STUDENTS WILL BE CHANGED
The Standing Committee on Budget is set to introduce a new scheme for monthly student stipends
that grant different sums to students based on academic performance and the institutions they
attend. A portion of graduate students will also have to be employed to receive a stipend. Stipends
will amount to half of minimum wage.
Source: Zuunii Medee
AMARJARGAL RESIGNS FROM PARLIAMENT
Democratic Party parliamentarian R. Amarjargal presented a resignation letter to the Parliament
speaker during a session of Parliament.
Amarjargal presented his resignation during a discussion on the state budget. In an address he noted
the need from parliamentarians for strong principles, honor and penchants for speaking truth,
giving independent member Sainkhuu Ganbaatar as an example. He gave no reason for his
resignation, but criticized government saying that it needed people like him who are clean as well
as economists such as Ts. Oyunbaatar.
Source: Unuudur
MONGOLIA JOINS OPEN GOVERNMENT PARTNERSHIP
Mongolia joined the Open Government Partnership (OGP), an international platform for domestic
reforming for greater accountability for the government to citizens, during a summit in London from
31 October to 1 November.
Mongolia introduced its action plan and joined as a member of the Open Government Partnership
during the summit, where over 1,000 delegates from sixty countries gathered. The three key
priorities of the action plan are to improve public services, increasing the transparency of public
institutions, and enhance justice while reducing corruption. Mongolia's adoption of the Anti-
Corruption Law and the Law on Information Transparency and the Right to Information in 2011, as
well as accession to the U.N. Convention against Corruption in 2005 were important milestones for
16. Mongolia's membership to the Open Government Partnership.
The government shared its experiences, providing examples in its development of open governance
at the London summit.
The partnership was launched in 2011 to provide an international platform for domestic reform for
greater transparency and accountability. The partnership has grown from eight member countries in
its inception to the today's 62.
Source: Montsame
MONGOLIA RECEIVES SUPPORT FROM INTERNATIONAL INSTITUTE FOR GREEN ECONOMY
Mongolia participated in the Global Green Growth Institute (GGGI) is Seoul, Korea from 3 to 5
November, where nations' leaders discussed strategies for developing green economies.
Former Korean President Lee Myung-bak announced a ―low carbon, green growth‖ strategy as a new
vision to guide the nation‘s long-term development in 2008 and founded the national committee.
Later in 2009, the government of Korea adopted the Green Growth Law, after which the Global
Green Growth Institute was established in June 2010 that grew into new kind of international
organization.
―Mongolia supports the Institute‘s action from the early beginning and we are glad to cooperate. In
order to broaden our activity in Mongolia, we opened a GGGI representative office in Ulaanbaatar
last September and the GGGI is ready to co-implement the Mongolia‘s National Strategy for Green
Growth,‖ said Director-General of the GGGI Howard Bamsey.
A Mongolian delegation led by Deputy Parliament Speaker L. Tsog and Minister of Environment and
Green Development Sanjaasuren Oyun were in attendance. The event was significant given the
discussion now underway in Parliament over how to best build a green economy. Mongolia became a
member state of GGGI during the 2013 Global Green Growth Summit held in Songdo.
Source: Info Mongolia
SERBIA AND MONGOLIA SIGN AGREEMENT ON VISA ABOLISHMENT
Serbia's Minister of Foreign Affairs Ivan Mrkic and his Mongolian counterpart Luvsanvandan Bold
signed an agreement for the abolishment of visas.
Mrkic said at a joint press conference held after the meeting that the Serbian and Mongolian
friendship is traditional and noted that Mongolia has very dynamic economic growth which is among
the biggest in the world. He expressed his hope that companies from Serbia would find interest in
doing business in Mongolia, adding that the laws which this country adopted recently provide for a
stable business environment.
Bold said that his visit to Belgrade is of historic importance because the 57th anniversary of
establishing diplomatic relations between the two countries is observed this year. He and Mrkic
discussed a series of issues related to economic cooperation, the possibility for establishing a
mechanism of cooperation between the two countries‘ parliaments and governments, and
cooperation in the field of education, science and culture.
Source: Balkans.com
MONGOLIA SIGNS INTERGOVERNMENTAL AGREEMENT ON DRY PORTS
Mongolia has signed an agreement that will help develop dry ports throughout Asia.
The second session of the Forum of Asian Ministers of Transport was held at the United Nations
Conference Center in Bangkok, Thailand from 4 to 8 November. In attendance was Minister of Road
and Transportation A. Gansukh, where he participated in discussions on regional transport issues
including those relating to regional transport networks, transport facilitation and logistics, financing
options for regional infrastructure development, and sustainable and inclusive transport.
Fourteen member countries sign the Intergovernmental Agreement on Dry Ports, the third
Intergovernmental Agreement to be negotiated under the auspices of ESCAP. By signing the
agreement, the governments of Armenia, Cambodia, China, Indonesia, Islamic Republic of Iran, Lao
PDR, Mongolia, Myanmar, Nepal, Republic of Korea, Russian Federation, Tajikistan, Thailand and
Vietnam pledged to promote international recognition of dry ports, facilitating investment in dry
17. port infrastructure, improving operational efficiency and enhancing the environmental sustainability
of transport, where Mongolia‘s border ports of Zamyn-Uud, Sainshand, Ulaanbaatar and Altanbulag
were considered as International Dry Ports, in addition to Choibalsan.
Source: Info Mongolia
MONGOLIAN AMBASSADOR STRESSES EDUCATIONAL TIES WITH INDIA
Mongolian Ambassador to India Sanjaasuren Bayaraa stressed the need of strengthening educational
ties between Mongolia and India countries, last week Friday in an address to the students at
Maharishi Dayanand University (MDU).
As a chief guest of inter-zonal youth festival, Bayaraa said that India and Mongolia share historical
ties and active cooperation between them can further improve the academic scenario.
The three-day youth festival commenced that day with dance and music performances and literary
expression. MDU vice chancellor HS Chahal threw light on the historical and cultural linkages of
both countries and said that avenues of educational and cultural exchange can be explored between
the two countries.
Source: Hindustan Times
UN OFFICER ATTENDS MONGOLIAN PEACEKEEPERS CEREMONY IN SOUTH SUDAN
The U.N. under-secretary general for the Department of Field Support, Ameerah Haq, traveled to
Bentiu, the capital of the State of Unity of South Sudan on Friday 8 November.
Haq met with the deputy governor, Mabek Lang de Mading, and the Council of State, when she will
visit the headquarters of the Second Mongolian Battalion of the United Nations Mission in South
Sudan (UNMISS). While with the Mongolian Battalion, Haq will attend a parade where Mongolian
peacekeepers will be decorated in appreciation of their work to support the people and authorities
of Unity State. The Mongolian Battalion is due to rotate next week and be replaced by the Third
Mongolian Battalion, with a force-strength of 850 men and women.
Mongolian engineers started assisting local authorities as early as June, when the governor
requested their support to address the damage caused by seasonal heavy rains. The engineers have
undertaken infrastructure work such as leveling and building drainage along Bentiu‘s main road,
constructing dykes or draining and rehabilitating the public sports complex of Bentiu so it could host
the independence celebrations in July—just to name a few of their projects.
―By working together and supporting the state government, the local authorities and the citizens of
the state, the Mongolian Battalion and UNMISS are striving to help extend state authority, prevent
conflicts, protect civilians and consolidate the peace so the people can build a strong economy and
a fairer society, where every child in every part of this state can succeed and achieve his or her
dreams,‖ USG Haq said about her travel to Bentiu.
Haq‘s visit is part of a wider tour in South Sudan. In Juba, she met with the minister of foreign
affairs and international cooperation, Benjamin Mariel Barnaba, as well as UNMISS staff and the
mission‘s senior management.
Source: U.N. Mission in South Sudan
MONGOLIA AND RUSSIA TO ESTABLISH CROSS-BORDER PROTECTED RESERVE
Mongolia and Russia have signed an agreement for the protection of rare species that migrate
between the countries.
B. Tulga, deputy minister of environment and green development, the World Wide Fund in
Mongolia, and the Mongolian-Russian Intergovernmental Natural Protection Commission met in
Moscow for a third annual meeting where they discussed the need to protect of the Uvs Lake basin
area and rare species that migrate to both sides of the Mongolia-Russia border. They agreed to
establish a protected area that would cover the Onon Balj National Park in Mongolia and Sohondyn
Shim Mandal Protected Area in Russia.
Other topics of discussion included the prevention of forest fires, the lumber industries in Russia
and Mongolia, and finding biological substitutes for pesticides.
Source: Unuudur
18. GANJUUR SUTRA REGISTERED ON UNESCO WORLD HERITAGE LIST
Mongolian Foreign Minister Luvsanvandan Bold received a certificate for the registration of the
Ganjuur Sutra on the World Tangible Heritage list from UNESCO Director General Irina Bokova 7
November.
The sutra becomes the third historical artwork from Mongolia registered on UNESCO's Memory of the
World. The sutra is a collection of Buddhism writings, consisting of 108 volumes. Each black paper
page was in 1819 beautifully decorated with nine precious stones as well as gold, silver, coral,
pearl, turquoise, lapis, lazulite, and nacre.
Other Mongolian contributions to UNESCO's Intangible Heritage list are Naadam festival, khoomii
(throat singing), long song, the Eagle festival, the Morin khuur (horse-headed fiddle), and the
Mongolian epict, the Mongolian flute playing technique, Bielgee folk dance, and the "Tsuur" musical
instrument.
Source: Montsame
MONGOLIA'S WEALTHY POLITICIANS
The median net worth of members of the US Congress—435 representatives and 100 senators—is a
comfortable USD 440,000, more than six times the wealth of your average American household.
Among U.S. lawmakers there are also haves and have-nots with the bank accounts of the 50 richest
members holding a tidy USD 1.6 billion. That translates to small beer across the Pacific. The
wealthiest 50 delegates to China's National People's Congress, a body that acts as a rubber stamp
for Communist Party decisions, control USD 94.7 billion, according to the Hurun Rich List.
While it seems fair to say that these days you have to be rich to be elected in the United States and
that being wealthy in China ingratiates you with the Communist Party, Mongolia takes the concept
to a whole new level.
Mongolian parliamentarians and high-ranking government officials have been required since 2007 to
disclose their assets and net worth to the Asian nation's Independent Authority Against Corruption.
The Mongolist blog has crunched the numbers and it looks like Mongolia's top politicians have
managed to expand their asset base much quicker than the rate of economic growth in the country.
According to latest 2012 annual filing, current parliament members are sitting on MNT 1,137 billion
in total net assets or approximately USD 785 million. Of the 74 MPs that disclosed their wealth, the
top four control about 64 percent of the total.
Those are impressive numbers particularly when you consider Mongolian politicians' hoard relative
to the size of their country's economy. U.S. Congress members' combined fortunes are a rounding
error when you consider America's USD 15.7 trillion economy. Chinese politicians fare better. They
control 1.1 percent of the globe's second largest economy. The rulers of Mongolia's fewer than three
million citizens have amassed moolah to the equivalent of 7.6 percent of the country's GDP.
Source: Mining Weekly, The Mongolist
MINISTRY OF HEALTH LEADS IN GOVERNMENT RED TAPE, SAYS STUDY
The Ministry of Health leads the government in bureaucracy, found the Mongolian National Chamber
of Commerce and Industry in a bureaucracy index for 2013. Following the Health Ministry (in order
of greatest to least layers of bureaucracy) was the Ministry of Education and Science, Ministry of
Industry and Agriculture, Ministry of Justice, Ministry of Construction and Urban Development,
Ministry of Defense, Ministry of Labor, Ministry of Energy and Ministry of Foreign Affairs.
Source: Udriin Sonin
OVERVIEW OF THE INVESTMENT FUNDS LAW
Parliament‘s approval of the first ever Investment Funds Law (IFL) in early October went relatively
unnoticed, with all attention of the time focused on the Investment Law. Nonetheless, it should be
noted that the IFL is of great importance to the future of Mongolia‘s economic growth and financial
sector development when it takes effect 1 January 2014.
Comprising 11 chapters and 58 provisions, the purpose of the IFL is to regulate the basic relations
related with the establishment of an investment fund, issuance of a license for the fund, regulation
19. fund management companies, custody of fund assets and protection of investor rights and interests.
The law defines two main types of investment funds—private and mutual, and different regulatory
norms will apply. Private funds will be subject to limited regulation from the Financial Regulatory
Commission (FRC). Those funds will not be allowed to do public marketing and can raise funds only
through private offerings. Mutual funds can raise funds through public offerings to 50 or more
people.
One chapter of the IFL is dedicated to custodian services. Along with Securities Market Law, the IFL
brings the concept of custodian services in order to protect investors. Custodian banks will
responsible for custody of fund assets, registration of fund units, verification of net asset value of
funds and also exercise some control over management companies.
Foreign funds are not allowed to raise funds in Mongolia without licensing, but these funds can carry
out investment activities after going through a registration process with the FRC. As a special
purpose vehicle, investment funds will not be taxed as a business entity, however investors will pay
income taxes on returns subject to effective tax regimes.
Source: Mandal Asset Management
SOUTH KOREAN MONEY LAUNDERING IN MONGOLIA COMES TO LIGHT
Local newspapers reported that the Economic Crime Combat Division of the Criminal Police
Department has brought down a South Korean organized money laundering operation in Mongolia.
An unnamed source said evidence was found that proved that the head of a South Korean crime
organization, a gangpae (tr: street gang), Ahn Jae Man, was laundering money in Mongolia collected
from extortion practices, loan sharking and gambling in South Korea.
Ahn Jae Man was arrested for a gambling business and an illegal transfer of MNT 11 billion from
South Korea. The origin of the transfer was named as Uilsot, as the company director, Lee Jae Gun,
in order to disguise the money as an investment. The company used the money to build a hotel
named Richfield in the Chingeltei District of Ulaanbaatar. Ahn Jae Man was accused of attaining
USD 4.5 million in South Korea through illegal means.
Lee Jae Gun, the owner of Richfield, was investigated by Chingeltei District police for forced
prostitution by Chingeltei District Police in 2011, but the case was dropped due to lack of evidence.
The State Investigation Department has confiscated the Richfield hotel due to its connection in the
arrest.
Source: News.mn, Unuudur
UB MAYOR TO RECEIVE HONORS IN WASHINGTON, D.C.
Ulaanbaatar Mayor Erdene Bat-Uul will be honored at International Republican Institute's 30th
Anniversary Celebration 9 December in Washington, D.C., United States. Bat-Uul will be share the
honor with Mikulas Durinda, a former prime minister of Slovakia.
Source: NAMBC
ANNOUNCEMENTS
MONGOLIA INVESTMENT SUMMIT, HONG KONG, NEXT WEEK
Since opening up the registration for the fourth annual Mongolia Investment Summit 2013 in Hong
Kong from 19 to 20 November, organizers have received an overwhelming response from investors.
With the new Investment Law being passed by the Mongolian Parliament last week, we expect the
investor interest for the Summit to pick up even more.
Meet with up to 500 senior level delegates at the Summit and set up one-on-one meetings with
investors and potential business partners all in one place. Mongolia Investment Summit is the only
Mongolian investment event taking place in Hong Kong, the financial deal-making hub of Asia. All
registered delegates will have exclusive access to our advanced Mongolia Invest Online Meeting
Planner which will allow you to see who‘s coming and let you pre-arrange meetings with the other
attendees to make the best use of your time at the event.
20. BCM is again a supporting partner organization. BCM members will enjoy 15% discount; please quote
Priority Code 695BCM15D during registration. To speak, sponsor or exhibit: Please contact King Tai
at king.tai@beaconevents.com.
___________________________________________
AUSTRALIAN UNDERGROUND MINING INDUSTRY PROGRAM, NOVEMBER 21-29
The Australian Trade Commission and the Underground Mining Engineer‘s Association of Mongolia
(UMEAM), is now registering companies and organizations to participate in an Australian
Underground Mining Industry Program, which will take place in Sydney and Brisbane on 21 to 29
November. The program consists of eetings with Australian mining equipment, technology and
service supplier companies in Sydney and Brisbane. Attending the 2013 Underground Mining
Excellence Conference and exhibition will provide an opportunity to engage with the latest
underground mining innovations and technology providers and a possible visit to the North Parkes
underground mine site.
Registration will close on 10 November. Attendance is limited. For more information, call 9910 6102
or send an email to bart.gurbazar@austrade.gov.au.
__________________________________________
“MM TODAY” ON MNB-TV, FRIDAY, 19:00-19:10
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 from 19:00 to 19:10 tonight. Tune in to watch this program that reports stories from
today‘s BCM NewsWire.
BCM WEBSITES
MONGOLIAN WEBSITE „PRESENTATIONS‟ AND „NEWS‟ SECTIONS
The ‗Presentations‘ section on BCM‘s Mongolian website can be reached via bcm.mn/itgeluud.
As a key component of BCM‘s Mongolian website, articles from the ‗News‘ section and the
government website Open-Government.mn are regularly updated.
S. Oyun, Minister of Environment and Green Development, presentation at BCM monthly meeting on
May 27 added to Mongolian website, bcmongolia.org/mn/илтгэлүүд.
- Байгаль орчин, ногоон хөгжлийн сайд С.Оюун, Байгаль орчин, ногоон хөгжлийн шинэчлэлийн
бодлого, үйл ажиллагаа, МБЗ-ийн сарын уулзалт 5 сарын 27, 2013
___________________________________________
ENGLISH WEBSITE: 'PRESENTATIONS', 'MONGOLIA REPORTS', „INTERVIEWS„, MONGOLIAN
BUSINESS NEWS‟, „PHOTO GALLERY‟
On BCM‘s English website, the ―Resources‖ and ―Presentations‖ sections are available:
The following are presentations from the Mongolia Mining Summit, Perth, Australia, October 29-31,
2013:
• Mongolia‘s Minerals Future and Development by Otgochuluu Ch, Director General, Department of
strategic policy and planning at Ministry of Mining, Mongolia at the Mongolian Mining Summit 2013,
Perth, Australia, Oct 29-31, 2013
• Mongolian Economy: Investment Opportunities /Challenges, Jim Dwyer, Executive Director,
Business Council of Mongolia at the Mongolian Mining Summit 2013, Perth, Australia, Oct 29-31,
2013
• Oyu Tolgoi: Lessons from the Gobi, Houston Spencer Vice President, Communications and Media
Relations, Oyu Tolgoi at the Mongolian Mining Summit 2013, Perth, Australia, Oct 29-31, 2013
21. • Market dynamics for Mongolian coking coal in the Chinese market, Graeme Hancock, President
and Chief Representative at Anglo American, Mongolia at the Mongolian Mining Summit 2013, Perth,
Australia, Oct 29-31, 2013
• Speech by Mr. Ariunbold Byamba, Deputy Director, Erdenes MGL LLC at the Mongolian Mining
Summit 2013, Perth, Australia, Oct 29-31, 2013
• Launching Mining Projects in Mongolia–A Major Contractor‘s Perspective, Eric Erdenebat
Tseveendorj, Country Manager, Orica Limited at the Mongolian Mining Summit 2013, Perth,
Australia, Oct 29-31, 2013
• Investing in a dynamic legislative environment, Elisabeth Ellis, Managing Partner Ulaanbaatar,
Minter Ellison at the Mongolian Mining Summit 2013, Perth, Australia, Oct 29-31, 2013
• Sandvik In Pit Crushing & Conveying (IPCC), Doug Turnbull, Principal Mining Engineer, Sandvik
Mining Systems, at the Mongolian Mining Summit 2013, Perth, Australia, Oct 29-31, 2013
• Ovoot Coking Coal Project, David Paull, Managing Director Aspire Mining, at the Mongolian Mining
Summit 2013, Perth, Australia, Oct 29-31, 2013
• The business of being a third neighbor, David Landers, General Manager, East Asian Growth
Markets at the Mongolian Mining Summit 2013, Perth, Australia, Oct 29-31, 2013
• Nuurst Thermal Coal Project, Daniel Rohr, Chief Financial Officer, Modun Resources Ltd, at the
Mongolian Mining Summit 2013, Perth, Australia, Oct 29-31, 2013
• Culture matters in building sustainable long-term business relationships, Hana Tserenkhand
Byambadash Business Development Consultant. AusMon Consulting and Dr Christine Hogan Adjunct
Professor, Curtin University. Consultant & Author at the Mongolian Mining Summit 2013, Perth,
Australia, Oct 29-31, 2013
• Maximizing Business Benefits from Your IT Investment, Brad Skeggs, Executive Director, COSOL, at
the Mongolian Mining Summit 2013, Perth, Australia, Oct 29-31, 2013
• Presentation by Battsengel Gotov, CEO, Mongolian Mining Corporation, at the Mongolian Mining
Summit 2013, Perth, Australia, Oct 29-31, 2013
• Mongolian Mining Sector "Present and Future Developments", N.Algaa, Executive Director,
Mongolian National Mining Association, at the Mongolian Mining Summit 2013, Perth, Australia, Oct
29-31, 2013
• Jim Dwyer, Executive Director of BCM – ―Mongolian Economy: Investment
Opportunity/Challenges‖ at the 16th Annual NAMBC Investors Conference, Sept 24, 2013
• Business-mongolia.com: ―Working group‘s conclusion on the economy‖
• Joshua Sunga, Internship Program Director, AIESEC- "Youth Leadership Development" at the BCM
Monthly Meeting Aug 26. 2013
• G. Zorig, Country Manager, Tree Global Mongolia – ―Tree Global Mongolia Overview Presentation‖
at the BCM Monthly meeting Aug 26, 2013
• G. Saruul, Deputy CEO, Mongolian Stock Exchange – ―Securities Law Overview‖ at the BCM Monthly
meeting Aug 26, 2013
• Bilguun Ankhbayar, Chief Executive Officer, Mongolian Investment Banking Group LLC,
―MIBG Review‖, at the MSE-BCM Securities Law Overview Session, July 4, 2013
• Robert Rooks, Director, PwC Hong Kong, ―A brief Overview of Custody Services‖, at the MSE-BCM
Securities Law Overview Session, July 4, 2013
• Anthony Woolley, Senior Associate, Hogan Lovells, ―The Revised Securities Market Law‖, at the
MSE-BCM Securities Law Overview Session, July 4, 2013
• B. Saruul, Director General, Securities Department, Financial Regulatory Commission of Mongolia,
―Securities Markets Law – Path to Market Reforms‖, at the MSE-BCM Securities Law Overview
Session, July 4, 2013
Please note the presentations from each of the BCM monthly meetings.
The ―Mongolia Reports‖ section includes the following:
- ―Monthly Macroeconomic Overview, Sep 2013,‖ by EPCRC
22. - ―Selected Macroeconomic Indicators; data through October 16, 2013‖ by International Monetary
Fund;
- ―IMF Completes 2013 Article IV Mission to Mongolia‖ by International Monetary Fund;
- ―Mongolia Macro Flash‖, Adrienne Lui, Asia Pacific Economics Research, Citigroup Global Markets
Asia Ltd;
- ―Selected Macroeconomic Indicators for Mongolia, as of June 2013‖ by International Monetary
Fund;
- ―Polit Barometer April, 2013‖ by Sant Maral Foundation;
- ―Market Update‖ by Mandal General Insurance LLC;
- ―Annual Report 2012‖ by International Monetary Fund;
- ―Regional Economic Outlook: Asia and Pacific‖, April 2013 by International Monetary Fund;
- ―Highlights of 2012, Mongolia‖ by European Bank for Reconstruction and Development (EBRD);
- ―Official statement of Oyu Tolgoi LLC in relation to information, data and facts related to Oyu
Tolgoi‖ discussed during open session of the State Great Khural‖, dated 1 February, 2013‖;
- ―Mongolia Investment Climate Statement‖, by the Economic and Commercial Section of the U.S.
Embassy;
- ―Mongolia Foreign Labor Force Ratio for 2013‖ by Hogan Lovells International LLP;
- ―How Mongolia will perform in 2013?‖ by Mandal Asset Management;
- ―Mongolia Business Owner and CFO Survey result‖ by BDSec JSC;
- ―The fiscal regime for mining - a way forward‖ by IMF Fiscal Affairs Department;
- ―Taxes for Expatriates in Mongolia‖ by PricewaterhouseCoopers.
The following interviews are added to Interview Section from the Oxford Business Group, Mongolia
Reports 2013 book:
• B. Byambasaikhan, Chairman, Business Council of Mongolia: ―Talk is cheap‖;
• President Ts. Elbegdorj: ―Diversifying for growth‖
• Jim Dwyer, Executive Director, Business Council of Mongolia: ―Non-mining sectors budding‖;
• Peter Morrow, Chairman, American University of Mongolia: ―Filling in the blanks‖;
• N. Zoljargal, Governor, Bank of Mongolia: ―Sustainable vision‖;
• Gansukh, Minister of Roads and Transportation: ―Accessing new markets‖;
• J. Od, President, MCS Group: ―Building interest‖;
• B. Chuluunbaatar, President and CEO of Monnis Group: ―Climbing the ranks‖;
• Cameron McRae, President and CEO, Oyu Tolgoi: ―Sitting on a copper mine‖.
BCM's English website includes the ―Mongolia Business News‖ section where the Open Letter to
Parliament and Government is available for download.
BCM continuously posts news stories and analysis of relevance to Mongolia at ‗Mongolian Business
News‖ before they are all put together each week for Friday's weekly NewsWire.
The ―Photo Gallery‖ contains photos from the 5th Anniversary BCM Gala dinner on November 5.
BCM Football Cup 2013 pictures are posted to the website - http://bcmongolia.org/en/photos/350-
en/album?albumid=200
The BCM NewsWire will continue to be issued each Friday, incorporating items already on the home
page for a consolidated account of the week‘s events.
___________________________________________
SOCIAL NETWORK WITH BCM
The Business Council of Mongolia (BCM) has expanded its reach to your favorite social networks.
Keep up to date on the latest business deals in Mongolia and how the climate for investment is
improving each day with BCM.
Add BCM on Facebook at http://www.facebook.com/pages/THE-BUSINESS-COUNCIL-OF-
MONGOLIA/129826330435540 to read the latest announcements and comment on events carried in
the NewsWire with the community.
23. Connect with BCM on Linked-in to join the diverse group of professional contacts creating a better
business environment in Mongolia today.
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BCM WORKING GROUP MEETING
BCM's Legislative Working Group met on Thursday November 14, with 16 members attending.
New member: Pierre-Michel Motteau from Audier Partner was welcomed.
Gust: Simon Scott partner of Minter Ellison.
Co-chair James Liotta, Mahoney Liotta, moderated the session.
Meeting discussion was on the following topic:
1) The new Investment Law and the implications it may have on the investment climate in
Mongolia.
2) The Draft Minerals Policy of Mongolia
The direction would take Mongolia, the implications it may have on the investment climate in
Mongolia, and the implications it may have on doing business in Mongolia in the minerals sector.
Please contact erka@bcmongolia.org
ECONOMIC INDICATORS
24. INFLATION
Year 2006 6.0% [source: National Statistical Office of Mongolia (NSOM)]
Year 2007 *15.1% [source: NSOM]
Year 2008 *22.1% [source: NSOM]
Year 2009 *4.2% [source: NSOM]
Year 2010 *13.0% [source: NSOM]
Year 2011 *10.2% [source: NSOM]
October 31, 2013 *10.8% [source: NSOM]
*Year-over-year (y-o-y), nationwide
Note: 9.5% y-o-y, Ulaanbaatar city, October 31, 2013
CENTRAL BANK POLICY LOAN RATE
December 31, 2008 9.75% [source: IMF]
March 11, 2009 14.00% [source: IMF]
May 12, 2009 12.75% [source: IMF]
June 12, 2009 11.50% [source: IMF]
September 30, 2009 10.00% [source: IMF]
May 12, 2010 11.00% [source: IMF]
April 28, 2011 11.50% [source: IMF]
August 25, 2011 11.75% [source: IMF]
October 25, 2011 12.25% [source: IMF]
March 19, 2012 12.75% [source: Mongol Bank]
April 18, 2012 13.25% [source: Mongol Bank]
January 25, 2013 12.50% [source: Mongol Bank]
April 8, 2013 11.50% [source: Mongol Bank]
June 25, 2013 10.50% [source: Mongol Bank]
25. CURRENCY RATES – NOVEMBER 14, 2013
Currency Name Currency Rate
US dollar USD 1,738.82
Euro EUR 2,340.10
Japanese yen JPY 17.43
British pound GBP 1,788.28
Hong Kong dollar HKD 224.26
Chinese Yuan CNY 285.42
Russian Ruble RUB 53.17
South Korean won KRW 1.63
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.