This document summarizes news from the Business Council of Mongolia newsletter dated December 5, 2014. It includes the following high-level points: - Business news covers MMC joining a consortium to develop the Tavan Tolgoi coal mine, a fire at the Oyu Tolgoi copper mine, SouthGobi raising funds to avoid defaulting on debt, an audit of proposals for a power plant, and new factories opening. - Economic news covers central bank currency actions, sectors with most accidents, hunting quotas, electricity tariff hikes, and early childhood education needs. - Political news mentions a super coalition forming between the MPP and DP parties, audits being suspended, and cabinet appointments

1. BUSINESS COUNCIL of MONGOLIA
NewsWire
www.bcmongolia.org
info@bcmongolia.org
Issue 354 – December 05, 2014
NEWS HIGHLIGHTS:
Business
 MMC joins consortium for strategic partnership bid at TT;
 Fire at OT under review;
 SouthGobi, facing default, raises $9mn through private equity placement;
 Deloitte to audit investment proposals for TT power plant;
 Iron ore plant opens in Erdenet;
 Australia's national dish comes to Mongolia;
 Mongolia industry and MUST partner to launch new patented clothing;
 Turkish Airlines to boost travel capacity to Mongolia with Boeing 737-900;
 Mongolia approves Guildford Coal’s capacity expansion project;
 BCM chairman, vice chairman terms extended for 2015;
 Rio Tinto to keep progressive dividend;
 Glencore-Rio merger will happen, London investment banker tells hedge funds.
Economy
 Mongol Bank: FX auctions, currency swaps, 1-week bills, t-bills;
 Accidents seen most often in mining, construction;
 2015 hunting quotas set;
 Development Bank CEO worries about bond repayments as tugrik continues downward
spiral;
 Power authorities switch on hikes in electricity tariff;
 Eastern UB faces a cold winter without Amgalan Power Plant;
 Cabinet backs ADB credit agreement for Darkhan sewage upgrade;
 Too many petrol stations in UB?
 NEMA expands earthquake early warning system;
 Improved early-childhood education needed in Mongolia;
 Partnership bridges from Montana to Mongolia’s Darkhad Valley;
 Asia’s faltering ‘womenomics’;
 China’s economy shows more weakness.
Politics
 MPP accepts Saikhanbileg's invitation to form super-coalition;
 Mongolia politicians form super coalition, a 'dream team,' says former SouthGobi head;
 Saikhanbileg promises to hear out business community;
 Saikhanbileg suspends audits;
 Cabinet offers suggestions on how to manage SOEs;
 Cabinet appoints new agency heads;
 Bill seeks to restrict foreign content on TV;
 Former mining minister to lead Democrats' Shonkhor faction;
 UNESCO inscribes Mongolian ankle-bone shooting as intangible cultural heritage;
 Dalai Lama begins teachings for Mongolians;
 Formalizing Mongolia’s artisanal mining sector;
 China falls behind in global corruption index;
 Scottish soccer guru launches training programs for Mongolian youngsters;
 Stolen dinosaur skull can go back to Mongolia: U.S. federal court;
 Chinggis Khan era coins found in Mongolia’s ancient capital Karakorum;
 Mongolia’s new government must move quickly to restore confidence -EDITORIAL.

2. Others
 BCM Updates - Working Groups; Websites; Social Networks; Photo Gallery.
ECONOMIC INDICATORS
 Weekly Market Indicators from MIBG;
 Inflation;
 Central bank Policy Rate;
 Currency Rates.
*Click on titles above to link to articles.
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BUSINESS
MMC JOINS CONSORTIUM FOR STRATEGIC PARTNERSHIP BID AT TT
Mongolian Mining Corp. (MMC) announced on 1 December that it would join a consortium bidding for
a strategic partnership at Erdenes Tavan Tolgoi's West Tsankhi deposit. MMC's Mongolian subsidiary
Energy Resources LLC said it had been invited into a consortium with independent third parties on
31 October with which it is to act as the principal party.
Source: Mongolian Mining Corp.
FIRE AT OT UNDER REVIEW
A fire struck the USD 6.5 billion Oyu Tolgoi copper mine today.
The blaze was brought under control and an investigation is under way, according to Tony Shaffer,
head of media relations for Turquoise Hill Resources Ltd. (TRQ), part owner of the mine. There
were no reported injuries.
The open-pit mine has been in commercial production since July 2013. Development of the
underground portion of the dig has stalled amid a dispute between the government of Mongolia and
Rio Tinto Group, which manages the project. The fire occurred in the concentrator, a machine that
separates waste rock from copper, according to Oyu Tolgoi LLC, the mine operator. The deposit is
located 550 kilometers (342 miles) south of the capital Ulaanbaatar in a remote corner of
Mongolia’s Gobi Desert.
Source: Bloomberg

3. SOUTHGOBI, FACING DEFAULT, RAISES $9MN THROUGH PRIVATE EQUITY PLACEMENT
SouthGobi Resources Ltd., a Canadian coal miner with operations in Mongolia, said it had raised
about USD 9 million through a private placement of shares.
The company, hurt by weak coal prices, warned in March that a delay in securing additional
financing could result in a default of USD 250 million debentures held by China Investment Corp
(CIC). The proceeds from the private placement of about 24.4 million shares have been used to pay
the November 2014 installment of the cash interest due on the CIC convertible debenture, the
company said.
SouthGobi said on 20 November it would delay the CIC interest payment, which was due on 19
November, until 1 December as it continued to seek additional funding. The company had originally
issued CIC USD 500 million in convertible debentures in 2009. A year later the Chinese firm
converted half of that into equity. CIC has a 19 percent stake in SouthGobi, which is controlled by
Turquoise Hill Resources Ltd., the co-owner of Mongolia's huge Oyu Tolgoi copper and gold mine.
The placing price of 42 Canadian cents represented a discount of nearly 24 percent to SouthGobi
shares' closing price of 55 Canadian cents on Friday.
SouthGobi, which is seeking additional funding for its operations, has USD 4.1 million in cash,
excluding proceeds from the private placement.
Source: Reuters
DELOITTE TO AUDIT INVESTMENT PROPOSALS FOR TT POWER PLANT
Deloitte Onch has been hired to audit the investment proposals of the companies selected by the
government to build a power plant it hopes will replace power generated in China that feeds the
Oyu Tolgoi copper mine.
France's GDF Suez and South Korea's POSCO Energy on 26 November began preparation of the
project site where the 450 megawatt Tavan Tolgoi power plant will be built. Japanese firms
Marubeni Corp. and Kansai Electric as well as Daewoo Engineering will join the project beginning in
January. Investment proposals are due to the Mongolian government by February 2015.
Source: Montsame
IRON ORE PLANT OPENS IN ERDENET
The Beren Metal iron ore plant has opened in the northern city of Erdenet to process iron ore from
a deposit at Tunshruulekh Soum, Arkhangai Aimag.
The plant will produce 100,000 tons of iron goods, such as iron concentrate, cast iron, iron parts,
iron pellets, rebar and others, said Beren Director G. Battulga. About USD 22 million of investment
for the plant came from the Development Bank of Mongolia, with the remaining USD 78 million
divided between the Development Bank of Japan and Beren Group.
Source: Zuunii Medee
AUSTRALIA'S NATIONAL DISH COMES TO MONGOLIA
Mongolia's only Australian trader, Independent LLC, is introducing Aussie meat pie to Mongolian
grocery stores.
“Using only the finest carefully selected aged Mongolian fat-free beef combined with a deliciously
rich gravy, this irresistible flavorsome parcel is contained inside our signature 'Pride' pastry base
topped off with a heavenly light puff pastry lid,” boasts Independent's Chief Executive Officer
Michael Gorman.
The company also distributes the “Made in Mongolia” sausages, sausage rolls, and flaky pastries to
Ulaanbaatar supermarkets, such as Nomin's, Orgil and UB Mart.
Source: Independent LLC, Cover Mongolia
MONGOLIAN INDUSTRY AND MUST PARTNER TO LAUNCH NEW PATENTED CLOTHING
The brands Erdenet Tex and Erdenet Cashmere have partnered with the Mongolian University of
Science and Technology (MUST) to open a factory to produce a new patented material that can be
used to produce tough clothing and ger covers.

4. The material is marketed as special because of claims that it repels water and dust. It also is
resistant against the lightening effects to colors from exposure to the sun, or sun bleaching. MUST
teacher Myadagmaa received the patent in Germany while studying abroad. The factory's
production line, which is based in Germany, is worth MNT 800 million and can produce 60 to 300
meters of cloth an hour.
Source: Zuunii Medee
TURKISH AIRLINES TO BOOST TRAVEL CAPACITY TO MONGOLIA WITH BOEING 737-900
Turkish Airlines in the winter 2015-2016 season is planning to increase capacity to Mongolia, with
three weekly Istanbul Ataturk-Bishkek-Ulaanbaatar service routes operated by a Boeing 737-900ER,
beginning 25 October 2015. This route is currently served by a Boeing 737-800.
Source: Air Traveller
MONGOLIA APPROVES GUILDFORD COAL’S CAPACITY EXPANSION PROJECT
The Mineral Resource Authority of Mongolia (MRAM) has approved Guildford Coal Ltd.’s proposed
capacity expansion at the Baruun Noyon Uul coal (BNU) mine in Noyon Soum of the Umnugobi
Aimag.
The approval was given by the MRAM's Mineral Resources Profession Committee. As part of the
expansion, the mining capacity at the BNU will be increased to 1.5 million tons in 2015 and 2
million tons in 2016.
"MRAM's approval to increase our mining capacity is a significant development for Guildford,”
Guildford Coal managing director Peter Kane said. "It allows us to ramp up production at the BNU
Mine beyond the recently announced targeted production figures for 2015, if it makes economic
sense to do so."
Meanwhile, the company said that washing and laboratory testing of the second trial batch of coal
from the BNU confirmed that the project's coal can be washed to produce a low-ash premium
quality hard coking coal with low sulfur. The lab tests were carried out at Alfred H. Knight and
Bureau Veritas laboratories in Ulaanbaatar. Further test work is being conducted at the China Coal
Research Institute in Beijing.
Source: Coal.Energy-Business-Review.com
BCM CHAIRMAN, VICE CHAIRMAN TERMS EXTENDED FOR 2015
The Business Council of Mongolia (BCM) announced on 1 December that it will extend the terms of
its chairman and vice chairman for another year.
BCM's nominating and executive committees have voted unanimously in favor of retaining BCM
Chairman Bayanjargal Byambasaikhan and Vice Chairman Randolph Koppa for 2015.
Byambasaikhan, who is the Chief Executive Officer of NovaTerra, was initially appointed in
December 2012. Randolph, who is President of Trade and Development Bank (TDB) of Mongolia LLC,
was appointed in September 2013.
"Byamba and Randolph's leadership and time commitment, given their important day jobs, have
been greatly appreciated by BCM's Board of Directors and membership. We are very pleased at their
willingness to continue to lead BCM in its partnership with private sector stakeholders in Mongolia's
economic recovery," said Jim Dwyer, BCM's executive director.
Source: BCM
RIO TINTO TO KEEP PROGRESSIVE DIVIDEND
Rio Tinto PLC, one of the world’s largest producers of iron ore, has opted to keep lifting dividends
in a bid to keep investors sweet after it rebuffed a takeover approach earlier this year from
commodities trading house Glencore.
The London and Sydney-listed miner, which together with Brazil’s Vale SA and BHP Billiton Ltd.
dominate global production of iron ore, also on Friday said it would defer a decision on investing in
Western Australia’s Silvergrass mine until “at least the third quarter of 2015 at the earliest”.

5. “Looking out over the next five years, we expect to generate strong free cash flow and we remain
committed to materially increase cash returns to shareholders in a sustainable way,” said Sam
Walsh, Rio chief executive.
Walsh on Friday said Rio would maintain a progressive dividend, which has grown 15 percent in
each of the 2012 and 2013 financial years, and flagged that there were “no near-term major M&A
objectives.” The size of any potential shareholder return and other capital management initiatives
will be announced at the group’s full-year results in February, he said.
Investors warmed to the news, pushing Rio’s share price up 1.9 percent to close at AUD 59.10 in
Sydney.
Source: Financial Times
GLENCORE-RIO MERGER WILL HAPPEN, LONDON INVESTMENT BANKER TELLS HEDGE FUNDS
Hedge funds including GLG Partners, DE Shaw & Co. and Pentwater Capital Management were told
this month by a prominent London mining banker to prepare for an all-but-inevitable takeover of
Rio Tinto Group by Glencore PLC, according to people familiar with the meeting.
Former JPMorgan Chase & Co. dealmaker Ian Hannam, who now runs a boutique advisory firm,
convened representatives of more than 20 investors at Corrigan’s Mayfair restaurant in the British
capital in mid-November to share his views on the potential deal, the people said, asking not to be
identified discussing a private matter. The meeting was intended in part to help position Hannam’s
firm, Hannam & Partners, to win a role in the transaction, the people said.
“If not today, this deal will happen sometime in the near future,” Hannam said in his presentation,
according to a copy seen by Bloomberg. “Glencore is M&A savvy and times deals well. The
combination will create a super-major with a diversified portfolio of world-class mining assets.”
Hannam’s presentation dwelled heavily on his deal-making experience, describing the banker as
“responsible” for the merger of BHP Ltd. (BHP) and Billiton PLC that created the world’s largest
mining company. It also highlighted his work alongside Xstrata PLC, which he advised on its 2012
takeover by Glencore and earlier transactions. Baar, Switzerland-based Glencore said last month it
was “no longer actively considering any possible” offer for Rio Tinto after a July proposal to create
the world’s largest miner, worth about USD 160 billion, was rebuffed. The company is now
effectively barred under U.K. takeover rules from a bid until April.
Hannam’s presentation predicted potential cost savings from a deal would be USD 1.8 billion, due
largely to assumed benefits of selling Rio Tinto’s resources through Glencore’s trading network.
Investor opinion proved decisive in Glencore’s last major deal, the USD 29 billion Xstrata
acquisition. Qatar’s sovereign wealth fund built a stake of almost 12 percent in the target company
after the deal was announced, forcing Glencore CEO Ivan Glasenberg to raise his all-share bid at
the 11th hour to win its support.
A stalwart of London’s mining world and former captain in the U.K.’s army reserve, Hannam is one
of the city’s more prominent investment bankers. He was fined GBP 450,000 pounds (USD 706,000)
by the British market regulator two years ago for market abuse after he was alleged to have e-
mailed a potential customer in 2008 with details of a bid for his client Heritage Oil PLC. After the
fine was imposed he stepped down from his post at JPMorgan, where he had been chairman of
global capital markets.
Source: Bloomberg
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ECONOMY
MONGOL BANK: FX AUCTIONS, CURRENCY SWAPS, 1-WEEK BILLS, T-BILLS;
The Bank of Mongolia on 4 December reported the sale of USD 6 million for a closing rate of MNT
1,874.11. Also that day, the central bank accepted USD 110 million from commercial bank ask
offers and USD 3.5 million in bid offers via a U.S. dollar swap agreement.
The Bank of Mongolia on 3 December announced the issue of one-week bills worth MNT 103 billion
at a weighted interest of 12 percent a year.
On 3 December, the Bank of Mongolia reported MNT 30 billion in bids for 52-week treasury bills with
a face value of MNT 30 billion. The treasury bills were sold at a discounted price with a weighted
average yield of 16.74 percent. Also on 3 December, the central bank reported that cancellation of
an auction for three-year treasury bills with a face value of MNT 10 billion.
Source: Bank of Mongolia
ACCIDENTS SEEN MOST OFTEN IN MINING, CONSTRUCTION
It’s not hard to guess why mining and construction are considered dangerous lines of work, but
don’t forget teaching. At least, that’s what the latest government report tracking accidents at the
workplace says.
Safety risk was biggest in the areas of mining, construction, roads and transportation work, and
healthcare, as well as education, according to a September report by the General Agency for
Specialized Inspection on work-related deaths and injuries. The report, which was presented at a
forum held 4 December for safety at the workplace of the State Social Security Insurance General
Office, said the top 5 causes for accidents and injuries at the work places were falls, indiscretion,
lack of maintenance to machinery or vehicles, and improperly lifting or carrying heavy materials.
Mongolia saw a total of 1,414 occupational accidents registered from 2010 through to the first three
quarters of 2014, which resulted in 237 work-related deaths, left 301 employees disabled, and
made 958 employees temporarily unable to work.
Source: News.mn
2015 HUNTING QUOTAS SET
Localities throughout Mongolia are set to collect about MNT 1 billion from 2.1 billion hunting
permits.
The Cabinet Secretariat voted on hunting quotas for 2015 on Monday, which will allow for the
hunting of 40 argali sheep, 60 ibex, 15 red deer, 20 grey wolves, 10 roe deer, and 10 wild boar. At
least 50 percent of the fees collected will be spent on wildlife management, land restoration and
environmental protections.
Source: News.mn
DEVELOPMENT BANK CEO WORRIES ABOUT BOND REPAYMENTS AS TUGRIK CONTINUES
DOWNWARD SPIRAL
The head of the Development Bank of Mongolia voiced a need to increase foreign reserves if the
country is ever to repay its over USD 2 billion worth of sovereign debt.

7. Mongolia will have to pay USD 580 million in March 2017 to retire Development Bank debt, USD 500
million in January 2018 for the first payment of the USD 1.5 billion from the 2012 Chinggis bond.
The remaining USD 1 billion is due 2022, said D. Munkhbat, the bank's chief executive. He said
investments such as the Beren Metal metallurgical plant, the facilities of Erdenet Carpet, and the
Khutul cement factory would be repaid within five years.
“So we are not worrying for redemption of the debt,” he said. “But we have to pay back USD 1.08
billion in less than one year.”
The biggest challenge is the depreciation of the tugrik, he said, which has made dollar-
denominated debt more expensive. “So we must work to increase foreign exchange reserves,” he
said.
Source: Zuunii Medee
POWER AUTHORITIES SWITCH ON HIKES IN ELECTRICITY TARIFF
Mongolia hiked up electricity and heating costs 9.85 percent and 13 percent, respectively,
beginning 5 December. Parliament first voted to taper down the subsidization of electricity costs in
2010.
Source: GoGo.mn
EASTERN UB FACES A COLD WINTER WITHOUT AMGALAN POWER PLANT
Families in some parts of Ulaanbaatar are experiencing hardship this year because of the delayed
commissioning until next year of the Amgalan Power Plant, said the lead official for managing heat
in Ulaanbaatar.
Residents in the eastern part of Ulaanbaatar have complained about poor heating in their homes,
said Ulaanbaatar District Heating Company Executive Director R. Khaidav. “The 16th micro-district
is provided heating from the Power Plant No. 3, but a few days ago, the plant malfunctioned.
Perhaps the malfunction effected heating at the micro-district,”
Source: Zuunii Medee
CABINET BACKS ADB CREDIT AGREEMENT FOR DARKHAN SEWAGE UPGRADE
The Asian Development Bank is poised to lend to improve Darkhan's sewage system. The Cabinet
Secretariat approved the proposal on 27 November.
Source: Montsame
TOO MANY PETROL STATIONS IN UB?
Ulaanbaatar is overcrowded with petrol stations, according to the General Agency for Specialized
Inspection (GASI), which plans to begin handing out penalties to stations in violation of Mongolian
laws. Ulaanbaatar's 180 petrol station is too many for the capital, with many located too close to
schools and homes. The permitted distance is 50 meters.
Source: Undesnii Shuudan
NEMA EXPANDS EARTHQUAKE EARLY WARNING SYSTEM
The National Emergency Management Agency (NEMA) on 2 December launched phase two of its
earthquake early warning system, with the installation of equipment to warn when earthquakes are
likely.
The earthquake detector is the second stage of a wider early detection system being installed in
Mongolia, which includes 48 three-meter and 12 eight-meter siren towers have been set up
throughout Ulaanbaatar's nine districts. Outside of Ulaanbaatar, similar detection instruments have
been installed at 12 earthquake-prone locations in Bulgan, Dundgovi, Tuv and Selenge Provinces.
Mongolia called for the system in 2011, following the devastating earthquake and tsunami in Japan
that year.
Three television stations including Mongolian National Broadcasting (MNB), UBS and Mongol HD, as
well as nine radio stations including FM 102.5, Auto Radio 96.3, Family Radio 104.5, Lavain Egshig
97.5, Mongolian National Radio 106, Shine Dolgion Radio 107.5, Best Radio 98.5, Khamag Mongol

8. Radio 95.1 and Tengerleg Radio 103.6 have installed emergency broadcast systems. Alarm
transmitters were set up at MNB’s main building, Chinggeltei Mountain, Melz Mountain in Baganuur
District, and Tamgiin Undur Mountain in Nalaikh District. Also, a mobile emergency communications
center was installed at a five-ton capacity truck in order to keep the emergency alarms activated in
case of faults at the center in the NEMA building.
Source: UB Post
IMPROVED EARLY-CHILDHOOD EDUCATION NEEDED IN MONGOLIA
With a USD 10 million grant from the Global Partnership for Education and World Bank support, the
government of Mongolia is making solid progress in getting more Mongolian children an early-
childhood education. Recently, 17 new kindergartens were built and equipped in Ulaanbaatar, the
capital, and 100 new kindergartens in rural areas based on the typical ger (felt-lined tents) in which
most rural families live.
These interventions help increase access to early childhood education for children in disadvantaged
urban and rural communities, thereby reducing social inequality in Mongolia’s thriving economy.
The support of the Global Partnership and other partners also helps the country to advance its
quest of getting all children in school and learning—including the most marginalized.
Although nearly all children in Mongolia are enrolled in primary school, pre-school enrollment
remains at around 86 percent (UIS) with enrollment in disadvantaged areas even lower. This
contributes to poorer results and higher drop-out rates for children from these areas when they do
reach primary school. Besides facing these pressures, rural children who do attend school must also
cope with schools with poor sanitation and overcrowded dormitories, further discouraging them
from attending school.
The 100 mobile ger-kindergartens that have been established with the GPE grant now benefit 1,500
children in rural areas where the pre-school enrollment rate is especially low. They have become
an important tool to increase the preschool enrollment in these rural areas. The 17 fixed
kindergartens in Ulaanbaatar, each with a capacity of 100 children, and the smaller ger-
kindergartens will help children develop the skills to later succeed in primary school.
Source: Global Partnership
PARTNERSHIP BRIDGES FROM MONTANA TO MONGOLIA’S DARKHAD VALLEY
What if we could go back to Yellowstone's founding in 1872 with what we know now about science,
human relations and the future demands on the world's first national park? While we can't do that,
the next best thing may be the work Montana State University professors and students are doing
now in new national parks in Mongolia.
Three national parks have been established in the Darkhad Valley near the country's northern
border with Tuva and Russia. Though yaks and yurts are common sights, the land "has a feeling of a
place in Montana, like the Flathead Valley or Mission Valley," said soil scientist Cliff Montagne, MSU
BioRegions director. MSU BioRegions is a nonprofit bringing together research and learning through
education and service in Mongolia.
The Darkhad Valley is an old glacial lake bed surrounded by mountains, with a grassland bottom,
Siberian larch woodlands and plentiful wetlands. The valley is home to small populations of argali
sheep, ibex, moose, elk, musk deer, wolverine, wolf and bear. Most Darkhad families practice
traditional herding. Montagne hopes the Darkhad Valley and the small staff that manages its
protected areas can leapfrog over coming-of-age problems by using lessons learned in Yellowstone.
"Like in Yellowstone a century and more ago, there's a lot of exploitation of natural resources
without thinking of sustainability. There's mining and hunting and grazing at severe levels of
exploitation," Montagne said.
Russia and Mongolia signed an agreement in the past year opening up travel between the two
countries, which could mean tourism into the valley, and tourist camps have popped up at random
in a recent land grab. Another challenge is maintaining the herding culture while protecting the
park. And as in Montana, finding ways to keep young people in their communities instead of losing
them to the city, in this case Ulaanbaatar, is tough.

9. Perhaps in the future, the Darkhad Valley will feel like a savannah, with healthy populations of wild
animals and smaller domestic herds. Montagne hopes people will be able to live a version of their
traditional lives in harmony with protected areas.
Source: Great Falls Tribune
ASIA’S FALTERING ‘WOMENOMICS’
“Womenomics” may be the flavor of the year in Japan, Mongolia and elsewhere, but the region has
remained among the laggards in the latest global gender gap rankings.
Mongolia ranked among the most feminist countries in a World Economic Forum 2014 report, but for
Asia as a whole progress remains slow in achieving equality for women in the workplace with the
world’s gender gap for economic opportunity and participation now at 60 percent, up only four
percentage points from 2006 when the survey first began.
“Based on this trajectory, with all else remaining equal, it will take 81 years for the world to close
this gap completely,” the WEF said in announcing the Global Gender Gap Report 2014, which
measures 142 countries on the gap between men and women on health, education, economic and
political indicators.
Nordic nations lead the pack, claiming the top five places, while Asia’s standouts are the
Philippines, ranked ninth, followed by New Zealand (13th) and Australia (24th). Yet the picture is
darker for the rest of the region, with Mongolia (42nd) the only other placing in the top 50,
followed by Singapore, Laos and Thailand, ranked 59th, 60th and 61st, respectively. China slipped
18 places to 87th, “largely due to its very low sex ratio at birth,” a cultural tradition that has
resulted in an estimated 35 million women “missing.” Despite recent government initiatives, Japan
gained just one place to 104th, showing the need for more action to achieve an estimated potential
GDP gain of nearly 13 percent.
South Korea also scored lowly, ranked 117th despite the pledges of its first female president, Park
Geun-hye, to address women’s issues such as childcare. Commenting on the report’s findings, ANZ
Research said closing the gender gap had the potential to become “a powerful second demographic
dividend for Asia.”
Based on this year’s findings, the world will not achieve full gender equality until 2095, unless the
pace of change increases. For Asia though, the worsening demographics of countries including
China, Japan and South Korea make it a far more urgent task than the end of the century.
Source: The Diplomat
CHINA’S ECONOMY SHOWS MORE WEAKNESS
The Chinese economy continued to weaken in November as two gauges of factory activity indicated
manufacturing lost momentum despite a recent cut in interest rates.
On 21 November, the People’s Bank of China cut the one-year lending rate by 0.4 percentage point
to 5.6 percent and the deposit rate by 0.25 percentage point to 2.75 percent, the first broad-based
cuts since July 2012. Economists saw it as a move to breathe new life into the world’s second-
largest economy and ease pressure on struggling companies. However, economists said they don’t
see much evidence yet that last month’s interest rate cut has boosted output. Even though the cost
of capital is lower, banks aren’t expected to pass on the full benefit to customers, they added, and
are likely to continue favoring governments and state-owned companies with the best lending
terms.
“The rate cut probably isn’t enough,” said HSBC economist Julia Wang. “We think there will be
more easing needed given the economic situation.”
HSBC forecast a 0.50 percentage-point cut in lending rates by the end of the first half of 2015 and a
1.50 percentage-point cut within the next year in the interest rate on reserves that financial
institutions are required to hold with the central bank, Wang said. The weaker purchasing managers
index readings on Monday dovetail with weaker investment, industrial production, consumption and
lending activity numbers in recent weeks. China’s gross domestic product grew by 7.3 percent in
the third quarter, its slowest pace in more than five years.

10. China’s official PMI index fell to 50.3 in November compared with 50.8 in October, the National
Bureau of Statistics said in a statement Monday. This is its lowest level since March and below the
expectations of economists polled earlier by The Wall Street Journal. A reading above 50 indicates
an expansion in manufacturing activity from the previous month, whereas a reading below indicates
contraction. The official PMI was slightly higher than the final November reading for a competing
PMI released by HSBC and data provider Markit, which came in at 50.0, a six-month low. This
compares with 50.4 in October, HSBC Holdings PLC said Monday.
Also on Sunday, the central bank released a draft plan for a long-awaited bank deposit insurance
system in China, a program that economists view as a necessary step toward full interest-rate
liberalization. There will be a one-month public comment period before its expected introduction
early next year. Economists said they expect Beijing to release a lower 2015 growth target than the
7.5 percent figure for 2014.
Source: Wall Street Journal
POLITICS
MPP ACCEPTS SAIKHANBILEG'S INVITATION TO FORM SUPER-COALITION
The Mongolian People’s Party (MPP) voted 75 percent in favor during a congress on 29 November to
accept Prime Minister Chimed Saikhanbileg’s invitation to join the government.
The MPP will join the Democratic Party (DP), the Mongolian People's Revolutionary Party (MPRP),
Mongolian National Democratic Party (MNDP), and Civil Will-Green Party (CWGP), which have all
committed to partner under Saikhanbileg's lead for a super-coalition government.
“A unity government might be the breakthrough needed to end the deadlock with Rio Tinto and
move ahead with developing Oyu Tolgoi’s underground mine” says Munkhdul Badral, chief executive
of market intelligence firm Cover Mongolia.
Source: Cover Mongolia
MONGOLIA POLITICIANS FORM SUPER COALITION, A 'DREAM TEAM,' SAYS FORMER SOUTHGOBI
HEAD
Mongolia’s squabbling political parties have cast aside their differences and formed a super
coalition to face up to a wave of economic problems amid the fall-off in commodity prices.
The ruling Democratic party and the Mongolian People’s party, the main opposition party, have
been joined by members of the Justice Coalition and Civil Will-Green party a month after the State
Great Khural, the country’s parliament, voted to remove the previous prime minister.
“Here you have the dream team that got all that stuff done the last time,” said Alexander
Molyneux, former head of Mongolia’s third-largest coal miner SouthGobi Resources, referring to the
two parties’ previous alliance which laid the groundwork for a foreign investment boom. “I think
you could really fix Mongolia in 2015.”
Top of the agenda for Chimed Saikhanbileg, the new prime minister, will be commissioning an
evaluation of Mongolia’s economy by international financial institutions, according to Dale Choi of
Independent Mongolian Metals & Mining Research.
The downturn in the commodities cycle and Mongolia’s constant policy shifts have scared away
many of the international miners on which the landlocked country was counting to pursue its “third
neighbor” policy of building ties with partners other than Russia and China, the giants to its north
and south. Saikhanbileg pledged in a speech last week to remove barriers to mining and improve
access to credit. But the biggest test for the new government will be whether it can reach a deal
with Rio Tinto to develop the second, underground phase of the Oyu Tolgoi copper and gold mine,
which has dazzled Mongolia with its promised riches.
Part of the country’s economic woes are the result of spending commitments made when politicians
were flush with optimism for Oyu Tolgoi revenues. Meanwhile, a debt ceiling takes full effect next
year. Even if a deal over Oyu Tolgoi is reached, low commodity prices may mean Rio is happy to
keep the metal in the ground for the time being.
Source: Financial Times

11. SAIKHANBILEG PROMISES TO HEAR OUT BUSINESS COMMUNITY
Prime Minister Chimed Saikhanbileg has promised to focus on the economy with the government he
will soon launch.
Saikhanbileg proposed hearings for Thursday from Mongolia's business community to identify what
ails the economy, as well as the creation of a so-called National Council that will have his ear for
the long term. He said Parliament had already received about 10 bills to vote on that aim to reduce
bureaucracy and free up business.
Source: Montsame
SAIKHANBILEG SUSPENDS AUDITS
Prime Minister Chimed Saikhanbileg is asking government officials to ease its notoriously harsh
judgments on tax.
Special Inspection Agency Head D. Batmunkh and top tax official B. Ariunsan received orders to
suspend any inspections or audits into companies with the aim of lightening the tax burden on
companies. He was following the suggestion of businesspeople he's met with who have shared ideas
on how to buoy the economy. The suspension will last until a revised Inspection Law is passed by
Parliament, he said.
Source: GoGo.mn
CABINET OFFERS SUGGESTIONS ON HOW TO MANAGE SOEs
The Cabinet Secretariat on 27 November gave suggestions for a bill for the management of state
assets. The bill outlines regulations for ownership and use, their rights, and criteria for the
founding of new organizations.
Source: Montsame
CABINET APPOINTS NEW AGENCY HEADS
The Cabinet Secretariat on 27 November appointed new heads of the General Intelligence Agency,
General Police Department and General Taxation Department. B. Khurts will replace B. Ariunsan at
the General Intelligence Agency, R. Chingis will replace S. Baatarjav at the General Police
Department, and B. Ariunsan will replace T. Batmagnai at the General Tax Authority.
Source: Montsame
BILL SEEKS TO RESTRICT FOREIGN CONTENT ON TV
Parliament has signaled its intention to pass a bill sponsored by the culture minister that seeks to
restrict the amount of foreign programming broadcast on television.
Mongolia has budgeted MNT 5 billion to subsidize Mongolia's television networks already in the
expectation that it will introduce the program. Culture Minister Ts. Oyungerel said the bill was
necessary because foreign content was the majority on television and in the cinema subjecting
Mongolian viewers to “brainwashing via television.”
One member of Parliament, G. Bayarsaikhan, dissented, saying he would not support the program
because he worried that the subsidies would introduce government controls over television. He
added that controlling television content was not the business of politicians. “I think It is better
that elected politicians and members of the Parliament should provide role models themselves, but
not on television,” he said.
Source: Udriin Sonin
FORMER MINING MINISTER TO LEAD DEMOCRATS' SHONKHOR FACTION
Recently resigned Davaajav Gankhuyag will replace Zandaakhuu Enkhbold as leader of the Shonkhor
faction who has taken the position of party leader of the Democrats. Gankhuyag beat out
Environment, Food and Agriculture Standing Committee head G. Bayarsaikhan for the post.
Members said they chose him because he did not have a Cabinet Secretariat seat.
Source: Unuudur

12. UNESCO INSCRIBES MONGOLIAN ANKLE-BONE SHOOTING AS INTANGIBLE CULTURAL HERITAGE
The U.N. Education, Science and Culture Organization (UNESCO) has added ankle-bone shooting to
its representative list of the Intangible Cultural Heritage of Humanity.
Mongolians revere certain parts of bones of their domestic livestock and use them in religious rites,
play and traditional games. One such popular team-based game is knuckle-bone shooting. Teams of
six to eight players flick thirty domino-like marble tablets on a smooth wooden surface towards a
target of sheep knuckle-bones, aiming to knock them into a target zone, while shooters sing
traditional knuckle-bone shooting melodies and songs. Each shooter possesses individually crafted
shooting tools and instruments, and wears costumes embossed with distinguished characteristics
depending on their rank and merits.
Team members are tied by close bonds and follow ethical rules of mutual respect and dignity. The
rituals, knowledge, skills, technique and expertise associated with knuckle-bone shooting, as well
as the craftsmanship of tools, accessories and equipment, are transmitted through apprenticeship.
Source: UNESCO
DALAI LAMA BEGINS TEACHINGS FOR MONGOLIANS
Tibetan spiritual leader Dalai Lama on 2 December began a four-day religious teaching on
Tsongkhapa’s “Great Stages of the Path” at Tsugla khang, the main temple in Dharamshala, at the
requested of a group of Mongolians.
Around 4,000 people from 48 countries including 700 Mongolians are attending the teachings that
are due to conclude on 5 December. Describing the relationship between Tibet and Mongolia before
the start of the teachings, the Dalai Lama said, "Earlier in Asia, China, Tibet and Mongolia shared a
long history. Tibet and Mongolia have a special relationship. Not only the two countries had same
religious faith in Buddhism, but I think we also share similar customs and traditions.”
He explained the background of the name "Dalai Lama," a Mongolian name, he said, “The third
Dalai Lama Sonam Gyatso visited Mongolia and made a good relation. That’s how the word ‘Dalai’
came.”
The title “Dalai Lama”, meaning Ocean of Wisdom, was offered to the third Dalai Lama Sonam
Gyatso by the Mongolian King Altan Khan and in return, the Dalai Lama conferred on Altan Khan the
title of Brahma, the King of religion.
Source: Phayul.com
FORMALIZING MONGOLIA’S ARTISANAL MINING SECTOR
Mongolia legally recognized artisanal and small-scale mining in 2010, but failed to provide for
effective regulatory tools to ensure environmental performance with respect to effective
rehabilitation of degraded land. The Asia Foundation—with support from the Swiss Agency for
Development and Cooperation —aims to mitigate environmental impacts from historic and current
artisanal and small-scale mining (ASM) in Mongolia by building environmental capacity within the
sector.
In order to develop a methodology that could win broad acceptance across both national and local
stakeholders, the project incorporated practical approaches that met the above defining criteria at
8 project sites across Mongolia. Such pilot sites were selected out of 12 areas of degraded and
abandoned lands that had experienced informal artisanal mining activities for gold and fluorspar,
two of the widespread forms of ASM in Mongolia. A team of national experts provided advice to the
ASM NGOs who led the rehabilitation demonstration project work, advised on methodology, and
directed the signing of memorandums of understanding between governments and NGOs. With such
agreements in place, the rehabilitation projects began in early July extending through October
2014.
Technical rehabilitation addressed the infilling of pits and shafts to a safe, affordable and
agreeable standard, followed by regrading and reprofiling of materials and the distribution of
available top soils to prepare the way for biological rehabilitation. Training in and implementation
of biological rehabilitation techniques refocused on appropriate topsoil placement, and the

13. identification of vegetation types that were appropriate to ecological region. After local
government environmental inspectors evaluated the demonstration sites, a Frugal Rehabilitation
Methodology was drafted, informed by the lessons learned from across all demonstration projects
and supported by detailed case studies.
If successful, the ASM sector can potentially look forward to an endorsed Frugal Rehabilitation
Methodology that will provide key technical support to the development and demonstration of
environmental best practice by the ASM sector.
Source: Asia Foundation
CHINA FALLS BEHIND IN GLOBAL CORRUPTION INDEX
China's rating on perceived corruption has fallen steeply, according to Transparency International
(TI), and the global watchdog called for closer international cooperation to root out graft and
abuses of power. Mongolia, tied for 80th of 175 countries, has slightly improved its ranking from
2012 to 2013 and again in 2014 by 1 point to 39.
Transparency International issues an annual report measuring perceptions of graft rather than
actual levels given the secrecy surrounding most corrupt dealings. It uses a scale where 100 stands
for the most clean and 0 for the most corrupt. The Berlin-based organization published its 2014
Corruption Perceptions Index of 175 countries on Wednesday and it showed Turkey's record had
worsened the most precipitously in 2014, dropping by five points to 45.
China's rating fell by four points to 36, even though the Beijing Communist government has
launched a concerted campaign to weed out venal officials, the TI report said. Chinese Foreign
Ministry spokeswoman Hua Chunying said the findings were seriously out of kilter with the
government's achievements on fighting graft.
"We believe that Transparency International is a group with a definite degree of influence
internationally and ought to conscientiously examine the objectiveness and fairness of the index,"
she told a daily news briefing in Beijing.
Beijing's low score matched a poor performance by Chinese companies in the watchdog's recent
report on corporate disclosure practice.
"Grand corruption in big economies not only blocks basic human rights for the poorest, but also
creates governance problems and instability," TI Chairman Jose Ugaz said in a statement in the
report.
It urged states ranked at the bottom of the index to take radical anti-graft steps in their people's
interest. "Countries at the top of the index should make sure they don't export corrupt practices to
underdeveloped countries," Ugaz said.
Source: Reuters
SCOTTISH SOCCER GURU LAUNCHES TRAINING PROGRAMS FOR MONGOLIAN YOUNGSTERS
It is among the lowest ranked countries in football—and one of the most remote in the world. But
Mongolia could soon be sending their best young talent to star in Scotland.
SFA coaching guru Donald Gillies will fly 6,000 miles to the Mongolian capital Ulaanbaatar in
January to launch a series of programs for youngsters. It’s hoped the Asian outpost—a landlocked
area, mostly desert, between Russia and China with a population of less than three million—could
provide Scotland with a rich conveyor belt of future talent.
Mongolia is ranked 194th in the world by football’s governing body FIFA—158 places behind
Scotland. The national team has only won 9 international matches in their 56-year history. Record
losses in recent years include a 15-0 drubbing by Uzbekistan and a 12-0 defeat by the Maldives.
The long harsh winters and short summer season make playing difficult for Mongolia’s seven league
teams. FIFA president Sepp Blatter even admitted recently: “It’s not easy to play football in
Mongolia.” And Ganbold Buyannemekh, the former head of the Mongolian FA, has just been banned
for five years by FIFA for accepting bribes. But SFA business development manager Gillies believes
that both Scotland and Mongolia will benefit from the coaching mission over the long term.
The coaching mission is the brainchild of Scots businessman David Scott and Martin Myers of the
Adventure Kicks organization, who are trying to encourage teams to visit Mongolia. David, 41, of

14. Newton Mearns, Glasgow, has been visiting Mongolia for more than 10 years on trade and cultural
trips and was appointed an honorary consul for Scotland in 2011. He persuaded the SFA to send
Gillies on the talent-spotting exercise.
Source: Daily Record
STOLEN DINOSAUR SKULL CAN GO BACK TO MONGOLIA: U.S. FEDERAL COURT
The remains of a 70-million-year-old dinosaur that was falsely labeled as a cheap replica and
smuggled into New York earlier this year can be returned to its native Mongolia, the United States
Attorney's Office said on Tuesday.
A federal court judge in the Eastern District of New York ruled that the skull and vertebrae of the
Alioramus dinosaur, a relative of the Tyrannosaurus Rex, must be forfeited by the French fossil
dealers who exported the remains. "We are determined to expose and halt the flow of stolen
cultural property entering our ports," Loretta Lynch, United States Attorney for the Eastern District
of New York, said in a statement.
In January, U.S. Customs and Border protection officials seized the dinosaur fossils, sent to New
York from France by Geofossiles Inc, which claimed that the skull was a French-made replica, the
statement said. In a petition for the items' release, Geofossiles later conceded that the fossils were
genuine, originating from Mongolia, and provided forged documents claiming that the remains could
legally be exported, the statement said. The company also attached a contract to sell the skull for
USD 250,000.
Under Mongolian law, significant fossil discoveries cannot be permanently exported or sold to non-
Mongolians, even if privately owned.
Now that the skull and vertebrae have been forfeited, the Mongolian government, which assisted
with the forfeiture case along with the Central Museum of Mongolian Dinosaurs, can submit a
petition for the return of the fossils. Federal officials in New York say they’ve seized an illegal
Alioramus fossil from France that was going to be sold for USD 250,000.
Source: NBC News
CHINGGIS KHAN ERA COINS FOUND IN MONGOLIA’S ANCIENT CAPITAL KARAKORUM
Gold coins belonging to the era of legendary Chinggis Khan have been discovered in the ancient
capital of Karakorum in Mongolia, along with several items made of coral, pearl and turquoise.
Archaeologists of the Mongolian-German Karakorum Expedition have displayed the findings
preserved in the Karakorum museum. During the excavation works performed in 2014 in the
ancient capital Karakorum by the expedition, many interesting findings including gold coins of
Chinggis Khaan's era were unveiled.
"A consecrated placement of relics in a stupa to Khans of the 13th century was found underneath
the entrance stand of the temple named 'Great temple of Tsogt'," archaeologists were quoted as
saying by Mongolian news agency Montsame.
Treasures were represented by two gold coins, three silver coins and several items made of coral,
pearl, turquoise, copper and steel. One of the two gold coins is made in Samarkand and belonged
to the Chinggis Khan period while silver coins were made during the Mongke Khaan rule.
The archaeologists from Mongolia and Germany are now preserving these artifacts in the Karakorum
museum for further research. A project has already begun for the construction of an open museum
for preserving the archaeological remains of the temple.
Source: Business Standard
MONGOLIA’S NEW GOVERNMENT MUST MOVE QUICKLY TO RESTORE CONFIDENCE
Chimed Saikhanbileg, Mongolia’s incoming prime minister, must do more than simply continue the
policies of his predecessor, ousted amid accusations of economic mismanagement and corruption.
His choice of a new cabinet over the next two weeks will be critical. Including more professionals
and experienced bureaucrats, rather than officials elected for political reasons, would signal
progress and a recognition that corruption must be addressed. Improving the staffing and expertise
in departments such as the mining ministry would help reassure foreign investors that their

15. interests are in safe hands. Saikhanbileg must also refresh relations with Rio Tinto PLC to break a
deadlock over management fees. Given his involvement in earlier discussions, many feel his
appointment does not bode well for a breakthrough. Yet the importance of Oyu Tolgoi to Mongolia’s
future cannot be overstated. When fully up and running, it could account for a third of its gross
domestic product.
The new government must build momentum on these and ensure they are clearly understood by the
international community. One major change is a new petroleum law that should streamline
approval for activities such as prospecting, storage, transportation and sales of petroleum products.
However, more work must be done to improve transparency in the terms of oil production sharing
agreements between investors and the Mongolian government. Changes have also been made to
Mongolia’s minerals law. Exploration licenses have been extended from 9 to 12 years, making them
more attractive for long-term investors. A government ban on the issue of new exploration licenses
has also been revoked.
Mongolia will continue to play an important role in north-east Asia’s economic prosperity. However,
if Saikhanbileg does not move quickly to resolve the Oyu Tolgoi impasse and stem the decline in
economic growth, investors may choose to stay on the sidelines until after the 2016 elections.
Marius Toime is a projects partner at international law firm Berwin Leighton Paisner.
Source: Financial Times
___________________________________________________________
‘BCM IN THE UNIVERSITY CLASSROOM’ NEWS
Business Council of Mongolia (BCM) has been pushing forward with its ‘BCM in the University
Classroom’ series since March 2012. Led by BCM’s Education Working Group, the program provides
lectures at universities to help inspire students and give them direction for their future careers.
The series has grown to include an average of 10 lectures per academic year. Now 2,045 students
and teachers have participated with BCM in the University Classroom Project.
Most recently Bulganmurun Tsevegjav, senior officer at GGGI and BCM`s Environmental Working
Group chair, gave a presentation entitled “Role of International Organizations in Mongolia’s Path to
Green Growth: Global Green Growth Institute” to an audience of 33 students, postgraduate
students and teachers at department of Geo ecology and environmental study, National University
of Mongolia on 23 October.
For further details, please contact Erdenetsetseg T, BCM Working Group Coordinator, at
erka@bcmongolia.org
______________________________________________________________________________________
BCM WORKING GROUP MEETINGS
Logistics Working Group
The BCM Logistics Working Group’s meeting was held on Tuesday, 25 November with 7 members
attending.
Jim Dwyer-Executive Director of BCM moderated the session.
New member: Enkhtur Ganbat-Mongolian Opportunities Partners
Guest -Enkhtuvshin Dorjzovd- Board Chairman of Federation of Mongolian Freight Forwarders
Speaker and topic was:
• Discussion on issues within Mongolian Logistics Sector with Federation of Freight Forwarders
of Mongolia’s Board Chairman, Enkhtuvshin Dorjzovd.
If you have any interest joining the Logistics Working Group, please contact Erdenetsetseg at
erka@bcmongolia.org
Education Working Group
The BCM Education Working Group met on Wednesday, 15 October with 21 members attending.

16. Saha Meyanathan-/DAS/ moderated the session.
New Members: Tsetsentsolmon Baatarnaran-Higher Education Reform Project, Uyen Ganzorigt-PwC,
Battuvshin Chuluundorj-University of the Humanities, Ph.D Dorjderem Nyamjav-Mongolian Institute
for Resources and Technology.
New Participants: Telmen Erdenebileg, Owen Roach, Mark Dvorak -Save the Children, Shinbayar
Gan and Battugs B-Labor Exchange Central Office of Mongolia, Julian Woll-GIZ were welcomed.
Guest: Peter McLinton-STVET project Support to Mongolia's Technical and Vocational Education and
Training Sector.
Speakers and topics were:
1.Update on Higher Education
-Update on Higher Education Reform Project activities (Ms B.Tsetsentsolmon-Higher Education
Specialist at Higher Education Reform Project)
-International Accreditation Process of the ISU (Dr. Robert Stearns)
-German-Mongolian Institute for Resources and Technology (Ph.D Dorjderem Nyamjav)
-Higher Education Update from PwC Academy-(Uyen Ganzorigt)
-List of best University's in Mongolia (Mr.Misheel Dashdavaa, Mr.Undral A- Forbes Mongolia)
2. VETC Update
-Update on VETC partnerships (Mr.Pascal Houben-GIZ)
Please contact:erka@bcmongolia.org
Tax Working Group
BCM`s Tax Working Group met on 1 October with 14 people attending.
Co-chair Tsendmaa Ch, Tax Executive Director of PwC, moderated the meeting.
New members: Rentsenkhand D - BDO, Nyamdulam N and Zoljargal Ch - PATC.
New Participants: Enkhmaa D, Munkhtsetseg S from MSM.
Speakers and topics were:
1."The changes to tax regulations in 2014” by Azzaya L, Senior Tax Consultant of PwC, and
Tsendaa Ch, Tax Executive Director of PwC
2. Open discussion
Members discussed various tax law applications in Mongolia and asked any agenda topics for next
WG meeting.
If you have any suggestions for the next Tax WG meeting agenda, please send it to
erka@bcmongolia.org.
______________________________________________________________________________________
BCM WEBSITES
MONGOLIAN WEBSITE: ‘PRESENTATIONS’
The following statistics and reports posted on Presentations section in Mongolian:
http://bcmongolia.org/mn/илтгэлүүд
6 Presentations at Discover Mongolia, Children’s Palace, UB, 4-5 September, 2014 (MNG)
• Б.Оюунгэрэл - "Монголын Геологи, Уул уурхайн Мэргэжлийн Институт" Дисковер
Монголиа 2014
• Б.БААТАРЦОГТ ГЕОЛОГИЙН БОДЛОГЫН ХЭЛТСИЙН ДАРГА - "ГЕОЛОГИ ХАЙГУУЛЫН
ТАЛААР ТӨРӨӨС АВЧ ХЭРЭГЖҮҮЛЭХ АРГА ХЭМЖЭЭ" Дисковер Монголиа
• Монголын алт үйлдвэрлэгчдийн холбооны Удирдах зөвлөлийн дарга Т.Ганболд - "АЛТНЫ
САЛБАРЫН ӨНӨӨГИЙН БАЙДАЛ, ЦААШДЫН ЗОРИЛТ" Дисковер Монголиа 2014
• Лхамаасүрэнгийн Раднаасүрэн УУЯ-ны СБТГ-ын ТБХ-ийн дарга "МОНГОЛ УЛСЫН
НҮҮРСНИЙ ЭКСПОРТЫН ӨНӨӨГИЙН БАЙДАЛ" Дисковер Монголиа 2014
• Г. Эрдэнэбилгүүн "Ашигт малтмалын нөөц ашигласны төлбөр, холбогдох асуудлууд,
боломжит шийдлүүд" Дисковер Монголиа 2014

17. • УИХ, ЗАСГИЙН ГАЗРЫН ГИШҮҮН Д.ГАНХУЯГ "ЭРДЭС БАЯЛГИЙН САЛБАРЫН ЭРХ З ҮЙН
ОРЧНЫ ШИНЭЧЛЭЛ"2014 ОНЫ 09 ДҮГЭЭР САРЫН 04 ДИСКОВЕР МОНГОЛИА
________________________________________________________________
• U.S. Ambassador Piper Campbell's speech at Invest Mongolia 2014, Blue Sky Hotel, 2-3
September, 2014
______________________________________________________________
ENGLISH WEBSITE: 'PRESENTATIONS', 'MONGOLIA REPORTS', ‘INTERVIEWS‘, MONGOLIAN
BUSINESS NEWS’, ‘PHOTO GALLERY’
10 presentations at Mongolia Projects & Investment Summit, 18-19 November, 2014, Hong Kong:
 Zoljargal Naidansuren, Governor, Bank of Mongolia, "Macroeconomic policies: during
balance of payments shock and after economic adjustment"
 Purevbaatar Bayarsaikhan, VP of Business Development, Khot Infrastructure Holdings, Ltd.,
"Project overview: Khot Infrastructure Holdings"
 David Paull, Managing Director, Aspire Mining, "Aspire's northern rail line: unlocking
resources in northern Mongolia and south west Siberia"
 Remy Autebert, Senior Vice President, Asia, Areva, "Areva"
 Gankhuyag Dagva, Chief Infrastructure Officer, Newcom, "How is Mongolia developing a
robust energy sector and reducing its reliance on foreign imports? Where can value be
found?"
 Reto Bodmer, Co-founder and COO, Bodmer Capital, Switzerland, "The future of Mongolian
projects – a Bodmer Capital case study"
 "PPP Mongolia: Fundamentals" Panel Moderator: Robert Rooks, Partner, Deloitte, Hong
Kong;
 Panelists: Tuyen D. Nguyen, Resident Representative of IFC, Mongolia; Matthieu Le Blan,
Head of Office, Mongolia, EBRD; Neil Ashdown, Deputy Head of Asia, IHS, UK
 Javkhlanbaatar Sereeter, Director General, Invest Mongolia Agency, "Key outcomes of the
new Investment Law"
 Randolph S. Koppa, President, Trade and Development Bank of Mongolia, "Key challenges
and opportunities for continued growth in Mongolia"
 James Passin, Principal, Firebird Management LLC, "The Mongolian investment case in the
context of negative international perception"
2 Presentations at BCM Monthly Meeting on November 10, 2014:
• Ambassador Takenori Shimizu, "Economic relations between Japan and Mongolia: Latest
trends and developments"
• Matthew Pottle, Country Managing Partner, PricewaterhouseCoopers, "Global CEO Survey
2014"
3 Presentations at Risk Management and Insurance Solutions conference, Corporate Hotel, 16
October, 2014
• Vlad Bobko, Chief Broking Officer, Director Large Accounts and Specialty, Aon CEE, CIS and
Mongolia - "Political Risks and Trade Credit Workshop"
• Munich Re Group - "MINING RISKS - insuring the un-insurable?"
• Vlad Bobko, Chief Broking Officer, Director Large Accounts and Specialty, Aon CEE, CIS and
Mongolia "Risk Management and Insurance Solutions Conference for Mongolian Industries"
2 Presentations at BCM Monthly Meeting on September 22, 2014:
• Peter A. Markey, Managing Partner, Ernst & Young Mongolia – "Business Risks in the Mining
and Metal sector"

18. • Kh. Dorjpalam, Officer Treasury, Oyu Tolgoi - "Overview of the Risk Management and
Insurance Conference in October in UB"
9 Presentations at Discover Mongolia, Children’s Palace, 4-5 September, 2014 (ENG)
• Cameron McRae, Executive Chairman, SkyPath Partners LLC, Mr. Geoff McNamara, Pacific
Road Capital, Financial Regulation Committee, Ministry of Economic Development, Moderator: Jim
Dwyer, Executive Director, Business Council of Mongolia - "Panel Discussion"
• Amarbayasgalan.E, Director, Investment Banking Division, Golomt Bank - "Banking and
Mining" Discover Mongolia 2014 International Mining Investors Forum, September 4-5, 2014
• Neil Ashdown, Deputy Head of Asia, IHS - "Mongolian Competitiveness among Asian
Emerging Market" Discover Mongolia 2014 International Mining Investors Forum, September 4-5,
2014
• Paul Cromie, Chief Geoscientist for Asia Pacific, Anglo American - "Anglo American Global
Exploration" Discover Mongolia 2014 International Mining Investors Forum, September 4-5, 2014
• Peter Akerley, President & CEO, Erdene Resource Development - "Mining Exploration
Project" Discover Mongolia 2014 International Mining Investors Forum ,September 4-5, 2014
• George Lloyd, CEO, Xanadu Mines - "Mining Exploration Project" Discover Mongolia 2014
International Mining Investors Forum, September 4-5, 2014
• Adrian Buck, Geo Consultant - "TSIM Geophysics: Mongolian Case Studies" Discover Mongolia
2014
• Sebastian Rosholt, Senior Associate, Minter Ellison LLP - "Amendments to the 2006 Mineral
Law of Mongolia: Private sector overview" Discover Mongolia 2014 International Mining Investors,
September 4-5, 2014
• Bilguun Ankhbayar, CEO, MIBG LLC - "Review and Outlook of Mongolian Investment
Environment" Discover Mongolia 2014 International Mining Investors Forum, September 4-5, 2014
12 Presentations at Invest Mongolia, Blue Sky Hotel, 2-3 September, 2014 (ENG)
• APIP - "Trends and Dynamics of the Real Estate Market in UB" Invest Mongolia 2014
• "Mongolian Cashmere Industry Overview" Invest Mongolia 2014
• B.Tsogtgerel, Vice Minister - "MINISTRY OF INDUSTRY AND AGRICULTURE" Invest Mongolia
2014
• Toshinobu KATO, JICA Mongolia - "Perspective on Long-term Development Strategy in
Mongolia～Japanese experience and cooperation" Invest Mongolia 2014
• Tokyo Stock Exchange - "Opportunities for Mongolian Companies to Raise Capital in Japan"
Invest Mongolia 2014
• Matthew Pottle, Country Managing Partner, PwC - "Mongolia: capitalising on the
megatrends" Invest Mongolia 2014
• Graeme Hancock, President, Anglo American Mongolia - "ANGLO AMERICAN AN
INTRODUCTION" Invest Mongolia 2014
• John Johnson, CEO, CRU China-"China's top commodity trends and what this means for
Mongolia" Invest Mongolia 2014
• Batsukh Galsan, Chairman, "OYU TOLGOI" PROJECT" Invest Mongolia 2014
• Ya. Batsuuri, CEO, Erdenes Tavan Tolgoi JSC - "Largest developing coking coal deposit in the
world" Invest Mongolia 2014
• Graeme Knowd, Associate Managing Director - "Mongolia Banking System Outlook Mongolian
Banks Face Cyclical and Structural Challenges " Invest Mongolia 2014
• Erdenedalai Odkhuu, Associate; Bolormaa Gulguu, Associate, Hogan Lovells (Mongolia) LLP -
"Legal Developments in 2014 :Changes and Future Developments" Invest Mongolia 2014
Mongolia Reports: http://bcmongolia.org/en/mongolia-reports
• Mongolia Economic Report – August 2014 by BCM;
• World Investment Report 2014 by United Nations Conference on Trade and Development ;
• Real Estate Report 2014 by Mongolia Properties;

19. • ASIA Reaching for the Top by International Monetary Fund, June 2014;
• ASIA Achieving Its Potential by International Monetary Fund, June 2014;
• Mongolia: Economy outlook 2014, by Asian Development Bank;
• Polit Barometer by Sant Maral Foundation, March 2014.
Interview Section: http://bcmongolia.org/en/interviews
• Peabody Energy's Greg Boyce Says Don't Write Off Coal
• Talking to United World, the Executive Director of the Mongolian Drilling Association (MDA)
Professor J. Tseveenjav. Source: http://www.worldfolio.co.uk/;
• Jim Dwyer, Executive Director, BCM – “Business need more business”;
The “Photo Gallery” contains photos from the 7th Anniversary BCM Renewal dinner on November
10, 2014.
___________________________________________
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 https://www.facebook.com/TheBusinessCouncilOfMongolia to read the
latest announcements and comment on events carried in the NewsWire with the community.
Hear breaking news and announcements as they happen when you follow BCM on Twitter at
https://twitter.com/bcmongolia.
The bulk of the content on BCM’s new LinkedIn page is Mongolian language to better cater to BCM's
Mongolian-speaking audience and members. Please click on the below link to follow us on our new
LinkedIn page.
http://www.linkedin.com/company/business-council-of-mongolia?trk=company_logo
Social stats: BCM now has 6,573 fans on our Facebook fans page, 1,784 connections on LinkedIn
network, and 1,351 followers on Twitter.
Of course for news information, interviews, event photos, videos and announcements regarding our
organization, visit the official BCM website at http://bcmongolia.org/
________________________________________________

21. 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]
Year 2012 *14.0% [source: NSOM]
Year 2013 *12.5% [source: NSOM]
October 31, 2014 *12.1% [source: NSOM]
*Year-over-year (y-o-y), nationwide
Note: 12.7% y-o-y, Ulaanbaatar City, October 31, 2014
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]
July 30, 2014 12.00% {source: Mongol Bank}
CURRENCY RATES – 4 DECEMBER 2014
Currency Name Currency Rate
US Dollar USD 1,875.37

22. Euro EUR 2,307.74
Japanese yen JPY 15.64
British pound GBP 2,943.58
Hong Kong dollar HKD 241.88
Chinese Yuan CNY 304.77
Russian Ruble RUB 35.50
South Korean won KRW 1.68
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.
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