The document summarizes news from the Business Council of Mongolia newsletter. It highlights several stories: mining companies expanding exploration targets and confirming viability of projects in Mongolia; coal and iron ore marketing agreements being formed with Chinese partners; and Aspire Mining identifying potential to increase resources at its Ovoot coking coal project through further exploration outside current boundaries. It also previews the agenda for the next BCM monthly meeting.
This document summarizes news from the Business Council of Mongolia newsletter dated August 17, 2012. It includes highlights on business, economic, and political news items. On the business front, it discusses updates on the OT 94% construction completion, Rio Tinto's concerns about securing a power deal for OT, SouthGobi Resources' suspended mining license and profit decline, and Prophecy Coal's temporary mine shutdown. It also notes leadership changes and deals involving companies like Turquoise Hill Resources, Erdene Resource Development Corp, and Leighton Holdings. The economic section summarizes data, inflation trends, and mining industry effects. Politics updates include changes to government structure and parliamentary activities.
This document provides a summary of news from the Business Council of Mongolia for May 18, 2012. It includes highlights on business, economic, and political news. For business, it summarizes news about mining companies like Erdenes-TT, Ivanhoe Mines, SouthGobi Resources, and Centerra Gold. It also discusses plans from Mongolian companies to produce synthetic diesel from coal. For the economy, it covers secondary bond trading, tax revenue from resources, and threats from climate change. For politics, it mentions new legislation on foreign investment and elections.
The document summarizes business and economic news from Mongolia reported in Issue 180 of the Business Council of Mongolia NewsWire dated August 12, 2011. Several mining companies had positive developments, including SouthGobi achieving record sales and revenue from coal mining. Voyager Resources announced a major new copper discovery. Guildford Coal acquired additional land and aims to begin coal production within a year. Other news included MEC completing a road to transport coal to China, Petro Matad drilling exploration wells, and Shivee Ovoo building Mongolia's first coal drying factory. The economy news discussed proposals for the Tavan Tolgoi coal project, China raising railway freight rates, and the first new listing on the Mongolian stock
The document summarizes 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 summarizes recent news from Mongolia across various sectors including business, economy, politics, and tourism. Some key highlights include:
1) Major mining projects in Mongolia like Oyu Tolgoi and Tavan Tolgoi have started development and operations, while several exploration companies are reporting promising early results.
2) Mongolia is taking steps to develop its oil refining capacity to reduce dependence on imports by starting construction on several new refineries.
3) The tourism industry in Mongolia is seeing a shift towards more luxury camping experiences offering travelers a chance to live like nomads in remote areas of the country.
4) Russia has launched a new tourist route on the Trans-
The document is a newsletter from the Business Council of Mongolia providing news and updates on business and economic matters in Mongolia. It announces that the newsletter will be on hiatus for the Tsagaan Sar holiday and then resume on March 2nd. It then provides highlights on various business, economic and political stories in Mongolia, including updates on mining companies, infrastructure developments, government policies and meetings/events from the Business Council of Mongolia.
The document summarizes news from the Business Council of Mongolia newsletter. It discusses several stories on business and economic news in Mongolia, including:
1) Peabody Energy expressing interest in acquiring a stake in Mongolia's Tavan Tolgoi coal deposit to expand its operations in China.
2) Erdenes-TT again delaying its planned IPO in Hong Kong, London, and Mongolia due to weak coal demand and prices.
3) Oyu Tolgoi grappling with water scarcity in the Gobi desert for its mine operations while facing skepticism about its water usage from local herders and NGOs.
The document provides a summary of business and economic news from Mongolia in Issue 166 dated May 6, 2011 of the Business Council of Mongolia NewsWire. It highlights several stories including GE opening an office in Mongolia, analysts downgrading shares of Ivanhoe Mines, Sharyn Gol announcing plans for expansion and strategic review, and AIDD winning a large drilling contract in Kazakhstan. It also summarizes economic reports and statistics as well as political news briefs from Mongolia.
This document summarizes news from the Business Council of Mongolia newsletter dated August 17, 2012. It includes highlights on business, economic, and political news items. On the business front, it discusses updates on the OT 94% construction completion, Rio Tinto's concerns about securing a power deal for OT, SouthGobi Resources' suspended mining license and profit decline, and Prophecy Coal's temporary mine shutdown. It also notes leadership changes and deals involving companies like Turquoise Hill Resources, Erdene Resource Development Corp, and Leighton Holdings. The economic section summarizes data, inflation trends, and mining industry effects. Politics updates include changes to government structure and parliamentary activities.
This document provides a summary of news from the Business Council of Mongolia for May 18, 2012. It includes highlights on business, economic, and political news. For business, it summarizes news about mining companies like Erdenes-TT, Ivanhoe Mines, SouthGobi Resources, and Centerra Gold. It also discusses plans from Mongolian companies to produce synthetic diesel from coal. For the economy, it covers secondary bond trading, tax revenue from resources, and threats from climate change. For politics, it mentions new legislation on foreign investment and elections.
The document summarizes business and economic news from Mongolia reported in Issue 180 of the Business Council of Mongolia NewsWire dated August 12, 2011. Several mining companies had positive developments, including SouthGobi achieving record sales and revenue from coal mining. Voyager Resources announced a major new copper discovery. Guildford Coal acquired additional land and aims to begin coal production within a year. Other news included MEC completing a road to transport coal to China, Petro Matad drilling exploration wells, and Shivee Ovoo building Mongolia's first coal drying factory. The economy news discussed proposals for the Tavan Tolgoi coal project, China raising railway freight rates, and the first new listing on the Mongolian stock
The document summarizes 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 summarizes recent news from Mongolia across various sectors including business, economy, politics, and tourism. Some key highlights include:
1) Major mining projects in Mongolia like Oyu Tolgoi and Tavan Tolgoi have started development and operations, while several exploration companies are reporting promising early results.
2) Mongolia is taking steps to develop its oil refining capacity to reduce dependence on imports by starting construction on several new refineries.
3) The tourism industry in Mongolia is seeing a shift towards more luxury camping experiences offering travelers a chance to live like nomads in remote areas of the country.
4) Russia has launched a new tourist route on the Trans-
The document is a newsletter from the Business Council of Mongolia providing news and updates on business and economic matters in Mongolia. It announces that the newsletter will be on hiatus for the Tsagaan Sar holiday and then resume on March 2nd. It then provides highlights on various business, economic and political stories in Mongolia, including updates on mining companies, infrastructure developments, government policies and meetings/events from the Business Council of Mongolia.
The document summarizes news from the Business Council of Mongolia newsletter. It discusses several stories on business and economic news in Mongolia, including:
1) Peabody Energy expressing interest in acquiring a stake in Mongolia's Tavan Tolgoi coal deposit to expand its operations in China.
2) Erdenes-TT again delaying its planned IPO in Hong Kong, London, and Mongolia due to weak coal demand and prices.
3) Oyu Tolgoi grappling with water scarcity in the Gobi desert for its mine operations while facing skepticism about its water usage from local herders and NGOs.
The document provides a summary of business and economic news from Mongolia in Issue 166 dated May 6, 2011 of the Business Council of Mongolia NewsWire. It highlights several stories including GE opening an office in Mongolia, analysts downgrading shares of Ivanhoe Mines, Sharyn Gol announcing plans for expansion and strategic review, and AIDD winning a large drilling contract in Kazakhstan. It also summarizes economic reports and statistics as well as political news briefs from Mongolia.
The document summarizes business and economic news from Mongolia. Key points include:
- Ivanhoe Mines is confident its power deal with China will come through in time for its 2013 copper production target.
- The Mongolian government established a state-owned firm, Erdenes Oyutolgoi, to manage its interest in the Oyu Tolgoi mine.
- Xanadu Mines reported total coal resources of 497 million tons across its projects after a new resource estimate.
- The Coal Mongolia conference will be held in Ulaanbaatar to attract investments into Mongolia's coal sector.
- GE will provide technical training to support Mongolia's Salkhit wind farm
The document summarizes business and economic news from Mongolia. It reports that the Mongolian Prime Minister said any involvement of Chinese company Chinalco in the Oyu Tolgoi mining project would need government approval. It also reports that Eznis Airways plans to buy two new jets to meet growing demand and that TNK-BP signed an agreement to potentially deliver oil products to Mongolia. Additionally, it provides positive drilling results from Erdene Resource Development Corp's copper and molybdenum project and notes that Xstrata officials met with the Prime Minister to discuss their Australian coal mining operations.
The document summarizes news from the Business Council of Mongolia newsletter dated October 10, 2014. Key highlights include:
- Rio Tinto's $5.4 billion Oyu Tolgoi copper project expansion in Mongolia has missed another deadline for financing commitments from lenders, raising concerns over Rio's copper earnings and Mongolia's economic outlook.
- Mongolia plans to expand its state-owned Darkhan metallurgical plant to include an iron ore wet concentrate plant by year's end, and upgrade the facility over the next four years.
- China's Sinopec submitted plans for a $30 billion brown coal gasification project in Mongolia to produce synthetic natural gas.
- MIAT
The document provides a summary of business and economic news from Mongolia in Issue 191 of the Business Council of Mongolia NewsWire dated October 28, 2011. Key highlights include:
- The Mongolian Investment Summit in Hong Kong saw a large turnout with presentations on investment opportunities in Mongolia's natural resources.
- Plans were announced for discussions in November on an investment agreement for the Tavan Tolgoi Western coal project. Additionally, Chinalco plans to purchase 15 million tons of coking coal per year from the Tavan Tolgoi East project.
- General mining news included Xanadu Resources reporting success on exploration projects for coking and thermal coal, as well as copper and gold.
The document summarizes business news from Mongolia, including several mining companies. SouthGobi Resources aims to secure a second coal mining license by year-end. Erdene Resource will apply for a molybdenum-copper mining license. Ivanhoe Mines reported increased revenue but wider losses in Q2 2010. Prophecy Resource reported the Chandgana Khavtgai project contains over 1 billion tons of coal. Canadian mining companies face challenges but also see success in Mongolia's emerging economy and significant mineral deposits, led by Ivanhoe Mine's giant Oyu Tolgoi copper-gold mine.
This document summarizes news from the Business Council of Mongolia related to business and economic developments in Mongolia. Some of the key highlights include:
- Mongolian Mining Corp plans a $700 million IPO on the Hong Kong stock exchange, the first for a Mongolian company in Hong Kong.
- Erdenes Tavan Tolgoi has begun removing soil at the Tavan Tolgoi coal deposit in preparation for mining operations.
- The border port at Gashuun Sukhait is planned to operate 24 hours a day by the end of the year to accommodate increased coal exports and equipment deliveries for the Oyu Tolgoi project.
- A South Korean
The document is a newsletter from the Business Council of Mongolia that provides news highlights from Mongolia in business, economy, and politics. Some of the key business highlights include: Oyu Tolgoi is expected to begin copper and gold production in August 2012; SouthGobi Resources updated coal reserves at Ovoot Tolgoi; and Winsway Coking Coal plans to issue $500 million in senior notes to finance investments including in Mongolia. Economic highlights include a 30% increase in minimum wages and plans for Mongolian citizens to receive shares in Erdenes MGL. Political highlights discuss Mongolia considering nuclear power and investigations related to riots in July 2010.
The document summarizes business news from Mongolia. It discusses several topics:
- Transport firms halting coal exports from Tavan Tolgoi due to unpaid fees. Erdenes-TT seeking a $400-500 million government loan to repay debt and fund infrastructure projects.
- Rio Tinto inviting bankers to arrange $4 billion in project financing for the Oyu Tolgoi copper-gold mine.
- Exploration companies reporting positive drilling results at iron ore projects in Mongolia, confirming wide zones of mineralization.
- Other news items on mining, coal shipping, airline routes, and proposed industry consolidation.
This document summarizes the February 28, 2014 issue of the Business Council of Mongolia NewsWire. It highlights several business, economic, and political stories in Mongolia. It also provides an overview of the recent BCM monthly meeting, including a discussion of Mongolia's partnership with the World Economic Forum and the addition of six new members to the BCM, such as Mitsubishi Financial Group and Dassault Systèmes. The meeting also included presentations on the recent Coal Mongolia investment conference and Mine Info LLC's mining exploration and consulting work.
The document provides a summary of business, economic, and political news from Mongolia. It discusses Mongolian Mining Corporation's successful IPO and plans for infrastructure development. It also mentions Chinalco's interest in participating in the Oyu Tolgoi project and a Peabody Energy team inquiring about the international tender date for the Tavan Tolgoi deposit. Additionally, it provides an overview of the most recent Business Council of Mongolia monthly meeting and topics discussed.
The document summarizes news from the Business Council of Mongolia newsletter. It highlights several stories:
1) Rio Tinto is close to striking a deal with Mongolia on developing the second stage of the Oyu Tolgoi mine, as an engineering contractor has begun hiring workers for the project.
2) Mongolian Mining Corporation has secured $150 million in pre-export loan financing and a $50 million option to fund working capital and investments.
3) Mongolia Growth Group has appointed a new CEO, Paul Byrne, to lead the company in its next phase of development.
The document summarizes news from the Business Council of Mongolia newsletter. It discusses several Mongolian mining and business stories:
1) Mongolia Energy Corporation is preparing its Khushuut coal mine to begin operations in October, with an estimated 85 million tons of reserves.
2) Khan Resources is appealing a court decision to invalidate its mining licenses, saying the international community is watching the case's progress.
3) Petro Matad has discovered hydrocarbons at its first well in Mongolia, de-risking its entire block which contains 14 more prospects.
4) Hunnu Coal has begun trial mining at its Unst Khudag coal mine to obtain samples and data for
The document summarizes business and economic news from Mongolia. It discusses ongoing negotiations between Mongolia and Rio Tinto over the Oyu Tolgoi mining project. It also mentions that Aspire Mining has identified potential savings of $200 million by selecting a new route for a proposed rail line. Additionally, it provides updates on various mining and infrastructure projects throughout Mongolia.
The document is a newsletter from the Business Council of Mongolia covering business and economic news from Mongolia. Some of the key points covered include:
- Mongolia Mining Corp agreeing to acquire QGX Coal Ltd in the largest acquisition deal in Mongolia worth $464 million.
- Prophecy Resources plans to build the Chandgana power plant in Mongolia with an initial capacity of 600MW and ultimately 4,200MW.
- Erdene Resource Development receiving a mining license for its Zuun Mod molybdenum-copper project.
- Oyu Tolgoi, Mongolia's largest mine, is expected to contribute significantly to economic growth over the next decade according to a new
The document summarizes the key news highlights from Issue 185 of the Business Council of Mongolia NewsWire dated September 16, 2011. Some of the top business stories include TT's IPO being delayed until early 2012, Hunnu Coal agreeing to be acquired by Banpu for $477 million, and the Oyu Tolgoi mine expected to generate one-third of Mongolia's economy by 2020. The "Discover Mongolia" conference delivered investment opportunities in Mongolia's mining sector to over 1,000 investors. Government officials discussed plans to expand Mongolia's infrastructure including roads, railways, and power stations. A panel at the conference addressed issues like mining taxation, licensing, and activities of illegal artisanal miners.
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 news from the Business Council of Mongolia newsletter. Key points include:
- Eznis Airways suspended operations due to financial losses.
- Centerra Gold's Boroo mine began repairs to its ball mill which will reduce processing capacity by 50% for two weeks.
- Xanadu Mines will acquire a 90% stake in the Kharmagtai copper-gold project for $14 million.
- A new cement plant utilizing dry processing opened in Selenge aimag with the capacity to produce 1 million tons annually.
- Khan Bank registered with the US IRS for tax compliance on accounts of US citizen account holders.
The document is a newsletter from the Business Council of Mongolia covering business, economic, and political news highlights from Mongolia. Some of the key stories covered include Korea Resources planning to take at least a 10% stake in the Tavan Tolgoi coal project, Ivanhoe Mines changing its name to Turquoise Hill Resources, and positive partial assay results from Kincora Copper's Bronze Fox copper project. Developers also broke ground on new projects including the Village@Nukht development and Shanagan Uul East coal exploration. Revenue increases were reported by MMC and several conferences on mining and construction were scheduled for September in Mongolia.
The document summarizes business and economic news from Mongolia in Issue 100 of the Business Council of Mongolia NewsWire dated January 8, 2010. Some of the key stories covered include SouthGobi Energy planning to raise $400 million from a Hong Kong IPO to fund coal production expansion in Mongolia, China National Gold's unit partnering with Monnis for gold exploration in Mongolia, and SouthGobi aiming to increase coal production at its Ovoot Tolgoi mine sixfold by 2012 through investments in mining infrastructure. The document also provides highlights of exploration and corporate activities by Entrée Gold in Mongolia in 2009, including the signing of an investment agreement for the Oyu Tolgoi mining project.
This document provides a summary of news highlights from the Business Council of Mongolia newsletter dated November 13, 2009. It discusses several business and economic stories including a Chinese company wanting to mine Mongolian copper, Peabody expressing interest in the Tavan Tolgoi coal project, a mining specialist recommending sub-dividing Tavan Tolgoi, Leighton getting a contract for the Khushuut coal mine, Rio Tinto remaining open to working with Chinalco, and Khan Bank reaching total assets of 1 trillion tugriks. It also mentions coal miners being unhappy with export restrictions.
This document discusses Mongolian mining investment opportunities in 2010. It provides background on why Mongolia is a good place to invest, noting its large land area, stable democracy, strategic location near China, educated workforce, and abundance of natural resources. Current Mongolian mining companies are experienced with western exploration techniques. Partnering with local companies provides advantages like government and community relations assistance. The company Altai Gold LLC controls 25 exploration licenses across Mongolia, including for gold, coal, and copper-gold projects. It seeks further investment for exploration and development and eventual capital market participation. Mining in Mongolia does carry risk, as with any emerging market.
The document summarizes business and economic news from Mongolia. Key points include:
- Ivanhoe Mines is confident its power deal with China will come through in time for its 2013 copper production target.
- The Mongolian government established a state-owned firm, Erdenes Oyutolgoi, to manage its interest in the Oyu Tolgoi mine.
- Xanadu Mines reported total coal resources of 497 million tons across its projects after a new resource estimate.
- The Coal Mongolia conference will be held in Ulaanbaatar to attract investments into Mongolia's coal sector.
- GE will provide technical training to support Mongolia's Salkhit wind farm
The document summarizes business and economic news from Mongolia. It reports that the Mongolian Prime Minister said any involvement of Chinese company Chinalco in the Oyu Tolgoi mining project would need government approval. It also reports that Eznis Airways plans to buy two new jets to meet growing demand and that TNK-BP signed an agreement to potentially deliver oil products to Mongolia. Additionally, it provides positive drilling results from Erdene Resource Development Corp's copper and molybdenum project and notes that Xstrata officials met with the Prime Minister to discuss their Australian coal mining operations.
The document summarizes news from the Business Council of Mongolia newsletter dated October 10, 2014. Key highlights include:
- Rio Tinto's $5.4 billion Oyu Tolgoi copper project expansion in Mongolia has missed another deadline for financing commitments from lenders, raising concerns over Rio's copper earnings and Mongolia's economic outlook.
- Mongolia plans to expand its state-owned Darkhan metallurgical plant to include an iron ore wet concentrate plant by year's end, and upgrade the facility over the next four years.
- China's Sinopec submitted plans for a $30 billion brown coal gasification project in Mongolia to produce synthetic natural gas.
- MIAT
The document provides a summary of business and economic news from Mongolia in Issue 191 of the Business Council of Mongolia NewsWire dated October 28, 2011. Key highlights include:
- The Mongolian Investment Summit in Hong Kong saw a large turnout with presentations on investment opportunities in Mongolia's natural resources.
- Plans were announced for discussions in November on an investment agreement for the Tavan Tolgoi Western coal project. Additionally, Chinalco plans to purchase 15 million tons of coking coal per year from the Tavan Tolgoi East project.
- General mining news included Xanadu Resources reporting success on exploration projects for coking and thermal coal, as well as copper and gold.
The document summarizes business news from Mongolia, including several mining companies. SouthGobi Resources aims to secure a second coal mining license by year-end. Erdene Resource will apply for a molybdenum-copper mining license. Ivanhoe Mines reported increased revenue but wider losses in Q2 2010. Prophecy Resource reported the Chandgana Khavtgai project contains over 1 billion tons of coal. Canadian mining companies face challenges but also see success in Mongolia's emerging economy and significant mineral deposits, led by Ivanhoe Mine's giant Oyu Tolgoi copper-gold mine.
This document summarizes news from the Business Council of Mongolia related to business and economic developments in Mongolia. Some of the key highlights include:
- Mongolian Mining Corp plans a $700 million IPO on the Hong Kong stock exchange, the first for a Mongolian company in Hong Kong.
- Erdenes Tavan Tolgoi has begun removing soil at the Tavan Tolgoi coal deposit in preparation for mining operations.
- The border port at Gashuun Sukhait is planned to operate 24 hours a day by the end of the year to accommodate increased coal exports and equipment deliveries for the Oyu Tolgoi project.
- A South Korean
The document is a newsletter from the Business Council of Mongolia that provides news highlights from Mongolia in business, economy, and politics. Some of the key business highlights include: Oyu Tolgoi is expected to begin copper and gold production in August 2012; SouthGobi Resources updated coal reserves at Ovoot Tolgoi; and Winsway Coking Coal plans to issue $500 million in senior notes to finance investments including in Mongolia. Economic highlights include a 30% increase in minimum wages and plans for Mongolian citizens to receive shares in Erdenes MGL. Political highlights discuss Mongolia considering nuclear power and investigations related to riots in July 2010.
The document summarizes business news from Mongolia. It discusses several topics:
- Transport firms halting coal exports from Tavan Tolgoi due to unpaid fees. Erdenes-TT seeking a $400-500 million government loan to repay debt and fund infrastructure projects.
- Rio Tinto inviting bankers to arrange $4 billion in project financing for the Oyu Tolgoi copper-gold mine.
- Exploration companies reporting positive drilling results at iron ore projects in Mongolia, confirming wide zones of mineralization.
- Other news items on mining, coal shipping, airline routes, and proposed industry consolidation.
This document summarizes the February 28, 2014 issue of the Business Council of Mongolia NewsWire. It highlights several business, economic, and political stories in Mongolia. It also provides an overview of the recent BCM monthly meeting, including a discussion of Mongolia's partnership with the World Economic Forum and the addition of six new members to the BCM, such as Mitsubishi Financial Group and Dassault Systèmes. The meeting also included presentations on the recent Coal Mongolia investment conference and Mine Info LLC's mining exploration and consulting work.
The document provides a summary of business, economic, and political news from Mongolia. It discusses Mongolian Mining Corporation's successful IPO and plans for infrastructure development. It also mentions Chinalco's interest in participating in the Oyu Tolgoi project and a Peabody Energy team inquiring about the international tender date for the Tavan Tolgoi deposit. Additionally, it provides an overview of the most recent Business Council of Mongolia monthly meeting and topics discussed.
The document summarizes news from the Business Council of Mongolia newsletter. It highlights several stories:
1) Rio Tinto is close to striking a deal with Mongolia on developing the second stage of the Oyu Tolgoi mine, as an engineering contractor has begun hiring workers for the project.
2) Mongolian Mining Corporation has secured $150 million in pre-export loan financing and a $50 million option to fund working capital and investments.
3) Mongolia Growth Group has appointed a new CEO, Paul Byrne, to lead the company in its next phase of development.
The document summarizes news from the Business Council of Mongolia newsletter. It discusses several Mongolian mining and business stories:
1) Mongolia Energy Corporation is preparing its Khushuut coal mine to begin operations in October, with an estimated 85 million tons of reserves.
2) Khan Resources is appealing a court decision to invalidate its mining licenses, saying the international community is watching the case's progress.
3) Petro Matad has discovered hydrocarbons at its first well in Mongolia, de-risking its entire block which contains 14 more prospects.
4) Hunnu Coal has begun trial mining at its Unst Khudag coal mine to obtain samples and data for
The document summarizes business and economic news from Mongolia. It discusses ongoing negotiations between Mongolia and Rio Tinto over the Oyu Tolgoi mining project. It also mentions that Aspire Mining has identified potential savings of $200 million by selecting a new route for a proposed rail line. Additionally, it provides updates on various mining and infrastructure projects throughout Mongolia.
The document is a newsletter from the Business Council of Mongolia covering business and economic news from Mongolia. Some of the key points covered include:
- Mongolia Mining Corp agreeing to acquire QGX Coal Ltd in the largest acquisition deal in Mongolia worth $464 million.
- Prophecy Resources plans to build the Chandgana power plant in Mongolia with an initial capacity of 600MW and ultimately 4,200MW.
- Erdene Resource Development receiving a mining license for its Zuun Mod molybdenum-copper project.
- Oyu Tolgoi, Mongolia's largest mine, is expected to contribute significantly to economic growth over the next decade according to a new
The document summarizes the key news highlights from Issue 185 of the Business Council of Mongolia NewsWire dated September 16, 2011. Some of the top business stories include TT's IPO being delayed until early 2012, Hunnu Coal agreeing to be acquired by Banpu for $477 million, and the Oyu Tolgoi mine expected to generate one-third of Mongolia's economy by 2020. The "Discover Mongolia" conference delivered investment opportunities in Mongolia's mining sector to over 1,000 investors. Government officials discussed plans to expand Mongolia's infrastructure including roads, railways, and power stations. A panel at the conference addressed issues like mining taxation, licensing, and activities of illegal artisanal miners.
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 news from the Business Council of Mongolia newsletter. Key points include:
- Eznis Airways suspended operations due to financial losses.
- Centerra Gold's Boroo mine began repairs to its ball mill which will reduce processing capacity by 50% for two weeks.
- Xanadu Mines will acquire a 90% stake in the Kharmagtai copper-gold project for $14 million.
- A new cement plant utilizing dry processing opened in Selenge aimag with the capacity to produce 1 million tons annually.
- Khan Bank registered with the US IRS for tax compliance on accounts of US citizen account holders.
The document is a newsletter from the Business Council of Mongolia covering business, economic, and political news highlights from Mongolia. Some of the key stories covered include Korea Resources planning to take at least a 10% stake in the Tavan Tolgoi coal project, Ivanhoe Mines changing its name to Turquoise Hill Resources, and positive partial assay results from Kincora Copper's Bronze Fox copper project. Developers also broke ground on new projects including the Village@Nukht development and Shanagan Uul East coal exploration. Revenue increases were reported by MMC and several conferences on mining and construction were scheduled for September in Mongolia.
The document summarizes business and economic news from Mongolia in Issue 100 of the Business Council of Mongolia NewsWire dated January 8, 2010. Some of the key stories covered include SouthGobi Energy planning to raise $400 million from a Hong Kong IPO to fund coal production expansion in Mongolia, China National Gold's unit partnering with Monnis for gold exploration in Mongolia, and SouthGobi aiming to increase coal production at its Ovoot Tolgoi mine sixfold by 2012 through investments in mining infrastructure. The document also provides highlights of exploration and corporate activities by Entrée Gold in Mongolia in 2009, including the signing of an investment agreement for the Oyu Tolgoi mining project.
This document provides a summary of news highlights from the Business Council of Mongolia newsletter dated November 13, 2009. It discusses several business and economic stories including a Chinese company wanting to mine Mongolian copper, Peabody expressing interest in the Tavan Tolgoi coal project, a mining specialist recommending sub-dividing Tavan Tolgoi, Leighton getting a contract for the Khushuut coal mine, Rio Tinto remaining open to working with Chinalco, and Khan Bank reaching total assets of 1 trillion tugriks. It also mentions coal miners being unhappy with export restrictions.
This document discusses Mongolian mining investment opportunities in 2010. It provides background on why Mongolia is a good place to invest, noting its large land area, stable democracy, strategic location near China, educated workforce, and abundance of natural resources. Current Mongolian mining companies are experienced with western exploration techniques. Partnering with local companies provides advantages like government and community relations assistance. The company Altai Gold LLC controls 25 exploration licenses across Mongolia, including for gold, coal, and copper-gold projects. It seeks further investment for exploration and development and eventual capital market participation. Mining in Mongolia does carry risk, as with any emerging market.
AREVA presented its offer for involvement in Mongolia's mining industry. AREVA is a global leader in nuclear energy and mining uranium. It has over 18 years of partnership with Mongolia, including exploration activities and social responsibility projects. AREVA outlined its mining business and operations around the world. It also emphasized its commitment to health and safety, respecting local communities, environmental stewardship, and social development initiatives. AREVA believes it can help meet growing demand for uranium while maintaining responsible practices.
Randolph Koppa, President of the Trade and Development Bank of Mongolia, outlined Mongolia's investment needs and opportunities from 2014 to 2018. He estimated total investment needs of $55 billion to $87 billion across key sectors like mining, infrastructure, urban development and business. Foreign participation will be critical as domestic sources are limited. Koppa concluded that Mongolia is facing a new economic reality with slower Chinese growth and stressed the need to develop mining and industrialization in parallel while affirming its third neighbor policy to attract foreign investment from all neighbors.
The document discusses the authorization and accreditation process for the International School of Ulaanbaatar, the only fully accredited international school in Mongolia. The school undergoes a rigorous 24-30 month self-study and review process based on standards in seven domains including student learning, teaching and learning, governance, faculty, learning support, school culture, and operations. An external visiting team evaluates how well the school meets the standards to determine accreditation.
This document summarizes news from the Business Council of Mongolia newsletter. It reports that GE signed a deal to provide turbines for Mongolia's first wind farm project. It also discusses Ivanhoe Mines working to secure a power source for its Oyu Tolgoi copper mine and moving forward with arbitration against Rio Tinto. Several mining companies had positive exploration results from drilling programs. New road projects were opened for bidding and an international law firm opened an office in Mongolia.
The document summarizes news from the Business Council of Mongolia newsletter. It highlights several business deals and developments in Mongolia, including Mongolian Energy completing a key road for coal transport, Just Agro introducing global food safety standards, the launch of a new domestic airline called Mongolian Airlines, XacBank receiving funding from FMO to support SME lending, Erdene raising funds for gold exploration, and Noble Group partnering with Aspire Mining to market Mongolian coking coal. It also briefly mentions news related to the Mongolian economy and politics.
This document summarizes trends in Mongolia's real estate market between 2007-2014. It shows that property prices increased significantly until the late 2000s but declined in 2009 due to the global financial crisis. Prices have since recovered and Mongolia's luxury property prices and yields rank competitively compared to other emerging markets. Government policies like subsidized mortgages have supported growth in the housing sector while rising incomes have increased demand. The retail property market has also expanded, especially in the capital city of Ulaanbaatar, though rental rates vary by location. The government has outlined plans to develop new commercial centers to accommodate future population growth.
The document summarizes business and economic news from Mongolia. It discusses several mining projects and disputes between Rio Tinto and the Mongolian government over profits from the Oyu Tolgoi copper mine. It also mentions Anglo American entering the Mongolia market, restrictions placed on SouthGobi's assets, and presentations made at the Coal Mongolia 2013 forum calling for cooperation between the public and private sectors in Mongolia.
This corporate presentation from Entrée Gold provides:
1) An overview of Entrée Gold's global portfolio of copper and gold assets, including its interest in the Oyu Tolgoi mining project in Mongolia and the Ann Mason copper-gold project in Nevada.
2) A discussion of Entrée Gold's investment thesis, which is focused on developing a global portfolio of high-quality assets and leveraging opportunities in the copper market.
3) Key details about Entrée Gold, including its stock exchange listings, shares outstanding, cash position, analyst coverage, and management team.
1) Aspire Mining Limited is an Australian mining company focused on coal mining projects in Mongolia, including the 100% owned Ovoot Coking Coal Project.
2) The Ovoot project contains a 330 million tonne JORC-compliant coal resource with potential for further growth. The coal is a premium coking coal suitable for steelmaking.
3) Aspire is fully funded to complete a pre-feasibility study for an open-pit mine at Ovoot with a production target of 11-12 million tonnes per year
This document summarizes the new members that recently joined the Business Council of Mongolia (BCM) in December 2011. Thirteen new members from a variety of industries and services are listed, including law firms, investment companies, brokerage firms, engineering companies, consulting firms, and more. The new members provide services across Mongolia in areas like mining, real estate, finance, construction, hospitality, and legal/consulting work. The addition of these thirteen organizations further expands the network and representation of the BCM.
1. The document is a keynote speech by the Canadian Ambassador to Mongolia at the 14th Annual NAMBC Investors Conference in Ulaanbaatar, Mongolia.
2. The Ambassador discusses the growing commercial relationship between Canada, the US, and Mongolia, with increasing trade, exports, and Canadian investment in Mongolia.
3. The Ambassador also outlines other areas of growing cooperation between the countries: supporting Mongolia's democratic development, development assistance programs, security cooperation, and growing people-to-people contacts.
4. While optimistic about Mongolia's economic potential, the Ambassador cautions that Mongolia faces challenges around infrastructure development and improving governance, which will be important to address
Xanadu Mines is exploring for copper-gold porphyry deposits in Mongolia. Its flagship project is the Kharmagtai project, which hosts multiple mineralized zones over a 2km area. Recent drilling at Kharmagtai intersected a new discovery called East Altan Tolgoi, with hole KHDDH343 returning a 241.7m interval grading over 1% copper equivalent. Xanadu plans to expand on this new discovery through further drilling to extend mineralization along strike and at depth. The Kharmagtai project has potential for additional discoveries under shallow cover based on its similarities to productive porphyry belts in Australia and elsewhere.
The document is a newsletter from the Business Council of Mongolia that includes the following highlights:
- Several mining companies announced significant mineral resource estimates at their Mongolian properties, including Haranga Resources reporting 32.8 million tons of iron ore and Moly World reporting 203.4 million tons of molybdenum ore.
- Power remains an issue for the Oyu Tolgoi mine as agreements have not yet been reached to import electricity from China, potentially delaying production timelines.
- South Korea wants at least a 10% stake in the Tavan Tolgoi coal mine project and does not think the previously discussed 36% stake is sufficient.
- The newsletter also provides various other
The Economic Policy and Competitiveness Research Center (EPCRC) was established in 2010 by Mongolia's largest companies to conduct research on issues affecting Mongolia's economic competitiveness. EPCRC publishes an annual Mongolia Competitiveness report in partnership with the Institute for Management Development, analyzing Mongolia's performance on 327 criteria compared to 58 nations. While mining is a major driver of Mongolia's economy, it also risks issues like "Dutch disease" and lack of economic diversification if not managed properly. EPCRC advocates for policies to improve legal predictability, workforce skills, monetary policy, and encourage value addition and innovation in Mongolia to strengthen competitiveness beyond mining.
The document is a newsletter from the Business Council of Mongolia that provides news highlights on business, economic, and political issues in Mongolia and internationally. Some of the key stories covered include: progress being unclear on the planned IPO of Mongolia's Tavan Tolgoi coal mine; the Mongolian government greenlighting a planned 600-megawatt coal power plant by Prophecy Coal; and Xanadu Mines planning to continue drilling its metallurgical coal exploration project through the winter months.
The document outlines a quality assurance training program presented by Barrie Evans of the Business Council of Mongolia. The overall goal of the program is to accelerate sustainable private sector growth in Mongolia by enhancing the private sector's role in economic development. The program will provide training in areas like quality management, food safety, internal auditing, and certification courses over 5 months in 2011-2012. It includes a schedule of courses to be offered each month that will help strengthen private sector capacity and competitiveness in Mongolia.
London is a leading international stock exchange that offers unique benefits to companies seeking a public listing. It has a global investor community and is the most international equity market in the world. Over 60 companies listed on the London exchange operate in over 115 countries. The exchange also connects investors around the world, including large institutional investors from Asia, Europe, the Americas, Africa and the Middle East. In the first quarter of 2014, London accounted for a fifth of the nearly $42 billion raised globally through initial public offerings.
The document summarizes business, economic and political news from Mongolia reported in Issue 295 of the Business Council of Mongolia NewsWire dated October 11, 2013. Key highlights include Rio Tinto and Mongolia resolving some issues regarding the Oyu Tolgoi mine expansion, Turquoise Hill Resources appointing a new board director, and the Mongolian government approving a road construction to facilitate coal exports from the Baruun Noyon Uul mine.
The document is a newsletter from the Business Council of Mongolia covering business and economic news in Mongolia. Some of the key highlights include:
- Prophecy Coal Corp acquiring additional coal exploration licenses adjacent to its Chandgana project to consolidate the coal basin.
- SouthGobi Resources beginning construction of a new paved highway to transport coal from its Ovoot Tolgoi mine to the Chinese border.
- Sojitz Corp. of Japan aiming to more than triple its sales of Mongolian coal to China within three years.
- EzNis Airways receiving a new Boeing 737 aircraft, expanding its international flight routes from Mongolia.
- Cockpit4u Aviation Service becoming the
- Centerra Gold and Tsesten Mining have requested that the Gatsuurt gold deposit and Tsaidam coal deposit be added to Mongolia's list of strategically important deposits. The Gatsuurt deposit contains an estimated 50-60 tons of gold worth $300 million.
- Mongolia signed a contract with British company RMS to supply rail fasteners for expanding Mongolia's Chinese-gauge railway system.
- Hunnu Air plans to purchase an Airbus A330-200 aircraft to begin direct flights to Paris and the United States, as it seeks to better compete with MIAT Mongolian Airlines.
The document 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 is a newsletter from the Business Council of Mongolia that provides news highlights related to business and the economy in Mongolia and the region. Some of the key stories covered include the London Stock Exchange Group signing a strategic partnership with the Mongolian Stock Exchange to help restructure and develop it. Noble Group confirmed investing in Aspire Mining, a coking coal explorer in Mongolia. Leighton Asia started providing contracting assistance for Prophecy Resource's Ulaan-Ovoo coal project in Mongolia. SRK Consulting also opened new offices in Mongolia to service the mining industry.
The document is a newsletter from the Business Council of Mongolia that provides news highlights from Mongolia in the areas of business, economy, and politics from January 20, 2012. In the business section, it summarizes that Erdenes-TT will pursue an IPO in London and Ulaanbaatar instead of Hong Kong, Voyager Resources made a new copper discovery at its KM project, and Erdene received encouraging gold drilling results at its Altan Nar property. It also briefly summarizes several other mining and business deals and developments in Mongolia.
The document summarizes business and economic news from Mongolia reported in Issue 291 of the Business Council of Mongolia NewsWire dated September 13, 2013. Key points include:
- Oyu Tolgoi appointed a new CEO from Rio Tinto as disputes continue over project financing terms between Rio Tinto and the Mongolian government.
- Mongolian representatives will meet with Rio Tinto investors in London to discuss the situation at Oyu Tolgoi amid declining foreign investment in Mongolia.
- A new digital cable platform is set to launch in Mongolia provided by NAGRA, allowing subscribers access to premium content and services.
The document is a newsletter from the Business Council of Mongolia that provides news highlights from August 23, 2013. It covers business, economic, and political news items. Some of the key stories include Erdenes OT firing its executive director following disputes with Rio Tinto over mine costs, Areva announcing a large uranium discovery in Mongolia, the Mongolian government planning to purchase a coal transportation road from MMC, and a Thai hospital group looking to acquire a Mongolian hospital.
This document provides a summary of business and economic news from Mongolia in Issue 160 dated March 25, 2011 from the Business Council of Mongolia newsletter. Key highlights include:
- Prophecy Resource is ready to export 520,000 tons of coal from its Ulaan Ovoo mine in Mongolia to Russia and other countries starting in April.
- Hunnu Coal reports majority interests in 13 coal projects in Mongolia with total JORC resources of 414 million tons reported so far from its projects.
- Assay results from Aspire Mining's Ovoot Coking Coal Project indicate the coal has a very high theoretical yield to produce a product with low ash content and high coking
The document summarizes business and economic news from Mongolia reported in Issue 242 of the Business Council of Mongolia NewsWire dated October 5, 2012. Key highlights include:
- Erdenes-TT beginning exploration at West Tsankhi coal mine and Oyu Tolgoi nearing completion of an international airport.
- Chalco abandoning plans to purchase a 30% stake in Winsway Coking Coal and Gobi Energy halting drilling at Ger Chuluu D1 well without discovering hydrocarbons.
- Newera intersecting 26-meter long coal seams at its Shanagan East project and FeOre receiving a mining license for its Dartsagt iron-ore project.
The document provides a summary of business, economic, and political news from Mongolia based on a newsletter from the Business Council of Mongolia. Some of the key highlights include:
- Drill results from Erdene Resource Development Corp's copper-gold project in Mongolia confirmed continuity of the mineralized zone.
- Mongolia Mining Corporation selected NIC and Uniservice Solution to supply fuel and provide support services for its operations.
- Mongolia Energy Corporation has sales agreements in place for 2 million tons of coking coal from its Khushuut project.
- Several mining companies discussed exploration and drilling results from their projects in Mongolia.
The document is a newsletter from the Business Council of Mongolia covering business and economic news from Mongolia. Some of the key stories covered include:
- Oyu Tolgoi mine is confident disputes with the Mongolian government can be resolved to allow development of the underground mine to continue.
- Turquoise Hill Resources completed the divestment of its interest in Inova Resources for $85 million.
- Over 100 exploration licenses were revoked by Mongolia as part of an investigation into corruption, concerning foreign and domestic mining investors.
- Prophecy Coal restarted operations at its Ulaan Ovoo coal mine, hiring staff and recalling equipment to mine 30,000-50,000 tons per
The document summarizes 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 business and economic news from Mongolia. Some of the key highlights include:
- Turquoise Hill Resources announced another setback at its Oyu Tolgoi copper mine in Mongolia due to equipment failures.
- Erdenes TT suspended coal exports from its East Tsankhi mine due to the expiration of a pricing agreement.
- Mongolia and Russian Railways signed an agreement to partner on modernizing Mongolia's railway system by 2020, which could benefit Aspire Mining's Ovoot coking coal project.
- The London Stock Exchange extended its partnership with the Mongolian Stock Exchange for another three years to help
This document summarizes news from the Business Council of Mongolia newsletter for August 2, 2013. Major stories include Rio Tinto delaying underground development at the Oyu Tolgoi mine until it receives parliamentary approval for project financing. The majority shareholder of Savings Bank blamed receiving bad information about the Olon Ovoot mine for defaulting on loans. Aspire Mining's Ovoot coal mine resource estimates were upgraded, increasing reserves by 10.3%. Tests showed blending opportunities for coal from Ovoot and the Tavan Tolgoi mine.
The document summarizes business and economic news from Mongolia. It discusses several stories including Mongolia unveiling a new trademark for fur and cashmere products, Chalco acquiring a majority stake in SouthGobi Resources, and Oyu Tolgoi defending its operations against claims of environmental damage. It also mentions Mongolian Growth Group exploring a potential listing on the Mongolian Stock Exchange and the Mongolia Corporate Governance Forum happening in May.
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 summarizes news from the Business Council of Mongolia newsletter dated September 19, 2014. It covers several topics:
1) The tax dispute between Rio Tinto and the Mongolian government over the Oyu Tolgoi copper mine has been resolved, with taxes owed reduced to $30 million from $130 million.
2) Exploration drilling has started at Aspire Mining's Nuurstei coal project, which could lead to a pre-feasibility study.
3) Genie Energy has signed an agreement to explore an additional 25,000 square kilometers in Mongolia for oil shale, bringing its total exploration area to 60,000 square kilometers.
The document is a newsletter from the Business Council of Mongolia covering business, economic, and political news highlights from Mongolia. Some of the key stories covered include OT copper mine beginning initial production, Rio Tinto paying $935 million to maintain its stake in Ivanhoe Mines, a ruling in favor of Khan Resources over the expropriation of its uranium project, and updates on several mining and exploration companies' activities and projects in Mongolia.
This document summarizes business and economic news from Mongolia reported in Issue 353 of the Business Council of Mongolia NewsWire on November 28, 2014. Key highlights include Boroo gold mine receiving cyanide certification, Erdene securing financing to drill its Altan Nar gold project, Xanadu launching additional drilling at its copper mine, and Milko planning to begin milk powder production in 2015. It also mentions the Mongolian Stock Exchange cutting spending by 23% and Russia calling a meeting to discuss losses from the Ulaanbaatar Railways joint venture.
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.
Recent years have seen a disturbing rise in violence, discrimination, and intolerance against Christian communities in various Islamic countries. This multifaceted challenge, deeply rooted in historical, social, and political animosities, demands urgent attention. Despite the escalating persecution, substantial support from the Western world remains lacking.
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1. BUSINESS COUNCIL of MONGOLIA
NewsWire
www.bcmongolia.org
info@bcmongolia.org
Issue 236 – August 24, 2012
NEWS HIGHLIGHTS:
Business
MSCHCD warns politicization and media rumors hurt TT’s stock price;
Haranga Resources positive on viability of Selenge project;
Erdene expands size of Altan Nar target;
Winsway enters alliance for marketing of Mongolian iron-ore in China;
Aspire opens new chapter in Mongolia story;
UK firm pierces horse-supplement market;
Gobi Energy selects drill targets for 2012;
Draig introduces changes to management;
Energy Resources to provide employee apartments;
Mongolia Legal Forum in UB;
Mongolia, Malaysia to promote ties with September expo;
Caterpillar CEO warns of economic uncertainty.
Economics
Development Bank to invest MNT 100 billion in Mongolia's rails;
UB mayor leads action plan to reduce UB traffic;
Inner Mongolians petition for citizenship;
Savings on the rise;
Universities request 25-50 percent hike in tuition;
Mineral wealth yet to be realized on MSE;
Risking life in the gold rush;
President promises lifetime payments to Olympic winners;
Ulaanbaatar signs up nature's engineers to restore Tuul River;
Vitamin D supplements reduce colds among Mongolia's children, says study;
The “comfort curse”;
Mongolia mining report – Q3;
Coal comprises nearly half of all Mongolia's exports;
The road ahead for coal trade with China;
Coal miners make cuts as market dims;
Vale expects recovery in iron ore prices;
China’s copper demand grows to 43 percent of globe;
China slightly eases rare-earths quotas.
Politics
New government lineup formed;
Gankhuyag confirmed as mining minister;
MP Oyun nominated for minister of environment and green development;
Altankhuyag to keep Cabinet on tight leash;
Loose ends to June election;
Sacked Mongolian Railway head receives re-appointment;
Enkhbayar transferred to hospital after losing consciousness;
China pushes Chalco purchase of South Gobi stake;
Ulaanbaatar makes way for city planning;
Minister of Justice submits legislation for Umnugobi court;
2. Kuwaiti amir arrives in Mongolia for private visit;
Multinational partners train at Khaan Quest 2012;
Regional powers reluctant to form anti-China pact;
Fossil dealer submits court papers for return of dinosaur skeleton.
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 Eznis Airways
Kempinski Hotel Khan Palace Mongolian National Broadcasting
Breakthrough PR Oxford Business Group
BCM MONTHLY MEETING ANNOUNCEMENT
BCM‘s next monthly meeting for members will be Monday, August 27, 2012 at 5 pm at the Kempinski
Hotel Chinggis Khan Palace, 2nd floor, Altai Ballroom.
The bilingual meeting will feature the following presentations:
- Call to Order/Business Council of Mongolia: Laurenz Melchers, Chairman, BCM
- BCM Report: Jim Dwyer, Executive Director, BCM
- Welcome and Greeting: Piper Campbell, U.S. Ambassador to Mongolia
- Dr. Nigel Finch, Director of Admissions and Associate Professor, University of Sydney Business
School, ―Enhancing Sustainable Economic Growth in Mongolia by Improving Transparency and
Accountability in the Mongolian Public Sector‖
- Peter Benson, ADB Team Leader, MonRoad Sector Capacity Development Project, ―Repairing
3. Mongolian Roads"
- Caroline Clarke, Managing Partner, PricewaterhouseCoopers Audit LLC, ―International Women‘s
Forum and the Business Sector in Mongolia‖
- John Bachrach, Director, IEEC, member of IMC Montan, ―Mining Consulting – Adding Value in the
Sector‖
A networking reception will be held for all attendees immediately following the business portion of
the meeting in ―Oasis‖ restaurant, 1st floor, Kempinski Hotel.
BUSINESS
MSCHCD WARNS POLITICIZATION AND MEDIA RUMORS HURT TT‟S STOCK PRICE
The head of the Mongolian Securities Clearing House and Central Depository (MSCHCD) warned that
efforts to politicize Tavan Tolgoi and the spread of rumors are inflicting harm on the valuation of
the company's stock.
Now that many of Mongolia's citizens have become shareholders of Erdenes Tavan Tolgoi (E-TT) JSC,
thanks to the distribution of shares by government, Mongolians have a direct interest in the
performance of the company's eventual initial public offering. However, decisions by government to
allow citizens to trade in their shares for cash handouts has done harm to the company.
―...[I]t is better to invest in developing infrastructure, new technology and innovation, and expand
the operations of the company,‖ than handing out in cash payments said T. Gandulam, executive
director of MSCHCD. ―The Mongolian people should focus not on how much money they are going to
receive, but supporting this company that has so much potential so as to help it become a global
level competitor.―
Gandulam applauded the decision by government to stop trading for the moment, as trading could
affect the company's valuation. He said spreading unsubstantiated rumors in the media about
declines in the company's valuations would only do harm and that all Mongolians should keep this in
mind.
He added that N. Enebish, director of E-TT, had indicated to him that the IPO on the Mongolian
Stock Exchange (MSE), London Stock Exchange (LSE), and possibly the Hong Kong Exchange (HKEx)
would occur at the end of the first quarter of next year or during the beginning of the second.
Source: UB Post
HARANGA RESOURCES POSITIVE ON VIABILITY OF SELENGE PROJECT
Haranga Resources Ltd. reported viable possibilities for operations at its Selenge Iron-Ore project
for a mine life of up to 16 years and total value up to USD 1 billion.
An independent techno-economic assessment by ProMet Engineers completed on the Selenge
project confirms that even a resource at Haranga Resources' lower end of its exploration target
range justifies the exploration program underway there. However, admittedly a number of
potential external factors, such as the price of iron-ore, could change the valuations.
The assessment functions as a preliminary scoping study to attempt to ascertain likely project
economics and viability. The primary outcome for Haranga Resources is a confirmation that the
Selenge projects have considerable potential value if exploration targets are met and therefore will
continue its 9-rig drilling campaign. The company is currently preparing its mining license for the
project.
Source: Haranga Resources Ltd.
ERDENE EXPANDS SIZE OF ALTAN NAR TARGET
Erdene Resource Development Corp. defined a greater strike length of surface quartz at its main
target at Altan Nar as well as identified new exploration targets in its update on 2012 exploration.
The gold-bearing surface quartz target at the Discovery Zone at Altan Nar, a prospect for gold and
silver mineralization, now stands at 7.5 square kilometers. While detailed work has thus far been
4. restricted to the Discovery Zone at Altan Nar, recent exploration activity has resulted in several
new targets for testing. On average, the Discovery Zone has returned more than 30 meters of more
than 1 gram per ton of gold.
Results from the northwest extension at Altan Nar include an area where 10 of 15 samples returned
an average of 5.95 grams per ton of gold and 23.1 grams per ton of silver. Multiple other areas
returned rock samples with assays greater than 1 gram per ton of gold and up to 11.9 grams per
ton. Studies are now underway to define the character of the ore by ALS Ammtec in Australia.
Erdene Resources also receive approval for an environmental impact study for its Zuun Mod
molybdenum-copper project, located approximately 40 kilometers east of Altan Nar. Also, the
company has finalized the pit optimization study by Minarco-MineConsultant, part of the Runge LLC
group, which will provide data for its future pre-feasibility study.
Read more…
Erdene Resources received a 30-year mining license for 6,041 hectares that covers most of the Zuun
Mod project from the Mongolian government. A second license covering 358 hectares was received
in July, an area reportedly hosting 17.8 percent of the 168 million tons of inferred resource there.
Finally, early-stage surface exploration on the new Altan Arrow project, located 15 kilometers
south-southeast of Altan Nar, has uncovered an average of 3.5 grams per tons of gold and 60 grams
per ton of silver over a one-kilometer strike length. Samples include 57 grams per ton of gold and
416 grams per ton of silver. Erdene Resources has planned for addition exploration at Altan Nar in
the third quarter.
Source: Erdene Resource Development Corp.
WINSWAY ENTERS ALLIANCE FOR MARKETING OF MONGOLIAN IRON-ORE IN CHINA
Winsway Coking Coal Holdings Ltd. has entered into a long-term Strategic Alliance Agreement with
the Lung Mining Group for the marketing of Mongolian iron-ore products in China.
The agreement makes Lung Mining responsible for the production and supply of Mongolian iron-ore
products and delivery of such products to the Erlian China-Mongolia port. Winsway has exclusive
rights to purchase those products for the logistics and sale of these products in China.
The agreement allows for the purchase price to be set monthly and will span 25 years, beginning
this year.
Source: Winsway Coking Coal Holdings Ltd.
ASPIRE OPENS NEW CHAPTER IN MONGOLIA STORY
Aspire Mining Ltd. has already defined the second largest coking coal reserve in Mongolia, but
additional coal intersected during drilling outside the existing resource at its Ovoot coking coal
project could increase the size.
There is still plenty of room for Ovoot to grow into a Tier 1 resource, with only around 20 percent
of the Ovoot Basin explored by Aspire Mining. The coal miner has identified an extension of coal 800
meters to the northeast that could potentially add to existing open-cut coal reserves. The further
exploration success now potentially brings the Ovoot project open-pit coal resource and reserves
within around 1 kilometer of the underground resource to the northeast.
The best results so far have been in a hole that intersected 12.5 meters of coal from 195 meters.
Aspire Mining is also currently drilling 300-meter holes to test for rock strengths that would allow
for wall designs for below 300 meters and could expand reserves further.
―The existing 178 million-ton coking coal reserve base is significant and already the second largest
coking coal reserve in Mongolia,‖ said David Paull, managing director. ―There is the potential with
these resources extensions and geotechnical studies to see a further increase of our coal reserves.‖
Read more…
Ovoot's coal reserve is the fourth largest among the source's ASX-listed coal explorers and
developers, and the second largest in Mongolia, after Tavan Tolgoi. With only 20 percent of drilling
and evaluation complete, Aspire Mining is in the early stages of developing one of the world's
largest undeveloped coal resources. The miner also receives support from Noble Group Ltd., one of
the world's largest commodity trading and logistics companies to move coal worldwide.
5. Aspire Mining is now moving exploration to the Hurmit prospect, located in the Central Ovoot Basin
around 20 kilometers east of the Ovoot project. The company has received final approval for
accessing drill sites for an initial exploration program of 2,000 meters there. It is targeting near
surface coking coal for open-pit mining and is expected to complete this year's exploration program
by the end of October.
Source: Proactive Investors
UK FIRM PIERCES HORSE-SUPPLEMENT MARKET
Equine Products UK Ltd. has branched into the Mongolian market, with a EUR 10,000 (USD) order.
Four pallets of supplements from Equine Products will be delivered to Ulaanbaatar. Pharmaceutical
importer EuroPharma will supply the country's horse racing herdsmen, as equine tourism is said to
be thriving. Equine Products' supplements will predominantly be used by herdsman taking part in
the Naadam festival, which features wrestling, archery, and, of course, horse racing.
―This is an exciting new market for us to be exporting to, and Mongolia has a very different way of
doing business than the Middle East, for example.‖ He later added, ―Horses are sacred in Mongolia
and there is new wealth in the country, which is being invested in the equine industry.‖
Equine Products' product range includes nutritional support products for joints, hooves, skin,
respiratory, health, digestion, and behavior.
Source: Bdaily
GOBI ENERGY SELECTS DRILL TARGETS FOR 2012
Gobi Energy Partners LLC reported that it was able to select potential drilling locations for its 2012
campaign in its press release highlighting the second quarter of 2012.
Gobi Energy, a subsidiary of Manas Petroleum Corp., picked its targets based on its interpretation of
2D seismic data acquired from 2011 along with the result of passive seismic tests. Three prospects
were selected as potential drilling locations with plans to drill two in 2012.
The company planned to spud its first well, Ger Chuluu A1, this week after completing its 2D
seismic campaign. It has planned for a well 1,200 meters deep.
Source: Manas Petroleum Corp.
DRAIG INTRODUCES CHANGES TO MANAGEMENT
Draig Resources Ltd. has made a series of changes to its board and management structure that
includes the appointment of an executive director and a non-executive director.
Andrew Harrison, who served as a non-executive director, was appointed as executive director to
lead the business development and commercial efforts of the company. Harrison has significant
experience in senior management and board positions in publicly listed companies. He has held
senior positions in a number of major organizations, including Brambles Industries Ltd.; and has
playing leading roles in strategy, management, and business development across a number of
sectors.
Draig Resources also appointed Colwin Lloyd as non-executive director. Lloyd is a geologist with
more than 22 years' experience in mining and exploration across a broad range of commodities and
geological regions. Jade Styants has resigned as a non-executive director, citing increased executive
work commitments.
Source: Draig Resources Ltd.
ENERGY RESOURCES TO PROVIDE EMPLOYEE APARTMENTS
Energy Resources, a subsidiary of Mongolia Mining Corp., will purchase an apartment complex from
MCS Property in a bid to attract more talent for its operations.
MCS Property has agreed to sell the apartments, effective 31 March 2013. The apartments are
designed to be self-contained, fully furnished residential units, in addition to a guesthouse with a
restaurant at the ground floor. The residential units will house modern computer equipment, a
gym, lobby, and laundry facilities. Both MCS Property and Energy Resources fall under the umbrella
of the MCS Ltd. umbrella.
6. Energy Resources has opted to purchase the apartments for employee use. The company believes
that providing homes would help attract and relocate employees to Tsogttsetsii Soum as well as
attract people with families.
Source: Mongolia Mining Corp.
MONGOLIA LEGAL FORUM IN UB
Hogan Lovells is partnering with Hong Kong International Arbitration Center to host the Mongolia
Legal Forum: Investment Opportunities and Mitigating Risks in Ulaanbaatar on 20 September.
Dedicated to both foreign investors and Mongolian companies, the forum will explore ways in which
companies can exploit commercial opportunities while also mitigating their risks, including by
structuring for threat protection and providing international arbitration of commercial disputes.
Source: Hong Kong International Arbitration Center
MONGOLIA, MALAYSIA TO PROMOTE TIES WITH SEPTEMBER EXPO
A mini-exposition highlighting Malaysian education, trading and tourism will be held in Ulaanbaatar,
Mongolia from 17 to 18 September.
The expo is part of a promotion to promote bilateral relations between Malaysia and Mongolia, said
Malaysian ambassador to China, Datuk Iskandar Sarudin.
―Some of the participants plan to explore business opportunities in Mongolia, especially mining,
hotels, construction, consumer products and the power sector,‖ he said. He said several Beijing-
based companies had agreed to participate in the promotion of Malaysian products.
He added there was interest in the education sector to attract Mongolian students to Malaysian
education and technology. Among the institutions taking part are Limkokwing University of Creative
Technology (LUCT) and the University of Management and Technology. Noting that LUCT and the
Albukhary Foundation offered scholarships to Mongolian students, the envoy was optimistic that this
would contribute in increasing the number of Mongolian students in Malaysia
Source: Borneo Post
CATERPILLAR CEO WARNS OF ECONOMIC UNCERTAINTY
The global economic outlook is more uncertain now than at the start of the financial crisis in late
2008, the chief executive of Caterpillar, Doug Oberhelman said. Global outlook is important
because it has a direct effect on the commodity prices Mongolia depends on to fuel its growth.
The chief executive officer of the world‘s largest maker of construction equipment, which is
supplied in Mongolia by official distributor Wagner Asia, also predicted that it could take another
five years before Europe‘s economy begins to see growth again.
―There‘s never been a more unpredictable set of tea leaves than right now. Even in 2008 and 2009,
US housing was already dying and had been for two years. We saw that,‖ Oberhelman is quoted as
saying in the Financial Times.
―I don‘t think the situation is as grave as it was in 2008, but the uncertainty, the storm clouds are
around things that none of us know about—like what will happen with the political situation in
Europe,‖ he said.
Oberhelman is cited as saying that barring Europe, most big economies looked unlikely to contract,
although he said it was not clear whether they would grow significantly.
Source: Mining Weekly
ECONOMY
DEVELOPMENT BANK TO INVEST MNT 100 BILLION IN MONGOLIA'S RAILS
The Development Bank of Mongolia has decided how it would provide financing for the Tavan Tolgoi
coal mine and Mongolia's railways.
The governing board of the bank held two meetings to discuss how to invest the USD 600 million it
raised from debt offerings where it decided on these two large projects that are integral to the
7. country's development. The Development Bank will provide USD 100 million for the development of
technical economic evaluation for E-TT. The delay to financing may have been due to caution that
the government may have opted to spend that money through handouts from the Human
Development Fund (HDF).
State-owned miner Erdenes Tavan Tolgoi (E-TT) JSC will receive its funding through several
installments. The bank‘s governing board has developed a scheme to invest its USD 600 million by
February next year through a series of short-medium-and long-term investments via government
bonds. This will help mitigate the losses experienced by the Development Bank on interest paid on
the USD 580 million debt offering it released earlier this year, as ordered by Prime Minister N.
Altankhuyag last week.
Still to be decided on are the 100,000 Homes project and the MNT 110 billion worth of road and
bridge construction projects being planned. The Development Bank is also considering the prospect
of partnering with commercial banks on especially large projects.
Source: Undesnii Shuudan
UB MAYOR LEADS ACTION PLAN TO REDUCE UB TRAFFIC
Ulaanbaatar Mayor E. Bat-Uul received approval for his action plan to reduce traffic jams from the
Ulaanbaatar City Assembly.
The action plan includes several measures, including the compulsion for state workers to use public
transport instead of private cars. In January 2012, Ulaanbaatar housed 77,000 of the 155,000 state
workers in Mongolia. Beginning next Monday, they will have to leave their cars at home, instead
having to take public transport to get to work. In light of this, the City Administration has advised
public transport companies to improve their services.
Related to this initiative, the city assembly has also made a change to the timetable of some
universities and private secondary schools and supermarkets. The assembly has also decided to
restrict private cars from the central areas of Ulaanbaatar between 8 a.m. and 10 p.m. according to
the digits on their license plates. One directive is cars with license plates ending with digits one and
six may not enter the small ring and Peace Square on Monday. The same applies for those ending
with two and seven on Tuesday, three and eight on Wednesday, four and nine on Thursday, and
zero and five on Friday.
The assembly also discussed a proposal to introduce school buses to Ulaanbaatar. General Manager
of the City of Ulaanbaatar Ch. Bat said the city administration has begun negotiations with some
schools for the introduction of school buses.
Source: News.mn
INNER MONGOLIANS PETITION FOR CITIZENSHIP
Members of a citizen organization for Mongolia's Inner Mongolian residents are requesting full
citizenship to Mongolia.
The members of Oluulaa are guest workers from China's Inner Mongolia autonomous region. The
group plans to deliver to President Ts. Elbegdorj a list of signatures it collected from Inner
Mongolian residents who would like to be citizens.
Source: Unuudur
SAVINGS ON THE RISE
Savings in commercial banks grew by 26 percent in the first six months of 2012 compared with a
year ago reported the Bank of Mongolia.
In an official report by the Central Bank it says commercial bank savings grew by MNT 900 billion to
MNT 4.3 trillion. The savings may be due to the distribution of government handouts this year as
evidenced by the 25 percent growth in individual savings to MNT 2.8 trillion.
The growth of savings is a strong sign for the economy, but may result in greater competition
between commercial banks. In the past high interest rates only seemed to make loans more difficult
to attain while individuals failed to take on the opportunity in collecting interest from savings. The
average annual interest rate for savings is between 6 and 7.2 percent for USD and 13.4 to 15.5
8. percent for tugrugs for term deposits.
Source: Zuunii Medee
UNIVERSITIES REQUEST 25-50 PERCENT HIKE IN TUITION
Representatives from a number of Mongolia's universities have requested a 25 to 50 percent hike in
tuitions as well as a delay to the start of the new school year.
With the coming of the start of the 2012-2013 academic year, recently appointed Minister of
Education and Science L. Gantumur met with the directors of some Mongolia's higher education
institutions to discuss the state of education. The directors and representatives of institutions such
as the National University of Mongolia, Mongolian State University of Education, and Mongolian
University of Science and Technology gathered to propose the tuition hike, citing the need to
protect Mongolian education from being taken over by Korean and Japanese higher education.
Those in attendance requested that the start of the academic year be postponed by one month due
to construction under way on roads in the city and instead begin 1 October.
The minister said he would take the request under serious consideration. He added that the
financial difficulties of Mongolian institutes were of great importance, despite their rankings and
public reputations.
Source: Info Mongolia
MINERAL WEALTH YET TO BE REALIZED ON MSE
The discovery of vast mineral deposits in the hinterlands is driving progress at the Mongolian Stock
Exchange (MSE), but society is struggling to keep up with the furious growth of the nation‘s
economy.
Located in a former children's cinema on Sukhbaatar Square, the MSE was opened in 1993 as a way
to privatize government-owned assets after almost 70 years of Soviet rule. It originally had 30
brokers and was open for two hours a week.
Times have changed, however. The MSE is one-half way through a three-year, USD 14 million
partnership with the London Stock Exchange (LSE), and installed a top-of-the-line brokering
software system called Millennium Exchange, considered the best in the world. The MSE was the
world's top performing exchange in 2010; last year it was number two, after Venezuela.
Foreign involvement to develop the mines and a growing relationship with China is not without its
problems. Nor is the domestic political situation entirely stable, with the former prime minister
having been jailed for four years last month for corruption and a new leader, N. Altankhuyag, from
the Democratic Party (DP), confirmed in office only nine days ago.
The current government is opposing a near USD 1 billion bid from Aluminum Corp. of China Ltd.
(Chalco) for SouthGobi Resources Ltd. An expected stock market floatation by Tavan Tolgoi JSC,
expected for both the Mongolian and London Stock exchanges (and Hong Kong too if all goes
according to plan), was pushed back from this year to early 2013 for reasons many attribute to
political interference.
For now, only 40 of the 350 companies listed on the exchange are actively trading; daily trading
volume rarely exceeds USD 150,000. The exchange has delivered 17 IPOs in its history. But The MSE
has drafted a new Securities Law which will make it easier for Mongolian companies to list on the
exchange—and for foreigners to invest in them.
Source: The Guardian
RISKING LIFE IN THE GOLD RUSH
Mongolia is experiencing a gold rush. But with 40 percent of the population living in poverty, around
100,000 people work in deadly unregulated mines in order to survive.
"When I look at families with horses, I feel so sad tears well up in my eyes." Sukhbaatar used to be a
nomadic herder. "That was when I was a real man with horses," he said. Now he is a miner.
Two years ago, all of Sukhbaatar's livestock were killed in a long harsh winter know as a zud. Severe
droughts and zuds in recent years have killed an estimated 8 million animals.
Sukhbaatar's destination was Uyanga, a mining town on the steppe. The mining boom has created a
9. new class of super-rich, but more than a million people live in acute poverty, risking their lives for
a few pounds a day working in these unregulated mines.
People work at holes in the ground, that look a little like craters on a moon. Smoke from dung fire
lit to melt layers of permafrost rises out of some of them. One person can fit into each hole,
lowered down by rope, but there is nothing in the hole to support the walls.
"The ground collapses. Some people are saved and some have died buried in the ground,"
Sukhbaatar admits.
While modern mining is done by big machines, with stringent health and safety rules, Sukhbaatar,
Gansuvd, their daughter and son-in-law use pick axes and shovels, which is grueling work. Digging
down to the gold seam on the ancient river bed can take days. They are lucky to make USD 6 a day.
The government in this part of Mongolia refuses to issue licenses for people like Sukhbaatar because
they claim that they damage the environment. But further up the valley, big companies have been
given licenses to mine gold on an industrial scale. They have pledged to make good the
environmental damage when they have finished mining in the area. But Sukhbaatar believes they
will take what they want and move on.
Source: BBC
PRESIDENT PROMISES LIFETIME PAYMENTS TO OLYMPIC WINNERS
President Ts. Elbegdorj has promised to support the athletes who won medals in the past and future
Olympics financially for the remainder of their lives.
The president made the announcement at an official ceremony held for the athletes that was
attended by Prime Minister N. Altankhuyag and Deputy Minister and head of Mongolia‘s London 2012
team M. Enkhbold as well as the victorious athletes and coaches of every generation who earned
medals for the Olympics. Elbegdorj decreed to grant monthly cash payments to Mongolian citizens
for the lifetime of anyone has earned a medal. The initiative was approved on 16 August by
Parliament.
To any athlete who earned an Olympic gold medal will be MNT 4 million a month, while silver
medalists would receive MNT 3 million, and bronze medalists MNT 2 million. Furthermore, any
athlete who earned a gold medal at the World Championships, another sporting event that features
similar events to the Olympics, would receive MNT 2 million a month, while silver and bronze
medalists would receive MNT 1 million a month.
Source: UB Post
ULAANBAATAR SIGNS UP NATURE'S ENGINEERS TO RESTORE TUUL RIVER
Ulaanbaatar is importing foreign experts to combat falling water levels in Mongolia's third longest
river. Qualifications include sharp incisors, flat tails and webbed toes.
If all goes according to plan, the task of restoring the headwaters of the Tuul River will be left to
the Eurasian beaver. At home, due to poaching, their numbers have declined sharply in the past 20
years. But in May, Germany gifted 14, and Russia another 30—just for this special task.
―Beavers are diplomats of the environment,‖ said Yu. Delgermaa, directors of the Nature Protection
Agency's office at Ulaanbaatar's City Hall. The agency is in charge of the beaver introduction
program.
Many scientists believe beavers can contribute to river ecosystem regeneration and restoration
because their natural dams help maintain river levels during dry spells, while the flooded areas help
nourish the soil and promote plant growth.
Water levels in the Tuul have been declining since the late 1990s, Delgermaa said. A 2003 survey
conducted by the City Council revealed 22 of 72 tributaries of the Tuul had dried up. Sections of the
riverbed often dry out each spring.
―Fifty to 60 percent of Mongolia's population lives along the Tuul. It's a very important river and we
have to do what we can to make sure we protect it for the future. The beavers will be the cheapest
and most effective natural method,‖ said Delgermaa.
Samjaa Ravchig, the head of the scientific team overseeing the program, warned that this is a long-
term project. He explained that in Bavara, after the last beaver had been killed there in the 1960s,
10. it took nearly 10 years for beavers to successfully adapt and build their dams.
Following the Communist collapse in 1991, the Bulgan River sub-species were poached until
numbers plummeted to about 1,000, said Ravchig. Although the population is making a comeback, it
is still listed as critically endangered in the Mongolian Red Book—a reason why these indigenous
beavers were not deployed for this experiment.
Source: Pearly Jacobs
VITAMIN D SUPPLEMENTS REDUCE COLDS AMONG MONGOLIA'S CHILDREN, SAYS STUDY
A study of Mongolian third and fourth graders in Ulaanbaatar has suggested that low vitamin D
levels are associated with an increased risk of colds.
The Blue Sky Study, conducted by Carlos Camargo of Massachusetts General Hospital in Boston and
his colleagues, included the observation of 247 third and fourth graders and is apparently the first
to show that supplementing children's intake of the vitamin can reduce their risk of colds.
Ulaanbaatar was chosen because of the combination of it extremely cold climate and high latitude,
which restricts the amount of time children play outside in the sun. Sun shining on the skin is a
major source of vitamin D. Moreover, foods and milk in Mongolia are not routinely supplemented
with vitamin D.
At the beginning of the study, the children had an average vitamin D level in their blood of about 7
nanograms per milliliter. Any level below 20 monograms is considered a deficiency. About half of
the children (104) received normal milk with no vitamin D and the rest received daily milk fortified
with 300 international units of vitamin D. After three months, blood levels of the vitamin in the
control group were unchanged, while the level in the group who received supplements rose to an
average of 19 nanograms per millimeter. At the end of the three months, the children's parents
were interviewed about the incidence of colds. The children who received vitamin D supplements
had 50 percent fewer colds.
Source: LA Times
THE “COMFORT CURSE”
Mongolia has a real chance to be a wealthy country, with good health and happiness. But the
fortune comes with great challenges.
One of the curses of quick and massive wealth for some countries is the increased obesity of its
people. People grow lazy, have others work for them, and eat "modern" foods. This country, and
others like it, can now sees the health problems that spoiling a population have wrought in many
countries. Those countries are now investing in cures, medicines, and more, but are they investing
in incentives to get their people out exercising and to be active?
For the health of a population, wealth can be both a curse and a gift. It would be easy for yet
another country that has a chance at great wealth to spoil its children of the future. However,
Mongolia has a chance to turn that curse around by giving the right incentives for healthier lives and
by building healthier cities, towns and villages.
Business and government could spearhead this aim by giving cash incentives for losing weight,
getting blood sugar down, and having better health reports for their employees and their families.
Fatty and sugary foods could be taxed. Alcohol and cigarettes could be taxed more heavily. But it
will be up to Mongolia, not an outsider, to decided, based on its culture, people-to-people
relations, and traditions. However, it would help if those in leadership looked at the rest of the
world and saw how quick and gigantic wealth has affected the health of people of many countries.
Author Paul Sullivan has been a professor of economics at the National Defense University since July
1999. He is an adjunct professor of security studies and science, technology and international
Affairs at Georgetown University.
Source: UB Post
MONGOLIA MINING REPORT - Q3
Growth in Mongolia's mining industry will be led by a rampant increase in coal copper and gold
production.
11. The downward trend in Mongolia's mining sector is expected to come to an abrupt halt as the sector
undergoes phenomenal growth. The impressive growth rates in copper and gold production will be
driven by the Oyu Tolgoi mine. Copper production levels are expected to reach 559,000 tons by
2016, with an average growth rate of 27.9 percent from 2010 levels. Decreasing ore grades at the
country's largest mines have led to a slow decline in Mongolia‘s copper production. As for gold,
production is expected to reach 892,000 ounces.
Coal production is expected to more than quadruple to 107 million tons by 2016. Growth will be
driven by SouthGobi Resources Ltd., a subsidiary of Turquoise Hill Resources Ltd., as the company
continues to invest in the Ovoot Tolgoi mine, currently the country's largest coal mine.
Mongolia has made significant progress over the last decade to improve its business environment.
Most importantly, the government rescinded the 68 percent windfall tax in early 2011, which had
been a significant impediment to foreign investment into the country. The repeal of that tax led to
a wave of investment including the completion of the Oyu Tolgoi investment agreement, which
brings billions of dollars of investment into the country.
Mongolia's mining sector is dominated by Turquoise Hill and state-owned players such as Erdenes
MGL and Erdenet. Small companies such as Centerra Gold and Erdene Resource Development also
have a stake in the country and have substantial exploration projects. The mining sector is
expected to grow more fragmented.
Source: Business Wire
COAL COMPRISES NEARLY HALF OF ALL MONGOLIA'S EXPORTS
Coal accounted for 44.6 percent of all exports in the first eight months of 2012, reported the
National Statistical Office.
With total external trade at about USD 7 million, exports comprised USD 7.71 million with imports
at USD 4.3 million. External trade showed a 9.4 increase of USD 604 million compared to the same
period of the previous years, of which exports comprised USD 116.1 million and imports 12.8
percent. The foreign trade balance showed a deficit of USD 1.6 billion, a 30.3 percent increase
compared to the same period last year.
Total exports were comprised of coal of 44.6 percent, copper concentrate of 19.2 percent, iron ore
of 12.1 percent, crude oil of 7 percent, zinc ore with concentrate of 2.4 percent, and fluoride ore
with concentrate of 2.2 percent. Semi-manufactured forms of gold and molybdenum comprised 1.9
percent and 0.9 percent, respectively
Source: Info Mongolia
THE ROAD AHEAD FOR COAL TRADE WITH CHINA
Mongolian Mining Corp. (MMC) broke ground on a rail line that will link its Ukhaa Khudag coking coal
mine to the Chinese border, crossing Gashuun Sukhait, helping to move coal far more cheaply than
the 400 trucks currently doing the job.
MMC sees China, which took 99 percent of Mongolia's coal exports in 2011, as Mongolia's best option
for thermal and coking coal exports. Low coal production costs can make Mongolian coal highly
competitive in seven nearby provinces that consumed more than a billion tons of coal in 2010. The
per capita steel demand levels in the populous and fast-growing provinces of Central and Western
China are still only 40 percent of the levels seen on China's East Coast. As the Chinese economy
recovers, these regions will provide growth markets able to absorb rising Mongolian coal exports.
Mongolian coal projects should expect to operate on Chinese regional coal prices, which will likely
rise closer to global seaborne princes as the Chinese government consolidates the mining sector and
caps domestic coal production by 2015 and China's proportion of seaborne thermal coal supply rises.
Using mine-mouth power plants to sell energy across Mongolia's border to Russia and China would
also serve as an alternate method of monetizing coal reserves.
Exporting coal through Russia is cost prohibitive and rising Russian exports to Asia already strain
Russia's rails and Pacific ports. A 90 million-ton-per-year decline in European and Russian coal
demand since 2000 has re-oriented coal producers toward the Asian market. With European coal
demand in a death spiral, politically savvy Russian coal exporters like SUEK and Mechel will fight
12. hard (and probably win) to keep Mongolian coal off Russian rail lines and out of their Pacific Coast
terminals.
Mongolia could accept Chinese regional prices to become a low-cost supplier to North-Central China
and go for volume. Mongolian mines will, however, face competition from new low-cost thermal
coal supplies from Xinjiang, but the two sources have similar mining costs and Mongolian miners will
have shorter shipping distances to the North Central Chinese market.
Source: China Sign Post
COAL MINERS MAKE CUTS AS MARKET DIMS
BHP Billiton said on Thursday that worsening market conditions could lead to job cuts at its coal
mines in Australia, a country that competes with Mongolia for coal export sales to China, as slowing
industrial activity in China forces global miners to scale back operations.
Global coal output is set to shrink over the next year or two as miners grapple with a combination
of low prices, weak demand and currency headwinds, and high-cost Australian operations are under
particular pressure. Australia's mining boom has hinged on China importing hundreds of millions of
tons of iron ore, coal, copper, and other minerals for most of the past decade, but China's economy
is now growing at its slowest pace in more than three years. BHP earlier this year closed one of the
mines outright, citing poor profit margins, while closest rival Rio Tinto PLC, also said in July it was
cutting jobs in Australia.
Softening demand growth in China has hammered prices of coal, iron ore, and other commodities to
their lowest levels in years, bruising the profits of miners such as BHP Billiton, Brazil's Vale SA,
Xstrata Ltd., and Anglo American PLC. BHP Billiton abandoned an USD 80 billion five-year spending
plan announced in 2011 when commodities markets were still firing, and has since signaled it would
review its project pipeline.
Thermal coal producer Xstrata said this week it had cut some of its contractors at its Australian coal
operations ―given current market conditions‖. Spot metallurgical coal prices have dropped to just
over USD 170 a ton, down over 20 percent from the beginning of July. China, too, which in addition
to being the world's top consumer of coal is also the top producer, said on Wednesday it would cut
its coal output targets in three top-producing regions by up to 7 percent due to a supply glut.
Source: Reuters
VALE EXPECTS RECOVERY IN IRON ORE PRICES
Brazil's Vale SA, the world's number two mining company, expects the prices of iron ore, a
commodity of growing importance in Mongolia, to start recovering in September, Chief Executive
Murilo Ferreira said. Vale operates in Mongolia through its subsidiary Tethys Mining.
The company considers iron ore stocks in China to be low and expects annual growth in the world's
second largest economy to between 7 percent and 7.5 percent. The low price of iron ore, however,
may cause Vale to reevaluate investments in its potash project in Canada, Ferreira said.
Source: Reuters
CHINA‟S COPPER DEMAND GROWS TO 43 PERCENT OF GLOBE
China's apparent copper consumption advanced by 905 kilotons to 4,414 kilotons in the first six
months of this year, which represented just over 43 percent of global demand, as per latest data
released by World Bureau of Metal Statistics (WBMS). Mongolia will rely on China for to buy up the
copper from Oyu Tolgoi once initial and commercial production begins.
According to WBMS data, apparent copper demand dropped 8.4 percent year-on-year to 1,595.2
kilotons in the same period. The copper market recorded a deficit of 129 kilotons in January to
June 2012, which follows a surplus of 433 kilotons in the whole of 2011.
Reported stocks rose by 3.4 kilotons during June and ended the month 163 kilo tons lower than at
the end of 2011. No allowance is made in the consumption calculation for unreported stock
changes, particularly in the Chinese government stockpile.
Global copper mine production in January to June was 8.23 million tons, which was 3.2 percent
higher than in the same period in 2011. Global refined production rose to 10.1 million tons up 3.1
13. percent with significant increases recorded for Spain (56.8 kilotons), Iran (11.8 kilotons), and India
(20.7 kilotons). Chilean output fell by 70 kilotons. Global consumption for January to June 2012 was
1,201 kilotons, the figure for the 2011 calendar year was 19,465 kilotons.
Source: Scrap Monster
CHINA SLIGHTLY EASES RARE-EARTHS QUOTAS
China's government erased its restrictions on rare-earth exports for the first time since 2005 in an
apparent nod to a trade fight over Beijing's tight global grip on production of the strategically
important minerals. China's tight grip over the industry led to demand to exceed supply in some
areas and made Mongolia a possible target as a new source for the key ingredients of many high-
tech gadgetry.
Industry executives, however, said the move will do little to shake China's dominance over a market
crucial to industries as diverse as oil refining, electric vehicles and ballistic missiles. China's Ministry
of Commerce said Wednesday that it will permit 2.7 percent more volume of rare earth—30,996
metric tons—to leave the country this year than it did in 2011. The increase follows a number of
tighter limits imposed since 2005 that led to major price surges beginning about two years ago,
making some of the elements more valuable than gold.
The restrictions raised cries from industries dependent on the minerals. In July, the World Trade
Organization (WTO) accepted a complaint from the United States, the European Union, and Japan,
putting pressure on China at a time when it is contending with other trade disputes with the United
States, ranging from cars to solar panels. China contends its export limits are one of a number of
efforts spurred by environmental concerns.
―Pressure on China [to loosen export controls] has been quite high,‖ said Frank Tang, an analyst at
investment bank North Square Blue Oak. He said China is ―now signaling to the wider world not to
worry.‖
But industry observers say the move comes as China's rare-earth export limits become less
important. Chinese miners have not come close to exporting as much as permitted during the past
two years as manufacturers look to reduce their use of Chinese-produced minerals, leading the
sharp drop in prices.
Companies in the United States, Australia and elsewhere are also ramping up production.
Meanwhile, China is moving up the rare-earth value chain, increasingly processing the minerals into
high-end products like magnets, adding to its sway in the market even if limits are eased.
Source: ABC News
POLITICS
NEW GOVERNMENT LINEUP FORMED
The new Democratic Party (DP)-led coalition government lineup has been officially completed, with
Parliament approving the last five cabinet members Monday.
The five newest members included D. Terbishdagva, who will serve as deputy prime minister; and
four ministers nominated by the Justice Coalition and the Civil Will-Green Party (CWGP). The
Justice Coalition‘s Ch. Ulaan, M. Sonompil and N. Udval were appointed finance minister, energy
minister and health minister, respectively. CWGP leader S. Oyun is the minister for environment
and green development. Last Friday, Parliament approved 13 ministers nominated by the DP,
including Minister for Foreign Affairs and Trade L. Bold, Defense Minister D. Bat-Erdene, Justice
Minister Kh. Temuujin, Minister for Economic Development N. Batbayar, and Minister for Mining D.
Gankhuyag.
The new coalition government has 16 ministries and 19 cabinet members, including prime minister,
deputy prime minister and head of Cabinet Secretariat. Mongolia‘s last government had 11
ministries and 15 cabinet members.
Source: CRI English
14. GANKHUYAG CONFIRMED AS MINING MINISTER
Parliament has confirmed D. Gankhuyag as the minister of mining, a move that has sparked
speculation over whether the new government intends to review existing mining investments deals
for its massive mineral resources.
Gankhuyag, 49-year old chemical engineer and ruling Democratic Party member, previously
demanded that some contracts with foreign mining companies in Mongolia be renegotiated to give
the state a larger stake in the biggest mines. He was confirmed by Parliament in a late session last
Friday.
In 2011, Gankhuyag was one of several lawmakers to sign a letter urging Rio Tinto PLC and
Turquoise Hill Resources Ltd. to renegotiate a 2009 agreement for the USD 13 billion Oyu Tolgoi
copper and gold mine and increase the government stake to 50 percent from 34 percent.
At the time Turquoise Hill Resources was known as Ivanhoe Mines. Under the original 2009
agreement, Mongolia can only increase its share to 50 percent after 30 years.
"Ganhuyag is known to investors for having been tough on the Oyu Tolgoi investment agreement.
However, we view that his position was motivated by a political battle against the government of
the time," Origo Partners analyst Dale Choi, told Reuters.
"Now he is part of the new government himself and does not have to continue with this hardline
position. Possibly now he will be bound only by the election platform of the Democratic Party."
Source: Michael Kohn
MP OYUN NOMINATED FOR MINISTER OF ENVIRONMENT AND GREEN DEVELOPMENT
The Civil Will-Green Party (CW-GP) announced in a press release today that it has nominated MP S.
Oyun for the cabinet seat slotted for them in return for joining the grand coalition. Previously it
was announced that MP B. Demberel, chairman of the Mongolian National Chamber of Commerce
and Industry (MNCCI) would be nominated but he publicly announced his decline.
Source: CPS International
ALTANKHUYAG TO KEEP CABINET ON TIGHT LEASH
The Premier of Mongolia, N. Altankhuyag, has introduced new rules to the Cabinet of Ministers with
the submission of names for the nominees of the members of the Cabinet.
The new rules include the revocation of weekend holidays, 12 hour workdays, and the prohibition of
visiting bars. The complete rules are as follows: no weekend holidays; daily working hours for the
government and Cabinet Ministers will span until 21:00; no receptions other than diplomatic ones;
no visits to pubs and bars during office terms; implement orders and directions given by the
Premier without delay; and no fights or disorderly, immoral conduct.
Source: Info Mongolia
LOOSE ENDS TO JUNE ELECTION
Two candidates from the Mongolian People's Party (MPP) who won in the June 2012 parliamentary
election in Uvurkhangai Aimag have been stripped of their offices after a ruling by the Khan-Uul
District Court of Ulaanbaatar that they are guilty of violating the Law on Elections.
The oath swearing ceremony for Mongolia's recently chosen MPs will be delayed due to the 20
August conviction of S. Chinzorig and N. Tumurkhuu. It will next be up to the Electoral Committee
and General Election Commission to decide whether the ceremony will be held.
Currently 71 of the 76 seats available for MPs have confirmed winners. The final candidate waiting
for confirmation is Justice Coalition member Ts. Oyunbaatar.
September will see the conclusion to June's election with runoff elections to settle instances where
none of the candidates received the 28 percent vote required to declare victory. Democratic Party
(DP) member L. Erkhembayar and MPP member D. Sumiyabazar will participate in a runoff vote for
Songinokhairkhan District as well as MPP candidates B. Batzorig and D. Arvin for the Bayan Zurkh-
Nalaikh electoral district.
Source: Info Mongolia
15. SACKED MONGOLIAN RAILWAY HEAD RECEIVES RE-APPOINTMENT
B. Batzaya, former head of the Mongolian Railway, was re-appointed by the State Property
Committee.
Batzaya was previously sacked by Zayabai, charge d‘affaires of the State Property Committee.
Batzaya sued against this decision, to which the court has now resolved the decision in favor of
Batzaya.
Source: Business Mongolia
ENKHBAYAR TRANSFERRED TO HOSPITAL AFTER LOSING CONSCIOUSNESS
N. Enkhbayar, Mongolia's third president who was recently sentenced to four years of prison on
charges of graft, has been transferred into the hospital.
The health condition of the Mongolian People's Revolutionary Party leader (MPRP) has deteriorated
during his time in the 461st prison in Tuv Aimag. Enkhbayar fell unconscious on 15 August, 2012,
reported the MPRP's media department, which attributed the cause to extreme exhaustion following
his last bout in prison when Enkhbayar went on a hunger strike.
Doctors and physicians appointed by the Ministry of Health were reportedly denied entrance into
the prison to examine Enkhbayar. The following morning about 100 of Enkhbayar's supporters
gathered outside the prison to demand his transfer to a hospital, to which he was transferred at
around 3 p.m. on 20 August.
Source: Info Mongolia
CHINA PUSHES CHALCO PURCHASE OF SOUTH GOBI STAKE
Dai Bingguo, Chinese state councilor and top national security advisor to President Hu Jintao, will
visit Ulaanbaatar officially to meet Mongolia's newly installed government, but Dai's timing is likely
governed by a growing crisis in Sino-Mongolian mineral trade and investment.
It is certain that Dai will make a last-ditch effort to influence Mongolian authorities to approve the
USD 926 million bid of China's state-controlled Aluminum Corp. of China Ltd. (Chalco), which is
investing increasingly in coal and iron projects worldwide, to take a 58 percent controlling stake of
SouthGobi Resources Ltd.
SouthGobi Resources' majority stakeholder is Turquoise Hills Resources Ltd., formerly Ivanhoe Mines
Ltd. Turquoise Hills needs the money from the stock sale to fulfill the contractual terms of its
partnership with multinational mining giant Rio Tinto PLC to develop Mongolia's large copper-gold
deposit known as Oyu Tolgoi, located 80 kilometers north of the Sino-Mongolian border.
Chalco originally had given itself until 4 July to complete the Ovoot Tolgoi stock purchase, but has
been forced to extend the finalization period twice for negotiations with Mongolian authorities. It is
expected that Dai will offer incentives to Mongolia to permit the deal to go forward, but SouthGobi
Resources chief executive Alex Molyneux was quoted as believing that the government had made
any Chalco acquisition impossible.
However, a further card that Dai will carry into his discussion is that Turquoise Hills and Rio Tinto
must conclude a deal to import power from China at least for a few years in order for the big Oyu
Tolgoi copper-gold project to begin operations. Although talks have been ongoing for a year, there
has been no agreement.
Author Alicia Camp has a PhD in Mongolian Studies, was involved in the preliminary negotiations to
establish bilateral relations in the 1980s, and served as a diplomat in Ulaanbaatar. She has a
Mongolian consultancy company (US Mongolia Advisory Group), and writes and speaks extensively
on Mongolian issues.
Source: Asia Times
ULAANBAATAR MAKES WAY FOR CITY PLANNING
Ulaanbaatar is cracking down activities impeding the proper development of the capital city.
At a citizen cabinet meeting was discussion regarding the 0.07 hectares of land promised to more
than 1 million of the inhabitants of Ulaanbaatar. There the cabinet discussed with citizens three
proclamations: Beginning 1 August, all construction projects, with the exception of any public work,
16. would be suspended and any projects that violates zoning laws would be either punished or have
the permits canceled. The city will prohibit distributions—and in some cases revoke—the
distribution of 1,300 hectares of land in the city center. Finally, no land in the city center will be
distributed from now until 2030.
Mayor E. Bat-Uul promised that city development plans would be rectified and the practice of
illegally privatizing lands by politicians would be brought to an end. He said future land distribution
would have to depend on the decisions of city planners.
Source: Unuudur
MINISTER OF JUSTICE SUBMITS LEGISLATION FOR UMNUGOBI COURT
Minister of Justice Kh. Temuujin has submitted a bill to establish a judge for the council of the
speaker of Parliament at Khanbogd Soum, Umnugobi Aimag.
Mining activity in Umnugobi has ramped up in recent years, but the province is too far from
Ulaanbaatar for proper monitoring and correspondence. With 3,900 resident and 11,000 guest
workers living at the Gashuun Sukhait border point, compounded by the mining activity there, this
area is particularly sensitive with crime. Administrative conflict, law suits, and policy debate are all
on the rise.
"Bayan-Ovoo, Manlai, Khanbogd, and Tsogtsetsii Soums and the governors of Umnugobi Aimag have
sent request for a medium court for those towns to the General Court Council," said Temuujin.
The legislation names Khanbogd, the community closest to the Oyu Tolgoi copper and gold project,
as the chosen destination to house a court, said Temuujin. He added that his ministry is currently
planning for court appointment there.
Source: Zuunii Medee
KUWAITI AMIR ARRIVES IN MONGOLIA FOR PRIVATE VISIT
Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah arrived on Sunday in Mongolia on a private visit.
The amir was accompanied by Deputy Chief of the National Guards Sheikh Mshaal Al-Ahmad Al-Jaber
Al-Sabah. He was greeted upon arrival at Chinggis Khaan International Airport by Office Manager of
the Mongolian President Tsagaan Bontsk, Kuwaiti Ambassador to Mongolia Mubarak Mohammed Al-
Suhaijan and embassy staff.
Source: Kuwait News Agency
MULTINATIONAL PARTNERS TRAIN AT KHAAN QUEST 2012
A conglomerate of U.S., Mongolian and various international forces took part in a staff exercise
during Khan Quest 2012, to enhance their ability to operation in a multinational environment.
Khaan Quest is a regularly scheduled, multinational exercise sponsored by U.S. Army Pacific
(USARPAC) and hosted annually by the Mongolian Armed Forces. Khaan Quest 2012 is the latest in a
continuing series of exercises designed to promote regional peace and security. This exercise marks
the tenth iteration of this regionally significant training event.
"This exercise gives us an opportunity to train in an environment that exposes us to different ways
of conducting peacekeeping operations," said Major Mark Binggeli of the Alaska Army National
Guard. "It benefits us in getting a whole new perspective."
In the staff exercise, the various participants are tested and trained by putting them in a fictional
scenario where they have to plan missions, react to situations that arise, and interact with external
entities like the media and the Red Cross. Elements of the exercise are tasked with role-playing as
these external people and organizations. As the situations unfold in the fictional nation created for
the exercise, the staff must navigate through various problems to meet the needs of the nation's
population, explained Binggeli.
Another benefit to multinational training is that it helps build stronger relationships between
nations. In this year's exercise, more than 10 nations have come to train together in the vast
countryside of Mongolia, strengthening the bonds between one another.
"It brings our soldiers together with soldiers of other nations," said McHugh. "This is how you make
friends."
17. Source: Defense Video & Imagery Distribution System
REGIONAL POWERS RELUCTANT TO FORM ANTI-CHINA PACT
The Asia-Pacific region is witnessing some 70 joint military exercises this year, half of which are led
by the United States, including the month-long Khaan Quest military exercise in Mongolia.
Zhan Junshe, vice director of the Military Academic Research Institute of the PLA Navy, says
although the United States denies it, many of those military drills are targeting China.
"The increase of both scale and frequency of the joint military drills the United States has conduct
in the region so far this year is related to its strategy in Asia. They are aimed at increasing the U.S.
military presence in the region and boosting traditional alliances."
The ongoing drills between Japan and the United States may demonstrate the Japanese military's
capability of remote delivery. Some analysts argue the recent military exercises could signal that
Japan is gradually shifting the defensive nature of its military strategy.
However, some experts like Yin Zhuo, director of the Expert Consultation Committee of the PLA
Navy, said there is no reason for major regional players to be too worried, as Northeast Asia is
seeking west-led military exercises one after another.
"China should take it easy, as the country is used to be a bilateral relationship in which Mongolia
always respects its border with China, but again always wants to find a balance among major
powers.
While being closer with the United States and NATO is one choice, it is also a fundamental strategy
for Mongolia to keep its good relationship with its neighbor to the north, Russia, and to the south,
China, said Yin. Analysts say some other Northeast Asian countries have the same concern, which
makes them very unlikely to form a political or military alliance against China.
"For those countries, a NATO-like alliance in Asia targeting China will destroy the peace and
development in the region. Besides, economically speaking, they will lose heavily without a doubt."
Source: CRI English
FOSSIL DEALER SUBMITS COURT PAPERS FOR RETURN OF DINOSAUR SKELETON
Eric Prokopi, the U.S. fossils dealer whose dinosaur was seized by the U.S. government to return it
to Mongolia, filed court papers on Monday that he was a victim of a media campaign stirred up by
academic paleontologists. The U.S. government seized the Tyrannosaurus baatar skeleton in June.
It had sued to obtain the bones, which had been sold at an auction for USD 1.05 million.
According to the court papers, Prokopi and Dallas-based auction house Heritage Auctions were in
negotiations with Mongolia's president to settle the dispute when the U.S. filed a seizure lawsuit to
obtain the dinosaur. A judge has ordered the U.S. government to seize the dinosaur from a storage
facility in New York after the U.S. claimed it had been brought into the country with bogus
documents. The U.S. said the documents disguised the dinosaur skeleton, which originated in
Mongolia, as reptile bones from Great Britain.
Prokopi has said that he brought the bones into the country in March 2010 when they were just
chunks of rocks and broken bones. He said he turned them into ―an impressive skeleton.‖ According
to the court papers, about 25 percent of the dinosaur is made of inorganic, plastic material molded
from other fossils specimens while 50 percent is from one bataar specimen and the rest is from
other specimens.
The court papers called the effort to return the 70 million-year old skeleton to Mongolia
unprecedented, saying fossils from China, Kazakhstan, Mongolia, and Russia have been openly sold
on the international market and collected in the United States by people and museums for
generations.
Source: Associated Press
18. ANNOUNCEMENTS
DISCOVER MONGOLIA-2012, AUGUST 30-31
The Discover Mongolia conference will be held on August 30-31 in Ulaanbaatar. The conference
venue will again be the Children's Palace. BCM is a supporting organization of Discover Mongolia
2012, and its members will have the opportunity for an early-bird rate for attendance.
Oyu Tolgoi LLC, Mongolia's largest copper and gold mining firm, will be the event's premier sponsor,
in addition to the forum's ―gold sponsors‖: Monnis International Inc., Xanadu Mines Ltd., Aspire
Mining Ltd., Micromine Mongolia LLC, and Mongolian Mining Corp. The conference agenda will
concentrate on recent developments that have taken place in Mongolia's mining and foreign
investment landscape.
For more information, call +976 7014 9762 or email info@discovermongoliaforum.com.
___________________________________________
MINING MONGOLIA 2012/BUILDING & CONSTRUCTION MONGOLIA 2012, SPORTS PALACE, 5-7
SEPTEMBER
190 companies from 22 countries including pavilions from Australia, Canada and Germany will
display a wide range of technology, supplies and services for the mining and the construction
sector, on a scale never seen before in Mongolia. Inside and outside displays, providing a first
opportunity for buyers to see technology and learn about new mining & construction service from
industry experts at the Buyant Ukhaa Sports Palace from 5-7 September 2012. For more show
information and online visitor pre-registration which will be closed on 24 August (Friday), please
visit http://www.miningandconstructionmongolia.com and make your registration immediately.
As a supporting organization to this even, BCM members will receive a 5 percent discount when
booking an exhibition space.
___________________________________________
MONGOLIA INVESTMENT SUMMIT 2012, HONG KONG, OCTOBER 30-31
The Mongolia Investment Summit 2012 will be held from 29 to 30 October at the Four Seasons Hotel
in Hong Kong to once again bring the best of Mongolia's investment opportunities to Asia's leading
investment hub.
Now in its third year, the summit has strongly cemented its position as the largest Mongolian
investment event outside of Ulaanbaatar, providing foreign investors with the most comprehensive
overview of Mongolia's key economic growth sectors all under one roof.
Speakers to the event include Altai Khangai, Chief Executive Officer of the Mongolian Stock
Exchange (MSE), Cameron McRae, President and Chief Executive Officer of Oyu Tolgoi LLC, and
James Passin, Co-founder and Manager of Firebird Mongolia Fund.
BCM is again a Supporting Organization for the event. Jim Dwyer, Executive Director of BCM, will
chair both morning sessions. For more information, find a brochure to the event by logging on to
the website: mongoliainvestmentsummit.com.
___________________________________________
REGISTER NOW FOR MONGOLIAN MINING DIRECTORY-2013
Mongolian Mining Directory-2013 which provides information database for Mining companies,
investors, suppliers, service companies, government and non government organizations will be
published for the fourth year to commemorate the 90th anniversary of the Mongolian mining
industry. The MMD is distributed free of charge to international and domestic mining companies,
international conferences and exhibition, embassy offices in Mongolia and foreign countries to
investors.
BCM is a Supporting Organization of the MMD and welcomes Mongolian mining industry participants
who are interested in advertising their products and services in Mongolian Mining Directory-2013.
For more information please visit: www.mining.mn, www.mongolianminingdirectory.mn or call
+976-7011 5590.
19. ___________________________________________
REGISTER FOR BCM‟S MINING SUPPLY CHAIN DATABASE AT NO COST
The new version of BCM‘s Mining Supply Chain Database is ready for use. Following the initiative of
Oyu Tolgoi LLC, the BCM has maintained the Mining supply chain database since March 2009. It is
honor to introduce you to the new version of the database which is totally upgraded as to its
content and use of information technology opportunities.
We are inviting all Mongolian mining suppliers and buyer companies to join the Mining Supply Chain
Database. Please visit here for registration.
If you have any questions regarding the database, please contact Undral at undral@bcmongolia.org
or 317027.
BCM WEBSITES
MONGOLIAN WEBSITE „PRESENTATIONS‟ AND „NEWS‟ SECTIONS
The new ‗Presentations‘ section on BCM‘s Mongolian website can be reached via link to
bcm.mn/itgeluud. Several presentations already posted include World Bank‘s Mongolia Quarterly
Economic Update–June 2012; 11 speeches from the 2nd Coaltrans on May 23-24 in UB.
As a key component of BCM‘s Mongolian website ‗News‘ section, articles from the Government‘s
―Open-Government.mn‖ site are regularly posted.
___________________________________________
ENGLISH WEBSITE 'PRESENTATIONS', 'MONGOLIA REPORTS' AND „MONGOLIAN BUSINESS NEWS‟
On BCM‘s English website, ‗Resource, Presentations‘ section, for your review are the following
recent postings:
- Lowering the High Cost of Paying Taxes by Olin McGill, Business Environment Reform Advisor, BPI-
"Quantifying the Costs of Regulatory Inefficiency" workshop, July 23, 2012
- Quantifying the Costs of Regulatory Inefficiency by Olin McGill, Business Environment Reform
Advisor, BPI-"Quantifying the Costs of Regulatory Inefficiency" workshop, July 23, 2012
- Why Businesses Cheat: Mongolia Reforms Confiscatory Costs of Paying Taxes by Olin McGill
Business Environment Reform Advisor, BPI-"Quantifying the Costs of Regulatory Inefficiency"
workshop, July 23, 2012
- 4 presentations from BCM‘s June 25 monthly meeting;
- 12 presentations from the 2nd Coaltrans on May 23-24 in UB;
___________________________________________
Also on BCM‘s English website, ‗Resource, Mongolia Reports‘ section, please note the following
recent postings:
- Taxes of expatriates in Mongolia from PricewaterhouseCoopers on August 18, 2012
- 2012 Mongolia Investment Climate Statement by Economic and Commercial Section of the US
Embassy, Ulaanbaatar, Mongolia
- World Bank: Mongolia Quarterly Economic Update- June, 2012
- Risk report for Mongolia 2012 by Mongolia Economic Forum
- Polit Barometer, June 2012, and the Polit Barometer, April 2012 by Sant Maral Foundation
(Mongolian and English versions);
- ADB‘s Asian Development Outlook, April 2012;
- Detailed results of BCM‘s NewsWire survey of March 2012;
___________________________________________
We are now posting some news stories and analyses relevant to Mongolia to BCM website's
‗Mongolian Business News‘ as they come, instead of waiting until each Friday to put them all
20. together in the weekly NewsWire. The NewsWire will, however, continue to be issued on Friday,
and will incorporate items that are already on the home page, so that it presents a consolidated
account of the week‘s events.
___________________________________________
SOCIAL NETWORK WITH BCM
The Business Council of Mongolia (BCM) has expanded its reach to your favorite social networks.
Keep up to date on the latest business deals in Mongolia and how the climate for investment is
improving each day with BCM.
Connect with BCM on Linked-in to join the diverse group of professional contacts creating a better
business environment in Mongolia today.
Add BCM on Facebook at http://www.facebook.com/pages/THE-BUSINESS-COUNCIL-OF-
MONGOLIA/129826330435540 to read the latest announcements and comment on events carried in
the NewsWire with the community.
Hear breaking news and announcements as they happen when you follow BCM on Twitter at
http://twitter.com/#!/bcMongolia.
Of course for news information, interviews, and announcements regarding our organization, visit
the official BCM website at www.bcmongolia.org and www.bcm.mn.
ECONOMIC INDICATORS
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23.
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]
July 31, 2012 *14.5% [source: NSOM]
*Year-over-year (y-o-y), nationwide
Note: 14.9% y-o-y, Ulaanbaatar city, July 31, 2012
CENTRAL BANK POLICY RATE
December 31, 2008 9.75% [source: IMF]
March 11, 2009 14.00% [source: IMF]
May 12, 2009 12.75% [source: IMF]
June 12, 2009 11.50% [source: IMF]
September 30, 2009 10.00% [source: IMF]
May 12, 2010 11.00% [source: IMF]
April 28, 2011 11.50% [source: IMF]
August 25, 2011 11.75% [source: IMF]
October 25, 2011 12.25% [source: IMF]
March 19, 2012 12.75% [source: Mongol Bank]
April 18, 2012 13.25% [source: Mongol Bank]
CURRENCY RATES – August 23, 2012
Currency Name Currency Rate
U.S. dollar USD 1,365.80
Euro EUR 1,701.51
Japanese yen JPY 17.22
British pound GBP 2,156.94
Hong Kong dollar HKD 176.08
Chinese yuan CNY 215.01
South Korean won KRW 1.20
Russian ruble RUB 42.90
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.