This document summarizes news from the October 25, 2013 issue of the Business Council of Mongolia NewsWire. It reports on several business and economic stories including a customs dispute being resolved for Rio Tinto's Oyu Tolgoi mine, HBOil touring oil assets in North Korea, a Mongolian company winning the auction for a North Korean firm's office in Tokyo, and mining equipment company Famur potentially selling $100 million in machinery to Mongolian firms. It also briefly summarizes political stories such as the Mongolian president planning to visit North Korea and Mongolia seeking to increase its petroleum reserves.
This document summarizes business and economic news from Mongolia reported in Issue 153-154 of the Business Council of Mongolia Newswire. Key highlights include:
- Russia blocked Khan Resources' litigation claim against a Russian uranium miner. Xanadu Mines and Noble Group announced a strategic alliance to explore for coking coal, iron ore, and ferroalloys in Mongolia. SouthGobi Resources delivered its first coal shipment directly to a customer in China rather than at the mine-gate.
This document provides a summary of news from the Business Council of Mongolia for October 18, 2013. The main sections covered include Business, Economy, Politics, and Economic Indicators. For Business, some of the key stories summarized are that OT-Rio relations are improving as both sides work to resolve conflicts over financing at Oyu Tolgoi mine. Rio Tinto aims to continue developing underground mining at Oyu Tolgoi. Turquoise Hill has increased production at Oyu Tolgoi to full capacity. For Economy, highlights included Mongolia's coal exports declining and IMF cutting growth forecasts for Mongolia. The Politics section briefly mentioned several diplomatic visits and agreements.
The document summarizes business and economic news from Mongolia reported in the Business Council of Mongolia NewsWire on September 5, 2014. Key highlights include:
- Tender selection for the TT coal mine project will begin in November.
- Rio Tinto has appointed a new CEO for the Oyu Tolgoi copper mine as it works to resolve tax disputes and restart expansion.
- Investors conferences were held to discuss Mongolia's investment environment and the importance of partnerships beyond just China and Russia.
- Several energy agreements were announced between Mongolia, Russia, and China involving gas pipelines and currency trades.
This document provides a summary of business and economic news from Mongolia. It discusses several major business deals and events, including China lending money to Mongolia's Development Bank, positive drill results from mining companies, and financing for various industrial projects in Mongolia. It also summarizes political events, including visits by Chinese and Russian leaders that resulted in new economic agreements. Finally, it outlines presentations made at a recent Business Council of Mongolia meeting, including discussions of upcoming investment conferences and a CEO survey on business trends in Mongolia.
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
- The document provides a summary of business and economic news from Mongolia.
- It discusses topics such as Turquoise Hill resuming copper shipments to China from the Oyu Tolgoi mine, the Mongolian government negotiating a new partnership for the Tavan Tolgoi coal mine with China, and several Mongolian banks and companies undertaking new projects and partnerships.
- It also mentions economic indicators in Mongolia such as inflation rates and currency exchange rates.
- The document summarizes news from Mongolia's Business Council newsletter. It covers business, economic, and political news items.
- On business, it reports that analysts see the worst being over for commodities demand, especially copper. It also discusses mine developments and strikes in Mongolia.
- On the economy, it mentions construction price cuts, new coal export taxes, and Japan funding infrastructure projects in Mongolia.
- Politically, it notes the election results giving Elbegdorj the presidency and concerns this could impact negotiations over the Oyu Tolgoi mining project.
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 document summarizes business and economic news from Mongolia reported in Issue 153-154 of the Business Council of Mongolia Newswire. Key highlights include:
- Russia blocked Khan Resources' litigation claim against a Russian uranium miner. Xanadu Mines and Noble Group announced a strategic alliance to explore for coking coal, iron ore, and ferroalloys in Mongolia. SouthGobi Resources delivered its first coal shipment directly to a customer in China rather than at the mine-gate.
This document provides a summary of news from the Business Council of Mongolia for October 18, 2013. The main sections covered include Business, Economy, Politics, and Economic Indicators. For Business, some of the key stories summarized are that OT-Rio relations are improving as both sides work to resolve conflicts over financing at Oyu Tolgoi mine. Rio Tinto aims to continue developing underground mining at Oyu Tolgoi. Turquoise Hill has increased production at Oyu Tolgoi to full capacity. For Economy, highlights included Mongolia's coal exports declining and IMF cutting growth forecasts for Mongolia. The Politics section briefly mentioned several diplomatic visits and agreements.
The document summarizes business and economic news from Mongolia reported in the Business Council of Mongolia NewsWire on September 5, 2014. Key highlights include:
- Tender selection for the TT coal mine project will begin in November.
- Rio Tinto has appointed a new CEO for the Oyu Tolgoi copper mine as it works to resolve tax disputes and restart expansion.
- Investors conferences were held to discuss Mongolia's investment environment and the importance of partnerships beyond just China and Russia.
- Several energy agreements were announced between Mongolia, Russia, and China involving gas pipelines and currency trades.
This document provides a summary of business and economic news from Mongolia. It discusses several major business deals and events, including China lending money to Mongolia's Development Bank, positive drill results from mining companies, and financing for various industrial projects in Mongolia. It also summarizes political events, including visits by Chinese and Russian leaders that resulted in new economic agreements. Finally, it outlines presentations made at a recent Business Council of Mongolia meeting, including discussions of upcoming investment conferences and a CEO survey on business trends in Mongolia.
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
- The document provides a summary of business and economic news from Mongolia.
- It discusses topics such as Turquoise Hill resuming copper shipments to China from the Oyu Tolgoi mine, the Mongolian government negotiating a new partnership for the Tavan Tolgoi coal mine with China, and several Mongolian banks and companies undertaking new projects and partnerships.
- It also mentions economic indicators in Mongolia such as inflation rates and currency exchange rates.
- The document summarizes news from Mongolia's Business Council newsletter. It covers business, economic, and political news items.
- On business, it reports that analysts see the worst being over for commodities demand, especially copper. It also discusses mine developments and strikes in Mongolia.
- On the economy, it mentions construction price cuts, new coal export taxes, and Japan funding infrastructure projects in Mongolia.
- Politically, it notes the election results giving Elbegdorj the presidency and concerns this could impact negotiations over the Oyu Tolgoi mining project.
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 document is a newsletter from the Business Council of Mongolia covering various business and economic news items from Mongolia and abroad. It includes the following key points:
- Khan Resources rebuts allegations against it regarding its uranium mining license, explaining its history of operating legally in Mongolia.
- The head of Chinalco, China's state-owned aluminum company, says participating in Mongolia's Oyu Tolgoi copper mine could boost the project and that the company remains committed to overseas resource development despite its failed bid for Rio Tinto.
- Rio Tinto's CEO received $9 million in compensation for 2009, much of it from stock options, while Mongolia's central bank said it sees
This document summarizes recent business, economic, and political news from Mongolia. On the business front, Oyu Tolgoi addressed rumors about dilution of Mongolia's shareholding in the company. Khan Resources plans to challenge a decision not to reinstate its mining licenses. SouthGobi announced its Q3 financial results and operational highlights. Erdene provided project updates and its Q3 results. Prophecy received a mining permit for its Ulaan Ovoo project and DEIA approval for its Chandgana project. Petro Matad began drilling a new exploration well. TDB opened Mongolia's subordinated debt market. On the economic side, contractor selection for Tavan Tolgoi is expected this
The document summarizes news from Mongolia in the areas of business, economy and politics. In business news, it discusses mining deals including between Chalco and Mongolia's government, and plans for new power plants and steel factories. In economic news, it covers topics like oil shale development, government revenues, and commodity prices. For politics, it mentions parliamentary discussions on taxes and investment laws, as well as diplomatic relations with countries like Japan, Russia and the US. Conferences on the economy and sustainable development were also summarized.
The document provides news highlights from the Business Council of Mongolia covering business, economic, and political topics. It also announces an upcoming monthly meeting of the Business Council of Mongolia to feature presentations on vocational education training and a hospital in Bangkok, as well as an embassy update. The meeting will allow both in-person and teleconference attendance.
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. Some of the key business stories discussed include Erdenes-TT seeking to renegotiate its $250 million coal supply agreement with Chalco due to losses, Rio Tinto looking to the Oyu Tolgoi copper project in Mongolia as part of rebuilding after large writedowns, and Oyu Tolgoi being an important project for the legacy of former Rio Tinto CEO Tom Albanese.
The document provides a summary of business and economic news from Mongolia. It discusses several major stories, including Oyu Tolgoi receiving a $4.4 billion investment, MIAT launching direct flights to Frankfurt, and coal exports recovering as prices stabilize. It also mentions Mongolia beginning construction of its first unified standard railway with China and the Swiss Development agency donating CHF2.2 million for vocational training in Mongolia. The newsletter provides short summaries of various Mongolian and international news stories related to business, politics, and the economy.
The document is a newsletter from the Business Council of Mongolia covering various business and economic stories in Mongolia. It discusses several mining projects in Mongolia including Rio Tinto facing hurdles at the Oyu Tolgoi copper mine, Wolf Petroleum discovering an oil seam at a depth of 9,600 meters, and Modun Resources receiving a mining license for its Nuurst thermal coal project. It also mentions an iron ore sale agreement between India Globalization Capital and Mon Resources, and Belarusian textile company Bellegprom considering outsourcing some knitting operations to Mongolia.
The document summarizes news from the Business Council of Mongolia newsletter dated February 19, 2010. It includes the following highlights:
- The newsletter covers business, economic, and political news in Mongolia, including updates on mining projects like Oyu Tolgoi and Tavan Tolgoi.
- SouthGobi Sands was named the "Local Job Creator of the Year" by the Mongolian National Chamber of Commerce for hiring many local residents.
- Leighton Holdings expressed confidence it will be chosen to develop the large Tavan Tolgoi coal deposit, while it already has contracts for other mines in Mongolia.
- Gobi, Mongolia's largest cashmere manufacturer, held
The document provides a summary of business, economic, and political news from Mongolia. On the business front, it discusses bond sales, mining investments, and partnerships to develop securities markets. Economically, it notes a large increase in vehicles, new infrastructure projects, and strengthening of regional connections. Politically, it outlines campaigning for parliamentary elections, high-level foreign visits, and regulatory issues.
The document summarizes news from the Business Council of Mongolia newsletter dated December 7, 2012. It covers various business, economic and political stories regarding Mongolia. On the business front, it discusses companies building new plants, resuming mining operations, and selling Mongolian assets. Economically, it mentions Mongolia's bonds declining as its coalition government becomes unstable. Politically, it notes a political party possibly exiting the coalition and various leaders' meetings with counterparts from other countries.
The document is a newsletter from the Business Council of Mongolia covering various business and economic news items from Mongolia in Issue 265 dated March 15, 2013. Some of the key stories covered include: Rio Tinto waiting for a decision from Australia's export credit agency on funding for the Oyu Tolgoi mine after the US raised environmental and social concerns about the project; Oyu Tolgoi being named the "Best Project" of 2012 by Bloomberg TV Mongolia; Mongolian Mining Corp. aiming to increase raw coal output to 12 million tons in 2013 after missing targets in 2012 due to weak demand; and average selling prices for Mongolian coal falling 30% in 2012 which impacted company revenues.
The document summarizes news from the Business Council of Mongolia newsletter. It includes several stories about the Oyu Tolgoi copper and gold mine project: the Mongolian government is considering increasing taxes and royalties on the mine by $300 million, threatening the project; Rio Tinto denies that China-Mongolia relations are causing delays in negotiations for power supply to the mine; and herders are demanding just compensation from Rio Tinto for being driven off their land by the mine. Other business stories cover mining, oil, trade, and economic development in Mongolia.
The document summarizes business and economic news from Mongolia reported in Issue 182 of the Business Council of Mongolia NewsWire dated August 26, 2011. Key points include:
- The selection of investors for the Tavan Tolgoi coal mine is still under review and Japanese and Korean companies have not been ruled out as potential investors.
- A new thermal power plant is being planned for the Gobi region to provide power for mining operations at Tavan Tolgoi and Oyu Tolgoi.
- Macmahon Holdings and BBM Operta Group were awarded a contract for work at the Tavan Tolgoi coal mine.
The document summarizes the key news highlights from Issue 75 of the Business Council of Mongolia NewsWire dated June 26, 2009. It discusses ongoing political debates in Mongolia around foreign investment agreements for the Oyu Tolgoi and Tavan Tolgoi mining projects. The ruling MPRP party is shifting its focus to starting work at Tavan Tolgoi coal deposits to generate revenue for social programs. However, the opposition DP sees this as politically motivated and thinks the two projects should be negotiated together. There is also division in Parliament around proposed changes to uranium mining licenses in Mongolia. The monthly meeting of the Business Council of Mongolia was also summarized.
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
- Mongolia's Commodities Exchange plans to partner with the Toronto Stock Exchange to receive technical assistance and training as it establishes a mineral exchange.
- Mövenpick Hotels & Resorts announced new hotels in Mongolia, Turkey and Morocco, including a 250-room hotel in Ulaanbaatar slated to open in 2018.
- A fire at a PetroChina oil tanker facility in Dornod Aimag, Mongolia killed two Chinese workers and hospitalized one Mongolian, halting operations at the site.
The document summarizes news from the Business Council of Mongolia newsletter. It includes the following key points:
- Rio Tinto warns that renegotiating Mongolia's investment agreement for the Oyu Tolgoi project risks damaging the country's reputation with foreign investors.
- Ivanhoe Mines and Rio Tinto have an uneasy relationship as partners in the Oyu Tolgoi project, made more difficult by disputes between the companies and potential government interference.
- Petro Matad receives encouraging initial results from its Davsan Tolgoi 4 exploration well in Mongolia, indicating a high quality oil without water.
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 provides a summary of business and economic news from Mongolia in its Issue 336 dated August 1, 2014. Some of the key highlights include:
- Turquoise Hill announces the sale of a 29.95% stake in SouthGobi Resources to a Hong Kong company.
- Erdenes TT partners with Korean and Mongolian companies to develop a coal-to-methane gas facility at Tavan Tolgoi.
- Xanadu Mines expands drilling at its Altan Tolgoi copper-gold project, intersecting additional mineralization.
The document provides a summary of business, economic, and political news from Mongolia in its issue dated March 14, 2008. It discusses several topics:
- The Mongolian government approved Centerra Gold's feasibility study for the Gatsuurt gold deposit project.
- A proposed railway project aims to increase coal exports for Sharyn Gol Energy by switching from road to lower-cost rail transport.
- Drilling results showed that gold and copper deposits at Erdene Gold's Zuun Mod site extend farther than previously estimated.
- Civil protestors submitted a petition to stop exploration by Canadian company Shaman Resources, claiming it obtained permits illegally.
- An IMF mission visiting Mongolia identified
This document provides information about diabetes mellitus. It discusses that diabetes is a condition where the body does not properly process glucose due to a lack of insulin or insulin resistance. There are two main types of diabetes: type 1 where the body does not produce insulin and type 2 where the body is resistant to insulin. Normal and abnormal blood glucose levels are defined. Diabetic ketoacidosis and hypoglycemia, which are life-threatening complications of uncontrolled diabetes, are described along with their symptoms and treatments. The document emphasizes the importance of routine blood sugar monitoring, exercise, diet, and weight control in diabetes self-management.
This document provides information about the Authority for Fair Competition and Consumer Protection (AFCCP) in Mongolia. It discusses the history and development of competition law and consumer protection law in Mongolia. It outlines the establishment of AFCCP in 2008 and its roles in enforcing competition and consumer protection laws. It also summarizes AFCCP's activities from 2005 to 2010 and discusses ongoing and future areas of focus.
This document is a newsletter from the Business Council of Mongolia covering various business and economic news items from Mongolia and abroad. It includes the following key points:
- Khan Resources rebuts allegations against it regarding its uranium mining license, explaining its history of operating legally in Mongolia.
- The head of Chinalco, China's state-owned aluminum company, says participating in Mongolia's Oyu Tolgoi copper mine could boost the project and that the company remains committed to overseas resource development despite its failed bid for Rio Tinto.
- Rio Tinto's CEO received $9 million in compensation for 2009, much of it from stock options, while Mongolia's central bank said it sees
This document summarizes recent business, economic, and political news from Mongolia. On the business front, Oyu Tolgoi addressed rumors about dilution of Mongolia's shareholding in the company. Khan Resources plans to challenge a decision not to reinstate its mining licenses. SouthGobi announced its Q3 financial results and operational highlights. Erdene provided project updates and its Q3 results. Prophecy received a mining permit for its Ulaan Ovoo project and DEIA approval for its Chandgana project. Petro Matad began drilling a new exploration well. TDB opened Mongolia's subordinated debt market. On the economic side, contractor selection for Tavan Tolgoi is expected this
The document summarizes news from Mongolia in the areas of business, economy and politics. In business news, it discusses mining deals including between Chalco and Mongolia's government, and plans for new power plants and steel factories. In economic news, it covers topics like oil shale development, government revenues, and commodity prices. For politics, it mentions parliamentary discussions on taxes and investment laws, as well as diplomatic relations with countries like Japan, Russia and the US. Conferences on the economy and sustainable development were also summarized.
The document provides news highlights from the Business Council of Mongolia covering business, economic, and political topics. It also announces an upcoming monthly meeting of the Business Council of Mongolia to feature presentations on vocational education training and a hospital in Bangkok, as well as an embassy update. The meeting will allow both in-person and teleconference attendance.
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. Some of the key business stories discussed include Erdenes-TT seeking to renegotiate its $250 million coal supply agreement with Chalco due to losses, Rio Tinto looking to the Oyu Tolgoi copper project in Mongolia as part of rebuilding after large writedowns, and Oyu Tolgoi being an important project for the legacy of former Rio Tinto CEO Tom Albanese.
The document provides a summary of business and economic news from Mongolia. It discusses several major stories, including Oyu Tolgoi receiving a $4.4 billion investment, MIAT launching direct flights to Frankfurt, and coal exports recovering as prices stabilize. It also mentions Mongolia beginning construction of its first unified standard railway with China and the Swiss Development agency donating CHF2.2 million for vocational training in Mongolia. The newsletter provides short summaries of various Mongolian and international news stories related to business, politics, and the economy.
The document is a newsletter from the Business Council of Mongolia covering various business and economic stories in Mongolia. It discusses several mining projects in Mongolia including Rio Tinto facing hurdles at the Oyu Tolgoi copper mine, Wolf Petroleum discovering an oil seam at a depth of 9,600 meters, and Modun Resources receiving a mining license for its Nuurst thermal coal project. It also mentions an iron ore sale agreement between India Globalization Capital and Mon Resources, and Belarusian textile company Bellegprom considering outsourcing some knitting operations to Mongolia.
The document summarizes news from the Business Council of Mongolia newsletter dated February 19, 2010. It includes the following highlights:
- The newsletter covers business, economic, and political news in Mongolia, including updates on mining projects like Oyu Tolgoi and Tavan Tolgoi.
- SouthGobi Sands was named the "Local Job Creator of the Year" by the Mongolian National Chamber of Commerce for hiring many local residents.
- Leighton Holdings expressed confidence it will be chosen to develop the large Tavan Tolgoi coal deposit, while it already has contracts for other mines in Mongolia.
- Gobi, Mongolia's largest cashmere manufacturer, held
The document provides a summary of business, economic, and political news from Mongolia. On the business front, it discusses bond sales, mining investments, and partnerships to develop securities markets. Economically, it notes a large increase in vehicles, new infrastructure projects, and strengthening of regional connections. Politically, it outlines campaigning for parliamentary elections, high-level foreign visits, and regulatory issues.
The document summarizes news from the Business Council of Mongolia newsletter dated December 7, 2012. It covers various business, economic and political stories regarding Mongolia. On the business front, it discusses companies building new plants, resuming mining operations, and selling Mongolian assets. Economically, it mentions Mongolia's bonds declining as its coalition government becomes unstable. Politically, it notes a political party possibly exiting the coalition and various leaders' meetings with counterparts from other countries.
The document is a newsletter from the Business Council of Mongolia covering various business and economic news items from Mongolia in Issue 265 dated March 15, 2013. Some of the key stories covered include: Rio Tinto waiting for a decision from Australia's export credit agency on funding for the Oyu Tolgoi mine after the US raised environmental and social concerns about the project; Oyu Tolgoi being named the "Best Project" of 2012 by Bloomberg TV Mongolia; Mongolian Mining Corp. aiming to increase raw coal output to 12 million tons in 2013 after missing targets in 2012 due to weak demand; and average selling prices for Mongolian coal falling 30% in 2012 which impacted company revenues.
The document summarizes news from the Business Council of Mongolia newsletter. It includes several stories about the Oyu Tolgoi copper and gold mine project: the Mongolian government is considering increasing taxes and royalties on the mine by $300 million, threatening the project; Rio Tinto denies that China-Mongolia relations are causing delays in negotiations for power supply to the mine; and herders are demanding just compensation from Rio Tinto for being driven off their land by the mine. Other business stories cover mining, oil, trade, and economic development in Mongolia.
The document summarizes business and economic news from Mongolia reported in Issue 182 of the Business Council of Mongolia NewsWire dated August 26, 2011. Key points include:
- The selection of investors for the Tavan Tolgoi coal mine is still under review and Japanese and Korean companies have not been ruled out as potential investors.
- A new thermal power plant is being planned for the Gobi region to provide power for mining operations at Tavan Tolgoi and Oyu Tolgoi.
- Macmahon Holdings and BBM Operta Group were awarded a contract for work at the Tavan Tolgoi coal mine.
The document summarizes the key news highlights from Issue 75 of the Business Council of Mongolia NewsWire dated June 26, 2009. It discusses ongoing political debates in Mongolia around foreign investment agreements for the Oyu Tolgoi and Tavan Tolgoi mining projects. The ruling MPRP party is shifting its focus to starting work at Tavan Tolgoi coal deposits to generate revenue for social programs. However, the opposition DP sees this as politically motivated and thinks the two projects should be negotiated together. There is also division in Parliament around proposed changes to uranium mining licenses in Mongolia. The monthly meeting of the Business Council of Mongolia was also summarized.
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
- Mongolia's Commodities Exchange plans to partner with the Toronto Stock Exchange to receive technical assistance and training as it establishes a mineral exchange.
- Mövenpick Hotels & Resorts announced new hotels in Mongolia, Turkey and Morocco, including a 250-room hotel in Ulaanbaatar slated to open in 2018.
- A fire at a PetroChina oil tanker facility in Dornod Aimag, Mongolia killed two Chinese workers and hospitalized one Mongolian, halting operations at the site.
The document summarizes news from the Business Council of Mongolia newsletter. It includes the following key points:
- Rio Tinto warns that renegotiating Mongolia's investment agreement for the Oyu Tolgoi project risks damaging the country's reputation with foreign investors.
- Ivanhoe Mines and Rio Tinto have an uneasy relationship as partners in the Oyu Tolgoi project, made more difficult by disputes between the companies and potential government interference.
- Petro Matad receives encouraging initial results from its Davsan Tolgoi 4 exploration well in Mongolia, indicating a high quality oil without water.
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 provides a summary of business and economic news from Mongolia in its Issue 336 dated August 1, 2014. Some of the key highlights include:
- Turquoise Hill announces the sale of a 29.95% stake in SouthGobi Resources to a Hong Kong company.
- Erdenes TT partners with Korean and Mongolian companies to develop a coal-to-methane gas facility at Tavan Tolgoi.
- Xanadu Mines expands drilling at its Altan Tolgoi copper-gold project, intersecting additional mineralization.
The document provides a summary of business, economic, and political news from Mongolia in its issue dated March 14, 2008. It discusses several topics:
- The Mongolian government approved Centerra Gold's feasibility study for the Gatsuurt gold deposit project.
- A proposed railway project aims to increase coal exports for Sharyn Gol Energy by switching from road to lower-cost rail transport.
- Drilling results showed that gold and copper deposits at Erdene Gold's Zuun Mod site extend farther than previously estimated.
- Civil protestors submitted a petition to stop exploration by Canadian company Shaman Resources, claiming it obtained permits illegally.
- An IMF mission visiting Mongolia identified
This document provides information about diabetes mellitus. It discusses that diabetes is a condition where the body does not properly process glucose due to a lack of insulin or insulin resistance. There are two main types of diabetes: type 1 where the body does not produce insulin and type 2 where the body is resistant to insulin. Normal and abnormal blood glucose levels are defined. Diabetic ketoacidosis and hypoglycemia, which are life-threatening complications of uncontrolled diabetes, are described along with their symptoms and treatments. The document emphasizes the importance of routine blood sugar monitoring, exercise, diet, and weight control in diabetes self-management.
This document provides information about the Authority for Fair Competition and Consumer Protection (AFCCP) in Mongolia. It discusses the history and development of competition law and consumer protection law in Mongolia. It outlines the establishment of AFCCP in 2008 and its roles in enforcing competition and consumer protection laws. It also summarizes AFCCP's activities from 2005 to 2010 and discusses ongoing and future areas of focus.
Mines & Money (Hong Kong) Presentation by Aspire Mining Limited in March 2011. The presentation provides an overview of Aspire Mining's Ovoot Coking Coal Project in Mongolia, including: a 330.7 million tonne JORC-compliant coal resource at Ovoot; initial coal washing test results showing 87% yield and low ash content; and an estimated enterprise value of US$560 million based on the resource size and quality, representing a potential value of US$2.80 per tonne of saleable coking coal. However, the presentation notes that further analysis is required to fully articulate the project's development timeline, logistics solutions, capital and operating costs to help reduce
- The document discusses two options for privatizing state assets in Mongolia - an international IPO or listing on the Mongolian Stock Exchange (MSE).
- An international IPO would be very expensive, costing up to $10 million with high annual fees, drawing negative attention. Listing on the MSE through a reverse takeover would be much cheaper at $350,000 with lower annual fees.
- The document recommends privatizing ETT, a state-owned energy company, through a reverse takeover merger with another MSE-listed company like TTL. This would quadruple the MSE market capitalization and keep the benefits within Mongolia.
The document summarizes business and economic news from Mongolia. It discusses several mining projects and deals including financing arranged for XacBank for SME loans, Magnai Trade receiving a loan from the central bank, and economic studies completed for iron ore and coking coal projects. It also mentions Mongolia establishing a joint venture with South Korea for sea transport and updates on coal drilling programs.
Bahruz Qachayev is a Health, Safety, and Environment (HSE) Administrator currently working for Saipem-Azfen Joint Venture since 2015. Prior to this role, he worked as an HSE Inspector for Naval Engineering Group LTD from 2014 to 2015 and as an Assistant to the Master from 2013 to 2014. He holds a Bachelor's degree in Journalism from Baku State University and has extensive training in HSE management. He is proficient in Azerbaijani, English, Russian, and Turkish.
El documento proporciona una historia general de las matemáticas desde la antigüedad hasta la época griega. Resume que las primeras matemáticas avanzadas se desarrollaron en Babilonia y Egipto en el tercer milenio a.C., centrándose en la aritmética y medidas geométricas. Los griegos luego introdujeron las matemáticas abstractas basadas en definiciones, axiomas y demostraciones, iniciando con Tales de Mileto y Pitágoras en el siglo VI a.C. Figuras clave como Eucl
The document summarizes business news from Mongolia reported in Issue 238 of the Business Council of Mongolia NewsWire on September 7, 2012. Key highlights include:
- A group of Mongolian parliament members submitted a petition to renegotiate the investment agreement for the Oyu Tolgoi copper and gold mine project.
- Chalco dropped its $926 million bid for a majority stake in SouthGobi Resources Ltd. due to political opposition in Mongolia.
- Workers at PetroChina Daqing, a subsidiary of Chinese oil company Daqing Oilfield, threatened to strike over demands for higher wages and better benefits.
- SouthGobi Resources appointed a new chairman and board members
The applicant seeks a position as a chef that allows him to utilize his 8 years of experience in hotels and restaurants. He has worked in Dubai and London and has experience managing teams and kitchen operations. He has a postgraduate diploma in culinary arts and proficiency in Italian and continental cuisine.
The document contains a portfolio of design work including billboards, flyers, banners, social media designs, and packaging designs for hotels and a property called Whiz Prime and Intiwhiz. The designs are for promotions, packages, and openings in various cities in Indonesia and include dimensions and description of designs.
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
This document summarizes a presentation by Orica Limited about launching mining projects in Mongolia. It discusses key issues for Mongolia such as its dependence on China for mineral exports and economic growth. It also outlines Mongolia's needs like capital, technology, and management expertise to develop its $2 trillion in mineral resources. Some challenges are a lack of infrastructure, high interest rates, and corruption. To succeed, the presentation recommends bringing experienced technical capabilities, operational excellence, and a willingness to invest for the long-term while meeting Mongolia's need for high technology solutions.
This document summarizes research on cellular transforming genes in cancer. Experiments found that genes from normal cells, when abnormally expressed, can transform cells at high efficiencies. High molecular weight DNA from cancer cells also transforms cells at high efficiencies, suggesting the genes are no longer properly controlled. Various carcinogens were found to activate the same transforming genes within cancers of particular cell types. Cloning of these genes revealed they are evolutionarily conserved between species. The research aims to identify transforming genes activated at different stages of immune cell differentiation to examine genetic events in cancer development.
This document lists fashion designers and retailers including Pierre Cardin, Kenzo, Scabal, Barker, Harvey Nichols, and Porsche Design. It also mentions menswear accessories.
David Lawson is the Trade Commissioner for Austrade based in Ulaanbaatar, Mongolia. He has a background in Asian studies and international business consulting. Austrade is opening an office in Ulaanbaatar to support the growing trade relationship between Australia and Mongolia. Two-way trade totaled $24.5 million in 2010, with Australia exporting goods like mining equipment and importing services. Austrade aims to help Australian companies export and identify opportunities in Mongolia.
This document provides a summary of business, economic, and political news from Mongolia in its Business Council of Mongolia NewsWire newsletter. It highlights several major mining and infrastructure projects in Mongolia, including progress on the Oyu Tolgoi mine and issues around negotiations between Ivanhoe Mines and Rio Tinto. It also discusses Mongolia's economy, including developments regarding the Tavan Tolgoi coal mine, inflation, bond sales, and relations with China. On the political front, it mentions meetings between Mongolian and Chinese leaders and parliamentary discussions around corruption issues.
Dr. Mahmood Khalid oversees approximately 30 employees in DHM's Radiology department which services around 50,000 patients annually. He has been with DHM since its opening in 2008 after previously working at North Oakland Medical Centers since 1984, where he was Chairman of the Radiology Department from 1989-2008. The Radiology department has approval to purchase a new CT scan and plans to offer 24-hour CT services at its Waterford Emergency Center location within the next year.
Dr. Yatinder Singhal is Chairman of DHM's Behavioral Medicine Department and a board member and investor in DHM. He was instrumental in the opening of DHM and has overseen the expansion of services including the opening of
- China Nuclear Corp plans to start mining uranium at the Gurvanbulag deposit in Mongolia within two years, with Mongolia owning at least 51% of the project. The deposit contains an estimated 10,000-15,000 tons of uranium.
- China Investment Corp will invest $500 million in SouthGobi Energy Resources to accelerate development of its Mongolian coal projects and increase coal production.
- Rio Tinto and Chinalco have begun discussions for Chinalco to potentially invest in the Oyu Tolgoi copper and gold mine in Mongolia, though any Chinese involvement would be politically sensitive given Mongolia's history with China.
The document is a newsletter from the Business Council of Mongolia covering business and economic news from Mongolia. Some of the key stories covered include:
- Oyu Tolgoi exported 140,000 tons of copper concentrate in the first half of 2014.
- Moody's downgraded the credit ratings of three Mongolian banks, Khan Bank, XacBank, and Trade and Development Bank, following Mongolia's sovereign downgrade.
- Trade and Development Bank pulled a planned US dollar bond offering due to financial market turmoil in Europe.
- BDSec JSC received approval to issue 6 million new shares in a rights offering to raise about $2.5 million.
Comment choisir mobile Développeurs Mobile App développement etStabl Web
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The document summarizes business and economic news from Mongolia. Some of the key points include:
- Mongolia and Rio Tinto have resolved some disputes around the Oyu Tolgoi copper mine expansion, reducing outstanding issues from 30 to 15. However, approving project financing remains a hurdle.
- French energy giant Areva signed an agreement with Mongolia's Mon-Atom to develop two uranium mines in the Gobi Desert in cooperation with Mitsubishi.
- GDF SUEZ signed an MOU with Newcom to develop future renewable energy projects in Mongolia, building on Newcom's existing wind farm.
- A little-known Mongolian company won an auction
The document provides news highlights from the Business Council of Mongolia covering business, economic, and political news. Some of the top stories include:
- TT's East block of the Tavan Tolgoi coal project is set to begin large-scale production on December 1st.
- Mongolia is continuing negotiations with international miners to develop the TT West block after complaints caused them to cancel the previous agreement.
- Rio Tinto and Ivanhoe Mines stocks rebounded after the Mongolian government backed down from attempts to renegotiate the Oyu Tolgoi investment agreement.
- Erdene Resources reported encouraging early results from drilling at its Altan Nar gold prospect in southwest Mongolia.
The document is a newsletter from the Business Council of Mongolia covering business and economic news from Mongolia in April 2013. Some of the key stories covered include:
- The Oyu Tolgoi copper and gold mine receiving continued funding through April as discussions continue around its budget.
- Mongolian politicians expressing openness to resolving disputes with Chalco over a coal agreement rather than canceling the contract.
- Plans by the Mongolian government to establish a joint venture to build a 450-megawatt power plant at the Tavan Tolgoi coal deposit.
- Both Mongolia and Rio Tinto seeing reasons to settle their dispute over cost overruns at the Oyu Tolgoi
The document summarizes business and economic news from Mongolia. It reports that Rio Tinto announced 1,700 redundancies at its Mongolian operations due to delays in underground expansion of the Oyu Tolgoi copper mine. Mongolia wants this expansion funded through cash flow from the mine until disputes over costs are resolved. Mongolia is also studying an IPO of its 34% stake in Oyu Tolgoi to give citizens ownership and help fund the expansion. Additionally, Prophecy Coal signed coal export deals to restart shipments to Russia.
The document summarizes business and economic news from Mongolia. It discusses ongoing negotiations between Mongolia and Rio Tinto over the Oyu Tolgoi mining project. It also mentions that Aspire Mining has identified potential savings of $200 million by selecting a new route for a proposed rail line. Additionally, it provides updates on various mining and infrastructure projects throughout Mongolia.
The document summarizes the key news and events from the September 6th, 2013 issue of the Business Council of Mongolia NewsWire. It discusses several business and economic stories, including Rio Tinto replacing board members at the Oyu Tolgoi copper mine amid disputes with the Mongolian government over financing. It also mentions Erdenes Tavan Tolgoi planning to ramp up coal production and begin exports from its West Tsankhi mine. Additionally, it provides an overview of the 2013 Discover Mongolia investment forum, including remarks on the importance of respecting investment agreements and concerns about policy instability expressed by speakers from Anglo American and Erdenes Tavan Tolgoi.
The document summarizes business and economic news from Mongolia reported in Issue 109 of the Business Council of Mongolia NewsWire dated March 12, 2010. Some of the key stories covered include Goldman Sachs potentially filing an international arbitration case regarding the Olon Ovoot mines, Mongolia Energy planning to start coal deliveries to China in August, and Rio Tinto's CEO being invited to a conference in China that could help rebuild the company's relationship there.
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 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 Issue 213 of the Business Council of Mongolia NewsWire on March 16, 2012. Some of the key stories covered include:
- The IPO of Erdenes-Tavan Tolgoi (E-TT) being delayed by at least six months due to regulatory hurdles and political deadlock over Mongolia's parliamentary elections.
- Mitsui & Co. signing a cooperation agreement with E-TT that could lead to a purchasing agreement and Mitsui building infrastructure in Mongolia.
- Xanadu Mines preparing an exploration drilling program at its Sharchuluut Uul copper project in 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 discusses several business news highlights from Mongolia. It mentions that the Tavan Tolgoi coal deal will undergo revision, with Japan and Korea potentially receiving stakes. It also discusses Ivanhoe Mines rejecting talks of altering its Oyu Tolgoi contract, Gobi Coal & Energy searching for a buyer, and Indian firms exploring bids for uranium acquisitions in Mongolia.
The document summarizes news from Mongolia across business, economic, and political topics. In business, a feasibility study for a coal washing plant in Mongolia was completed. Erdenes-TT expects to repay its debt to Chalco by the end of the year from coal sales. Mongolian and Japanese banks established a new leasing company called TDB Leasing. A Mongolian company acquired a 20% stake in a North Korean oil refinery to diversify Mongolia's energy sources away from Russia and China.
The document summarizes news from the Business Council of Mongolia newsletter. Key highlights include:
- Government talks with Rio Tinto over cost overruns at the Oyu Tolgoi mine are on hold for Mongolia's lunar new year celebration, but will resume after. Mongolia will press Rio to explain the $2 billion cost increase.
- Oyu Tolgoi produced its first copper concentrate after processing initial ore through the concentrator in early January. Ramp up to commercial production is expected in the next 3-5 months.
- Operations are on hold at MEC's Khushuut coal mine until a new contractor is selected and a dry coal processing system is installed.
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- The document summarizes business and economic news from Mongolia. It reports that Turquoise Hill Resources and Rio Tinto expect to sign a $4 billion financing plan by the end of June to develop the second phase of the Oyu Tolgoi mine, while Mongolia plans to begin investigating Oyu Tolgoi's tax and contractual compliance. It also mentions that Erdenes Tavan Tolgoi will begin mining the West Tsankhi coal area and potentially partner with foreign miners, and that Japanese companies will build Mongolia's second international airport.
The document is a newsletter from the Business Council of Mongolia covering business and economic news from Mongolia. Some of the key stories covered include:
- Rio Tinto securing a power deal for its Oyu Tolgoi copper mine in Mongolia ahead of a September 30th deadline.
- Turquoise Hill Resources working to resolve a tax dispute with Mongolia's government before funding commitments expire for the underground expansion of the Oyu Tolgoi mine.
- SouthGobi Resources reporting a narrower loss in Q2 2014 due to higher coal sales volumes, despite significantly lower coal prices.
The document provides a summary of business and economic news from Mongolia. It discusses the Mongolian government unveiling a strategic plan for the Tavan Tolgoi coal mine that retains majority ownership for the government. It also mentions Turquoise Hill announcing 2017 production guidance for Oyu Tolgoi, the Development Bank of Mongolia signing an MOU with Russia's Sber, and Arab investors considering financing infrastructure projects in Mongolia. Additionally, it provides brief updates on Mongol Bank interest rates and the country's budget deficit.
The document is a newsletter from the Business Council of Mongolia that provides summaries of business and economic news in Mongolia. It discusses several topics:
- An audit is being conducted to investigate alleged $2 billion in cost overruns at the Oyu Tolgoi mine, Mongolia's largest project.
- ZTE, a Chinese telecom equipment company, faces a corruption investigation in Mongolia related to its tax affairs in the country.
- Erdene Resource Development established a strategic alliance with Teck Resources to fund exploration in southwest Mongolia, focusing initially on Erdene's Khuvyn Khar copper project.
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 covering business, economic, and political news highlights from Mongolia. Some of the key business stories covered include: Mongolian miners starting operations at the Tavan Tolgoi coal mine which could impact international bidding for rights to the mine; the launch of exports from Mongolia's Oyu Tolgoi copper mine being delayed pending final government authorization; and a USD 122 million wind farm in Mongolia scheduled to begin operations in June 2013. Economic highlights include the payment of interest for Mongolia's first Chinggis bond and a strengthening currency. Political stories note Tony Blair advising Mongolian companies and Mongolia joining an international environment group.
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.
Here is Gabe Whitley's response to my defamation lawsuit for him calling me a rapist and perjurer in court documents.
You have to read it to believe it, but after you read it, you won't believe it. And I included eight examples of defamatory statements/
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1. BUSINESS COUNCIL of MONGOLIA
NewsWire
www.bcmongolia.org
info@bcmongolia.org
Issue 297 – October 25, 2013
NEWS HIGHLIGHTS:
Business
Customs dispute solved for Rio's Oyu Tolgoi shipments;
HBOil tours Rason, North Korea;
Company wins auction for N. Korean firm's Tokyo office;
Famur may sell USD $100m in equipment to Mongolian firms;
Golomt to issue Mongolia's first American Express-backed cards;
Mobicom customers complain over excessive charges;
Khukh Tsav cement plant to produce 2m tons a year;
Mongolia and Lufthansa Consulting sign MoU;
FMG Mongolia Fund lost 3.1% in September;
Erdene raising capital for Altan Nar;
Kincora completes IP survey;
U.S. Embassy awards grant for government translator training;
Canadian education fair in Mongolia;
Private sector seeks active partnership with government;
Oyu Tolgoi unveils renovated street;
Miami Beach investor sets sights on Mongolia;
Cost savings see Peabody Energy report adjusted profit.
Economy
A tale of two mines;
Where did all of the Mongolia bulls go?;
Total commercial bank savings and capital grow;
Reserves of USD reduced by 6.26 percent;
Italian firms seek cashmere cooperation;
Mongolia to increase petroleum reserves by 15 percent for 2014;
Mongolia races to meet growing cement demand;
Mongolia pushes exploration work toward extraction;
Mongolia-made tram to be put into use in 2018;
Incidences of human trafficking up 20 percent;
Gobi desert project to save critically endangered camel;
Winter stoves fuel smog responsible for 1 in 10 deaths;
Copper prices: heading south;
Climate change to cost East Asia 5.3% of GDP by 2100, ADB study says;
Amid heavy pollution, Beijing issues emergency rules to protect citizens;
Russia lets down guard on China;
China's growth trajectory depends on political calibrations.
Politics
Mongolian president to visit North Korea;
Mongolian prime minister expects improvement in relations with China;
China's vice foreign minister meets foreign affairs deputy minister;
Elbegdorj meets Polish president;
MPP demands end of Price Stabilization Program;
2. Mongolia plants green wall in the Gobi desert;
Women MPs donate salaries for hospital fund;
D. Natsagdorj's statue takes the Lenin spot;
Mongolian ethical hackers become Asia’s best;
Investigation into land allocations put on ice;
Narantuul fire caused by electrical fault.
ECONOMIC INDICATORS
MSE Top 20 Index by market Capitalization;
Foreign-listed Companies with Mongolian Assets;
Monthly Macroeconomic Overview – September 2013;
Inflation;
Central bank policy rate;
Currency rates.
*Click on titles above to link to articles.
SPONSORS
Khan Bank International SOS
Wagner Asia Automotive Oxford Business Group
Mongolian National Broadcasting Breakthrough PR
BUSINESS
CUSTOMS DISPUTE RESOLVED FOR RIO'S OYU TOLGOI SHIPMENTS
A customs dispute that had been holding up copper concentrate shipments from Rio Tin PLC's
massive Oyu Tolgoi mine has been resolved, Turquoise Hill Resources Ltd. said on Monday.
Oyu Tolgoi had been scheduled to start shipping to customers in China after opening in July, but
was forced to stockpile material while buyers negotiated import approvals. Turquoise Hill, 66
percent owner of the USD 6 billion mine run by Rio Tinto, said customers have received the needed
3. approvals, and a convoy carrying concentrate left its warehouse at the Chinese border on Saturday.
"The withdrawal of concentrate from the warehouse by customers is expected to ramp up quickly,"
said the Toronto-listed company in a statement. It said the mine will now start recording revenue.
Oyu Tolgoi's concentrator has been operating at full capacity, processing some 100,000 tons of ore
each day. Turquoise Hill reiterated that it expects shipments to be in line with its production by the
end of this year.
Source: Reuters
HBOIL TOURS RASON, NORTH KOREA
Representatives of HBOil JSC's management took a site tour of newly acquired oil assets at the
Special Economic Zone of Rason City, North Korea.
Following HBOil JCS's 20 percent shareholding in Korea Oil Exploration Corporation International
Inc., the managements of both HBOil and Ulaanbaatar-based brokerages BDSec JSC recently
conducted a site visit to the Seungri Oil Refinery in Rason. In addition to a detailed inspection of
the refinery complex, power station, pipelines, rail and the Songbong port, delegates formally met
with both the senior leadership of Rason and the state-owned (―KOEC‖), with whom HBO is a joint
venture partner.
―These meetings not only reconfirmed every critical detail laid out in HBO‘s JV with KOEC and the
shareholders‘ agreement that regulates the parties‘ relationship within the KOECII corporate
structure, but also proved to us that the leadership of Rason City and KOEC were unified in their
complete support to resume full operations at the SOR,‖ said the Source. It added, ―Without
exception, we found them to be highly intelligent and dynamic, as well as enthusiastic and
appreciative of the investment HBO has made and shall make into the country. These interactions
also reinforced our belief that the DPRK is indeed ‗opening up‘ and that Mongolia can and will play
a special role in this process.‖
Mongolia‘s minister of agriculture and industry departed Mongolia on 15 October for high-level
meetings in Pyongyang, which was preceded by a delegation of Mongolian businessmen who visited
on 1 October. A formal visit by President Tsakhia Elbegdorj is scheduled for 27 October.
Source: BDSec
COMPANY WINS AUCTION FOR N. KOREAN FIRM'S TOKYO OFFICE
A company rumored to be of a Mongolian origin has won an auction to acquire the Tokyo
headquarters site of the pro-Pyongyang General Association of Korean Residents in Japan, known as
Chongryon, for 5.01 billion yen, the Tokyo District Court said Thursday.
The successful bidder was named as "Avar Limited Liability Company," but detailed information such
as its location and the name of its representative remain unknown. The bid is due to receive the
court's final approval on Tuesday. Chongryon, which serves as North Korea's de facto diplomatic
mission in Japan in the absence of diplomatic ties, could be forced to move out of its head office if
asked to do so by the successful bidder. Only two parties submitted bids in the second round of the
auction held from 13 to 3 October, court officials said.
Japan has asked Mongolia to cooperate in resolving the issue of Japanese nationals abducted by
Pyongyang in the 1970s and 1980s. Mongolia hosted talks between senior diplomats of Japan and
North Korea in the capital Ulaanbaatar in November last year. In Ulan Bator on Thursday, a man
who claims to be the president of Avar Limited Liability Company effectively acknowledged that the
company had won the bidding.
"I don't think you have wrong information" about the deal, the unidentified man said over the
phone.
In the first round of the auction earlier this year, a Buddhist temple in Kagoshima Prefecture
offered the highest bid of 4.52 billion yen for the 10-story head office with two basement floors and
the 2,387-square-meter tract of land in Tokyo's Chiyoda Ward, but it failed to pay the bid price by
the deadline and was eliminated in the second round of the auction. The temple's chief priest is
known for maintaining close ties with senior officials of the North Korean government and
Chongryon.
4. The court decided in July 2012 to hold an auction for Chongryon's headquarters as demanded by the
Japanese government-backed Resolution and Collection Corp., which is owed about 62.7 billion yen
by Chongryon following the collapse of financial institutions in Japan for pro-North Korean
residents.
Source: Global Post
FAMUR MAY SELL USD 100M IN EQUIPMENT TO MONGOLIAN FIRMS
Polish mining machinery producer Famur may sign contracts worth USD 100 million with companies
in Mongolia, Polish Economy Minister Janusz Piechociński said. Famur was one of 40 businesses that
took part in a Polish-Mongolian economic forum on Monday.
The Polish firm signed letters of intent for the supply of machinery to three Mongolian mining
companies: Baganuur, Tsagaan Shonkhor Holding and Tsetsens Mining and Energy. Piechociński said
that apart from Famur, other Polish sector companies, including Damel, Kopex and Węglokoks, have
plans to do business in Mongolia. He expects Polish-Mongolian cooperation in the mining industry to
increase in the coming years. Minister Piechociński and Mongolian Minister of Mining Davaajav
Gankhuyag signed a declaration of cooperation in the mining sector.
―We will increase our involvement in the mining industry and we will share our experience in the
field,‖ said Piechociński. The declaration also covers an exchange of scientific knowledge and
education of the sector employees.
According to Ministry of Economy data, after seven months of 2013, Poland's exports to Mongolia
were worth EUR 23 million (33 million), 22 percent more than the same period of 2012. Imports
from Mongolia amounted to just EUR 36,000.
Source: Warsaw Business Journal
GOLOMT TO ISSUE MONGOLIA'S FIRST AMERICAN EXPRESS-BACKED CARDS
American Express and Golomt Bank LLC have signed a partnership agreement that will allow it to
issue bank cards backed by them.
―We are very pleased to expand our partnership with Golomt Bank, reflecting our strategy of
building relationships with the best partners around the world,‖ said Mike Trattles, vice president
for partner card services at American Express. ―We look forward to working with Golomt Bank to
bring new benefits and services to their customers which reflects our commitment to outstanding
value and first class service.‖
The agreement leaves Golomt responsible for creating the products, issuing the cards, overseeing
the credit management and managing customer accounts and billings.
Source: Golomt Bank LLC
MOBICOM CUSTOMERS COMPLAIN OVER EXCESSIVE CHARGES
Mobicom Corp. is under investigation by the Fair Competition and Consumer Protection Agency
(FCCPA) after it received complaints from contract subscribers over excessive charges. Inspection
results revealed that Mobicom charged excessively for its postpaid service. Although Mobicom
executive director David Holliday issued a statement admitting to excessive charges on 26 October,
the FCCPA is now investigating whether or not that was one of multiple incidents. In the event the
FCCPA finds the charges were intentional, it could fine Mobicom up to MNT 10 million.
Source: News.mn
KHUKH TSAV CEMENT PLANT TO PRODUCE 2M TONS A YEAR
The president of the Mongolian Alt Corporation (MAK) announced that the Khukh Tsav cement plant
would be able to produce two million tons a year of cement beginning from 2014.
At a state visit to the site by the minister and the state secretary of the Construction and Urban
Development Ministry, Ts. Bayarsaikhan and R. Erdeneburen, B. Nyamtaishir of MAK asked that a
quota of foreign workers be allowed to work at the plant. Engineering firm FLSmidth has been
contracted to provide machinery for the project. Once operational the PC42.5 PC52.5 and PC62.5
cement types will be produced at the cement plant located in Dalanjargalan Sum, Dornogobi Aimag.
5. Source: Global Cement
MONGOLIA AND LUFTHANSA CONSULTING SIGN MOU
The Ministry of Roads and Transportation signed a memorandum of understanding with Lufthansa
Consulting on 15 October 2013 in Frankfurt, Germany.
Mongolia has expressed its interest in Lufthansa Consulting‘s assistance in several fields. Aviation
experts will support the MRT in defining a suitable air transport policy that facilitates the growth of
the national aviation sector. Furthermore, the consultants will help to optimize the development
and management of existing and potential new aviation infrastructure. In addition, the consultants
will assist in enhancing the national and international market presence of the Mongolian national
carrier MIAT Mongolian Airlines.
―We are very pleased that the Mongolian government trusts in our know-how. We are confident in
our proficiency to help the country in creating a functioning aviation infrastructure to support the
growth and economic development of Mongolia,‖ said Andreas Jahnke, managing director of
Lufthansa Consulting.
Source: Aviation Tribune
FMG MONGOLIA FUND LOST 3.1% IN SEPTEMBER
Sentiment remained sour for Mongolian assets and the FMG Mongolia Fund was hit by further losses
in the off-shore listed Mongolian mining stocks as well as further depreciation of the currency, the
tugrug. The Fund‘s losses were mitigated by minor gains from a few core holdings listed on the MSE.
The passage of a new Investment Law has FMG expecting investor sentiment to turn more positive.
It noted it had observed rising stock prices and declining government bond yields.
―With many Mongolian asset prices at multi-year lows and a potential recovery and stabilization in
stock prices, we see a brighter future for Mongolian equities ahead,‖ said the Source.
Source: FMG
ERDENE RAISING CAPITAL FOR ALTAN NAR
Erdene Resource Development Corp. announced plans 18 October for capital raising to continue
exploration at the Altan Nar gold project.
Erdene intends to raise CAD 500,000 (USD 485,201) through a private placement of 7,140,000 units
at CAD 0.07 each. Each unit will consist of one common share and one-half 24 month warrant at
CAD 0.10. This is the latest in a series of fundraising activities that Erdene has undertaken in order
to develop its assets in southwestern Mongolia.
At the end of last year, Erdene completed a capital raise for CAD 1 million. The proceeds from this
fundraising were primarily directed to the Altan Nar gold-silver project. During the 2012 exploration
season the company drilled 2,465 meters across 17 holes, including 11 reconnaissance holes that
provided encouraging results over one kilometer away from the discovery zone. On October 7,
Erdene announced plans to continue exploration at the project to further define already identified
mineralization, focusing on near-surface anomalies that will help to prioritize the next phase of
drilling.
Source: Wall Street Journal
KINCORA COMPLETES IP SURVEY
Kincora Copper Ltd. announced the advancement of targets following the completion of an induced
polarization survey. The survey covered 48.96 kilometers at the Bronze Fox licensed area, where
independent consultants encountered hydrothermal copper activity and exploration targets.
―The aim of our field season was to responsibly add value at the asset level while remaining
comfortably funded into 2014 by both refining exploration data and specifying target generation of
large scale, potentially world-class size, porphyry copper-gold targets,‖ said Sam Spring, president
and chief executive officer of Kincora.
Source: Kincora Copper Ltd.
6. U.S. EMBASSY AWARDS GRANT FOR GOVERNMENT TRANSLATOR TRAINING
The U.S. Embassy awarded the American University of Mongolia's English Language Institute (ELI) a
grant to design and implement a training course in legal English skills for translators of Mongolian
trade and commercial laws and regulations.
Initiated as part of the new Transparency Agreement signed by the U.S. and Mongolian
governments, the ELI teachers will work closely with American law firms in Mongolia to design a
targeted and individualized intensive training plan. The program will both improve the learners'
skills in English for legal purposes and also provide them with support as they hone their skills in
legal document translation.
The award is for 15 months beginning 1 October.
Source: American University of Mongolia
CANADIAN EDUCATION FAIR IN MONGOLIA
The Canadian Embassy hosts Mongolia's first Canadian Education Fair at the Blue Sky Tower and
Hotel in Ulaanbaatar from 27 to 29 October.
Over 20 representatives from the Canadian education system attended the event where organizers
gave particular attention to French and English language trainings, university undergraduate
programs, and vocational trainings. Participant institutions from Canada were SAIT Polytechnic,
Alexander College, British Columbia Council for International Education, College of New Caledonia,
Columbia College, Coquitlam College, Royal Roads University, University of British Columbia, North
Island College International, Vancouver Island Schools, West Vancouver School District, Algonquin
College, Centennial College, Niagara College, Ryerson University, Seneca College, University of
Toronto, and University of Saskatchewan.
Source: Info Mongolia
PRIVATE SECTOR SEEKS ACTIVE PARTNERSHIP WITH GOVERNMENT
The National Council for Private Sector Support (NCPSS), the Business Council of Mongolia and The
CEO Club joined with business executives for the first roundtable discussion on bringing an equal
role for the private sector with the government in developing the Mongolian economy.
The event was organized in light of increased governmental regulatory pressures and was part of an
effort by those who support the private sector to propose an official and open partnership with the
government. Organizers put forward their underlining objective of developing the private sector,
which generates 77 per cent of the wealth in the country. In addition to this, representatives of the
private sector pledged to make their voices heard in their efforts to keep state involvements in
private business at bay and to develop an ongoing active partnership between the private sector
and the government.
―The private sector in Mongolia is acting in unison for the first time after a number of discussions
among the business councils and professional associations,‖ said Ganbold Davaadorj, chairman of
the NCPSS, during his opening remarks. ―All of these attempts are geared towards bolstering the
role of the private sector for economic development.‖
During the discussions speakers pinpointed the current policy gaps and strategic planning needed
for economic growth in sectors including infrastructure, energy, tourism and air transport. They
also highlighted the government‘s need to work with the private sector in tackling policy roadblocks
and proposed that the current government establish a partnership council that would allow the
private sector to share the government‘s growing burdens during this period of accelerated
economic growth.
Source: BCM
OYU TOLGOI UNVEILS RENOVATED STREET
Oyu Tolgoi LLC completed renovations of the Students` Street in Ulaanbaatar on 15 October.
Ulaanbaatar Mayor Erdene Bat-Uul and Oyu Tolgoi Chairman G. Batsukh attended the ribbon ribbon-
cutting ceremony that day. ―I would like to thank Oyu Tolgoi LLC for contributing to the
development of UB and its sponsorship,‖ said Bat-Uul.
7. Oyu Tolgoi spent USD 400,000 on 3,000 square meters of street renovation. Included in the work
was the installation of LED lights for the side walk, benches, garbage cans, and free high-speed
WiFi.
Source: Udriin Sonin
MIAMI BEACH INVESTOR SETS SIGHTS ON MONGOLIA
With the wind chill, temperatures in Ulaanbaatar, Mongolia, dipped below 10 degrees last week.
Still, Harris Kupperman showed up for his job in a short-sleeved polo and Ray-Bans, an iced coffee
in hand.
As chief executive of Mongolia Growth Group, Kupperman, 32, splits his time between Mongolia‘s
capital city and Miami Beach. When Kupperman co-founded Mongolia Growth in 2011, he took it
public with about USD 4 million in capital, mostly from himself, friends and family. The company
raised USD 51 million that year, and it has invested about USD 40 million in Mongolian real estate.
Those investments, Kupperman said, have "appreciated quite substantially." The company now has
more than 3,000 shareholders and more than 100 Mongolia-based employees.
Mongolia Growth is heavily invested in Ulaanbaatar real estate and, to a lesser extent, the
insurance business. Most of the 75 commercial, retail and residential properties it owns or manages
are on Peace Avenue, the main drag that runs through the crowded downtown. Kupperman, who
compared current-day Ulaanbaatar to ―Manhattan in the 1850s,‖ sees Peace Avenue as becoming
the next Fifth Avenue or Lincoln Road, and he envisions the capital city developing like wealthy
Doha, Qatar, or Abu Dhabi in the United Arab Emirates.
Kupperman‘s confidence has managed to persuade peers and potential investors who were reluctant
at first pitch. Mongolia was nowhere on Matthew Goodman‘s radar when he moved to South Florida
from New York in 2011 to work for Praetorian Capital. Before he could unpack his bags, Goodman
found himself on a flight with Kupperman, his new boss, headed to Ulaanbaatar. Goodman‘s first
impressions upon landing: It‘s freezing. No one speaks English. The food is lousy. There are no taxis.
What are we doing here?
―Some of the things [Kupperman] does, he thinks they are normal, but they‘re not,‖ Goodman said.
―But then you sort of realize the brilliance behind the madness: He‘s found this pot of gold in a
place where no one wants to go to get it.‖
Source: Miami Herald
COST SAVINGS SEE PEABODY ENERGY REPORT ADJUSTED PROFIT
The world‘s largest private-sector coal miner, Peabody Energy Corp., on Thursday reported an
adjusted third-quarter profit after aggressive cost-cutting measures had resulted in significant
savings in the face of weak commodity prices, boosted by improved shipments from its Australian
operations.
Successful cost containment has resulted in Peabody reporting its lowest U.S. unit costs in three
years and Australian unit costs improved 18 percent since early 2012. For the quarter ended 30
September, revenues fell about 13 percent to USD 1.8 billion, compared with the USD 2.06 billion in
the same period last year, as a result of lower realized pricing in the US and Australia. The company
had also cut its full-year capital spending target to USD 350 million from USD 400 million, mainly
owing to weak coal prices, and is focusing on sustaining existing operations. Peabody reported a net
loss attributable to common shareholders of USD 26.1 million, or USD 0.10 a share, compared with
net income of USD 42.9 million, or USD 0.16 a share, a year earlier.
"Metallurgical coal fundamentals are improving and continued build out of new generation is driving
record thermal coal demand. Supply rationalization is continuing as higher cost mines in the US and
China close, and other exporting nations face increased domestic demand and rising costs,‖ said
Peabody chairperson and Chief Executive Gregory Boyce, painting a potential optimistic picture for
the company‘s supplies of thermal and metallurgical coal.
Within the thermal coal market, Peabody expected about 75 gigawatts of new coal generation to
come on line in 2013, requiring about 50 million tons more global seaborne thermal coal. Longer
term, yearly world coal demand was estimated to rise to about 1.2 billion tons by 2017, driven by
8. an expected 400 gigawatts of new coal generation, along with rising global steel production. Steel
production was expected to grow 15 percent during this period, requiring an additional 150 million
tons a year of metallurgical coal.
Source: Mining Weekly
ECONOMY
A TALE OF TWO MINES
Expectations are high for the Oyu Tolgoi copper mine and Tavan Tolgoi coking coal mine; both
projects ride on their enormous reserves of 2.7 million tons of recoverable copper and 1.8 billion
tons of coal respectively, which are in big demand in next-door China. The problem for Mongolia is
that too much hope has been invested in these two mines.
For example, the Mongolian government has found itself continually at loggerheads with Rio Tinto
PLC, which is leading operations at Oyu Tolgoi with a 66 percent stake in the project through its 51
percent-owned Turquoise Hill Resources. The development of an underground mine there, where
the company says 80 percent of the mine's value lies, is on hold after a government official notified
Rio that parliamentary approval was necessary for a USD 4 billion project financing package.
Then there's the problem at the state-owned coal miner Erdenes Tavan Tolgoi, or Erdenes TT as
locals call it, since it signed an off-take agreement with Aluminum Corporation of China (Chalco)
that left it with USD 350 million in debt to be repaid in coal exports. Erdenes TT now regrets signing
the contract because it set below-market prices for coal in an already depressed market. The
Mongolian government has since attempted to cancel the contract by paying a cash penalty and
even suggested it would try to secure a better deal from another Chinese state-owned miner,
Shenhua. That didn't pan out, however, and Mongolia has since been stuck with the original deal.
―Despite the stumbling blocks,‖ said Howard Lambert at ING Bank, which was the first foreign bank
to open a representative office here in 2008 and has seen at first hand the ups and downs at both
projects, says the problems with the two mines need to be put into context. ―In terms of mineral
production, Mongolia has come a long way in a relatively short period of time," he argues. "OT [Oyu
Tolgoi] is producing from phase one, which is a milestone achievement. [Erdenes] TT is also
producing and has been for some time. The question now is in relation to the timing of the buildout
of the necessary infrastructure, power, wash plant and rail."
The two sides are back at the negotiating table. Government officials met with Rio management in
London in late September and another meeting is widely expected to be held in Ulaanbaatar soon.
Since then, Mongolian officials have spoken more amicably about Oyu Tolgoi and the need to find
consensus with the Anglo-Australian mining group. Prime Minister Norov Altankhuyag is also set to
visit China on October 22, where many expect him to discuss outstanding issues with China about
Erdenes TT‘s agreement with Chalco.
An end to the mines' problems, and a new beginning for Mongolian investment, could be in sight.
Source: BNE
WHERE DID ALL OF THE MONGOLIA BULLS GO?
Back in 2011, you couldn‘t open a financial publication without reading about the growth prospects
of Mongolia. It was the new frontier, the fastest growing economy in history—from nomad to space
age in a decade—an investment mecca for every hedge fund and macro tourist. A lot can change in
two short years. Today, Mongolia is nearly a pariah in the investment community.
It all started with Chalco‘s bid to acquire control of SouthGobi Resources Ltd.‘s coal assets.
Mongolia is terrified of attempts to exert control over it when China buys the vast majority of the
coal that Mongolia produces. Winsway Coking Coal, a Chinese company, is already a substantial
player in buying and transporting Mongolian coal. Mongolia was petrified that if the Chinese added
production capacity, they would control the entire supply chain in a very critical national industry.
In an instant Mongolia both confused and scared foreign investors with the Strategic Entities Foreign
Investment Law (SEFIL). While canceling any ability for Chalco to gain control over SouthGobi
9. Resources, the Mongolians closed the spigot on themselves!
Turquoise Hill Ltd. is the owner and operator of the Oyu Tolgoi copper mine. Turquoise Hill is 51
percent owned by Rio Tinto PLC. Nothing this large can happen in any country without constant
government involvement, especially when the government owns 34 percent of the mine. The latest
set of issues relates to cost overruns that exceed the original feasibility study. Like all mining
projects, Oyu Tolgoi is over budget. This means that it will take longer for Turquoise to recoup their
investment and for Mongolia to see dividends—possibly decades longer than expected. The fact that
the two sides cannot even agree on the size of the cost overrun shows the difficulty and confusion
that has marked the existing relationship between the two. In the end, both sides will reach a
compromise—they will each give something up—they have no choice. Despite a lot of heated
rhetoric in the foreign press, the mine has moved forward and started shipping copper this July—
production will ramp up rapidly from here.
The guys running Mongolia today aren‘t stupid. They understand the direction that they want the
country to go in. In late June, the presidential elections were held—the pro-business, incumbent
won. The Democratic Party now controls the presidency and parliament, which makes for efficient
government. The government is trying to repair its public image. According to the World Bank‘s
2013 ease of doing business survey, Mongolia now ranks 76th in the world, ahead of countries such
as Barbados (88), Uruguay (89) and China (91). It‘s getting better from here. Mongolia is now re-
opening the spigot and it‘s going to gush.
The author Harris Kupperman is chairman, chief and largest shareholder of Mongolia Growth
Group, a fully integrated and self-managed real estate investment company, focused on owning
high quality retail and office properties in downtown Ulaanbaatar.
Source: Marc Faber‘s Gloom Boom & Doom
TOTAL COMMERCIAL BANK SAVINGS AND CAPITAL GROW
Commercial banks' total capital increased 10.2 percent to MNT 1.2 trillion last month, year-on-year.
Total profits from banks was MNT 132.6 billion. Savings grew 20 percent to MNT 1.2 trillion.
Source: Zuunii Medee
RESERVES OF USD REDUCED BY 6.26 PERCENT
The Bank of Mongolia reported that U.S. dollar reserves had declined 6.26 percent year-on-year due
to spending for the stabilization of the economy.
Inflation stood at 9.9 percent nationwide with 8.4 percent inflation in the capital city. Money
supply grew 19.3 percent to MNT 8482 billion total.
Dollar reserves were down 1.68 percent month-on-month.
Source: Zuunii Medee
ITALIAN FIRMS SEEK CASHMERE COOPERATION
Italian companies have expressed an interest in cooperating with Mongolia in manufacturing wool
and cashmere products—including setting up a joint factory in Italy.
"Italians prefer the highest quality found in the Mongolian wool and cashmere products only,"
according to Armando Branchini, president of the European Cultural and Creative Industries Alliance
and head of the Italian-Mongolian business council. "However, a lack of good management to
manufacture and sell these kinds of products is taking down the industrial capacity of Mongolia."
During talks between the two countries in Mongolia last week, B. Jargalsaikhan, general director of
Buyan cashmere company, requested that any such project should receive state support.
Mongolia is the second biggest producer of cashmere after China.
Source: Just Style
MONGOLIA TO INCREASE PETROLEUM RESERVES BY 15 PERCENT FOR 2014
The Cabinet of Ministers has ordered a larger volume of petroleum reserves for next year.
At a Cabinet meeting, members have ordered a 15 percent increase in monthly reserve deliveries
from 13 companies, including NIK, Petrovis, Magnai Trade, Shunkhlai, Sod Mongol, Monpetiks, Just
10. Oil, and Oin Birj petroleum. Those companies will deliver at least 80,480 tons each month.
Source: Undesnii Shuudan
MONGOLIA RACES TO MEET GROWING CEMENT DEMAND
Currently, Mongolia's construction and construction materials sector is heavily dependent on China.
Cement and reinforcing steel bar are the most commonly used construction materials in Mongolia,
with unofficial numbers suggesting that some 80 percent of all cement is imported from China. The
trend towards importing is slowing down as efforts by the Mongolia government to enhance the
domestic production capacity are bearing fruit.
Despite the decrease of the world production of cement in the recession years of 2009 and 2010,
Mongolian cement production increased at 35 percent per annum. With the strong economic growth
of Mongolia driven by its abundant natural resources, the country has plans to develop its
infrastructure and construction under the umbrella program ―New Development‖. It would reinforce
both the cement demand and its supply by domestic producers.
In 2010 and 2012, Khutul Cement and Lime, the oldest and largest domestic cement factory
renovated its first line and a new cement plant was built in Darkhan. Although these measures were
meant to keep up with rising demand, the demand from construction and mining industries out-
stripped their best efforts so that up to 70 percent of the construction materials were still
imported.
Currently, there are 8 cement plants that can produce a total of 975,000 tons a year. However, due
to technical issues and outdated equipment issues none of the plants can produce at capacity, so
that the actual maximum production supply is somewhere just over 500,000 tons a year. In general,
the Mongolian construction sector has traditionally faced a lack of interest from investors which is
shown in a very low 2 percent share of total foreign investment. The trend is changing and large
domestic construction materials suppliers have recently received support from well-known
international institutions. Remicon JSC, a Ulaanbaatar-listed concrete material supplier, was
granted USD 5 million from the European Bank for Reconstruction and Development that will boost
their expansion. Mongolyn Alt Corp.'s (MAK's) cement project received a long-term loan from BNPP,
BHF-BANK and a Denmark‘s Export Credit Agency (EKF).
Source: National Securities
MONGOLIA PUSHES EXPLORATION WORK TOWARD EXTRACTION
Mongolia is seeing a growing number of mining licenses compared with exploration licenses, said a
government mining official.
Mongolia has 1,900 exploration licenses issued compared to 1,200 extraction licenses for companies
invested by countries such as the Czech Republic, Poland, Canada, and Australia. According to B.
Baatartsogt, head of the Geological Policy Coordination at the Mining Ministry, it is in Mongolia‘s
best interest to see some of these exploration projects transition into extraction.
―The number of exploration licenses in decreasing and, respectively, the number of extraction
licenses is increasing,‖ said Baatartsogt.
To help increase the number of extractive operations in Mongolia, Mongolia has increased the
budgeted allocation for exploration work to MNT 7.3 billion for 2014. The country is also changing
its policy of license issuances, instead targeting research work rather than commercial interests.
―New policy states that exploration work will be permitted only for specialists with research permit
licenses,‖ he said. ―There are also plans to establish geo-parks where there are rare geological
finds for scientific research and tourism.‖
Source: Undesnii Shuudan
MONGOLIA-MADE TRAM TO BE PUT INTO USE IN 2018
Electric Transport Co. is preparing to roll out new trams equipped with the latest technology for
2018.
Electric Transport plans to utilize a bus rapid transit (BRT) planned for Ulaanbaatar. The tram
system is similar to the electric trolleybus network already in use, but trams are faster and produce
11. less noise. The trams will be able to transport between 300 and 450 passengers at a time.
"The trolleybuses in UB operate through a couple of electric cables, whereas the tram works by one
cable, and the tram is faster," said an engineer.
Ulaanbaatar has plans to install 36 kilometers of tram track between Buudal Station No. 7 and the
new international airport. The Office of the Mayor of Ulaanbaatar has included the new system in
its action plan. The Asian Development Bank has loaned some USD 212 million for development in
Ulaanbaatar.
Source: Montsame
INCIDENCES OF HUMAN TRAFFICKING UP 20 PERCENT
The number of human trafficking cases has increased 20 percent while murder has fallen 19.3
percent, according to a monthly report from the Ulaanbaatar Metropolitan Police Department.
According to the September report, reported pick-pocketing crimes grew 76 percent from
September last year in addition to increases of 61.2 percent in livestock theft, 47.5 percent in
property fraud, 45.8 percent in general theft, 43.6 percent in robbery and 20 percent in human
trafficking. Areas where there were reductions in the number of crimes were forestry violations by
50 percent, tax avoidance by 33.3 percent, murder by 19.3 percent, and vehicle theft by 16.9
percent. Police officials followed up on 49,366 civil complaints and reports, of which 61.2 percent
were criminal cases with the remainder being administrative offenses. The report shows that 53.4
percent of those arrested were unemployed. For the first three quarters of 2013, crimes were
responsible for 331 death and 4,095 injuries.
Source: News.mn
GOBI DESERT PROJECT TO SAVE CRITICALLY ENDANGERED CAMEL
Efforts are underway in the Gobi desert to save a newly discovered species of camel from
extinction.
The critically endangered double-humped camel is restricted to parts of Mongolia and China and
was once thought to be the same species as the better known Bactrian camel. John Hare runs the
Wild Camel Protection Foundation (WPCF), which is behind the conservation program. Only around
1,400 of the camels survive in China and Mongolia.
"They are remarkable creatures," Hare said. "I mean, in China, for example, they withstood 43
atmospheric nuclear tests. They lived in the Lop Nur nuclear test area. And they‘re still breathing
naturally and they haven‘t got three humps."
The WCPF is working to save the camels through successful captive breeding and subsequent re-
introduction of the young animals into the wild. They are thought to be a very ancient species from
which the better known single-humped species may be descended. The wild double-humped camel
has to manage without fresh water for much of its life. With regard to the kind of challenges the
camels face just to survive, he explains: "People are going into the desert illegally. We found a case
of them setting landlines near a water point to blow the camel up so they can get food. There‘s a
lot of going against them. Wolves are another threat."
Source: Voice of Russia
WINTER STOVES FUEL SMOG RESPONSIBLE FOR 1 IN 10 DEATHS
In the coming weeks, as temperatures plummet, smog will spread across the streets of Ulaanbaatar
and into homes, shutting out the light. While Beijing's "airpocalypse" has made headlines worldwide,
it pales beside the haze of the Mongolian capital.
Ulaanbaatar is the world's second-most polluted city, superseded only by Ahvaz in Iran, according to
World Health Organization research. The biggest issue is not the smokestacks on the horizon—
Mongolia's manufacturing sector remains minute—nor the vehicles jamming the capital's streets.
Rather, it is the collision of urbanization and traditional culture: 60 to 70 percent of winter
pollution comes from the old-fashioned stoves heating gers.
Ulaanbaatar's pollutant levels of particulate matter, PM2.5, are 6 or 7 times higher than the World
Health Organization's most lenient air-quality guidelines for developing countries. The result, say
12. researchers, is that one in every 10 deaths is caused by air pollution—on their most conservative
estimate. Ryan Allen, of Simon Fraser University, in Canada, who led the study, said the true figure
could be as high as one in 5. Ulaanbaatar's public health institute has warned of a sharp increase in
birth defects in the capital as well as a 45 percent rise in the number of patients with respiratory
illnesses between 2004 and 2008. Joint research by the World Bank and National University of
Mongolia suggests that halving ger stove emissions could cut year-round levels of the larger PM10
particles by a third.
Foreign donors and Mongolian authorities have spent millions of dollars subsidizing the distribution
of 128,000 "clean" stoves in the last year and attempting to step up the production of clean fuels.
Khaltai Galimbyek, deputy head of the city's air pollution agency, says PM2.5 levels have already
fallen by around 25 percent since the program began.
But the ultimate problem, said Galimbyek, was that there were simply too many people in the
capital: its size has tripled since 1979 and it has over a third of the country's population. To make
Ulaanbaatar a healthier place, he believes, it has to stop mushrooming, which means that rural
areas have to be developed instead.
Source: The Guardian
COPPER PRICES: HEADING SOUTH
Production growth of the red metal buoyed (or stopped sharper falls in) shares of the big miners
last week. That is a bit odd, given that copper prices are down 30 percent since their 2011 highs.
Rising production is a limited comfort when demand remains slack.
Copper output jumped 23 percent from a year earlier at Rio Tinto PLC over the quarter as the Oyu
Tolgoi mine in Mongolia finally ramped up. At Anglo American output jumped by almost a third. Yet
excess supply could reach 800,000 tons by the end of next year, according to some estimates, as
bigger miners expand projects and China adds capacity. The country is now the world‘s second-
biggest producer, with annual output growing faster than in Chile. What is more, copper supply
disruptions are now at a decade low.
But demand looks to be worsening, too. While China‘s economic growth picked up slightly in the
third quarter, investment has been falling in the country‘s power sector. This drives most of China‘s
copper demand. Monthly spending growth on power infrastructure in the year to date is a quarter
the pace at the start of the year. That suggests that the copper price has not hit bottom yet.
Granted, depleting grades, or geographic scarcity, could support the copper price eventually, but
that is still a long way off. Goldman Sachs estimates that the copper price could reach USD 6,200 a
ton within 12 months from USD 7,200 today.
Investors in the likes of Rio need not worry too much—it still depends on iron ore for most of its pre-
tax earnings. But shares in purer-play copper miners such as Freeport-McMoRan and Antofagasta
have not fallen as sharply as falling earnings expectations. Both still benefit from the idea that a
global economic recovery will boost copper use. But that looks premature. Trading on 11 and 16
times expected earnings respectively, both miners trade at a big (50 and 33 percent) premium to
their three-year averages. This is at odds with reality.
Source: Financial Times
CLIMATE CHANGE TO COST EAST ASIA 5.3% OF GDP BY 2100, ADB STUDY SAYS
Climate change will lead to more flooding and drought in East Asia and could chop 5.3 percent off
annual gross domestic product by the year 2100 if measures aren‘t adopted to tackle it, according
to the Asian Development Bank.
Rising temperatures in China, Japan, Mongolia and South Korea will spur more flooding and tropical
storms in coastal areas and make northern agricultural regions more prone to drought, the ADB said
today in its ―Economics of Climate Change in East Asia‖ report. The study underscores the risks of
inaction on climate change faced by a region that was responsible for 30 percent of the world‘s
carbon emissions in 2010. China‘s model of economic growth at all costs has made it the world‘s
biggest carbon emitter and has blanketed cities in smog that can surpass World Health Organization
recommendations by almost 40 times.
13. ―East Asia needs to shift toward a model of economic growth focused on low carbon emissions and
more efficient use of resources,‖ the ADB said in the report.
Current projections suggest that regional mean temperatures in 2090 will be 3.8 to 5.2 degrees
Celsius higher than the 1961-1990 average, according to the report. The ADB said that under a mid-
range scenario, adapting infrastructure to climate change, would cost the region USD 22.9 billion a
year in 2005 dollars. Coastal protection would cost USD 4.2 billion a year and adapting agriculture
would require USD 9.5 billion a year. The costs of mitigating climate change are much lower than
the damage that would be caused by doing nothing, said Gordon Hughes, a professor at the
University of Edinburgh and one of the authors of the report. Roads are one of the most expensive
sectors for adaptation as they are particularly susceptible to higher temperatures, he said.
―The question is, do we spend money today to reduce the damage done by climate change in 40
years time, or do we wait a bit and adapt in a slightly different way but in 20 or 30 years,‖ Hughes
said. ―That‘s a very difficult trade off, but it‘s a very important trade off that needs to be made.‖
Source: Bloomberg
AMID HEAVY POLLUTION, BEIJING ISSUES EMERGENCY RULES TO PROTECT CITIZENS
Snappily titled the
―Six stops and one
wash,‖ the Beijing
city government
has announced a
new and complex
string of
regulations to
combat the effect
of persistent,
heavy air pollution
on the populace.
Ulaanbaatar, too,
is battling air
pollution and can
learn from any
successes
experienced in
China.
The plan seems to
rest on being able to predict pollution patterns with great accuracy. When one day of ―heavy‖
pollution, defined as an air quality index reading of 201 to 300, is predicted, a blue alert will be
called and extra street washing will be carried out. A yellow alert applies to one day of ―serious‖
pollution, defined as an AQI of over 300, and will also lead to extra street washing. Street washing
is intended to hold down the dust that accumulates from things like construction activity and sand
from the desert, though some here see it as a mostly cosmetic measure.
When three days of ―heavy‖ pollution are predicted, an orange alert will be called and more action
will be taken: factories will close, work on constructions sites will stop and there will be a ban on
barbecuing and setting off firecrackers. A red alert will be called when three days of ―serious‖
pollution are forecast, leading to the full ―Six stops and one wash‖ plan. As well as all the above
measures, kindergartens, elementary and high schools will shut, and cars can drive only on
alternate days; those with an odd number at the end of their license plate can drive on odd-
numbered days, and those with an even number on even-numbered days.
China has also announced a long-term, multi-billion-renminbi plan to clear the air, but the
government has warned it will not be easy or quick.
Source: New York Times
14. RUSSIA LETS DOWN GUARD ON CHINA
Russia and China's largest energy companies on Friday announced a "breakthrough" deal paving the
way for joint development of massive energy reserves in eastern Siberia, in a sign that Moscow is
overcoming its fear of Chinese encroachment on Russia's Far East.
Their preliminary agreement illustrates how Moscow is increasingly looking to Asia for customers for
its abundant energy reserves, and for funding to develop them. Russia's needs tie in with expected
long-term demand growth in oil and gas-deficient China and elsewhere in East and South Asia, and
slowing energy consumption in many industrialized nations. Russian state oil giant OAO Rosneft and
China National Petroleum Corp. said that under a memorandum of understanding signed during
Rosneft President Igor Sechin's trip to Beijing on Thursday they would explore for, and produce oil
and gas in eastern Siberia.
Rosneft and CNPC would form a joint venture, the companies said Friday in separate statements,
with Rosneft taking 51 percent and CNPC holding the rest. They plan to develop an oil field that
Rosneft gained full control of this week by consolidating 100 percent of the Taas-Yuryakh oil firm,
Rosneft said. CNPC said that the two would also collaborate closely to develop several large-scale
oil and gas fields.
"The oil produced will be used to meet the energy demand in eastern Russia and then exported to
China and other Asia-Pacific countries through the Russia-China crude pipeline," CNPC said. The
agreement "is a new breakthrough reached by the two sides in upstream cooperation, and will
surely promote future cooperation in the downstream businesses and other sectors," it added.
The energy trade between Russian and China could quadruple by 2025, consultancy Wood Mackenzie
said in a September study. It's not only oil and gas. Last month, state investment fund China
Investment Corp. took control of a 12.5 percent stake in Russian potash producer Uralkali JSC.
Source: Wall Street Journal
CHINA'S GROWTH TRAJECTORY DEPENDS ON POLITICAL CALIBRATIONS
Chinese President Xi Jinping's plans to shift the economy away from a growth-at-any-cost strategy
means that China's gross domestic product (GDP) rise over the coming year will depend as much on
political decisions as on economic conditions at home and abroad. Growth in China is directly
related to that in Mongolia, as China consumes nearly all of the mineral exports extracted from
Mongolian mines.
After China said Friday that its third quarter GDP growth accelerated to 7.8 percent, year-over-
year, from 7.5 percent in the prior quarter, Chinese officials said the country would have trouble
sustaining the faster pace. A lower target would give China room to revamp its economy even if the
changes. That is good news for companies, such as resources producers, that depend on Chinese
growth.
Political considerations will predominate, starting next month, when the Communist Party's senior
leaders meet in Beijing and release a reform plan aimed at setting the direction of the economy for
the coming decade. The sequencing of changes is crucial, economists say. Beijing could move ahead
with changes that increase costs for companies, such as wage increases, social-welfare taxes and
pollution controls.
Peking University economist Huang Yiping warns that "as the government moves more toward a
market economy, China should exhibit more typical emerging market cycles,"—meaning more booms
and busts. In June, he forecast that Chinese quarterly growth could decline to 3 percent or below
within the next three years, though he expected a fast pick-up in such an event.
One of the most difficult challenges facing the leaders after their November session is to decide
how to handle China's vast expansion of domestic credit. Interest payments for borrowers—often
developers and local governments—are rising, which makes it even tougher for them to make a
profit and repay their debt. In other countries, such a cycle has led eventually to economic crisis.
Over the past few months, the rate of credit growth has slowed as regulators have tried to reduce
the financial vulnerability. But such actions can slow economic output.
Source: Wall Street Journal
15. POLITICS
MONGOLIA PRESIDENT TO VISIT NORTH KOREA
North Korean dictator Kim Jong Un is set to meet his first head of state since coming to power
nearly two years ago when Mongolian president Tsakhiagiin Elbegdorj visits Pyongyang next week.
The Mongolian Embassy in Seoul confirmed the visit would take place but declined to comment
further. Mongolian media reported Elbegdorj would arrive in North Korea on Sunday. Ulaanbaatar
and Pyongyang are traditional allies. Mongolia was the second country to recognize North Korea as a
sovereign nation after the Soviet Union in 1948, when North Korea declared statehood. While the
agenda for the visit isn't clear, North Korea may follow up on a request for food aid made to
Elbegdorj by Pyongyang's ambassador to Ulaanbaatar in April. The official said North Korea may face
a "severe food shortage" this year, according to the president's official website. North Korea has
difficulty providing enough food to its people, especially in the regions farthest away from the
capital. The world food program said in a report this month that nearly a third of North Koreans
suffer from undernourishment. In a report from Ulaanbaatar, Japan's Kyodo News said Elbegdorj
may raise the issue of Japanese abductees believed to be in North Korea. Pyongyang has admitted
having abducted 13 Japanese and has returned 5, saying the others died. Tokyo believes the North
hasn't come clean on the scope of the abductions, and has been asking for more information.
Mongolia, which also has good relations with Japan, has sought to mediate in the dispute before.
Japanese Prime Minister Shinzo Abe discussed the issue with visiting Mongolian Prime Minister Norov
Altankhuyag last month in Tokyo. In July, Kim met Chinese vice president Li Yuanchao, believed to
be the most senior foreign official to speak with the North Korean leader since the death of
previous dictator Kim Jong Il in December 2011.
Source: Wall Street Journal
MONGOLIAN PRIME MINISTER EXPECTS IMPROVEMENT IN RELATIONS WITH CHINA
Mongolian Prime Minister Norov Altankhuyag, in a recent interview with Xinhua prior to a scheduled
visit to China, said he expects improvement of relations between his country and China in multiple
fields.
At the invitation of Chinese Premier Li Keqiang, Altankhuyag officially visited China from 22 to 26
October. Mongolia and China will strengthen cooperation in trade, political, security and other
areas while bilateral economic and trade cooperation are expected to reach a new level, said
Altankhuyag. On future cooperation between two countries, Altankhuyag said Mongolia and China
will formulate long-term strategic partnership development outlines, and strengthen cooperation in
the fields of trade, politics, defense, security, etc., especially economy and trade.
Mongolia supports China in strengthening economic and trade ties with Central Asian countries, and
will also actively participate in the construction of a "Silk Road Economic Belt," according to
Altankhuyag. Altankhuyag expects Chinese entrepreneurs to choose to invest in Mongolia. He said
that tax rates in Mongolia are lower, and the new investment law passed by Parliament this month
will help to stabilize the level of taxation and the investment environment, which will relieve
investors from worries about possible uncertainties arising from the investment environment in
Mongolia.
In June 2011, China and Mongolia set a strategic partnership. Statistics show that in 2012, bilateral
trade volume reached $6.6 billion. China has been Mongolia's largest trade partner and investor
country for many years.
Source: Global Times
CHINA'S VICE FOREIGN MINISTER MEETS FOREIGN AFFAIRS DEPUTY MINISTER
Vice Foreign Minister Liu Zhenmin co-chaired annual consultations between with Mongolia's deputy
minister of foreign affairs, D. Gankhuyag.
Liu said Mongolia was an important neighbor for China and it has always made relations with
Mongolia a high priority for its foreign policy. He suggested China work with Mongolia to push
forward their strategic partnership. He also noted the importance of Prime Minister Norov
16. Altankhuyag's visit this week.
Gankhuyag expressed satisfaction on behalf of Mongolia for the development of Mongolia-China
relations. He said Mongolia, too, makes its relations with China a high priority and that
Altankhuyag's visit was expected to yield fruitful outcomes for their partnership.
Source: Ministry of Foreign Affairs of the People's Republic of China
ELBEGDORJ MEETS POLISH PRESIDENT
President Tsakhia Elbegdorj Monday met with the visiting president of Poland, Bronislaw
Komorowski at the State House.
Elbegdorj thanked Komorowski for visiting Mongolia, and that Mongolia was always friendly with
Poland and its people. He also thanked Poland for its support during Mongolia's democratic
transition.
"I am very glad for our fruitful cooperation in fortifying the democracy," said Elbegdorj.
Komorowski said he was pleased by his visit to Mongolia and with the widening of cooperation
between their two countries. He said their two countries had developed on their own democratic
paths and that they both had worked to strengthen the democracy of not only their own countries,
but also of other nations.
Source: Montsame
MPP DEMANDS END OF PRICE STABILIZATION PROGRAM
The Mongolian People‘s Party voiced criticisms of the government Price Stabilization Program
during an address by Prime Minister Norov Altankhuyag where he presented results from the
initiative.
Altankhuyag reported that the Bank of Mongolia had provided MNT 192 billion to commercial banks
to provide low-interest loans to petroleum distributors to help mitigate swings in the foreign
exchange rate for the tugrug. The government allotted MNT 137 billion to maintain stability in food
prices and it loaned MNT 276 billion to construction companies to purchase materials and
equipment, with the aim for an end result of less costly housing.
MPP Deputy Heady S. Byambatsogt, however, said the price stability programs had proved
ineffective. He called for Parliament to organize a working group to evaluate spending on the
programs and that the government halt the practice of off-budget spending. MPP head N. Enkhbold
noted that consumer goods had doubled in price despite spending of MNT 129 billion for meat
production, MNT 143 billion for flour production, MNT 49 for construction, MNT 143 billion for low-
interest lending, and MTN 420 billion for 8 percent mortgages.
Source: Undesnii Shuudan
MONGOLIA PLANTS GREEN WALL IN THE GOBI DESERT
Sauxal trees have been planted across 350 hectares to alleviate desertification as part of the Green
Wall project in the Gobi Desert.
The project, which was launched in 2007 with the support of the South Korean government, aims to
plant trees throughout 3,000 hectares of land in a decade. Sauxal trees were planted in stages, first
in 50 hectares of land in 2011, then 100 hectares in 2012, and 200 hectares in Bayanzag this year,
100 kilometers away from Dalanzadgad Soum, Umnugobi Aimag.
―We planted sauxal trees from seeds in 2012. Millions of sauxal trees should have grown across 100
hectares, but the sauxal seeds have not grown well. Almost half of the seeds were destroyed,‖ said
a local manager of the Green Wall project, Ch. Odsuren. ―Now we use plantation. Watering the
saplings requires a lot of capital, so it seems that planting from seeds is not a suitable way in the
Gobi Desert.‖
Sauxal trees are small bushes only found in Central Asia. It has a thick trunk and many branches.
Dwellers of the Gobi Desert cherish this plant as they do coal because it can be used to build fires.
Source: News.mn
WOMEN MPs DONATE SALARIES FOR HOSPITAL FUND
Female parliamentarians are pooling their salaries to hasten the speed of construction of a hospital.
17. The Arjia Rinpoche hospital for children with blood disease and cancer is being constructed in
Ulaanbaatar at the initiative of the Tibetan Mongolian Buddhist Cultural Center in Bloomington,
United States. Although the hospital was due to begin operation at the end of this year, delays have
pushed that date back to next year, said officials.
The hospital is being financed through a fundraising campaign, and Mongolia's 11 women
parliamentarians have joined the effort. Each parliament member donated MNT 500,000 MNT for a
total MNT 5.5 million.
Source: Info Mongolia
D. NATSAGDORJ'S STATUE TAKES THE LENIN SPOT
The Ulaanbaatar Citizens Council has agreed that a statue of the renowned Mongolian writer and
poet Dashdorj Natsagdorj should be erected in front of the Ulaanbaatar hotel where Vladimir Lenin
once stood.
Natsagdorj (1906-1937), was a famous poet, writer and founder of modern Mongolian literature.
The Citizens' Khural this year removed the statue of Lenin earlier this year, along with the
Ulaanbaatar Gate that stood on the road from the Chinggis Khaan International Airport to
Ulaanbaatar. While the removal of the Lenin statue was meant to symbolize Mongolia putting its
socialist past behind it, the gate was removed to allow construction of a wider road.
Source: Info Mongolia
MONGOLIAN ETHICAL HACKERS BECOME ASIA‟S BEST
A Mongolian team of competitive computer hackers won a competition for the Asian region in a
tournament pitting some 170 countries against each other.
The team of six ―ethical‖ hackers representing Mongolia, calling themselves the Hawk team, on 16
September placed ninth in the Asia in the Global CyberLympics Hacking Championship in Atlanta,
United States. The team consisted of information assurance professionals from the Mongolian
National Data Center and placed ahead of some 650 teams. The Mongolian team beat out Asian
countries such as India, Indonesia, Sri Lanka and Malaysia in three rounds covering computer
forensics, computer network defenses, and penetration tests.
The Global CyberLympics event is part of a global search to identify experts who can help
strengthen the security systems of countries. It tests the skills of information assurance
professionals, in teams of four to six people. The event aspires to create an opportunity for ethical
hacking in the hopes of encouraging tech security. One key initiative for the CyberLympics is to
foster an environment that is safe for children using the Internet.
Source: Montsame
INVESTIGATION INTO LAND ALLOCATIONS PUT ON ICE
Authorities have suspended an investigation into former environment ministers for the illegal
allocation of protected land.
Law enforcement officers were investigating the illegal allocations of large areas of land along
Zaisan valley and the Tuul River in Ulaanbaatar by the former environment ministry heads. Those
involved in the investigation were public officials from the Mongolian People's Party, Democratic
Party, and Mongolian People's Revolutionary Party. Authorities were also looking into former
department heads at the Ministry of Environment and the directors of several companies.
One instance showed companies claiming to have plans to establish a travel complex center in their
applications for land, but instead those companies built high-cost residential apartment blocks. The
State General Prosecutor's Office has, for now, put the investigation on hold, calling for a review of
the case.
Source: News.mn
NARANTUUL FIRE CAUSED BY ELECTRICAL FAULT
Investigators have determined the reason for the large fire that consumed that grocery section of
Narantuul Market to be electrical.
18. The fire at Narantuul in August caused one death and damage to 441 rented spaces. The estimated
cost from damage is MNT 12.3 billion. Those who responded to the fire saved MNT 5.43 million in
goods.
It is still unclear whether the owner of Narantuul market, Sh. Saikhansambuu, is responsible for
repaying the costs for the damages. Over 400 renters at Narantuul market are still hoping for
compensation. The case has now been transferred to the prosecutor, which will make the final
decision pertaining to that question.
Source: News.mn
ANNOUNCEMENTS
TOKYO MOTOR SHOW & BUSINESS TRIP 2013, NOVEMBER 22-29, 2013
The Business Council of Mongolia with support of the Japan-Mongolia Business Council is now
registering Mongolian business delegation to participate in the 2013 Tokyo Motor Show & Business
Trip in Tokyo, Japan from 22 to 29 November.
At the 43rd Tokyo Motor Show 2013, automobile manufacturers from around the globe will gather
together and showcase their latest makes and models. The show continues its tradition of bringing
new and innovative ideas, latest technology in the automotive industry and brings to consumers the
unique opportunity to see everything the auto industry has to offer under one roof. The trip will
feature visits to Japanese companies and other interesting activities.
To register or for more information, call 70114442 or email tugi@bcmongolia.org. The registration
deadline is October 30, 2013.
___________________________________________
LESS THAN 1 WEEK LEFT UNTIL MONGOLIAN MINING SUMMIT 2013, 30-31 OCTOBER, PERTH
Secure your attendance at the most action-oriented program that will help you learn from Senior
Mining Executives involved in furthering Australia and Mongolia's business relationships in the
resource sector!
Already attending organizations include: AECOM Australia, Anglo American, Ernst & Young, Golomt
Bank, Macmahon Holdings, Oyu Tolgoi, Project Mining, Bechtel Australia, Austrade, Mongolian
Mining Corporation, Guildford Coal and more! Book your ticket here.
BCM is a supporting organization for this conference. Register online or email
registration@iqpc.com.au
___________________________________________
ONLY 3 WEEKS LEFT UNTIL MONGOLIA INVESTMENT SUMMIT, HONG KONG
Since opening up the registration for the fourth annual Mongolia Investment Summit 2013 in Hong
Kong from 19 to 20 November, organizers have received an overwhelming response from investors.
With the new Investment Law being passed by the Mongolian Parliament last week, we expect the
investor interest for the Summit to pick up even more.
Meet with up to 500 senior level delegates at the Summit and set up one-on-one meetings with
investors and potential business partners all in one place. Mongolia Investment Summit is the only
Mongolian investment event taking place in Hong Kong, the financial deal-making hub of Asia. All
registered delegates will have exclusive access to our advanced Mongolia Invest Online Meeting
Planner which will allow you to see who‘s coming and let you pre-arrange meetings with the other
attendees to make the best use of your time at the event.
BCM is again a supporting partner organization. BCM members will enjoy 15% discount; please quote
Priority Code 695BCM15D during registration. To speak, sponsor or exhibit: Please contact King Tai
at king.tai@beaconevents.com
___________________________________________
19. “MM TODAY” ON MNB-TV, FRIDAY, 19:00-19:15
BCM is pleased to announce that Mongolian National Broadcasting continues its cooperation with
BCM on ―MM Today‖. This English news program is aired every Friday for 10 minutes and is
scheduled from 19:00 to 19:15 tonight. Tune in to watch this program that reports stories from
today‘s BCM NewsWire.
BCM WEBSITES
MONGOLIAN WEBSITE „PRESENTATIONS‟ AND „NEWS‟ SECTIONS
The ‗Presentations‘ section on BCM‘s Mongolian website can be reached via bcm.mn/itgeluud.
As a key component of BCM‘s Mongolian website, articles from the ‗News‘ section and the
government website Open-Government.mn are regularly updated.
S. Oyun, Minister of Environment and Green Development, presentation at BCM monthly meeting on
May 27 added to Mongolian website, bcmongolia.org/mn/илтгэлүүд.
- Байгаль орчин, ногоон хөгжлийн сайд С.Оюун, Байгаль орчин, ногоон хөгжлийн шинэчлэлийн
бодлого, үйл ажиллагаа, МБЗ-ийн сарын уулзалт 5 сарын 27, 2013
___________________________________________
ENGLISH WEBSITE: 'PRESENTATIONS', 'MONGOLIA REPORTS', „INTERVIEWS„, MONGOLIAN
BUSINESS NEWS‟, „PHOTO GALLERY‟
On BCM‘s English website, the ―Resources‖ and ―Presentations‖ sections are available:
• Jim Dwyer, Executive Director of BCM – ―Mongolian Economy: Investment
Opportunity/Challenges‖ at the 16th Annual NAMBC Investors Conference, Sept 24, 2013
• Business-mongolia.com: ―Working group‘s conclusion on the economy‖
• Joshua Sunga, Internship Program Director, AIESEC- "Youth Leadership Development" at the BCM
Monthly Meeting Aug 26. 2013
• G. Zorig, Country Manager, Tree Global Mongolia – ―Tree Global Mongolia Overview Presentation‖
at the BCM Monthly meeting Aug 26, 2013
• G. Saruul, Deputy CEO, Mongolian Stock Exchange – ―Securities Law Overview‖ at the BCM Monthly
meeting Aug 26, 2013
• Bilguun Ankhbayar, Chief Executive Officer, Mongolian Investment Banking Group LLC,
―MIBG Review‖, at the MSE-BCM Securities Law Overview Session, July 4, 2013
• Robert Rooks, Director, PwC Hong Kong, ―A brief Overview of Custody Services‖, at the MSE-BCM
Securities Law Overview Session, July 4, 2013
• Anthony Woolley, Senior Associate, Hogan Lovells, ―The Revised Securities Market Law‖, at the
MSE-BCM Securities Law Overview Session, July 4, 2013
• B. Saruul, Director General, Securities Department, Financial Regulatory Commission of Mongolia,
―Securities Markets Law – Path to Market Reforms‖, at the MSE-BCM Securities Law Overview
Session, July 4, 2013
Please note the presentations from each of the BCM monthly meetings.
The ―Mongolia Reports‖ section includes the following:
- ―Selected Macroeconomic Indicators; data through October 16, 2013‖ by International Monetary
Fund;
- ―IMF Completes 2013 Article IV Mission to Mongolia‖ by International Monetary Fund;
- ―Mongolia Macro Flash‖, Adrienne Lui, Asia Pacific Economics Research, Citigroup Global Markets
Asia Ltd;
- ―Selected Macroeconomic Indicators for Mongolia, as of June 2013‖ by International Monetary
Fund;
20. - ―Polit Barometer April, 2013‖ by Sant Maral Foundation;
- ―Market Update‖ by Mandal General Insurance LLC;
- ―Annual Report 2012‖ by International Monetary Fund;
- ―Regional Economic Outlook: Asia and Pacific‖, April 2013 by International Monetary Fund;
- ―Highlights of 2012, Mongolia‖ by European Bank for Reconstruction and Development (EBRD);
- ―Official statement of Oyu Tolgoi LLC in relation to information, data and facts related to Oyu
Tolgoi‖ discussed during open session of the State Great Khural‖, dated 1 February, 2013‖;
- ―Mongolia Investment Climate Statement‖, by the Economic and Commercial Section of the U.S.
Embassy;
- ―Mongolia Foreign Labor Force Ratio for 2013‖ by Hogan Lovells International LLP;
- ―How Mongolia will perform in 2013?‖ by Mandal Asset Management;
- ―Mongolia Business Owner and CFO Survey result‖ by BDSec JSC;
- ―The fiscal regime for mining - a way forward‖ by IMF Fiscal Affairs Department;
- ―Taxes for Expatriates in Mongolia‖ by PricewaterhouseCoopers.
The following interviews are added to Interview Section from the Oxford Business Group, Mongolia
Reports 2013 book:
• B. Byambasaikhan, Chairman, Business Council of Mongolia: ―Talk is cheap‖;
• President Ts. Elbegdorj: ―Diversifying for growth‖
• Jim Dwyer, Executive Director, Business Council of Mongolia: ―Non-mining sectors budding‖;
• Peter Morrow, Chairman, American University of Mongolia: ―Filling in the blanks‖;
• N. Zoljargal, Governor, Bank of Mongolia: ―Sustainable vision‖;
• Gansukh, Minister of Roads and Transportation: ―Accessing new markets‖;
• J. Od, President, MCS Group: ―Building interest‖;
• B. Chuluunbaatar, President and CEO of Monnis Group: ―Climbing the ranks‖;
• Cameron McRae, President and CEO, Oyu Tolgoi: ―Sitting on a copper mine‖.
BCM's English website includes the ―Mongolia Business News‖ section where the Open Letter to
Parliament and Government is available for download.
BCM continuously posts news stories and analysis of relevance to Mongolia at ‗Mongolian Business
News‖ before they are all put together each week for Friday's weekly NewsWire.
The ―Photo Gallery‖ contains photos from the 5th Anniversary BCM Gala dinner on November 5.
BCM Football Cup 2013 pictures are posted to the website - http://bcmongolia.org/en/photos/350-
en/album?albumid=200
The BCM NewsWire will continue to be issued each Friday, incorporating items already on the home
page for a consolidated account of the week‘s events.
___________________________________________
SOCIAL NETWORK WITH BCM
The Business Council of Mongolia (BCM) has expanded its reach to your favorite social networks.
Keep up to date on the latest business deals in Mongolia and how the climate for investment is
improving each day with BCM.
Add BCM on Facebook at http://www.facebook.com/pages/THE-BUSINESS-COUNCIL-OF-
MONGOLIA/129826330435540 to read the latest announcements and comment on events carried in
the NewsWire with the community.
Connect with BCM on Linked-in to join the diverse group of professional contacts creating a better
business environment in Mongolia today.
Hear breaking news and announcements as they happen when you follow BCM on Twitter at
http://twitter.com/#!/bcMongolia.
We have now 1,705 fans on our Facebook fans page, 1,515 connections on LinkedIn network, and
785 followers on Twitter.
Of course for news information, interviews, event photos, and announcements regarding our
21. organization, visit the official BCM website at www.bcmongolia.org and www.bcm.mn
BCM WORKING GROUP NEWS
Business Council of Mongolia (BCM) has been moving forward with its ‗BCM in the University‘s
Classrooms‖ series since March 2012. Led by BCM‘s Education Working Group the program provides
lectures at universities to help inspire students and give them direction for their future careers.
Most recently B. Bayarmaa, a carbon finance specialist at Clean Energy LLC and chair of BCM`s
Environmental Working Group, gave a presentation titled ―Climate Change Mitigation and Green
Development‖ to an audience of more than 65 students and teachers and Sodnomdagva Ch,
Associate Professor at Geoecology and Environmental Science Department, National University of
Mongolia, at 23th of October 2013.
Next: ―BCM in the University Classroom‖ series will be held on 6th of November 2013 at Mongolian
National University. Nick Cousin–Chief Operating Officer of BDSec and Co-chair of BCM`s Capital
Markets WG has been invited to speak.
Presentation title: ―Capital Market update‖.
Please contact erka@bcmongolia.org
ECONOMIC INDICATORS
22.
23.
24.
25. 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]
September 30, 2013 *9.9% [source: NSOM]
*Year-over-year (y-o-y), nationwide
Note: 8.4% y-o-y, Ulaanbaatar city, September 30, 2013
CENTRAL BANK POLICY LOAN RATE
December 31, 2008 9.75% [source: IMF]
March 11, 2009 14.00% [source: IMF]
May 12, 2009 12.75% [source: IMF]
June 12, 2009 11.50% [source: IMF]
September 30, 2009 10.00% [source: IMF]
May 12, 2010 11.00% [source: IMF]
April 28, 2011 11.50% [source: IMF]
August 25, 2011 11.75% [source: IMF]
October 25, 2011 12.25% [source: IMF]
March 19, 2012 12.75% [source: Mongol Bank]
April 18, 2012 13.25% [source: Mongol Bank]
January 25, 2013 12.50% [source: Mongol Bank]
April 8, 2013 11.50% [source: Mongol Bank]
June 25, 2013 10.50% [source: Mongol Bank]
CURRENCY RATES – OCTOBER 24, 2013
Currency Name Currency Rate
US dollar USD 1,701.37
Euro EUR 2,345.93
Japanese yen JPY 17.47
British pound GBP 2,753.50
Hong Kong dollar HKD 219.45
Chinese Yuan CNY 279.67
Russian Ruble RUB 53.68
South Korean won KRW 1.60
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.