- 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.
The document summarizes news from the Business Council of Mongolia newsletter. It covers business, economic, and political news highlights from Mongolia. Some of the key points included are that the Prime Minister said the government will have to review policies and subsidies due to falling copper prices. A Japanese firm expressed interest in mining uranium. The economy is expected to be impacted by slowing foreign investment and rising prices, though direct effects of the global financial crisis are seen as limited due to Mongolia's isolation from international markets. An IMF team visited to discuss strengthening the Mongolian economy.
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.
The document summarizes various business and economic news from Mongolia. It discusses negotiations over a labor contract at the Boroo Gold mine that could set a precedent for other mines. It also mentions BHP Billiton closing its Mongolia office, plans to upgrade the Ulaanbaatar Railway, and several mining companies' exploration and funding plans in Mongolia. Mongolia's strategy to maintain oversight of the Tavan Tolgoi coal mine if it is won by China's Shenhua is also summarized.
The document summarizes business and economic news from Mongolia. It discusses several mining projects in the country, including Peabody being offered a contract to develop the West Tsankhi coal field, the priority of the new government being to attract investors to the Tavan Tolgoi coal field, and the CEO of Erdenes-TT stepping down while outlining three options for how to move the project forward. It also mentions the Oyu Tolgoi CEO defending the investment agreement for the project.
The document provides a summary of business and economic news from Mongolia. Some of the key points include:
- Final demands from Mongolia regarding the Oyu Tolgoi investment agreement are almost ready and an agreement is possible before Naadam in July.
- Ivanhoe Mines shares jumped on reports that the Mongolian parliament may approve the Oyu Tolgoi agreement this month.
- CNNC International acquired a 69% stake in Western Prospector, a uranium exploration company.
- Entree Gold is compiling results from its spring exploration program including expanding resources at its Heruga copper-gold deposit.
The document 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 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.
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.
The document summarizes news from the Business Council of Mongolia newsletter. It covers business, economic, and political news highlights from Mongolia. Some of the key points included are that the Prime Minister said the government will have to review policies and subsidies due to falling copper prices. A Japanese firm expressed interest in mining uranium. The economy is expected to be impacted by slowing foreign investment and rising prices, though direct effects of the global financial crisis are seen as limited due to Mongolia's isolation from international markets. An IMF team visited to discuss strengthening the Mongolian economy.
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.
The document summarizes various business and economic news from Mongolia. It discusses negotiations over a labor contract at the Boroo Gold mine that could set a precedent for other mines. It also mentions BHP Billiton closing its Mongolia office, plans to upgrade the Ulaanbaatar Railway, and several mining companies' exploration and funding plans in Mongolia. Mongolia's strategy to maintain oversight of the Tavan Tolgoi coal mine if it is won by China's Shenhua is also summarized.
The document summarizes business and economic news from Mongolia. It discusses several mining projects in the country, including Peabody being offered a contract to develop the West Tsankhi coal field, the priority of the new government being to attract investors to the Tavan Tolgoi coal field, and the CEO of Erdenes-TT stepping down while outlining three options for how to move the project forward. It also mentions the Oyu Tolgoi CEO defending the investment agreement for the project.
The document provides a summary of business and economic news from Mongolia. Some of the key points include:
- Final demands from Mongolia regarding the Oyu Tolgoi investment agreement are almost ready and an agreement is possible before Naadam in July.
- Ivanhoe Mines shares jumped on reports that the Mongolian parliament may approve the Oyu Tolgoi agreement this month.
- CNNC International acquired a 69% stake in Western Prospector, a uranium exploration company.
- Entree Gold is compiling results from its spring exploration program including expanding resources at its Heruga copper-gold deposit.
The document 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 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.
Elbegdorj prefers a 50% profit sharing agreement over partial ownership for the Oyu Tolgoi project. Moody's downgraded the ratings of three Mongolian banks due to stresses from the economic crisis. Centerra Gold settled a labor dispute at its Boroo mine and will pay increased redundancy benefits, but the mine's operating license was suspended for up to three months by Mongolian authorities over record keeping and land use issues.
The document summarizes news highlights from the Business Council of Mongolia newsletter. Key business stories include Oyu Tolgoi testing its copper concentrator now that electricity has been delivered to the mine, SouthGobi announcing plans to lay off over 200 workers, and a Mongolian firm announcing plans to open a synthetic diesel plant in 2013. Other brief business highlights regard XacBank's credit rating, management changes at mining companies, and investment climate discussions. Economic news covers possible government bond sales, fuel price stabilization efforts, and infrastructure challenges from increasing power usage. Politics updates include local election results and diplomatic agreements signed with countries like India.
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 summarizes news from the Business Council of Mongolia newsletter dated December 7, 2012. It covers various business, economic and political stories regarding Mongolia. On the business front, it discusses companies building new plants, resuming mining operations, and selling Mongolian assets. Economically, it mentions Mongolia's bonds declining as its coalition government becomes unstable. Politically, it notes a political party possibly exiting the coalition and various leaders' meetings with counterparts from other countries.
This document summarizes news from the Business Council of Mongolia newsletter. Key points include:
- The Prime Minister wants the Tavan Tolgoi coal deposit to remain fully state-owned rather than developed as a joint venture.
- China's CNNC will buy Canadian uranium explorer Khan Resources for $52.9 million, gaining access to deposits in Mongolia.
- SouthGobi Energy dropped 12% in its Hong Kong stock debut due to high valuation and poor market conditions.
- A Canadian consultancy said the Tavan Tolgoi deposit could support multiple mining operations to export coal to China, South Korea, and Japan.
- The document provides a summary of business and economic news from Mongolia in its NewsWire issue 459 dated January 6, 2017.
- Key highlights include Mongolia requesting a $200 million loan from Russia's second largest bank, XacBank receiving $20 million in funding from the Green Climate Fund, and explorers like Xanadu Mines and Erdene intersecting high grades of gold at their projects in Mongolia.
- Other news items cover Mongolian Mining preparing for debt restructuring, SouthGobi Resources executing a debt deferral agreement, and several international partnerships and investments in Mongolia.
- Daewoo International is interested in building power plants in Mongolia after successfully operating one in Papua New Guinea.
- A major Japanese company, Mitsui, wants to invest large sums in Mongolia, particularly in the stock market.
- Preparing the Gurvanbulag uranium site for mining will cost $229 million.
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 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 the November 14, 2014 issue of the Business Council of Mongolia NewsWire. It discusses recent developments in Mongolia's business, economic, and political landscapes. Specifically, it outlines conditions Turquoise Hill has set for further negotiations on the Oyu Tolgoi mine's expansion, reports a 9% sales increase for Oyu Tolgoi in Q3, and describes the Business Council of Mongolia's monthly meeting and membership renewal dinner where representatives from PwC, Japan, and the US discussed relations with Mongolia.
The document summarizes business and economic news from Mongolia. It discusses several topics:
- Authorities have opened a new investigation into a mining company for obtaining licenses. State-owned company losses have narrowed due to improved management.
- A Mongolian energy company partnered with a Chinese SOE to develop a $1 billion coal power plant. Two meat producers received approval to export meat to Russia.
- A dairy farm opened with imported cows. A construction company launched a factory to produce drywall compound. Mongolia's first B2B database went live.
- A fashion brand is crowdfunding a project working with herders in Mongolia and producers in Britain to create clothing from yak
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 provides a summary of business and economic news from Mongolia. Some of the key points include:
- Credit Suisse lending $300 million to the Development Bank of Mongolia to attract other investors.
- Aspire Mining signing an agreement with China Railways for the construction of a railway connecting Erdenet to Ovoot.
- Allegations that Erdenes TT, a state-owned mining company, misspent funds by overpaying staff salaries and travel expenses.
- Mongolian Mining Corp revealing it has been approached by independent parties to explore joint bids for coal projects in Mongolia.
The document summarizes news from the Business Council of Mongolia newsletter. It highlights several key stories:
1) Ivanhoe Mines and Rio Tinto agreed to change provisions in their agreement for Rio to invest in Ivanhoe's Oyu Tolgoi project to allow Ivanhoe to potentially sell a minority stake and delay Rio's investment deadline.
2) Mongolia's Minister of Mineral Resources said last-minute issues are being resolved so the Oyu Tolgoi investment agreement can be signed by September 30th.
3) An updated mining report termed the Oyu Tolgoi agreement a "landmark" that will boost foreign investment in Mongolia's mining industry.
4) However, former
Rio Tinto and the Mongolian government are in ongoing negotiations over funding and control of the massive Oyu Tolgoi copper and gold mine project. While talks continued in March, disagreements remain over taxes, cost overruns, and management control. Failure to resolve the dispute could have serious negative consequences for Mongolia's economy and businesses that supply the mine project. Deputy Minister of Economic Development warned of a "catastrophe" if the project stops, as Oyu Tolgoi is expected to account for 30% of Mongolia's economy at full production. Mongolia's businesses are already feeling the effects of the uncertainty through slower contract awards and a general slowdown related to the mine project.
Cobalt market forecast and cobalt stocks to buyChris Helweg
We noted that cobalt demand was, at a minimum, tracking its historic two decade
compounded annual growth rate of 6 percent, primarily due to accelerating consumption
in lithium-ion batteries used in portable electronic devices, electric vehicles and
stationary storage cells. With several battery megafactories under construction or
announced, including the Tesla Gigafactory in Nevada, we were confident the market
would transition into a supply deficit in 2016 or early 2017.
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 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
The document provides news highlights from the Business Council of Mongolia covering business, economic, and political news. In business news, it reports that Erdenes-Tavan Tolgoi is considering selling convertible bonds before its IPO, which has been pushed back to at least September. It also reports that Guildford Coal's estimates in Mongolia have reached over 2 billion tons and that SouthGobi Resources will sell the Tsagaan Tolgoi deposit for $30 million.
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 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.
Elbegdorj prefers a 50% profit sharing agreement over partial ownership for the Oyu Tolgoi project. Moody's downgraded the ratings of three Mongolian banks due to stresses from the economic crisis. Centerra Gold settled a labor dispute at its Boroo mine and will pay increased redundancy benefits, but the mine's operating license was suspended for up to three months by Mongolian authorities over record keeping and land use issues.
The document summarizes news highlights from the Business Council of Mongolia newsletter. Key business stories include Oyu Tolgoi testing its copper concentrator now that electricity has been delivered to the mine, SouthGobi announcing plans to lay off over 200 workers, and a Mongolian firm announcing plans to open a synthetic diesel plant in 2013. Other brief business highlights regard XacBank's credit rating, management changes at mining companies, and investment climate discussions. Economic news covers possible government bond sales, fuel price stabilization efforts, and infrastructure challenges from increasing power usage. Politics updates include local election results and diplomatic agreements signed with countries like India.
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 summarizes news from the Business Council of Mongolia newsletter dated December 7, 2012. It covers various business, economic and political stories regarding Mongolia. On the business front, it discusses companies building new plants, resuming mining operations, and selling Mongolian assets. Economically, it mentions Mongolia's bonds declining as its coalition government becomes unstable. Politically, it notes a political party possibly exiting the coalition and various leaders' meetings with counterparts from other countries.
This document summarizes news from the Business Council of Mongolia newsletter. Key points include:
- The Prime Minister wants the Tavan Tolgoi coal deposit to remain fully state-owned rather than developed as a joint venture.
- China's CNNC will buy Canadian uranium explorer Khan Resources for $52.9 million, gaining access to deposits in Mongolia.
- SouthGobi Energy dropped 12% in its Hong Kong stock debut due to high valuation and poor market conditions.
- A Canadian consultancy said the Tavan Tolgoi deposit could support multiple mining operations to export coal to China, South Korea, and Japan.
- The document provides a summary of business and economic news from Mongolia in its NewsWire issue 459 dated January 6, 2017.
- Key highlights include Mongolia requesting a $200 million loan from Russia's second largest bank, XacBank receiving $20 million in funding from the Green Climate Fund, and explorers like Xanadu Mines and Erdene intersecting high grades of gold at their projects in Mongolia.
- Other news items cover Mongolian Mining preparing for debt restructuring, SouthGobi Resources executing a debt deferral agreement, and several international partnerships and investments in Mongolia.
- Daewoo International is interested in building power plants in Mongolia after successfully operating one in Papua New Guinea.
- A major Japanese company, Mitsui, wants to invest large sums in Mongolia, particularly in the stock market.
- Preparing the Gurvanbulag uranium site for mining will cost $229 million.
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 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 the November 14, 2014 issue of the Business Council of Mongolia NewsWire. It discusses recent developments in Mongolia's business, economic, and political landscapes. Specifically, it outlines conditions Turquoise Hill has set for further negotiations on the Oyu Tolgoi mine's expansion, reports a 9% sales increase for Oyu Tolgoi in Q3, and describes the Business Council of Mongolia's monthly meeting and membership renewal dinner where representatives from PwC, Japan, and the US discussed relations with Mongolia.
The document summarizes business and economic news from Mongolia. It discusses several topics:
- Authorities have opened a new investigation into a mining company for obtaining licenses. State-owned company losses have narrowed due to improved management.
- A Mongolian energy company partnered with a Chinese SOE to develop a $1 billion coal power plant. Two meat producers received approval to export meat to Russia.
- A dairy farm opened with imported cows. A construction company launched a factory to produce drywall compound. Mongolia's first B2B database went live.
- A fashion brand is crowdfunding a project working with herders in Mongolia and producers in Britain to create clothing from yak
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 provides a summary of business and economic news from Mongolia. Some of the key points include:
- Credit Suisse lending $300 million to the Development Bank of Mongolia to attract other investors.
- Aspire Mining signing an agreement with China Railways for the construction of a railway connecting Erdenet to Ovoot.
- Allegations that Erdenes TT, a state-owned mining company, misspent funds by overpaying staff salaries and travel expenses.
- Mongolian Mining Corp revealing it has been approached by independent parties to explore joint bids for coal projects in Mongolia.
The document summarizes news from the Business Council of Mongolia newsletter. It highlights several key stories:
1) Ivanhoe Mines and Rio Tinto agreed to change provisions in their agreement for Rio to invest in Ivanhoe's Oyu Tolgoi project to allow Ivanhoe to potentially sell a minority stake and delay Rio's investment deadline.
2) Mongolia's Minister of Mineral Resources said last-minute issues are being resolved so the Oyu Tolgoi investment agreement can be signed by September 30th.
3) An updated mining report termed the Oyu Tolgoi agreement a "landmark" that will boost foreign investment in Mongolia's mining industry.
4) However, former
Rio Tinto and the Mongolian government are in ongoing negotiations over funding and control of the massive Oyu Tolgoi copper and gold mine project. While talks continued in March, disagreements remain over taxes, cost overruns, and management control. Failure to resolve the dispute could have serious negative consequences for Mongolia's economy and businesses that supply the mine project. Deputy Minister of Economic Development warned of a "catastrophe" if the project stops, as Oyu Tolgoi is expected to account for 30% of Mongolia's economy at full production. Mongolia's businesses are already feeling the effects of the uncertainty through slower contract awards and a general slowdown related to the mine project.
Cobalt market forecast and cobalt stocks to buyChris Helweg
We noted that cobalt demand was, at a minimum, tracking its historic two decade
compounded annual growth rate of 6 percent, primarily due to accelerating consumption
in lithium-ion batteries used in portable electronic devices, electric vehicles and
stationary storage cells. With several battery megafactories under construction or
announced, including the Tesla Gigafactory in Nevada, we were confident the market
would transition into a supply deficit in 2016 or early 2017.
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 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
The document provides news highlights from the Business Council of Mongolia covering business, economic, and political news. In business news, it reports that Erdenes-Tavan Tolgoi is considering selling convertible bonds before its IPO, which has been pushed back to at least September. It also reports that Guildford Coal's estimates in Mongolia have reached over 2 billion tons and that SouthGobi Resources will sell the Tsagaan Tolgoi deposit for $30 million.
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 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.
The document summarizes the Ovoot Coking Coal Project in Mongolia acquired by Aspire Mining Limited, an Australian company. It describes the project's geology and drilling results which indicated thick multiple coal seams. It outlines the deal terms under which Aspire acquired the project, providing cash and shares to the vendors. This has significantly increased the project's value. The document argues that listing on the Australian Securities Exchange provides benefits for funding exploration of early stage projects in Mongolia through access to capital markets.
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 summarizes the latest news from the Business Council of Mongolia newsletter. It discusses several business, economic, and political stories in Mongolia, including the government's plans to resolve disputes over mining licenses, revise mineral laws to attract investment, and proposals to allow gambling on horse racing. It also provides summaries of presentations given at the most recent BCM meeting on waste management initiatives, public opinion polling, and Peabody Energy's energy advocacy campaign.
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.
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.
Este documento describe la didáctica crítica como un modelo de enseñanza que requiere que los estudiantes interactúen con su entorno, reflexionen de manera crítica sobre la realidad social, y propongan soluciones de manera colectiva. Se enfoca en cómo los estudiantes aprenden a través de la construcción del conocimiento y la discusión en grupo.
The document summarizes news from Mongolia covering business, economic, and political topics. Key points include:
- Mongolia is seeking loans from the IMF and other countries totaling $3 billion to help plug its budget deficit amid falling commodity prices and demand.
- The number of mining licenses in Mongolia increased by 558 in the last 8 months, with exploration licenses increasing by 31.
- Over 61,000 livestock died in 8 western Mongolian provinces due to harsh winter weather conditions.
- Moody's is preparing to downgrade Mongolia's credit ratings due to concerns over its deteriorating external payments position and inability to ensure fiscal sustainability.
This document provides an introduction and overview of the TSIM geophysical technique. It discusses how TSIM has been used successfully over the past 10 years to map shallow geological features important for coal exploration, such as the limit of oxidation and paleochannels. Case studies from Mongolia demonstrate how TSIM improved targeting of exploration drilling and reduced costs by better delineating these features between 50-100m depth. The document concludes that integrating TSIM geophysics into typical coal exploration programs can effectively reduce geological uncertainty and costs by minimizing wasted drill holes.
The Development Bank of Mongolia provides financing for large-scale infrastructure projects that support the country's development goals. It is funding projects to expand Mongolia's rail network, build roads, develop urban areas, and establish an industrial park. The bank is playing a key role in major initiatives like quadrupling the rail system to transport minerals and providing long-term loans for transportation, energy, and telecommunications projects to improve current infrastructure capacities.
The document discusses a presentation about experiential learning through student leadership experiences. It describes research conducted on learning outcomes for students participating in student government. Interviews with student government members found that they learned practical skills like time management as well as interpersonal skills such as leadership and relationship building. Students reported learning in domains of practical competence, interpersonal competence, and cognitive complexity. The presentation recommends that student affairs practitioners recognize the value of student leadership positions in promoting experiential learning and development of transferable skills.
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
This document summarizes the 2-year anniversary celebration of Doctors' Hospital of Michigan (DHM) and provides updates on the hospital. It begins by describing the all-day celebration held across DHM's three campuses to thank staff and physicians for their support over the past two years. It then discusses the newly elected chairman of DHM's board of directors, Dr. Yatinder Singhal. Finally, it summarizes the president's message to employees at a town hall meeting, where he emphasized it is "business as usual" and the hospital has been profitable in recent months.
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 provides news highlights from the Business Council of Mongolia covering business, economic, and political topics. On business, an MPs' group favors the state holding 51% of the Tavan Tolgoi coal project and 34% of the Oyu Tolgoi copper project. Ivanhoe Mines remains focused on advancing Oyu Tolgoi despite losses, while Erdene explores opportunities during the current uncertain period. Cameco's earnings dropped due to lower uranium prices and higher costs. The document also mentions upcoming projects including a new mining registry system and Prime Minister Bayar consulting with Chile about copper mining.
Jaw & spider couplings are popular because they are versatile and robust, able to handle misalignment while providing good torque and dampening characteristics. They are also forgiving yet still require careful alignment, and can endure tough environments with their wide temperature range and resistance to chemicals. Overall, jaw & spider couplings offer advantages of low cost, availability, and serviceability.
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
This document contains personal and career information for Bahruz Gachayev. It details his date of birth, contact information, education history and work experience. Bahruz has worked in health, safety and environment roles for Saipem-Azfen Joint Venture and Naval Engineering Group since 2014. His responsibilities have included hazard identification, inspections, audits, training and emergency response planning. He holds a bachelor's degree in journalism and various health and safety training certificates.
This resume is for Susanta Saha, who is seeking a position as a catering manager or head chef. He has over 15 years of experience in catering and hospitality roles in India, Nigeria, Ghana, Oman, and Dubai. His experience includes managing catering operations, supervising kitchen staff, developing menus, ensuring food quality and safety standards, and controlling costs. He holds qualifications in food production, computer applications, and maritime safety.
The document provides a summary of business and economic news from Mongolia in Issue 191 of the Business Council of Mongolia NewsWire dated October 28, 2011. Key highlights include:
- The Mongolian Investment Summit in Hong Kong saw a large turnout with presentations on investment opportunities in Mongolia's natural resources.
- Plans were announced for discussions in November on an investment agreement for the Tavan Tolgoi Western coal project. Additionally, Chinalco plans to purchase 15 million tons of coking coal per year from the Tavan Tolgoi East project.
- General mining news included Xanadu Resources reporting success on exploration projects for coking and thermal coal, as well as copper and gold.
The document summarizes business 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 summarizes news from the Business Council of Mongolia newsletter. It reports that Ivanhoe Mines has made a significant new discovery at the Oyu Tolgoi mine in Mongolia, indicating there are greater resources than previously estimated. It also reports that Newcom Group and GE have signed an agreement to explore business opportunities in Mongolia, and that Mongolian Mining Corp has increased the price range for its upcoming IPO on the Hong Kong exchange.
The document is a newsletter from the Business Council of Mongolia that provides news highlights on business, economic, and political issues in Mongolia. It includes summaries of multiple news stories related to Mongolian companies and mining projects, economic indicators and foreign investment in Mongolia, and political developments. It also announces an upcoming meeting of the Business Council of Mongolia that will feature presentations from the U.S. Ambassador, the CEO of a Mongolian investment company, and the chairman of Mongolia's National Development and Innovation Committee.
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 news from the Business Council of Mongolia newsletter. It includes the following highlights:
- President Ts. Elbegdorj set a 2012 deadline to select companies to develop part of Mongolia's Tavan Tolgoi coal field, seeking to resolve a dispute between Chinese, Russian, and American bidders. Developing this field could bring billions of dollars in investment and royalties.
- Ivanhoe Mines will change its name to Turquoise Hill Resources to reflect its ownership in the giant Oyu Tolgoi copper and gold mine in Mongolia.
- Rio Tinto's Oyu Tolgoi mine in Mongolia is expected to begin copper production this year and
This document is a newsletter from the Business Council of Mongolia providing updates on business and economic news in Mongolia. It announces that the BCM office will be closed from December 25 to January 4 for holidays. It then provides summaries of various news stories related to business, economic, and political developments in Mongolia, including plans for Mongolia to establish three national holding companies, updates on mining projects and negotiations, and economic forecasts for 2010.
This document summarizes business and economic news from Mongolia reported in the Business Council of Mongolia NewsWire on April 22, 2011. Key highlights include MIAT airline beginning direct flights to Hong Kong to boost business travel between the two places. Prophecy Resource Corp expressed commitment to partnering with Mongolia for mutual growth. Rio Tinto's credit rating was upgraded to single 'A' status. Erdene Resource provided updates on its mining projects in Mongolia. Voyager Resources listed highlights of its Khongor copper-gold property.
This document summarizes news from the Business Council of Mongolia related to business and economic developments in Mongolia. Some of the key highlights include:
- Mongolian Mining Corp plans a $700 million IPO on the Hong Kong stock exchange, the first for a Mongolian company in Hong Kong.
- Erdenes Tavan Tolgoi has begun removing soil at the Tavan Tolgoi coal deposit in preparation for mining operations.
- The border port at Gashuun Sukhait is planned to operate 24 hours a day by the end of the year to accommodate increased coal exports and equipment deliveries for the Oyu Tolgoi project.
- A South Korean
The document summarizes 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.
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 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
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.
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 is a newsletter from the Business Council of Mongolia covering business, economic, and political news from Mongolia in May 2011. Some of the top business stories include Petro Matad finding hydrocarbons at a new well, SouthGobi Resources preparing for slowing Chinese coal demand, and Eznis Airways signing a strategic partnership with Japan's largest airline. Construction at the Oyu Tolgoi mine was 15% complete at the end of March. Several mining companies also reported financial results for the first quarter of 2011. On the economic front, coal hauling resumed and the government wanted to accelerate a new power plant project. In politics, prosecutors forwarded charges against a former official to the anti-corruption agency.
The document provides a summary of business and economic news from Mongolia. It discusses uncertainties in the mining industry due to delays in project approvals. It also mentions that Rio Tinto sees their Oyu Tolgoi copper mine in Mongolia as important to the company's future. Additionally, it notes that a new cellphone operator was selected and will begin service in 2008, and that a second railway connecting northern and southern Mongolia will be built.
The document summarizes news from the Business Council of Mongolia newsletter. It highlights several stories:
1) Rio Tinto is close to striking a deal with Mongolia on developing the second stage of the Oyu Tolgoi mine, as an engineering contractor has begun hiring workers for the project.
2) Mongolian Mining Corporation has secured $150 million in pre-export loan financing and a $50 million option to fund working capital and investments.
3) Mongolia Growth Group has appointed a new CEO, Paul Byrne, to lead the company in its next phase of development.
The document summarizes news from the Business Council of Mongolia newsletter. It discusses progress in negotiations for the Oyu Tolgoi and Tavan Tolgoi mining deposits. Investment banks like Deutsche Bank and JP Morgan may help the government sell part of Tavan Tolgoi, estimated to be worth $1-2 billion. The government will own at least 51% of Tavan Tolgoi. NGOs are seeking more transparency in the negotiations. Banks proposed measures to the central bank like government-guaranteed mortgages to restart the housing market and stimulate the economy.
This document summarizes news from the Business Council of Mongolia newsletter dated August 17, 2012. It includes highlights on business, economic, and political news items. On the business front, it discusses updates on the OT 94% construction completion, Rio Tinto's concerns about securing a power deal for OT, SouthGobi Resources' suspended mining license and profit decline, and Prophecy Coal's temporary mine shutdown. It also notes leadership changes and deals involving companies like Turquoise Hill Resources, Erdene Resource Development Corp, and Leighton Holdings. The economic section summarizes data, inflation trends, and mining industry effects. Politics updates include changes to government structure and parliamentary activities.
This document is a newsletter from the Business Council of Mongolia that provides news highlights from Mongolia's business sector in January 2012. It summarizes that MMC surpassed its 2012 coal production target. It also reports that grieved workers detained SouthGobi Sands' COO and that the EBRD financed Vitafit Group's improved production capabilities. Additionally, it mentions that commodities giant Trafigura is looking to acquire Mongolian coal assets to capitalize on Mongolia's importance as a supplier to China.
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/
El Puerto de Algeciras continúa un año más como el más eficiente del continente europeo y vuelve a situarse en el “top ten” mundial, según el informe The Container Port Performance Index 2023 (CPPI), elaborado por el Banco Mundial y la consultora S&P Global.
El informe CPPI utiliza dos enfoques metodológicos diferentes para calcular la clasificación del índice: uno administrativo o técnico y otro estadístico, basado en análisis factorial (FA). Según los autores, esta dualidad pretende asegurar una clasificación que refleje con precisión el rendimiento real del puerto, a la vez que sea estadísticamente sólida. En esta edición del informe CPPI 2023, se han empleado los mismos enfoques metodológicos y se ha aplicado un método de agregación de clasificaciones para combinar los resultados de ambos enfoques y obtener una clasificación agregada.
Essential Tools for Modern PR Business .pptxPragencyuk
Discover the essential tools and strategies for modern PR business success. Learn how to craft compelling news releases, leverage press release sites and news wires, stay updated with PR news, and integrate effective PR practices to enhance your brand's visibility and credibility. Elevate your PR efforts with our comprehensive guide.
Your Go-To Press Release Newswire for Maximum Visibility and Impact.pdfPressReleasePower4
This downloadable guide explains why press releases are still important for businesses today and the challenges you might face with traditional distribution methods. Learn how [Your Website Name] offers a comprehensive solution for crafting compelling press releases, targeting the right media outlets, and maximizing visibility.
Acolyte Episodes review (TV series) The Acolyte. Learn about the influence of the program on the Star Wars world, as well as new characters and story twists.
Youngest c m in India- Pema Khandu BiographyVoterMood
Pema Khandu, born on August 21, 1979, is an Indian politician and the Chief Minister of Arunachal Pradesh. He is the son of former Chief Minister of Arunachal Pradesh, Dorjee Khandu. Pema Khandu assumed office as the Chief Minister in July 2016, making him one of the youngest Chief Ministers in India at that time.
The Biggest Threat to Western Civilization _ Andy Blumenthal _ The Blogs.pdfAndy (Avraham) Blumenthal
Article in The Times of Israel by Andy Blumenthal: China and Russia are commonly considered the biggest military threats to Western civilization, but I believe that is incorrect. The biggest strategic threat is a terrorist Jihadi Caliphate.
The Biggest Threat to Western Civilization _ Andy Blumenthal _ The Blogs.pdf
29.05.2009, NEWSWIRE, Issue 71
1. BUSINESS COUNCIL of MONGOLIA
NewsWire
www.bcmongolia.org
info@bcmongolia.org
Issue 71, May 29, 2009
NEWS HIGHLIGHTS:
Business: Goldman says “Worst is over,” especially in copper; BHP expects improvement, but no
sharp rebound in demand; Copper trades near two-week high as share rally boosts
outlook; New Russia-Mongolia joint venture has nothing to do with owning mining
resources; Ivanhoe falls on concern Elbegdorj may delay OT agreement; Erdene finds
new molybdenum deposits in Bayankhongor; Workers strike at Boroo Gold mine; Anod
Bank workers postpone strike; TDB wins Reliable Tax Payer award; Khan Bank Forest
Program spreads; Government does not want to privatize Erdenet; Korean Air gets
medal for environmental efforts; Wool worth MNT500 million lost in Erdenet Carpet
fire; Mining conference in Erdenet; Rio Tinto sees Chinalco deal as still "evolving"; Rio
Tinto must change Chinalco offer, Merrill says; „Factbox‟ on projects at stake in
Mongolia.
Economy: Construction companies lower apartment prices; New levies on coal export; Japan to
execute projects worth USD39 million; Russian leader sees joint ventures as part of
development strategy; New World Bank strategy to help Mongolia withstand impact of
downturn; International trade fair for food sector SMEs on June 11; Car prices fall,
but sales fall more.
Politics: Tally gives Elbegdorj 51.24% of votes, and 47.44% to Enkhbayar; Result greeted with
generosity, grace; Victory followed pledge to better distribute mining wealth;
Campaign promised mineral wealth will not be taken by foreign companies; People‟s
desire for change helps Elbegdorj win election; Victory could help smooth
negotiations; Result could complicate Oyu Tolgoi deal, fear analysts; Mongolians
expect more from mineral riches; U.S. State Department congratulates Mongolians on
election; Mongolia attends its first ASEM Foreign Ministers' Meeting; Drunk hurls shoe
at Elbegdorj, jailed for 21 days; Unused land may be taken back; Most elevators in
poor condition; Pre-poll alliance likely to end; 15 jointly honored for being 2.7
millionth Mongolian; Kuwait to give USD9 million to research center; Police urge
people to leave their cars home on Sunday; Fires enter China from Mongolia.
BCM MONTHLY MEETING RECAP
The BCM monthly meeting on May 25 was held with Mr. Layton Croft in the chair and 75 members
attending. Mr. Jim Dwyer reported that BCM now has 117 members. The 7 new ones who joined
since the last meeting are: The Netherlands Embassy Rep Office, Polo Resources, Nomin Holdings,
Mongolia Procurement Agency, GTs Advocates, Sedgman Consulting, and the University of
Pittsburgh. Mr. Dwyer also said offering „Associate‟ memberships was being considered.
The five working groups were reported on as all are busy.
Reviewing bilateral relations, Mr. Chung Il, the Ambassador of South Korea to Mongolia, said he
would work for bridging the psychological apartness between the two countries that was more than
the geographical distance. His priorities were to make it possible for their citizens to travel
between Mongolia and South Korea without visas, and to have more flights between the two
countries.
Mr. D.Nyamkhuu, Deputy Minister of Social Welfare and Labor, gave a presentation on The
Mongolian Labor Market. He stressed the need for extending, expanding, and updating vocational
training facilities and for introducing a sense of discipline among the local labor force. He detailed
2. the various measures being undertaken to produce a sufficient number of adequately skilled
workers within the country and also spoke about the constraints, both internal and external, that
stood in the way.
Mr. Ch.Khashchuluun, Chairman, National Development and Innovation Committee (NDIC), spoke on
the NDIC Action Plan for Private Sector Development. The goal is to have the private sector as the
engine of intensive growth in Mongolia and to make it responsible for generating 90% of the GDP.
The plan is comprehensive and will require cooperation from several areas, but he was hopeful of
success.
Mr. L.Sumati, Director of Sant Maral Foundation and Vice Chairman of BCM, talked briefly about the
election of Mr. Ts.Elbegdorj as the next President of Mongolia.
For a fuller report of the meeting, please visit the BCM website, BCM News & Press.
BUSINESS
GOLDMAN SAYS “WORST IS OVER,” ESPECIALLY IN COPPER
The “worst is over” for raw materials demand and investors should increase investment in
companies including BHP Billiton Ltd., according to Goldman Sachs JBWere Pty.
“We are becoming increasingly confident that the period of weakest demand for raw materials is
behind us,” analysts led by Melbourne-based Malcolm Southwood have said in a report. “We have
also seen the bottom of the price cycle for base metals, and particularly for copper, which remains
the most supply-constrained, and therefore our preferred commodity for investment exposure.”
Rio Tinto Group, the third-largest mining company, is hopeful of a “V-shape” recovery in China, the
world‟s biggest metals buyer, an executive said today. The Asian nation increased imports of
copper, aluminum and iron ore to a record in April as buyers replenished stockpiles for the
country‟s 4 trillion USD586 billion stimulus. “The rate of copper and iron ore imports into China has
been extraordinary and certainly implies a degree of restocking,” Goldman‟s Southwood said. “The
bottom line here is that we think economic sentiment, demand for raw materials, and commodities
prices will be better in 12 months‟ time and 24 months‟ time than they are now.”
Source: Bloomberg.com
BHP EXPECTS IMPROVEMENT, BUT NO SHARP REBOUND IN DEMAND
BHP Billiton Ltd., the world‟s largest mining company, does not expect a sharp rebound in
commodities demand and sees a slow and protracted recovery in the global economy.“We do
expect to see stabilization in the next three to six months,” Mr. Marius Kloppers, chief executive
officer of the Melbourne-based company, said in Canberra. “We, however, do not expect a sharp
rebound as our view is that overall world economic recovery will be slow and protracted.” Mr.
Kloppers‟ view contrasts with that of the Rio Tinto Group, the world‟s third-largest mining
company, which has predicted a “V- shaped” recovery.
A return to sustained global growth will need improved demand in both China and nations in the
Organization for Economic Cooperation and Development, he said. “The Chinese Government
appears to be committed to 8 percent GDP growth and there are some early signs that support
this,” Mr. Kloppers said at the Minerals Week 2009 conference. “For well-managed resources
companies with low debt, the long- term outlook will be positive. The problem is in judging when
the recovery will be.”
A recovery in the global economy could begin this year and there has been some encouraging
economic data released recently, the OECD Secretary General Angel Gurria said on May 22. A major
catalyst for a recovery will be the completion of the drawdown of stocks in developed nations, Mr.
Kloppers said. “When this happens, we will see buying commence reflective of this new level of
industrial activity.”
Source: Bloomberg.com
3. COPPER TRADES NEAR TWO-WEEK HIGH AS SHARE RALLY BOOSTS OUTLOOK
Copper this week traded near a two-week high in Asia as an equity rally and the biggest jump in
U.S. consumer confidence in six years improved the demand outlook for industrial metals. The
metal used in pipes and wires gained as much as 1.1 percent on the London Metal Exchange after
U.S. stocks advanced for the first time in five days following the surge in consumer sentiment. The
U.S. is the second-largest copper user. “There isn‟t much downside risk to copper, with the U.S.
economy expected to improve gradually,” an analyst said in Shanghai on Wednesday. “The metal is
likely to go up even when the summer lull kicks in,” he said, referring to the traditional slowdown
in demand from processors in China during the summer months.
Copper prices in London are still 46 percent below last year‟s record, even after jumping 48 percent
this year, as the recession cuts demand. The U.S. recession will probably end in the third quarter,
according to a survey by the National Association for Business Economics, even as rising joblessness
indicates the recovery will be weaker than previously estimated.
Source: Bloomberg.com
NEW RUSSIA-MONGOLIA JOINT VENTURE HAS NOTHING TO DO WITH OWNING MINING RESOURCES
A mistaken impression has been created that the proposed joint railroad venture between state-
owned Russian and Mongolian companies will own the licenses of the copper and gold deposits in
Oyu Tolgoi and of coal deposit in Tavan Tolgoi. The fact is that the company will work to develop
infrastructure in the deposits areas, besides taking up large railroad projects. The erroneous
perception of the nature and intent of the agreement can be traced to how it was reported in the
Russia media and to the absence of any clarification from the Mongolian side. Two railroads will be
built. One will connect Sainshand station with the deposits in Oyu Tolgoi and Tavan Togloi. The
Mongolian partner in this project is the state-owned Erdenes Mongolia which, incidentally, owns
licenses on strategic and other deposits. Another railroad, where the Mongolian partner is Energy
Resources, will be built to connect the Oyu Tolgoi and Tavan Tolgoi areas with Gashuun Sukhait
port and Gants Khudag of China.
Asked categorically if the joint venture in the railroad sector will own the licenses of the mineral
deposits, as suggested in Russian media and repeated in some Western media, Mr. L.Enebish,
Executive Director of Erdenes Mongolia, said, “I say with full responsibility that there is no such
possibility.”
Source: Ardiin Erkh
IVANHOE FALLS ON CONCERN ELBEGDORJ MAY DELAY OT AGREEMENT
Ivanhoe Mines Ltd., developing the Oyu Tolgoi copper and gold deposit in Mongolia with Rio Tinto
Group, fell on speculation the country‟s new president may slow approval of a draft agreement to
proceed with the project. Ivanhoe dropped 9.9 percent in Toronto Stock Exchange trading, the
biggest one-day decline since March 13. The Vancouver-based company‟s shares have risen 79
percent this year.
Ivanhoe has been trying for more than five years to complete an investment agreement with
Mongolia to develop Oyu Tolgoi. London-based Rio Tinto called the deposit “the world‟s largest
undeveloped copper-gold resource” when it agreed to buy 10 percent of Ivanhoe in October 2007.
“Any changes in Mongolia give people the willies at this time,” Mr. David Davidson, a senior mining
analyst in Toronto has said. “Will the new president backslide on pending deals? That‟s the
concern.”
An Ivanhoe spokesman, declined to comment.
Source: Bloomberg.com
ERDENE FINDS NEW MOLYBDENUM DEPOSITS IN BAYANKHONGOR
Explorations by Erdene Resource Development Corp. of the Zuun Mod molybdenum/copper project
have revealed 400-metre wide deposits of molybdenum in various locations at the site. This new
information adds to an initial resource estimate, reported in May 2008, which totaled 110 million
tons averaging 0.061% molybdenum, which is an essential element added to strengthen iron for use
4. in commercial products.
Providing an update on its principal projects in conjunction with the release of its 2009 first quarter
financial results, the company has said it has “continued to make progress on the completion of the
updated resource estimate” at the project, located within 200 km of China's border in
Bayankhongor Province. The project, wholly owned by Erdene, measures 12 km in circumference
and hosts broad zones of molybdenum/copper mineralization.
Read more…
The present Zuun Mod exploration license is due to expire in May 2010 and requirements are being
completed for an application for a mining license. Under the Minerals Law of Mongolia, a mining
license has an initial term of 30 years, renewable twice for 20 years each. A final report by a
Mongolian company on the Environmental and Social Economic baseline study required as part of
the application was received in early May 2009. A topographic survey and a hydro geological study
of the Zuun Mod site were completed in January 2009. A geological report and resource estimate is
expected to be completed by the end of July 2009. These are all to be submitted to the Mongolian
Mineral Resource Council for grant of a mining license.
Source: www.erdene.com
WORKERS STRIKE AT BOROO GOLD MINE
Centerra Gold said in Toronto on Tuesday that unionized workers at its Boroo gold mine in Mongolia
have walked off the job demanding higher wages, prompting the company to suspend operations at
the mine. Centerra, which is partly owned by Canadian uranium producer Cameco Corp, said it
believed the work stoppage is illegal, as it said there is a collective agreement in place. "The
company is in discussion with the work force to resolve the issues," the statement from Centerra
said.
The Boroo mine produced 40,183 ounces of gold in the first quarter of 2009, and is expected to
produce between 160,000 and 170,000 ounces this year. Centerra's shares rose 2.1 percent on the
Toronto Stock Exchange on Tuesday. The company released news of the strike after markets closed.
Source: Reuters.com
ANOD BANK WORKERS POSTPONE STRIKE
Employees at Anod Bank have postponed their planned strike to demand the release of their former
top officials from prison. The Central Bank Representatives have warned them against such protest
“as they will be the ones to lose”. One of the representatives, Mr. S.Nasanjargal, has said
administrative changes are planned to be made soon, and many workers could be dismissed. He has
said there are too many people for too little work and that there are only a few with the
professional skill to work in a bank.
The employees, however, will continue to press for the release of those imprisoned.
Source: Ardiin Erkh
TDB WINS RELIABLE TAX PAYER AWARD
The Trade and Development Bank of Mongolia has won this year‟s Reliable Tax Payer award from
the National Tax Authority for its contribution to the Government budget. The TDB, as the bank is
better known, is the oldest private bank in Mongolia, and has access to credit lines from major
international lenders and correspondent banking relationships with over 80 international financial
institutions. It has been voted the Best Bank in Mongolia two times in a row by The Banker and has
also won several other international and local awards.
Source: tdbm.mn
KHAN BANK FOREST PROGRAM SPREADS
After its successful launch last year the Khan Bank „Forest Program‟ to make Mongolia greener is
expanding its reach. High schools, ger district communities in Ulaanbaatar and Khan Bank offices in
all 21 province centers will work for environmental protection and preservation during the season
of plant growth. Already School 34 in Yarmag, Ulaanbaatar and School 45 on Seoul Street have
planted trees in their school yards while 100 low-income households in Tolgoit area of
5. Songinokhairkhan District were given berry bushes to plant along their fences. The bank‟s offices in
all 21 province centers are planting trees in their surrounding areas.
In 2008, over 2,000 secondary school children living in the ger districts of suburban Ulaanbaatar
planted trees in their family yards.
Source: www.khanbank.org
GOVERNMENT DOES NOT WANT TO PRIVATIZE ERDENET
Chairman of the State Property Committee D.Sugar has revealed that the Government last week did
not agree to privatize 2 of the 21 entities proposed by his committee. “They sent back the proposal
to privatize Erdenet Enterprise and favored continuing with the present 51:49 ratio of ownership
there,” he added. He did not identify the other company of which the Government wished to retain
control.
Source: Undesnii Shuudan
KOREAN AIR GETS MEDAL FOR ENVIRONMENTAL EFFORTS
The Government of Mongolia has awarded Korean Air an “Environmental Excellence Medal” for
volunteering to plant thousands of trees in the country. Some 27,000 trees planted in Baganuur by
Korean Air employees and South Korean students as a part of the airline‟s Global Planting Project
started in 2004 have led to the area being known as the Korean Air Forest. Such programs will
prevent severe desertification in the country which causes pollutant yellow dust to spread across
Asia.
Minister of Environment Luimed Gansukh presented Jong Hee-lee, President and COO of Korean Air,
with the medal at a ceremony in Ulaanbaatar recently. In 2006, Baganuur was recognized by the
Mongolian Government as a green city. This month, 208 volunteers will plant 9,000 more trees
there, bringing the total number planted to 36,500.
Source: www.etravelblackboard.com
WOOL WORTH MNT500 MILLION LOST IN ERDENET CARPET FIRE
Wool worth around MNT500 million was lost in a fire in a warehouse of Erdenet Carpet Company in
Orkhon province last Friday. The cause of the blaze is still to be ascertained, but fingers are being
pointed at sparks from some welding work going on nearby. The wool would have been used in
production for a month.
Source: Odriin sonin
MINING CONFERENCE IN ERDENET
The Erdenet Mining Corporation, the Technology School named after Sh.Otgonbileg, and the South
Dakota School of Mines and Technology will be jointly hosting a conference on mining and the
environment in Erdenet on June 8 and 9. Apart from the sponsors‟ representatives, there will be
participants from Mu'tah University of Jordan, the Energy Resources Company, and the environment
and tourism department of Orkhon aimag. All mining companies and interested organizations and
individuals are welcome to attend the conference.
Source: Montsame
RIO TINTO SEES CHINALCO DEAL AS STILL “EVOLVING”
Rio Tinto says its USD19.5 billion tie-up with China's state-owned Chinalco is an "evolving" deal and
still subject to shareholder consultation. The deal has come under fire from shareholders and
politicians in Canberra. "I think it's a situation that is evolving," Rio Tinto's iron ore chief Sam Walsh
told reporters on Tuesday, adding Rio would decide its next move after meeting shareholders. "We
have certainly seen economic conditions improve since the deal was announced in February, but
importantly for us we need to take into account in our deliberations what our shareholders see as
the key issues," he added. Rio Tinto Chairman Jan du Plessis arrives in Australia this week to talk to
shareholders, having discussed the China deal with major UK shareholders over the past two weeks.
6. Despite leaving the door open to a revised Chinalco deal, Mr. Walsh defended the principle of
major consumers such as Chinese state firms taking equity stakes in producers, and dismissed
concerns about China gaining control or influence over pricing. He said miners had had joint
ventures with customers for nearly 50 years, during which companies and their customers had
remained commercially independent. "In the resource industry there is a solid history of customer
involvement in projects and that has not impacted on pricing," he said. "It beggars belief that
anybody can now object to this in 2009, on the basis of some principle entirely new to this
industry."
Mr. Walsh also responded to concerns that Chinalco may press Rio to develop assets offshore at the
expense of its Australian assets, and noted the deal involved Chinalco taking direct stakes in
Australian iron ore assets, not offshore. "In this sense, the Chinalco deal will represent a pioneering
... joint venture, and skew trade toward Australia on account of their investment here," he said.
Source: Reuters.com
RIO TINTO MUST CHANGE CHINALCO OFFER, MERRILL SAYS
Rio Tinto Group, the world‟s third- largest mining company, should change the USD19.5 billion
investment deal with Aluminum Corp. of China as credit and metal markets have improved, Merrill
Lynch & Co. said. “Any deal put to shareholders would have to be a revised deal,” Ms. Olivia Kerr
said last Friday in a report. The deal with Chinalco, as the state-owned entity is known, will cut
Rio‟s earnings per share by 17 percent in 2010, compared with 12 percent estimated in February
when it was signed, because London-based Rio‟s market value had risen, she said.
Metal prices have gained 22 percent on the London Metal Exchange since the accord was agreed and
the outlook for Rio‟s earnings is more positive, Merrill said. Credit markets have improved
“materially” and Rio has refinanced USD3.5 billion of debt reducing the need for the sale, Ms. Kerr
said. Rio may offer shareholders pre-emptive rights on the convertible notes it has agreed with
Chinalco or offer an equity alternative, she said. It may also increase the conversion price on the
notes or reduce the amount offered, she said.
Source: Bloomberg.com
„FACTBOX‟ ON PROJECTS AT STAKE IN MONGOLIA
Foreign investors are watching Mongolia's political scene closely to see if the election of a new
president will serve to further postpone Parliament's ratification of a landmark mining investment
agreement. Following are some of the projects at stake and some other facts about foreign
investment in Mongolia.
OYU TOLGOI
The Oyu Tolgoi copper and gold project, which would be Mongolia's largest foreign investment, has
become a symbol of the difficulties of investing in the country.
Negotiations over the USD3 billion project, a joint effort between Ivanhoe Mines and Rio Tinto,
have dragged on for years as the Government has sought the revenues that eluded it with previous
mining deals.
Ivanhoe initially struck a deal to develop the mine in 2006, but that pact was withdrawn last year
when Mongolia sought more favorable terms as copper and gold prices soared.
The proposal has been endorsed by Mongolia's cabinet and National Security Council and is now with
Parliament.
At issue is the extent of ownership Mongolia will ultimately demand and the precedent that demand
will set for future negotiations with regional and global players such as BHP Billiton. The country's
contentious 2006 mining law allows the state a share of up to 34 percent of deposits found with
private funds and up to 50 percent of those discovered with state funds.
TAVAN TOLGOI
Tavan Tolgoi, known as the world's biggest untapped coking coal deposit and located in the Gobi
Desert, has also been on the agenda for years. Investors from a range of countries, including China,
Russia and the United States, have expressed an interest in the project.
Analysts say Mongolia's current need for financing to help it get through a fiscal shortfall brought
about by falling commodity prices could potentially give leverage in bidding for the project to those
7. countries that help it with financing now. Progress on the project has been held up by the lack of
an agreement on Oyu Tolgoi, expected to serve as a model for deals on other projects. Developing
the remote project will also likely require significant investment in infrastructure.
URANIUM, TRANSPORT
Mongolia is also looking to develop its uranium reserves. Prime Minister S.Bayar earlier this month
proposed a partnership with Russia to extract uranium, offering Russia access to its deposits of the
metal. Russia's state rail monopoly also signed a deal potentially totaling USD7 billion to upgrade
Mongolia's rail network and improve access to untapped deposits of uranium, coal and other
minerals in the Gobi.
Source: Reuters.com
ECONOMY
CONSTRUCTION COMPANIES LOWER APARTMENT PRICES
Some 130 companies producing construction materials as well as construction companies, leasing
companies, and real estate agents are participating in the Barilga Sale 2009 fair where apartments
will be sold at a 30% discount to generate demand. Some companies have gone further, offering one
room free to those buying a 3-room apartment. Work on about 284 apartment complexes has
become stalled for lack of funds and the companies, desperate to get back in business, are pinning
their hopes on the present offers.
Source: Odriin sonin
NEW LEVIES ON COAL EXPORT
The General Customs Authority has announced that a levy of MNT3,000 will be imposed on the
export of every 100 tons of coking coal from June 1. The corresponding amount on every 1,000 tons
of for bituminous and brown coal will be MNT2,000.
Source: Montsame
JAPAN TO EXECUTE PROJECTS WORTH USD39 MILLION
The Japanese Government will implement two projects worth USD 39 million. An agreement to this
effect was signed this week between the Ministry of Foreign Affairs and Trade on the one hand and
the Japanese Embassy and the Japan International Cooperation Agency on the other.
One of the two projects will build bridge ways in Ulaanbaatar and the other will help in human
resource development in the country.
Source: www.gogo.mn
RUSSIAN LEADER SEES JOINT VENTURES AS PART OF DEVELOPMENT STRATEGY
The first Deputy Prime Minister of Russia, Mr. I.Shuvalov, has said in a TV interview that
cooperation with Mongolia and China is essential for the development of the Russian Far East. "We
have to establish joint ventures both with Mongolia and China to have enterprises not just in Russia,
but to actively widen our own opportunities on the territories of Mongolia and China", he said.
He saw such joint ventures as an integral part of the national strategy for the development of the
Russian Far East. They would also have to be beneficial for the Mongolian or Chinese partners, he
said, even as they help bring prosperity to the people who live in that region of Russia. "We are
confident we shall succeed in persuading others that this is mutually beneficial," Mr. Shuvalov said.
Source: Montsame
NEW WORLD BANK STRATEGY TO HELP MONGOLIA WITHSTAND IMPACT OF DOWNTURN
The World Bank‟s Board has endorsed a new strategy of support for Mongolia as the country comes
to terms with the short and long-term impacts of the global economic downturn. A new interim
strategy, approved late last week, provides a framework of support for the next 18 months while
economic conditions in Mongolia stabilize. Its goal is to support the Government of Mongolia to
8. address urgent crisis needs while also addressing longer term reforms needed to reduce the impact
of future shocks.
"It focuses on three key areas: improving fiscal sustainability in a mineral-based economy;
protecting the poor and vulnerable; and encouraging transparent and prudent mining investments
and a more competitive and stable medium-term business investment climate," the World Bank has
announced. Mr. Arshad Sayed, the Bank‟s Country Manager for Mongolia, said: “The global
economic crisis has highlighted some key areas of vulnerability for Mongolia. This strategy will help
the country deal with the short-term crisis that is especially hitting the country‟s poorest people,
while also working towards a more sustainable economic future.”
Read more…
Since the country‟s 1990 transition to a market-based economy, Mongolia has seen considerable
development success, with gross national income per capita increasing from USD390 in 1995 to
USD1,290 in 2007. But late last year, after a sustained period of rapid economic growth propelled
by high mineral prices, the country entered a steep economic downturn. Sharp drops in the price of
Mongolia‟s export commodities, particularly copper, led to major declines in government revenues.
As a result, Mongolia has been among East Asia‟s hardest hit countries by the global economic
crisis.
Growth is projected to slow from 9.0 percent in 2008 to 2-3 percent in 2009, and the external
current account swung from a surplus of 4.4 percent of GDP in 2007 to a 9.6 percent deficit in
2008. Poor and vulnerable groups are especially at risk due to rising unemployment, declining
prices for raw materials in the livestock sector and recent inflation. The Government has responded
with an ambitious short-term macroeconomic program to navigate impacts of the global crisis and
has begun to put in place policy reforms to make the economy more resilient in the medium-term.
Source: The Financial Times
INTERNATIONAL TRADE FAIR FOR FOOD SECTOR SMEs ON JUNE 11
Russian, Chinese, and South Korean companies are expected to take part in a trade fair devoted to
products, services, and technologies relevant to small and medium-sized enterprises in the food
sector. The National Chamber of Commerce and Industry will sponsor the fair between June 11 and
15.
Source: Montsame
CAR PRICES FALL, BUT SALES FALL MORE
Mongolians imported 3,373 cars in the first 4 months of 2009, which is about one-third of the figure
in the corresponding period last year. The Mongolian Car Importers Union says car sales have
plunged since November, and falling demand has led to cars becoming cheaper by USD500-1000.
Source: Zuunii medee
POLITICS
TALLY GIVES ELBEGDORJ 51.24% OF VOTES, AND 47.44% TO ENKHBAYAR
The provisional tally so far released by the General Election Committee reveals that Mr.
Ts.Elbegdorj received 562,459 or 51.24 percent of the total 1,097,000 votes cast, while 520,805 or
47.44 percent of these went for Mr. N.Enkhbayar. This year‟s election was a straight fight and can
be construed as a referendum on the two candidates‟ and the two parties‟ policies and popular
acceptance. With four candidates in the fray in 2005, Mr. Enkhbayar had romped home with 53.44
percent of the votes, with DP winning just 20.05 percent. With the electoral arithmetic making sure
anti-MPRP votes were not split this time, Mr. Elbegdorj has improved the party‟s vote share
considerably, going comfortably past the magic 50% mark.
The figures also vindicate Mr. Elbegdorj‟s insistence after last year‟s election that the results did
not reflect the true popular will. It has also shown that charges of him being responsible for
instigating the July 1 incidents have been rejected by people. He stepped down as party leader
after the elections and after the DP agreed to join the coalition, a move he opposed.
The incumbent President won 50.31 percent of the total votes cast in the 21 provinces, while the
9. challenger and ultimate winner got 48.28 percent. Mr. Enkhbayar ended ahead in 13 provinces and
the other 8 went for Mr. Elbegdorj. If the race was close in the provinces, it was comfortably won
by Mr. Elbegdorj in the capital city. He polled 55.59 percent of the votes, winning six of the nine
districts, while Mr. Enkhbayar had to be content with 43.21 percent and three districts. The total
turnout was 71.90 percent in the provinces, 77.52 percent in Ulaanbaatar, and 73.52 percent
nationwide. A high voter participation often indicates that people want a change.
Source: en.News.mn
RESULT GREETED WITH GENEROSITY, GRACE
In sharp contrast to the bitter public acrimony that followed last year‟s parliamentary elections,
the results of the presidential election were greeted with generosity and grace by both sides. Early
on Monday morning the head of the Democratic Party claimed victory when he greeted journalists
at the party headquarters with a jaunty “Good morning; we have a new President.” Six hours later
the MPRP held a press conference at Government House where both incumbent President and
candidate N.Enkhbayar and Prime Minister and party chairman S.Bayar conceded defeat, thanked
voters and congratulated Mr. Elbegdorj.
Mr. Bayar said the MPRP accepted the people‟s verdict and would not say the election was unfair.
“It is not our practice to make such complaints after defeat,” he said. Mr. Enkhbayar said he had
asked the party leaders to hold the press conference. “I concede the results have gone against me.
I thank all who voted for me,” he said. His advice to Mr. Elbegdorj, he said, would be “to work
together” with Parliament and the coalition Government.
Asked whether he would stand for Parliament from Chingeltei when Mr. Elbegdorj vacates his seat,
President Enkhbayar said, "That‟s an interesting suggestion."
Source: www.news.mn, Montsame
VICTORY FOLLOWED PLEDGE TO BETTER DISTRIBUTE MINING WEALTH
The victory on Monday‟s presidential elections came after the Democratic Party had pledged to
crack down on graft and better distribute the country's mining wealth. A two-time former prime
minister, Mr. Ts. Elbegdorj campaigned on themes of change and graft busting pleasing to urban
voters, especially in the capital, where more than half the electorate lives.
Mr. Elbegdorj has promised to share more of the country's mining wealth with the public -- a pledge
that has also been made by Mongolia's ruling party. Both have been stymied by the Government's
difficulties trying to re-negotiate terms on mining concessions with big foreign companies.
About 20,000 people joined a victory rally in the capital's central square, where Elbegdorj thanked
his supporters and pledged to work at improving ties with China, Russia and other regional partners.
The often U.S.-leaning government has had to rely more heavily on China and Russia for loans and
other economic support since the economic downturn.
Source: washingtonpost.com
CAMPAIGN PROMISED MINERAL WEALTH WILL NOT BE TAKEN BY FOREIGN COMPANIES
The Harvard-educated Elbegdorj has said that the election results were as much a victory for the
rights and freedoms of Mongolia as it was for him and the Democratic Party. "It is a win for the
entire country," he said.
Although Mongolia is rich in copper, gold, uranium and other minerals, more than one-third of its
citizens still live below the poverty line. The average income last year was about USD1,700. During
the campaign, Elbegdorj pledged to help improve the economic life of students and the elderly
alike. He promised to root out corruption, and also sought to assure people that the nation's
mineral wealth would be distributed among them, not taken by foreign mining companies that have
been negotiating with Mongolian officials for years.
Source: The Los Angeles Times (latimes.com)
PEOPLE‟S DESIRE FOR CHANGE HELPS ELBEGDORJ WIN
Mr. Elbegdorj's victory was attributed mainly to the Mongolian people's expectations for change
amid the global economic crisis. Mongolia has seen low economic development in recent years but
10. the current government has failed to take timely and effective measures to boost its economy. The
country enjoys abundant mining resources, most of which are in the hand of a few individuals. The
Government has been trying to gain more shares of large mining projects, such as the Oyu Tolgoi
copper and gold mine and Tavan Tolgoi coal mine. But negotiations in Parliament over the projects
have dragged on for years, which disappointed the public.
The global financial crisis has also taken its toll on Mongolia's economy. The country is suffering
high inflation, lack of capital flow in financial sectors as well as recession in real estate. Thus, the
Mongolian people began to look for changes amid rising dissatisfactions. During his election
campaign, Elbegdorj pledged to make efforts to ensure the country's natural resources being used
to improve the livelihood of the Mongolian people. He also vowed to work hard to establish a just
society, fight corruption and support the development of a pasturing area, which is the key to
social progress.
Source: www.xinhuanet.com
VICTORY COULD HELP SMOOTH NEGOTIATIONS
The victory of Mr. Ts.Elbegdorj could help smooth tortuous negotiations between the Government
and foreign mining companies hoping to gain access to Mongolia‟s rich mineral reserves, according
to western mining executives. Ulaanbaatar recently renegotiated a long-delayed USD3bn deal with
Canada-based Ivanhoe Mines and Australia‟s Rio Tinto to develop the Oyu Tolgoi copper and gold
reserves. But the investment has been held up by a parliamentary committee which is demanding
the Government get more money for the country‟s minerals.
Mr. Elbegdorj campaigned on an anti-corruption platform and has promised to share more of the
country‟s mining wealth with the Mongolian public. “Elbegdorj was a pretty ineffectual prime
minister, but is generally viewed as a cleaner politician who isn‟t too entwined with local business
interests,” said a senior mining executive. “On balance this is probably a positive outcome [for
international investors].”
Mr. Elbegdorj has proposed that major companies operating in Mongolia be required to hand out
shares to the public as a way of localizing ownership.
Read more…
The biggest challenge facing the new president will be how to revive economic growth and raise
living standards for the more than one third of Mongolia‟s 2.7m people who live below the poverty
line. Sandwiched between two giant and increasingly acquisitive neighbors, Mongolia has tried to
follow a “third neighbor” policy to balance western influence against Chinese and Russian
interference in its affairs. Russia in particular has intensified its efforts to secure Mongolian assets
as part of its strategy to pull its former communist satellite back into its sphere of influence. For its
part, China is investing USD300m in roads and railways linking the country to the Chinese-ruled
region of Inner Mongolia.
Source: The Financial Times
RESULT COULD COMPLICATE OYU TOLGOI DEAL, FEAR ANALYSTS
Analysts say the outcome of the presidential election could complicate a pivotal mining deal. "The
Mongolian people have made a choice for their rights and freedoms. Mongolians have made a choice
for the material wealth that rightly belongs to them," Mr. Elbegdorj told his supporters at a victory
rally. He won the largely ceremonial post on promises of rooting out corruption and obtaining a
greater share for individuals of the country's mineral wealth.
Mr. Elbegdorj is expected to be more open to Western ties in foreign policy, as part of a "third
neighbor" strategy to counter the influence of Russia and China, but analysts say his populist
support could make policy making related to foreign involvement in the economy unpredictable. His
populist leanings could lead to a tougher stance in dealings with foreign investors in the mining
sector.
The most immediate question is whether a draft investment agreement on the USD3 billion Oyu
Tolgoi project, set to be developed by Canadian-based Ivanhoe Mines and Australia's Rio Tinto will
be held up further after years of negotiations. The Government hopes to use the Oyu Tolgoi deal as
11. a template for future mining projects, meaning whatever happens with it will have widespread
implications.
Read more…
“I think it does not bode too well for the proceedings over Oyu Tolgoi," said Mr. Damien Ma with
political risk consultancy Eurasia Group. With Mr. Elbegdorj in the presidency, the negotiations
could potentially be delayed further, and Mongolia could also push harder on some of its positions
in the talks, Mr. Ma said. Failure to seal the deal quickly could hamper Mongolia's ambitions of
becoming a mining powerhouse and using its vast deposits of copper, gold, uranium, lead, zinc, and
coal to help pull its nearly 3 million people out of poverty.
Source: Reuters.com
MONGOLIANS EXPECT MORE FROM MINERAL RICHES
Beneath the stern gaze of a statue of Genghis Khan in Ulaanbaatar‟s central square, Mongolians
celebrated Mr. Elbegdorj‟s victory and breathed a sigh of relief for the election‟s peaceful
resolution. Faced with growing inequality, sinking mineral prices and widespread dissatisfaction
with the political establishment, the candidates promised Mongolians a new era of economic
stability and governmental accountability. Both sides claimed they would turn the country‟s mining
riches over to the people, rather than foreign investors.
The global downturn has left Mongolia‟s coalition government scrambling to obtain a greater profit
share of the nation‟s vast mineral resources, an issue both candidates used to drum up popular
support. In addition, Mr. Elbegdorj vowed to reform the judiciary and route out corruption. The
result should give Mr. Elbegdorj the political capital he needs to resolve vital issues for Mongolia,
including the fate of the Oyu Tolgoi mine, one of the world‟s largest reserves of copper and gold.
Parliament has been embroiled for months in negotiations over a draft investment agreement that
would give partial ownership of the mine to Ivanhoe Mines of Canada and Rio Tinto of Australia.
Source: The New York Times (nyt.com)
U.S. STATE DEPARTMENT CONGRATULATES MONGOLIANS ON ELECTION
In a statement congratulating the people of Mongolia on their free, peaceful and democratic
presidential election, U.S. State Department spokesman Ian Kelly has said, “We applaud the people
and government of Mongolia for conducting Sunday‟s election in a fair and transparent manner, in
accordance with the Mongolian constitution. Preliminary evaluations of independent observers
indicate election problems were minimal, and there have been no reports of election-related
violence. This election is a clear demonstration of Mongolia‟s continued commitment to democratic
reform and represents a real achievement for such a young democracy.
“We look forward to continuing to work with the Mongolian government to enhance and deepen the
warm relationship between our two countries.”
Source: www.state.gov
MONGOLIA ATTENDS ITS FIRST ASEM FOREIGN MINISTERS‟ MEETING
Delegates from 45 members of the Asia-Europe Meeting (ASEM) attended its 9th Foreign Ministers'
Meeting in Hanoi on May 25 and 26. This was the first time Mongolia, India, and Pakistan
participated at the meeting. "We are here to send out a strong message on the determination and
responsibility of ASEM members to work together in overcoming the ongoing economic crisis," said
Vietnamese Prime Minister Nguyen Tan Dung at the opening ceremony. Addressing the conference,
the State Secretary at the Ministry of Foreign Relations, Mr. D.Tsogtbaatar, said “as a landlocked,
open and small country” Mongolia favors “liberalism in the global trading system”. It also believes
that “regional and sub-regional dialogues and mechanisms” should “complement and supplement
global efforts”. Calling “multilateralism and the multilateral process” indispensable tools in
maintaining international peace and security, he said Mongolia stands ready to cooperate and
engage closely with other ASEM members.
Source: www.xinhuanet.com, Montsame
12. DRUNK HURLS SHOE AT ELBEGDORJ, JAILED FOR 21 DAYS
The attention-grabbing exercise of throwing a shoe at a political leader arrived in Ulaanbaatar on
Monday, but the message behind the missile could not be ascertained. A man threw a shoe at Mr.
Ts.Elbegdorj as the President-elect was getting ready to speak at the victory rally on Monday.
Police got to him as he was fumbling while trying to take off the other shoe. He was drunk and was
sent to a rehabilitation center. Later he was sentenced to 21 days‟ imprisonment. Police have
described him as an unemployed cook.
Source: Ardiin Erkh
UNUSED LAND MAY BE TAKEN BACK
Land owners in certain areas have been told that their titles may be canceled if they do not put up
at least fences soon. The decision was taken as most of the land privatized in those areas since
2003 has remained unused.
Source: Onoodor
MOST ELEVATORS IN POOR CONDITION
Inspection of elevators in apartment buildings has found that many of them are in poor condition
and do not meet safety requirements. People or organizations responsible for repairs and
maintenance have been given until July 1 to get everything in order or they will be charged.
Source: Zuunii medee
PRE-POLL ALLIANCE LIKELY TO END
The parties that came together to support Mr. Ts.Elbegdorj in the just concluded election are likely
to put up their own candidates when polling is held to fill the seat in Parliament that will become
vacant when he takes over as President.
Source: www.news.mn
15 JOINTLY HONORED FOR BEING 2.7 MILLIONTH MONGOLIAN
The Mongolian population reached 2.7 million at 7:21 p.m. on May 3. The National Statistics Office
gave commemorative birth certificates to 15 babies who share the honor of bringing the population
to that landmark number. Six of them were in Chingeltei and Bayangol districts and 9 from the
countryside.
Source: Zuunii suudan
KUWAIT TO GIVE USD9 MILLION TO RESEARCH CENTER
The foundation stone of a Mongolia-Kuwait research center was laid at a recent ceremony attended
by Minister of Environment and Tourism L.Gansukh, representatives of the Kuwaiti Government, and
other dignitaries. The center, to be built with Kuwaiti aid in the Turgen valley of the Bogd Khan
Mountain, will have a scientific laboratory, greenhouses, a guest house, and apartments for the
center's scientific personnel. It will provide opportunities for Mongolian and foreign scholars to
study the changes in Mongolian flora, and air, soil, water, and climate. Kuwait will give USD4
million for the construction and USD5 million more for installation of the lab facilities at the center
that is expected to begin work in December 2009.
Source: Montsame
POLICE URGE PEOPLE TO LEAVE THEIR CARS HOME ON SUNDAY
The Traffic Police department has advised people to leave their cars at home on May 31 because
central roads will be kept free of cars that day. Only bicycles will be permitted on the day. May 31
will be a smoking-free day when no cigarettes will be sold and June 1 will be an alcohol-free day.
On Sunday, roads from Narantuul Hotel to East Center, from Peace Avenue to Youth Avenue, and
from Geser monastery to Sansar district will be closed from 6 a.m. to 9 p.m. District authorities will
take advantage of the empty roads to organize public activities. The car-free day last year was a
13. success and traffic police hope the considerable reduction in traffic will lower air pollution at least
for a day. It will also be a day with fewer traffic accidents.
Source: www.news.mn
FIRES ENTER CHINA FROM MONGOLIA
Grassland fires spreading from Mongolia have threatened more than 100 km of China's border areas
in the last few days. A 10-km-wide fire on Monday was the largest to come across the border so far
this year and 400 police officers were needed to control it. Mongolia has a tradition of burning
grassland in May, which sometimes develops into massive fires, Chinese forest police said.
The fire entered Arxan City in the Inner Mongolia Autonomous Region at around 6 a.m. Monday and,
fanned by winds and hot weather, was spreading at 2 km per hour, before it was subdued. The fire
was still burning on the Mongolian side.
Source: www.xinhuanet.com
ANNOUNCEMENT
Jazz nights in June in UB - Bob Bellows (June 4, Khan Bank Theater) and Eliane Amherd (June
6, River Sounds)
Jazz has come to Ulaanbaatar again - Giant Steppes of Jazz Society is proud to present Bob Bellows
and Eliane Amherd, each embodying different jazz genres and jazz generations.
Age may have withered Bob Bellows, international entertainer -- jazz pianist -- singer, a little since
1995, when he made the first of his dozen visits to Mongolia so far, but nothing has stalled his
considerable virtuosic variety. This time, Bob‟s mission to Mongolia is unique - he‟s coming to help
Giant Steppes of Jazz (GSJ) Society. The objective of GSJ Society established in 2004 is to bring
jazz to Mongolian audiences. The “Encore in Mongolia” concert starts at 19.00, June 4, at Khan
Bank Theater. Come and listen to Bob and his piano croon as the pair‟s been doing all over the
world over the past seven decades!
Contrary to Bob, Eliane Amherd is a new girl in UB. Swiss-born, Manhattan NYC-based singer,
composer, guitarist and lyricist, Eliane is currently one of the hottest forces in the NYC‟s jazz,
Brazilian and Latin scene. In Mongolia after a performance in Beijing, Eliane will present one-off
“Eliane Amherd: First Time in Mongolia”. This gig by Eliane, which will take place at 19.00, June
6, at River Sounds, is, too, a benefit for GSJ Society. Don‟t miss pure jazz straight from NYC in a
premier music club of UB!
Tickets available at Hi-Fi/Orange MegaStore and at the door for both concerts.
SPONSORS
14. ECONOMIC INDICATORS
MSE WEEKLY REVIEW
For the week ended May 22, 2009, trading activity on the Mongolian Stock Exchange (MSE) totaled
3,609,100 shares with 30 companies traded. Total market value of transactions was MNT 660.9
million. Total market capitalization of the 358 stock companies listed on the MSE was MNT 443.3
billion, and increased by MNT 7.1 billion or 1.6% from the previous week.
The Top-20 Index decreased by 39.90 points or 0.8% compared to the previous week, closing at
4,720.50 points. The MSE Composite Index increased by 46.62 points or 2.0% compared to the
previous week, closing at 2,421.78 points.
Most active stocks traded were: Khuh Gan (3,081,500 shares), Tuul Songino Usnii Nuuts (393,000
shares), Genco Tur Buro (50,500 shares), APU (48,400 shares), and UID (11,700 shares).
Major share price percentage gainers were: APU (25.3%), Spirt Bal Buram (7.6%), Genco Tur Buro
(5.3%), Baganuur (5.2%), and Mon Tsakh Kholboo (4.1%). Major share price percentage losers were:
Dornod (14.9%), Gutal (9.8%), Teever Darkhan (8.7%), Ulaanbaatar (6.5%), and Tuul Songino Usnii
Nuuts (6.2%).
INFLATION
Year 2006 6.0% [source: National Statistical Office of Mongolia (NSOM)]
Year 2007 *15.1% [source: NSOM]
Year 2008 *22.1% [source: NSOM]
April 30, 2009 *12.5% [source: NSOM]
* year over year (yoy)
CURRENCY RATES – May 28, 2009
Currency name Currency Rate
US dollar USD 1427.94
Euro EUR 1996.26
Japanese yen JPY 14.99
British pound GBP 2282.99
Hong Kong dollar HKD 184.18
Chinese yuan CNY 209.07
Russian ruble RUB 45.78
South Korean won KRW 1.12
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.