|International Festival for Business 2018 Liverpool, Frontier’s “Invest Mongolia London Forum” 06-14 June||MBD||Liverpool and London through June 06-14|
|Mongolia Gold 2018 Хөрөнгө оруулалтын чуулган, үзэсгэлэн||Mongolian Mining Exchange and Mongolian Gold Association||Ulaanbaatar Mongolia|
|55th Annual Academy of American and International law||The Center for American and International Law||May 27 - June 29, 2018 in Plano, Texas, USA|
Individuals earning 500,000 to 700,000 MNT a month made up 19.9 percent of the population in 2017, falling to 17 percent in January 2018. The economy saw 5.1 percent growth in 2017.
The nation's gross domestic product (GDP) reached 16.9 trillion MNT based on 2017's preliminary data, an increase of 5.1 percent over 2016.
As of January 2018, the state budget’s balanced income was 530.4 billion MNT, expenditure for debt repayment was 416.2 billion MNT, giving the balance an 114.2 billion MNT surplus.
Tax income increased by 29.8 percent compared to 2016, reaching 468.6 billion MNT.
Income tax increased by 44 billion MNT,
Social insurance income by 24.5 billion MNT,
Excise tax income by 24.1 billion MNT,
Foreign activity income rose by 10.6 billion MNT over January 2017.
Foreign trade volume reached 785 million MNT, with export totaling 423.8 million USD and import 361.1 million USD.
The consumer price index increased by 1.4 percent over December 2017, and by 6.9 percent compared to January 2017. Retail sector sales reached 15.6 trillion MNT in 2017, which increased by 18.4 percent over 2016.
The board of Talkh Chikher JSC voted to distribute share dividends from 2017's net profits to its shareholders.
Dividends per share will be 170 MNT. The company will finalize its shareholder list by April 6, and begin granting dividends at its official headquarters on July 1.
According to the Resolution No.:01 of “Mongol Post”JSC’s Board of Directors Meeting held on 13 February 2018, the Decision to distribute dividends of MNT100.00 per share from net profit of 2017 financial year has been approved.
The record date will be the registration date of Shareholders Annual Meeting5 April 2018 , and dividends will be paid to shareholders by cash at company building starting from 1 October 2018.
According to the Resolution No.:18/01 of “Mongol Post”JSC’s Board of Directors Meeting held on 13 February 2018, the Decision to distribute dividends of MNT 273.4 million or MNT2.74 per share from net profit of 2017 financial year has been approved.
The record date will be the registration date for 2018 Shareholders Annual Meeting, and dividends will be transferred to shareholders’ account at Mongolian Central Securities Depository /MCSD starting from 1 May 2018.
According to the Resolution No.:2 of “Aduunchuluun”JSC’s Board of Directors Meeting held on 7 February 2018, the Decision to distribute dividends of MNT 409.7 million or MNT130.00 per share from net profit of 2017 financial year has been approved.
The record date will be the registration date for 2018 Shareholders Annual Meeting, and dividends will be transferred to shareholders’ account at Mongolian Central Securities Depository /MCSD.
According to the Resolution No.:5 of “Takhi Ko”JSC’s Board of Directors Meeting held on 5 February 2018, the Decision to distribute dividends of MNT 128.5 million or MNT108.00 per share from net profit of 2017 financial year has been approved.
The record date will be the registration date for 2018 Shareholders Annual Meeting, and dividends will be transferred to shareholders’ account at Mongolian Central Securities Depository /MCSD/ within 1 May 2018.
Amendments to the Law on Labor were discussed during Cabinet's February 14 meeting, and it was decided that the amendments will be submitted to Parliament after the addition of some proposals from Cabinet members.
The Labor Law was ratified in 1999, and the authors of the amendments believe that a number of the law's articles don’t meet today’s needs and are outdated. The amendments cover relations between employers and employees, clarifying rights and obligations.
The amendments also include articles that would place restrictions on the employment of minors, workplace discrimination, establishing employment agreements without time constraints for permanent employment, part-time employment regulations, remote working regulations, basing salaries on skills and abilities, annual vacation requirements, and new regulations for vacation days for mining sector employees who work far from home for extended periods.
Foreign Minister Taro Kono plans to hold talks in Tokyo next week with his Mongolian counterpart D.Tsogtbaatar to gather the latest information on North Korea, a Japanese government source said Friday.
D.Tsogtbaatar, whose country maintains diplomatic ties with the North, met senior North Korean officials in Pyongyang earlier this month.
Kono and D.Tsogtbaatar could meet as soon as Thursday, the source said. Tsogtbaatar’s visit will be his first to Japan since becoming foreign minister in October.
According to the source, Kono will likely ask Mongolia to increase pressure on North Korea over its development of nuclear weapons and ballistic missiles. He will also seek cooperation on the issue of Japanese nationals abducted by North Korea in the 1970s and 1980s.
D.Tsogtbaatar met in Pyongyang with North Korea’s nominal head of state Kim Yong Nam and Ri Su Yong, the top official in charge of foreign affairs, the source said.
Wary of the recent thaw between North and South Korea over the Pyeongchang Winter Olympics in the South, the Japanese government wants to use Mongolia’s ties with North Korea to “gain whatever information it can” on leader Kim Jong Un’s “true intentions,” the source said.
Japan and Mongolia agreed in March last year to urge North Korea to comply with U.N. Security Council resolutions against its weapons programs.
They also agreed on a five-year action plan to further develop bilateral ties including in security and the economy.
Kono will aim to confirm progress on the plan with D.Tsogtbaatar and strengthen the strategic partnership between Japan and Mongolia, the source said. (Kyodo)
Three Mongolian athletes make a remarkable switch and not the least. Former World number one Davaadorj Tumurkhuleg and Grand Slam Paris winner will switch to the United Arab Emirates.
Also Nyamsuren Dagvasuren who won bronze at the Grand Slam in Tokyo will join Davaadorj. Heavyweight and Olympian for Mongolian Temuulen Battulga is the third man to switch to the UAE.
Possible in March they want to compete for the Emirates. If they won’t make that deadline the aim is to compete in May.
The United Arab Emirates previously made a major enquiry taking up a Moldovan team into the UAE. A successful move that delivered Victor Scvortov, Ivan Remarenco won World Championships medals and Sergiu Toma won Olympic bronze in Rio. All athletes came from Moldova. With these strong Mongolian athletes the UAE anticipates again on the ‘market’ and opportunities in a country where there is a lot of competition.
Davaadorj Tumurkhuleg is currently ranked 17th in the World U66kg but has Ganbold ad Dovdon for him. Nyamsuren Dagvasuren is even ranked 7th in the world U81kg, close to Uuganbaatar Otgonbaatar (5th). This category has relatively not much competition in Mongolia. Temuulen Battulga (22) faces the competition of Duurenbayar Ulziibayar (14).
Profile Tumurkhuleg Davaadorj
Mongolian judoka Davaadorj Tumurkhuleg won various events such as the Grand Prix in 2015 in Mongolia. Davaadorj took the world #1 position U66kg and was double medallist at World Junior Championships. Davaadorj won the Asian Games in 2014 in Incheon. He won the Grand Slam of Paris in 2015. He finished 7th at the 2016 Olympic Games. He won 30 World Cup medals.
Profile Dagvasuren Nyamsuren
Dagvasuren Nyamsuren of Mongolia wins World Cup medals since 2012. He won bronze at the Grand Prix Jeju in 2014 and Grand Prix medals in 2015 in Tbilisi and Ulaanbaatar. Nyamsuren won Asian Games bronze U81kg in 2014. He won the Grand Prix Ulaanbaatar in 2016. He took bronze at the Grand Prix in Qingdao in 2016. He captured silver at the Grand Prix in Tashkent in 2017 and bronze at the Grand Slam in Tokyo in 2017.
Profile Temuulen Battulga
Temuulen Battulga won bronze at the World Junior Championships in 2008. He won three bronze Asian Championships. Battulga won the World Cup in Ulaanbaatar three times and Tashkent in 2014. He collected 19 World Cup medals such as silver at the Grand Slam in Paris in 2013 and bronze in 2012. He was flag bearer for the 2016 Olympic Games in Rio. He took bronze at the Grand Slam in Ekaterinburg in 2017.
Oyu Tolgoi notified of Government of Mongolia’s cancellation of Power Sector Cooperation Agreement www.turquoisehill.com
Turquoise Hill today (Feb 15) announced that Oyu Tolgoi has received notification the Government of Mongolia (Government) has
canceled the Power Sector Cooperation Agreement (PSCA), which was signed in 2014. The Government’s cancellation,
under Section 1.3 of the PSCA, indicates that the Tavan Tolgoi power project is no longer a viable option.
In August 2014, the Government of Mongolia and Oyu Tolgoi signed the PSCA for the exploration of a Tavan Tolgoibased
independent power producer. The agreement provided a framework for long-term strategic cooperation between
the Mongolian Government and Oyu Tolgoi to deliver a comprehensive energy plan for the South Gobi region.
Participation in the PSCA met Oyu Tolgoi’s obligation in the 2009 Oyu Tolgoi Investment Agreement (Investment
Agreement) to establish a long-term power supply within Mongolia four years from the commencement of commercial
production. As a result of the Government’s cancellation, effective February 15, 2018 long-term power for Oyu Tolgoi
must be domestically sourced within four years.
Oyu Tolgoi, Turquoise Hill and Rio Tinto are committed to fulfilling all requirements under the Investment Agreement and
are continuing to evaluate all viable power options, including construction of an Oyu Tolgoi based power plant. A final
decision on the outcome, cost or financing of a permanent domestic power supply has not been concluded at this time.
The cost of a power solution for Oyu Tolgoi is not included in the Company’s $5.3 billion expansion capital project
estimate for the development of Hugo North Lift 1.
Domestically-sourced power for Oyu Tolgoi is addressed in Chapter Seven (Infrastructure) of the Investment Agreement
Beijing’s decision to extend its ambitious multitrillion-dollar trade initiative to Latin America creates “security vulnerabilities” for the United States, said the chief of the US Southern Command.
Talking at a Senate Armed Services Committee meeting, he said China has already pledged $500 billion in trade funds with various Latin American countries and $250 billion in direct investment over the next decade.
“Increased economic cooperation – such as the extension of the ‘One Belt, One Road’ initiative to Latin America, one of the nodes to support China’s vision of a competing global economic initiative – and the continued provision of financing and loans that appear to have ‘no strings attached’ provide ample opportunity for China to expand its influence over key regional partners and promote unfair business and labor practices.”
Tidd added that “Increased reach to key global access points like Panama create commercial and security vulnerabilities for the United States, as do Chinese telecommunications and space ventures with dual-use potential, which could facilitate intelligence collection, compromise communication networks, and ultimately constrain our ability to work with our partners.”
According to the SOUTHCOM commander, China is intensifying its role as a US rival in Latin America.
“The larger strategic challenge posed by China in this region is not yet a military one. It is an economic one, and a new approach may be required to compete effectively against China’s coordinated efforts in the Americas. Some of the most critical elements needed in this effort are not ones that [SOUTHCOM] can bring to bear,” he said.
The US admiral explained Chinese operations in Latin America do not “yet” pose a military threat, but Beijing is increasingly recruiting Latin Americans who participate in the US International Military Education and Training program (IMET).
The program has facilitated the attendance of nearly 16,000 students from the region to various American war colleges, he noted.
“China, in particular, is increasingly aggressive in courting students from the region to attend Chinese military schools, offering to cover all expenses and salaries in return for increased student enrollment,” said Tidd.
Under the broader Belt/Road initiative announced by Chinese President Xi Jinping in 2013, Beijing plans building a new ‘Silk Road’. It is aimed to connect China to Southeast and Central Asia by land and the Middle East and Europe by sea.
Chinese Minister of Foreign Affairs Wang Yi has recently encouraged Latin American and Caribbean states to expand their trade with the country. Several states including Chile and Bolivia have already declared their readiness to integrate into the initiative.
Qatari Armed Forces celebrated the graduation of officers from Mongolia. Some 20 officers of the Mongolian armed forces participated in a course held in Doha from January 5 to February 15. The graduation ceremony was attended by the Chief of Colleges and Institutes Authority Major-General Hamad bin Ahmed al-Nuaimi and a number of senior
officers of the armed forces. The course included mountain training with the
participation of special forces, internal security forces, and focused on
fighting in built-up areas and counterterrorism. It also included training with the military police in duties during peacetime and war, rapid intervention and security and protection of personalities.
Four Irish friends are to journey from Mayo to Mongolia in order to raise thousands for the homeless.
The foursome will drive from Ireland to Russia and then on to Mongolia as part of the famous intercontinental Mongol Rally, and want to raise money for the Dublin Simon Community along the way.
It’s brilliantly simple. We give you a start point and a finish point but where you go or what you do in between is entirely your steaming bag of adventuring magic. We recommend that you don’t spend too long planning your route or pouring over useful maps or guidebooks. Find out what’s there when you arrive. Unleash the unexpected. – Mongol Rally organisers
To date they have fundraised over €3,250 for their chosen charity, the Simon Community. They have pledged to donate 100% of this money to the charity – their car for the trip is sponsored by JJ Burke’s garage in Co Mayo.
“We’re four friends – three from Mayo and one from Greystones,” explained Ben Ruddy. “We wanted to do something for charity and we were thinking these days you have to do something big to get people’s attention.”
Wicklow man Luke Cafferky and Mayo men Ruddy, Dave Kelly, and Joe McGing, make up the group. Kelly and Ruddy grew up together, and met Cafferky while travelling in South America. With Ruddy having worked in South Korea for the last seven years, the men are travelling some distances to reunite for the challenge.
As “mad travellers”, they thought the long trip would be perfect for them.
The Mongol Rally began in 2004, with just six teams taking part in the first event. Though the event used to end in Mongolia, now it technically ends in Russia, after the drivers pass through Mongolia.
Ruddy volunteered with the Simon Community while in college, so he said he always wanted to go back and do something else to help them. “I knew there was such a spiralling problem with homelessness in the Leinster region,” he explained. “So we decided to go with Dublin Simon Community. ”
On 7 July, they will leave Westport, take the ferry from Rosslare and begin their trip to Mongolia. To make things even more interesting, they will be travelling in a 1.2 litre Clio.
“We’ll be passing through Iran, Kazakhstan and Mongolia so we are hoping to take a less well-travelled path to get out there,” said Ruddy. They are also planning to raise money right up until they arrive in Mongolia, in September.
It will take about three months to complete the journey. Around 350 cars are taking part this year, so the group won’t be alone in their challenge.
“So we will definitely be in touch with other teams and it’s definitely a case of helping each other cross the finish line,” said Ruddy. The event isn’t a race, he said. “It doesn’t matter how long it takes you. There is a closing date to get there – September 10, but most people don’t mind. It’s the camaraderie and the journey rather than a race.”
Plus, with a limit of a 1.2l car engine, they can’t exactly travel fast anyway.
The four men know that taking part in such a challenge will be, well, challenging. “We will definitely have problems along the way,” said Ruddy. “We barely know how to change a tyre! It’s going to be interesting – there’s definitely not a mechanical bone between us. If we break down we’ll have to get on the good side of the locals.”
“We think it will be good challenge – we definitely are determined to get out there,” he added.
“We are hoping we will get to €5000 or more,” said Ruddy of their fundraising goal. “We really need to get sponsors behind us.”
They have even set up a site where people can follow their progress and donate if they wish....
Shares in Rio Tinto-controlled Turquoise Hill Resources opened 3% lower on Friday after the Mongolian government reinstated a decade-old agreement ordering the Vancouver-based company to source power for its Oyu Tolgoi mine domestically.
Rio Tinto, down 1.8% in New York, could face higher costs on its $5.3 billion underground expansion of the giant copper-gold mine in the South Gobi desert near the border with China.
Mongolia gave Rio four years to build a local power plant which could come with a bill as high as $1 billion to serve the mine in the land-locked country to replace Chinese suppliers.
Rio said in a press release Friday "the cost and means of financing this will be finalized between shareholders":
Rio Tinto will continue to review its capex forecasts for the project but has already earmarked $250 million a year for the development of a power station in Mongolia in its 2019 and 2020 capex forecasts.
The underground expansion would lift Oyu Tolgoi production from 125–150kt this year to 560kt at full tilt from 2025, making it the biggest new copper mine to come on stream in several years.
Last month Rio Tinto set up a 80-person office in Mongolia, independent from Oyu Tolgoi to strengthen ties with Ulaanbaatar and serve as a base for exploration in the vast mineral-rich nation of fewer than three million inhabitants.
Earlier January the government served the mine with a new bill for $155 million in back taxes which the company is disputing. Turquoise Hill also had to declare force majeure on deliveries after protests by Chinese coal haulers disrupted deliveries near the border.
Rio has come under pressure from shareholders about its alleged lack of transparency about pledges to the Mongolian government and escalating costs for the expansion, as well as its treatment of minority shareholders of 51%-owned Turquoise Hill.
Rio holds an effective one third of Oyu Tolgoi via its shareholding of Turquoise Hill and the Mongolian government 34%.
Copper was trading near its highs for 2018 on Friday jumping to $3.24 a pound or $7,140 a tonne. Copper averaged $2.80/lb ($6,192/t) over the course of last year.