|"Open to Export" ICC WTO International business award||ICC WTO||London|
Rio Tinto has appointed Simon Thompson as chairman. Mr Thompson, who joined the Rio Tinto board as a non-executive director in 2014, will become chairman on 5 March 2018. He succeeds Jan du Plessis who will step down as chairman and from the Rio Tinto board on the same date after serving almost nine years as chairman.
Mr Thompson has over 20 years’ experience working across five continents in the mining and metals industry. From 1995 to 2007, he worked for the Anglo American group, holding a number of senior positions, including executive director of Anglo American plc, chief executive of the Base Metals Division, chairman of the Exploration Division, and chairman of Tarmac. His experience as a non-executive director includes serving on the boards of AngloGold Ashanti, Rusal and Newmont Mining Corporation.
Mr Thompson has been chairman of 3i Group plc since 2015 and was chairman of Tullow Oil plc from 2012 to 2017. Earlier in his career, he held investment banking positions at S.G. Warburg and N M Rothschild.
Rio Tinto senior independent director Ann Godbehere said “The Rio Tinto board would like to thank Jan for his significant contribution as chairman of Rio Tinto. He led the board during considerable transformation of the company.
“The board is delighted to have appointed Simon to chair Rio Tinto. He brings to the role a deep understanding of the mining industry, as well as a strong track record as a non-executive.”
Simon Thompson said “I am honoured to accept this role and to succeed Jan as chairman. Rio Tinto is in great shape, with a strong management team, world-class assets and a successful strategy. I look forward to leading the board as we work with J-S and his team to ensure that Rio Tinto continues to deliver superior returns for its shareholders by maintaining its capital discipline and ‘value-over-volume’ approach”.
Rio Tinto chairman Jan du Plessis said "I am really pleased to be succeeded by Simon, especially given how closely we have worked together since he joined the board some three years ago. I wish him the very best. I am handing over the baton at a time when the business is in great shape and Rio Tinto has the strongest balance sheet in the sector”.
Upon assuming the role of chairman, Mr Thompson will step down as chairman of the Rio Tinto remuneration committee and will also cease to be a member of the audit committee. Sam Laidlaw, who previously chaired the remuneration committee at HSBC Holdings plc, will succeed Mr Thompson as chair of the Rio Tinto remuneration committee with effect from 5 March 2018.
TOKYO -- Call it a consequence of Beijing tightening its ban on poor-quality steel made from melted scrap, but China is fast becoming a major exporter of scrap iron.
A campaign to shut down furnaces that produce steel that fails to meet environmental and quality standards has created a 68 million-ton glut of scrap iron in China, said Seiichi Hayashi, head of Steel Recycling Research, a Japanese scrap iron research firm.
The export drive began in April, and as scrap found its way to Vietnam, one of Japan's largest markets for scrap iron, the Japanese industry was left to fret.
China's scrap iron exports spiked to 15,000 tons in April from a monthly average of 240 tons in the first quarter of 2017. They further skyrocketed to 80,000 tons in May and 510,000 tons in September. This compares with Japan's monthly average of 680,000 tons during the first 10 months of the year.
Concerns about the Chinese deluge temporarily pushed down scrap iron prices in Japan. But since Beijing regards scrap iron as an important resource, it levies a 40% export tax on the material, dimming prospects that China will start flooding markets with cheaper product in the near future.
"We are not overly concerned that Chinese exports may flood the Japanese market and cause prices to sink," said Kazuyoshi Aizawa, president of a scrap dealer in Kawasaki.
Tokyo Steel Manufacturing this spring did import Chinese scrap for its plant in Kyushu, in the south of the country.
For plants in Kyushu, which is close to China, this makes sense, said an executive at a steelmaker that uses electric furnaces in Japan's eastern Kanto region. But the company has no intention of following suit because transportation costs would offset the benefits, the executive added.
There are also concerns about the quality of Chinese scrap iron. "We cannot be 100% confident about the quality," said a manager in charge of purchasing at a blast-furnace steelmaker. "We have no plan to buy [Chinese scrap] no matter how cheap it is."
Attitudes are different in other Asian markets. In September, when Chinese scrap iron exports hit this year's monthly high for the first 10 months of the year, China exported 68,000 tons to Vietnam. Japan exported 129,000 tons to the country that month.
The figures alarm the Japanese industry because monthly Chinese exports to Vietnam were less than 10,000 tons until May and 20,000 tons in June.
Chinese exports can take land routes to Vietnam, which gives them a big advantage over those from Japan. "Offers for Japanese scrap iron from Vietnam have been decreasing," Aizawa said. "There is no doubt that Chinese exports are roiling Asian markets."
If Japanese exports decline due to Chinese competition, Hayashi of Steel Recycling Research said, domestic scrap prices will fall.
The operator of the Fukushima Daiichi nuclear power plant has released an analysis of images taken inside a damaged reactor.
The images were captured during a probe of the No.3 reactor by a remote-controlled robot in July.
The probe confirmed for the first time the existence of lumps that are likely to be fuel debris as well as damaged components of the reactor.
Fuel debris is a mixture of melted nuclear fuel and broken reactor parts. It is believed to be accumulating inside the containment vessels of the 3 reactors that underwent meltdowns at the plant.
Tokyo Electric Power Company officials said on Thursday night that one of the images taken just below the pressure vessel of the No.3 reactor shows damaged tube-shaped devices that were used to insert control rods into the reactor.
They said they also confirmed that the cables laid along a supporting structure called a pedestal were severely damaged.
The officials said the cables, which are connected to thermometers, will melt only at temperatures over 1,000 degrees Celsius. They said this could suggest that molten fuel and other objects fell from the reactor and inflicted the damage on the cables.
Tokyo Electric plans to conduct further analyses as part of its efforts to work out ways to remove the fuel debris. The removal is an important step toward decommissioning the disabled plant.
Ministry of Foreign Affairs of Mongolia : The first Joint Committee meeting between Ministry of Mongolia and Canada held in Ottawa www.4-traders.com
The first Joint Committee meeting between Ministry of Food, Agriculture and Light Industry of Mongolia (MoFALI) and Agriculture and Agri-food Canada (AAFC) was successfully held in Ottawa on 27 November 2017. The meeting has been accordingly prepared and organized within the framework of MOU on agricultural cooperation, signed between MoFALI and AAFC on 28 September 2010.
Mr. L.Bayartulga, State Secretary of MoFALI and Mr. Fred Gorrell, Assistant Deputy Minister of AAFC led their respective delegates at the meeting. Both sides have exchanged information on the current developments in their agricultural sectors and discussed the areas of future cooperation.
As a part of the meeting, the Mongolian delegation visited the Ottawa Research and Development Center and got introduced about the research activities on long-term tillage and cold climate crops. The center presented a part of its rare insect collection, one of the biggest in the world, to the delegations.
Mongolia is the guest of honor of this year’s Winter Wonders, a major pre-Christmas event organized every year in Brussels’ city center in Belgium.
Manneken-Pis wearing a deel
Manneken-Pis, the symbol of Brussels folklore, wore a new deel, the traditional clothing of Mongolia, for the opening of the event on November 25 and 26. Ambassador of Mongolia to Belgium O.Och, Mayor of Brussels Philippe Close and other city officials attended the opening.
Manneken-Pis will wear the costume again on December 17, from 9:00 a.m. to 6:00 p.m., according to the event planner.
A “Mongolian Village” has been set up at the center of Winter Wonders to promote arts and crafts and other products made in Mongolia, as well as allow locals to taste Mongolian food while watching Mongolian artists perform. Wool and cashmere producers, tourism companies and restaurants are exhibiting their products at the event, according to the Ministry of Foreign Relations of Mongolia.
“Mongolian gers have been set up in Brussels. This shows that no matter how far or close, Mongolians strive to bring their traditions and cultures closer to Europeans and foreigners and spread positive and correct understanding about their home country,” a spokesperson for the Ministry of Foreign Relations noted.
Mongolian Village at Winter Wonders in Brussels
Winter Wonder is an annual event held before and during the Christmas holidays with enchanting rendezvous, colorful stalls for stocking up on gifts and treats within a two-kilometer trail, original food tastings, sound and light shows, and attractions including merry-go-rounds on Place Sainte-Catherine, the large wheel, and ice rink at Marche aux Poissons.
This year, Brussel officials paid special attention to its decorations to create “an enchanting and magical setting that can be seen from the satellite”.
Mr. Tsogtgerel Batchuluun, Vice Minister for road and transportation development meets with Mark Garnier, Parliamentary Under Secretary of State at the Department for international Trade at the FCO. Two ministers have exchanged their assessments on bilateral cooperation and reiterated readiness of future collaboration in the field of infrastructure development in Mongolia. Secretary Garnier came to Mongolia last spring with working visit and set up a good basis for the cooperation between two ministries....
Mongolia to see recovery on investment, higher coal prices - minister www.energy.economictimes.indiatimes.com
Ulaanbaatar: Mongolia's new finance minister said he expects the pace of economic growth to rise, aided by more foreign investment and a recovery in commodity prices after their calamitous slump in 2016.
Last year, when Mongolia turned to the International Monetary Fund (IMF) for aid as it struggled to pay its debts, growth was just 1 percent.
Finance Minister Chimed Khurelbaatar, who was appointed last month, told Reuters in an interview this week that in the third quarter of 2017, Mongolia's growth was 5.6 percent from a year earlier.
He did not give a full-year projection for this year, but said growth in 2018 should be 4.2 percent, shored up by the $5.5 billion IMF-led rescue package agreed in May.
On Thursday, rating agency Moody's Investors Service said growth should reach 4.2 percent this year.
Mongolia's troubled economy has been lifted by improving coal trade activity, sourced mostly from the Gobi desert in southern Mongolia, less than 250 kilometres from the Mongolia-China border.
Global coal prices have been significantly stronger this year, but Mongolia's ability to profit from this has been hampered by a crackdown on smuggling on both sides of the China-Mongolia border. This has created a huge bottleneck at the border.
"We have higher coal prices, but Mongolia cannot benefit from this," Khurelbaatar said.
He said Mongolia would "work very closely" with Beijing to ease the bottleneck.
Mongolia is in the process of refinancing debts with new bonds now that it is able to set lower rates of interest, said Khurelbaatar. The country is reforming its tax system in a bid to boost revenues, and will launch a 10-25 percent progressive income tax in January.
However, Khurelbaatar said there are no plans to raise the rate of tax on the mining sector, which accounted for 20 per cent of GDP last year, though there are plans to alter the bidding process for mining rights to improve transparency.
Moody's on Thursday maintained its sovereign credit rating for Mongolia at "Caa1 stable".
"Given the improved macroeconomic backdrop and commodity prices, the near-term fiscal and growth targets originally set under the country's IMF's programme have been surpassed," it said.
However, it said Mongolia's "narrowly diversified economy" remained "exposed to commodity price shocks that have resulted in volatile growth and government revenues."
SHANGHAI, Nov 30 (Reuters) – Chile's Codelco will soon sell its first copper cathodes with pricing that takes into account the environmental footprint of production, its chairman said on Thursday.
The plan would mark a stark change from the traditional pricing model for copper producers where the quality of metal is the price differentiator for what is otherwise a standardized product.
Under the scheme, customers would pay different prices for copper depending on the carbon footprint or impact on a local community of its production. The move echoes steps taken by the palm oil industry to establish a sustainable supply chain to address a tarnished environmental reputation.
State-run Codelco is currently negotiating with a team of customers – a trader, a wire producer and a final copper product producer – to establish a traceable system of certified copper, Oscar Landerretche told the Asia Copper Conference in Shanghai.
The initiative, known in English as Responsible, Sustainable and Traceable Copper, could be dubbed "feng shui copper" in Chinese, Landerretche said, explaining that it was needed because of the "over commercial" nature of today's economy.
"Very soon we will carry out the first decommoditized copper sale in which the customer will recognize, with external certification, the environmental attributes of the production as a principle part of the value offer," he said.
"This is imminent. Actually, it is going to happen during the next couple of months."
Under the new terms, Codelco's copper cathodes will be certified in eight ways: carbon footprint, water footprint, territorial impact, community impact, human rights, equal opportunity and inclusion, occupational safety and health, and transparency, ethics and traceability of funds.
"We dream of a decommoditized copper market that has differentiated prices for products with different certifications. We will do our part, but so must customers, consumers and partner companies," Landerretche said.
While Codelco's plan would mark a first for the copper industry, producers of aluminium started charging premiums for low carbon products and metal made from renewable energy earlier this year.
Industry sources said there was growing interest among copper consumers in lowering their overall carbon footprint.
"There is definitely a push from the smelting side in general to lessen the impact on the environment, especially in China. From that side of things you can't ignore the potential (for differentiated pricing)," said commodities analyst Dan Hynes of ANZ in Sydney.
Landerretche said the pilot program involved one or two company divisions, but he hoped it would become standard for the market.
He also called for Chile to come up with a new governance model for lithium production that defines the relationship between miners and local communities, amid a boom in Chinese demand for use in rechargeable batteries.
Codelco officials are meeting with research institutes while in China to learn more about the process of lithium extraction, Codelco CEO Nelson Pizarro told Reuters on Wednesday....
For the purposes of increasing the public’s capital markets knowledge and demonstrate to the public how to participate in stocks and bond trading, "Mongolian Stock Exchange" JSC is organizing "Green arrow" reality show in cooperation with the "Mongolian National Radio and Television" LLC. The reality show will be broadcasted nationwide from December 11, 2017.
The participants to the reality show are 5 representatives from the public who have never had any exposure to the capital markets before, and they will participate by purchasing securities at the “Mongolian Stock Exchange” based on the advice of professional investment advisors. The show is composed of 7 episodes, each of which lasts 40 minutes and the winner will be the participant who has increased the value of his/her portfolio the most during the show time.
The value of the securities fluctuates in line with the overall market situation as well as the individual operations of joint stock companies and therefore, the investment portfolio of the participants are equally likely to increase or decrease. The purpose of this reality show is to illustrate this reality of the stock market, highlighting not only the upside potential of the market but also its inherent risks.
“Green Arrow” reality show will be broadcasted on MNB channel every Monday from December 11th, 2017.
On November 30, 2017, 411,324 shares of 27 firms listed as Tier I, II, and III were traded. 11 firms’ shares increased in price, 13 decreased and 3 remained unchanged. Erdenet Auto Zam JSC /EAZ/ was the top performer, increasing 15.00 percent, whereas Mongol Shevro JSC /MVO/ was the worst performer, decreasing 14.40 percent.
On the secondary market for government bonds, 659 bonds with a value of MNT64.8 million were traded.
On the secondary market for government bonds block trading, 1,000 bonds with a value of MNT105.5 million were traded.
On the secondary market for corporate bonds, 951 bonds with a value of MNT95.1 million were traded.
The MSE ALL Index decreased by 1.37 percent to stand at 1,244.57 points. The MSE market cap stands at MNT2,381,559,057,577,022