1 VOLKSWAGEN TO SPEND $50 BILLION ON ELECTRIC CAR 'OFFENSIVE' WWW.CNN.COM PUBLISHED:2018/11/19      2 HABITABILITY OF MONGOLIA UNDER THREAT FROM CLIMATE CHANGE WWW.ADELAIDENOW.COM.AU PUBLISHED:2018/11/19      3 THE SURPRISE FUEL FLOWS SPARKED BY A RAGING U.S.-CHINA TRADE WAR WWW.BLOOMBERG.COM PUBLISHED:2018/11/19      4 MONGOLIA’S COAL EXPORTS IN FIRST 10 MONTHS UP 10PC WWW.XINHUANET.COM PUBLISHED:2018/11/19      5 ABOUT 100 THOUSAND PASSENGERS PASSED THROUGH MONGOLIA-XINJIANG BORDER WWW.MONTSAME.MN PUBLISHED:2018/11/19      6 CHINA'S ‘ONE BELT, ONE ROAD’ GLOBAL INVESTMENT PLAN MAPPED OUT WWW.RT.COM PUBLISHED:2018/11/19      7 ASIA SUMMIT ENDS IN HISTORIC FAILURE WWW.CNN.COM PUBLISHED:2018/11/19      8 INAUGURATION OF SHERAB KYETSEL LING INSTITUTE WWW.DALAILAMA.COM PUBLISHED:2018/11/19      9 US-MONGOLIA 'THIRD NEIGHBOR TRADE ACT' ON THE WAY WWW.THEDIPLOMAT.COM PUBLISHED:2018/11/17      10 CHINA'S FIGHT AGAINST SMOG MAKES PALLADIUM 2018'S BEST METAL WWW.MINING.COM PUBLISHED:2018/11/17      БНХАУ-ЫН ОЛОН УЛСЫН ИМПОРТЫН ҮЗЭСГЭЛЭН БНХАУ-ОХУ-ЫН БИЗНЕСИЙН ХАРИЛЦААГ ӨРГӨЖҮҮЛЛЭЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/11/19     АМЧАМ МОНГОЛ 2018 ОНЫ ЖИЛИЙН ТАЙЛАНГИЙН ХУРЛАА АМЖИЛТТАЙ ЗОХИОН БАЙГУУЛЛАА WWW.IKON.MN НИЙТЭЛСЭН:2018/11/19     ЗЭСИЙН ЗАХ ЗЭЭЛД ЦОЙЛУУЛАХ ХАРМАГТАЙ WWW.DNN.MN НИЙТЭЛСЭН:2018/11/19     ГАШУУНСУХАЙТ АВТО ЗАМ ХХК: БЯМБА ГАРАГТ ГАШУУНСУХАЙТ-ГАНЦМОД БООМТООР НҮҮРС ТЭЭВРИЙН 99 АВТОМАШИН НЭВТЭРСЭН WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/11/19     НЭГ АЖИЛТАНД НОГДОХ ДНБ III УЛИРЛЫН БАЙДЛААР 3.7 САЯ ТӨГРӨГ БОЛЖ ӨСЖЭЭ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/11/19     ХЯТАДЫН ХЯЗГААРЛАЛТ $300-450 САЯЫГ ГАЦААНА WWW.ZGM.MN НИЙТЭЛСЭН:2018/11/19     АЗЕРБАЙЖАН УЛС МАНАЙД ДАРС НИЙЛҮҮЛЭХЭЭР БОЛЛОО WWW.UNUUDUR.MN НИЙТЭЛСЭН:2018/11/19     ШУУДАН, ХАРИЛЦАА ХОЛБООНЫ САЛБАРЫН ОРЛОГО ОНЫ ЭХНИЙ 9 САРД 21.4 ХУВИАР ӨСӨВ WWW.GOGO.MN НИЙТЭЛСЭН:2018/11/19     БНСУ-ЫН АЖ АХУЙН НЭГЖҮҮДИЙН АУТСОРСИНГ ЗАХИАЛГЫГ ГҮЙЦЭТГЭХ ЗАЛУУЧУУДЫГ СОНГОН, ШАЛГАРУУЛНА WWW.UNUUDUR.MN НИЙТЭЛСЭН:2018/11/17     НҮҮРСНИЙ ЭКСПОРТ 10 ХУВИАР ӨСӨЖ, 31.3 САЯ ТОНН БОЛОВ WWW.GOGO.MN НИЙТЭЛСЭН:2018/11/17    

Events

Name organizer Where
Frontier's "Invest Mongolia Tokyo 2018" Frontier Securities Tokyo Japan
"Open to Export" ICC WTO International business award ICC WTO London

NEWS

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Russia to open 3 polling stations in Mongolia for presidential vote www.xinhuanet.com

ULAN BATOR, March 6 (Xinhua) -- Russians who live in Mongolia will be able to participate in the March presidential election at three polling stations here, Rygzyn Rakshaev, minister-counsellor of the Russian Embassy in Mongolia, said Tuesday.

Over 1,300 permanent and temporary Russian residents can vote at the polling stations from 8 a.m. local time (0000 GMT) to 8 p.m.(1200 GMT), the diplomat said.

The Russian presidential election will be held on March 18. There are eight candidates running for president this year, including incumbent President Vladimir Putin, who is running as an independent candidate.

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Erdenes Tavan Tolgoi seeks dual listing on SEHK www.gogo.mn

At the orders of the Government and Erdenes Mongol LLC, parent company of ETT, the board of Erdenes Tavan Tolgoi (ETT) has decided to register the shareholders of 1072 shares distributed to every citizen of Mongolia last week. Sumiyabazar Dolgorsuren, the Minister of Mining and Heavy Industry, previously revealed that he has already provided guidance and directive to the relevant agencies to study the possibilities of listing Erdenes Tavan Tolgoi (ETT) on the Hong Kong Stock Exchange (SEHK) in 2018. The minister believes dual listing is possible and that ETT shares can be traded on both the Mongolian Stock Exchange and Hong Kong Stock Exchange.

At an irregular meeting of the cabinet held on February 23, Sumiyabazar Dolgorsuren, Minister of Mining and Heavy Industry briefed the cabinet on the issues of establishing a sovereign wealth fund and listing of ETT on two stock exchanges. Currently, the ETT shareholding structure is composed of the Government of Mongolia and Mongolian public who own 85 percent and 15 percent of the total outstanding shares of ETT, respectively.

According to the Mineral Resources and Petroleum Authority of Mongolia, there are 9 companies operating in the deposits of strategic importance as set by the Parliament. Tavan Tolgoi, one of the world’s largest high-quality coal deposit sites, is expected to yield over six billion tonnes of resources, of which, a quarter is estimated to be coking coal.

The government intended to sell shares of ETT on the stock exchange both locally and internationally; however, the long-awaited IPO was postponed several times in past years due to weaker coal prices, poor market conditions, and uncertainty over the legal environment in Mongolia.

According to MarketIntel, 80 percent of the total outstanding shares of ETT are already owned by the government of Mongolia and Mongolian citizens. Of those 80 percent of shares, 0.05 percent shares are owned by Mongolian business entities, 14.75 percent and 65.2 percent shares are owned by Mongolian citizens and the government of Mongolia. Whereas, 20 percent of the total outstanding shares of ETT are available to be listed on local and international stock exchanges. Whether ETT is successfully listed on stock exchanges locally and internationally within 2018, the attempt itself will have a significant positive impact on local capital markets and on the coal industry. If the matter is pushed to the following year, it will come too close to the next parliamentary election and may become a highly politicized subject.

Tugsbilig.B

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Mongolian PM to visit Qatar www.news.mn

U.Khurelsukh, prime minister of Mongolia received Sultan al-Mansuri, the non-resident ambassador from Qatar to Mongolia on Tuesday. During the meeting, H.E. Sultan al-Mansuri handed over an invitation to the prime minister to visit Qatar. PM U.Khurelsukh gratefully received the invitation. He is planning to sign memorandums of cooperation on various sectors between Mongolia and Qatar.

The prime minister noted that Mongolia is looking forward to welcoming the Emir of Qatar and that he is glad cooperation between the two countries is steadily developing. PM U.Khurelsukh said the government would provide its fullest support if Qatar opens an embassy in Mongolia.

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Trade with Russia increased by 52 percent www.montsame.mn

Ulaanbaatar/MONTSAME/ As of January, 2018 Mongolia’s foreign trade turnover reached USD785 million, showing 11 percent increase as compared with the same period of previous year. Total export dropped by one percent or USD5 million while import increased by 30 percent or USD84 million.

About trades with neighbor countries, Mongolia made 61 percent of the total foreign trade turnover with China whilst trade with Russia was amounted 16 percent. Trade with China increased by 0.3 percent, but it showed 52 percent increase in trade with Russia.

34 percent of total imports were investment products, including machinery, equipment and constructional materials. 31 percent were fast-moving consumer goods, such as foods, pharmaceuticals, clothes, home utensils as well as others. Import of oil products made up 21 percent.

M.Unurzul

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Rio Tinto, former execs. once again move to have SEC case dismissed www.mining.com

Rio Tinto (ASX, LON:RIO) and two former top executives have filed a motion requesting a U.S. regulator’s lawsuit accusing them of fraud for overstating the value of Mozambique coal assets to be dismissed.

In the 71-page filing, quoted by FT.com, lawyers representing the company, its former chief executive Tom Albanese, and its ex finance director Guy Elliott argue the Securities and Exchange Commission (SEC) lawsuit is “plainly wrong”.

Case relates to allegations of an attempt to cover up multi-billion losses on a coal investment in Mozambique.
The charges originally laid by the SEC in October last year relate to allegations of an attempt to cover up multi-billion losses on a coal investment in the African country.

Those assets were acquired for $3.7 billion in 2011 from ASX-listed Riversdale Mining, but sold a few years later for $50 million. Rio ultimately took a $3-billion write down on Riversdale — later renamed RTCM — in January 2013, when it also fired Albanese.

The SEC argues that Rio should have taken the impairment charge within just 11 months of the acquisition. But at a time, the lawyers said, the company had not yet completed its analysis of the quantity and quality of the available coal or determined whether there was a viable means for transporting the coal to market.

“This is plainly wrong, and each of its claims consequently fail to meet well-established threshold pleading requirements and must be dismissed,” they said.

The professionals also claimed that Rio moved swiftly to impair the value of the coal assets as soon as its received “late-breaking ore-body test results” late in 2012.

The move follows a letter sent in January by Rio and the executives asking the court handling the case to dismiss the fraud charges against them. The SEC rejected such petition.

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Trump tariffs: President says EU makes business 'impossible' www.bbc.com

US President Donald Trump has said European Union trade rules make it "impossible" for American firms to do business with the bloc.

Defending his tariff plans as he hosted the Swedish PM at the White House, Mr Trump said other countries had "taken advantage of" the US for decades.

Shortly afterwards it was announced that White House economic adviser Gary Cohn, who opposes tariffs, would quit.

The EU has drawn up a $3.5bn (£2.5bn) hit list of retaliatory tariffs.

Motorbikes, whiskey and T-shirts are on the bloc's list of 100 American products, the BBC understands.

"The European Union has been particularly tough on the United States," Mr Trump said at Tuesday's joint press conference with the Swedish prime minister.

"They make it almost impossible for us to do business with them," Mr Trump complained.

Mr Trump said if the EU retaliated, the US would impose a 25% tax on European cars.

But the US president also said America would levy tariffs in a "loving, loving way".

"They'll like us better and they'll respect us more," he said about US trade partners who object to the plan.

"When we're behind on every single country, trade wars aren't so bad," he told reporters at the White House.

Mr Trump's decision to raise import taxes on steel to 25% and aluminium to 10% prompted strong reactions around the world last week.

Swedish PM Stefan Lofven said: "I am convinced that increased tariffs will hurt us all in the long run."

Mr Lofven is the first European leader to visit the White House since the tariffs were announced last week.

Members of Mr Trump's Republican party have voicing disquiet at his proposal.

Just before Mr Trump spoke, Senate leader Mitch McConnell said: "There is a lot of concern among Republican senators that this could sort of metastasise into sort of a larger trade war."

Earlier on Tuesday, Speaker of the House Paul Ryan said the tariffs were too broad.

He urged Mr Trump "to be more surgical" when selecting which countries to target "so we do not have unintended consequences".

Congressman Mark Meadows, who chairs the ultraconservative Freedom Caucus, said most lawmakers had told him they did not support the president's decision.

Mexican Economy Minister Ildefonso Guajardo said his country was planning its own tariffs on US goods.

He said they would issue them in a way that is most politically damaging to Mr Trump.

"We would have to target our response at the things they export that are most politically sensitive and hit exactly those goods," he told Mexican broadcaster Televisa.

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Golomt bank appoints James B.Dwyer as an independent member of the Board of directors www.mongolianbusinessdatabase.com

Golomt Bank appointed Mr. James B. Dwyer as an Independent member of its Board of Directors.

Mr. Dwyer brings more than 30 years of international investment banking experience, making him uniquely qualified to further strengthen Golomt Bank’s Board functions as well as the overall corporate governance system of the Bank.

About Mr. James B. Dwyer 
Mr. Dwyer co-founded and was appointed Executive Director to manage the activities of Business Council of Mongolia (BCM) from its formation in August 2007 to April 2016 and served as Vice Chairman until April 2017. He lived in New York City and worked for Wall Street-based firms as an investment banker specializing in Mergers & Acquisitions since the 1970's including the position as Global Head of M&A for Union Bank of Switzerland (UBS). Mr. Dwyer relocated to Ulaanbaatar in May 2001 to manage the successful privatizations of Mongolia's two largest commercial banks, Trade & Development Bank and Khan Bank and served pro bono as Chief Operating Officer of NAMBC-Mongolia from 2003 until the formation of BCM in 2007. He serves as an Independent Director of Mandal General Insurance, Independent Director of Mongolia Growth Group (TSXV), Non-executive Chairman of Mongoljin Private Capital, and Chairman and President of Mongolian Education Foundation (U.S. affiliate of the American University of Mongolia). Mr. Dwyer also provides advisory services to selected entities. He graduated with a BBA from the University of Notre Dame and received an MBA from Columbia Graduate School of Business. James subsequently served as President of Columbia Business School’s Alumni Association (currently 40,000 alumni).

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PDAC Convention highlights www.gogo.mn

This year’s PDAC Convention was attended by over 200 representatives from Mongolia.

During a PDAC conference, the Mongolian Minister of Mining and Heavy Industry spoke to attendees about Mongolia's plans for establishing a resource treasury fund, beginning with the issuance of Erdenes Tavan Tolgoi shares as an IPO available to the international market.

Xanadu Mines reported on their plans to be dually listed on the Toronto Stock Exchange.

Investors attending the Mongolia conference asked about the stability of Mongolia's tax environment and asked for clarification about tax reforms that would impact the transfer of special mining and exploration licenses. The Minister of Mining told investors that the government is working on tax solutions that would focus on a company’s profits rather than its sales.

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Mongolian companies look to trade on the TSE www.gogo.mn

Several mining companies operating in Mongolia attended the Prospectors and Developers Association of Canada (PDAC) conference in Toronto, Canada, and expressed their interest in trading on the Toronto Stock Exchange.

During the conference, Mongolian Metals Corporation, Steppe Gold and other companies with Mongolian interests presented their projects to foreign investors. In 2017, it was announced that Steppe Gold planned to issue an IPO, and the company has started to intensify its exploration in Mongolia.

The company recently bought the Altan Tsagaan Ovoo special mining license from Centerra Gold for 9.8 million USD, and has initiated drilling of 4,000 meters at the mine site.

Steppe Gold also purchased a license for the Uudam Khundii exploration project in Bayankhongor Province with an 80/20 percent joint venture with the local government. According to company, initial exploration work has been completed, resulting in the identification of four new gold reserves. Mongolian Metals Corporation has purchased 13 exploration licenses within the last 12 years, and has been actively conducting exploration on 75,000 hectares in Bayankhongor Province over the past nine years.

The company reports that it identified promising reserves of gold, copper, and silver in 2017. Bloomberg TV Mongolia reported that during the conference, Minister of Mining and Heavy Industry D. Sumiyabazar informed investors that Mongolia will lower taxes on the sale of mining licenses.

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Fitch: MAK's extension does not affect expected ratings www.gogo.mn

Fitch Rating announced that Mongolyn Alt (MAK) LLC has received an extension on the expiry of its consent and waivers for its loans from the European Bank for Reconstruction and Development (EBRD) and Deutsche Investitions (DEG) to March 31, 2018 from February 28, 2018, as a proposed bond issuance has been delayed. The extension will not affect the expected Long-Term Issuer Default Rating (IDR) of “CCC+” on MAK and the expected rating of “CCC+”on its proposed US dollar notes that Fitch Ratings assigned on 31 January 2018. Fitch reported that it will continue to monitor closely the company's refinancing and restructuring efforts.

MAK's expected ratings reflects the Mongolia-based coal miner's adequate liquidity and debt maturity profiles, assuming it completes the proposed bond deal and debt restructuring. The company plans to repay some of its existing loan facilities that are in default with proceeds from the proposed bond. The remaining loans will be restructured based on terms outlined in the signed consents and waivers from each respective lender.

MAK intends to repay the loans from EBRD and DEG with the proceeds from the proposed bond issuance. The consent and waivers from the company's other lenders expire on May 31, June 30, (Development Bank of Mongolia) and August 31 (BHF-BANK Aktiengesellschaft). In addition, the EKF loan consents and waivers require MAK to complete its proposed bond issuance by March 31, 2018.

MAK's expected IDR incorporates Fitch's expectation that the company will be able to generate positive free cash flows over the medium term, barring a significant deterioration in coal prices. This is based on the assumption that MAK will be able to reduce production costs and capex during moderate coal price weakness.

These expectations are counterbalanced by MAK's history of aggressive debt-funded investments, and limited access to external funding, which may heighten the company's liquidity risk if there is a sharp, sustained coal price or demand downturn and unfavourable capital market conditions.

The final ratings are contingent upon successful issuance of the proposed bond and completion of the restructuring in line with the terms already received, and upon receipt of final documents conforming to information already received.

Oyunbayar.N

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