1 JEFF BEZOS IS NOW WORTH MORE THAN BILL GATES AND LARRY PAGE COMBINED WWW.CNN.COM PUBLISHED:2018/07/17      2 APARTMENT COMPLEX FOR YOUNG FAMILIES UNDER CONSTRUCTION IN ERDENET WWW.MONTSAME.MN PUBLISHED:2018/07/17      3 NUM GRADUATES INVITED TO WORK FOR TOSHIBA CORPORATION WWW.MONTSAME.MN PUBLISHED:2018/07/17      4 RUSSIA & UNITED STATES CAN COMPETE & WORK TOGETHER IN ENERGY MARKET - PUTIN WWW.RT.COM PUBLISHED:2018/07/17      5 TESLA IS GETTING A CHINA FACTORY. THIS $4 BILLION STARTUP WILL BE WAITING WWW.BLOOMBERGTV.MN PUBLISHED:2018/07/17      6 HOW MINING TYCOONS ARE TRYING TO FOIL A BIG UK BRIBERY PROBE WWW.MINING.COM PUBLISHED:2018/07/17      7 MONGOLIA'S TOURISM REVENUE INCREASES BY 20 PERCENT WWW.NEWS.MN PUBLISHED:2018/07/16      8 WATER LEVELS OF MAJOR MONGOLIAN RIVERS EXCEED ALARM LINE WWW.XINHUANET.COM PUBLISHED:2018/07/16      9 CHINA SETS RECORD DAILY STEEL OUTPUT FOR THIRD MONTH IN A ROW WWW.REUTERS.COM PUBLISHED:2018/07/16      10 RUSSIAN RETAILERS, HOTELS EMERGE AS WORLD CUP WINNERS WWW.THEMOSCOWTIMES.COM PUBLISHED:2018/07/16      ОЛОН УЛСЫН ИННОВАЦИЙН ИНДЕКСЭЭР МОНГОЛ УЛС 53-Т ЖАГСЧЭЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/07/17     ШАДАР САЙД НҮБ-ЫН ӨНДӨР ТҮВШНИЙ УУЛЗАЛТАД ОРОЛЦОЖ БАЙНА WWW.EAGLE.MN НИЙТЭЛСЭН:2018/07/17     "ТАВАНТОЛГОЙ"-Н ТӨМӨР ЗАМЫН ТӨСӨЛ УРАГШЛАХ ЭСЭХ НЬ SHENHUA-ГААС ШАЛТГААЛАХААР БАЙНА WWW.ZGM.MN НИЙТЭЛСЭН:2018/07/17     ХӨШИГИЙН ХӨНДИЙН НИСЭХ БУУДАЛД 5.3 ТЭРБУМ ТӨГРӨГИЙН ҮНЭ БҮХИЙ ЦАЦРАГИЙН ХЯНАЛТЫН ТӨХӨӨРӨМЖ СУУРИЛУУЛНА WWW.DNN.MN НИЙТЭЛСЭН:2018/07/17     2017 ОНЫ САНХҮҮГИЙН НЭГДСЭН ТАЙЛАН ЗӨРЧИЛГҮЙ ДҮГНЭГДЛЭЭ WWW.NEWS.MN НИЙТЭЛСЭН:2018/07/17     2018 ОНЫ ЭХНИЙ ХАГАСТ ХЯТАДЫН ДНБ 6,8 ХУВИАР ӨСЧЭЭ WWW.GOGO.MN НИЙТЭЛСЭН:2018/07/17     МОНГОЛ УЛС ЯПОН УЛСАД 100 МЯНГАН АМ.ДОЛЛАРЫН ХҮМҮҮНЛЭГИЙН ТУСЛАМЖ ҮЗҮҮЛЭХЭЭР БОЛЛОО WWW.GOGO.MN НИЙТЭЛСЭН:2018/07/17     ОУВС-ГААС МАНАЙ УЛС 184.5 САЯ ДОЛЛАРЫН САНХҮҮЖИЛТ АВААД БАЙНА WWW.EAGLE.MN НИЙТЭЛСЭН:2018/07/17     МАНАЙ УЛСЫН ЗЭЭЛЖИХ ЗЭРЭГЛЭЛ ДЭЭШИЛЖЭЭ WWW.EAGLE.MN НИЙТЭЛСЭН:2018/07/16     “ЭРДЭНЭС-ТАВАНТОЛГОЙ” 40 САЯ ДАХЬ ТОНН НҮҮРСЭЭ ОЛБОРЛОЖЭЭ WWW.NEWS.MN  НИЙТЭЛСЭН:2018/07/16    

Events

Name organizer Where
"Open to Export" ICC WTO International business award ICC WTO London

NEWS

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Mongolia, Turkey discuss ties www.akipress.com

AKIPRESS.COM - Minister of Foreign Affairs of Mongolia D.Tsogtbaatar met Ahmet Yazal, Ambassador of Turkey to Mongolia, on November 14.

The Foreign Minister appreciated how bilateral relations are broadening in political, defense, cultural and educational spheres, emphasizing the importance of fully utilizing bilateral cooperation potentials in trade and economy. The Minister put forward a proposal on holding meetings and implementing joint projects targeted to developing bilateral cooperation in SMEs development, Montsame state news agency reported.

Ambassador Yazal informed that a brochure featuring business and investment opportunities in Mongolia has been drafted in collaboration with the Mongolian National Chamber of Commerce and Industry. The brochure will be distributed to Turkish commerce chambers. “The brochure will introduce unexplored business potentials in Mongolia to Turkish investors, helping attract more investment,” said the Ambassador.

Minister D.Tsogtbaatar commended the efforts of Turkey in strengthening bilateral people-to-people relations through education, noting the importance of the Mongolian alumni of Turkish universities in bringing the two countries closer.

Ambassador Yazal praised Mongolian students in Turkey, highlighting their dedication, excellence and superior knowledge. The Ambassador also notified that he had conveyed to corresponding organizations a proposal to eliminate the limit on number of scholarships provided by the Turkish Government.

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Cardiologists from Mongolia and Taiwan exchange experience www.news.mn

A medical conference entitled ‘Diagnosis and treatment of the coronary arteries’ was held in Ulaanbaatar on 10-11 November. The conference was co-organised by the Mongolian Science and Technological Fund with Taiwanese support.

Top Taiwanese cardiologists came to Ulaanbaatar to participate in the conference. During the event, the specialists exchanged experience and agreed on future cooperation steps.

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Cabinet to improve coal transport management www.montsame.mn

Ulaanbaatar /MONTSAME/ During the Cabinet’s regular meeting on November 15, Minister of Mining and Heavy Industry D.Sumiyabazar reported on the current state of Oyu Tolgoi and Tavan Tolgoi mines, coal transport and the Tsagaan Khad Customs Stockyard.

The Cabinet assigned corresponding Ministers to intensify the activities of Tsagaan Khad customs inspection area, and draft a proposal on management of coal export transport. Minister of Road and Transport Development J.Bat-Erdene was ordered to conduct an examination on entities engaging in coal transport.

Ministers D.Sumiyabazar and J.Bat-Erdene worked in Umnugobi aimag last weekend, and visited Gashuunsukhait border crossing to look over the situation of coal trucks. About 1,200-1,500 coal trucks passed the Gashuunsukhait border crossing daily until July 10, when the number was reduced to 500-600. As such, there is about 100-km-long logjam of coal trucks at the border crossing, regarding which the Ministers met with the drivers and local residents.

The Ministers also found that about 70 percent of 97 companies engaging in coal transport at the Gashuunsukhait border crossing have not established a labor contract with the drivers, excluding them from health, social and other insurances.

The road capacity at Gashuunsukhait border crossing is 65 tons per truck. Suggestions were made during the Ministers’ visit that the standard of 65 tons should be complied with as far as Tsagaan Khad border point, from where the the capacity should be increased to 100-110 tons until reaching Gants Mod border crossing. By doing so, volume of coal export can be increased by 40-50 percent even if only 500 trucks pass the border, said Minister D.Sumiyabazar.

As such, the Minister informed the press that the Cabinet will be taking steps to improve coal transport management including using a short-distance route through Tsagaan Khad border point starting from November 15. The Tsagaan Khad route will be used until March 1, 2018. In the mean time, the Government will hold negotiations with the Chinese side in the near future, he said.

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Itools secondary market trading to begin on November 16, 2017 www.mse.mn

ITools, the most recent company to be listed on the Mongolian Stock Exchange, provides over 30 products and services such as domain name registration, internet and e-mail provison. It issued 38.86% of its stock and raised MNT 1.3 billion through its IPO which concluded on November 10, 2017. Using the money it raised on the Mongolia Stock Exchange, the firm plans to expand its data center business by founding a TIER III standard Modular Data Center Park in Darkhan City. 

ITools IPO was oversubscribed by 3 times and reached orders for MNT 3.9 billion, becoming the highest ordered stock on the MSE. Due to the oversubscription of the IPO, shares were alloted on a pro-rata basis.

ITools secondary market trading will begin on November 16, 2017.

Standard Investment was underwriter for the firm.

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November 15, 2017 trading report www.mse.mn

On November 15, 2017, 107,261 shares of 18 firms listed as Tier I, II, and III were traded. 10 firms’ shares increased in price, 7 decreased and 1 remained unchanged. State Department Store JSC /UID/ was the top performer, increasing 8.16 percent, whereas Baganuur JSC /BAN/ was the worst performer, decreasing 10.29 percent.

On the secondary market for government bonds, 12 bonds with a value of MNT1.1 million were traded.

The MSE ALL Index increased by 0.3 percent to stand at 1,169.18 points. The MSE market cap stands at MNT 2,301,264,129,003.

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Buffett's Berkshire slashes IBM stake, adds to Apple www.reuters.com

NEW YORK (Reuters) - Warren Buffett’s Berkshire Hathaway Inc (BRKa.N) has sold another large piece of its stake in IBM Corp (IBM.N), backing further away from an investment that the billionaire has admitted was not one of his best.

Berkshire cut its IBM stake 32 percent in the third quarter to about 37 million shares worth $5.37 billion from 54.1 million shares worth $8.32 billion, according to a Tuesday regulatory filing detailing its U.S.-listed stock holdings.

The IBM share stake has fallen by 54 percent since the end of 2016, when Berkshire owned roughly 81 million shares for which it paid about $13.8 billion.

During the quarter, Berkshire also boosted its stake in Apple Inc (AAPL.O) 3 percent to 134.1 million shares worth $20.7 billion, and became Bank of America Corp’s (BAC.N) largest shareholder by exercising warrants for 700 million shares.

IBM, whose full name is International Business Machines Corp, accounted for most of the stock sales that Buffett and his deputies Todd Combs and Ted Weschler made in the quarter.

In May, Buffett revealed he had begun selling IBM, telling CNBC he did not value Big Blue as highly as he did six years earlier when he started buying.

“IBM is a big strong company, but they’ve got big strong competitors, too,” he said.

The IBM investment had been viewed as a surprise, given the 87-year-old Buffett’s resistance to investing in technology companies and businesses he found harder to understand.

Berkshire has said it paid an average of about $170 per share for IBM. The shares closed up 49 cents at $148.89 on Tuesday, but fell in after-hours trading.

For the third quarter, Berkshire also reported lower stakes in Wells Fargo & Co (WFC.N) and cable TV company Charter Communications Inc (CHTR.O), and higher stakes in seed company Monsanto Co (MON.N) and credit card issuer Synchrony Financial (SYF.N).

It also no longer reported a stake in Wabco Holdings Inc (WBC.N), which sells brake and suspension systems for commercial vehicles.

Berkshire is one of Wells Fargo’s largest shareholders, with a nearly 10 percent stake. In April, it withdrew a Federal Reserve application for permission to exceed that level, citing restrictions on its ability to do business with the bank.

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Sudbury Coleman Mine in shutdown for 30 days www.mining.com

Brazil’s Vale (NYSE:VALE) announced today that the temporary closure of its Coleman Mine in Sudbury, Ontario, which was caused by critical repair work taking place at the shaft's ventilation compartment, will take longer than expected.

Last week, Vale suspended operations at the nickel mine over safety concerns and today the company said the repair work won't be done until mid to late-December.

In a statement sent to the CBC, Amanda Brosseau, a spokesperson with the world’s No.1 iron ore producer, said that workers will be temporarily laid off for the period of the repair. “We know this is disruptive to our people at Coleman and their families. However, safety is at the core of this decision,” she is quoted as saying.

Under the terms of the collective agreement, employees do not get paid when work is not available. Therefore, this latest development has forced unions to step in and support workers in need.

According to Sudbury.com, 480 members of the United Steelworkers Union Local 6500 suddenly found themselves without a job and many of them are struggling to make ends meet. Some have access to employment insurance but some don’t.

“Since the shaft has been neglected for this long, they should not be paying the price,” the president of the union complained to the local publication. He also said that his organization is filing a grievance on behalf of the membership because they expected at least a 45-day notice.

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Entrée Resources Announces Third Quarter 2017 Financial Results www.wtol.com

VANCOUVER, Nov. 14, 2017 /PRNewswire/ - Entrée Resources Ltd. (TSX:ETG; NYSE American:EGI – the "Company" or "Entrée") is pleased to report its financial results for the three and nine months ended September 30, 2017. Details of the Company's third quarter 2017 financial results are contained in the unaudited consolidated financial statements and management's discussion and analysis, which are available on the Company's website at www.EntreeResourcesLtd.com, on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. All figures are in US dollars unless otherwise noted.

THIRD QUARTER 2017 HIGHLIGHTS

Entrée/Oyu Tolgoi JV Property

Entrée has engaged its consultants, Amec Foster Wheeler Americas Limited ("Amec Foster Wheeler") to commence work on an updated National Instrument 43-101 Technical Report (the "Technical Report") on Entrée's 20% participating interest in the Entrée/Oyu Tolgoi joint venture ("Entrée/Oyu Tolgoi JV") in Mongolia. Completion of the Technical Report will be a significant milestone for the Company as it will enable management to discuss preliminary economics for potential future phases of the Oyu Tolgoi mine, where a significant amount of the Entrée/Oyu Tolgoi JV's mineralization occurs, thereby helping investors to understand the underlying value of Entrée's flagship asset. The updated Technical Report will include:
an updated reserve case for the first lift ("Lift 1") of the Hugo North Extension block cave on the Entrée/Oyu Tolgoi JV property. The reserve will be based on information contained within the 2016 Oyu Tolgoi Feasibility Study finalized in May 2016 by Entrée's joint venture partner Oyu Tolgoi LLC ("OTLLC"). First development production from Lift 1 on the Entrée/Oyu Tolgoi JV property is expected in approximately 2021; and
a Preliminary Economic Assessment of Entrée's interest in both Lift 2 of the Hugo North Extension copper-gold deposit ("Lift 2") and the Heruga copper-gold-molybdenum deposit ("Heruga").
Entrée management visited the Oyu Tolgoi mine in early September and had an opportunity to tour some of the main surface infrastructure, including the concentrator and tailings facilities and to also go underground to observe some of the development work completed to date. This visit included a review of plans with OTLLC for the immediate and medium-term future. Entrée is pleased to report that project development, including both direct production and supporting infrastructure, appears to be on track and is being completed to the highest safety and operating standards.
The development of Shaft 4, which is the first physical development work on the Entrée/Oyu Tolgoi JV property, is expected to commence in 2018. Shaft 4 will provide the necessary ventilation required to support mining of the northern part of the Hugo North deposit (including Hugo North Extension on the Entrée/Oyu Tolgoi JV property), which is reported to contain some of the highest-grade copper-gold mineralization in the entire Oyu Tolgoi project. Completion of Shaft 4 is expected in 2021.
As reported by Turquoise Hill Resources Ltd. ("Turquoise Hill") on November 2, 2017, production from the Lift 1 underground mine, which starts on OTLLC's Oyu Tolgoi mining license, remains on track for first draw bell in mid-2020 and sustainable first production in 2021. Activities reported in Q3 2017 include:
Underground lateral development made good progress with approximately 1.4 equivalent kilometres completed. Since the re-start of development in 2016, a total of 5.4 equivalent kilometres of lateral development has been completed.
The third development crew was deployed. Crews four and five were in training during the quarter and are expected to be deployed during Q4 2017. Also during Q3 2017, commissioning of the new 3,500 tonne per day development crusher was completed. With the deployment of crews four and five, a step up in lateral development rates is expected to begin in Q4 2017.
At the end of Q3 2017, Shaft 2 sinking was at 1,249 metres and work had commenced on the service-level excavation that has a floor at 1,256 metres. Shaft 2 sinking is expected to be complete in 2017 at a final depth of 1,284 metres with fit out occurring over 2018. Shaft 2 is key to future increases in lateral development activity.
Shaft 5 sinking progressed approximately 214 metres during Q3 2017. During September, the underground team achieved the best sinking rate for Shaft 5 since project re-start averaging 2.6 metres per day. Sinking of Shaft 5 began slower than expected due to an extended construction re-start period and lower productivity with completion now likely in early 2018. When completed, Shaft 5 will be dedicated to ventilation thereby increasing the capacity for underground activities; however, with good early progress and continued on-plan lateral development, the completion of Shaft 5 sinking in early 2018 is not expected to materially impact the lateral development plan.
Development of the convey-to-surface decline continued to progress with month-on-month improvement resulting from the use of project-wide process optimization techniques. The convey-to-surface system is the eventual route of the full 95,000 tonne per day underground ore delivery system to the concentrator; however, it is not a critical path item for first draw bell planned in mid-2020. Expected completion of the convey-to-surface system is 2022, which will facilitate the ramp up to full production by 2027.
Corporate

Q3 2017 net loss from continuing operations, was $0.3 million as compared to Q3 2016 ($1.0 million), a reduction of 70% from the comparative period of 2016.
As at September 30, 2017, cash on hand was $7.7 million with a working capital balance of $7.8 million.

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Mongolia and Paraguay held first political consultations in Asunción www.akipress.com

AKIPRESS.COM - Deputy Minister for Foreign Affairs of Mongolia B.Battsetseg met Ambassador of Paraguay Federico González and Deputy Minister for Foreign Affairs of Paraguay.

They exchanged views on strengthening the friendly relations between the two countries; expanding bilateral cooperation in fields of economy, particularly, agriculture, and actively collaborating through the shared interests as landlocked developing countries.

Furthermore, the first political consultative meeting between the Ministries of Foreign Affairs of Mongolia and Paraguay was successfully held on November 9 in Asunción, GogoMongolia reported. 

The consultations were led by the two Deputy Foreign Ministers. During the meeting, the two sides evaluated current state of the bilateral relations and discussed the prospects of further cooperation, and exchanged views on cooperation within the framework of the United Nations and other international and regional organizations.

As Paraguay has vast experiences in the agricultural sector, Mongolian side expressed willingness to cooperate and learn from Paraguayan best practices in beef export such as the public-private partnerships, which significantly increased the beef export, and one–spot policy to support exporting enterprises. Paraguayan side supported the request and expressed readiness for the collaboration.

Moreover, the two sides highlighted the continuous mutual support and cooperation within the framework of the United Nations and other international organizations, and noted the willingness to actively collaborate in the scope of regional and multilateral cooperation such as the Forum for East Asia-Latin America Cooperation (FEALAC). Paraguay is one of the 10 founding member countries of the International Think Tank for Landlocked Developing Countries, based in Ulaanbaatar.

In this regard, the two parties emphasized the importance of active collaboration within the margins of the Think Tank. In addition, the two sides agreed to work towards establishing an agreement on mutual visa exemption for diplomatic and official passport holders of both countries. Mongolia has such consultative mechanism in place with the foreign ministries of Mexico, Cuba, Brazil, Argentina, Colombia and Paraguay among the Latin American countries.

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Mongolia and Laos to mutually supply goods www.montsame.mn

Ulaanbaatar /MONTSAME/ Minister of Foreign Affairs D.Tsogtbaatar met Monday Sialounkone Seng-Outhone, Ambassador Extraordinary and Plenipotentiary of the Lao People’s Democratic Republic to Mongolia and they exchanged views on bilateral relations and cooperation.

Minister D.Tsogtbaatar emphasized Mongolia and the Lao People’s Democratic Republic has developing friendly relations and he invited Saleumxay Kommasith, Minister of Foreign Affairs of Laos to visit Mongolia. Moreover the parties exchanged views on holding regular consultative meeting between the Ministries of Foreign Affairs of Mongolia and Laos in Vientiane and sign on memorandum of understanding between the Ministries.

The Minister expressed his gratitude on Laotian support for Mongolia’s proposal to establish International Tink Tank for LLDCs and suggested to closely cooperate further in frame of this institute.

Mr. Sialounkone Seng-Outhone congratulated Minister D.Tsogtbaatar for his appointment as Foreign Minister of Mongolia and conveyed greetings from Saleumxay Kommasith, Minister of Foreign Affairs of Laos. He noted that the two countries have had regular high level meetings and talks and expressed hope that Mongolian delegation would visit the Lao People’s Democratic Republic in the near future. Also the sides agreed to support the deal on mutually supplying goods such as Mongolian frozen meat and meat products, and carpet and Laotian agricultural products within the scope of broadening commercial and economic ties between the countries.

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