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Speaker of Parliament M.Enkhbold received Russian delegates led by Russia’s First Deputy Chairman of the Federation Council Committee on Economic Policy Sergei Kalashnikov on Monday at the State House.
During their meeting, Speaker M.Enkhbold stressed that the two countries’ legislatures should work together to deal with challenges in customs, taxation and transportation, and focus on enhancing their legal and regulatory environment to increase trade and economic cooperation between the two countries.
He added that as a medium-term program for the development of Mongolia-Russia strategic partnership is the basic guideline of mutual cooperation and the main goal of strategic partnership for the next five years, the two countries’ legislatures should urge their governments to implement the program.
Kalashnikov noted that at a meeting between the Russian Federation Council Committee and the Mongolia-Russia Inter-Parliamentary Group in the Mongolia’s legislature in Novosibirsk City of Russia last year, the sides discussed future plans and pointed out that a mechanism to promote cooperation between the two nations’ legislatures, which has been of great importance to developing efficient and constant collaboration in all sectors of the two countries.
Ulaanbaatar /MONTSAME/ As of October 2, 2017, Bank of Mongolia’s gold purchase reached 15.1 tons. The number indicates 1.3 tons of increase compared to the same period of last year. Within this period, a total of 182 individuals and 106 private entities sold their gold to BoM.
BoM is holding policy to centralize gold exchange at home and within its framework, the bank is focusing on informing the public. Accordingly, ‘Mongol Alt’ /Mongolian Gold/ campaign has launched, regularly organizing training for micro miners and private entities, as well as cooperating with related agencies.
After Anti-China Campaign Rhetoric, Mongolia’s President Congratulates China on National Day www.thediplomat.com
Mongolia’s newly-elected President Khaltmaa Battulga won office in July on the back of a campaign laced with anti-China rhetoric. Nonetheless, on September 28, Battulga sent a congratulatory message to Chinese President Xi Jinping, marking the 68th anniversary of the founding of the People’s Republic of China.
On September 29, Chinese foreign ministry spokesperson Lu Kang expressed gratitude to Battulga. According to Lu, Battulga said that mutually cooperation fully serves the interests of the two peoples; Mongolia is willing to move forward the China-Mongolia comprehensive strategic partnership based on the principle of respecting each other’s core interests. Battulga also expressed appreciation for China’s assistance and concessional loans to Mongolia. The Mongolian president’s website doesn’t mention the message.
Mongolia depends overwhelmingly on China: almost 90 percent of Mongolia’s exports go to China, and one-third of its imports come from China. In addition, failing to pay debt on time, Mongolia in February asked China to extend a 15 billion yuan ($2.2 billion) currency swap agreement.
Battulga ran his populist presidential campaign by stoking anti-China sentiment among the Mongolian public. As The Diplomat reported, during the campaign, Battulga repeatedly mentioned “threats” from the east, meaning China. In addition, he played the ethnic card, implying that his rival was not a true son of Mongolia, but instead had mixed Mongolian and Chinese heritage. Battulga also said in a 2014 television interview: “The resources will finish in 40 to 50 years and there will definitely be conflict between the Mongolians and the Chinese.”
Numerous observers of Mongolian politics expressed concerns about China-Mongolia relations after Battulga won the election, fearing that Mongolia would significantly reduce its dependency on China and shift its focus to either Russia, it’s only other physical neighbor, or other countries such as India.
Regardless of Battulga’s previous rhetoric, China has maintained an even tone on the relationship. Lu, in the recent press briefing, referred to China and Mongolia as “friendly neighbors” and said, “China stands ready to… promote the sound and steady growth of the China-Mongolia comprehensive strategic partnership based on the series of political consensus reached by the two sides.”
While numerous countries around the world fear the humanitarian and economic crises climate change is expected to bring, Mongolia — and to a lesser extent Russia and several other CEE/CIS countries — will reap significant economic benefits from a modest rise in global temperatures, a new International Monetary Fund (IMF) study finds.
Mongolia is the clear outlier; the IMF forecasts that the country’s per capita output will grow by just under 1.4 percent in case of a 1 degree Celcius increase in temperatures.
More broadly, the CEE/CIS region as a whole is set to benefit disproportionately from hotter temperatures. The same 1 C increase would boost the economies of a total of 13 countries across the region, more than half of the 22 countries worldwide that the IMF anticipates will benefit.
They include Russia, where a 0.83 percent increase in per capita output is expected if temperatures rise 1 C, along with Belarus, the Baltic states, Kazakhstan and Kyrgyzstan.
Mongolia in particular is a country of extreme temperatures. Ulan Bataar has the dubious distinction of being the world’s coldest capital — beating the capitals of Canada and Kazakhstan — and temperatures range from above 40 C in the Gobi desert in summer to below minus 40 C on winter nights.
In such extreme cold temperatures, also seen in parts of Russia and Kazakhstan, economic activity is inhibited in winter. Construction sites sit idle, transport is interrupted and — despite specially adapted technologies — industries such as mining are also affected.
In addition, warmer, wetter weather, as forecast in the IMF study, could make it possible to grow a greater volume and variety of crops in countries like Russia — which has already become the world’s top exporter of wheat this year.
The melting of the polar ice cap, albeit a mounting catastrophe in global terms, is also seen by some as good news for Russia, whose ships are now able to navigate Arctic waters. This will also help open up exploration of the Arctic continental shelf, where substantial energy reserves still lie untapped.
Recognising the potential of the Russian Arctic, Moscow plans to spend 209 billion rubles (3.4 billion euros) in the region over the next three years, with state and commercial companies are pledging billions more.
President Vladimir Putin acknowledged this in an interview with CNBC this spring. “What I’m about to say may be unpopular… Climate change brings in more favourable conditions and improves the economic potential of [the Arctic] region,” he told the news channel.
In other countries in the CEE/CIS region, the impact is likely to be insignificant, and none are expected to experience a fall in output.
This is similar to the situation in most of Europe and North America, but in stark contrast to other world regions. Africa is set to be the worst affected, while a fall in output is also forecast in Latin America, the Middle East, the Indian subcontinent, Southeast Asia and Australasia. This means most countries worldwide and the vast majority of the world’s population would be negatively impacted.
“Close to 60 percent of the world’s population currently resides in countries where an increase in temperature would likely lead to such pernicious effects. By the end of the 21st century, this number is projected to rise to more than three-quarters of the global population,” the report says.
“Higher temperatures hurt economic activity in hot countries through many channels. They lower agricultural output, reduce the productivity of workers exposed to heat, slow investment, and damage health,” it warns. Many of the countries in the affected region are low income, making it harder for them to adapt to climate change.
The 1 C increase examined in the survey falls far short of the expected temperature hike by the end of this century, which could be as high as 4 C or even more if sufficient measures are not taken to curb global warming.
This would “erase close to one-tenth of the per capita output of the median low-income country by the end of the 21st century, relative to a scenario of unchanged temperature,” says the IMF. Overall, “Climate change is a negative global externality of potentially catastrophic proportions,” it concludes.
The IMF also acknowledges that country-level data doesn't show the whole picture as there are significant differences within countries, meaning that just because warming would result in an overall increase in output in CEE/CIS countries, it doesn’t mean they would avoid a weighty humanitarian cost and damage to some economic sectors.
Southeast Europe, for example, already experiences long hot summers and this year droughts have hit agriculture and pose a threat to hydropower production in parts of the region. Large parts of Central Asia are desert and the region is also vulnerable to climate change.
“[C]limate change is likely to create economic winners and losers at both individual and sectorial levels, even in countries where the effect might be moderate or positive on average,” the IMF warns.
This even includes Mongolia, where climate change is believed to be to a large extent responsible for the increasing severity and frequency of the “dzuds” — extremely cold winters that hit the country every few years, during which millions of livestock are killed.
A government decision to remove regulations that prevented overherding in the 1990s, together with increasingly hot summers and more extreme winters, has led to recent dzuds taking a heavy toll on herders.
Hundreds of thousands have given up their nomadic way of life and migrated to shanty towns around Ulan Bataar, which has brought its own set of environmental problems in terms of the chronic air pollution in the city.
Hot weather is also causing severe problems this year, as drought forced Mongolia to suspend its grain exports, a setback for the country’s plans to diversify its economy away from over-reliance on commodity exports such as copper and coal.
Temperatures in the landlocked country have already risen by 2 C in the last 70 years, three times faster than the global average, the United Nations Environment Programme says. That has brought about rising desertification rates, the melting of glaciers and drying rivers and lakes, threatening livelihoods....
AmCham members meet with the U.S. Department of Commerce’s Deputy Assistant Secretary for China and Mongolia www.amcham.mn
ULAANBAATAR, Mongolia – The American Chamber of Commerce (AmCham) in Mongolia hosted a members-only October Monthly Meeting with the U.S. Department of Commerce’s Deputy Assistant Secretary for China and Mongolia, Mr. Alan Turley, on October 3, at Shangri-La Hotel Ulaanbaatar. The Honorable Jennifer Zimdahl Galt, United States Ambassador to Mongolia, attended the meeting as a guest of honor.
The speakers exchanged ideas on further advancing the U.S.-Mongolia commercial relationship and spoke to the meeting’s guests about the current U.S. administration’s messages for Mongolia. The meeting convened senior executives from AmCham member organizations, as well as AmCham Mongolia board members, and included a comprehensive Q & A session on key topics of interest.
Ambassador Galt commented on the joint efforts being made by the U.S. Embassy and AmCham to improve U.S.-Mongolia commercial partnership. During her welcoming remarks she said, “Without a doubt, increasing the U.S. private sector presence and partnerships with Mongolia is the most effective way to deepen our bilateral economic relationship.”
In his keynote address, Deputy Assistant Secretary Alan Turley said, “The Trump administration is committed and engaged to Asia in all spectrums of partnership, and we are looking to directly establish bilateral trade agreements with Asian countries. We believe that Mongolia has great potential in agriculture, herding, and food processing among others, and we have great companies in those sectors that can provide expertise and equipment.”
Chairman of AmCham Mongolia Mr. Jay Liotta delivered the meeting’s opening remarks and stated, “As we see greater and greater engagement from China, Russia, Japan, Korea, the European Union, and others in Mongolia, it is so good to have the U.S. Department of Commerce increasing its role with Mongolia. AmCham looks forward to continue working with you as your local partner to advance commercial ties between the United States and Mongolia.”
About AmCham Mongolia
AmCham Mongolia is an independent membership-driven organization that seeks to build, strengthen, and protect business between the United States and Mongolia, and to actively promote Mongolia as a destination for American investment. AmCham Mongolia is the official local affiliate of the U.S. Chamber of Commerce, the largest business federation in the world with over 3 million member companies. AmCham Mongolia is also a member of the Asia-Pacific Council of American Chambers of Commerce, consisting of 29 American Chambers of Commerce in the Asia-Pacific region.
Sandstorm Gold Ltd. (NYSE MKT: SAND, TSX: SSL) is pleased to report the attributable gold equivalent ounces sold during the third quarter of 2017 and recent updates from the Company's royalty properties.
Erdene Continues to Define New Zone at Bayan Khundii, Receives Positive Metallurgical Results
Erdene Resource Development Corp. ("Erdene") announced additional assay results from their ongoing 2017 drill program at the Bayan Khundii project in southwest Mongolia. A total of 19,386 metres have been drilled in 2017 and during the fourth quarter Erdene will be testing a series of geophysical and geochemical targets within the larger Bayan Khundii prospect area.
Results from drilling completed during the third quarter have continued to define a high-grade zone between the Midfield and Striker Zones. Hole BKD-194 is the latest in a series of holes confirming the continuity between these two high-grade zones. Three holes were also drilled to test potential continuity of gold mineralization west of the Midfield Zone (BKD-183,189 and 190) and a single hole (BKD-198) was drilled 130 metres west of the Striker Zone to test the down-dip potential of previously completed hole BKD-32 which returned a broad zone of low-grade mineralization during 2016 drilling. This hole confirmed higher grades at depth. Drill highlights include:
BKD-188: 120.0 metres of 1.1 g/t gold from 110.0 metres including 3.0 metres of 33.1 g/t gold from 176.0 metres;
BKD-194: 128.0 metres of 1.1 g/t gold from 49.0 metres including 22.0 metres of 3.3 g/t gold from 115.0 metres;
BKD-196: 22.0 metres of 2.4 g/t gold from 112.0 metres including 1.0 metre of 43.1 g/t gold from 118.0 metres;
BKD 197: 6.0 metres of 2.7 g/t gold from 130.0 metres;
BKD-198: 25.0 metres of 1.4 g/t gold from 144.0 metres including 3.0 metres of 7.8 g/t gold from 145.0 metres; and
BKD-30ext: 58.0 metres of 1.2 g/t gold from 59.0 metres including 16.0 metres of 2.8 g/t gold from 87.0 metres.
The results from Phase I metallurgical testing at Bayan Khundii has come back positive with two master composites indicating that gold from the project is free milling and amenable to conventional processing techniques.
Sandstorm has a 2.0% NSR royalty on Erdene's Bayan Khundii and Altan Narprojects.
Reported intervals are not true width. For more information and for complete drill results visit Erdene's website at www.erdene.com and see the press releases dated September 14, 2017 and September 12, 2017.
SAN FRANCISCO (Reuters) - Uber Technologies Inc directors on Tuesday voted to allow Japan’s SoftBank Group to invest in the ride services company and approved a series of governance changes that increases the independence of the board and decreases the influence of former Chief Executive Officer Travis Kalanick.
The company is seeking to shore up its reputation after a series of scandals and to move beyond a battle between Kalanick and Uber investors spearheaded by Silicon Valley’s Benchmark Capital.
The company in a statement said the board had agreed to move forward with the SoftBank (9984.T) deal in coming weeks and governance changes at Uber “that would strengthen its independence and ensure equality among all shareholders.”
One person familiar with the matter said that a group of investors including SoftBank, Dragoneer Investment Group and General Atlantic would be allowed to buy $1 billion to $1.25 billion of new Uber shares at a company valuation of $69 billion and 14 to 17 percent of stock from current investors at a discounted valuation.
The person and a second source said governance changes include expanding the size of the board to 17 directors from 11. The board would include three independent directors, an independent chairperson and two seats controlled by SoftBank once its investment closes.
Shareholders will now have one vote per share, ending a class of supervoting shares in a move that substantially decreases the power of Kalanick and some other early investors.
On October 3, 2017, 104,609 shares worth MNT 4.2 million of 20 firms listed as Tier I, II, and III were traded. 8 firms’ shares increased, 14 decreased in price and 3 remained unchanged. Ulsiin Ikh Delguur JSC was the top performer, increasing 4.9 percent, whereas Mongol Nekhmel JSC was the worst performer, decreasing 10.0 percent.
On the secondary market for government securities, 19,522 bonds worth MNT 1,790,860,322 were traded.
The MSE ALL Index rose 0.11 percent to stand at 1070.48. The MSE market cap stands at MNT 2,085,774,463,293.
ULAANBAATAR (GoGo Mongolia) - On Oct 4, the State Great Khural will hold its plenary session to discuss the appointment of Prime Minister-designate U.Khurelsukh.
The opening of the autumn session of State Great Khural was held on Oct 2. At the opening session, President of Mongolia Kh.Battulga notes that the foremost priority is the formation of cabinet, and immediate commencement of its actions.
Former PM J.Erdenebat and his Government was dismissed on Sep 8.
Following on Sep 25, The ruling Mongolian People`s Party (MPP) held a conference and nominated MP U.Khurelsukh as a candidate for the next prime minister of Mongolia.
Mongolia & China Expo 2017, has been held in Hohhot, the capital of the Chinese Province of Inner Mongolia from 26th of September to 2nd of October. Whilst very successful in many respects, the Expo has proved a disaster for some Mongolian companies.
As we reported last week, meat and dairy products from some of the 30 Mongolian companies participating in Expo 2017 were held by Chinese border inspectors for the duration of the event. According to P.Sergelen, Mongolia's Minister of Food, Agriculture and Light Industries, the goods have been destroyed in the Chinese border city of Erenhot (Erin); as a result, Mongolian companies have suffered a USD 78 thousand loss.
More than 1600 businessmen and 390 enterprises from Mongolia participated in the Expo 2017. One of the real success stores was the TESO Company, which signed an agreement with China to export sea buckthorn seed-oil worth of MNT 3 billion.