1 COPPER MINER'S $10B BET COMES TO LIFE IN PANAMA JUNGLE WWW.MINING.COM PUBLISHED:2019/02/15      2 TRADE UNIONS REQUEST PM TO FOCUS ON INTEREST RATE CUT WWW.ZGM.MN PUBLISHED:2019/02/15      3 MONGOLIA’S HOURLY WAGE TO REACH USD 1 WWW.NEWS.MN PUBLISHED:2019/02/15      4 US NARCOTICS BY POST TO MONGOLIA! THREE ARRESTED WWW.NEWS.MN PUBLISHED:2019/02/15      5 WRITER D.URIANKHAI NOMINATED FOR THE NOBEL PRIZE WWW.MONTSAME.MN PUBLISHED:2019/02/15      6 MONGOLIA-CHINA-RUSSIA ECONOMIC CORRIDOR BENEFITS ALL SIDES: OFFICIAL WWW.XINHUANET.COM PUBLISHED:2019/02/15      7 SOLAR EMPOWERMENT OF NOMADS IN RURAL MONGOLIA WWW.GREENOPTIMISTIC.COM PUBLISHED:2019/02/15      8 MONGOLIA, CUBA TO BOOST BILATERAL RELATIONS WWW.PLENGLISH.COM PUBLISHED:2019/02/15      9 GOOGLE OUTLINES $13BN US INVESTMENT WWW.BBC.COM PUBLISHED:2019/02/14      10 NATIONAL DEVELOPMENT AGENCY TO COOPERATE WITH JAPAN’S MIZUHO BANK WWW.MONTSAME.MN PUBLISHED:2019/02/14      “ОЮУ ТОЛГОЙ” КОМПАНИ 570 ТОННЫ ДААЦТАЙ CAT БРЭНДИЙН ГИДРАВЛИК ЭСКВАТОРООР ХҮЧЭЭ СЭЛБЭЛЭЭ WWW.GOGO.MN  НИЙТЭЛСЭН:2019/02/15     ӨРХИЙН САРЫН ДУНДАЖ ОРЛОГО 78,000 ТӨГРӨГӨӨР ӨССӨН Ч ЗАРЛАГА ДАВСАН ХЭВЭЭР БАЙНА WWW.IKON.MN НИЙТЭЛСЭН:2019/02/15     АВСТРАЛИЙН ЭЛЧИН САЙД ДЭВИД МЭТЬЮ ВОСЭН ИТГЭМЖЛЭХ ЖУУХ БИЧГЭЭ ӨРГӨН БАРИВ WWW.MONTSAME.MN НИЙТЭЛСЭН:2019/02/15     2018 ОНД МОНГОЛ УЛСЫН ЭДИЙН ЗАСАГ 6.9 ХУВИАР ӨСЛӨӨ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2019/02/15     МХБ: II/15-НЫ БАЙДЛААР 8 КОМПАНИ ХЭХ-ЫН ТОВОО ГАРГААД БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2019/02/15     2017 ОНД 1.9 ТЭРБУМ ТӨГРӨГИЙН АЛДАГДАЛТАЙ АЖИЛЛАСАН “УЛААНБААТАР БҮК” 2018 ОНД 566 САЯ ТӨГРӨГИЙН АШИГТАЙ АЖИЛЛАВ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2019/02/15     ОРХОН ТҮҮХИЙ НҮҮРСНЭЭС ТАТГАЛЗСАН АНХНЫ АЙМАГ БОЛНО WWW.UNUUDUR.MN НИЙТЭЛСЭН:2019/02/15     АТГ-ААС НЭР БҮХИЙ 6 ШҮҮГЧИЙГ ШАЛГАЖ ЭХЭЛЖЭЭ WWW.EAGLE.MN НИЙТЭЛСЭН:2019/02/15     МОНГОЛ УЛС ДЭЛХИЙН 77 ОРОНД БАРАА ЭКСПОРТОЛСНООС ХЯТАДАД 93%-ИЙГ НЬ НИЙЛҮҮЛЖЭЭ WWW.IKON.MN  НИЙТЭЛСЭН:2019/02/14     АВТО МАШИНЫ ИМПОРТ 2018 ОНД 30% ӨСӨЖ, 86,296-Д ХҮРЧЭЭ WWW.IKON.MN  НИЙТЭЛСЭН:2019/02/14    

Events

Name organizer Where
“Doing business with Mongolia”, “UK Investors show” бизнес хөтөлбөр March 27-April 02. 2019 ЛОНДОН ХОТ, ИХ БРИТАНИ Mongolian Business Database London UK
SYMPOSIUM ON GLOBAL MARKETS Nationalism and Protectionism: The United States in the International Arena June 17-18, 2019 The Center for American and International Law Plano, Texas, USA The Center for American and International Law (CAILAW) Plano Texas June 17-18 2019
"Open to Export" ICC WTO International business award ICC WTO London

NEWS

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Mongolia, Turkey Agree To Expand Financial Cooperation www.xinhuanet.com

ULAN BATOR, Mongolia and Turkey agreed to support small and medium-sized enterprises of the two sides in the sectors economy, trade and investment, the Mongolian government press office said Wednesday.

The agreement was reached during the 8th Meeting of the Mongolia-Turkey Intergovernmental Commission on Trade and Economic Cooperation, which was held here Wednesday. During the meeting, the Mongolian National Chamber of Commerce agreed to cooperate with the Foreign Economic Relations Board of Turkey, Turkish Exporters' Assembly and Turkish Chamber of Commerce and Industry.

The two sides will organize a bilateral joint meeting this year to share experiences in establishing a free zone, Xinhua reported.

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Mongolia minister says he expects to be cleared in mining deal graft probe www.reuters.com

ULAANBAATAR, March 21 (Reuters) - A former Mongolian minister who helped launch the landmark Oyu Tolgoi copper-gold mine in 2009 told reporters on Wednesday that he expected to be exonerated by a Swiss probe into the transfer of $10 million into his account.

As finance minister, Bayartsogt Sangajav signed the 2009 investment deal that granted 66 percent of the giant Gobi desert property to Robert Friedland's Ivanhoe Mines, now known as Turquoise Hill Resources and majority-owned by Anglo-Australian mining giant Rio Tinto.

The Swiss Office of the Attorney General (OAG) is conducting a criminal investigation into a seized account that court documents say was used to transfer $10 million to Bayartsogt in September 2008, the month he was appointed minister, Reuters reported on Monday.

Discussing the origins of the $10 million, Bayartsogt denied allegations it was connected to Oyu Tolgoi, saying it was transferred to him by an investor to support a business he had established. He declined to give the investor's name.

Mongolia's anti-corruption authority said on Tuesday that it was working with Swiss counterparts to investigate the allegations. The agency is already looking into suspected abuses of power by officials during the negotiations for the project, Turquoise Hill said in an announcement last week.

Bayartsogt said he had returned to Mongolia from his overseas studies as a result of the investigation, adding that he would remain until it was completed.

"I am happy the Mongolian Anti-Corruption Agency is collaborating with the Swiss Office of the Attorney General," said Bayartsogt during a televised press conference, adding that a joint investigation by the two countries made sense because Mongolians did not trust one another.

Since Monday, Mongolian politicians have been scrambling for details about the investigation, saying that wrongdoings should trigger a review of the 2009 deal.

Deputy mining minister Zagdjav Deleg said in remarks published on Wednesday that while the agreement had brought in $6 billion of investment, it needed to be revisited if it turned out to have been secured by graft.

"If there was corruption, the government's ownership could grow from 34 percent to 100 percent," he said in an interview published by newspaper Zuunii Medee. The ministry did not respond to requests for comment.

"In addition to the suspicion surrounding the investment agreement, there is major disagreement over the distribution of income from the project to Mongolia," Zagdjav was quoted as saying.

A spokesman for Rio Tinto, which took control over management of Oyu Tolgoi in December 2010, declined to comment when contacted by Reuters on Wednesday.

Mongolia's opposition Democratic Party, which was part of a coalition government in 2009, expelled Bayartsogt and said it was also seeking clarity from Swiss authorities.

Party Secretary Magnai Otgonjargal said the 2009 deal should be questioned if corruption was found to have taken place.

"If this is a problem with S. Bayartsogt, it is imperative that we review the agreement with Rio Tinto from Mongolia," he said.

By Terrence Edwards and Munkhchimeg Davaasharav
(Additional reporting by David Stanway in Shanghai and John Miller in Zurich Writing by David Stanway Editing by Nick Macfie)

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Mongolia acquires results of geological researches in 1950-1990 www.montsame.mn

Results of geological researches carried out from 1950 to 1990 on the territory of Mongolia and other related documents have come to Mongolia. The documents were being kept in the Russian Federal Geological Fund (Rosgeolfond) and the first part was transferred and Minister of Foreign Affairs D.Tsogtbaatar handed over the documents to Minister of Mining and Heavy Industry D.Sumiyabazar on March 21.

Minister of Foreign Affairs D.Tsogtbaatar : “Information of geological research is invaluable. Although geological research is highly risky and needs a big amount of fund, it is significant to attract foreign investment based on the result of the research and make next plans.”

The issue of transferring the documents of the geological researches to Mongolia has been regularly discussed since 2008 during high-level meetings and meetings of the Mongolia-Russia Intergovernmental Commission and finally Mongolia acquires the highly significant documents now.

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Russian mega gas project with China going full-steam ahead www.rt.com

Three quarters of the vast Power of Siberia natural gas pipeline to China has been completed. Over 1,629km of piping now stretches across Russian territory, according to Gazprom.

"The construction of the Power of Siberia gas pipeline is going on at a high tempo. It is a link between the gas production centers and consumers,” the company said in a statement after a meeting of its board of directors.

According to a contract signed in 2014 between Gazprom and China’s CNPC, Russia will deliver 38 billion cubic meters of gas to China annually for 30 years. The contract is worth $400 billion. Gazprom confirmed on Wednesday that deliveries will start in December 2019.

The Russian company has been building the pipeline from the gas deposit in Siberia to Russia’s Far East. At the border in Blagoveshchensk, the pipeline will be extended into China. Gas will be delivered both to Russian consumers in the Far East and to China.

Russia is pushing for second gas pipeline to China, the Power of Siberia 2. This pipeline is intended to deliver an additional 30 billion cubic meters of gas per year to Russia’s eastern partner. The countries have signed preliminary documents on the pipeline, but have not agreed prices.

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Marketinfo: Sales revenue of 100 MSE-registered companies rose by 38.6 percent www.ubinfo.mn

Marketinfo announces that the sales revenue of 100 MSE trade companies increased by 38.6 percent in 2017 according to consolidated estimates of their financial results. Last year, sales revenue of these companies reached MNT1.47 trillion in total. Majority of the revenue growth was composed by the companies that are listed in the Top 20 index basket. Out of those, sales revenue of Tavantolgoi LLC had the highest growth. The company earned a total of MNT 427.9 billion in 2017, which is 142.4 percent or MNT 251.4 billion higher compared to 2016 numbers. Performance reports demonstrate that 59 percent of the 100 companies involved in the survey showed positive numbers, totalling MNT 269.9 billion, a 81.4 percent increase compared to 2016. As for the remaining 41 percent, the total loss reached MNT 13.5 billion, reported Marketinfo.

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Oyu Tolgoi achieves significant development milestone with completion of Shaft 5 sinking www.turquoisehill.com

Turquoise Hill Resources today announced that Oyu Tolgoi has achieved a significant underground development
milestone with the completed sinking of Shaft 5 at a final depth of 1,178 metres. During Q4’17, installation of the shaft
exhaust fan commenced and is on target to be finished in early Q2’18.
Jeff Tygesen, Turquoise Hill Chief Executive Officer, said, “Underground development momentum continues to progress
with the completed sinking of Shaft 5. Each milestone achieved takes Oyu Tolgoi closer to becoming the world’s third
largest copper mine.”
Shaft 5 is 6.7 metres in diameter and will be dedicated to ventilation thereby increasing the capacity for underground
activities.

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Petro Matad drills into Mongolia - last frontier for onshore oil www.uk.reuters.com

LONDON, March 20 (Reuters) - Petro Matad plans to drill four wells this year in Mongolia, which it said is one of the last onshore frontiers for oil exploration and is seeking to curb dependency on Russian imports of refined products.

Landlocked Mongolia, sandwiched between Russia and China, is mostly known in the natural resources sector for the huge Oyu Tolgoi copper prospect, operated by Rio Tinto .

The country is challenging because of its extreme weather and a legal system and young democracy that have caused problems for international investors, including tax wrangles and contractual disputes.

Petro Matad’s CEO Mike Buck said in an interview Mongolia was offering favourable terms for oil exploration and had untapped potential because, during the era of Soviet control over Mongolia, Russia had plenty of oil of its own, while China explored its reserves just over the border.

“There is no difference between the geology (compared with neighbouring prolific oil basins in China), but the exploration history is different,” Buck said. “Everybody knows the geology is the same, but no-one has been able to prove it by producing at a commercial rate.”

Although oil demand growth is expected to slow as the world shifts towards electric transport, Buck said Mongolia would need crude for a refinery it plans to build, with help from India.

A senior official from Engineers India Ltd, the state-owned Indian company providing consultancy, said a draft feasibility study is ready, but declined to give further details.

The refinery is expected to have a capacity of 30,000 barrels per day, while Mongolia’s oil output is around 21,000 bpd and declining, Buck said, citing official Mongolian figures.

Petro Matad has three exploration blocks totalling 60,000 square kilometres - one in the east, near Mongolia’s producing fields and two in central western Mongolia.

The drilling of four wells over the three blocks will begin by the end of the second quarter and be completed before the drilling season ends in November.

The block in the east could come onstream within 18 months of any discovery because it is near existing facilities operated by Petrochina, Buck said.

By the end of this year, Petro Matad’s exploration spending will have totalled $100 million since it began operating in Mongolia in 2006, including cash spent on seismic surveys and previous drilling. It has been raised through its stock market listing and $16 million late last year came from British-based institutional investors and U.S. funding.

Mongolia depends on Russia for almost all its oil products, which account for nearly a fifth of its import bill, central bank statistics show. (Additional reporting by Terrence Edwards and Munkhchimeg Davaasharav in Ulaanbaatar and Promit Mukherjee in Mumbai, editing by David Evans)

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Ulaanbaatar prepares for giant civil engineering project www.news.mn

The centre of the Mongolian capital is plagued by traffic problems, resulting in congestion across the city. To ease this, a huge civil engineering project involving the construction of the largest flyover in Ulaanbaatar will begin on 1 April to the south of Sukhbaatar Square. According to a study, 16-30 thousand vehicles travel daily across this busy section of the Mongolian capital. The total cost of the project will be nearly USD 30 million; this is to be funded using a soft loan from the People’s Republic of China. The flyover is expected to open in 2019.

The project has 6 component parts. The main flyover between Olympics Street and Ikh Mongol Uls Street, passing over Narnii zam (Sun road) and the 406th railway crossing will be 470-meter long, 16.5-meter wide and will have 4 lanes.

The road on the east side of the National Amusement Park will be closed for a year-and-a-half due to construction work.

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Mongolia imports 93.9 tonnes of coffee www.news.mn

In 2016, Mongolia Marketing Consulting LLC conducted a nationwide survey to determine how many people drink coffee. According to the survey, 53 percent of Mongolians aged between 15 and 60 drink coffee daily.

A total of 73 percent of Mongolians drink instant coffee, 20 percent medium coffee and the remainder Americano, the national survey said. Mongolians spend about MNT three billion on coffee in a year.

Coffee consumption is clearly rising: Mongolia imported 93.9 tonnes of coffee worth USD 803 thousand in 2017.

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Former Minister S.Bayartsogt loses DP membership www.montsame.mn

Ulaanbaatar /MONTSAME/ The Democratic Party (DP) has expelled former Minister of Finance S.Bayartsogt in the wake of corruption allegations against him.

The Party representatives led by Secretary-General Ts.Tuvaan held a press conference today at the party's headquarters, holding an ordinance dated March 20 and signed by Party Chairman S.Erdene, which effectively excludes the former Minister from the party membership.

According to the Secretary-General, the party’s corresponding bodies have taken urgent measures after media reports surfaced regarding DP member S.Bayartsogt’s alleged link to corruption, thus resulting in expulsion.

Following its meeting today, the DP Political Council issued a statement saying, “The party believes that an individual must be held responsible before the law despite of his rank and power if he is found guilty by the court for establishing disadvantageous agreement on behalf of Mongolia or accepting bribe. We demand immediate and resolute actions to settle the recent corruption allegations against the members of former Prime Minister S.Bayar’s Cabinet and other Mongolian politicians.”

The statement also cites the possibility of reconsidering the 2009 Oyu Tolgoi Investment Agreement if S.Bayartsogt is convicted.

The Independent Authority Against Corruption of Mongolia (IAAC) also reported today that it is cooperating with the Office of the Attorney General of Switzerland on the investigation of a criminal case on former Minister S.Bayartsogt. The press release also confirmed the seizure of a certain of amount of money in a Swiss bank account. 
Kh.Aminaa

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