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Companies operating power plants in Russia have started leasing generators with excess capacity to cryptocurrency miners, Vedomosti daily reports.
According to the newspaper, the offer is a boost for crypto miners, as electricity bills consume a significant portion of their profits.
Russia’s largest energy company EvroSibEnergo has reportedly received dozens of requests.
The company owns several plants in Siberia, in the Urals, as well as in the European part of the country, which has shut down.
“There are over 70 manufacturing facilities with ready-made infrastructure, including quick access to electrical grids and substations, provided with cheap electric power,” said the company representative, as quoted by the daily.
He also said the company is currently in talks with dozens of miners, but no contracts have been signed yet.
Nearly 30 percent of bitcoin mining expenses go to paying electricity bills, while mining ethereum takes up to 15 percent of costs, according to mining farm owner Timofey Ra.
He said some digital miners are planning to start farms at electrical grids and had already agreed on preferential terms. They reportedly pay two rubles ($0,03) per kilowatt, instead of 4.5 rubles.
Despite bitcoin's recent drop in value and volatility, digital currencies are still attracting attention in Russia. Some web portals have started selling mining farms, computer hardware linked to a system, with vendors assuring the investment will pay off.
Miner and commodities trader Glencore (LON:GLEN) said Monday it has begun the sale process for a second Australian coal mine as it readies to pay up to $300 million for shares in Yancoal Australia, as part of a deal that allowed the firm to put its hands on Rio Tinto’s (ASX, LON:RIO) former coal assets in the Hunter Valley.
The decision to sell Rolleston mine, made together with its Japanese joint venture partners — Itochu Corp and Sumitomo Corp —, is part of Glencore’s ongoing plan to optimize its portfolio and redeploy capital into other opportunities, it said in the statement.
The mine, which produced 13.3 million tonnes of thermal coal last year, out of Glencore’s total Australian coal production of about 93 million tonnes, is located far from the Swiss firm’s main collieries. That makes it less cost-effective than the other operations from a shipping standpoint.
This not the first coal mine Glencore puts up for sale in recent months. In May, it decided to offload its wholly-owned Tahmoor coking coal mine, also in Australia, saying it was planning on mining just thermal coal in the future.
Last month, in fact, the company was finally able to grab a stake in the coal mines that Yancoal Australia (ASX:YAL) is acquiring from Rio Tinto. The $1.1 billion deal gives Glencore almost half (49%) of those mines and will help Glencore add 7 million tonnes of thermal coal a year to its coal division.
Glencore owns 75% of the Rolleston open cut mine, located in Australia’s Bowen Basin in Queensland state, while its Japanese partners each have a 12.5% stake on it.
Merrill Lynch has been appointed as sole financial adviser on any deal, the company said
Mining for Sustainable Development: Mineral Licensing Corruption Risk Assessment Mongolia www.transparency.mn
Transparency International Mongolia is one of 20 national chapters participating in Transparency International’s global Mining for Sustainable Development (M4SD) Programme. The Programme is coordinated by TI Australia. The M4SD Programme complements existing efforts to improve transparency and accountability in the extractive industries by focussing specifically on the start of the mining decision chain: the point at which governments grant and award mineral licenses.
The first phase of the Programme (2016-2017) focused on understanding the problem. A corruption risk assessment was undertaken which identified a total of 14 risks, stemming from 52 systemic, regulatory and institutional vulnerabilities to corruption in awarding mineral licenses. With an understanding of the nature and causes of corruption risks, national chapters will develop and implement solutions to tackle priority corruption risks in Phase 2 (2018-2020). The chapters will work with key stakeholders from government, the mining industry, civil society and affected communities to improve transparency, accountability and integrity in the decision-making related to the approval of mining projects.
The participation of Transparency International Mongolia in the Programme is supported by the Australian Department of Foreign Affairs and Trade (ADFAT). Globally, the M4SD Programme is also funded by the BHP Billiton Foundation.
The main focus of the study was the analysis of the three License Allocation Mechanisms utilized in Mongolia. The key principle, no license applicant should be discriminated against or favoured, is neglected in several points in the design of the main modes of license allocation in Mongolia, First-Come-First-Served for exploration licenses (suspended since the end of 2015) and the license tender (in practice since 2014). As a result, weak spots in these systems can be exploited in corrupt schemes and - arguably more severely – lead to uncertainties which deter quality investment. No corruption risks were identified regarding the right-of-first refusal mechanism by which exploration licence holders have a priority right to convert an exploration license into a mining license.
The report further elaborates on the three most important licence applicants’ obligations. The Detailed Environmental Impact Assessment is the key document to specify all environmental obligations and the Final Exploration Report is the main source for the development of the geological information system. To ensure accuracy, Mongolia relies on a system of third-party assessor companies compiling information and specialized councils evaluating them, but conflict of interest and limited accountability result in opportunities for corruption in return for approvals. No enforcement for inclusion of affected communities and non-disclosure of agreements significantly increase the risk of collusion and jeopardize potentialyields for affected communities from the negotiation of Community Development Agreements.
Capacity constraints to govern approximately 3,700 exploration and mining licenses emphasize the importance of a robust Governance Framework in the form of due diligence, data management, the license cadastre. While impact of corruption is moderate in these systems, shortcomings may jeopardize the efficiency of the overall governance framework, with very severe and long-lasting implications for the sector.
Finally, the report elaborates on the Prevention of Speculation. Speculation, the application for exploration licenses with the intention of selling them later, and, without investing in exploration impedes the development of the mining sector and increases the risk of corruption. Existing measures for Prevention of License Stockpiling remain largely inefficient and certain license holder rights regarding license transfers facilitate speculation. The disclosure of beneficial owners is another important mechanism which could constrain speculation and many other forms of corruption and financial crimes, but is not enforced in Mongolia.
Transparency International Mongolia will be launching the report on Tuesday 29 August amongst key stakeholders. If you would like further information about the report or Mining for Sustainability Programme, please contact Transparency International Mongolia.
Please review the full report on the link http://resource3.sodonvision.com/transparency/file/2017/8/5d1luucd6wb73n00nfpsg9col/report%20final%202017.08.24.pdf...
As part of his visit to Hungary, Vladimir Putin met with President of Mongolia Khaltmaagiin Battulga.
The meeting took place after the opening ceremony of the 2017 World Judo Championships. The Russian President watched the competitions together with the Prime Minister of Hungary and President of Mongolia.
President of Russia Vladimir Putin: Mr President, I am very glad to have the opportunity to meet you. We know you both as a politician and a good athlete. I would like to congratulate you on the excellent performance of Mongolian judokas at the world championships here.
As for bilateral relations, we will have an opportunity to speak about them in more detail in Vladivostok, where I know you are planning to attend the forum as well. But it is already clear that the trend in trade is good. While last year it fell by 20 percent, in the first half year of 2017 it grew by over 34 percent.
Work is being done on the political track, as well as in the economic and cultural areas. Our traditional Russian-Mongolian ventures are working hard and shipments are up. So, we will have plenty to discuss in depth in Vladivostok.
President of Mongolia Khaltmaagiin Battulga (retranslated): Good evening to you once again.
I am very pleased to meet with you at such a remarkable event as the World Judo Championships. It is great that we are meeting at this event because it is something we are both interested in and fond of. I believe it will serve us well in the future. Naturally, we are planning to have a working meeting in Vladivostok in the near future.
The presidential election in Mongolia was less than two months ago. Considering modern realities, I am planning to further expand relations with our northern neighbour.
You have just said that trade has grown. This trade owes something to cross-border regions and I think it is important to pay attention to the relations between border regions because we have a common border of over 4,000 km.
Naturally, we are primarily interested in investment. Our priority is railways. We have a joint venture, Ulan Bator Railways, with fifty-fifty participation.
Ulaanbaatar /MONTSAME/ The National Statistical Office presented some interesting figures about Mongolia’s younger generation on August 25 which is observed as Youth Day in Mongolia.
Young people aged between 15-34 constitute 34.6 percent of Mongolia’s population, with the sex ratio being 50.2:49.8 (men:women). 26.6 percent of Mongolian young people are students while 47.3 percent are employed. Unemployment rate among young people is 14.4 percent.
Out of those working, 29 percent are working in agriculture sector, 20.2 percent are working in industry and 50.8 percent are working in service sector. 39 percent of the young people hold Bachelor’s degree whereas 22.1 percent have acquired vocational education.
August 25 is a day when the first Mongolian youth union was established in 1921 which was headed by writer, poet D.Natsagdorj.
Mongolia’s young people engaged in blood donation activities on Youth Day, August 25. The event took place on the day at the building of Mongolian Youth Federation which calls for spending the day productively, rather than celebrating.
Ulaanbaatar /MONTSAME/ Ministry of Road and Transport Development informs, transit flights increased by 11 percent, showing positive impact on the economy.
As the air transportation and traffic intensifies, the objectives of increasing air space capacity, safety and economic efficiency is successfully implementing, says the officials.
Minister of Road and Transport Development D.Ganbat addressed “Following the order concerning the renewal of airspace issued in January, 2017, seven air corridors have been re-established. By shortening these routes, the amount of carbon dioxide emission, time and fuel consumptions have started to reduce. As a result, the number of flights have increased, showing positive effects on the economy”.
Mongolia borders with the Russian Federation and the PRC through 15 airways and 11 air corridors connect to them. By an estimate, these new corridors will shorten around 230 thousand kilometers of distance, save 1656 tons of fuel and prevent 5.2 tons of carbon dioxide emission.
Scandinavian consultancy QVARTZ has donated £1,000 and an ambulance to the people of Mongolia, following a successful journey as part of the Mongolia Charity Rally. The Rally, in support of NGO Go Help, seeks to help provide improved healthcare and education to people living in the large, isolated Asian country.
The Mongolia Charity Rally sees teams of drivers from companies all over Europe travelling to the remote Asian nation in order to boost health and education infrastructure in the region. This year, professional services providers QVARTZ participated, launching the QVARTZbulance – an ambulance decorated in company colours – with a dedicated two-man crew consisting of Christian Østerbye and Rolf Andersen from Denmark. The Nordic top-tier management consulting firm has offices in Copenhagen, Hamburg, New York City, Oslo and Stockholm, and has been expanding operations in Scandinavia in recent years as the consulting sector continues to grow in the region.
The Rally officially launched on July 1st, in Brussels, though teams could set out from anywhere, and Team QVARTZ were waved off by the occupants of their Copenhagen office as they set out on July 7th. Teams for the event could be made up of up to four members, with either multiple drivers in one vehicle or two riders on two motorcycles. Completing their 15,000-kilometre trip after a full month on the road, the QVARTZbulance reached its final destination in mid-August, and as participants, Østerbye and Andersen had driven over mountains, across deserts, through rivers and around pot-holes in the process, in order to reach the rugged expanses of the ancient Mongol empire.
Upon arrival, the first £1,000 raised by the Herculean efforts of Quartz’ two man team was donated to Go Help, a UK registered charity which functions as a Non-Governmental Organisation (NGO) in Mongolia, with any extra donations going to charities of the firm’s choice. Go Help focuses largely on healthcare and education, hence QVARTZ’ unconventional choice of cross-country vehicle, which they will also donate upon arrival. The organisation was founded around an effort to launch and operate ambulance services in third world countries, but their cause has since expanded to include a children’s activity centre or ‘Book House’, a university scholarship programme and a mobile library, which works to reach out to isolated communities in Mongolia.
Commenting on the achievement of the two drivers in the name of such a worthy cause, Hans Henrik Beck, a Managing Director at QVARTZ, said, “QVARTZ is a civilisation of privileged people, and being privileged comes with an obligation to do good for people who need a helping hand. Donating the QVARTZbulance is a small but important part of this equation. Also, in QVARTZ, we cherish and collect iconic moments. Following this intriguing journey has been iconic for me, and it will undoubtedly also be at the top of both Rolf Andersen's and Christian Østerbye's mental iconicity wall for a very long time.”
Going the extra mile
QVARTZ are not the only consulting firm to have spent the summer going the extra mile for charity meanwhile. In June, Big Four consultancy PwC employees took part in a bicycle relay tour of the British Isles, while in celebration of their 50th birthday, Capgemini challenged employees to each walk, run, cycle or swim for a sponsored kilometre worth €1, with the aim of raising a total of €100,000 for three selected charities. Mazars also got in on the act, participating in a Strictly Come Dancing-style event that saw businesses bring in a total of £4,500 for charities.
HANGZHOU - Heads of Chinese e-commerce titan Alibaba and the International Olympic Committee (IOC) met in Hangzhou to discuss ways of using cloud services to engage young fans around the globe.
Alibaba signed a deal with the IOC earlier this year to become its partner for cloud computing and e-commerce through to 2028. Alibaba is China's largest e-commerce company, operating the country's most popular online shopping site taobao.com.
Alibaba Group's founder and chairman Jack Ma told visiting IOC President Thomas Bach Friday that Alibaba would use its internet technologies to lower the operation cost of the IOC and help it attract more young people to watch sports games on the mobile phone.
"Connecting the Games with the internet to lure young people, that is what our technology can do," he said.
Bach said the IOC and Alibaba had a shared vision for a better health and well-being for humankind.
United, the two can make this dream come true and change the world through the combination of sports and technology, he added.
Ulaanbaatar /MONTSAME/ The 2nd Asia Open Memory Championships 2017 took place in Hong Kong between August 26 and 27. Memory athletes from Mongolian Intellectual Academy brought home 18 medals from the tournament as of August 26.
From a total of 27 medals in the three categories took place on August 26, Mongolian athletes snatched 18 and set four new world records at the tournament. The previous record of binary numbers was set by Swedish mind athlete Marvin Wallonius, who memorized 5040 digits, in 2015. The record, which was deemed impossible to beat, was broken by N.Munkhshur. The unchallenged young athlete has set two other world records by memorizing 349 images in 5 minutes and 21 decks of cards in 30 minutes.
In the middle-age class, Lkhagvadulam memorized 16.1 decks and set the world-record in the middle-age category.
One of the main jobs of a ship is to stay in one piece.
But this Mongolian cargo ship (flag carreer) couldn’t manage that – as it split right in two while in the Black Sea. Fortunately, the 11-man crew that was on board was quickly rescued by Turkish authorities.
The Leonardo, a 114-metre-long dry cargo ship, was anchored near Istanbul at the time.
However, it suddenly buckled and broke clean in two.
Tugboats came along to pull away half of the ship to shore, while the other half was left to sink. Turkish media reported that, at 42 years old, the ship was pretty much on its last legs. It was sailing to Istanbul’s Tuzla dockyard – ironically, for repairs. Turkey’s General Directorate of Coastal Safety sent eight ships, including search and rescue towboats, to the scene. All crew members were then taken to the hospital to be looked over, and are believed to be safe.