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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Cabinet zeroes excise tax on some fuel types www.montsame.mn

Ulaanbaatar /MONTSAME/ The Cabinet decided to zero excise tax imposed on AI-92 and A80 fuels on January 24.

“The decision has been taken in response to the increase of oil price,” explained Minister of Finance Ch.Khurelbaatar, while adding that oil price was around USD 40 when agreement was reached on the International Monetary Fund’s Extended Fund Facility Program. Oil price remains above USD 60 at the global market now. 
Kh.Aminaa

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Construction of oil refinery expected to commence this spring www.montsame.mn

Ulaanbaatar /MONTSAME/ The construction of Mongolia’s first oil refinery will begin in Altanshiree soum of Dornogobi aimag within the second quarter.

“Within the first quarter of 2018, the feasibility study on the oil refinery project will conclude, paving the way for the construction works to commence in the second quarter,” said Head of Cabinet Secretariat G.Zandanshatar, reporting on the Cabinet meeting on January 24.

In accordance with the decision, 150 ha area will be designated for special government use.

Moreover, state-owned enterprises and organizations will work on the construction of about 20-km-long railway and road connecting the oil refinery with Sainshand and energy transmission line.

A working group consisted of officials from the General Intelligence Agency, National Police Agency, Independent Authority Against Corruption and the General Authority for Specialized Inspection will be responsible for checking on each stage of the project.

The Oil Refinery Project will be co-implemented with the Republic of India.
Kh.Aminaa

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Northeast Asian EXIM Banks meet in Ulaanbaatar www.montsame.mn

Ulaanbaatar /MONTSAME/ Under the Greater Tumen Initiative (GTI), the 8th working-level meeting of the Northeast Asian EXIM Banks Association (NEA EBA) was held in Ulaanbaatar on January 23.

Officials from the EXIM Banks of China and South Korea, Development Bank of Mongolia and Russian Vnesheconombank attended the meeting. The Development Bank of Mongolia chaired NEA EBA in 2017, therefore presided the 8th working-level meeting of the Association.

The GTI is an intergovernmental cooperation mechanism among Mongolia, China, the Republic of Korea and the Russian Federation, established in 1995 and supported by the United Nations Development Programme. The initiative focuses on the priority areas of transport, trade, investment, tourism, agriculture, energy and environment. Three Mongolian aimags – Khentii, Dornod and Sukhbaatar are involved in the initiative.

At the 8th working-level meeting, the sides exchanged views on funding of the 2nd stage of the Specialized Grain Terminal project in the Russian Zarubino port and potential projects and programs for stepping up cooperation.

The NEA EMA was established in 2012 to operate as a financial and economic cooperative mechanism of the GTI. Members of the association - Development Bank of Mongolia, Russian Vnesheconombank and the EXIM Banks of China and South Korea - work towards expanding the scope of cooperation with the Governments of the member states.
M.Anudari

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Mongolian delegates arrive in Davos www.news.mn

A Mongolian delegation led by Foreign Affairs Minister D.Tsogtbaatar is attending the 48th World Economic Forum in Davos, Switzerland. The event is being held from 23 to 26 January. The delegates include Mining and Heavy Industry Minister D.Sumiyabazar and other senior officials.

Foreign Affairs Minister D.Tsogtbaatar will make a speech at the ‘The Belt and Road Impact’ session and participate in ‘Creating a shared future in a fractured world’ and ‘Peace and stability in Korean peninsula’. This year the theme of the WEF is ‘Committed to improving the state of the world’. In addition, the Minister will hold bilateral meetings with government representatives from other countries.

Mining and Heavy Industry Minister D.Sumiyabazar will attend the following sessions: ‘Policy meeting of leaders of mining and metallurgy sector’ and ‘Creating a sustainable economic system’.

Over 3000 participants in total, including heads of states and government of 70 countries, more than 350 government members and representatives of international organisations, business, culture and mass media have gathered at the 48th WEF to discuss pressing issues and challenges in the world and ways and initiatives of solutions during over 400 sessions.

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1st oil refinery to be built in SE Mongolia www.xinhuanet.com

ULAN BATOR, Jan. 24 (Xinhua) -- Mongolia on Wednesday approved a plan to build the first oil refinery in its southeastern Dornogovi Province.

The construction of the refinery is scheduled to begin in the second quarter this year, the Mongolian government press office said in a press statement Wednesday.

The project was financed by a loan from India, which was announced during Indian Prime Minister Narendra Modi's visit to the country in 2015.

The refinery will have a processing capacity of 1.5 million metric tons of oil per year and will annually produce 560,000 tons of gasoline and 670,000 tons of diesel fuel, as well as 107,000 tons of liquefied gas. The refinery would boost Mongolia's gross domestic product by 10 percent.

Mongolia currently exports crude oil to China while importing petroleum products from Russia.

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Process eyed to solve Belt, Road disputes www.chinadaily.com.cn

China may create a procedure and organization to handle the resolution of disputes arising from issues related to the Belt and Road Initiative, the second meeting of the Leading Group for Deepening Overall Reform concluded on Tuesday.

The meeting, chaired by Xi Jinping, general secretary of the Communist Party of China Central Committee, approved a guideline about establishing such a procedure and organization.

The goal is to lawfully settle commercial, trade and investment disputes regarding the Belt and Road Initiative, protect the lawful rights and interests of Chinese and foreign individuals on equal footing and create a stable, fair and transparent business environment with the rule of law, those at the meeting decided.

China has signed deals related to the Belt and Road Initiative with more than 80 countries and organizations.

Investment made by Chinese enterprises in countries involved in the initiative have totaled more than $50 billion and generated close to 200,000 new jobs, Foreign Minister Wang Yi said on Monday.

Efforts to set up the procedure and the organization to handle disputes should follow the principles of extensive consultation, joint contribution and shared benefits and should be based on China's existing judicial, arbitration and mediation institutions, the leaders agreed.

Such efforts should integrate domestic and foreign legal services and establish a diversified resolution procedure that leads to effective synergies in arbitration and mediation processes, the leaders determined.

Xi said ensuring success in the reform is of great significance, as this year marks the first for fulfilling the spirit of the 19th CPC National Congress as well as the 40th anniversary of China's reform and opening-up.

The officials approved the Leading Group's key missions this year and a review report on the group's work from last year.

They approved a plan to boost China's role in leading and organizing major science plans and major science projects that involve global efforts.

Those at the meeting also approved a pilot guidance on works related to the transfer of China's intellectual property rights overseas.

The scope, contents and mechanism of screening such transfers should be tackled to reinforce management of the transfers relating to national security, they said.

They also approved guidelines on efforts such as boosting government information transparency in the area of public welfare, improving treatment for technical workers, managing the country's science data and promoting production safety.

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Mongolia to back Vietnam for seat on UN Security Council www.news.mn

During his visit in Hanoi, the Speaker of the Mongolian Parliament M.Enkhbold has met with Vietnam’s President Tran Dai Quang. The meeting took place on Monday 22 January.

The Vietnamese president lauded the visit of Mongolia's top legislator visit to Hanoi, expressing his belief that the visit will contribute to the strengthening of friendship and cooperation between the two countries.

He also expressed his pleasure at the growing Vietnam-Mongolia ties over the past years, including cooperation between the two parliaments.

For his part, Mr M.Enkhbold affirmed that Vietnam is an important partner of Mongolia in the Southeast Asian region.

Briefing his host on his talks with his Vietnamese counterpart Nguyen Thi Kim Ngan, Speaker Enkhbold said that the two sides agreed to bolster political, economic, trade cooperation as well as people-to-people contact by organising culture days in their respective countries in order to celebrate the 65th anniversary of bilateral diplomatic ties in 2019.

President Quang spoke highly of the expressed intentions for deepening Vietnam-Mongolia relations outlined by the two parliament leaders, stressing the need to increase delegation exchanges between the two countries.

He thanked Mongolia for supporting Vietnam at regional and international forums, while asking Mongolia to support Vietnam’s candidacy as a non-permanent member of the UN Security Council.

He pledged that Vietnam's willingness to share its experience in international integration, and to help connect Mongolia with the ten ASEAN countries.

Speaker M.Enkhbold affirmed Mongolia’s backing for Vietnam’s candidacy for a non-permanent seat in the UN Security Council. (Vietnam net)

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Bitcoin dips 12% as South Korea announces taxation of cryptocurrency exchanges www.rt.com

The cryptocurrency market has extended losses on Tuesday following the news that South Korea is planning to introduce taxation on digital money trading.
A total of 96 out of the top 100 cryptocurrencies are down 10 to 20 percent, with market leader bitcoin over 12 percent in the red, according to data on Coinmarketcap.

The South Korean government announced on Monday it will collect up to 24.2 percent of corporate and local income taxes from the country’s cryptocurrency exchanges this year, local news agency Yonhap reported. The country has one of the world's biggest private bitcoin exchanges, with more than 2 million people holding bitcoin.

Bitcoin was trading near the $10,400 mark on Tuesday following the news, as cryptocurrency investors are worried that regulation will become tighter. Ethereum was down 11 percent at $951, ripple plunged 11 percent to $1.25.

Last month, South Korea announced it was banning cryptocurrency exchanges from issuing new trading accounts. If the ruling is violated, the exchange can be shut down, authorities said. The South Korean commission added that all cryptocurrency trading should be done under individuals’ real names.

Regulators will have trouble banning cryptocurrencies, as the internet allows people to register new domains anywhere in the world.

“The widespread announcement of measures to tackle mining and trading of cryptocurrencies in some countries results in the short-term emotional consequences. They, first of all, negatively influence the confidence in this young market, but they can hardly cause a deep protracted fall of the latter,” Vladimir Rozhankovsky, investment analyst at Global FX, told RT.

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U.Khurelsukh: Reducing disaster risk is priority of Government policy www.montsame.mn

Ulaanbaatar /MONTSAME/ Prime Minister U.Khurelsukh met Loretta Hieber Girardet, the United Nations Office for Disaster Risk Reduction 's (UNISDR) Chief of Regional Office for Asia and the Pacific on January 23.

Reducing disaster risk, protecting the country, people and environment from natural and other disasters are priorities of Government policy and Mongolian Government highly appreciates implementing actions by the UNISDR to coordinate international efforts in reducing disaster risk, emphasized the Prime Minister. He also mentioned the Government is working to ensure social, economic and environmental sustainable development at national level and in the region through reducing disaster risk and adapting in climate change. Moreover, the Government pays special attention on coherence and efficiency of implementation of Sustainable Development Goals 2030, Paris Agreement on Climate Change and The Sendai Framework for Disaster Risk Reduction. PM U.Khurelsukh affirmed that United Nations Secretary-General Antonio Guterres was invited to the Asian Ministerial Conference on Disaster Risk Reduction.

Ms.Loretta Hieber Girardet expressed her gratitude on Mongolia's host the Asian Ministerial Conference on Disaster Risk Reduction, leading the region in disaster risk reduction. She said she believes that the Conference will provide opportunity to promote policies and actions in disaster risk prevention and to work in wider range.

B.Batchimeg

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Rio Tinto under pressure from Mongolia to lower Oyu Tolgoi building costs www.afr.com

Rio Tinto is under fresh pressure from the Mongolian government over the cost of the $US5.3 billion ($6.6 billion) Oyu Tolgoi copper expansion, and says it is willing to "explore" ways to reduce the financial impact of the project.

The Mongolian government is a 34 per cent owner of the mine, but the nation's inability to fund its share of development costs has caused complications on several occasions.

The establishment on Wednesday of a "working group" between the government and Rio to "explore" the issues is the third sign of renewed sovereign risk in Mongolia within a week, after the Asian nation lobbed a fresh tax grab for $US155 million last week and after copper exports from the mine were halted by protests at the Chinese border.

Rio said the working group will explore "whether funding costs can be reduced to improve benefits from the Oyu Tolgoi project for all shareholders".

It is believed that reducing interest rates on loans linked to the project will be a particular focus.

Mongolia has in recent years offered to reduce its equity stake in the project in return for higher royalties once in production, and Rio accepted a change to the way royalties are calculated in 2015 as part of a tax settlement that saw the miner yield about $US148 million of value to the government.

No viable source
Rio owns 50.79 per cent of Turquoise Hill Resources, which owns 66 per cent of Oyu Tolgoi, and the mine is considered Rio's most important growth project.

The working group will also seek to accelerate plans for the mine to be powered by a Mongolian power source, as opposed to the current situation where it buys power from utilities in the nearby Chinese province of Inner Mongolia.

Rio was supposed to have found a Mongolian power source for the mine by 2017, but with no viable source available in the developing nation, it won permission in May 2017 to continue sourcing power from China while a Mongolian solution is developed.

The working group will also focus on community development in towns surrounding the project.

Rio said the establishment of the working group was a "win win" for the mine partners, but it did not prove to be a winner for Turquoise Hill shares, which slipped by more than 3 per cent in Tuesday trading Canadian time.

Turquoise shares have slipped by more than 10 per cent over the past week on the back of the tax grab, the interruption to copper exports and signs Mongolia wants to revisit the terms of the Oyu Tolgoi partnership.

On the several occasions in recent years that Mongolia has pushed for a bigger share of wealth from the mine, Rio has pointed to a 2009 investment agreement that outlined the terms of the partnership between the nation and the company, and Rio chief executive Jean-Sebastien Jacques hinted that he would not tolerate changes to the investment agreement.

"We want to work with the government of Mongolia to create long-term sustainable solutions that benefit all stakeholders and the country while staying true to the established investment frameworks," he said.

"We will continue to work together to solve outstanding issues as the joint working group progresses win-win solutions on matters such as power and community development."

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