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

John Grogan Chairman of Mongolian-British Chamber of Commerce elected as an MP of British Parliament. www.mongolianbusinessdatabase.com

Britain's Prime Minister Theresa May seeks to form a new government despite her Conservative Party's loss of its majority in Thursday's general election.

PM May's Conservatives won 318 seats, a sharp drop from the pre-election total of 330. The party needed to secure 326 for a majority. 
 The opposition Labour Party won 262. 
The Scottish National Party secured 35 seats and the Liberal Democrats took 12.

The Keighley seat was gained for Labour by John Grogan (Chairman of Mongolian-British Chamber of Commerce) who had a majority of just 249 over the Conservative, Kristan Hopkins.

The MBCC is a not-for-profit membership organisation established in 2009 to foster strong business links between Mongolia and the UK. Chaired by Mr John Grogan, it aims to provide a professional and social environment for business people who wish to be introduced to, and become part of, the British-Mongolian business culture and community.

John was awarded the Order of the Polar Star, Mongolia's highest national honor for foreign nationals according to his great effort for the mission.

...


64x64

EBRD approves new country strategy for Mongolia www.ebrd.com

Four-year plan to strengthen resilience and competitiveness

The EBRD Board of Directors has adopted a new country strategy for Mongolia which outlines the Bank’s investment priorities in the country for the next four years.

The strategy builds on the Bank’s strong operational engagement in Mongolia and identifies as strategic priorities for the EBRD’s work in the country:

Enhancing Mongolia’s resilience by strengthening the competitiveness of the non-extractive sector and easing access to finance. The Bank will support efforts to make the country’s wider economy more competitive and resilient. It will continue providing advice to small and medium-sized enterprises by financing projects that promote innovation, the transfer of skills, and improved corporate governance.
Leveraging a well-governed mining sector to enhance sustainability and maximise value-creation. The mining sector requires further reform and investment to ensure sustainable and inclusive growth. The EBRD will continue to support responsible mining and will seek to deepen value-chain opportunities through upstream financing.
Improving the quality and sustainability of infrastructure services through increased efficiency, commercialisation and “green” solutions. Modernising Mongolia’s infrastructure is crucial for the country’s sustainable development across all sectors. The EBRD will also look to enhance connectivity and regional integration through rail and road projects and support public-private partnerships in the energy sector.
Irina Kravchenko, EBRD Head of Mongolia, said: “The new strategy is an important achievement in the history of our engagement in the country and sets out our strategic priorities for the next four years. The strategy was closely coordinated with the government and it will allow us to make a meaningful contribution towards building a more resilient, diversified and competitive economy through progress in reform, diversification and sustainability.”

Since the start of its operations in Mongolia in 2006, the EBRD has invested over €1.4 billion in more than 80 projects in various sectors of the country's economy.

 
 
 
...


64x64

Khukh Tsav cement plant to begin operation www.montsame.mn

 
Ulaanbaatar /MONTSAME/ The opening ceremony of Mongolyn Alt Corporation’s (MAK) Khukh Tsav Cement Plant is taking place today, on May 9. The cement plant, which was planned to start operating in the first quarter of 2017, is capable of processing 1 million tons of cement per annum. Located in Dalanjargalan soum of Dornogobi aimag, Khukh Tsav Cement Plant was established with a total investment of USD 331 million.
 
The cement plant is capable of occupying 30-40 percent of the total domestic cement market. Mongolyn Alt Corporation informed that the cement plant is providing 700 new workplaces. Including Khukh Tsav Cement Plant, 8 cement plants are operating in Mongolia. The other seven plants have a capacity of processing 4.3 million tons of cement per annum.
 
In addition, “Munkhiin Bayan Gal” LLC’s cement plant, which has been operating for 2 years with Chinese investment, is competing with domestic manufacturers. The plant is also capable of processing 1 million tons of cement per annum. However, the plant only processed around 100 thousand tons of cement last year. The company is expected to produce 300 thousand tons of cement this year.
 
Furthermore, two other cement plants are being built in Bayan-Ulgii aimag. The Ministry of Mining and Heavy Industry previously informed that the construction process was at 40-80 percent. And “Hermes Tsakhiur” LLC’s cement plant received their license to construct a plant, but the construction hasn’t started yet.
...


64x64

Mongolia, IMF To Develop Blueprint For Tax Reform www.tax-news.com

Mongolia is to work with the International Monetary Fund from August to review the tax settings for the country's mining sector and to reform the value-added tax regime.
 
The IMF said it will provide technical assistance to help make changes to the country's tax on mining "revenue-neutral or revenue-enhancing" and more efficient.
 
Explaining the issues being considered, the IMF said: "An appropriate tax regime for mining is... important, with the aim being to continue to incentivize participation by foreign companies, with their specialized expertise, while allowing Mongolia to gain the benefits from its resource endowment. Mining is a relatively capital-intensive sector with limited spillovers, and it will principally be by channeling tax revenues from the sector into the economy that the country will be able to make progress. While existing agreements will be respected, the mining tax regime for future projects will be considered as part of a comprehensive review of the tax system that the authorities are undertaking."
 
An IMF working group will submit its report by end-December 2017. It will cover value-added tax reform also and, to a lesser extent, business taxation.
 
In 2014, Mongolia's parliament approved a sharp reduction in the country's tax on gold mining, as well as the elimination of its royalty rate, in an attempt to cut smuggling and illicit mining. The gold mining tax was reduced from 10 percent to 2.5 percent for those gold miners that sell their production via the central banks or approved commercial banks.
 
Discussing policies outside the mining sector, Mongolian authorities told the IMF that it intends to review petroleum tax rates; increase excise duties on vehicles and tobacco; make the personal income tax regime more progressive; withholding tax will be applied more broadly; and social security contribution rates will be hiked significantly over three years until 2020.
...


64x64

Parliament appoints new Minister of Education www.montsame.mn

Ulaanbaatar /MONTSAME/ During its plenary session on June 9, Friday, Parliament backed Prime Minister J.Erdenebat’s proposal to appoint academician G.Chuluunbaatar as the Minister of Education, Culture, Science and Sports.

Following the Prime Minister’s proposal to Parliament Speaker M.Enkhbold, Mongolian People’s Party group in Parliament met and supported the proposal on the same day, June 8.

Parliament thus voted up the appointment of the new Education Minister to succeed J.Batsuuri who was dismissed last week in the aftermath of national examination material leaks.

Members of Parliament entrusted the newly appointed Minister to pay special attention to education policy issues, initiate the mission to relocate universities and colleges outside of the capital city, improve the quality of primary and secondary education and develop educational infrastructure.

The newly appointed Education Minister studied philosophy and social science at the National University of Mongolia, and he has worked in a number of academic and research institutes.

Prior to his appointment, G.Chuluunbaatar has been serving as Director of Institute of Philosophy of Mongolian Academy of Sciences since 2013. He worked as President of Mongolian Academy of Governance in 2008-2013. He was Chief Advisor to Parliament Speaker from 2000 to 2008.
Kh.Aminaa

...


64x64

Kincora Expansion Update: Newly Issued License and Drops Ground www.kincoracopper.com

Kincora Expansion Update: Newly Issued License and Drops Ground
· Mongolian Government issues the new Shavagtai exploration licence to Kincora
· Shavagtai increases Kincora’s footprint around one of the most important untested intrusive complex’s in the world-class Southern Gobi copper belt
· Shavagtai is adjacent to Kincora’s Khuren Tsav licence, which hosts the Bayan Tal target, a large scale copper-gold mineralized system, with previously recorded Devonian age comparable to Oyu Tolgoi
· Kincora has elected to relinquish licence areas which do not meet our rigorous exploration criteria, dropping 103 km2of the Amtgain Toirom license
· Kincora’s dominant landholding in the region now totals 1437 km2, as exploration and expansion activities continue and activities of others increase in the belt
Vancouver, BC — June 8th, 2017
Kincora Copper Limited (the “Company”, “Kincora”) (TSXV:KCC) is pleased to announce the recent issuance by the Mineral Resources, Petroleum Authority of Mongolia (“MRPAM”) of a new copper-gold exploration license adjoining one of our existing and large scale priority exploration licenses that hosts the Bayan Tal Igneous Complex (“BTIC”).
Limited previous exploration at the Bayan Tal target on the Khuren Tsav license returned favourable copper-gold widths and grades on or near to the distal southern outcropping margin of an interpreted large-scale target at shallow to moderate cover with the first comparable Devonian age stratigraphy and conglomerate to Oyu Tolgoi (“OT”), since OT. Previous results include 18m @ 0.75% Cu Eq (trench)and 18m 0.66% Cu Eq in drill hole IBEX006.
The new Shavagtai license is the second Kincora has secured via the direct application system since the new ground in the eastern section of the country was opened up in the second half of 2015 following a 5-year moratorium for issuing new exploration licenses. Other larger-scale and longer-term explorers in the belt have also been successful securing new ground in this belt and are now resuming exploration activities (refer to Figure-2 in the Appendix to this press release). As stated by Minister of Mining and Heavy Industry, Dashdorj Tsedev, at PDAC earlier this year, it is proposed that total land available for exploration in Mongolia will be increased from the current 9.6% to 20.9%.
Sam Spring, President and CEO commented, "It is pleasing to see our portfolio increase around the mineralized Bayan Tal target which is one of the most advanced and prospective untested intrusive complex’s in the Oyu Tolgoi-Tsagaan Suvarga Devonian copper belt.
The new license, in addition to the issuance of our Red Well license last year (noting drilling activities currently ongoing on an adjacent license by large scale incumbent), further demonstrates Kincora’s ability to pick up prospective exploration land in Mongolia. Our regional exploration across the belt, expansive proprietary database, existing network, unique Technical Committee credited multiple Tier 1 copper discoveries, and year round Southern Gobi camp provides a competitive advantage for new project generation.
Discussions remain ongoing for more advanced and/or strategically important new opportunities to provide further scale and continue our counter-cyclical expansion and exploration strategy. There has been a noticeable increase in activities in the belt, with increasing exploration and drilling activities, incumbents expanding land holdings and new entrants undertaking due diligence.
Post the IBEX transaction being completed late last year further additions of strategic land and divestments of less prospective licenses will be part of Kincora’s ongoing strategy and has become possible since favourable changes to the Mongolian mining sector’s legislative environment. Following recent exploration activities, 103 km2of unprospective ground has been voluntarily relinquished as we undertake the first modern systematic Tier 1 drill testing and district scale reconnaissance exploration program the world-class, under-explored Southern Gobi Devonian copper gold belt.”
 
Background
Kincora is pleased to announce that its wholly owned subsidiary Golden Grouse Ibex LLC has been granted a new exploration license by the Mineral Resources, Petroleum Authority of Mongolia (“MRPAM”, previously known as the Mineral Resources Authority of Mongolia, “MRAM”) that covers 20km2, named “Shavagtai” (Sagebrush), and is located adjacent to its existing Khuren Tsav, 14396 license (403km2).
The issuance of the Shavagtai license with full 12 year term follows Kincora in February 2016 securing the “Ulaan khudag” (Red Well) license, located as close as 15km along trend from the Oyu Tolgoi and Shivee Tolgoi mineralized systems (the former which extends a known 26km’s) at the Oyu Tolgoi project, and the eastern section of the country only being opened up in the second half of 2015 following a 5 year moratorium for issuing new exploration licenses.
As part of a standard procedure going forward for all licenses, our Technical Committee has reviewed the Amtgain Toirom, 14876 license to ensure it fits within our exploration parameters and following recent activities, on this licenses and across the belt, including last years extensive ground magnetics survey and historical Induced Polarisation (“IP”), 103km2of the original 162km2license has been voluntarily relinquished as Kincora advances its wholly owned and dominant land position in the belt up the value curve.
 
 
...


64x64

OPIC, IFC, AND Xacbank supporting women-owned businesses in Mongolia www.opic.gov

WASHINGTON, DC – The Overseas Private Investment Corporation (OPIC), IFC (International Finance Corporation), and XacBank LLC today signed a loan agreement to support access to finance in Mongolia for women-owned small and medium sized (SME) businesses.

In Mongolia, while 64 percent of SMEs are women-owned, the majority are underserved or unserved by financial institutions. Through cooperation with XacBank, this commitment seeks to provide the financing needed by women-owned SMEs in the country and offer better financial and business advisory services to women entrepreneurs.

“Women entrepreneurs are critical to economic growth and development in Mongolia. During a time when the majority of women-owned SMEs in Mongolia are underserved or unserved by financial institutions, OPIC is proud to partner with IFC and Xacbank to help these female entrepreneurs gain access to finance and new opportunities,” said Acting OPIC President and CEO Dev Jagadesan.

Marcos Brujis, IFC Director of Financial Institutions Group said, “Strong economic growth cannot be attained without gender equality and the empowerment of one-half of the world’s population. IFC’s Banking on Women program, and partnerships like this with OPIC and XacBank, have a critical role to play in unlocking and financing the vast untapped potential of female entrepreneurs.”

"SMEs constitute a vital part of the economic foundation of Mongolia. XacBank has been a front runner in providing financial solutions to small businesses and entrepreneurs. Together with OPIC and IFC, XacBank is opening new opportunities for SMEs and providing competitive financing opportunities," said Xacbank’s President Amartuvshin Hanibal.

The commitment is part of OPIC’s target goal of providing $100 million in loans to women owned SMEs as part of the Women Entrepreneurs Opportunity Facility (WEOF) by March 2022. WEOF is a Goldman Sachs Foundation and IFC partnership to increase access to capital for women entrepreneurs in emerging markets.

Launched in late 2010, IFC’s Banking on Women business invests in and provides advisory services to financial institutions to scale up and improve financial and non-financial services for women and women-led SMEs globally. Through Banking on Women, IFC has US $1.36 billion in cumulative investment commitments in 43 projects in 24 countries dedicated to financing women SME customers, and has led 33 advisory services projects with financial institutions in 23 countries to scale up financial and non-financial services to women customers.

...


64x64

The first car-free and nightlight street of UB www.news.gogo.mn

The opening ceremony of the first car-free and nightlight street of Ulaanbaatar city has commenced yesterday (Jun 8). 

City Mayor and Ulaanbaatar City Governor has set a goal to make Ulaanbaatar city as tourism and business hub of Northeast Asia in 2017-2020. Within the framework, Seoul street was landscaped and became the first car-free and nightlight street. 
The landscaping works include pavement of 440 meters of area, construction of pedestrians, install of screens and 400 seats for the public, restoring plants, and lighting. Moreover, two sides and ceiling of the night street was decorated with lights. 
Program for the opening ceremony of the car-free street:
9th of June 
Music festival 
Jazz and contemporary music performances
Electro dance music show  
10th of June 
National festival
Jazz and classical music performances
Traditional art performance and fashion show 
11th of June 
Family day festival 
Children playground 
Jazz music performances
In scope of the opening events, Seoul street roads will have closures until June 19 at 6 a.m.

...


64x64

Copper price jumps on Chinese imports surprise www.mining.com

In February copper hit a 21-month high on the back of optimism that Donald Trump's $500 billion-plus infrastructure plan would add fuel to the fire of Chinese economic stimulus already working its way through commodity markets
 
While US stimulus now appears further in the distance, Chinese support for the sector has stayed surprisingly strong with imports of the metal, widely used in the construction, manufacturing transportation and power industries, surging in May.
 
Official customs data from China, responsible for some 45% of global copper consumption, show the country's refined copper imports in May increasing by 30% to 390,000 tonnes compared to the previous month. Year-on-year import volumes were down 9% however. For the whole of 2016 imports were at record levels of 4.95 million tonnes.
 
The copper imports rebound in May is more than market expectations, especially in the off season for copper, (suggesting) markets had overestimated the slowdown in China's economic growth and sluggish domestic demand," Helen Lau, an analyst at Argonaut Securities in Hong Kong told Reuters.
 
In a sign that disruptions at some of the world's biggest mines including BHP's Escondida mine in Chile and Freeport's Grasberg operations in Indonesia is having an impact on mine supply concentrate imports declined by more than 15% in May compared to April. Cargoes were down 20% compared to a year ago reaching the lowest levels since October 2015. 2016 was a banner year with volumes gaining 28% over 2015 hitting an all-time high of 16.96 million tonnes for the full year.
 
Chinese imports compare to global mined production of an estimated 20.5 million tonnes per year.
 
Copper futures trading on the Comex market in New York reacted positively to the import data adding more than 2% from Wednesday's close trading near its day high of $2.6105 per pound ($5,755 a tonne) in afternoon dealings. Copper is up 3.5% year to date.
...


64x64

Mongolia Presidential Candidate Evokes Trump, Challenges IMF www.bloomberg.com

One of Mongolia’s top presidential candidates is seeking to reinstate a banking measure that almost derailed the country’s $434 million bailout last month as part of a populist-tinged campaign.

Battulga Khaltmaa, a candidate with President Elbegdorj Tsakhia’s Democratic party, told Bloomberg in an interview that he supports restoring a provision requiring revenue from the Oyu Tolgoi copper mine and other large foreign-backed projects to be directed through local banks. Mongolia’s parliament repealed the provision last month, after the International Monetary Fund balked at approving the funding.

“It’s not fair that we have no verification of how much exports are leaving Mongolia,” Battulga, 54, said Monday in Ulaanbaatar, noting that the country’s mineral wealth belongs to its people. “We don’t know how much has been sold, so we should have valid accounting of the revenue.”

The proposal was one of several populist policies being pushed by Battulga as he attempts to preserve the Democratic Party’s hold on to the presidency in Mongolia, a landlocked nation of 3.1 million people between Russia and China. The June 26 election comes amid a severe economic slowdown caused by weak prices for vital mineral exports, mainly copper and coal.

Battulga is a judo-star-turned-businessman who also served as a former minister of agriculture and industry. He is famous for commissioning a $4.1 million, 40-meter (131-foot) statue of Genghis Khan on horseback.

IMF Bailout

A win by Battulga would preserve the party’s platform to contest policies by the Mongolian People’s Party, which secured control of parliament in a landslide election victory last year. Elbegdorj is ineligible to seek a third term.

The IMF approved a $434 million loan package May 25 -- Mongolia’s sixth such bailout since the end of one-party rule in 1990 -- after the banking measure was repealed. The package is part of $5.5 billion deal that includes includes money from the Asian Development Bank and the World Bank, with Japan and South Korea as direct lenders.

While Battulga said he wouldn’t seek to cancel the IMF deal, he believes that Mongolia can get by without it. His economic development plans revolve on building rail networks and other infrastructure projects to help process minerals domestically rather then sending them directly to China, which bought more than three-quarters of the country’s $3.5 billion in exports last year.

Battulga said he believed no country should account for more than one-third of Mongolia’s exports. Improving the quality of the country’s exports and producing more finished products would open markets in Southeast Asia and elsewhere, he said.

Battulga acknowledged the similarities between his populist campaign against trade deficits with a neighbor and that of Donald Trump’s. “Of course, I won’t build a wall along our southern border,’’ he joked.

Battulga is facing off against Enkhbold Miyegombo of the MPP, a former Ulaanbaatar mayor and the speaker of parliament. Also running is Ganbaatar Sainkhuu, a former lawmaker known for criticizing the Rio Tinto Group, which controls the Oyu Tolgoi mine. Enkhbold declined to comment, saying that he’s not allowed to give interviews since the campaign started. Ganbaatar didn’t respond to a request for comment.

...