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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Khan Bank to back sustainable energy in Mongolia with EBRD loan www.renewableshow.com

June 14 (Renewables Now) - Mongolia-based Khan Bank has secured a loan of up to USD 5 million (EUR 4.5m) from the European Bank for Reconstruction and Development (EBRD) to promote sustainable energy and renewables in Mongolia.
 
The funds will be allocated to finance the development of sustainable energy projects and technologies in Mongolia’s industrial sector, EBRD said on Tuesday. The extended proceeds will cover the total cost of the project.
 
EBRD noted that the collaboration with Khan Bank will enable the Mongolian bank to strengthen its competences for evaluating renewable energy investments. It is also seen to improve the awareness on the benefits of energy and resource efficiency among businesses and households.
 
Beneficiaries of the project will have to meet certain eligibility criteria for obtaining financing from the EBRD funds and comply with national environmental requirements, the EBRD said.
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Iraq takes Saudi crown to become oil king of key Asian market www.rt.com

 
As competition among oil producers for major Asian markets intensifies, Iraq has become India’s top crude supplier for a third month in May, surpassing Saudi Arabia.
Shipping data compiled by Bloomberg showed, Iraq supplied 1 million barrels a day and those supplies accounted for 23 percent of India’s purchases last month, up from an average 19 percent in the previous four months. Saudi Arabia’s share fell to 17 percent.
India’s total crude imports in May stood at 4.35 million barrels a day. Its $2-trillion economy imports more than 80 percent of crude requirements and the International Energy Agency expects it to be the fastest-growing consumer through 2040.
“Saudis used to be the king when it comes to crude supply, but now it’s becoming a prince,” said R. Ramachandran, the head of refineries at Bharat Petroleum, India’s second-biggest state-run refiner.
“Preference for Iraqi crude will continue as Indian refiners continue with refinery upgrades,” he told Bloomberg.
Iraq has been India’s second biggest supplier of oil for years. However, the Gulf nation’s poor port infrastructure resulted in delays and inconsistencies in shipments, making Iraqi crude less preferred than that of Saudi Arabia. Recently, Iraq has improved the infrastructure to ensure stable supplies.
“Iraqi crude is getting attractive and it suits our refineries very well,” said Mukesh Kumar Surana, chairman of Hindustan Petroleum. “Iraq has come out of the supply uncertainties and the pricing is very competitive.”
Hindustan Petroleum buys about 4 million tons of Iraqi oil annually on a term basis, which matches the volume it gets from the Saudis.
According to India’s Finance Director Arun Kumar Sharma, the nation’s biggest processor Indian Oil Corporation will boost Iraqi imports to about 18 million tons this year from 15.6 million in 2016. Saudi purchases are expected to remain steady at 5.6 million tons.
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Mongolia Jan-May coal export earnings surge after N.Korea ban www.reuters.com

 
Mongolia's coal export earnings surged nearly fivefold in the first five months of the year, according to official data, with the country taking advantage of sanctions on North Korea to boost deliveries to China, its major customer.
 
Cash-strapped Mongolia was forced to turn to the International Monetary Fund for support this year following a collapse in foreign investment, declining commodity prices and a downturn in coal demand.
 
But it is now reaping the benefits of a ban on exports from North Korea, which has forced China to find alternative coal suppliers. The value of Mongolia's coal exports rose to $1.01 billion in the first five months of 2017, 4.6-times higher than the same period last year.
 
The rise in exports contributed to a 69.5-percent increase in Mongolia's foreign trade surplus, which hit $1 billion, the country's statistics office said on Tuesday.
 
According to the latest data from China's customs authority, Mongolia became China's second biggest supplier of non-lignite coal in the first four months of this year, with deliveries reaching a total of 11.7 million tonnes, more than double the same period of 2016.
 
The average price of Mongolian coal delivered to China in April stood at $66 a tonne, double the value in April last year, though still much cheaper than the average $122 per tonne for Australian shipments.
 
Mongolia's base metal exports, including copper, also jumped 58.8 year-on-year to $41.3 million over the first five months of 2017. Total exports grew 42 percent to $2.5 billion.
 
Rising fuel costs contributed to a 27.8-percent climb in the value of total imports, with the value of diesel imports growing 2.4 times to $141.5 million and gasoline up 49 percent at $97.9 million.
 
Mongolia's largest copper mine, Oyu Tolgoi, run by Anglo-Australian miner Rio Tinto, saw its revenues rise 5.7 percent year-on-year in the first quarter of the year, citing higher prices and copper concentrate sales.
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Mongolia-Austria business meeting held www.montsame.mn

Ulaanbaatar /MONTSAME/ Ulaanbaatar Chamber of Commerce, Mayor’s Office, Austrian Economic Chamber and Ulaanbaatar Development Corporation co-held a business meeting on June 13, Tuesday.
 
The meeting was attended by J.Batbayasgalan, Deputy Mayor in charge of Green development and Air pollution, G.Ulziibayar, Head of Policy planning division of the Mayor’s Office, Martin Glatz, the Austrian Economic Chamber’s Representative in China and representatives of Austrian businesses interested in Mongolia.
 
Deputy Mayor J.Batbayasgalan expressed his delight at meeting the representatives of Austrian businesses, and said, “We would like to cooperate with Austria on green development”. He also expressed hope to cooperate with the Central European country on many other areas.
 
Martin Glatz, Austrian Economic Chamber representative and Commercial Counsellor at the Austrian diplomatic mission to Mongolia, based in Beijing, shared his views on Mongolia-Austria trade, emphasizing on the opportunities for further cooperation.
 
Representing Austrian businesses, Vienna based companies ‘AME International’ and ‘Hulla & Co Human Dynamics’ attended the meeting, and introduced their functions. AME International Managing Director Ekkehart Stremitzer expressed interest in working with Mongolia in health sector.
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Flight tickets price might be cut by 20-40 percent www.montsame.mn

 
Ulaanbaatar /MONTSAME/ Price of flight tickets can be reduced by 20-40 percent, said the officials during a press conference held yesterday, June 13, by the Ministry of Road and Transport Development, the General Authority of Civil Aviation, Hunnu Air and Aero Mongolia Companies.
 
“The Ministry has been seeking opportunities of lowering the ticket prices through persuading to amend the international air relations agreements of Mongolia. Initially, the agreement between Mongolian and South Korean civil aviations is being changed, so that passengers can enjoy cheaper flights”, said Deputy Minister B.Tsogtgerel.
 
According to him, the government has been making efforts to maintain a price liberation policy and increase frequency of flights. Chairman of the General Authority of Civil Aviation L.Byambasuren informed the gathered that, for the above mentioned objective, Hunnu Air has been conducting direct flights to Ulan-Ude of Russia and MIAT, to Busan of South Korea.
 
MIAT has released a new flight route from Seoul to Busan, and intends to fly directly to Bangkok.
 
The negotiation meeting is expected to take place in Ulaanbaatar on June 28 and 29 on amending the air relations agreement between Mongolia and South Korea.
 
Deputy Minister B.Tsogtgerel told that he has met with the delegates of the South Korean Asiana Airlines the day before, and that the visiting delegates have proposed to conduct direct flights between Incheon and Ulaanbaatar.
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Goldman Sachs: Bitcoin is looking 'heavy' www.businessinsider.com

 
Bitcoin has had a blistering start to 2017. It's up about 180% so far this year. However, its near-term outlook isn't looking so hot, according to a note released on Monday by Goldman Sachs head of technical strategy Sheba Jafari.
"The market has come close (enough?) to reaching its extended (2.618) target for a 3rd of V-waves from the inception low at 3,134," Jafari wrote. "It’s on track to forming a bearish key day reversal if today’s close settles below 2,749."
Bitcoin hit a lifetime high of nearly $3,000 a coin on Monday, but was unable to hold onto those gains. The cryptocurrency finished the day at $2,599, well below the key technical threshold of $2,749 that was singled out by Jafari.
Now, traders should be paying close attention to $2,475 on a weekly basis, as a close below there would cause even more damage to the technical picture, according to Jafari. "Both daily/weekly oscillators are diverging negatively. All of this to say that the balance of signals are looking broadly heavy."
Jafari isn't alone in calling for at least a near-term top in the cryptocurrency. "I think it's in a bubble," tech billionaire Mark Cuban tweeted last Tuesday. "I just don't know when or how much it corrects. When everyone is bragging about how easy they are making $=bubble." Cuban did not say how far he thought bitcoin would fall.
So where will bitcoin go from here? "Wary of a near-term top ahead of 3,134, Jafari concludes. "Consider re-establishing bullish exposure between 2,330 and no lower than 1,915."
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Warren Buffett promotes Israeli government bonds www.rt.com

Billionaire investor Warren Buffett will travel to New York this week to help Israel sell government bonds, underwriting agency Israel Bonds said.
Buffett will reportedly meet privately on Thursday with US, Canadian, Mexican, and Brazilian investors who are each interested in buying up to $5 million in bonds. Buffett himself has invested $5 million, according to Israel Bonds.
“The purchase of Israel bonds is a sound investment and a deserved endorsement of a remarkable country,” Buffett said in a statement for the underwriting agency.
Last November, Buffett, the CEO of the US conglomerate Berkshire Hathaway, hosted an event in his hometown of Omaha, Nebraska that raised $60 million in investments in Israel.
“If you are looking for brains, energy and dynamism in the Middle East, Israel is the only place you need to go,” the billionaire said at the time.
In 2013, Buffett made Israeli firm Iscar his first foreign acquisition, buying the remaining 20 percent of the metalworking company for $2.05 billion, after buying 80 percent in 2006 for $4 billion.
Many investors stay away from Israel, which has fallen 23 spots in the World Bank’s Ease of Doing Business Index in the last six years, to 52nd out of 190 countries.
The country is regarded as a tough place to do business. Israel demands permits from fire officials and a number of ministries, and each of those bodies makes its own demands.
The Doing Business Index says it is easier to register property in 125 countries than in Israel, and there are 95 states with better tax environments.
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Mongolian document museum opens in Hohhot www.chinadaily.com.cn

China’s first Mongolian document museum was inaugurated in Horinger New District, Hohhot on June 10. The museum showcases valuable manuscripts and documents concerning Mongolian ethnic culture.
Covering an area of 1,718 square meters, the museum was initiated by Gereltu (Geri Letu), a Mongolian ethnic antique collector who has provided valuable documents for the museum’s collection. The museum is currently exhibiting ancient scriptures, historical materials and documents showing the evolution of Mongolian characters, paintings and stamps.
Mongolian characters have gone through 10 cycles of evolution and have a history dating back nearly 1,000 years. Mongolian people have recorded the development of religion, medicine, commerce, myths, literature and music, for the benefit of historians and future generations.
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Further mineralisation at Bayan Khundii www.asiaminer.com

Erdene Resource Development Corp’s ongoing drill program has expanded mineralisation at the Bayan Khundii Gold Project in southwest Mongolia. Assay results have confirmed the discovery of a new zone under cover north of the Midfield Zone.
 
One hole 60 metres north of Midfield returned 108 metres @ 2.8 g/t gold, including 20 metres @ 7.2 g/t. It was one of four previously drilled step-out holes where visible gold was observed.
 
Another hole 50 metres north of Midfield and 40 metres to the southeast of the above hole returned 55 metres @ 2.9 g/t, including 25 metres @ 5.3 g/t. No visible gold was observed in drill core at this hole.
 
These two holes support the extension of the high-grade corridor that runs north-northeast from Gold Hill through Striker and now beyond Midfield, and trending towards the Northeast Zone.
 
Results are pending for two step-out holes 130 metres north and 200 metres north of Midfield with visible gold observed in drill core of both.
 
Drilling in the Northeast Zone, 500 metres northeast of Midfield, returned 14 metres @ 0.75 g/t from surface, including 2 metres @ 4.4 g/t, and 21 metres @ 0.65 g/t from 65 metres.
 
Another step-out hole, the last of the four holes where visible gold was observed and located 90 metres east of Striker Zone, returned 10 metres @ 12.8 g/t. The hole, which was targeting a potential eastern extension of the Striker Zone under younger cover, has opened up a large untested area east of Striker for additional exploration. Additional drilling is planned in this area before the end of June.
 
Drilling has extended the Striker Zone down-dip to the southwest with one hole returned 20 metres from 90 metres @ 2.6 g/t.
 
The initial Q2-Q3 exploration program at Bayan Khundii, which commenced in mid-April, will include a projected 20,000 metres of diamond drilling, designed to expand areas of gold mineralisation surrounding the Gold Hill, Striker and Midfield zones, and to identify new zones elsewhere within the larger 2km by 1.8km project area.
 
Once complete, any new or expanded zones will receive more detailed drilling to increase confidence in advance of an eventual resource estimate. One drill rig is continuing with the exploration program while the second is dedicated to the closer-spaced resource delineation program.
 
Erdene expects to receive further assay results throughout the September quarter.
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Peace Corps to promote volunteerism in Mongolia www.montsame.mn

Ulaanbaatar /MONTSAME/ Minister of Foreign Affairs Ts.Munkh-Orgil met Sheila Crowley, Acting Director of the Peace Corps during his official visit to the United States on June 12, Monday.

Minister Ts.Munkh-Orgil appreciated the important contribution of Peace Corps volunteers in health and education spheres Mongolia for the last 25 years. Since 1991, 1,275 Peace Corps volunteers have worked in Mongolia.

Acting Director Crowley, for her part, expressed gratitude towards the Mongolian Government for its continued support and cooperation, citing the initiation of a project to promote volunteerism in Mongolia at its request. Within the frameworks of the project, the Peace Corps will share its volunteering expertise with the government with the two sides working on facilitating an environment that promotes volunteerism.

Furthermore, a study will be conducted with an aim to frame a volunteer program specifically designed for Mongolia. It was agreed during the meeting that Mongolia will seek ways to cooperate with Americorps.

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