Name organizer Where
Frontier's "Invest Mongolia Tokyo 2018" Frontier Securities Tokyo Japan
"Open to Export" ICC WTO International business award ICC WTO London



Copper supply disruptions push prices up www.mining.com

Copper prices climbed Monday, helped mainly by ongoing supply disruptions at two massive mines in Chile and Indonesia, intensified by an indefinite strike that broke Friday at Freeport-McMoRan's (NYSE:FCX) Cerro Verde mine in Peru the country's largest.

Three-month copper was last 1.1% on the London Metal Exchange to $5,794 a tonne, after it had lost 3.1% last week, the most since December, due partially to a stronger dollar. Earlier, the most-traded copper on the Shanghai Futures Exchange climbed 2.2% to close at 47,560 yuan ($6,887) a tonne.

Disputes at BHP Billiton’s Escondida mine in Chile, the world's biggest copper mine, and Freeport’s Grasberg mine in Indonesia, are having a significant effect on global supplies of concentrate, Jiangxi Copper chairman Li Baomin told the Financial Times over the weekend. “It’s the first time in 15 years that copper concentrate is not overproduced,” he noted.

So far, prices have not reflected the full strength of the supply troubles. The metal, in fact, is up only 4% this year, but copper bulls insist that factors for a push higher are slowly falling into place.

BMI Research, for one, recently raised its 2017 copper price forecast to $5,500 from $5,150 on solid Chinese demand growth and supply interruptions.

Even so, new copper projects at such prices are not appealing at the moment. Based on predictions by Citigroup, the metal needs to rise to about $6,700 a tonne before mining companies commit to new greenfield projects. That means the industry will not likely boost capital spending until 2019.



IEA: Huge Oil Price Spike Inevitable www.rt.com

Three years of drastic cuts to upstream spending because of the meltdown in oil prices could result in a shortage of oil supply in a few years, according to a new report from the International Energy Agency.
When oil prices collapsed in 2014, oil producers quickly took an ax to their spending. Global oil and gas investment dropped by a quarter in 2015 and by an additional 26 percent last year, the IEA estimates. A long list of projects, particularly very large ones, were put on ice.
Because many of these projects take years to develop, the sharp slowdown between 2014 and 2016 could result in very few sources of new supply hitting the market towards the end of the decade.
To be sure, supply is already coming back. The US has added more than 500,000 bpd since last summer, and shale drillers are ramping up activity. The IEA says that the shale industry achieved cost reductions of about 30 percent in 2015 and 22 percent in 2016, making the average shale well more profitable today than it was before the downturn. That is already leading to a rebound.
But even the nascent recovery in drilling this year will be a far cry from the investment prior to the 2014 oil bust.
Moreover, the IEA thinks that even the revival of U.S. shale at lower prices won’t be enough to head off a supply shortage by 2020. The pipeline of new projects is too small.
Meanwhile, demand will continue to grow, eventually overtaking supply. The IEA projects global demand to reach 104 million barrels per day (mbd) by 2020, with the “call on OPEC” reaching 35.8 mbd, up from 32.2 mbd last year.
The market may ask for much higher supply from OPEC, but that would force the group to burn through its spare capacity, which could shrink to well below 2 mb/d. Spare capacity – the ability to ramp up or down supply on short notice – has been one of the key cushions to the oil market for decades. Knowing that Saudi Arabia could plug any supply gap in a pinch helped reduce oil market volatility, and also reduced the risk premium that would hit the market when unforeseen geopolitical flashpoints inevitably cropped up.
The IEA warns that unless a wave of new upstream projects are given the greenlight by exploration companies, OPEC’s spare capacity will fall to low levels and oil prices will rise sharply.
One of the more eye-opening predictions from the IEA is that oil demand will continue to rise without interruption. The agency noted that global oil demand grew by a whopping 2 mb/d in 2015 because of low prices, then by another strong 1.6 mb/d in 2016. Moving forward, demand rises steadily, year after year, by an average of 1.2 mb/d through 2022. India takes over as the largest source of demand growth, a mantle long-held by China.
The IEA, unlike a growing chorus of analysts, thinks that electric vehicles might only have a marginal impact on demand, slowing consumption growth but ultimately not reversing it. On top of that, oil demand will grow in various sectors not related to passenger vehicles, including freight, marine transit, and aviation. “For all these reasons, the much-discussed peak for oil demand remains some years into the future,” the IEA wrote.
So we have rising demand and a shortage of new supply. But, surely U.S. shale, with its falling breakeven prices and resurgence at $50 per barrel can meet the supply gap? The IEA does think that shale will see significant growth, rising by 1.4 mb/d through 2022, assuming oil prices at $60 per barrel. If prices rise to, say, $80 per barrel, then U.S. shale could see growth of 3 mb/d. But the IEA’s working assumption is that all non-OPEC countries together contribute an extra 3.3 mb/d of supply over the next five years.
The problem with that figure is that demand is expected to rise by 7.2 mb/d over that same timeframe. The end result will be a strain on OPEC supplies. In light of these numbers, the IEA issued a warning. “[W]e are emphasising an important message: more investment is needed in oil production capacity to avoid the risk of a sharp increase in oil prices” by the early 2020s.


Census on degraded land due to mining to be conducted in 2017-2018 www.montsame.mn

Ulaanbaatar /MONTSAME/ A census on degraded land, which was conducted in 2012 covering 20 aimags revealed 42556 ha of land in 699 units are degraded and abandoned. 60 per cent of the destroyed land had been caused by companies and entities, while 40 per cent by artisanal gold miners. Since 2012, such kind of integrated census has not been conducted and utilization of the data of the last census has been insufficient.

A workshop themed “Census of degraded land due to mining” “Regulation on mining closure” started today with participation of over 70 specialists of 21 aimags in charge of nature protection and rehabilitation in mining and officials from the Ministry of Environment and Tourism, Mining Ministry and General Authority of Special Inspection.

“ - The results of this workshop are significant to the implementation of the Government action plan, conducting census on degraded land due to mining in 2017-2018, developing a regulation on mine closure and starting to adhere the regulation” said Deputy Minister of Environment and Tourism Ts.Batbayar.

Closing of mine and rehabilitation works are not being done in compliance with the law on Mineral Resources, because regulation on mine closure has not been approved yet.



Entree Gold Announces Fiscal Year 2016 Results and Reviews Corporate Highlights www.nasdaq.com

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 03/10/17 -- Entrée Gold Inc. (TSX:ETG)(NYSE MKT:EGI)(FRANKFURT:EKA) ("Entrée" or the "Company") has today filed its annual operational and financial results for the year ended December 31, 2016. All numbers are in U.S. dollars unless otherwise noted.


Entrée/Oyu Tolgoi Joint Venture Property, Mongolia

On May 5th and 6th, 2016, formal 'notice to proceed' approval was given for the next stage of development of the world-class Oyu Tolgoi copper-gold mine in Mongolia ("OT") by the boards of Turquoise Hill Resources Ltd. ("Turquoise Hill"), Rio Tinto and Entrée's joint venture partner, Oyu Tolgoi LLC ("OTLLC"). According to Turquoise Hill, this was the final requirement for the re-start of underground development at the Hugo North Lift 1 block cave ("Lift 1"), including Lift 1 of the Entrée/Oyu Tolgoi joint venture's Hugo North Extension deposit.

In June and July 2016, OTLLC signed a contract with Jacobs Engineering Group to provide engineering, procurement and construction management services for the underground development and signed a contract with mining services provider Thiess and Mongolian contractor Khishig Arvin for development of twin declines, incorporating both a service and conveyor tunnel.

In August 2016, Turquoise Hill advised that OTLLC drew down approximately $4.3 billion of the $4.4 billion project finance facility that was signed in December 2015. As part of the project finance facility, a debt cap of $6.0 billion for OT was agreed, which provides the possibility for an additional $1.6 billion of supplemental debt in the future.

On October 21, 2016, Turquoise Hill filed an updated technical report ("2016 OTTR") under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") relating to the OT project. The 2016 OTTR includes Preliminary Economic Assessments ("PEAs") of potential later phases of the OT deposits which include Entrée/Oyu Tolgoi joint venture resources.

During the fourth quarter of 2016, the underground workforce ramped up to over 2,000 people and progress was made in key areas including shafts 2 and 5 related activities and construction of critical on-site facilities while the bulk excavation component for the convey-to-surface work stream was completed. Lateral development rates were progressing well with a further increase expected in 2017 when additional underground crushing capacity is added.


In March 2016, the Company entered into an agreement with Sandstorm Gold Ltd. ("Sandstorm") to amend the Equity Participation and Funding Agreement dated February 14, 2013 resulting in a 17% reduction in the metal credits that Entrée is required to sell and deliver to Sandstorm in return for a payment of $5.5 million in cash and issuing $1.3 million of common shares of the Company.

In January 2017, the Company closed a non-brokered private placement of 18,529,484 units of the Company at a price of C$0.41 per unit for gross proceeds of approximately C$7.6 million. Each unit consists of one common share and one-half of one transferable common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder to purchase one additional common share of the Company at a price of C$0.65 per share for a period of 5 years following the date of issuance.

On February 28, 2017, the Company announced that its Board of Directors (the "Board") had unanimously approved a strategic reorganization of Entrée's business. Entrée's U.S. based assets, the Ann Mason and Lordsburg Projects, will be transferred to a newly incorporated company, Mason Resources Corp. ("Mason Resources"). The strategic reorganization will result in two separate and focused, well-capitalized entities, each with a high quality advanced project providing new and existing shareholders with optionality as to investment strategy and risk profile.

As at March 1, 2017, the Company's cash balance was $18.5 million. Of that, it is expected that $8.75 million will be transferred to Mason Resources as part of the strategic reorganization.

For the 2016 year, the Company's exploration and general and administrative expenditures of approximately $1.9 million and $2.5 million, respectively, were reduced by 64% and 54% compared to 2015 as a result of the Company's continued focus on reducing non value adding expenditures.

Ann Mason Project, Nevada

On April 1, 2016, Entrée received an approved Waters of the United States/Wetlands jurisdictional determination from the Regulatory Division of the U.S. Army Corps of Engineers, that the water drainages on the Ann Mason Project are considered "isolated waters with no apparent interstate or foreign commerce connection" and as a result, no permit under Section 404 of the Clean Water Act is required for Ann Mason.

As part of Entrée's commitment to corporate social responsibility, work to rehabilitate more than 60 historic drill sites and road access ways on the Ann Mason Project property was completed in October 2016.

Entrée today filed a technical report titled "2017 Updated Preliminary Economic Assessment on the Ann Mason Project, Nevada, U.S.A." with an effective date of March 3, 2017 (the "2017 PEA") which was prepared in accordance with NI 43-101. The 2017 PEA was prepared by AGP Mining Consultants Inc. and Amec Foster Wheeler Americas Limited. A copy of the 2017 is available on SEDAR at www.sedar.com and on the Company's website.


The Company announced on February 28th, 2017 a strategic reorganization of its business (the "Arrangement"). Pursuant to the Arrangement, Entrée's Ann Mason and Lordsburg Projects (the "US Projects") will be transferred to a newly incorporated company, Mason Resources. Shareholders of Entrée will receive common shares in Mason Resources ("Mason Common Shares") in proportion to their shareholdings in Entrée. There will be no change to shareholders' existing interests in Entrée.

It is intended that, as part of the Arrangement, Entrée shareholders will receive Mason Common Shares by way of a share exchange, pursuant to which each existing share of Entrée is exchanged for one "new" share of Entrée and 0.45 of a Mason Common Share. Optionholders and warrantholders of Entrée will receive replacement options and warrants of Entrée and options and warrants of Mason Resources which are proportionate to, and reflective of the terms of, their existing options and warrants of Entrée. The reorganization will be effected by way of a plan of arrangement under the Business Corporations Act (British Columbia) (the "Plan of Arrangement") and must be approved by the Supreme Court of British Columbia (the "Court") and by the affirmative vote of 66 2/3% of Entrée shareholders, as well as Entrée shareholders, optionholders and warrantholders (collectively, the "Securityholders") voting together as a single class. A meeting of Securityholders to approve, among other things, the Arrangement, will be held on May 1, 2017 (the "Meeting").

Mason Resources will be managed by Entrée's current team of officers. Its board will consist of four directors who also currently sit on the Entrée Board, as well as up to three new directors who are independent of Entrée.

Additional details of the spin-out transaction will be included in an information circular to be mailed to the Securityholders on or about March 24, 2017 in connection with the Meeting. Subject to receipt of all required Securityholder, Court and regulatory approvals, the Arrangement is expected to close by May 30, 2017.


Entrée is primarily focused on advancing its principal assets in Mongolia and Nevada, while undertaking various additional initiatives in an effort to maximize shareholder value. On February 28, 2017, the Company announced the Arrangement, pursuant to which the US Projects will be transferred to Mason Resources. Once the Arrangement becomes effective, the result will be two separate and focused, well-capitalized entities, each with a high quality advanced project providing new and existing shareholders with optionality as to investment strategy and risk.

Entrée is undertaking the Arrangement in order to focus on its carried 20% interest in the Entrée/Oyu Tolgoi joint venture property in Mongolia and potentially acquiring other value accreting and synergistic assets. The Arrangement is also intended to maximize shareholder value by allowing the market to value Entrée's assets independently of the US Projects. It is expected that transferring the US Projects from Entrée to Mason Resources will help accelerate development of the Ann Mason Project and give scope to new acquisitions.

Both Entrée and Mason Resources will be managed by Entrée's current team of officers and employees for the upcoming 2017 year. The companies will utilize a share service model to allocate administrative costs proportionately to each company based on a ratio to be determined prior to closing of the Arrangement. It is expected that there will be some additional costs associated with the operation of Mason Resources as a separate publicly traded company, such as listing fees, marketing costs and some additional board related costs. Concurrently, the Company will continue to remain prudent with its expenditures.

Without giving effect to the Arrangement, the Company expects to spend between $2.8 million and $3.2 million for the 2017 year (2016 year - $4.0 million) on exploration and general administration costs. The Company expects to release an updated technical report for its interest in the Entrée/Oyu Tolgoi joint venture property and Shivee West in 2017, following the release of the 2016 OTTR by Turquoise Hill on October 21, 2016. The Company estimates the cost to prepare this report to be approximately $0.5 million. Upon completion of the Arrangement, it is expected that Mason Resources will incur an additional $0.2 million in annual corporate costs associated with having a second public company.

In addition, the Company is anticipating a potential one time cost of approximately $0.3 million for fees associated with the Arrangement.


The Company has focused, and will continue to focus its efforts on conserving cash reserves. Corporate objectives for 2017 include maximizing the market value of the Company's assets through restructuring, increasing investor awareness and cash conservation. Without giving effect to the Arrangement, total corporate costs, which include marketing and compliance costs, are estimated to be between $1.8 million and $2.0 million for the 2017 year. An additional $0.2 million of corporate costs at Mason Resources is expected for the 2017 year in order to support the new publicly traded company.

Entrée/Oyu Tolgoi Joint Venture Property

With the release of the 2016 OTTR, the Company intends to develop complementary PEAs for Entrée's interest in the second lift of the Hugo North (including Hugo North Extension) block cave and the Heruga deposit and file these as part of an updated NI 43-101 technical report. The Company anticipates commencing this process in the first half of 2017 and estimates the cost to be approximately $0.5 million to complete and publish the report.

Development of the OT project continues to advance with a number of positive milestones achieved in 2016. As part of the Company's corporate restructuring initiative, management commenced a market awareness program in late 2016 and will continue through 2017 to improve the investment community's understanding of Entrée's interest in the Entrée/Oyu Tolgoi joint venture property, including its potential value as compared with the interests of other OT project stakeholders.

The Company maintains an office and administration in Mongolia. Excluding the costs associated with the preparation of an updated NI 43-101 technical report referenced above, the Company expects to spend approximately $0.2 million for the 2017 year on legal costs and general administration in Mongolia.

Ann Mason Project

The Company estimates expenditures, including claim filing fees, site maintenance and local administration costs will be between $0.7 million and $0.9 million for the 2017 year. The Company does not intend to implement any new work programs at present and will focus on identifying strategic development partners prior to implementing any potential programs to advance the Ann Mason Project into its next phase of development. Upon completion of the Arrangement, these costs will be assumed by Mason Resources.

Other Properties

Costs associated with all of the Company's other non-material assets have been minimized while management evaluates the best alternatives for each asset in the future. Expenditures for 2017 are for license fees and local administration costs. The Company expects to spend approximately $0.1 million for the 2017 year.


2016 2015 2014 
Exploration $ (1,855 ) $ (5,139 ) $ (9,019 )
General and administration (2,115 ) (4,598 ) (4,002 )
Consultancy and advisory - (125 ) (831 )
Impairment of mineral property interests - - (552 )
Gain on sale of mineral property interests - - 28 
Stock-based compensation (489 ) (197 ) (251 )
Foreign exchange (loss) gain (343 ) 2,919 1,979 
Loss from operations (4,802 ) (7,140 ) (12,648 )
Interest expense, net (177 ) (412 ) 30 
Loss from equity investment (237 ) (119 ) (108 )
Income taxes 553 (160 ) 4,057 
Net loss (4,663 ) (7,831 ) (8,669 )
Foreign currency translation adjustment 717 (4,928 ) (3,316 )
Comprehensive loss $ (3,946 ) $ (12,759 ) $ (11,985 )
Basic/diluted loss per share $ (0.03 ) $ (0.05 ) $ (0.06 )
Total assets $ 53,280 $ 61,662 $ 79,690 
Total non-current liabilities $ 33,336 $ 39,316 $ 44,270 
The Company's Annual Financial Statements, management's discussion and analysis ("MD&A") and Annual Information Form are available on the Company website, on SEDAR at www.sedar.com and on EDGAR at http://www.sec.gov/. The Company's Annual Report on Form 40-F has been filed with the SEC, and is available on the Company website. Shareholders can receive a hard copy of the Company's audited Annual Financial Statements upon request.


Robert Cinits, P.Geo., Entrée's Vice President, Corporate Development, a Qualified Person as defined by NI 43-101, has approved the technical information in this release. For further information on the Entrée/Oyu Tolgoi LLC joint venture property, see the Company's technical report, titled "Lookout Hill Feasibility Study Update", with an effective date of March 29, 2016, available on SEDAR at www.sedar.com. For further information on the Ann Mason Project, see the 2017 PEA.


Entrée Gold Inc. is a Canadian mineral exploration company balancing opportunity and risk with key assets in Mongolia and Nevada. As a joint venture partner with a carried interest on a portion of the Oyu Tolgoi mining project in Mongolia, Entrée has a unique opportunity to participate in one of the world's largest copper-gold projects managed by one of the premier mining companies - Rio Tinto. Oyu Tolgoi, with its series of deposits containing copper, gold and molybdenum, has been under exploration and development since the late 1990s. Additionally, Entrée has also been advancing its Ann Mason Project in one of the world's most favourable mining jurisdictions, Nevada. The Ann Mason Project hosts the Ann Mason copper-molybdenum deposit as well as the Blue Hill copper deposit within the rejuvenated Yerington copper camp.

Sandstorm Gold, Rio Tinto and Turquoise Hill Resources are major Shareholders, holding approximately 14%, 10% and 8% of issued and outstanding shares, respectively.

This News Release contains forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995 with respect to corporate strategies and plans; requirements for additional capital; uses of funds; the value and potential value of assets and the ability of Entrée to maximize returns to Shareholders; potential financial and other benefits of spinning-out the US Projects; timing and approval for a spin-out of the US Projects; the future prices of copper, gold, molybdenum and silver; the estimation of mineral reserves and resources; the realization of mineral reserve and resource estimates; anticipated future production, capital and operating costs, cash flows and mine life; capital, financing and project development risk; completion of PEAs on Entrée's interest in Hugo North Extension Lift 2 and Heruga; a potential strategic development partner for Ann Mason; the potential impact of future exploration results on Ann Mason mine design and economics; the potential development of Ann Mason; potential types of mining operations; construction and continued development of the Oyu Tolgoi underground mine; potential size of a mineralized zone; potential expansion of mineralization; potential discovery of new mineralized zones; potential metallurgical recoveries and grades; plans for future exploration and/or development programs and budgets; permitting time lines; anticipated business activities; proposed acquisitions and dispositions of assets; and future financial performance.

While the Company has based these forward-looking statements on its expectations about future events as at the date that such statements were prepared, the statements are not a guarantee of Entrée's future performance and are based on numerous assumptions regarding present and future business strategies, local and global economic conditions, legal proceedings and negotiations and the environment in which the Company will operate in the future, including the status of the Company's relationship and interaction with the Government of Mongolia, OTLLC, Rio Tinto and Turquoise Hill. With respect to the construction and continued development of the Oyu Tolgoi underground mine, important risks, uncertainties and factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements and information include, amongst others, the timing and cost of the construction and expansion of mining and processing facilities; the timing and availability of a long term power source for the Oyu Tolgoi underground mine; the impact of the delay in the funding and development of the Oyu Tolgoi underground mine; delays, and the costs which would result from delays, in the development of the underground mine; and production estimates and the anticipated yearly production of copper, gold and silver at the Oyu Tolgoi underground mine. Other uncertainties and factors which could cause actual results to differ materially from future results expressed or implied by forward-looking statements and information include, amongst others, Entrée's ability to obtain all necessary regulatory, court and shareholder approvals of a spin-out of its US Projects into Mason Resources and list Mason Resources on one or more stock exchanges; whether all conditions precedent to the Plan of Arrangement will be satisfied and whether the Plan of Arrangement will become effective; whether the size, grade and continuity of deposits and resource and reserve estimates have been interpreted correctly from exploration results; whether the results of preliminary test work are indicative of what the results of future test work will be; fluctuations in commodity prices and demand; changing foreign exchange rates; actions by Rio Tinto, Turquoise Hill and/or OTLLC and by government authorities including the Government of Mongolia; the availability of funding on reasonable terms; the impact of changes in interpretation to or changes in enforcement of, laws, regulations and government practices, including laws, regulations and government practices with respect to mining, foreign investment, royalties and taxation; the terms and timing of obtaining necessary environmental and other government approvals, consents and permits; the availability and cost of necessary items such as power, water, skilled labour, transportation and appropriate smelting and refining arrangements; and misjudgements in the course of preparing forward-looking statements. In addition, there are also known and unknown risk factors which may cause the actual results, performances or achievements of Entrée to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements and information. Such factors include, among others, risks related to international operations, including legal and political risk in Mongolia; risks associated with changes in the attitudes of governments to foreign investment; risks associated with the conduct of joint ventures; discrepancies between actual and anticipated production, mineral reserves and resources and metallurgical recoveries; global financial conditions; changes in project parameters as plans continue to be refined; inability to upgrade Inferred mineral resources to Indicated or Measured mineral resources; inability to convert mineral resources to mineral reserves; conclusions of economic evaluations; future prices of copper, gold, silver and molybdenum; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays in obtaining government approvals, permits or licences or financing or in the completion of development or construction activities; environmental risks; title disputes; limitations on insurance coverage; as well as those factors discussed in the section entitled "Risk" in Entrée's most recently filed Management's Discussion & Analysis and in the section entitled "Risk Factors" in Entrée's Annual Information Form for the financial year ended December 31, 2016, dated March 10, 2017 filed with the Canadian Securities Administrators and available at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company is under no obligation to update or alter any forward-looking statements except as required under applicable securities laws.

Monica Hamm

Manager Investor Relations

Entree Gold Inc.

604-687-4777 or Toll Free: 866-368-7330

604-687-4770 (FAX)


Source: Entree Gold Inc.

Read more: http://www.nasdaq.com/…/entree-gold-announces-fiscal-year-2…



Government securities available through 5 commercial banks www.montsame.mn

Ulaanbaatar /MONTSAME/ Last Friday, the Financial Regulatory Commission of Mongolia finalized more than 20 issues on its regular meeting. Khan Bank, Golomt Bank, Trade Development Bank, XacBank and State Bank had their licenses extended to conduct government securities trading services.

The FRC also granted new permits of operations to non-banking financial organizations, namely, “Khan Altain Nuruu”, “Gold Capital Invest” and “Dari Finance” in consideration of their fulfilment of requirement of having base asset of more than MNT 2.5 billion.



UB-Darkhan road to be paved with cement concrete www.montsame.mn

Ulaanbaatar /MONTSAME/ “Construction of cement concrete pavement on the road between Ulaanbaatar and Darkhan will aid domestic production, and will retain USD 90 million in the domestic economy”, highlighted D.Ganbat, Minister of Road and Transport Development on March 10, Friday.

His remark was made during his visit to Ulaanbaatar-BUK JSC which specializes in concrete production.

In scope of the mission to build road with domestically produced cement concrete, the Minister thus officially familiarized with operations of the company with his visit which aimed to explore new technologies to introduce in road sector.

Ulaanbaatar BUK Co.Ltd is capable of producing 30,000 cubic meters concrete products per month, and the company manufactures wide-ranging products such as concrete block, pipe, heavy concrete tube, pedestrian crossing tunnel and road fence



Green Investment Bank sell-off racks up at least £1m in fees www.theguardian.com

The troubled £2bn privatisation of the Green Investment Bank has already cost at least £1m of taxpayer money in consultancy fees, official documents have revealed.
Ministers have promised that the sale of the bank, which has invested in green projects from offshore windfarms to energy-saving street lights, will deliver value for taxpayers’ money. An announcement on the sale to Australian investment bank Macquarie was expected in January but has yet to materialise amid strong political opposition.
Now it has emerged in newly published documents that last September officials authorised £1m in consultancy fees for the sale.
Although the Department of Business, Energy and Industrial Strategy (BEIS) has not confirmed who the money was paid to, the government’s financial adviser for the deal is Bank of America Merrill Lynch. Its legal adviser is Herbert Smith Freehills.
MPs condemned what they called an unnecessary waste of public money. Caroline Lucas, co-leader of the Green party said: “It’s outrageous that the government has ploughed a million pounds of taxpayers’ money into consultancy for a privatisation that simply shouldn’t be happening in the first place.”
The total figure spent on the sale so far is likely to be higher, given the bidding process began last March. The £1m consultancy cost is included in a disclosure of BEIS’s “exceptions to spending controls for July – September 2016”.
Vince Cable, who launched the bank in 2012, said: “I’m sure they will justify it on the basis that they got competitive quotes for their consultants. It does seem rather a lot of money.”
But, he added: “I’m less concerned about the value of the money of the sale than actually stopping it taking place in conditions where the green purposes of the bank is lost. It’s the issues of policy and principle, rather than these consultant’s fees.”
The BEIS said: “As with any asset sale, government has engaged external advisers through a competitive process to provide us with access to additional expertise, in line with [National Audit Office] recommendations on best practice.”
Earlier this month, rival bidder Sustainable Development Capital (SDCL) launched a legal challenge against the government, claiming it had complied with its own bidding criteria. A high court hearing on the London-based investment fund’s application for a judicial review is due later in March.


Tesla's Musk discusses energy proposal with South Australian government www.reuters.com

Tesla Inc boss Elon Musk spoke with the premier of South Australia on Saturday after the tech entrepreneur offered to install $25 million of battery storage within 100 days to prevent recurring blackouts that have disrupted the state.
The proposal follows a string of power outages, including a blackout that left industry crippled for up to two weeks and stoked fears of more outages across the national electricity market due to tight supplies.
"Just spoke with Premier of South Australia (Jay Weatherill). Very impressed. Govt is clearly committed to a smart, quick solution," Musk wrote on Twitter on Saturday.
Weatherill said in a statement on Saturday the conversation about the battery proposal was "positive".
Musk made the offer on Twitter on Friday, saying if the work was not completed in 100 days it would be free.
His proposal made headlines in Australia, which is in the midst of a heated debate about the national electricity market and energy security.
Musk proposed the battery storage fix in response to a comment on social media by Mike Cannon-Brookes, the co-founder of Australian software maker Atlassian Corp.
Cannon-Brookes said he would be willing to line up funding and political support if Tesla could supply batteries that would solve South Australia's problems.
Musk responded by tweeting: "Tesla will get the system installed and working 100 days from contract signature or it is free. That serious enough for you?"
He quoted a price of $250 per kilowatt hour for 100 megawatt hour systems, which would imply a price of $25 million for the battery packs.


HSBC appoints AIA boss as new chairman www.bbc.com

HSBC has appointed Mark Tucker, the current chief executive of Asian insurer AIA, as group chairman.
Mr Tucker will take over on 1 October, succeeding Douglas Flint who has been in the role since 2010.
During seven years as chief executive of AIA, Mr Tucker oversaw the insurer's expansion in Asia.
One of his first jobs will be to find a replacement for Stuart Gulliver, the current chief executive of HSBC, who plans to step down next year.
AIA said that Ng Keng Hooi, would take over as chief executive from 1 September.
HSBC is Europe's biggest bank, but the bulk of its profits are generated in Asia.
The bank has been through an overhaul in recent years in an attempt to reverse declining profits.
Over the last six years it has slashed more than 40,000 jobs and sold off businesses.

The banking industry has been hampered by the extended period of very low interest rates, which makes lending money less profitable.
For HSBC that problem has been compounded by its move into less risky areas of banking since the financial crisis which started in 2007.
Those challenges make the appointment of a new chief executive even more crucial for investors, a search which will now be led by Mr Tucker.
Reputation revamp
HSBC has also been attempting to repair its image after a series of scandals.
Earlier this year it reached a $470m (£325m) settlement with the US government and states related to dubious mortgage lending and foreclosure practices during the financial crisis.
In 2015 Mr Gulliver and Mr Flint apologised for "unacceptable" practices at its Swiss private bank which helped clients to avoid tax.
In late 2012 HSBC paid US authorities $1.9bn in a settlement over money laundering.



Chinese smartphones grow more popular in Russia www.chinadaily.com.cn

MOSCOW - Smartphones made in China took a larger share of the Russian market in January than a year ago, local retailers said recently.
In January 2017, five Chinese brands -- Lenovo, Huawei, Meizu, Xiaomi and ZTE -- collectively accounted for 24 percent of the Russian market in sales and 19 percent in revenue, increased from 19 percent and 13 percent respectively against January of last year, electronic devices retailer M.video revealed.
Chinese manufacturers are no longer perceived by Russian buyers as suppliers of cheap phones, said Svyaznoy's spokesman Sergei Tikhonov.
According to him, earlier smartphones of Chinese brands were sold mainly in low price segments, but now they appear in both medium and high price categories.
Another reason is technology, said Tikhonov, adding that in recent years Chinese smartphones are in some respects even superior to the smartphone leaders in terms of technical characteristics.