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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MNT 200 million to be spent for reservation of Ugii lake ecosystem www.montsame.mn

Arkhangai /MONTSAME/ A total of MNT 400 million were allocated in the state budget for 2019-2020 for the protection and improvement of Ugii lake of Arkhangai aimag, of which MNT 200 million were budgeted for 2019.

Ugii lake is one of the two lakes in Mongolia included in the Ramsar List of Wetlands, the other one is Ganga lake of Sukhbaatar aimag. These lakes provide habitat and food source for rare species of fish, birds and wildlife. However, the lakes are polluted and the ecosystem degrades year by year due to unorganized tourism, overgrazing and human activities. Thus, the Government has issued a resolution on protection of Ugii and Ganga lakes, budgeting a certain amount of money.

MP J.Munkhbat, Ministry of Environment and Tourism officials exchanged views with the locals living around Ugii lake on budget expenditure, protection and improvement of the lake.

Participants of the meeting pointed out that it is necessary to excavate a trench, input and output channels in order to maintain the water quality of Ugii lake. Another problem the lake facing is fishing, the population of fish has significantly reduced in recent years. Therefore, the participants proposed to assess the fish population and prohibit fishing in case of serious decline in fish numbers. Moreover, it is said that the tourist camps around the lake are overloaded, so the locals emphasized the need to conduct research and take actions regarding this issue.

According to the research of 2006, the circumference of Ugii lake is 24.5 km and some 129 species of birds, 15 species of fish and 266 species of plants were found there. About 3000 foreign and domestic tourists visit Ugii lake annually and the number of tourists increases year by year.

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10 killed in Mongolia road accidents over Lunar New Year www.xinhuanet.com

ULAN BATOR, Feb. 11 (Xinhua) -- At least 10 people were killed and 11 others injured in road accidents in Mongolia during the Lunar New Year holiday, known locally as the "White Moon," local media reported Monday.

A total of nine serious road accidents occurred across the country throughout the Lunar New Year celebrations on Feb. 4-8, the news website ikon.mn quoted the National Police Agency as saying.

Over-speeding, unpermitted overtaking and driver fatigue were the main causes of the accidents, the report said.

Mongolians celebrate the "White Moon festival" with new clothes, family feasts and good wishes. The festival symbolizes the start of spring and the end of a harsh winter.

It is also regarded as a traditional holiday to pay respect to the seniors. Many people travel to the countryside to visit their parents, grandparents and other senior relatives during the festival. Enditem

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Minerals Council of Australia calls for tax, workplace law reform www.mining.com

The Minerals Council of Australia published a report titled The Next Frontier: Australian Mining Policy Priorities where it asks the government to advanced a revived tax reform that removes barriers that hinder the growth of the country’s mining sector.

According to the Council, such reform would encourage additional investment in capital and technology.

“Australia should have strong tax integrity rules that are consistent with OECD best practice. The treatment of debt to fund investment in Australia should be aligned with OECD measures and should not affect legitimate debt, which is critical for Australia as a capital-importing economy,” the report reads.

The industry group also called on the Parliament to ensure tax settings are competitive and to retain the Fuel Tax Credit scheme so that companies operating in remote areas are not penalised for off-road diesel use.

In the document, the MCA urges authorities to modernise Australia’s workplace rules, which would imply removing duplication and red tape to allow local firms to stay ahead of the pack globally. In the organization’s view, there is unnecessary overlap in the requirements put forward by federal and state governments and this causes delays on projects and impacts the workforce.

“Flexibility and choice in employment arrangements will ensure that Australia’s highly paid, highly skilled mining workforce will be able to make the most of opportunities created by technology and new ways of working,” the report states.

The Minerals Council of Australia said it fears that jobs and the sustainability of regional and remote communities will be at risk if legislation related to the workplace is kept the way it is right now.

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Goldman Sachs' role in the 1MDB scandal - in 300 words www.bbc.com

The 1MDB corruption scandal has cast a shadow over Goldman Sachs, raising questions about how much the US investment bank knew about the misconduct.

What is Goldman accused of?
The firm helped raise $6.5bn (£5bn) for the Malaysian development fund, advising on three bond offerings in 2012 and 2013.

Prosecutors allege more than $2.7bn was later embezzled, used to bribe government officials and buy luxury items.

In November, Goldman's lead banker on the deals, Tim Leissner, pleaded guilty in US court to participating in the bribery and money laundering schemes.

Malaysia's attorney general then charged Goldman with helping to "dishonestly misappropriate" money from the fund.

He noted that the $600m Goldman earned for its work was "several times higher" than industry norms.

The firm remains under investigation in the other countries, including the US, and is also facing lawsuits from investors.

What does Goldman say?
Goldman says the Malaysia charges are "misdirected".

It says the firm's compliance officers were deceived about aspects of the deal, including the role of Malaysian financier Jho Low, whom the bank had previously rejected as a client.

But news reports have described the firm's former chief executive, Lloyd Blankfein, meeting Mr Low and former Malaysian Prime Minister Najib Razak.

Mr Leissner, Goldman's South East Asia chairman until he left the firm in 2016, has said the decision to hide information from Goldman's compliance officers was "very much in line" with company culture.

What penalties could Goldman face?
Malaysian authorities are seeking fines of more than $3bn.

Goldman has warned investors of the risk of "significant" penalties and increased the money set aside for legal liabilities to $1.8bn.

As its legal costs surge, it has also said it will withhold millions due to some of its top executives, including Mr Blankfein, pending the outcome of the probes.

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MOU signed between EIL and Mongolia for Project Management Consultancy for oil refinery www.pib.nic.in

Memorandum of Understanding (MoU) between Engineers India Ltd, a PSU under the Ministry of Petroleum and Natural Gas, and the Government of Mongolia through Mongol Refinery State Owned LLC was signed today, on the sidelines of PETROTECH-2019 event at Greater Noida, UP. The MoU is for Project Management Consultancy services for construction of an oil refinery plant in Mongolia by EIL. Government of Mongolia is in process to set-up 1.5 MMTPA greenfield crude oil refinery in Sainshand province, under Line of Credit (LoC) extended by Government of India. EIL has carried out Detailed Feasibility Study for the project. It has been pre-qualified and subsequently shortlisted for providing project management consultancy services to Mongol Refinery for the project. The MoU was signed by DrAltantsetsegDashdavaa, Executive Director, Mongol Refinery State Owned LLC and Mr R.K.Sabharwal, Director (Commercial), EIL in the presence of Shri Dharmendra Pradhan, Minister of Petroleum and Natural Gas & Skill Development and Entrepreneurship, and the Mongolian minister.

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Mongolia to promote culture, traditions with winter festival www.xinhuanet.com

ULAN BATOR, Feb. 10 (Xinhua) -- Mongolia will host a winter festival on Feb. 16-17 near the capital city of Ulan Bator, local media reported Sunday, citing Ulan Bator's tourism department.

The festival is aimed at promoting the Mongolian culture and traditions, developing winter tourism and attracting both domestic and foreign tourists to the capital city.

The festival program consists of a traditional part, featuring traditional games, a folk concert and a parade of people in national costumes, and a modern segment featuring figure skating, hockey, skiing, snowboarding, ice climbing and dog sledding.

The Mongolian government has been making efforts to develop the tourism sector and promote the country's economic growth.

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New oviraptorosaur species discovered in Mongolia www.geologypage.com

A new oviraptorosaur species from the Late Cretaceous was discovered in Mongolia, according to a study published in February 6, 2019 in the open-access journal PLOS ONE by Yuong-Nam Lee from Seoul National University, South Korea, and colleagues.

Oviraptorosaurs were a diverse group of feathered, bird-like dinosaurs from the Cretaceous of Asia and North America. Despite the abundance of nearly complete oviraptorosaur skeletons discovered in southern China and Mongolia, the diet and feeding strategies of these toothless dinosaurs are still unclear. In this study, Lee and colleagues described an incomplete skeleton of an oviraptorosaur found in the Nemegt Formation of the Gobi desert of Mongolia.

The new species, named Gobiraptor minutus, can be distinguished from other oviraptorosaurs in having unusual thickened jaws. This unique morphology suggests that Gobiraptor used a crushing feeding strategy, supporting previous hypotheses that oviraptorosaurs probably fed on hard food items such as eggs, seeds or hard-shell mollusks. Histological analyses of the femur revealed that the specimen likely belonged to a very young individual.

The finding of a new oviraptorosaur species in the Nemegt Formation, which consists mostly of river and lake deposits, confirms that these dinosaurs were extremely well adapted to wet environments. The authors propose that different dietary strategies may explain the wide taxonomic diversity and evolutionary success of this group in the region.

The authors add: “A new oviraptorid dinosaur Gobiraptor minutus gen. et sp. nov. from the Upper Cretaceous Nemegt Formation is described here based on a single holotype specimen that includes incomplete cranial and postcranial elements. The unique morphology of the mandible and the accordingly inferred specialized diet of Gobiraptor also indicate that different dietary strategies may be one of important factors linked with the remarkably high diversity of oviraptorids in the Nemegt Basin.”

Reference:
Sungjin Lee, Yuong-Nam Lee, Anusuya Chinsamy, Junchang Lü, Rinchen Barsbold, Khishigjav Tsogtbaatar. A new baby oviraptorid dinosaur (Dinosauria: Theropoda) from the Upper Cretaceous Nemegt Formation of Mongolia. PLOS ONE, 2019; 14 (2): e0210867 DOI: 10.1371/journal.pone.0210867

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MIAT’s new 737 MAX 8 fleet boosts tourism for Mongolia and outlook for new airport www.blueswandaily.com

MIAT Mongolian Airlines has taken delivery of the first of four 737 MAX 8s, kickstarting a new expansion phase. All four aircraft are slated to be delivered by the end of 2020 and will be used to support a Mongolian government plan to boost air transport and tourism as a new airport opens at the capital Ulaanbaatar.

MIAT is one of Asia’s smallest airlines and has not pursued significant expansion for several years. The Mongolian market also has not grown – in stark contrast to virtually every other Asian market – due partially to a restrictive aviation policy that has protected MIAT.

Mongolia is now showing signs of opening up, recognising it needs a more liberal environment to increase tourism and utlise its new international airport.

As CAPA – Centre for Aviation highlighted in a 2017 report, Mongolia needs to boost tourism and loosen restrictions on foreign airlines to avoid Ulaanbaatar’s new airport from becoming a white elephant. The new airport will initially have capacity for 3 million annual passengers, which is triple the traffic at the current airport, and has ample space for growth to support Mongolia’s hub aspirations.

While generating significant sixth freedom traffic will be challenging, Mongolia should be able to grow inbound leisure traffic and attract some transit traffic. Several airlines are looking to launch services to the new airport, which is now slated to open in summer 2019 following a one-year delay.

Kazakhstan’s SCAT recently announced plans to launch services from Astana to Ulaanbaatar in Jun-2019. Air Astana tried to launch Astana-Ulaanbaatar in summer 2016 but was rejected by Mongolian authorities at the last second, forcing it to delay the launch, and has not since reapplied. Mongolia’s apparent approval of an application from SCAT is the latest indication of a new more liberal regime.

Mongolia last month forged an expanded air services agreement with South Korea that permits a second Korean airline to operate the Ulaanbaatar-Seoul route. Asiana, which has been keen to start competing on the Ulaanbaatar-Seoul route for years, is expected to enter the market this summer. The new bilateral with Korea also expands the capacity entitlements for both sides by 70%, which will likely also lead to more flights to Seoul from MIAT.

Seoul is the largest destination from Ulaanbaatar; Incheon is a popular transit point for traffic to/from Mongolia and there is also significant traffic in both directions. However, the route has been undersupplied for years due to the restrictive bilateral, which only provided rights to Korean Air and MIAT.

Korean Air is by far the largest foreign airline in Mongolia. Ulaanbaatar is currently only served by four other foreign airlines: Air Busan from Busan; Air China from Beijing, Turkish Airlines from Istanbul via Bishkek; and Aeroflot Russian Airlines from Moscow. MIAT has codeshare partnerships with Korean Air and Aeroflot, further limiting competition in the two biggest markets.

MIAT has only eight destinations: Bangkok (winter only), Berlin (served via Moscow), Busan, Frankfurt (summer only) Hong Kong, Moscow, Seoul Incheon and Tokyo Narita. The new 737 MAX 8 fleet joins three 737-800s, two 767-300s and one 737-700.

The first 737 MAX 8 arrived in Ulaanbaatar from Seattle on 1-Feb-2018. The 162-seat two-class aircraft has already been placed into service on MIAT’s Ulaanbaatar-Hong Kong route. The airline is planning to use the 737 MAX 8 to resume seasonal (summer only) services to Osaka in July and has been looking at launching services to Guangzhou.

MIAT is also this summer resuming a small number of nonstop flights to Berlin, using 767s, while replacing 737-800s with 737 MAX 8s on some of its Moscow flights. Ulaanbaatar-Moscow is over six hours, making it ideal for the 737 MAX 8 although the 737-800 is (barely) within range.

Bangkok, Hong Kong and Tokyo Narita are also relatively long narrowbody routes of four to six hours and switching to 737 MAX 8s will therefore significantly improve efficiency. MIAT uses 767s on some flights to these markets as well as some flights on the shorter Beijing and Seoul routes due to high demand.

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Repayments of bonds to be inspected www.montsame.mn

Ulaanbaatar/MONTSAME/ Head of the Cabinet Secretariat of Government L.Oyun-Erdene met with authorities of the Board of Directors of the Development Bank of Mongolia (DBM).

During the meeting, Mr. Oyun-Erdene assigned the DBM's authorities to urgently consolidate information on repayments of loans issued by the DBM and the percentage of outstanding loans and report it next Tuesday. Moreover, he said that the Cabinet Secretariat of Government resolves to set up a working group for inspecting repayments of bonds of the DBM.

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Ivanhoe founder and billionaire Robert Friedland developing what will be world's No. 2 copper mine www.business.financialpost.com

Billionaire investor Robert Friedland said the copper deposit Ivanhoe Mines Ltd. is developing in the Democratic Republic of Congo has the potential to become the world’s No. 2 mine for the metal.

“Kamoa-Kakula will become the world’s second-largest copper mine with peak annual production of more than 700,000 tons of copper metal,” Ivanhoe founder Friedland said Wednesday at a mining conference in Cape Town.

Friedland announced the findings of an independent pre-feasibility study after Ivanhoe invested $800 million in exploration and development. The capacity of the project’s first phase, producing 6 million tons of ore a year, could later be tripled, the company said. Initial mine grades will average 6.8 percent copper, with production expected to start in 2021.

Ivanhoe’s Congo success follows deals with ties to the government
“Grade is king,” said Friedland, who is co-chairman of Ivanhoe. “Nothing even comes close to Kamoa-Kakula.”

The first mine will be able to finance two further mines and a smelter, with investment of US$1.1 billion, he said. “That is mind-boggling and we’ve never seen that before,” said Friedland.

Ivanhoe is developing Kamoa-Kakula with its Chinese joint-venture partner Zijing Mining Group Co. and the Congolese government.

EXCITING PROSPECT
The results from drill hole DD1450 at Kamoa North, released by Ivanhoe last week, were “nothing short of extraordinary,” Paul Gait, an analyst at Sanford C. Bernstein, said in a note. They confirm that “the broader Kamoa-Kakula region is by far the most important and exciting mining project in the world today,” he said.

Ivanhoe shares have climbed 21 per cent in Toronto since it reported the results of the drill hole at Kamoa North on Jan. 30. That gave the company a market value of $2.94 billion (US$2.2 billion).

Nothing even comes close to Kamoa-Kakula

Over more than two decades, mining investor Friedland and his small team have made some of the biggest mineral discoveries in the world.

In addition to unearthing Africa’s largest copper deposit, other projects include building the Oyu Tolgoi copper-and-gold mine in Mongolia’s Gobi Desert and discovering the Voisey’s Bay nickel deposit in Canada, which he sold in 1996 for more than US$3 billion. Ivanhoe is also developing a platinum mine in South Africa.

Bloomberg.com

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