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"Accounting best practices" MBD Business mission to Sydney, Australia (Registration will be closed in 2 days) www.mongolianbusinessdatabase.com
Mongolian Business Database (MBD) is starting to register the Mongolian business delegates to "Accounting best practices" theme targeted business program jointly with Saki partners Australia www.sakipartners.com.au and Dr.Nigel Finch, Honorary Consul-General of Mongolia in Sydney.
The business program includes a half day special training seminar and Australian accounting and financial company visits.
The Australian Partner Dr. Finch is a Managing Director of Saki Partners, Chartered Accountant, a Chartered Tax Adviser and a Fellow of CPA. He is a member of the Representative Council of CPA Australia, a director of the Australia Mongolia Business Council and a director of several companies listed on the Australian Securities Exchange. He recently served as a Dean of Accounting Department of Sydney University.
For more information please visit the following link http://
The registration will be closed by February 22, 2017.
Excise taxes on vehicle, alcoholic products and tobacco as well as social insurance premium and personal income tax will be increased starting 1st of April, 2017 in accordance with the Staff-Level Agreement between Mongolia and International Monetary Fund on Three-Year Extended Fund Facility.
Vehicle excise duty will be increased by 3-15 percent depending on the engine capacity and aging.
Excise taxes rates on alcoholic products and tobacco will be added by 10 percent by 2018, 5 percent by 2019 and 5 percent by 2020. Customs tax on imported tobacco is now at 5 percent. Minister of Finance noted that the custom tax on tobacco is lower than limits set by the World Trade Organization and it shall be increased up to 30 percent.
Interest income on personal savings accounts will be taxed from 1st of April, 2017. However it is unclear that whether the taxes will be imposed on all taxpayers or owners of savings more than MNT 100 million.
In addition, social insurance premium rate will be risen by 2 percent by 2018, 1 percent by 2019 and 2 percent by 2020. Currently employee pay 10 percent and employer pay an average of 11 percent monthly for social insurance premium. Thus the rate will be increased to 12 percent next year.
Moreover IMF demanded to increase personal income tax rate by 10, 15, 20 percent depending on the amount of salary. Currently individuals pay 10 percent of PIT in Mongolia. However its effective date is unclear.
During the negitiations with the IMF, authorities discussed whether to increase value added tax (VAT) rate. However it has decided not to add the VAT.
Ulaanbaatar /MONTSAME/ At the invitation of Minister of Foreign Affairs of the People’s Republic of China Wang Yi, Minister of Foreign Affairs of Mongolia, Ts.Munkh-Orgil is paying a visit to China between February 20 and 21.
During the visit, Ts.Munkh-Orgil is expected to hold an official talks with Minister Wang Yi, as well as other officials. According to the Ministry of Foreign Affairs of Mongolia, the Foreign Minister of Mongolia is planning to exchange views on the issues of Comprehensive Strategic Partnership, advancing and activating mutually beneficial relations in the leading sectors, undertaking cooperative agreements and determining the further directions of the collaboration. A discussion on the international and regional cooperation is also expected.
The economic noose is being tightened around North Korea's neck after the pariah regime ignored a United Nations resolution by testing a missile last week.
On Saturday North Korea's largest trading partner, China, reacted to the Feb. 12 test of a long-range ballistic missile by announcing a ban on coal from the rogue nation till the end of 2017.
CNN reported that the decision by the China's Ministry of Commerce, issued jointly with the country's customs agency, was made to comply with a UN Security Council resolution that China helped draft and pass in November. Resolution 321 imposed tough sanctions estimated to cost North Korea over $800 million a year, after it carried out its fifth nuclear test in September. Along with restricting the export of coal, the resolution also targets non-ferrous metals, statues and other luxury items like tapestries.
China's import ban on North Korean coal was supposed to be lifted in January but the missile test has meant that Beijing's coal ban will continue.
The dictatorship's export of coking coal – all of which goes to China – would be limited to 7.5 million tonnes this year, down nearly two thirds from the 2016 tally. But Beijing has in the past ignored some UN sanctions on the basis that it would hurt the civilian population of North Korea.
The DPRK has been under UN sanctions since 2006 over its nuclear and ballistic missile tests.
Grounding coal shipments to China is bound to hurt the North Korean economy, which relies on coal sales to generate hard currency to pursue, among other things, its nuclear and missile programs. However according to CNN the restrictions have a "silver lining", in that more electricity is now available to North Korea's population than previously – a fact that is evident by more lights on the Pyongyang skyline. The news network also quotes Ri Gi Song, a North Korean economist, saying that the coal export ban will not slow down North Korea's defense program, which has nuclear at its core.
If China does honour its coal import ban on North Korea for the rest of the year, it could affect the price of coking coal, which has fallen sharply of late.
Metallurgical coal is down more than $150 below its multi-year high of $308.80 per tonne hit in November.
Yet despite the pullback met coal is still trading at more than double multi-year lows reached this time last year. Coking coal averaged $143 a tonne in 2016 (about the same as it did in 2013). Consensus forecast is for the price to average about the same in 2017.
“Grade is king”. This is very true, especially in today’s challenging mineral commodities market conditions. The grade of metal in ore is usually directly related to the ability of a particular mine to make money and be profitable.
All things being equal, a higher grade generally means lower production costs per ounce/pound/ton, making high-grade ore deposits a crucial consideration for mining investors. Mines that can provide good returns in any market environment are “the best of breed”.
While the copper market is gaining momentum, it is a good time to look at the copper mining champions in terms of copper grade in ore reserves.
Why have only reserves been taken into account? This is because a mineral reserve is the part of the mineral resource that has demonstrated economic viability in current market conditions. Therefore, ore reserves are much less speculative than ore resources and relatively precisely reflect changes in the economic “wellbeing” of mines.
The following analysis covers those currently active copper mining operations throughout the world that are separate reporting units and which have most recent reserves figures, calculated according to international standards and disclosed by the owners/operators after December 31, 2014.
For a more accurate comparison, copper operations have been split into underground and open-pit, since these mining methods utilize different techniques and equipment. In this research, the focus is on ore grade in reserves while putting aside other crucial parameters like ore tonnage and volume of metal contained in ore.
1. Cobre Las Cruces (CLC)
First Quantum’s CLC copper deposit is exceptionally rich, and with ore reserves grading 5% copper it is believed to be the highest-grade open-pit active copper mine worldwide. CLC is located approximately 20 kilometres northwest of the city of Seville and forms part of the Iberian Pyrite Belt, a mineral-rich area that stretches across the southwest of the peninsula. The mine uses leaching and electrowinning technology to produce copper cathode. The CLC Hydrometallurgical Plant is one of the most technologically advanced in the world for treating copper.
2. Kamoto Oliveira Virgule (KOV)
The KOV mine is part of Glencore’s Katanga operation located in the Democratic Republic of the Congo (DRC). KOV is believed to contain the largest high-grade open-pit copper reserve/resource in the world. Being slightly behind first-ranked CLC by copper grade in ore reserves, KOV is much bigger in terms of ore tonnage and contained metal. While operations at nearly all Katanga producing units are currently suspended by Glencore pending the completion of the Whole Ore Leach Project in 2017, KOV technically is the only mine still active.
Kinsevere is a world-class copper mine located in DRC. Kinsevere was acquired by MMG in 2012 and is an important part of the company’s portfolio of high-quality base metals assets. Conventional mining methods are used at Kinsevere to remove waste material and extract ore. Due to ground conditions, most areas can be mined without blasting. Ore is hauled to the run of mine (ROM) stockpile while waste material is stockpiled on the surface or used on the walls of the tailings storage facility. With 3.5% copper grade in reserves, Kinsevere is the third-ranked copper mine on this list.
Sepon is MMG’s open-pit copper mine located in Savannakhet Province, southern Laos. Sepon produces 99.9% copper cathode using a whole-of-ore leach, solvent extraction and electrowinning (SX-EW) process. Copper cathodes are transported via road and sea to manufacturers of cable, wire and tube in Asia and Europe. Sepon has 2.7% copper grade in reserves and holds fourth place in our list of highest-grade open-pit copper mines.
Avanco Resources’ Antas open-pit copper-gold mine is located in the Carajás mineral-rich province in northern Brazil. The Carajás region is regarded as one of the most prospective mineral provinces in the world for the discovery of high-grade large-tonnage copper-gold and iron ore resources. Antas is a high-grade, low-cost copper mine with gold byproduct credits and significant exploration potential. 2.5% copper grade in reserves puts this mine fifth on the list.
KGHM’s Sudbury operations are located on the western border of the richly-mineralized North Range of the Sudbury Igneous Complex in Ontario, Canada, about 400 km north of Toronto. The Sudbury Complex is a unique geological structure, being the site of a 1.85 billion-year-old meteorite impact crater. Today, Sudbury is one of the most productive mining camps with one of the richest and largest polymetallic deposits in the world. Minerals are extracted by some of the biggest mining companies, including KGHM, Vale and Glencore. With 7.9% copper grade in reserves, Sudbury leads the pack of richest underground copper mines. Although having very limited copper reserves, this copper operation is benefitting from the recent copper prices wave in the short term.
Metorex’s Kinsenda underground copper mine is located in the Democratic Republic of Congo, near the border town of Kasumbalesa. The Kinsenda operation ranks as one of the world’s highest grade “rookie” underground copper mines in the world. Currently, Kinsenda is in transition from the development phase to commissioning and full-scale production. This mine has both high-grade and high-tonnage ore reserves/resources that put this operation well above its peers. With 4.8% copper grade in reserves, Kinsenda is the second highest-grade underground active copper mine.
Sandfire’s DeGrussa copper-gold mine, located 900 km northeast of Perth in Western Australia, is one of the Asia-Pacific region’s premiere, high-grade copper mines. It only took three years for Sandfire to bring DeGrussa from discovery into production. Commencing with an initial two-year open pit mining operation which was completed in April 2013, the DeGrussa operation is based on a long-term underground mine delivering sulphide ore to an on-site 1.5 Mtpa concentrator. DeGrussa boasts 4.4% copper grade in reserves and 5.7% copper grade in resources.
Glencore’s CSA underground copper mine is located in Cobar, central-western New South Wales, Australia. The mine initially started in 1871 with an erratic production history until 1964, when Broken Hill South Ltd began large-scale production. Since 1965 the mine has extracted substantial quantities of zinc, lead, silver and copper, but today, CSA focuses on mining copper, with a silver co-product. The mine produces over 1.1 million tonnes of copper ore and in excess of 185,000 tonnes of copper concentrate per annum. The concentrate contains approximately 29% copper and is exported to smelters in India, China and Southeast Asia. With 4.3% copper grade in reserves, this mine holds fourth place in our list of highest-grade underground copper operations.
Hudbay Minerals’ Reed underground copper mine is in Manitoba, Canada. Reed is a small high-grade copper deposit that commenced initial production in September 2013 and achieved commercial production at the end of the first quarter of 2014. It is located 120 kilometres from Flin Flon, where ore is trucked to the Flin Flon concentrator for processing. 4.1% copper grade in reserves puts the Reed mine fifth on the list.
Data retrieved from the IntelligenceMine database. Experts since 1989, the IntelligenceMine team analyze mining news and hundreds of documents daily to keep you on top of global mining. Get access to more than 12,000 listed and private company profiles, 33,000 mines, projects and processing facilities and 1.6m regulatory and source documents. IntelligenceMine also provides powerful multi-faceted search with comparative result grids, sorting and download capabilities, an online interactive mapper and more....
Online retailer Amazon (AMZN.O) is set to create more than 5,000 jobs in Britain this year, the company said on Monday, boosting its investment in the country once more even as it prepares to leave the European Union.
Amazon, along with other tech giants such as Google (GOOGL.O) and Apple (AAPL.O), has increased its commitment to Britain in the last year, saying Britain's referendum decision to leave the EU last June did not affect its investment plans.
The plans to add over 5,000 jobs in 2017 is a record for Amazon in Britain, although at least 2,000 of the jobs had been previously announced. The moves would take its permanent workforce in the country to 24,000.
Doug Gurr, UK country manager at Amazon, said the jobs would provide "even faster delivery, more selection and better value" for British customers.
Amazon's new head office in London will have capacity for more than 5,000 people by the end of the year, the firm said. The concentration of tech expertise in London has been cited by many firms as an attraction.
(Reporting by Alistair Smout; Editing by Adrian Croft)
A staff team of the International Monetary Fund (IMF) led by Koshy Mathai visited Ulaanbaatar during February 1-19 to continue discussions with the Mongolian authorities on a set of economic policies that could be supported by IMF financial assistance. At the end of the visit, Mr. Mathai made the following statement:
“The Mongolian government and the IMF team have reached staff-level agreement on an economic and financial program to be supported by a three-year Extended Fund Facility (EFF) for SDR 314.505 million (435 percent of quota), or about $440 million. Other international partners also plan to support the government’s program: the Asian Development Bank (ADB), World Bank, and bilateral partners including Japan and Korea are together expected to provide up to $3 billion in budget and project support; and the People’s Bank of China is expected to extend its RMB 15 billion swap line with the Bank of Mongolia for at least another three years.
“The total external financing package will thus be around $5.5 billion and will support the authorities’ “Economic Stabilization Program,” which intends to restore economic stability and debt sustainability as well as to create the conditions for strong, sustainable, and inclusive growth, while protecting the most vulnerable citizens.
“This agreement is subject to the confirmation of financing assurances, the completion of prior actions by the authorities, and the approval of the IMF Executive Board. The Board is expected to consider Mongolia’s request in March.
“Mongolia is well endowed with mineral resources, strong potential in agriculture and tourism, and a young and dynamic population. Its long-run future is promising, but in recent years it has been hit hard by the sharp decline of commodity prices and a collapse in foreign direct investment (FDI). Attempts to stem the decline through expansionary policies proved ineffective after a few years, and the economy is now stagnating, weighed down by high debt and low foreign-exchange reserves.
“Fiscal consolidation is a key priority, as loose fiscal policy in the past was a major driver of Mongolia’s current economic difficulties and high debt. Budget deficits will be reduced steadily, while priority social spending will be maintained: for instance, the savings from better targeting the Child Money Program will be used entirely to increase spending on the food stamp program for the most vulnerable. Also, to boost revenue, the personal income tax will be made more progressive, with rates on only higher-income households increased.
“The Development Bank of Mongolia (DBM) will henceforth operate in an independent, purely commercial manner, as laid out in the recently passed DBM law, and the Bank of Mongolia (BOM) will not engage in additional quasifiscal activity, with the mortgage program now operating essentially as a revolving fund. In addition, the law on concession projects will be reformed, and the public investment program (PIP) will be rationalized and better aligned with national development priorities.
“The authorities will adopt a set of important fiscal reforms to ensure that budget discipline is maintained, building on the existing framework for fiscal responsibility. These include the creation of a Fiscal Council to provide independent budget forecasts and costings of new policy proposals, and provisions to give the government sole authority to determine the total amount of spending in the budget, as well as to require Ministry of Finance approval of any proposals to cabinet with a budgetary cost.
“Monetary policy will remain appropriately tight, given the objective of price stability. Over time, however, as the economy normalizes, it may be appropriate to cut the policy rate if external and inflation indicators permit. The exchange rate will continue to move flexibly, with intervention limited to smoothing excessive volatility and preventing disorderly market conditions. A major priority will be the adoption of a new BOM law to clarify its mandate, strengthen governance, and improve independence.
“Strengthening the banking system is a crucial part of the program, to ensure that the banks can support sustainable and inclusive economic growth. The authorities’ first priority is to undertake a comprehensive diagnosis of the banking system to assess institutions’ financial soundness and resilience. With the results of this diagnostic in hand, the BOM will engage banks to ensure appropriate restructuring and recapitalization, as necessary. The BOM will complement these actions by strengthening the regulatory and supervisory framework, and government is committed to improving the deposit insurance system. The authorities are also committed to strengthening the regime for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT).
“The authorities intend directly to boost economic activity and prospects by attracting new investment to major mines, and by implementing an array of structural reforms to promote economic diversification and improve competitiveness, especially in agriculture and tourism. The broad range of reforms envisaged under the program have been developed in close collaboration with the World Bank and ADB.
“The authorities’ adjustment and structural reform program, supported by the large package of external financing, is expected to stabilize the economy and lay the basis for sustainable, inclusive, long-run growth. By 2019, growth is projected to pick up to around 8 percent, as economic and financial conditions improve and key mining projects take off. Foreign exchange reserves should rise to a healthy $3.8 billion (above 6 months of imports) by the end of the program, similar to levels seen in 2012, before Mongolia was hit by external shocks. Fiscal consolidation will leave room for the banking sector, over time, to extend more credit to the private sector, consistent with projected growth. These policies would also put public debt on a declining path over the course of the program.
“The government’s recently announced plan to engage with its private external creditors to secure financing assurances for the program should help restore debt sustainability. Specifically, the financing parameters of the program assume that external private creditor exposure will be maintained at its current level over the program period, on terms consistent with debt sustainability, and gross financing needs will remain at prudent levels during the post-program period.
“On behalf of the staff team, I would like to thank the authorities for their warm welcome, and the constructive discussions and excellent collaboration we have had over recent months, bringing us to today’s successful conclusion.”
IMF Communications Department
PRESS OFFICER: KEIKO UTSUNOMIYA
PHONE: +1 202 623-7100EMAIL: MEDIA@IMF.ORG