In his message, President Battulga said:

“On behalf of the people of Mongolia, let me extend cordial congratulations to You and the friendly people of Russia on the occasion of the Russia Day.

I am pleased to note that the traditional relations between Mongolia and Russia, based on the trust, ideals and mutually beneficial cooperation of friendly neighbors, are deepening in line with the strategic partnership principles.

I am highly satisfied with the successful outcome of our bilateral meeting and the fourth Tripartite Meeting between the heads of state of Mongolia, Russia and China, held on the sidelines of the 18th Meeting of the Council of Heads of Member States of the Shanghai Cooperation Organization in Qingdao, China. I am committed to actively cooperating with You on realizing the matters discussed at these meetings.

Furthermore, we successfully organized the ‘Mongolian-Russian Initiative – 2018’ series of events on June 7th-9th in Ulaanbaatar. I am delighted to say that the Mongolia-Russia Intergovernmental Agreement on Transit Transport by Railway was signed during the series of events.

I would like emphasize the crucial importance of the joint celebration of the 80th anniversary of the victory of the Battle of Khalkha River, which will fall next year, in promoting true history among the younger generation and strengthening the trust between the people of Mongolia and Russia.

Let me take this opportunity to wish You, dear Vladimir Vladimirovich, good health and success, and to the people of Russia peace and prosperity.”

Under the deal, CITIC Metal will also make a $100 million loan facility available to the Canadian listed company, which said it would use the proceeds to advance its projects in southern Africa, including Ivanhoe’s flagship Kamoa-Kakula project in the Democratic Republic of Congo – considered the most significant copper discovery in decades.

Friedland, Ivanhoe’s founder and executive chairman, said the deal was the culmination of a 15-year relationship with CITIC. “In 2003, the original Ivanhoe Mines was grappling with the challenge of developing its vast copper-gold discoveries at the Oyu Tolgoi Project in southern Mongolia. Following extensive discussions, Ivanhoe and CITIC established a strategic alliance to cooperatively pursue a number of selected common interests in metals production and related technologies.”

Another Chinese firm, Zijin Mining Group — which acquired a 9.9% stake in Ivanhoe Mines in 2015 through a wholly-owned subsidiary — will now be entitled to exercise its existing anti-dilution rights through a concurrent private placement, which could result in additional proceeds of Cdn$78 million (about $60 million) if exercised in full, the parties said.

Once Chinese regulators clear the transaction, CITIC will have the right to appoint two directors to an enlarged board. One of them is expected to be Sun Yufeng, president of CITIC Metal Group, who will become Ivanhoe’s co-chairman alongside Friedland.

Ivanhoe Mines estimates the asset, discovered in 2007, holds the equivalent of at least 45 million tonnes of pure copper. The company aims to extract 300,000 tonnes per year once the mine is operating at full tilt.

During the meeting, President Kh.Battulga expressed Mongolia’s interest in actively developing its ties with India, citing the possibility of cooperating in film and sport industries.

The sides agreed on the vital importance of people-to-people relations in the broadening of bilateral cooperation. At the end of the meeting, Mr. Narendra Modi expressed his hope that President Battulga will make a visit to India.

India is already very active in the Mongolian economy, most notably, in the construction of the country's first oil refinery.

The meeting, organized under the auspice of Mongolia’s Deputy Prime Minister, was attended by over 300 businesspersons from Russia to hold business meetings and seek cooperation opportunities.

At the meeting chaired by Ch.Enkhbat, First Deputy CEO of Development Bank of Mongolia (DBM), the Mongolian side provided presentations on 'Three-pillar development policy of Mongolian government', 'Project-based investment environment in Mongolia', 'Investment opportunities in free zones' as well as 'A program on establishment of Mongolia-Russia-China Economic Corridor'. 
During the event, Mongolia’s Golomt and Khan Banks signed a Memorandum of Understanding (MoU) on cooperation with the Russian Agency for Export Credit and Investment Insurance (EXIAR).

In addition, more agreements were signed, for instance, ‘Financing Agreement’ between the DBM and Russia’s Vnesheconombank, ‘Cooperation Agreement’ by Mongolia’s Trade and Development Bank and Russia’s International Bank for Economic Co-operation (IBEC). As well, two MoU on establishing cooperation agreement were signed by Golomt Bank and IBEC, and by DBM Leasing Company and Vnesheconombank.

The meeting was concluded with an issuance of ‘Statement of Mongolia-Russia Cooperation in Finance and Investment Sector’. It aims to develop strategic partnership between the two countries, stimulate economy and trade turnover and ensure cooperation between organizations to implement mutually beneficial investment projects.

Prime Minister Shinzo Abe has expressed his desire to hold a summit meeting with North Korea with an aim to resolving the issue of Japanese nationals abducted by North Korea. The Japanese side intends to convey Japan’s stance to North Korea while probing Pyongyang’s intent through the contact in Mongolia.

The conference, known as the Ulaanbaatar Dialogue, is organized by the Mongolian government among others. Diplomatic officials including those from the Japanese Foreign Ministry and North Korea are scheduled to attend.

At the previous conference in June last year, a Japanese deputy director general of the ministry’s Asian and Oceanian Affairs Bureau briefly talked to a North Korean Foreign Ministry official at the Institute for American Studies.

Citing the fact that landlocked countries face unique and formidable obstacles, Mongolian Deputy Prime Minister Ulziisaikhan Enkhtuvshin said at the inauguration ceremony of the International Think Tank for Landlocked Developing Countries that the organization will strengthen the collective voice of these countries in global dialogues.

According to a World Bank report, the costs of foreign trade of landlocked countries are twice as high as countries with access to the sea, Enkhtuvshin said.

Delegates from member countries including Armenia, Kazakhstan, Kyrgyzstan, Afghanistan, Laos, and Paraguay will approve the legal documents of the organization and appoint a chairman.

They are expected to discuss issues such as foreign direct investment, information and communications, technology and connectivity during a two-day meeting.

"The initiative possibly provides Mongolia with economic opportunities that could to a certain extent offset the disadvantages associated with the lack of Mongolia's access to the sea," Batbold said on the sidelines of the Future of Asia conference here.

The Mongolian government is working to build the trilateral Mongolia-Russia-China economic corridor, which includes 32 projects such as modernizing Mongolian railroads and highways to Russia and China.

The government is also pursuing a Russian-Chinese oil and gas pipeline through Mongolia. The leaders of the three countries affirmed the importance of their economic cooperation at Saturday's meeting of the Shanghai Cooperation Organization in China.

Hit hard by falling commodity prices, resource-rich Mongolia has been receiving International Monetary Fund assistance under a program that began last year.

In foreign affairs, Mongolia has a "vital interest" in security on the Korean Peninsula, said Batbold, who served as prime minister from 2009 to 2012.

"Mongolia enjoys excellent relations with all countries in the region," he added.

He discussed the diplomatic roles that Mongolia has played, such as hosting the Ulaanbaatar Dialogue, a forum for interaction among government officials and researchers in countries such as China, Russia and the Koreas. Mongolia also hosted meetings between North Korea and Japan on the issue of abducted Japanese citizens.

"I heard that Ulaanbaatar was considered as one of the prime locations for the summit between [the U.S.] President [Donald] Trump and [North Korean leader] Kim Jong Un," Batbold said. "Maybe one of the reasons was this contribution Mongolia seeks to make to peaceful solutions."

Imports of high-grade iron ore fines and lump ore from Australia, Brazil and South Africa rose 13.5% from April to 94.14m tonnes. May 2017 imports totalled 91.52m tonnes. Cargoes for the first five months of 2018 now total 448m tonnes. Annual shipments for 2017 totalled just over 1 billion tonnes

Daily crude steel output by major steel mills hit a record 1.96 million tonnes in the first 20 days of May, according to data from China's Iron & Steel Association.

The Metal Bulletin benchmark price at the port of Qingdao for 62% Fe ore gained on Friday to trade at $67.44 a tonne, down 7.5% year to date. The gap between 62% and 58% Fe fines widened to $28.38 per tonne on Friday while 66% Fe concentrate ended the week higher at $92.79.

The strong imports have caused growing stockpiles at Chinese ports which reached new peaks last week. Inventories hit a record 162 million tonnes according to SteelHome data.

China consumes more than two-thirds of the seaborne iron ore market and produces as much steel as the rest of the world combined.

The prime minister expressed his satisfaction with Mongolia’s most recent successful cooperation with Russia in a wide range of issues, especially in trade and economic sectors, as trade turnover between the two countries increased by 37 percent last year compared to 2016.

He noted that as a railway transit transportation agreement between the governments of Russia and Mongolia, which aims to enhance cooperation on freight transportation trade between the two countries by promoting a flexible tariff policy for 25 years, will be signed soon, the agreement will have a significant impact on mutual trade and economic cooperation.

The main advantages of the agreement are to facilitate border checkpoint procedures on transit freight, increase freight volumes, stimulate infrastructure development of railway transport and help support Mongolian exporters to overcome maritime transport obstacles.

Prime Minister U.Khurelsukh pointed out that Mongolia is looking forward to diversifying the types of its goods being exported to Russia, increasing exports of its meat and meat products, establishing a meat processing factory that will produce products that meet Russian standards for meat imports, and collaborating with Russia to carry out a joint project in the cashmere industry.

The Russian minister emphasized that the country pays a great deal of attention on its relations and cooperation with Mongolia, especially in culture, trade and economic cooperation.

Minister Manturov stated that Mongolia is interested in exporting goods that are in demand in the Mongolian market, opening a leather processing factory in Mongolia, supplying agricultural technology and equipment, and helicopters, and collaborating with Mongolia to implement projects to increase the capacities of Thermal Power Plant No.3 and Ulaanbaatar Railway, and build a highway in Mongolia.