The mining sector is expected to generate 3 trillion MNT ( or 27.1 percent) of the state's revenue in the upcoming year, a YOY increase of 1.3 trillion MNT. State authorities have projected the price for coal to be 75.9 USD per ton and copper at 6,222.2 USD per ton

The Gold-2 national program has set a goal to increase gold production by 2-3 tons per year and 25 tons by 2020. Bayartsaikhan Nadmid, the Governor of the BoM, informed, “The rising external uncertainty is posing a risk for Mongolia as the country is heavily dependent on global market. We need to strengthen our immunity. It is important to constantly grow foreign exchange reserves in doing so. FX reserve can help protect us from debt repayments, reduce its impact and maintain the national currency rate. It is also important for financial independence. For instance, countries with high reserves of foreign exchange suffered less during the global crisis in 2008-2009.” After highlighting the sluggish explorations, depleting placer deposits and illegal artisanal miners as pressing issues in gold industry, the Mining Minister announced to commence exploration for major deposits soon. He then pointed out that there was a policy error in the rehabilitation of placer gold deposits and announced to take immediate actions. Minister of Environment and Tourism Tserenbat Namsrai remarked, “We demanded mining companies to fulfill their duties obliged by the law before the beginning of this year’s business cycle. We have drafted the bill on mining rehabilitation and its concepts, as well as the Rules of Procedure.”

Several billion pounds of inward investment is expected to enter Kazakhstan over the next five years, as global organizations seek to benefit from a streamlining of government services, additional opportunities linked to the New Silk Road and increased investment support.

Kazakh Invest, the national organization for attracting global FDI, lead the charge for greater inward investment by highlighting the levels of support that Kazakh Invest offers potential investors across many sectors.

Kazakh Invest Chairman Saparbek Tuyakbayev told investors how Kazakh Invest acts as a “one-stop-shop” for investment support and said that it was actively working with dozens of global organizations already looking to invest in Kazakhstan.

Tuyakbayev told forum participants that Kazakh Invest had identified and prepared 70 specialist projects across agriculture, chemicals, mining and metallurgy, Kazakh Invest has identified and prepared 70 specialist projects across agriculture, chemicals, mining and metallurgy engineering, retail, tourism, and energy, offering opportunities for international investors.

Askar Zhumagaliyev, Deputy Prime Minister of Kazakhstan, said the country is “emerging as a regional hub for business, investment and transit.”

The UK Government’s Trade Envoy Baroness Emma Nicholson spoke of a growing number of areas for meaningful cooperation between British investors and Kazakh companies. She suggested that Kazakh businesses could learn much from UK companies about increasing their organizations’ ‘added value’ by moving towards a more knowledge-based economy.

Potential investors also heard from leaders of British businesses already operating in Kazakhstan. Nick Clarke, Chairman of extractive’s firm CAML praised the business-friendly environment and the highly-skilled, multilingual workforce.

The forum was the first of several senior level roadshows being co-hosted by Kazakh Invest internationally. The next event is scheduled in New York tomorrow.

At the meeting, the Rosneft authorities touched upon the increasing oil demand in Mongolia and held an extensive discussion on means to meet this demand and the exploitation, refinery and export of oil in Mongolia.

Furthermore, Rosneft Company has donated EUR 8 million for the purpose of redeveloping the Khalkhgol Soum Centre in Dornod Province, as a part of Mongolian-Russian joint celebration of the 80th anniversary of the victory at the battle of Khalkhin Gol. Chief of Staff Z.Enkhbold expressed his gratitude for the donation and wished the company a bright future.

EU Ambassador to Ulaanbaatar has expressed a willingness to provide assistance in registering geographical indications to honey and sea buckthorn to the EU at the meeting with B.Batzorig, Minister of Food, Agriculture and Light Industry. Ambassador Traian Laurentiu Hristea said, he is ready to support improving coordination between the projects, training the sector’s personnel.

The two sides exchanged views on introducing European standards to the sector of food, agriculture and light industry of Mongolia, selling Mongolian products on the European market, and implementing new technologies for improving sales.

Currently, some joint projects and programmes backed by the European Union are being implemented at three ministries of Mongolia, including the Ministry of Food, Agriculture and Lights Industry.

Earlier today, S.Batbold, Mayor of Ulaanbaatar, introduced a model of the U-scooter project. He noted that Ulaanbaatar is one of the world’s 455 metropolitan cities and U-scooter service is newest big-city eco transport trend.

With a speed of up to 25 km per hour and with a range of 20-30 km on one charge, U-scooters can be hired using a mobile app.

That amount would mark the third largest Chinese IPO to list in the United States since the beginning of 2018, according to data provider Dealogic. The Netflix-like video platform iQIYI raised $2.3 billion and social shopping app Pinduoduo raised $1.6 billion.

Tencent Music dominates the music streaming market in China through its Spotify-like apps. The company revealed in its SEC filing that its services have more than 800 million monthly active users. Spotify owns a 9% stake in Tencent Music.

The entertainment subsidiary of Tencent reported a profit of $263 million for the first six months of 2018, with revenue of $1.3 billion.

"We are pioneering the way people enjoy online music and music-centric social entertainment services," it said in a filing, adding that it predicts the number of people that pay for music in China will "more than quadruple between 2017 and 2023."

The symbol would be TME, but the company hasn't yet decided which listing exchange to trade. It could choose either the Nasdaq or the New York Stock Exchange.

CNN first reported that Tencent Music was mulling an IPO in the United States in July.

Tencent Music's IPO follows a flurry of big listings by Chinese tech companies in recent months, including smartphone maker Xiaomi and online services provider Meituan Dianping.

Sumiyabazar made the remarks in a speech delivered at the opening ceremony of a meeting discussing the current situation of the Mongolian gold sector, challenges facing gold miners and investment in the industry.

To achieve the goal, the Ministry of Mining and Heavy Industry is planning to implement a policy to shift from placer gold mining to lode deposits in the coming five years as placer deposits are close to exhaustion, he said.

According to the country's central bank, gold miners submitted 20.01 tons of gold to the central bank in 2017, contributing about 800 million dollars to the state budget. Enditem

DAN system, next version of the KHUR digital service system, identifies and verifies person online, allowing citizens to have online services and the system is able to work closely with non-interrelated private and public service systems.

With the purpose to develop the electronic governance by the Communication and Information Technology Authority and the Mongolian National Data Center have developed the state information exchange “KHUR” system, which is the base of digital service and introduced to the service from January of last year.

Opening ceremony of the data center for KHUR system took place on October 01 in Dariganga soum, Sukhbaatar aimag as the first local area to introduce the system and the ceremony was aired live during the ICT Expo. Therefore, residents of Dariganga soum are now able to receive public services without going to the aimag centre. They also are given the chance to change their SIM cards and purchase phone numbers. When getting services, it is enough that the citizens have their finger prints read. Previously, the client who requested to get services required to collect different types of inquiries and other documents.

The systems have been developed to make services and activities of the state as well as private organizations towards citizens more accessible, citizen-centered, transparent and quick.