It is decided that the projects will be financed from local and state budget, foreign soft loans and aids.

The goal of the program is to develop sustainable and competitive industrialization involving value added production, meeting international quality and standardization requirements and market economy demands by introducing advanced technology, based on the local community features and resources. In addition, it is believed that it will increase number of workplaces, circulation of domestic and foreign trade and economic growth.

As of the end of 2016, total sales of the industrial sector resulted MNT 11.06 billion and out of this, 20.3 percent or MNT 2.3 billion was accumulated from the processing sector. This is 8.1 percent of the country’s GDP or 3 fold lower compared to middleincome countries.

In accordance with the results of a study conducted by the United Nations Industrial Development Organization, the country’s structure of industrial sector is highly dependent on raw materials of mining and agricultural sectors based on simple technology, and about 95 percent of export products are subject to only the first stage processing. This shows that the real value added production, which is the base of sustainable development of any country, is very poor in Mongolia.

Over 1,300 permanent and temporary Russian residents can vote at the polling stations from 8 a.m. local time (0000 GMT) to 8 p.m.(1200 GMT), the diplomat said.

The Russian presidential election will be held on March 18. There are eight candidates running for president this year, including incumbent President Vladimir Putin, who is running as an independent candidate.

At an irregular meeting of the cabinet held on February 23, Sumiyabazar Dolgorsuren, Minister of Mining and Heavy Industry briefed the cabinet on the issues of establishing a sovereign wealth fund and listing of ETT on two stock exchanges. Currently, the ETT shareholding structure is composed of the Government of Mongolia and Mongolian public who own 85 percent and 15 percent of the total outstanding shares of ETT, respectively.

According to the Mineral Resources and Petroleum Authority of Mongolia, there are 9 companies operating in the deposits of strategic importance as set by the Parliament. Tavan Tolgoi, one of the world’s largest high-quality coal deposit sites, is expected to yield over six billion tonnes of resources, of which, a quarter is estimated to be coking coal.

The government intended to sell shares of ETT on the stock exchange both locally and internationally; however, the long-awaited IPO was postponed several times in past years due to weaker coal prices, poor market conditions, and uncertainty over the legal environment in Mongolia.

According to MarketIntel, 80 percent of the total outstanding shares of ETT are already owned by the government of Mongolia and Mongolian citizens. Of those 80 percent of shares, 0.05 percent shares are owned by Mongolian business entities, 14.75 percent and 65.2 percent shares are owned by Mongolian citizens and the government of Mongolia. Whereas, 20 percent of the total outstanding shares of ETT are available to be listed on local and international stock exchanges. Whether ETT is successfully listed on stock exchanges locally and internationally within 2018, the attempt itself will have a significant positive impact on local capital markets and on the coal industry. If the matter is pushed to the following year, it will come too close to the next parliamentary election and may become a highly politicized subject.

Tugsbilig.B

The prime minister noted that Mongolia is looking forward to welcoming the Emir of Qatar and that he is glad cooperation between the two countries is steadily developing. PM U.Khurelsukh said the government would provide its fullest support if Qatar opens an embassy in Mongolia.

About trades with neighbor countries, Mongolia made 61 percent of the total foreign trade turnover with China whilst trade with Russia was amounted 16 percent. Trade with China increased by 0.3 percent, but it showed 52 percent increase in trade with Russia.

34 percent of total imports were investment products, including machinery, equipment and constructional materials. 31 percent were fast-moving consumer goods, such as foods, pharmaceuticals, clothes, home utensils as well as others. Import of oil products made up 21 percent.

M.Unurzul

In the 71-page filing, quoted by FT.com, lawyers representing the company, its former chief executive Tom Albanese, and its ex finance director Guy Elliott argue the Securities and Exchange Commission (SEC) lawsuit is “plainly wrong”.

Case relates to allegations of an attempt to cover up multi-billion losses on a coal investment in Mozambique.
The charges originally laid by the SEC in October last year relate to allegations of an attempt to cover up multi-billion losses on a coal investment in the African country.

Those assets were acquired for $3.7 billion in 2011 from ASX-listed Riversdale Mining, but sold a few years later for $50 million. Rio ultimately took a $3-billion write down on Riversdale — later renamed RTCM — in January 2013, when it also fired Albanese.

The SEC argues that Rio should have taken the impairment charge within just 11 months of the acquisition. But at a time, the lawyers said, the company had not yet completed its analysis of the quantity and quality of the available coal or determined whether there was a viable means for transporting the coal to market.

“This is plainly wrong, and each of its claims consequently fail to meet well-established threshold pleading requirements and must be dismissed,” they said.

The professionals also claimed that Rio moved swiftly to impair the value of the coal assets as soon as its received “late-breaking ore-body test results” late in 2012.

The move follows a letter sent in January by Rio and the executives asking the court handling the case to dismiss the fraud charges against them. The SEC rejected such petition.

Defending his tariff plans as he hosted the Swedish PM at the White House, Mr Trump said other countries had "taken advantage of" the US for decades.

Shortly afterwards it was announced that White House economic adviser Gary Cohn, who opposes tariffs, would quit.

The EU has drawn up a $3.5bn (£2.5bn) hit list of retaliatory tariffs.

Motorbikes, whiskey and T-shirts are on the bloc's list of 100 American products, the BBC understands.

"The European Union has been particularly tough on the United States," Mr Trump said at Tuesday's joint press conference with the Swedish prime minister.

"They make it almost impossible for us to do business with them," Mr Trump complained.

Mr Trump said if the EU retaliated, the US would impose a 25% tax on European cars.

But the US president also said America would levy tariffs in a "loving, loving way".

"They'll like us better and they'll respect us more," he said about US trade partners who object to the plan.

"When we're behind on every single country, trade wars aren't so bad," he told reporters at the White House.

Mr Trump's decision to raise import taxes on steel to 25% and aluminium to 10% prompted strong reactions around the world last week.

Swedish PM Stefan Lofven said: "I am convinced that increased tariffs will hurt us all in the long run."

Mr Lofven is the first European leader to visit the White House since the tariffs were announced last week.

Members of Mr Trump's Republican party have voicing disquiet at his proposal.

Just before Mr Trump spoke, Senate leader Mitch McConnell said: "There is a lot of concern among Republican senators that this could sort of metastasise into sort of a larger trade war."

Earlier on Tuesday, Speaker of the House Paul Ryan said the tariffs were too broad.

He urged Mr Trump "to be more surgical" when selecting which countries to target "so we do not have unintended consequences".

Congressman Mark Meadows, who chairs the ultraconservative Freedom Caucus, said most lawmakers had told him they did not support the president's decision.

Mexican Economy Minister Ildefonso Guajardo said his country was planning its own tariffs on US goods.

He said they would issue them in a way that is most politically damaging to Mr Trump.

"We would have to target our response at the things they export that are most politically sensitive and hit exactly those goods," he told Mexican broadcaster Televisa.

Mr. Dwyer brings more than 30 years of international investment banking experience, making him uniquely qualified to further strengthen Golomt Bank’s Board functions as well as the overall corporate governance system of the Bank.

About Mr. James B. Dwyer 
Mr. Dwyer co-founded and was appointed Executive Director to manage the activities of Business Council of Mongolia (BCM) from its formation in August 2007 to April 2016 and served as Vice Chairman until April 2017. He lived in New York City and worked for Wall Street-based firms as an investment banker specializing in Mergers & Acquisitions since the 1970's including the position as Global Head of M&A for Union Bank of Switzerland (UBS). Mr. Dwyer relocated to Ulaanbaatar in May 2001 to manage the successful privatizations of Mongolia's two largest commercial banks, Trade & Development Bank and Khan Bank and served pro bono as Chief Operating Officer of NAMBC-Mongolia from 2003 until the formation of BCM in 2007. He serves as an Independent Director of Mandal General Insurance, Independent Director of Mongolia Growth Group (TSXV), Non-executive Chairman of Mongoljin Private Capital, and Chairman and President of Mongolian Education Foundation (U.S. affiliate of the American University of Mongolia). Mr. Dwyer also provides advisory services to selected entities. He graduated with a BBA from the University of Notre Dame and received an MBA from Columbia Graduate School of Business. James subsequently served as President of Columbia Business School’s Alumni Association (currently 40,000 alumni).

During a PDAC conference, the Mongolian Minister of Mining and Heavy Industry spoke to attendees about Mongolia's plans for establishing a resource treasury fund, beginning with the issuance of Erdenes Tavan Tolgoi shares as an IPO available to the international market.

Xanadu Mines reported on their plans to be dually listed on the Toronto Stock Exchange.

Investors attending the Mongolia conference asked about the stability of Mongolia's tax environment and asked for clarification about tax reforms that would impact the transfer of special mining and exploration licenses. The Minister of Mining told investors that the government is working on tax solutions that would focus on a company’s profits rather than its sales.

During the conference, Mongolian Metals Corporation, Steppe Gold and other companies with Mongolian interests presented their projects to foreign investors. In 2017, it was announced that Steppe Gold planned to issue an IPO, and the company has started to intensify its exploration in Mongolia.

The company recently bought the Altan Tsagaan Ovoo special mining license from Centerra Gold for 9.8 million USD, and has initiated drilling of 4,000 meters at the mine site.

Steppe Gold also purchased a license for the Uudam Khundii exploration project in Bayankhongor Province with an 80/20 percent joint venture with the local government. According to company, initial exploration work has been completed, resulting in the identification of four new gold reserves. Mongolian Metals Corporation has purchased 13 exploration licenses within the last 12 years, and has been actively conducting exploration on 75,000 hectares in Bayankhongor Province over the past nine years.

The company reports that it identified promising reserves of gold, copper, and silver in 2017. Bloomberg TV Mongolia reported that during the conference, Minister of Mining and Heavy Industry D. Sumiyabazar informed investors that Mongolia will lower taxes on the sale of mining licenses.