Mongolia has engaged in commerce with more than 98 countries last month, exporting goods to 37 countries and importing from 99 countries. The exports reached USD 423 million, down by 1 percent or USD 4.7 million compared to that for the same period of previous year.

In comparison with last year’s export performance, exports of precious and semi precious stones, precious metal, jewelry and coins increased by USD 9 million, exports of livestock, animals and animal products by USD 6.8 million and exports of finished goods by USD 5.5 million respectively.

B.Misheel

In December, the INE announced a successful completion of the fifth dry run in yuan-backed oil futures contract trading. It said that 149 of its members traded 647,930 lots in the rehearsal with a total value of 268.2 billion yuan. The exchange said the system met the listing requirements of crude futures after the exercise.

The Chinese government announced plans last year to start a crude oil futures contract priced in yuan and convertible into gold. The contract will enable the country's trading partners to pay with gold or to convert yuan into gold without the necessity to keep money in Chinese assets or turn it into US dollars.

Since the 1970s, the global oil trade has almost entirely been conducted in US dollars. The largest energy consumer, China, is interested in having oil contracts in its own currency. Beijing wants to create an Asian crude oil benchmark that would better reflect pricing for the oil imported and consumed in the world’s top importing region Asia. It expects the new benchmark to rival North Sea Brent and US West Texas Intermediate.

Analysts say the success of the yuan oil futures contract depends on the Chinese regulation of the market, which could divert international investors from bringing huge volumes into the contract.

This year, they have saved lives by pulling out over 40 cars which had become trapped in deep snow. Recently, in order to do save human life, they broke a ministerial order which had closed a road. Twelve people including three children had got struck in the snow while travelling by car from Bayantsogt soum in Tuv province to Ulaanbaatar city. When the 'Pajero’ rescuers were rushing to the scene they were stopped by traffic police officers at the 22nd road post who were tasked with enforcing the minister's order. Fortunately, they successfully convinced the officers and managed to rescue the trapped people who otherwise would have frozen to death.

The Paris-based agency said that a massive increase in output means the U.S. will soon be producing more oil than Saudi Arabia. It could soon challenge Russia for the global crown.

"U.S. producers are enjoying a second wave of growth so extraordinary that in 2018 their increase in liquids production could equal global demand growth," the IEA said in its latest monthly report. "This is a sobering thought for other producers."

The IEA said the surge, which is powered by shale, is "reminiscent" of 2014, when booming production in the U.S. prompted OPEC to flood the global market with oil in an attempt to protect its market share.

The strategy led to a price collapse that sent crude to a low of $27 per barrel in 2016 from well over $100.

Plunging prices forced some higher-cost U.S. producers to close up shop. But many emerged leaner and stronger than before.

OPEC and other major producers including Russia agreed to slash their output in late 2016 in order to reduce the glut and help boost prices. The agreement has been extended until the end of 2018.

But there are signs that the strategy may be losing its effectiveness.

Crude prices dropped 10% last week, falling below $60 a barrel for the first time this year. U.S. oil futures dropped 1.2% to trade at $58.62 on Tuesday.

The IEA did note two wild cards: The political crisis in Venezuela and a strengthening global economy, both of which could change market dynamics.

"Prices could be maintained at recent levels even as U.S. production rises," the agency said. "If so, most producers will be happy, but if not, history might be repeating itself."

Mining Minister D. Sumiyabazar, Deputy Chairman of the Mineral Resources and Petroleum Authority (MRPA) L. Radnaasuren, and Chairman of Policy Coordination at the MRPA Ch. Chuluunbat were the main speakers, and talked to journalists about the industry’s 2017 report.

In 2017, the nation produced

47.1 million tons of coal,
1,317,000 tons of copper concentrate,
19.8 tons of gold,
5,600 tons of molybdenum concentrate,
7.7 million tons of iron ore,
3.7 million tons of iron ore concentrate,
108,900 tons of fluoride,
55,200 tons of fluoride concentrate,
82,700 tons of zinc concentrate, and
14,600 tons of copper cathode.
Industry sales tripled last year, reaching 15.2 trillion MNT.

As of February 5, the nation had a 38-day petroleum reserve. Minister D. Sumiyazbazar noted that a working group is currently drafting a package of amendments to the Law on Mining, and will submit them for review during the spring plenary session of Parliament.

Fifty energy projects have received 700 billion MNT from the DBM. Officials say that by financing the projects through domestic commercial banks, a system has been developed to sustain risks and increase domestic benefits.

Approximately 76.4 percent of the workplaces is expected to be created in the first half of the year, while the remaining 23.6 percent is expected in the second half. Furthermore, a majority of the 20 highest demanded jobs consisted of no diploma.

Trending jobs for higher education this year are expected to be accountant, construction and gas pipe engineers.

As for the skilled labour market, demand for plasterers, security officers, tailors, pharmacists, janitors, cooks, carpenters, electricians, telecommunication operators and drivers have been increased.

As for no diploma jobs, increased number of workplaces are expected to be created for construction assistants, production, farm and store assistants, janitors, washers and waiters.

16.7 percent of the high in demand workplaces will be for women and 50.8 percent will be for men, while 32.5 percent will be non-gender. The private sector alone is providing almost 90 percent of these workplaces.

Considering the supply and demand of jobs, the number is still low. Job demand in Mongolia has been fluctuating between 70-80 thousand in the last five years. However, the unemployment rate is forecasted to be increased in the next two years. According to an estimate, the unemployment, which is currently at 9.1 percent, is expected to hit 10.1 percent in 2018 and 2019. While the public is having trouble finding a job, the private entities are unable to recruit qualified staff. For instance, private entities faced a challenge of 10.9 thousand employee shortage last year.

The study shows that worker shortage is highest in retail trade, car maintenance services, processing plants, construction and real estate services, hotel, accommodation and public food sectors.

This means that the education institutions is not coordinating with the demand. For instance, students have been pursuing the mining sector in recent years. Back in 2012 and 2013 when the economic growth was high, mining workers were in high demand; however, the profession was not included on the top 20 list this year.

A total of 16.8 thousand workplaces will be created in the construction sector this year, while mining industry will create only 2 thousand works. But the number is expected to increase in 2019 and decline again between 2020 and 2030.

Tugsbilig.B

Before the opening, Seabridge stock was already exchanging hands at $10.40, up 4.8% on the New York Stock Exchange, after hiking its estimated inferred gold and copper resources at the Iron Cap deposit — one of four that make up the company's KSM project — by more than 300% each.

The success of the 2017 drill program at Iron Cap— one of four deposits that make up the company's KSM project — coupled with its proximity to proposed mine infrastructure, has Seabridge considering the potential of mining it sooner than planned.
Investors curbed their initial enthusiasm once markets opened, with the miner’s shares trading only slightly up in New York (+0.48% to $10.45) and Toronto (+0.38% to Cdn$13.19 ) at 9:45AM ET.

The updated resource assessment shows estimated inferred gold resources have increased 302% to 20 million ounces. Estimated inferred copper resources, in turn, have grown 379% to 8.6 billion pounds.

The independent mineral resource estimate for the Iron Cap deposit incorporates all previous drilling plus 10,383 meters of diamond core drilling completed in 11 holes drilled in 2017, the Toronto-based miner said.

Rethinking KSM
The success of the 2017 drill program at Iron Cap, coupled with the deposit's proximity to proposed mine infrastructure, has Seabridge considering the potential of mining it sooner than anticipated, the company revealed

“All our objectives at Iron Cap were more than accomplished last year. A larger, richer Iron Cap deposit is expected to take a more prominent place in our mine planning, “ the company’s chairman and chief executive said in the statement.

“We believe Iron Cap has the potential to make a strong contribution to improving project economics thanks to its higher grade and its favourable capital and operating costs," Fronk noted.

Currently, KSM mine plan proposes developing Iron Cap after the Mitchell, Kerr and Sulphurets deposits.

Seabridge Gold holds a 100% interest in several North American gold resource projects. But the miner’s key assets are KSM property located near Stewart, B.C, as well as the Courageous Lake gold project — in Canada’s Northwest Territories. The company also owns Iskut, in B.C., which it obtained with the closing of the SnipGold Corp. acquisition, in June, 2016.