Events
Name | organizer | Where |
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MBCC “Doing Business with Mongolia seminar and Christmas Receptiom” Dec 10. 2024 London UK | MBCCI | London UK Goodman LLC |
NEWS
Mongolia - Russia MFA consultative meeting held www.montsame.mn
Ulaanbaatar /MONTSAME/ The Ministries of Foreign Affairs of Mongolia and the Russian Federation carried out their consultative meeting in Ulaanbaatar.
At the meeting co-chaired by D.Davaasuren, State Secretary of the Mongolian Ministry of Foreign Affairs; and I.V.Morgulov, Vice FM of Russia, the parties shared specific views on the bilateral political and economic relations and cooperation. They considered preparation works for the President’s participation in the Eastern Economic Forum scheduled on September 4-8 in Vladivostok, a realization of a middle-term program on the Mongolia-Russia strategic partnership ties and outcomes of the 20th meeting of the intergovernmental commission.
The sides expressed the satisfaction with an increase of the bilateral trade turnover which saw a decline in last two years, and then emphasized the countries are able to widen the commercial and economic ties.
Regional cooperation plays a vital role in the Mongolia-Russia relations, the countries noted, and considered as necessity to facilitating a border accessing process and broadening the inter-boundary and economic collaboration. The parties also said the countries have to renovate the Ulaanbaatar Railway Joint Venture, to upgrade its operation and to maximize the transit transport.
Mongolia Launches New Social Media App…for Horse Owner www.wideopenpets.com
This new app solves a real world problem for Mongolian horse breeders and herders.
Mongolia has a long and storied history with horses, and Mongolians are still big on breeding and owning horses today. However, owning so many equines makes it hard to keep track of all of them. That’s why a team of Mongolian mobile developers designed an iOS app, called Уяач (“seller”), to help.
While many picture Mongolia as a remote and rural country, most Mongolians actually live in urban areas, and its capital, Ulaanbaatar, abounds with coworking spaces, hackathons, and startup accelerators. However, beyond the cities, modern-day nomads still raise goats, sheep, cattle yaks and horses the same way that their ancestors did.
Horse racing is one of the most popular pastimes for both groups, however when it comes to breeding and selling race horses, a lack of proper records often becomes problematic during sales transactions.
That’s where Уяач comes in. The app helps horse owners document their animals by allowing them to upload photos of each horse, as well as data on their lineage, racing history, age, sex, and health conditions. Best of all, it can be used even when there’s no cell service, which is a common issue for herders working in remote areas.
It also provides an online community for Mongolia’s estimated 50,000 die-hard horse racing fans, allowing them to follow their favorite horses.
In an interview with Motherboard, Artur Byambadorj, one of the app’s creators, said:
“We see the app as an important tool for herders, and also a news source for racing fans … We want it to become the Facebook for herders that they will use daily.”
Cabinet authorizes two industrial & technology park projects www.montsame.mn
Ulaanbaatar /MONTSAME/ The Cabinet approved two proposals regarding establishment of industrial & technology parks.
During its regular meeting on August 23, Wednesday, the Cabinet issued five-year permissions to ‘Darkhan Industrial and Technology Park’ LLC to build an industrial & technology park in Darkhan-Uul aimag, and to ‘Erdenet Technopark’ LLC in Orkhon aimag.
The projects will help develop competitive and innovative technology-based industry, create jobs for the unemployed, supply eco-friendly final products to domestic and foreign markets, develop export-oriented production, and support local development, the Cabinet sees.
Mongolian lawmakers call on prime minister to resign www.abcnews.go.com
A bloc of lawmakers from Mongolia's ruling political party called on the prime minister to resign Wednesday, accusing him of abusing his position by allegedly handing government contracts for roads and other projects to politically connected businesses.
The 30 members of the State Great Hural from the Mongolian People's Party alleged in a statement Wednesday that Jargaltulga Erdenebat violated parliamentary procedure by signing seven contracts worth the equivalent of about $328 million.
Erdenebat, in office since 2016, is also accused of distributing millions of dollars in cash payments to families with children ahead of a presidential runoff election on July 7, in an apparent attempt to win votes for the ruling party's candidate, who lost.
"It's time to clean up the Mongolian government," said Garamjav Tseden, a wealthy businesswoman and MPP lawmaker. "I'm not standing against the government because of my personal interest," she said.
The MPP has 65 seats in the 76 member Great Hural, with the opposition Mongolian Democratic Party and independents sharing the remainder. Opposition lawmakers are expected to support the resignation demand, which can be followed by a vote of no confidence if the prime minister refuses to leave.
Mongolia, a landlocked country of 3 million, boasts vast mineral wealth but has struggled in recent years to court foreign investment due to plunging commodity prices and high-profile disputes between the government and large investors such as mining giant Rio Tinto.
The government has also been weighed down by a national debt of about $23 billion, or twice annual economic output, and recently obtained a $5.5 billion bailout led by the International Monetary Fund.
In July, Mongolia elected populist business tycoon and ex-judo champion Khaltmaa Battulga of the Democratic Party as its new president. He edged out his establishment opponent, Miyegombo Enkhbold of the MPP, in the runoff election.
The contracts called into question are for roads and power transmission equipment, including substations for the mining industry. Companies granted the contracts include ones connected to the families of three members of the Cabinet. Other beneficiaries include MPP politicians, among them Erdenebat, who received funding to build roads in his constituency.
Erdenebat could not immediately be reached for comment and calls to the government spokesman's office rang unanswered on Wednesday.
Dale Choi, an analyst at Altan Bumba Financial Group, said the fate of the prime minister should have little impact on the IMF bailout or plans to drive the economy.
The move to oust Erdenebat appeared to be part of "deck clearing" following the MPP's loss in the presidential election, while his likely replacement could show bolder leadership on the economy, Choi said in a research note.
"In short term, Gov't of Mongolia instability will not be comforting to investors, but in longer term it actually healthy development for MPP," he said. The party "desperately needs at this stage to reinvent its image and reform" and distance itself from corruption, he said.
...US$ 120 million deal for Sainshand wind farm in Mongolia reaches financial close www.ebrd.com
The Sainshand wind farm in Mongolia, the third privately financed wind farm in the country, will receive a US$ 120 million project financing package from a group of international investors and financiers.
Located 460 km south-east of Ulaanbaatar in the Gobi Desert, Sainshand Salkhin Park LLC is sponsored by French energy leader ENGIE, German project developer Ferrostaal, Danish Climate Investment Fund (DCIF) and Mongolian entrepreneur, Radnaabazar Davaanyam, with long-term financing provided by the European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD).
The lenders have agreed to provide a total project financing of US$ 78.5 million, which comprises EIB funding of US$ 47 million, of which the first tranche will be guaranteed by EKF, Denmark’s Export Credit Agency, with NORD/LB acting as agent; and EBRD funding of US$ 31.5 million.
Once operational, the new Sainshand wind farm will make a significant contribution to reducing Mongolia’s carbon emissions and cater for an expected increase in power demand in the country. The scheme will significantly enlarge Mongolia’s renewable energy capacity and help the government to achieve the goal of renewable energy accounting for 20 per cent of all power by 2020, and 30 per cent by 2030.
The Sainshand wind farm will be built by China Machinery Engineering Corporation (CMEC) as the engineering, procurement and construction (EPC) contractor, and will use 25 Vestas V110 2.2 MW turbines to deliver up to 55 MW of clean energy that will save an estimated 200,000 tonnes of carbon emissions. Construction at the site is expected to start later this summer and be completed before the end of 2018. It follows three years of wind surveys to measure the high-yield winds in the area. The average wind speeds per second at the site are ideal for onshore wind energy.
The project has been developed in consultation with the local communities and a detailed environmental impact assessment has been approved by the relevant national authority. Financing has been agreed following preparation of a comprehensive environmental and social management system compliant with international standards such as those of the EBRD, EIB, International Finance Corporation (IFC) and the Equator Principles.
ENGIE to develop its first renewable project in Mongolia www.engie.com
ENGIE will build and operate the Sainshand wind farm in Mongolia, its first renewable project in the country, located in the Gobi desert. This project, which is the third privately financed farm in Mongolia, will support the government’s objective to evolve towards a greener economy and a better environment. A USD 120 million project financing package has recently been signed by a group of international investors and financial institutions to develop the project.
The Sainshand wind farm will have a total installed capacity of 55 MW and will provide the equivalent of the electricity consumption of 130,000 people in Mongolia. Construction – which will be overseen by Tractebel, ENGIE’s engineering arm – will start this summer, with commissioning of the plant in the second half of 2018.
Once operational, the farm will make a significant contribution to reducing Mongolia’s carbon emissions and cater for expected increased power demand in the country. The scheme will enlarge Mongolia’s renewable energy capacity and help the government to achieve its goal of renewable energy representing 20% by 2020 and 30% of all power by 2030.
Paul Maguire, CEO of ENGIE Asia-Pacific, said: “ENGIE’s ambition is to provide energy access-for-all through clean and renewable energy sources, especially to developing communities. Mongolia is facing an energy challenge due to increasing demand from industrialization and urbanization. As our first renewable energy project in Mongolia, ENGIE’s investment in the Sainshand wind farm is consistent with our vision of leading the global energy transition, and the drive for decarbonisation will significantly contribute to powering the country’s energy needs in a sustainable way.”
The Sainshand wind farm, located 450 km south-east of Ulaanbaatar nearby the Sainshand City, capital of Dornogobi Province, will boost the local and national economy through job creation, fiscal contributions and the supply of clean energy.
The project has been developed in consultation with local communities and a detailed environmental impact assessment has been approved by the relevant national authorities. Financing has been agreed following preparation of a comprehensive environmental and social management system compliant with international standards such those of the EBRD, EIB, International Finance Corporation (IFC) and the Equator Principles.
The ENGIE Group is the largest independent electricity producer in the world with 112.7 GW of installed capacities, of which 20% from renewables. It aims to reach a 25% contribution from renewables to its global energy generation portfolio in 2020.
Mongolia working to clear backlog of coal trucks at China border: foreign ministry www.reuters.com
ULAANBAATAR (Reuters) - Mongolia is working to clear up delays at the Chinese border that have disrupted trade and created a traffic jam of coal trucks stretching more than 100 km (62 miles), the country's foreign ministry said during a press briefing on Wednesday.
The landlocked northeast Asian country has become one of China's biggest coal suppliers this year following a ban on imports from North Korea and restrictions on deliveries to some smaller Chinese ports.
But a backlog led to the queue of trucks on the main road to China, with customs clearance at the Gants Mod border crossing said to be taking as long as a month, up from the normal period of two weeks, according to Mongolia's official Montsame news agency.
"There was a problem at the border, so at the end of July and beginning in August, there were 400 to 500 trucks passing through the border gate," said D. Davaasuren, state secretary for the Ministry of Foreign Affairs, at the briefing, without giving more detail.
Davaasuren said Mongolia had discussed the matter with Chinese officials and around 990 trucks entered China from Mongolia on Tuesday, closer to normal levels.
Last week, the country mobilized to improve carrying capacity at border checkpoints and also promised to negotiate with Chinese officials to ease the bottleneck, Montsame reported.
Coal trucks were forced to wait two or three days before they were even permitted to unload for inspections at the border, according to the website of Chinese industry consultants sxcoal.
Though Mongolia is currently upgrading its detection equipment at border crossings, an official familiar with the situation rejected claims that the delays were caused by technical problems. The official said operations at the border might have been disrupted as a result of lower staffing levels during Mongolia's traditional summer Naadam festival.
China's General Administration of Customs said on Wednesday that 2.26 million tonnes of non-lignite Mongolian coal were imported in July, up 32.4 percent from a year ago.
Mongolia has been China's third-biggest source of coal imports over the first seven months of this year, with total shipments reaching 20.85 million tonnes, up 73 percent compared to last year.
With a long-awaited railway connection still unfinished after investment dried up, all coal from mines in Mongolia's Umnugovi province abutting China are delivered to the border via one single highway, making it vulnerable to disruptions.
Exporters of other commodities have not reported any issues at the border. Copper shipments from the Oyu Tolgoi mine run by Anglo-Australian miner Rio Tinto, which uses the same road and border crossings for exports, have not experienced any new delays, an official at the mine told Reuters.
China coal imports from Mongolia jump in July www.reuters.com
BEIJING, Aug 23 (Reuters) - Chinese coal imports from neighbouring Mongolia jumped over 30 percent in July from the year before to 2.26 million tonnes, customs data showed on Wednesday.
Cargoes from key supplier Australia rose 4.4 percent to 7.47 million tonnes, according to the data from the General Administration of Customs.
Meanwhile, shipments from Indonesia dropped by nearly 9 percent to 3.03 million tonnes. Imports from Russia fell 1.7 percent to 1.64 million tonnes, the data showed.
(Reporting by Meng Meng and Beijing Monitoring Desk; Editing by Joseph Radford)
Mongolian motherlode pays off for B.C.’s Turquoise Hill www.biv.com
When you visit a mining company’s website and click on “projects,” you’ll usually see at least one operating mine and several exploration and discovery projects featured.
Under the “projects” menu for Turquoise Hill Resources (TSX, NYSE, Nasdaq:TRQ), there is a single asset – Oyu Tolgoi.
But what an asset.
In terms of sheer scale and ore quality, the Oyu Tolgoi (which means “turquoise hill” in Mongolian) is expected to be the world’s third-largest copper mine when it reaches peak production, and has an expected mine life of close to a century. Which explains why Turquoise Hill has no other exploration projects in its pipeline.
“If I have the best undeveloped copper project in the world, I don’t necessarily want to go and develop a project – like we’ve been offered in Peru – that’s one-fourth the grade,” said Turquoise Hill CEO Jeffery Tygesen. “Oyu Tolgoi is a Tier 1 asset, and they come by about every 20 to 25 years.”
The massive Oyu Tolgoi copper-gold mine is situated in Mongolia; the man responsible for making it a reality, Robert Friedland, is an American who lives in Singapore; and the majority shareholder of Turquoise Hill, Rio Tinto PLC (NYSE:RTP), is a multinational mining company headquartered in the U.K. But the Oyu Tolgoi is very much a Vancouver mining success story.
The company is still headquartered in Vancouver even though Rio Tinto owns 50% of the company. That’s largely a legacy of Turquoise Hill having been spun out of Friedland’s Ivanhoe Mines (TSX:IVN), which was and still is based here.
Turquoise Hill’s growth since 2012 has earned it fifth place in Business in Vancouver’s list of the 100 fastest-growing companies in B.C. With a market cap of $8 billion, Turquoise Hill is B.C.’s fifth-largest mining company.
The company’s revenue grew 1,943% in four years, from $78 million in 2012 to $1.6 billion in 2016, and its head count has swelled, contracted and swelled again, with the construction phases of an open-pit mine followed by the construction, now underway, of an underground mine.
At the end of 2012, the company employed 4,069 people, a number that dropped to 2,530 in 2016 and hit 6,200 by the end of June 2017.
Almost all of those workers are in Mongolia. The company’s Vancouver head-office staff numbers only about half a dozen.
The mine’s estimated copper reserves are 3.4 billion tonnes – and it’s not just high-grade copper coming out of the ground. Rick Rule, president of Sprott U.S. Holdings Inc., has called the Oyu Tolgoi “a very large gold producer in drag” because it is primarily a copper mine that also has a lot of gold.
In 2016, copper production was 201,000 tonnes, and gold production was 300,000 ounces. The anticipated peak production is 622,000 tonnes of copper and 650,000 ounces of gold. To put that in perspective, the largest open-pit copper mine in Canada – the Highland Valley mine near Princeton, B.C. – produced 152,000 tonnes of copper and molybdenum in 2015.
Oyu Tolgoi not only has high grades of copper and gold, but is also just 80 kilometres from the border with China, which accounts for 50% of global copper consumption.
The property was discovered in the early 1990s, when Mongolia had just shaken off communism and moved to a market economy. Friedland acquired it in 2001, and Rio Tinto became a major partner.
In 2012, Rio Tinto raised its stake to 50%, and Turquoise Hill was hived off from Ivanhoe with the express purpose of building and operating the Oyu Tolgoi mine. Friedland is no longer involved in the company but remains one of the top 10 shareholders.
Rio Tinto has no direct ownership in Oyu Tolgoi. It owns 50.8% of Turquoise Hill. Turquoise Hill owns 66% of the Oyu Tolgoi mine, and the Mongolian government owns 34%.
The company spent $6.2 billion on the first phase of the project, building the open-pit mine, concentrator and associated infrastructure.
“Backing up to construction, when we started, there was nothing in the south Gobi,” Tygesen said. “We had to build the infrastructure. There was no paved road to the border.”
The open-pit mine went into production in 2013. Last year, work began on the mine’s $5.3 billion second phase. The new underground mine is slated for commissioning in 2020 and full production in early 2027.
“When we get to 2025, Oyu Tolgoi will be the third-largest copper mine in the world,” Tygesen said.
...Meat processing factory could be built together with Saudi Arabia www.montsame.mn
Ulaanbaatar /MONTSAME/ P.Sergelen, Minister of Food, Agriculture and Light Industry, met Tuesday a delegation headed by His Highness Abdullah Bin Abdulrahman Bin Abdulaziz Al Saud, Prince of Saudi Arabia.
The Minister thanked the Saudi Arabia Prince for visiting Mongolia, and then briefed about the present situation of the agricultural sector in Mongolia and further development.
Mr Sergelen said the government of Mongolia is implementing some programs in the fields of food, agriculture and light industry such as the First Campaign for Meat and Milk, “Industrialization 21:100” and the Third Campaign for Reclaiming Virgin Lands under a slogan “Healthy foods-Healthy Mongolian”. Maximizing the meat export is one of the goals within the First Campaign for Meat and Milk.
The Minister pointed out that Mongolia and Saudi Arabia are possible to cooperate in the agricultural sphere.
“Mongolia has vast reserve of meat and is capable to export meat and livestock. It has been estimated that the country is able to 150.4 thousand tons of meat a year. As of the previous year, the number of livestock reached 61.5 million heads,” Mr Sergelen said. He then put forward a proposal to the Saudi Arabia side to build a joint meat processing factory.
Emphasizing that Saudi Arabia has big consumption of meat, His Highness proposed to set up a working group on establishing the joint factory.
At the end of the meeting, His Highness invited the Minister to pay an official visit to Saudi Arabia.
B.Khuder
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