1 MONGOLIA PM FACES LIKELY CONFIDENCE VOTE AMID CORRUPTION CLAIMS WWW.AFP.COM PUBLISHED:2025/06/02      2 RIO TINTO FINDS ITS MEGA-MINE STUCK BETWEEN TWO MONGOLIAN STRONGMEN WWW.AFR.COM PUBLISHED:2025/06/02      3 SECRETARY RUBIO’S CALL WITH MONGOLIAN FOREIGN MINISTER BATTSETSEG, MAY 30, 2025 WWW.MN.USEMBASSY.GOV  PUBLISHED:2025/06/02      4 REGULAR TRAIN RIDES ON THE ULAANBAATAR-BEIJING RAILWAY ROUTE TO BE RESUMED WWW.MONTSAME.MN PUBLISHED:2025/06/02      5 MONGOLIAN DANCE TEAMS WIN THREE GOLD MEDALS AT THE WORLD CHAMPIONSHIP CHOREOGRAPHY LATIN 2025 WWW.MONTSAME.MN  PUBLISHED:2025/06/02      6 RUSSIA STARTS BUYING POTATOES FROM MONGOLIA WWW.CHARTER97.ORG PUBLISHED:2025/06/02      7 MONGOLIA BANS ONLINE GAMBLING, BETTING AND PAID LOTTERIES WWW.QAZINFORM.COM PUBLISHED:2025/06/02      8 HOW DISMANTLING THE US MILLENNIUM CHALLENGE CORPORATION WILL UNDERMINE MONGOLIA WWW.THEDIPLOMAT.COM PUBLISHED:2025/05/30      9 ORBMINCO ADVANCES BRONZE FOX PROJECT IN KINCORA COPPER PROJECT IN MONGOLIA WWW.DISCOVERYALERT.COM.AU PUBLISHED:2025/05/30      10 MONGOLIA SOLAR ENERGY SECTOR GROWTH: 1,000 MW BY 2025 SUCCESS WWW.PVKNOWHOW.COM PUBLISHED:2025/05/30      ЕРӨНХИЙЛӨГЧ У.ХҮРЭЛСҮХ, С.БЕРДЫМУХАМЕДОВ НАР АЛБАН ЁСНЫ ХЭЛЭЛЦЭЭ ХИЙЛЭЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/06/02     Н.НОМТОЙБАЯР: ДАРААГИЙН ЕРӨНХИЙ САЙД ТОДРОХ НЬ ЦАГ ХУГАЦААНЫ АСУУДАЛ БОЛСОН WWW.ITOIM.MN НИЙТЭЛСЭН:2025/06/02     Л.ТӨР-ОД МҮХАҮТ-ЫН ГҮЙЦЭТГЭХ ЗАХИРЛААР Х.БАТТУЛГЫН ХҮНИЙГ ЗҮТГҮҮЛЭХ ҮҮ WWW.EGUUR.MN НИЙТЭЛСЭН:2025/06/02     ЦЕГ: ЗУНЫ ЗУГАА ТОГЛОЛТЫН ҮЕЭР 10 ХУТГА ХУРААЖ, СОГТУУРСАН 22 ИРГЭНИЙГ АР ГЭРТ НЬ ХҮЛЭЭЛГЭН ӨГСӨН WWW.EGUUR.MN НИЙТЭЛСЭН:2025/06/02     УУЛ УУРХАЙН ТЭЭВЭРЛЭЛТИЙГ БҮРЭН ЗОГСООЖ, ШАЛГАНА WWW.EGUUR.MN НИЙТЭЛСЭН:2025/06/02     ГАДНЫ КИБЕР ХАЛДЛАГЫН 11 ХУВЬ НЬ УИХ, 70 ХУВЬ НЬ ЗАСГИЙН ГАЗАР РУУ ЧИГЛЭДЭГ WWW.ZINDAA.MN НИЙТЭЛСЭН:2025/06/02     НИЙТИЙН ОРОН СУУЦНЫ 1 М.КВ-ЫН ДУНДАЖ ҮНЭ 3.6 САЯ ТӨГРӨГ БАЙНА WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/06/02     ГОВИЙН БҮСИЙН ЧИГЛЭЛД УУЛ УУРХАЙН ТЭЭВЭРЛЭЛТИЙГ БҮРЭН ЗОГСООНО WWW.EAGLE.MN НИЙТЭЛСЭН:2025/05/30     СОР17 УЛААНБААТАР ХОТНОО 2026 ОНЫ НАЙМДУГААР САРЫН 17-28-НД БОЛНО WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/05/30     НИЙСЛЭЛИЙН ТӨР, ЗАХИРГААНЫ БАЙГУУЛЛАГЫН АЖИЛ 07:00 ЦАГТ ЭХЭЛЖ 16:00 ЦАГТ ТАРНА WWW.EAGLE.MN НИЙТЭЛСЭН:2025/05/30    

Events

Name organizer Where
MBCC “Doing Business with Mongolia seminar and Christmas Receptiom” Dec 10. 2024 London UK MBCCI London UK Goodman LLC

NEWS

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Copper price falls on Grasberg production resumption www.mining.com

 
In New York on Tuesday copper for delivery in May suffered a second day of markdowns trading at $2.6075 per pound or $5,750 a tonne as output disruptions at the world's biggest mines appear to be closer to being resolved. Copper is down more than 3% this week.
 
Reuters reports Tuesday that top listed copper producer Freeport McMoRan's giant Grasberg mine in Indonesia had resumed staged copper concentrate production following a strike at a domestic refinery in which the US company owns a minority stake after a 38-day hiatus.
 
Grasberg remains under a concentrate export ban as Freeport negotiates a new operating licence and ownership agreements with the Asian nation. Last month Phoenix-Arizona-based Freeport said it does not foresee a return to business as usual at its 90%-owned operating subsidiary in the country.
 
Freeport Indonesia has suspended capital investments at the remote mine in Papua province and reduced production to roughly 40% of normal levels. In January Freeport said for each month of delay in obtaining approval to export, the Indonesian subsidiary's share of production is projected to be reduced by approximately 32,000 tonnes of copper and 100,000 ounces of gold.
 
In Peru, a 1,300-worker strong strike at Freeports' Cerro Verde mine which recently underwent a massive expansion is set to end on Thursday on government orders, but the union vowed to down tools again on Friday. Workers walked off the job 11 days ago and according to the union production at the mine is running at 50% after Freeport brought contract workers onto the site.
 
Cerro Verde, controlled by Freeport with a 53.6% stake, Sumitomo Metal (21%) and Buenaventura (19.6%), produced just under 500,000 tonnes of the red metal last year, making it the South American nation's top producer.
 
Copper also came under pressure from reports that talks to resolve the strike at Escondida, the world's largest copper operation by a wide margin, are back on. The main union representing 2,500 workers at the Chilean mine told reporters after meeting with part owner and operator BHP Billiton on Monday "that it was open to further conversations that could lead to reopening negotiations."
 
The strike is already in its 40th day. The previous labour strike in 2006 ended after 25 days while the current wage deal was signed four years ago when copper was trading around $3.40 a pound.
 
In its annual financial results BHP said it expected full-year production at Escondida of 1.07 million tonnes, which gives the mine a nearly 5% shares of global primary copper production.
 
BHP, which operates and majority owns the mine with fellow Melbourne diversified giant Rio Tinto, declared force majeure at the mine on February 10 sending the copper price to its highest since May 2015.
 
In a research note quoted on Monday at Barron's, Bank of America Merrill Lynch said it's keeping a $3.00 per pound mid-year price target for copper due to stronger demand and the "meaningful" impact of supply disruptions.
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Deputy Minister remarks on scientific aspects of agriculture sector www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ “There are over 200 technologies and products that can immediately find their application in production”, remarked J.Saule, Deputy Minister for Food, Agriculture and Light Industry during a meeting of the Ministry’s sub-council on science and technology.
 
The meeting was held last Friday to discuss economic and technological aspects of animal husbandry, veterinary, farming, plant protection, food, light industry and agriculture sectors.
 
“About 30 percent of seed sorts, 100 percent of potato sorts, 60 percent of vegetable sorts and 70 percent of fruit sorts studied and certified by scientists are being planted in Mongolia”, she said. Moreover in animal husbandry sector, 1 horse breed and 3 varieties, 3 camel breeds, 3 cattle breeds, 22 sheep breeds and 4 goat breeds and 5 varieties have been newly certified.
 
The Deputy Minister continued on her report, “4 discoveries of Mongolian veterinary researchers have been internationally acknowledged, and 64 animal vaccinations and 72 drugs and supplements have been invented”.
 
In 2008-2016, 72 science, technology projects and 5 innovation projects were implemented in the science & technology areas of food, agriculture and light industry sectors, using MNT 5.5 billion fund from the Science and Technology Fund.
 
“As such, we can tackle our challenges relying on the intellectual capacities of our scientists”, the Deputy Minister noted.
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New government bond replaces Eurobond www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ Due to the Development Bank of Mongolia’s USD 580 million Euro bond maturing on March 21, the Ministry of Finance announced that Development Bank-owned Eurobond is to be replaced by a new bond issued by the Government of Mongolia in February, 2017. Credit Suisse and J.P.Morgan will be acting as the bond’s underwriters.
 
In March of 2012, the Government of Mongolia launched USD 580 million worth of bond, “Eurobond” to be matured on March 21, 2017 with an annual interest rate of 5.75 percent. In order to build railroads and fifth power station, 36 percent of Eurobond was traded to European investors, 32 percent to American investors and 32 percent to Asian investors.
 
At the beginning of 2017, question rose among the investors whether the government can repay the debt. Owing to the staff-level agreement with the International Monetary Fund on three-year Extended Fund Facility program, the Government of Mongolia earned the investor’s trust in the newly offered bond. In addition, 82.07 percent of the investors have agreed to the exchange offer.
 
And thus, the Government of Mongolia launched the new bond costing USD 600 million with 7.625 percent interest rate in the first week of March. Reports indicate that the new bond will make interest payments every six months, which is approximately USD 26 million. Although Khuraldai bond is simply replacing “Euro bond” with slightly higher interest rate, the new rate is reasonable compared to the previous government issued bond with an interest rate of 10.825 percent. A total of 76 percent of the bond was bought by American investors while 18 percent by European investors and 6 percent by Asian investors. However, only USD 476 million (82 percent of Eurobond) will be used for Eurobond replacement and the rest USD 124 million was offered to the investors as a new bond.
 
But this could also increase foreign investments, expand the drawing power and attract investors in both public and private sectors. Furthermore, Chinggis bond’s maturity date in 2018 could also be settled with relatively low cost. And by stabilizing the economy, private entities may attract more investments and increase workplaces to further develop the economy. But it will require smart policy from the authorities as the IMF made budget adjustment demand which includes seven types of tax increase.
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EBRD to support “Green cities” program www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ The European Bank for Reconstruction and Development (EBRD) and the Capital City Governor’s Office have signed a memorandum of understanding on implementation of “Green cities” program.
 
The MOU was signed by Natalia Khanjenkova, the Managing Director for Central Asia and Russia at the European Bank for Reconstruction and Development (EBRD) and J.Batbayasgalan, Deputy Mayor of Ulaanbaatar for Green Development and Air Pollution .
 
J.Batbayasgalan remarked” In line with rapid expansion of Ulaanbaatar city, air, water and soil pollutions are getting urgent problems. ''Green Cities'' program will be carried out to deal with a number of challenges including waste water treatment, green infrastructure development and solid garbage removal /recycling/. Furthermore, Ulaanbaatar is facing the drinking water reserve scarcity and in this regard, we are looking forward to implement a number of projects on development of green cities with EBRD in the future. World countries having joined the UN Convention are making efforts to tackle with climate change especially in reducing greenhouse emission by raising significant funds. This memorandum will be an important push to launch a fundraising event for carrying out projects and programs forward at green development.
 
In turn, Natalia Khanjenkova, the Managing Director for Central Asia and Russia at the European Bank for Reconstruction and Development (EBRD) said” Preparation works for recycling and waste water treatment projects are basically completed. We will financially support above mentioned projects. For instance, the Global Climate foundation is affordable to finance the projects. We expect positive outcome from the implementation of the projects for development of Ulaanbaatar”.
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Mitsubishi mulls selling stake in Australian coal mine www.asia.nikkei.com

 
TOKYO -- Mitsubishi Corp. looks to unload its stake in an Australian steam-coal mine as the Japanese trading house reshuffles its resources business, which took a big hit from market stagnation last fiscal year.
 
The Clermont mine in Queensland, which began production in 2010, churns out around 12 million tons of coal yearly, and Mitsubishi's share entitles it to around 3.8 million tons. The stake in this project accounts for around 30% of the trading house's global interest in steam coal, which is used in power generation.
 
Steps are being taken to solicit buyers via an advisory company. The sale could bring tens of billions of yen (10 billion yen equals $89 million).
 
Separately, Mitsubishi may sell its stake in Hunter Valley Operations, a steam-coal mine in Australia's New South Wales. Mitsubishi holds around 4.2 million tons of the site's overall annual output of about 13 million tons.
 
Many general trading houses reliant on resources businesses logged massive impairment losses last fiscal year due to low resource prices. Mitsubishi, which sustained its first-ever net loss, is working to ease dependence on resources.
 
The company will not increase its balance of investments in and lending to the resources segment, working instead to strengthen some operations and downsize others. Steam coal, likely to become less competitive amid stronger environmental regulations, is among the assets to be unloaded.
 
Mitsubishi will focus more on coking coal, used in steelmaking, as well as on copper and liquefied natural gas.
 
The Japanese company has a 50-50 Australian venture with resource major BHP Billiton, and the business operates a coking-coal mine Down Under. Mitsubishi will continue seeking new investment opportunities in promising projects for steelmaking coal, taking advantage of the resource major's broad network.
 
Mitsubishi also is rebalancing its shale gas business to raise competitiveness. The trading house holds a roughly 40% stake in the Canadian Montney gas field via a joint venture with Japan Oil, Gas and Metals National Corp., and wants to buy additional interest from Jogmec. Meanwhile, Mitsubishi in November decided to unload its stake in another Canadian shale gas field, Cordova.
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Wall Street suffers worst day this year www.bbc.com

 
Wall Street suffered its worst day this year as investors fretted about whether President Donald Trump will be able to deliver promised tax cuts.
Banks, which have helped to propel share markets to record highs recently, were among the worst casualties.
Bank of America fell 5.77% and Goldman Sachs lost 3.72%.
At the close, the Dow Jones was 1.14% off at 20,668.01 points and the S&P 500 lost 1.24% to 2,344.02. The Nasdaq fell 1.83% to 5,793.8.
For the S&P 500 it was the steepest one-day sell-off since before Mr Trump's election victory. The Russell 200 index of smaller companies also fell, closing down 2.7% and erasing its gains for the year.
Meanwhile, the CBOE Volatility index, Wall Street's so-called "fear gauge", jumped 10%.
Analysts attributed the share selling to reduced confidence that Mr Trump's pro-growth policies, including financial deregulation and tax cuts, would occur any time soon.
Investors saw the Trump administration's struggles to push through his healthcare legislation overhaul as a sign he may face setbacks delivering the proposed corporate tax cuts.
"The market is starting to get a little fed up with the lack of progress in healthcare because everything else is being put on the back burner," said R.J. Grant, head of trading at Keefe, Bruyette & Woods in New York.
Another sector that was hit was transportation. United Continental lost 3.3% and railroad operator CSX fell 2.7%. Hertz Global sank 8.7%.
Companies that make steel, chemicals, and other basic materials also slid. AK Steel plunged 10.4% and US Steel lost 9%.
The Dow had just two gainers, Coca-Cola and Chevron, up 0.76% and 0.35%.
Taking profits
US crude oil prices hit a one-week low of $47.23 a barrel as concerns about new supplies overshadowed the latest talk by Opec that it was looking to extend output cuts beyond June.
US shares had started the day higher, but soon followed a sell-off in Europe that saw the main markets in London, Paris and Frankfurt all close down.
Wall Street has fallen for four days in a row, although the previous losses were small.
Tuesday's losses were a reversal of the patterns that have endured since Mr Trump was elected in November, but share markets still remain sharply higher since then.
Kate Warne, an investment strategist for Edward Jones, said investors are taking some profits after the market's long post-election winning streak.
But she added that Wall Street is especially eager for the administration's tax reform proposals.
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European Investment Bank to fund more eco-projects in China www.chinadaily.com.cn

 
The European Investment Bank is aiming to provide 500 million euros ($540 million) of financing in environmental and climate-related projects in China this year, while exploring co-investment opportunities with Chinese banks in overseas green projects, a senior official of the bank said on Tuesday.
 
The EIB-the European Union's bank, owned by its member states-is expanding investments in China in the areas of urban transport, forestry and energy efficiency, according to Jonathan Taylor, vice-president of the EIB.
 
European Investment Bank to fund more eco-projects in China
Jonathan Taylor, vice-president of the European Investment Bank. [Photo provided to China Daily]
 
"We have a strong pipeline of climate-related projects across China that are currently under examination and expect them to be financed in the coming months," Taylor said at a news conference in Beijing.
 
The European bank is also discussing with the China-led Asian Infrastructure Investment Bank a number of co-financing initiatives in other countries, including a green transport project in an Asian country, Taylor said, without providing further details.
 
Taylor is leading an EIB delegation for a five-day visit to China, where it will hold discussions with the Ministry of Finance, the People's Bank of China as well as the National Development and Reform Commission on existing and new initiatives to jointly support climate investment.
 
The European Investment Fund, a subsidiary of the EIB, is also cooperating with China's Silk Road Fund to provide financing to European innovative firms, according to Taylor.
 
The EIB provided 298 million euros to finance climate-related projects in eight Chinese provinces last year, including energy efficiency schemes in Shandong province and a large-scale biomass project in Henan province.
 
Jiang Shixue, a researcher at the Institute of European Studies at the Chinese Academy of Social Sciences, said that the EIB's initiatives in China were an example of strengthened financial cooperation between China and Europe to address climate issues and to support green and sustainable growth.
 
"The ongoing financial cooperation could also serve as a link between the Belt and Road Initiative and European Commission President Jean-Claude Juncker's investment plan," Jiang said.
 
The EIB has provided 84 billion euros to finance new investments internationally, including 19.6 billion euros for climate-related investment.
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Russia to pay off balance of Soviet-era debt within 45 days www.rt.com

 
The Soviet Union’s foreign debt will be paid in full within weeks, once Moscow settles with Bosnia and Herzegovina, according to the Russian Ministry of Finance.
 
According to calculations, Russia owes the Balkan country, once part of the former Yugoslavia $125.2 million, said Deputy Finance Minister Sergey Storchak. This is the last Soviet debt, and it will be paid back in 45 days, he added.
 
The debt to the former Yugoslavian republics of Croatia, Serbia, Montenegro, Slovenia, and Macedonia, had been paid off by Russia from 2011 to 2016.
 
In February, the Finance Ministry said the debt would be cleared quickly once an executive order was signed. On Tuesday, the final step in the process was announced officially.
 
When the Soviet Union collapsed in 1991, the newly formed Russian Federation inherited a growing external debt of over $66 billion with barely a few billion dollars in gold and foreign exchange reserves.
 
By assuming the Soviet-era debt, Russia gained international recognition as the USSR’s successor.
 
The USSR's foreign debt was accumulated in various ways, such as obligations to Western countries accrued in the debt market after 1983. The money owed to former Yugoslavia was as a result of trade.
 
“On the one hand, the USSR supplied Yugoslavia with defense and energy products. On the other, Yugoslavia sold consumer goods to the USSR. The debt was formed due to the difference in the value of imports and exports,” managing partner of law firm HEADS Consulting Aleksandr Bazykin told Izvestia daily.
 
In recent years, Moscow canceled billions of dollars in debt owed to the Soviet Union by countries in Africa, Asia, and Central America. In 2013, Russia wrote off almost the entire $32 billion debt owed by Cuba.
 
According to the Finance Ministry, other countries still owe the Soviet Union about $34 billion, but it will be very hard for Russia to reclaim the money.
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Goldman Sachs confirms plans to move London jobs to Europe www.rt.com

 
Hundreds of people working for Goldman Sachs in London will be moved to Europe as the company executes its Brexit contingency plans, Goldman’s Europe CEO Richard Gnodde told CNBC.
 
When asked whether the bank’s European expansion would reflect the moving of jobs out of London or the hiring of new personnel on the continent, Gnodde said it will be a “combination of things.”
 
"For this first period, this is really the period where we put in place these contingency plans, this in the hundreds of people," said Gnodde, when asked to put numbers to anticipated headcount increases on the continent.
 
“We'll hire people inside of Europe itself, and there will be some movement," he said, explaining that the upcoming period will see investment in infrastructure, people, systems and technology.
 
Talking about Britain's exit from the European Union, Gnodde said the apparent lack of a transition process or period for financial services firms means contingency plans are being relied upon.
 
British Prime Minister Theresa May will trigger Article 50 on March 29, formally starting the UK- EU divorce process.
 
"Whatever the outcome, London will remain for us a very significant regional hub and a significant global hub," the banker said.
 
According to him, operations in several European cities will be expanded as part of the contingency plans.
 
"We start with a significant European footprint, we are licensed with banks in Germany and France," said Gnodde, adding that over the next 18 months the bank would upgrade its European facilities and take extra space and headcount on the continent.
 
In November, media reported the US investment giant was considering moving some of its London assets and operations to Frankfurt over fears that it may lose access to the EU after the UK leaves the bloc.
 
Goldman relies on the EU’s ‘passporting’ system which gives the bank the right to operate freely across the European single market. However, with a so-called ‘hard Brexit,’ banks in London would lose the automatic right to do business in the EU.
 
UK-based banks are currently finalizing Brexit contingency plans to decide how much of their business they need to shift overseas to maintain relationships with the remaining 27 EU member states.
 
JP Morgan, HSBC, and Lloyds have already warned they could move thousands of their UK workforce.
 
A report from PricewaterhouseCoopers estimated there could be 100,000 fewer banking jobs in the UK by 2020.
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AIIB head sees globalization as benefit to all www.chinadaily.com.cn

 
The head of the Asian Infrastructure Investment Bank voiced support on Monday for globalization, saying that countries can benefit from the process with effective domestic reforms and correct policy choices.
 
AIIB President Jin Liqun warned that globalization has suffered a setback because of the lack of shared benefits and the polarization of the world's haves and have-nots.
 
"There is an urgent need to improve global economic governance. This is going to bring about shared benefits and ensure that no country is left behind," Jin said in a speech at the China Development Forum in Beijing. The three-day event ended on Monday.
 
The AIIB chief said that globalization has enabled many countries to adopt "pro-market measures" and achieve "huge gains" in economic efficiency and prosperity.
 
"I think we are all winners of globalization. ... I absolutely deny that there are losers," he said, adding that countries that are not doing well in the process need to "fix" their policies to benefit from globalization.
 
Jin's comments were seen as the latest evidence of China's effort to defend globalization and call for greater policy coordination among governments to foster growth and support free and fair trade.
 
At their G20 meeting in Germany over the weekend, financial ministers and central bank governors did not mention anti-protectionism or their traditionally strong support for free trade in their statement, which disappointed some observers.
 
"It is a clear example that the world is losing the support for globalization," said Stephen Roach, a senior fellow at Yale University's Jackson Institute for Global Affairs.
 
Roach lauded China's call for greater coordination among countries, saying that globalization is not about one country leading or dominating but rather about commitment from a large number of countries.
 
He said governments should build much more broad-based, responsive and long-term safety nets to fund programs that deal with the costs of globalization.
 
"I don't think there are any winners (in the trend of anti-globalization). The only winners are the politicians who get power from the backlash," he added.
 
Lou Jiwei, chairman of the National Council for Social Security Fund and former finance minister, also expressed disappointment with the G20's failure to mention anti-protectionism in the meeting statement.
 
"Anti-globalization measures cannot stop the trend of globalization. It will only reduce the benefit of the people and undermine the fiscal basis to improve income distribution," Lou told the participants at the China Development Forum.
 
Paul Romer, chief economist and senior vice-president of the World Bank, said there is no reason to be pessimistic about China's economic prospects amid rising trade protectionism and economic nationalism, since the country survived the shock of the global financial crisis in 2008.
 
Romer added that China and the United States should try to manage their bilateral economic relations well and keep the consensus in favor of free trade, which he said is in the interest of both sides.
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