On March 13, Mongolia announced to have built the world's fourth largest mine. This mega project, started on a solitary steppe, has expanded into a site employing 20 thousand people. A decade ago, there were speculations whether it was right or wrong, profitable or unprofitable to mine the wealth beneath the southern Gobi soil, now we can conclude that this debate has been irreversibly resolved. In fact, implementation of any mega project is a very scrupulous endeavor. Opening of the underground mine has clearly demonstrated that the Mongolians in cooperation with specialists of 44 countries around the world succeeded to implement this mega project within a short period of time

MONGOLIAN YOUTH AND WORLD KNOWHOW

The Mongolians, constituting 97 percent of the total 20 thousand workforce, have managed to get used to instructions and knowhow of foreign specialists within a very short time. The ability to compete with the mines of the world and show off the intelligence and skills of Mongolian people is the biggest benefit from this project. In the "Rio Tinto" group operating in 35 countries around the world, 100 young Mongolians are working at the level of management, engineering and technology on a par with world experts. These young people are the assets that will carry the mega projects in the future. In addition, thousands of young Mongolians are in[1]volved in the day-to-day operations of the "Oyutolgoi" project.

The size and scale of the facilities they built are enormous. In a steppe without any infrastructure, they have built a mining complex with the latest technology of the world, thus gaining required experience. They used 62,000 tons of concrete and 23,000 tons of steel to build the concentrator plant alone, three times more than what was used for construction of the Eiffel Tower.

During the construction phase, six million cubic meters of earth was transported for mining operations, and 550 km long cable, enough to reach Ulaanbaatar, was used. Calculations implied that the amount of cement used for the construction of the concentration plant was sufficient for erecting 346 nine-story buildings with four entrances. These numbers suggest how much hard work was involved. It is a matter of pride that this construction was made possible thanks to strength and intelligence of Mongolians. They also built an underground town 1,300 meters below the earth surface, including underground mine, rescue facilities, and shelters.

to be continued......

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Britain's ruling Conservative Party has suffered a steep loss of seats in local elections, adding to Prime Minister Rishi Sunak's leadership woes.

Voters went to the polls across England on Thursday to choose representatives in 230 local councils. More than 8,000 seats were up for grabs.

Vote counting was almost over on Friday. Public broadcaster BBC says the Tories lost more than 1,000 seats.

The BBC says the party took a majority in 33 councils, down from 81 before the polls.

The opposition Labour Party gained control of 71 councils after increasing its number of seats by more than 500.

The Liberal Democrats, the second largest opposition party, added more than 400 seats.

The latest polls were seen as a bellwether for Britain's next general election, which must be held by January 2025, and as an electoral test for Sunak.

The Conservatives' setback suggests voters were frustrated with the increasing cost of living as the country continues to suffer steep inflation.

The issue of recalling and appointing ambassadors was discussed during today's session of the State Great Khural.

The majority of the State Great Khural members supported to appoint Seseriin Zoljargal as Ambassador Extraordinary and Plenipotentiary of Mongolia to the Republic of Cuba, Banzraganchiin Bayarsaikhan as Ambassador Extraordinary and Plenipotentiary to Japan, Batnyamiin Enkhbat as Ambassador Extraordinary and Plenipotentiary to the Republic of Korea, and Erdenetsogtiin Sarantogos as Ambassador Extraordinary and Plenipotentiary to Canada.

Ambassadors Extraordinary and Plenipotentiary of Mongolia to Canada, Japan, and Cuba Ya. Ariunbold, D. Batjargal, and Sh. Battsetseg respectively will be recalled as their terms of appointment have essentially expired.

Additionally, it was decided to recall Otgonii Dambinyam, Ambassador Extraordinary and Plenipotentiary of Mongolia to the Islamic Republic of Afghanistan. In accordance with Parliament Resolution No. 43 of 2013, Mongolia resolved to restore the embassy's operation in Kabul, the capital of the Islamic Republic of Afghanistan, but the embassy has yet to open. Despite this, Otgonii Dambiinyam was appointed as the Ambassador to Afghanistan with residence in Iran in 2014, and the legal issue of his withdrawal has not been resolved to date.

During the session of the State Great Khural, the Minister of Foreign Affairs, B. Battsetseg stated, "These officials have a track record of serving in the government, diplomatic service, and private sector for many years. They possess high professional skills, management experience, and foreign language proficiency, and have met the legal requirements for the appointment. A contract has been signed for their appointment since last year, and a report on its implementation will be submitted to the Parliament after half a year and a full year. We are primarily assigning them tasks related to the economy, tourism, and public affairs."

President of Mongolia Ukhnaagiin Khurelsukh and First Lady Luvsandorjiin Bolortsetseg have attended the coronation ceremony of King Charles III of the United Kingdom of Great Britain and Northern Ireland today in London.

More than 2,000 representatives of foreign governments attended the coronation ceremony of His Royal Majesty.

This year marks the 60th anniversary of the establishment of diplomatic relations between Mongolia and Britain. Mongolia has friendly relations and cooperation with Britain, which is the first Western country to establish diplomatic relations with Mongolia and has supported the democratic reform process from the very beginning.

We have seen that the special operation of the Russian military in Ukraine (actually, the "Russian-Ukrainian war") shocked Mongolians, dividing and quarreling them for a whole year.

The standpoint of the Mongolian State is clear. The recent State visit of the President of Poland and the visit of the US Under Secretary of State have confidently demonstrated that Mongolia has been maintaining a multi-pillar, peace-loving, and active foreign policy.

President of Mongolia Ukhnaagiin Khurelsukh stated, "May this beautiful BROTHERLY friendship between Mongolia and Poland flourish for generations!"

It is the Mongolian State’s assessment of the representative of the brotherly Polish people and the definition of the significance of the visit in one phrase. Do you agree?

“Poland is one of the third neighbors and close partners of our country, and the relations and cooperation between the two countries have been continuously developing even during difficult times. We are happy that Poland has decided to restore its Embassy in Mongolia and is officially opening it during the State visit,” said the President. Reopening the Embassy is the most trusted step in political relations and the beginning of a comprehensive partnership. Perhaps Poland will become our next partner to expand the list of countries with existing strategic partnerships (six countries) for our country.

President U. Khurelsukh said, “Since the establishment of diplomatic relations with Poland in 1950, our two countries have maintained traditional historical relations in all sectors. As part of its economic recovery policy, Mongolia is working to increase the participation of the third neighbor besides its two neighbors to diversify the economy and create a multi-pillar and sustainable structure.”

Our country is not going to turn its back on its two traditional neighbors as part of its economic recovery policy. However, it does not mean that it will always be dependent. In addition to those two, it is a matter of sovereignty for independent Mongolia to increase the participation of the "Third Neighbor" to diversify its economy and create a multi-pillar, appropriate structure. The Head of State openly stated that.

The President made a statement that gives answers to many problems that are troubling us right now. “We will clarify our investment policy, adhering to the principle of being a reliable, trustworthy, and long-term partner,” he said. “Comprehensive reform is being carried out to improve investment and business environment and protect the interests of investors.” He invited the entrepreneurs of the Republic of Poland to invest, do business in Mongolia, and cooperate for mutual benefits.

It is appealing that the President affirmed Mongolia’s readiness to cooperate in a strategically important area. " Our two countries have been cooperating in the mining industry for a long time. In 1962-1965, a 190-person geological team from Poland successfully conducted exploration and research work in the western region, and both sides cooperated. It should be noted that this cooperation expanded to an exploration of rare earth elements. There is a possibility to cooperate in the field of geology and mining in the future," the President stressed. Indeed, if Poland, as a new partner, enters to the mining sector, specifically in the fields of copper, gold, precious metals, and energy sector, we will be happy and welcome it. That would be a strategic breakthrough.

The speech of the Polish Head of State is an important political statement that touched the heart. "During the meeting, we discussed how to jointly overcome the challenges caused by the pandemic, the complicated international relations, and geopolitical situation, and expand and develop the relations and cooperation," an official press release says. I am going to highlight "overcoming the challenges caused by the complex geopolitical situation with joint efforts" in the policy of the third neighborhood.

It is clear what issues were called this way. The President of Poland has clarified himself. President Andrzej Duda thanked Mongolia for recognizing the Republic of Poland as the "Third Neighbor" that cherishes democratic values. He also emphasized that he understands Mongolia's geopolitical policy well and highly appreciates Mongolia for providing humanitarian aid to Ukraine.

President of Mongolia U. Khurelsukh had a telephone conversation with President of Ukraine V. Zelensky. The Ambassador of Ukraine was welcomed with respect and his Letter of Credence was received. I posted on FB, "National anthem of Ukraine was performed and the national flag of Ukraine was raised in Sukhbaatar Square. For the first time since 2010, the Ambassador arrived and presented the Letter of Credence to President U. Khurelsukh. The Mongolian State does not regard Ukraine as a Nazi-fascist country and receives its Ambassador, valuing its friendly diplomatic relations. This is the truth! Mongolia is a country that cherishes peace! It is an undeniable fact that the Multilateral Cooperation Partnership was established with Ukraine in 2011!”

Prime Minister L. Oyun-Erdene, when receiving the US Under Secretary of State for Political Affairs, Ambassador Viktoria Nuland, emphasized that the Government of Mongolia attaches high significance to its relations with its important third neighbor- the USA, and expressed its interest in further strengthening strategic partnership, grounded on common democratic values, and expand and develop mutually beneficial cooperation, especially in increasing bilateral trade and investment and in the fields of creative culture productions, and e-transition.

Under Secretary of State for Political Affairs of the United States V. Nuland expressed the same standpoint. "The United States is proud to be an important third neighbor of Mongolia, and attaches importance to strengthening partnership relations based on common democratic values that respect human rights and freedom, expanding and strengthening cooperation in the fields of trade, economy, investment, and fighting corruption," said in an official statement.

In the end, let me write a few words. Our country considers all the countries that were previously cursed as imperialists to be our "third neighbors."

Mongolia will always pursue a multi-pillar foreign policy that values world peace. We do not mean single-pillar!

The 6th President of Mongolia U. Khurelsukh took office and started his first overseas state visit in Russia (2021), and visited neighboring China and Japan. He paid particular attention to his multilateral diplomatic policy, and, to that extent, his reputation grew on the international stage. The President took part in the 76th and 77th Sessions of the United Nations General Assembly, annual high-level meetings of world leaders on climate change (Glasgow, Sharm El-Sheikh), XXII Meeting of the Council of Heads of States of the SCO (Samarkand, Uzbekistan), during which the regular meeting of the three Heads of State of Mongolia-Russia-China was held. UN Secretary-General António Guterres visited Mongolia for the first time at the invitation of the President of Mongolia.

There were quite a number of reciprocal visits at the level of the Speaker of Parliament, Prime Minister, and Minister of Foreign Affairs. Many of them are with our third neighbors. Everyone will see the results. Our foreign policy has consistently proved that there are no useless or needless visits.

BY

Bayarkhuu Dashdorj,

Foreign Policy Analyst, Rtd Ambassador

Rio Tinto (ASX, LON, NYSE: RIO) chief executive, Jakob Stausholm, said the company continues to be “very interested” in finding lithium projects to add to its portfolio, but noted the current cost of such assets are too high.

Prices for the coveted battery metal rebounded this week for the first time in five months after tumbling from last year’s record highs. This is partly attributed to the world’s no. 2 producer Chile’s decision to tighten state control of its lithium industry.

“I think it is very difficult to justify to go in and buy at these high prices unless you already know you can sell the lithium at a high price,” Stausholm told reporters after Rio Tinto’s annual general meeting in Australia, the WSJ reported. “We have to make sure that it’s also in the interest of our shareholders and not just the selling shareholders.”

The world’s second-largest miner saw its battery metals ambitions partially crushed last year, after Serbia revoked its licence for the $2.4 billion Jadar lithium project.

Rio, which has been actively searching for new assets since, bought later the Rincon lithium project in Argentina, where it has faced an annual inflation rate of more than 100% in the past year.

Rio’s boss said that while the outlook for long-run lithium prices was unclear, the company expects a shortage of the metal.

Committed lithium supply and capacity expansions, according to Rio Tinto, will contribute only about 15% to supply growth over the 2023-2050 period. The remaining 85% would need to come from new projects.

The need for more lithium sources has spurred mergers and acquisitions in the sector, highlighted by Albemarle’s (NYSE: ALB) three recent unsuccessful bids for Australian lithium junior Liontown Resources (ASX: LTR) and Tianqi Lithium’s failed attempt to buy Essential Metals (ASX: ESS).

Energy transition

Board chair Dominic Barton said electric vehicles and battery storage would raise lithium demand more than 40 times by 2040, while 20 times more cobalt and nickel would be needed.

“We have a critical role to play in enabling this energy transition, supplying essential minerals … all of which are vital for the transition to a low-carbon economy,” Barton said at the annual meeting.

He also warned that to meet the Paris climate accord goals, the world would need 700 million tonnes of copper over the next 20 years, while by 2050 wind power capacity would have to increase eightfold.

“To put that into perspective, one wind turbine of three megawatts requires 300 tonnes of steel, five tonnes of copper, three tonnes of aluminium and two tonnes of rare earths,” Barton noted.

Rio Tinto currently has no lithium projects in Australia, which is the top producing nation of the battery metal produced from hard-rock spodumene, in contrast to other major producers like Chile, Argentina and China, which produce it mainly from salt flats in evaporation ponds.

The Duke of Sussex has attended his father's Coronation, sitting two rows from his brother at Westminster Abbey.

The prince had arrived without his wife Meghan, who stayed in the US, and he left immediately afterwards for a return flight from Heathrow.

The BBC understands he was not invited to appear on the balcony at Buckingham Palace following the ceremony.

It is the first time he has been seen publicly with his family since his controversial memoir Spare came out.

Prince Harry, who arrived in the UK on Friday, was back in Los Angeles at 19:30 local time on Saturday after taking a British Airways flight, the PA news agency reported.

He got into a car alone outside the abbey shortly after the Coronation service had finished.

Ninety minutes later, on the Buckingham Palace balcony, the King and Queen were joined by other working members of the Royal Family, including the Prince and Princess of Wales, and their children.

Prince Harry's wife, the Duchess of Sussex, remained in Los Angeles with their children, where their son Prince Archie is celebrating his fourth birthday.

A source earlier told the US outlet Page Six that Prince Harry intended to make "every effort to get back in time for Archie's birthday".

Prince Harry wore a morning suit and medals at the ceremony and he sat with his cousin Princess Eugenie and her husband Jack Brooksbank in the third row, along with his uncle the Duke of York, Prince Andrew.

Two rows ahead in the front were the Prince and Princess of Wales and their children Princess Charlotte and Prince Louis, as well as the Duke and Duchess of Edinburgh.

For the late Queen Elizabeth's funeral last year, Prince Harry was in the second row - directly behind the King - at the abbey.

It was already known that Prince Harry would attend the ceremony alone and have no formal role as he is not a working member of the Royal Family.

This was also the case for Prince Andrew.

Relations between Prince Harry and other members of the family have been strained since his memoir was published.

The book vividly revealed fall-outs and disagreements with relatives, and he has since spoken of feeling "different" from the rest of his family.

The decision for Meghan to reject the invitation was widely seen as part of these continuing, unresolved family tensions.

And last month it was revealed that the King tried to stop Prince Harry taking legal action against newspapers over alleged phone-hacking.

In a witness statement revealed by court papers, Prince Harry said he was "summoned to Buckingham Palace" and told to drop the cases because of the effect on the family.

Mongolia, a mineral-rich nation strategically located between China and Russia, is bouncing back strongly from a pandemic slump – with the Asian Development Bank (ADB) forecasting its economy to grow 5.4 percent in 2023.

While its development remains heavily dependent on coal, Mongolia’s potential for sustainable development through renewable energy is enormous. The ADB estimates its combined wind and solar potential to be enough to meet not only its own energy demand – but also Northeast Asia’s needs with suitable transmission infrastructure.

One of the chief ways the landlocked nation can invest in a brighter future of sustainable and inclusive growth is through transition to a digital economy, which can reduce its dependence on commodities exports and drive less carbon-intensive industries.

“The Mongolian economy stands to benefit enormously from further digitalization, which can boost productivity and support economic diversification,” according to the United Nations Conference on Trade and Development (UNCTAD), which in 2022 launched a partnership to boost Mongolia’s digital economy.

Golomt Bank – one of the nation’s top three banks – is on a mission to spearhead Mongolia’s digital transformation through a unique “Open Bank” strategy that is creating a digital ecosystem with local innovators for Mongolia’s social empowerment and sustainable growth.

Pioneering A.I.-enabled solutions and consistently strong financial results – even during the pandemic – enabled Golomt Bank to make Mongolian Stock Exchange history in November, 2022 with the bourse’s biggest ever initial public offering, attracting MNT 118.8 billion.

CEO Norihiko Kato and CIO Sainbileg Mandakh speak about the digitally-driven future of an institution at the forefront of Mongolian sustainable development.

- What is Golomt Bank’s vision of a bright future for all Mongolians?

- NK: We’re keen to take a lead in the sustainable development of Mongolia. Our motto “Investing for a brighter future” means projects that drive eco-friendly, community-friendly, positive change. We are proud to be one of the founding signatories – and the only from Mongolia – of the United Nations Environment Programme Finance Initiative. We’re also proud of our Diversity, Equity and Inclusion record: 65 percent of our employees are women; 35 percent of our executive management team members are female. As we drive social and sustainability programmes, our financial future looks bright. Our latest revised business plans are all above forecasts presented at our IPO.

- Please tell us about the vision behind Golomt Bank’s Open Bank strategy?

- SM: The Open Bank model is about digital empowerment for all Mongolians. We believe in a sharing economy, working with fin-tech and non-financial sector partners, to reimagine a better future for Mongolia. The vision is not only for banking and financial literacy solutions. Our aim is to provide a digital ecosystem that encompasses sectors such as health, education and agriculture. Our mission is to drive a collaborative digital economy across the spectrum of Mongolian society. Open Bank is fundamentally about driving a culture of digital transformation – with agility, commitment and imagination.

- Please share the unique value and operational highlights behind Golomt Bank’s historic IPO?

- NK: We have a customer base built upon a bedrock of trust. As Mongolia’s leading bank, we command 20 percent of the banking sector. In 2022, our net profit increased 4.5 times from the previous year, while Mongolia’s economy grew by 4.8 percent. Trust is key. We’re Mongolia’s first bank to be rated with ‘Internal Audit Practices in line with the international standard and Code of Ethics.’ During the IPO, we pushed our Open Bank strategy forcefully. This digital future based on sound governance and innovation was probably the most appealing factor for investors in the IPO.

- How does your SocialPay digital wallet make you a pioneer in Mongolia’s online banking space?

- SM: SocialPay, introduced in 2017, was the first fintech service in Mongolia. It follows in a line of firsts for Golomt Bank. We introduced Mongolia’s first international card payment system, its first Internet bank, and first Smart Bank solution. SocialPay started as a peer-to-peer payment system. Today it’s a lifestyle platform. For example, it includes an A.I.-powered service that plans your family budget. During the pandemic, SocialPay enhanced health-and-safety through contactless payment. An exciting new version is coming soon with features such as Natural Language Processing-enabled transactions. We strive every day to create new digital value for wellbeing and sustainable development.

UNIDROIT is delighted to announce that Mongolia formally acceded to the UNIDROIT Statute on 21 April 2023 and has designated the Ministry of Justice and Internal Affairs of Mongolia as National Authority and contact point for the Institute.

On 3 May 2023, Her Excellency, Ms Tserendorj Narantungalag, Ambassador Extraordinary and Plenipotentiary of Mongolia in Italy visited UNIDROIT to mark this important event. Ms Tserendorj Narantungalag was received together with Ms Delgerjargal Ganbold, First Secretary of the Embassy of Mongolia in Italy, by the Secretary-General of UNIDROIT, Professor Ignacio Tirado, Deputy Secretary-General of UNIDROIT, Professor Anna Veneziano, and Principal Legal Officer & Treaty Depositary, Ms Marina Schneider.

On this occasion, Her Excellency Ms Tserendorj Narantungalag recalled that Mongolia adopted the resolution to join UNIDROIT on 29 March 2023 and stressed that “this is an important milestone to further strengthen and develop the cooperation between Mongolia and UNIDROIT”. UNIDROIT’s Secretary General underscored the importance of increasing the Institute’s presence in Central Asia, and happily welcomed Mongolia as a leader in legal reform in the region. “I am certain” -he said- “that our collaboration with the Government of Mongolia is going to be a most fruitful one”.

With Mongolia, UNIDROIT now counts 65 Member States and up to 127 so-called connected States, which have benefited from acceding to UNIDROIT’s instruments.

ABOUT UNIDROIT

The International Institute for the Unification of Private Law (UNIDROIT) is an independent intergovernmental Organisation with its seat in the Villa Aldobrandini in Rome. Its purpose is to study needs and methods for modernising, harmonising and co-ordinating private and in particular commercial law as between States and groups of States and to formulate uniform law instruments, principles and rules to achieve those objectives.

The Central Bank of Mongolia purchased 998.7 kg of precious metals in April, increasing the total volume of purchased precious metals to 3.2 tonnes this year.

The branches of the Central Bank of Mongolia in Bayankhongor and Darkhan-Uul provinces have purchased 360 kg and 234.3 kg of precious metals since the beginning of this year.

The Central Bank sets the purchase price of precious metals at the world market price. The average price per kilogram was MNT 224,794 in April.