1 UNDERGROUND MASS MINING INSTITUTE LAUNCHES IN MONGOLIA WWW.JKTECH.COM.AU  PUBLISHED:2025/04/04      2 THE GOVERNMENT OF MONGOLIA TO ISSUE SECURITIES ON THE DOMESTIC MARKET WWW.MONTSAME.MN PUBLISHED:2025/04/04      3 YOUNG MONGOL FOOTBALL PLAYERS TO ATTEND TRAINING SESSION WITH FULHAM FC WWW.MONTSAME.MN PUBLISHED:2025/04/04      4 THE TUUL WATER COMPLEX PLANNED FOR CONSTRUCTION BETWEEN 2025–2032 WWW.MONTSAME.MN PUBLISHED:2025/04/04      5 HUMAN RIGHTS: EU AND MONGOLIA HOLD DIALOGUE IN ULAANBAATAR WWW.EEAS.EUROPA.EU  PUBLISHED:2025/04/04      6 SECOND PHASE OF THE SUSTAINABLE TEXTILE PRODUCTION AND ECO-LABELING PROJECT LAUNCHED WWW.MONTSAME.MN PUBLISHED:2025/04/04      7 MINING CONSOLIDATION TO SPEED UP AS CHINESE DEMAND GROWTH SLOWS WWW.REUTERS.COM PUBLISHED:2025/04/04      8 AUS-BRITISH MINER'S PLIGHT IN MONGOLIA HAS 'CHILLING EFFECT' ON INVESTMENT WWW.MININGMAGAZINE.COM  PUBLISHED:2025/04/03      9 ULAANBAATAR INTRODUCES ADVANCED AI SOFTWARE TO SUPPORT POLICE INVESTIGATION WWW.MONTSAME.MN PUBLISHED:2025/04/03      10 ION ENERGY SECURES $13.5M DEAL WWW.INSIDEMONGOLIA.MN PUBLISHED:2025/04/03      МОНГОЛЫН ТӨР МЕНЕЖЕРҮҮДЭЭР ДҮҮРЭВ! WWW.NEWS.MN НИЙТЭЛСЭН:2025/04/04     I/01-IV/02-НД 16.3 САЯ ТОНН ЧУЛУУН НҮҮРС ЭКСПОРТОЛСОН НЬ ӨМНӨХ ОНЫ МӨН ҮЕЭС 10.5 ХУВИАР БУУРАВ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2025/04/04     “ТУУЛ-1” КОЛЛЕКТОРЫН ШУГАМ УГСРАЛТЫН АЖИЛ ЭХЭЛЛЭЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/04/04     ИПОТЕКИЙН ЗЭЭЛИЙН ДААТГАЛЫН ӨӨРЧЛӨГДСӨН ЗОХИЦУУЛАЛТ VIII/01-НЭЭС ХЭРЭГЖИНЭ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2025/04/03     “ASPIRE MINING” 2024 ОНД A$6.6 САЯЫН ЦЭВЭР АШИГТАЙ АЖИЛЛАСНАА ТАЙЛАГНАЛАА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2025/04/03     ЕАЭЗХ-ТОЙ ЧӨЛӨӨТ ХУДАЛДААНЫ ХЭЛЭЛЦЭЭР БАЙГУУЛСНААР ДНБ-ИЙ ӨСӨЛТ 6.1 ХУВИАР БУУРАХ ЭРСДЭЛТЭЙ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2025/04/03     НИЙСЛЭЛИЙН 18 БАЙРШИЛД ОЛОН ТҮВШНИЙ УУЛЗВАР БАРИНА WWW.EAGLE.MN НИЙТЭЛСЭН:2025/04/03     ХХОАТ-ЫГ 1 ХУВЬ БОЛГОХ САНАЛЫГ ТӨСВИЙН БАЙНГЫН ХОРООНД ШИЛЖҮҮЛЛЭЭ WWW.NEWS.MN НИЙТЭЛСЭН:2025/04/03     ГЕГ: АНУ-Д ХИЙСЭН ЭКСПОРТ 2024 ОНД $166.3 САЯ БОЛЖ, ӨМНӨХ ОНООС 4.5 ДАХИН ӨССӨН WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2025/04/03     ХӨСҮТ: УЛААНБУРХНЫ 253 ТОХИОЛДОЛ БАТЛАГДАЖ, 7220 ХАВЬТАЛ БҮРТГЭГДЛЭЭ WWW.EAGLE.MN НИЙТЭЛСЭН:2025/04/03    

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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Prince Harry leaves alone after attending Coronation www.bbc.com

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.
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Golomt Bank: The Open Bank vision driving a brighter future for Mongolia www.thebanker.com

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.
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UNIDROIT welcomes Mongolia as a New Member State www.unidroit.org

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.
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Mongolia’s gold stockpile risen to 3.2 tonnes www.news.mn

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.
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Why you should visit Mongolia in 2023 www.wanderlust.co.uk

Mongolia has long been an off-the-beaten-track destination on Wanderlust's radar. Best known for its nomadic culture, grass-covered steppes, and for having more horses than people, it calls out to those seeking culture, nature and adventure. But if that wasn't enough to seize your attention, it's now become easier than ever before to travel to this emerging country. Here is why you should take a trip to the 'Land of the Eternal Blue Sky' in 2023.
Travel to Mongolia visa-free
That is, if you’re travelling from one of the 61 countries on Mongolia’s visa-free list. Several western nations have been recently added to the temporary visa exemption, which will run until December 2025, allowing visitors to have up to 30 days travelling in Mongolia. Many European countries are included on the list, such as the UK, Switzerland, France, Denmark, and Spain, as well as the South Pacific countries of Australia and New Zealand (US citizens were already allegeable for 90-days of visa-free travel). This temporary exemption is part of efforts by the Mongolian government to invite more tourists to experience Mongolia, so if you've ever wanted to ride the Trans-Mongolian Railway, tour the Gobi Desert, or roam the capital of Ulaanbaatar, now is the time.
Celebrate 100 years of Naadam
The hottest cultural festival in Mongolia’s calendar turned a century in 2022, although the origins of the festival date back much longer than that to the days of Genghis Khan. Naadam is Mongolia’s answer to the Olympic games, with participants competing in three traditional events: archery, wrestling and horseracing. The games take place during July, and while the main sporting competitions and celebrations – including the opening ceremony and closing ceremony – take place in the capital of Ulaanbaatar, many towns and villages in the countryside often hold their own, smaller events.
Learn Mongolia’s history at a new museum
The end of 2022 saw the opening of the Chinggis Khan Museum, the largest museum of its kind. With more than 12,000 artefacts spanning centuries, the museum's permanent and temporary collections transport visitors back in time to understand three main periods of Mongolian of history: the ancient kingdoms of the time before Genghis Khan, the Mongol Empire, and the Great Khan dynasty. The museum has been built where the old Natural History Museum once stood, with nine floors of exhibition space and immersive experiences.
Stay in a new eco retreat
Outdoor enthusiasts will love the opening of a new eco-friendly camp set in a valley along the Yeruu River. Many activities can be planned alongside your stay to help you make the most of the natural surroundings, including horseriding, kayaking and yoga. Yeruu Lodge not only pays attention to the needs of its guests, but also its environment and community. All produce used in the on-site restaurant are locally sourced, and all food waste is made into compost for growing the camp’s own fruit, vegetables, herbs and berries. Plastic, glass and metal is recycled and solar panels provide electricity throughout the camp. The community have been part of the workforce building the accommodation – which is based on traditional Mongolian Gers – and local artists will be supported as part of planned performances, helping visitors be immersed in the culture.
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Copper mine flashes warning of 'huge crisis' for world supply www.bloomberg.com

Accompanied by tinny taped music and overall-clad workers, Rio Tinto Group executives and Mongolian officials gathered a kilometer beneath the freezing Gobi Desert earlier this year to open one of the world’s richest underground copper mines.
It was a celebration four decades in the making.
Oyu Tolgoi, in southern Mongolia just north of the Chinese border, is key to Rio’s efforts to move beyond its dependence on iron ore and expand in copper, the metal that underpins the clean energy transition. It’s also a vast deposit whose corporate, political and technical vicissitudes offer a glimpse of the red metal’s troubled future.
As demand for copper surges, supply is increasingly likely to come from mines like this one on the arid steppe: expensive, technically complex, outside traditional copper jurisdictions and operating under the eye of governments jealously guarding their natural resources.
“There’s a huge crisis,” says Doug Kirwin, one of the earliest geologists to work at the deposit that became Oyu Tolgoi, or Turquoise Hill, named after the area’s rocks, stained by oxidized copper.
“There’s no way we can supply the amount of copper in the next 10 years to drive the energy transition and carbon zero. It’s not going to happen,” adds Kirwin, now an independent consulting geologist. “There’s just not enough copper deposits being found or developed.”
Analysts at Wood Mackenzie estimate a greener world will be short about six million tons of copper by next decade, meaning 12 new Oyu Tolgois need to come online within that period.
But they aren’t — there are simply not enough new mines, much less enough large ones. The result is a gap: BloombergNEF estimates appetite for refined copper will grow by 53% by 2040, but supply will climb only 16%.
The world’s largest miners aren’t standing idly by. After more than a decade of repenting for the excess that followed the China-led boom in demand in the 2000s, deals are back, with green metals in buyers’ sights. The looming green metal shortfall has encouraged Glencore’s move on Teck Resources, long a coveted copper target, and top gold miner Newmont's record bid for Australian peer Newcrest Mining, a deal that will add bullion but also copper to its production profile. BHP Group Ltd has just completed the acquisition of copper producer Oz Minerals, its largest deal in over a decade.
None of these, even if successful, will alter the overall global balance.
Building mines, as opposed to buying them, is still too painful a headache. Prices are not shiny enough to cover rising costs, and risks abound. Take Oyu Tolgoi, where construction has involved adding a 200 km labyrinth of concrete tunnels to the open pit, but also roads, an airport, power transmission and water infrastructure. Never mind Mongolia’s largest canteen, for 20,000 or so workers — and, Mongolia hopes, an eventual power plant.
Even more worrying, though exploration has ticked higher of late, is that spending remains far short of what is required. And what does emerge tends to be smaller and lower grade, meaning the percentage of metal in the ore is more slight, so more effort (and waste) is required to hit the same production levels. The last heavyweight discovery, arguably, was roughly a decade ago — the combined Kamoa-Kakula operation in the Democratic Republic of Congo, owned by entrepreneur Robert Friedland’s Ivanhoe Mines.
“Mines are getting older, mines are getting deeper, and mines are getting lower grade,” said David Radclyffe, managing director at Global Mining Research. “Then you’ve had the added complications of the need to conform with the shift in terms of environmental requirements. And political risk on top of that.”
Geologist Kirwin’s skepticism comes from deep experience. It was his team tat, more than two decades ago, discovered the mega-deposit that eventually lured Rio to Mongolia.
Hunting for copper in Asia for Friedland, he arrived in Ulaanbaatar in 1996, after a chance encounter in China with a Mongolian geologist. Mongolia had barely emerged from its communist past as a Soviet satellite state. It was, as he had been promised, a geologist’s paradise, offering tantalizing prospects — including around Oyu Tolgoi in the south, where outcrops had first been spotted in the mid-1980s.
Magma Copper, later bought by mining giant BHP, had started exploring in the Gobi desert in the mid-1990s. When the miner decided to refocus, Kirwin was there to secure the exploration license for Oyu Tolgoi. Friedland describes the moment as a “perfect storm”. He moved fast, and drilling soon yielded one of the world’s largest high-grade copper discoveries.
The scale of the find — plus unrelenting promotion from the expansive Friedland, who had made his name with the giant Voisey’s Bay nickel deposit in the 1990s — brought attention, and in 2006, Rio Tinto took a stake in Friedland’s company.
“There was no doubt that it was exactly the sort of project that Rio Tinto goes after – tier one, large size, long life, low operating cost. So that was the basis of their interest,” says David Paterson, who became Rio’s country director for Mongolia in 2010.
But the path was not smooth. There was boardroom trouble, as Rio began increasing its holding and Friedland sought to prevent it gaining control with a poison pill takeover defense — one which the Anglo-Australian miner eventually defeated. Friedland, who takes credit for the open pit and the first phase of the mine, left with a hefty payout.
There was turbulence too with the Mongolian government, as the mine hit local headlines. A deal that granted the country a 34% stake in the mine — with payment, plus interest, to be taken from future profits - began to seem less generous as the expansion hit delays, pushing back the expected windfall.
The result was so messy and the financing so tricky that a resolution in 2015 helped the then-head of copper, Jean-Sebastien Jacques, make it to chief executive the following year. And setbacks continued as late as 2019, when technical challenges meant costs for the underground mine escalated to more than $7 billion — a third more than initially planned.
“Both sides were playing the card that they would walk away,” said Paterson, who by that time had left Rio and was watching from afar. “I never believed that.” The dispute eventually resolved when Rio agreed in December 2021 to write off the Mongolian government’s debt to the company, to the tune of $2.4-billion.
When Rio CEO Jakob Stausholm and Mongolian Prime Minister Oyun Erdene Luvsannamsrai stood side by side under the Gobi desert in March, neither was able to ignore the past, but neither dwelled on it.
Bold Baatar, Rio’s Mongolian-born head of copper and long the man at the sharp end of negotiations, brushes aside fresh political concerns today: “There’s a lot of openness about how the government works with the broader society,” he said, speaking at Oyu Tolgoi’s airport after the underground mine ceremony.
But even democracies can have disagreements on critical issues, from the fiscal burden to water use and waste. “I do believe that there will be debate in the future too,” Oyun Erdene told Bloomberg in an interview.
Other issues loom. The Mongolian government wants Rio to build a power plant for the mine, rather than use electricity from over the border, generated in China. It is also eager for copper to be smelted at home rather than sent out on trucks — an idea that would be expensive and water intensive, and for which Rio has shown little enthusiasm.
These demands will be familiar to all major miners, as countries attempt to create more value within their borders, to protect resources and increase fiscal benefits, from Chile, rethinking tax demands to meet acute social spending needs, to Panama, where a spat with the government forced First Quantum Minerals's Cobre Panama mine to a halt.
But that’s not all. Oyu Tolgoi is also emblematic of the growing technical challenges for miners. Even historic open pits like century-old giant Chuquicamata, the Chilean mine that drove revolutionary icon Ernesto Che Guevara to action, are going underground.
Oyu Tolgoi, which Rio forecasts will be the world’s fourth-largest copper mine when it is at full production, uses a complex method that allows access to deeper deposits called “block caving”, which involves digging under the ore body, blowing gaps underneath that allows the ore to collapse and fall down funnels to a lower level where it is collected, crushed, and sent to the surface on conveyor belts.
A cost-effective way of mining large deposits less rich than those of the past, its popularity is spreading, but the technique remains a challenge. Rio found early on that its ore collapsed all too well. Then there’s the hefty initial investment.
“You can almost count the number of miners who can do that on one hand,” said veteran analyst Glyn Lawcock at Sydney-based investment firm Barrenjoey, who first visited Oyu Tolgoi on Friedland’s private jet.
Rio’s Baatar is bullish. He argues disputes over “mega-mining contracts” are common, and doesn’t think Rio’s experience over Oyu Tolgoi was particularly unusual. Nor does he think political instability elsewhere will hold back copper supply.
But his optimism is not widespread.
Take not just Chile, with its revisions to fiscal policies for miners, but Peru, a country long considered crucial to the next wave of copper production, where the mining sector has been battered during lengthy social unrest. Rio in late March agreed to sell a controlling stake in its Peruvian mine La Granja to First Quantum.
“What the market never predicted was how difficult South America would become,” said Radclyffe. “The uncertainty out of both Chile and now ongoing in Peru, that’s just added an extra level of complexity that the market never expected, and that hasn’t really been resolved.”
The problem now is that the next big deposits will require possibly more risk than most executives at the helm of large miners are willing to take. Even before that, it requires a significant increase in exploration spending.
“It’s similar to what you saw in the 90s. There was huge underinvestment in 90s, a lot of money went into the tech boom 1.0 — then you had China urbanization, this big demand shock that the industry wasn’t prepared for,” said John Stover, a portfolio manager at Tribeca Investment Partners in Singapore. “Everyone knows what’s happening, but we’re not seeing the spending.”
Friedland, still one of the mining industry’s most committed boosters, agrees — and warns that the sheer length of time involved in bringing on new mines can rarely be shortened, even when exploration money is spent and a deposit found.
“Oyu Tolgoi is now 20 years old, and it’s just getting started,” he said. “It doesn’t matter whether the copper price is $3 a pound or $30 a pound, you can’t speed up the process materially.”
Granted, there are other options — recycling, or new methods to extract copper from lower grade ore and even mine waste. BHP, Rio and others have bet on cutting-edge technology. But in the face of rocketing demand, none will move the needle.
“If it was rolled out across every operation in the world, it could be another half a million tons added on,” said Wood Mackenzie analyst Carl Firmen — who estimates the annual supply gap will be 12 times that figure by next decade.
Other, more futuristic methods, such as use of underground robots and microbes to get more out of low-grade or hard-to-access deposits are at an even earlier stage.
Rio, of course, hopes to be among the beneficiaries whatever happens, with rising demand pushing prices higher just as copper output at Oyu Tolgoi reaches peak production. At that point, the company projects, it will be up there with the giants.
Greening the economy, expanding grids and renewable energy generation to hit global climate targets, however, requires many more Oyu Tolgois.
“Mongolia was an adventurous location. So was the Democratic Republic of Congo,” says Friedland. “But this has to be done. Absent this effort, there is absolutely no chance of an energy transition. It’s a fantasy.”
 
 
 
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Decisions Made at The Cabinet Session www.montsame.mn

The regular meeting of the Government of Mongolia was held on May 3, 2023, and the following issues were discussed and resolved.
Draft amendments to the Constitution of Mongolia were discussed and submitted to the Parliament
After the discussion at the Government meeting, Minister of Mongolia, Chief Cabinet Secretary D. Amarbayasgalan submitted the draft amendments to the Constitution of Mongolia to Chairman of the State Great Khural G. Zandanshatar.
In 1991-1992, when the Constitution of Mongolia was adopted, one member of the State Great Khural represented an average of 27,000 citizens. Today, the number of citizens represented by a single member has nearly doubled, reaching 44,700, reducing the parliament's representative capacity. In order to improve the parliament's ability to represent citizens, the number of members of the Parliament will be increased to 152 in proportion to the population, as the draft amendment to the Constitution reflected.
The use of the majoritarian election system alone has created negative aspects such as the loss of votes of citizens, the interests of constituencies being placed higher than the interests of the country, and giving preference to those who are known to the public and have financial resources. The proportional electoral system has advantages such as lower loss of votes, equal representation of social groups, and optimal formation of political parties. Therefore, an election system that reflects the advantages of majoritarian and proportional representation and provisions for electing 50 percent of total members of the State Great Khural by majoritarian and 50 percent by proportional is considered.
By clearly defining the voting system in the Constitution of Mongolia, it is important to ensure the stability of the electoral system of the State Great Khural of Mongolia, fair competition of parties in elections, transparency to the citizens, and guarantee of voting rights of citizens abroad.
The Prime Minister mandated that 80 percent of all citizens should be included in early detection examinations, tests, and diagnoses in 2023
Minister of Health S. Chinzorig informed the Government about the process of participating in the screening, test, and diagnosis for disease prevention and early detection of the population, and the amendments included in Resolution No. 06 of 2022 "On Approval of Packages, Amounts of Payments, and Procedures" of the National Health Insurance Council.
The Government of Mongolia and the Ministry of Health have been organizing the prevention, early detection, and diagnosis of common infectious and non-infectious diseases based on the age, gender, and health risk of the population starting from May 1, 2022.
As of May 1 of this year, 30 percent of the population has been enrolled in this campaign, and the Prime Minister has mandated to cover 80 percent of citizens within 2023.
Minister of Justice and Home Affairs Kh. Nyambaatar: We are working to improve the assessment of the Corruption Perceptions Index
The corruption index of Mongolia on 2022 Corruption Perceptions Index reported by Transparency International and the anti-corruption strategy to be followed in 2023-2024 were discussed.
In the 2022 Corruption Perceptions Index issued by Transparency International, Mongolia scored 33 points and ranked 116th out of 180 countries. Mongolia has taken some commendable measures to restore the anti-corruption system last year, but it is not enough to fight the existing corruption risk, and the following conclusion was made.
- In Mongolia, which has abundant natural resources, information about the natural resources revenue, its distribution, and decision-making regarding it is not disclosed in a unified way, and insufficient regulation is a major issue.
- Government employees are giving priority to personal interests over public interests, which leads to demonstrations in the capital city.
- The Government needs to take several measures to improve the situation. It is necessary to update the law on public procurement, release corrupt officials from public service, standardize the governance of state-owned enterprises, and ensure transparency at all levels in order to stop the evasion of government-appointed officials from being charged.
The Minister pointed out that the Government of Mongolia has declared 2023-2024 as the Year of Fighting Corruption and is implementing the "Five W Operation." In this context, the Government is working to improve the Corruption Perception Index of Mongolia.
Digitally traded coal will be transported through Gashuunsukhait port via a special gateway
It has been three months since the start of online coal trading, and 1.2 million tons of coal have been sold in 26 auctions.
Foreign exchange reserves reached USD 3.7 billion in April
The official foreign currency reserves decreased to USD 2.5 billion in September 2022, then by the end of April 2023 increased to USD 3.7 billion. As a result, real economic growth accounted for 7.6 percent in the first quarter of 2023, according to the preliminary estimates of the National Statistics Committee. The mining and service sectors mainly affected this growth. However, annual inflation was 12.2 percent in the first quarter and decreased to 10.3 percent as of May 1.
Foreign exchange reserves have increased and remained stable in recent months due to increased activity at border ports and increased exports. For example, coal export, which reached 19.0 million tons in the first four months of 2023, increased by 7.5 million tons from the same period of 2019 and 15.2 million tons from the same period of the previous year, respectively.
Brief news
The cabinet agreed to issue a Government resolution on some measures to be taken to resolve foreign investment complaints and Deputy Prime Minister, Minister of Economy and Development Ch. Khurelbaatar was instructed to take measures to openly upload reports on the resolution of complaints and applications submitted by foreign investors on the Ministry’s website.
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Mongolia's foreign trade up 50.4 pct in 4 months www.xinhuanet.com

Mongolia's total imports and exports expanded 50.4 percent year on year to 7.7 billion U.S. dollars in the first four months of 2023, the Mongolian Customs General Administration said on Wednesday.
The Asian country registered a surplus in foreign trade balance as exports exceeded imports by around 2.4 billion dollars, mainly due to a significant increase in the exports of mining products, the administration said.
Mining products accounted for 88.7 percent of the mineral-rich country's total exports in the four-month period.
During the same period, the landlocked country traded with 125 economies.
 
 
 
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Oyu Tolgoi releases Q1 2023 performance results www.ot.mn

Oyu Tolgoi released its latest performance scorecard, highlighting key performance metrics for the first quarter of 2023 and providing an update on the underground mine production.
Following the safe blasting of 21st drawbells in its block cave mine, Oyu Tolgoi announced the commencement of underground production. The management team is committed to safely ramping up the underground mine to achieve a tripling in production to 500,000 tonnes of copper per year. This will be achieved through the construction of approximately hundreds of drawbells in operation by 2028-2036. The Oyu Tolgoi mine is a result of a successful partnership and collaborative efforts between the Government of Mongolia and Rio Tinto.
Oyu Tolgoi CEO Deirdré Lingenfelder said, “In the first quarter of 2023, we delivered on our plan commitments, and also reached a historic milestone. In March, we celebrated the commencement of underground production with our shareholders, the Government of Mongolia, our local community leaders, our Oyu Tolgoi employees, contractors and consultants past and present, many other stakeholders, and the wider public. We are standing on the shoulders of the giants who came before us. We have much effort ahead of us, and our focus is to ensure we continue to ramp up the business safely, sustainably and profitably. We will continue to build the technical and leadership capacity to support the business and deliver on our promises. This includes our commitments to people, communities and the environment. We can only do this by continuing to work in partnership.
Operational Excellence
Prioritised safety above all else and achieved an All Injury Frequency Rate (AIFR) of 0.14 per 200,000 people/hours worked.
Oyu Tolgoi is one of the most water-efficient copper mines in the world, using less than 0.55 cubic meters per tonne of concentrate (0.4 cubic meters for Q1 2023) compared to the 1.2 cubic meters per tonne average. Skarn Associates, an independent research institute, conducted a benchmarking exercise of 157 similar operations in 2022, confirming that Oyu Tolgoi is in the top 25% of water-efficient copper mining operations. The flow meters that measure Oyu Tolgoi’s water drawn from Gunni Khooloi are verified by Khanbogd’s environmental inspector and a state inspector on a monthly basis. In addition, Oyu Tolgoi’s overall water use is verified independently on behalf of International Financial Corporation every year and is audited independently every five years. The latest five-year audit was completed by Erdene Drilling in 2021, which confirmed Oyu Tolgoi’s water use data was accurate.
97% of Oyu Tolgoi’s workforce are Mongolian citizens. We also are proud to have more than 23% of our workforce (Oyu Tolgoi LLC) be women.
Paid US$89 million or MNT312 billion in taxes, fees and other payments to the Government of Mongolia. Since 2010, Oyu Tolgoi has paid US$3.98 billion or MNT9.2 trillion in taxes, fees and other payments, including VAT, to Mongolian suppliers.
Partnered with 609 suppliers, including 412 national businesses, accounting for 72% of the total operational procurement spend.
Q1 2023 Performance Scorecard can be viewed here.
Year in Review – 2022 can be viewed here.
Production update
Mined copper production increased by 41% from the first quarter of 2022 due to concentrator maintenance in the prior period and higher copper head grades (0.49% vs. 0.40%). First sustainable underground production was achieved during the period with 0.7 million tonnes of ore milled from the underground mine at an average copper head grade of 1.36%, and 9.6 million tonnes from the open pit with an average grade of 0.43%.
We achieved the first sustainable production from Panel 0 during the quarter. A total of 36 drawbells have been fired, including 17 drawbells during the quarter.
Shaft sinking rates improved during the quarter, and at the end of March, shafts 3 and 4 reached 503 metres and 623 metres below ground level, respectively. Final depths required for shafts 3 and 4 are 1,148 and 1,149 metres below ground level, respectively. Both shafts are expected to be commissioned in the first half of 2024, 15 months later than the 2020 Definitive Estimate.
Construction of conveyor to surface works continued to plan and is now over 40% complete. We also awarded major contracts for upgrade works planned for the concentrator, with contractors mobilising to the site.
Study work for Panels 1 and 2 remains on track to be completed in the first half of 2023. It will incorporate any ventilation impacts due to the shaft 3 and 4 delays as a result of COVID-19 restrictions and reprioritisation of the mobilised workforce over the course of 2022, as previously reported.
During the quarter, Rio Tinto, Oyu Tolgoi and the Government of Mongolia continued to work together towards the implementation of Mongolian Parliamentary Resolution 103, with the majority of matters now resolved. The international arbitration remains suspended while the parties attempt to reach an agreement on the tax matters.
Underground Development Update
We achieved the first sustainable production from Panel 0 during the quarter. A total of 36 drawbells have been fired, including 17 drawbells during the quarter.
Shaft sinking rates improved during the quarter, and at the end of March, shafts 3 and 4 reached 503 metres and 623 metres below ground level, respectively. Final depths required for shafts 3 and 4 are 1,148 and 1,149 metres below ground level, respectively. Both shafts are expected to be commissioned in the first half of 2024, 15 months later than the 2020 Definitive Estimate.
Construction of conveyor to surface works continued to plan and is now over 40% complete. We also awarded major contracts for upgrade works planned for the concentrator, with contractors mobilising to the site.
Study work for Panels 1 and 2 remains on track to be completed in the first half of 2023. It will incorporate any ventilation impacts due to the shaft 3 and 4 delays as a result of COVID-19 restrictions and reprioritisation of the mobilised workforce over the course of 2022, as previously reported.
Other Update
·During the quarter, Rio Tinto, Oyu Tolgoi and the Government of Mongolia continued to work together towards the implementation of Mongolian Parliamentary Resolution 103, with the majority of matters now resolved. The international arbitration remains suspended while the parties attempt to reach an agreement on the tax matters.
About Oyu Tolgoi LLC (www.ot.mn)
Oyu Tolgoi LLC, Mongolia's largest copper and gold mining company, is a strategic partnership between the Government of Mongolia, Turquoise Hill Resources and Rio Tinto. Located in the South Gobi, Oyu Tolgoi commenced shipment of product to customers in July 2013. Oyu Tolgoi is managed by Rio Tinto, which is investing global expertise and cutting-edge technology to help develop Mongolia’s mining industry and ensure Oyu Tolgoi is one of the world’s most advanced mines. For Oyu Tolgoi, nothing matters more than safety. The business operates under the principle that if a job cannot be done safely, it will not be done at all.
 
 
 
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China-Mongolia Cooperation: Trade volume reached $12.2 billion in 2022 www.news.cgtn.com

Trade between China and Mongolia has spiked in recent years, with last year's figures reaching 12 billion US dollars, almost double the amount three years ago. The Belt and Road Initiative includes plans for more than 30 projects in Mongolia, ranging from infrastructure and energy to joint efforts to combat desertification. CGTN's Sarangua Tumur has more from Ulaanbaatar.
SARANGUA TUMUR Ulaanbaatar, Mongolia "China has been Mongolia's largest trading partner and its main foreign investor over the past decade. In 2022, trade volume between China and Mongolia reached 12.2 billion US dollars, almost double that of 2020."
BAYARKHUU DASHDORJ Former Ambassador of Mongolia "Last year, the heads of state of both countries agreed on the goal of increasing the trade volume to 20 billion US dollars in the near future. The construction of border ports and railway connections on both sides is crucial to accelerate the economic ties between China and Mongolia."
SARANGUA TUMUR Ulaanbaatar, Mongolia "The Mongolian government has formulated a development policy for Mongolia, known as the Development Road, which aligns with China's Belt and Road Initiative. Both sides aim to expand and deepen cooperation in areas such as the economy, energy, infrastructure, climate response, green development, and desertification treatment. China has commended Mongolia's 'Billion Trees' initiative and expressed its willingness to discuss the establishment of a cooperation center to combat desertification."
SUMIYA CHULUUNBAATAR Secretary of Mongolia-China Friendship Association "Mongolia is set to host the 17th Conference of Parties of the United Nations Convention to Combat Desertification in 2026. China also has significant experience in managing sandstorms, afforestation and desertification. Given that both countries are affected by climate change and desertification, and share similar terrains and climate, it's crucial to actively promote environmental cooperation between them in the near future."
SARANGUA TUMUR Ulaanbaatar, Mongolia "Over the past 10 years, China has granted $1.5 billion of soft loans to the Mongolian government. Most recently, a series of projects were implemented with non-payable Chinese aid and soft loans under the BRI, including Mongolia's first expressway and the first development center for disabled children. However, the two sides are also expected to cooperate on more ambitious projects in the near future."
Sarangua Tumur, CGTN, Ulaanbaatar.
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