The Mongolian team that competed in the World Amateur Chess Championship 2022 added a new page to Mongolian chess history by grabbing 3 Gold medals.

The World Amateur Chess Championship 2022 was successfully held in Mellieha, Malta on October 20-30, 2022, and the winners were awarded yesterday.

At this tournament, Margadgua Erdenebayar, Tuguldur Soninbayar, and Sodbilegt Naranbold won gold medals and World Cup in W U1700, U 1700, and U 2000 sections respectively.

In the Women U1700, Margadgua Erdenebayar from Mongolia, won the title with a round to spare, scoring 8.5 points out of 9. Margadgua said she started playing chess by chance while in the hospital. But now she is determined to tie her life with chess: "This year, I want to become a FIDE master, and in the future, my goal is to become a grandmaster."

Also, Tugulder Soninbayar, who won first place in U1700, took gold with 7.5 points out of 9.

On other hand, Sodbilegt Naranbold was the sole leader in the Open U2000 from start to finish and the 13-year-old Mongolian achieved great success with a perfect 9 out of 9.

In addition, B. Otgonbayar, who competed in the U 1700 category, was leading the competition until the last moment, but lost in the last game and took 4th place.

Mongolians have been very successful in this tournament every year. GM S. Bilguun became the first Mongolian winner in World Amateur Chess Championship in 2011, WFM B. Anu won the gold medal in 2011, WFM B. Yanjinlham in 2013, FM G. Monkhbayar in 2014, FM E. Khulan in 2016 (champion in 2 sections), and WIM B. Bayarmaa in 2017 and 2018, WFM B. Khaliun and FM B. Amarsaikhan in 2019, accordingly.

The President of Mongolia, Khurelsukh Ukhnaa, received the representatives of "ICT Group" LLC.

The President complimented them for creating conditions for citizens to receive health and education services virtually and introducing electronic payment services, national data centers, and national geographic and language translation systems based on cloud systems.

He also expressed that he will support the company which is aiming to improve the quality of life of Mongolians by using technological advances in every respect.

"ICT Group" LLC, which unites 53 enterprises, has introduced about 380 products and services in the health, education, and financial sectors, which gained 2.8 million customers and users.

Chairman of the Board of Directors of the company G. Lkhamsuren expressed his willingness to expand the cooperation in the "One Billion Trees," "Food Supply and Security," and "Healthy Mongolian" national movements with information technology solutions.

"Fibo Cloud" LLC signed an agreement with "Transtelecom" JSC, one of the largest telecommunication operators in the Republic of Kazakhstan.

The Executive Director of "Fibo Global" LLC, P. Purevbazar, presented that this is the first contract for the Mongolian technology company to supply its digital products to Central Asia.

The "ICT Group" LLC representative expressed that it is possible to become a digital nation in 2027 by working together as national enterprises.

Eighty-five percent of end users in the healthcare sector, 20 percent in the education sector, and 50 percent of the financial sector other than banks have been using the systems developed by the company in the last 10 years.

Electric vehicles giant Tesla (NASDAQ: TSLA) considered taking a stake in Glencore (LON: GLEN) and held talks with the miner and commodities trader, the Financial Times reported.

Citing unnamed sources familiar with the matter, FT said Tesla discussed buying 10% to 20% of Glencore last year and continued negotiations in March this year, when the Swiss firm’s chief executive Gary Nagle visited the carmaker’s factory in Fremont, California.

Talks concluded without an agreement due to Tesla’s concerns about Glencore’s coal mining business and its impact on the environment, the two sources told FT.

Tesla has spent the past year signing pacts with several producers of battery metals in an effort to secure future supply of key ingredients for its electric batteries, such as lithium, cobalt and nickel.

The two companies already have a deal in place, which guarantees Tesla cobalt supply for its plants in China and Germany.

Glencore is the world’s top producer of cobalt through its mines in the Democratic Republic of Congo, Australia and Canada.

Tesla CEO Elon Musk promised in 2020 “giant contracts” to companies able to produce nickel in an “environmentally sensitive way” amid concerns of an imminent deficit.

Since Musk’s pledge to miners, his company has inked nickel supply deals with the world’s largest miner, BHP, (ASX: BHP) in Australia and Vale (NYSE: VALE), the world’s second largest nickel miner. It has also reached agreements with Prony Resources in New Caledonia and with Talon Metals (TSX: TLO) for its Tamarack nickel project in Minnesota.

Nickel helps cram more energy into cheaper and smaller battery packs, allowing EVs to charge faster and travel farther between plug-ins.

Lithium worries

Musk tweeted in April about his concerns over lithium costs. “Tesla might actually have to get into the mining and refining directly at scale, unless costs improve,” he said.

The new owner of Twitter followed up by saying that Tesla was open to buying a mining company if producing its own supply of electric vehicle (EV) metals would speed up worldwide adoption of clean energy technologies.

Since then, the company has been advancing plans to build its own lithium hydroxide refinery in Texas, as Musk considers refining ore a “licence to print money”.

Tesla did not reply to MINING.COM’s request for comment. Glencore declined referring to the topic.

Plans devised by Mongolia’s government to partly privatise the frontier market’s stock exchange have been years in the making. The head of the exchange now says that plan could finally be realised within months and, if successful, will touch off even larger initial public offerings (IPOs).

The Mongolian Stock Exchange (MSE), fully state-owned since its inception in 1991, could float up to 34% of its shares by the end of the year, chief executive officer Altai Khangai said in a Zoom call. The remaining 66% would remain in government hands, controlled by the Ministry of Finance.

Mongolia sold off many of the assets held by the state during its communist era, mostly food producers and textile companies, during a messy wave of privatisation in the 1990s. Citizens at the time received vouchers to purchase shares of companies; many sold them on to young entrepreneurs who went on to become some of the country’s wealthiest oligarchs.

Still, many of Mongolia’s largest state-owned enterprises (SOEs), including the national airline, mining assets and the stock exchange, remain under government control, even after repeated attempts to take them public.

Altai believes the long-overdue IPO of the MSE is imminent. “This time it’s serious, previously we had hypothetical talks but this time it’s serious and it’s under way,” he said.

Parliament and the cabinet have approved the plan to privatise the exchange, said Altai. Next up for the bourse is to submit its prospectus to the Financial Regulatory Commission.

“It's advancing rapidly. Now we are selecting the auditors and the underwriters,” said Altai, who has led the exchange twice, firstly from 2011 to 2014 and now since 2016. “We have to go public this year, [and be] 34%-listed.”

Javkhlan Ivanov, chief operating officer at the MSE, said she expects the exchange’s prospectus will be submitted to the Financial Regulatory Commission (FRC) by the end of November or early December. An approval by the FRC is the final step before the shares can be listed.

Previous attempts to float shares of the MSE involved the London Stock Exchange Group but were never realised. In 2012, London helped the Mongolian bourse migrate to the MillenniumIT trading platform. The pair later coordinated on other technology and regulatory development.

The exchange has a market cap of $1.6bn and average daily trading of around $700,000. In September, it was approved for inclusion in the Frontier Index by the FTSE Russell. Credibility was also boosted in 2018 with the addition of the first cross-listed company, Nova Scotia-based junior miner Erdene Resources Development Corp. (TSX: ERD), which also trades on the Toronto Stock Exchange.

Peter Akerley, Erdene’s CEO, said the cross-listing has allowed the gold miner to become more open to the Mongolian public, through the issuance of press releases and periodic reports in dual languages. Erdene has raised $6mn on the MSE and amassed 6,000 Mongolian stakeholders.

The primary investors in the current push to take state-owned enterprises public will be domestic securities and financial services, said Altai. He declined to speculate on how much the MSE share offering could raise.

The privatisation effort could help the stock market stabilise from its recent roller-coaster ride. Last year, the MSE rose 133%, easily the most of any stock exchange, but it went on to slump 18% this year.

Trade turnover at the exchange has been helped in part by a series of bond issues. Last year, state-owned coal miner Erdenes Tavan Tolgoi issued a $245mn bond on the market.

Also of help are amended banking codes that require the five biggest banks to become publicly traded companies by the end of 2023. An asset quality review of the banks is complete and the IPO processes are moving along – earlier this month State Bank raised Mongolian tughrik (MNT) 25.4bn ($7.9mn) by floating 5% of its shares.

Angana Banerji, IMF mission chief to Mongolia, said she supports the plan for the banks to go public but adds that the Bank of Mongolia needs to closely monitor banking sector developments and take supervisory actions if necessary.

“Intensive supervision would be warranted given the economic uncertainties in Mongolia,” said Banerji.

In a statement earlier this week, the International Monetary Fund advised the country to tread carefully as it moves toward privatising its non-financial SOE assets.

“Privatization of non-financial SOEs should be preceded by a robust risk assessment, strengthened oversight of SOE debt and investments, a sound regulatory framework, [and] transparent reporting,” the IMF concluded.

The report adds that privatisation should include legislation for installing stronger fiscal discipline at SOEs, for example, through an adoption of a non-bailout clause.

The proposed IPO would be a win for the government of Oyun-Erdene Luvsannamsrai, which has been promoting itself as a progressive cabinet that embraces rapid infrastructure development, technology and investment. Altai said the privatisation of the MSE could serve as a litmus test for the sale of other state-owned assets.

“We are going to be the pioneers,” said Altai. “I think if this listing goes well, it will be followed by other government-owned assets.”

By Michael Kohn in Ulaanbaatar October 31, 2022

On October 31, 2022, the President of Mongolia, U. Khurelsukh, received the President of the Japan International Cooperation Agency (JICA), Mr. Tanaka Akihiko.

At the meeting, the President of Mongolia noted that Japan's support, concessional loans, and aid have played a special role in strengthening Mongolia's democracy and market economy system and ensuring sustainable development.

Mentioning that the government and people of Mongolia highly appreciate the consistent support provided in the fields of education, health, and agriculture, he emphasized that JICA's assistance is timely, accessible to citizens, and deeply embedded.

In the future, he said, there are ample opportunities for cooperation in the fields of mining, rare earth elements, agriculture, food, and tourism.

Mr. Tanaka Akihiko briefly presented the results of the projects and programs implemented in Mongolia in recent years and expressed his close cooperation within the framework of the "One Billion Trees", "Food Supply and Safety" and "Healthy Mongolian" movements.

This visit of Mr. Tanaka Akihiko is taking place within the framework of the 50th anniversary of the establishment of diplomatic relations between the two countries, the 25th anniversary of the establishment of JICA's Representative Office in Mongolia, and the 30th anniversary of JICA's overseas volunteer members assigned to Mongolia.

Mr. Tanaka Akihiko has been appointed as the President of JICA for the second time and visited Mongolia in 2014.

The “Green labelling and Green financing” conference was organized by the Ministry of Environment and Tourism and the EU-Switch Asia financed new project “Switching on the Green Economy”, implemented by People in Need. More than 300 women working in SMEs and businesses gathered to discuss green labelling and financing – vital tools to realize sustainable production and consumption in Mongolia.

The Switching On the Green Economy project aims to support 1,500 agri-food and beverage MSMEs, 30 agri-food and beverage business associations (BA), and 750 retailers in adopting circular economy practices through a market-based eco-labelling system. Also, at the centre of the project, is supporting women-led SMEs who often lead the way when it comes to clean, safe, and environmentally friendly business practices. “Research by UN Women, UN Environment, and many others show that empowered women are great entrepreneurs in areas like renewable energy and developing greener business models. When women are given skills and financial support, they are able to thrive. And, more often than not, if women succeed, they bring others with them,” said Axelle Nicaise, the EU Ambassador to Mongolia during her remarks to participants.

“Mongolia has committed to reducing greenhouse gas emissions by 22.7% over the next eight years. Yet, the Government of Mongolia recognizes that much work still needs to be done to achieve the ambitious targets in the Paris Climate Agreement and the Sustainable Development Goals” said Mr. B. Bat-Erdene, Minister of Environment and Tourism of Mongolia

SUGGESTED QUOTE FROM TSERENDULAM: The Government of Mongolia, thanks to our partners like the European Union, is accelerating our green transition. This we cannot achieve alone. Working hand-in-hand with the private sector and communities, especially women leaders, is the key to building an inclusive green economy.

The “Green labelling and Green financing” conference is a critical learning opportunity for the Switching On the Green Economy project, funded by EU Switch Asia, as the women-led businesses are vital part to achieve the project goals, advance sustainable consumption and production and address climate change. “When it comes to tackling climate change and promoting sustainable consumption and production, we need to get the message out that women, like all of you here today, are key to shaping inclusive and sustainable development,” said Ambassador Nicaise.

Switching On the Green Economy Project is committed to finding sustainable solutions to address food security and climate change challenges – while also advancing gender equality.

About the project: The Switching On The Green Economy Project was designed, and is implemented, by People in Need (PIN) in the lead, together with Caritas Czech Republic INGO, the Mongolian Sustainable Finance Association, and the Development Solutions NGO. In line with the country’s national strategy to cut greenhouse gas emissions by 22.7% by 2030, this is the first SWITCH-Asia project in the Agri-Food and Beverage Sector to be implemented in Mongolia

About Switch Asia: Launched in 2007, the SWITCH-Asia programme is the largest European Union-funded programme promoting Sustainable Consumption and Production (SCP) supporting 24 countries in Asia and Central Asia. The overall objective of the programme is to promote sustainable and inclusive growth, contribute to the economic prosperity and poverty reduction in Asia and Central Asia and to a transition towards a low carbon, resource-efficient and circular economy. Learn more at: www.switch-asia.eu

The National Committee for Revival of Border Ports held its first meeting on 28 Oct 2022. Within the framework of implementing the Government's Resolution No. 362 of 5 Oct 2022, the issues of increasing the export volume of mineral products, which has a significant impact on Mongolia's budget revenue, and the country’s foreign currency reserves were discussed.

The Minister of Mongolia and Chief of the Cabinet Secretariat, D. Amarbayasgalan, presented the urgent need to implement organizational measures to increase the number of vehicles transporting coal from the deposits of Tavantolgoi to the Tsagaankhad residential area.

The National Committee for Revival of Border Ports members ensures the coordination of long and short-distance transportation and follow the infection control regime strictly within the scope of increasing coal export. The Chinese side decides the number of trucks transporting coal that cross the border daily, but it can be increased if our side strictly follows the infection control regime. The committee members also noted the need to pay attention to truck drivers' work and living conditions, resolve the issues of infrastructure in the Tsagaankhad residential area, and build a hospital.

Special Representative of the Government for "Erdenes Tavantolgoi" JSC, J. Ganbat, said that "Erdenes Tavantolgoi" JSC could collect USD 500 million in revenue by the fourth quarter of 2022 by organizing export and transportation activities prudently.

The Chairman of the border port administration, S. Lkhachinjav, made a presentation on transport regulations of the Gashuunsukhait border checkpoint. In connection with the presentation, the Chief of the Cabinet Secretariat, D. Amarbayasgalan, said, "When renovating and developing the border checkpoint, it is important to resolve the social issues of the employees working there." The Minister of Road and Transport Development, S. Byambatsog, suggested, "The National Committee for Revival of Border Ports needs to focus on resolving the source of drinking water and electricity for the workers working at the border port and make it a residential area."

At the meeting, the members decided to submit a draft resolution on the measures to be taken regarding coal transportation from the deposits of Tavantolgoi to the Tsagaankhad residential area to the next Cabinet meeting for discussion.