1 MONGOLIA MARKS CENTENNIAL WITH A NEW COURSE FOR CHANGE WWW.EASTASIAFORUM.ORG PUBLISHED:2024/12/20      2 E-MART OPENS FIFTH STORE IN ULAANBAATAR, MONGOLIA, TARGETING K-FOOD CRAZE WWW.BIZ.CHOSUN.COM PUBLISHED:2024/12/20      3 JAPAN AND MONGOLIA FORGE HISTORIC DEFENSE PACT UNDER THIRD NEIGHBOR STRATEGY WWW.ARMYRECOGNITION.COM  PUBLISHED:2024/12/20      4 CENTRAL BANK LOWERS ECONOMIC GROWTH FORECAST TO 5.2% WWW.UBPOST.MN PUBLISHED:2024/12/20      5 L. OYUN-ERDENE: EVERY CITIZEN WILL RECEIVE 350,000 MNT IN DIVIDENDS WWW.GOGO.MN PUBLISHED:2024/12/20      6 THE BILL TO ELIMINATE THE QUOTA FOR FOREIGN WORKERS IN MONGOLIA HAS BEEN SUBMITTED WWW.GOGO.MN PUBLISHED:2024/12/20      7 THE SECOND NATIONAL ONCOLOGY CENTER TO BE CONSTRUCTED IN ULAANBAATAR WWW.MONTSAME.MN PUBLISHED:2024/12/20      8 GREEN BOND ISSUED FOR WASTE RECYCLING WWW.MONTSAME.MN PUBLISHED:2024/12/19      9 BAGANUUR 50 MW BATTERY STORAGE POWER STATION SUPPLIES ENERGY TO CENTRAL SYSTEM WWW.MONTSAME.MN PUBLISHED:2024/12/19      10 THE PENSION AMOUNT INCREASED BY SIX PERCENT WWW.GOGO.MN PUBLISHED:2024/12/19      КОКС ХИМИЙН ҮЙЛДВЭРИЙН БҮТЭЭН БАЙГУУЛАЛТЫГ ИРЭХ ОНЫ ХОЁРДУГААР УЛИРАЛД ЭХЛҮҮЛНЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2024/12/20     "ЭРДЭНЭС ТАВАНТОЛГОЙ” ХК-ИЙН ХУВЬЦАА ЭЗЭМШИГЧ ИРГЭН БҮРД 135 МЯНГАН ТӨГРӨГ ӨНӨӨДӨР ОЛГОНО WWW.MONTSAME.MN НИЙТЭЛСЭН:2024/12/20     ХУРИМТЛАЛЫН САНГИЙН ОРЛОГО 2040 ОНД 38 ИХ НАЯДАД ХҮРЭХ ТӨСӨӨЛӨЛ ГАРСАН WWW.NEWS.MN НИЙТЭЛСЭН:2024/12/20     “ЭРДЭНЭС ОЮУ ТОЛГОЙ” ХХК-ИАС ХЭРЛЭН ТООНО ТӨСЛИЙГ ӨМНӨГОВЬ АЙМАГТ ТАНИЛЦУУЛЛАА WWW.EAGLE.MN НИЙТЭЛСЭН:2024/12/20     Л.ОЮУН-ЭРДЭНЭ: ХУРИМТЛАЛЫН САНГААС НЭГ ИРГЭНД 135 МЯНГАН ТӨГРӨГИЙН ХАДГАЛАМЖ ҮҮСЛЭЭ WWW.EAGLE.MN НИЙТЭЛСЭН:2024/12/20     “ENTRÉE RESOURCES” 2 ЖИЛ ГАРУЙ ҮРГЭЛЖИЛСЭН АРБИТРЫН МАРГААНД ЯЛАЛТ БАЙГУУЛАВ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2024/12/20     “ORANO MINING”-ИЙН ГЭРЭЭ БОЛОН ГАШУУНСУХАЙТ-ГАНЦМОД БООМТЫН ТӨСЛИЙН АСУУДЛААР ЗАСГИЙН ГАЗАР ХУРАЛДАЖ БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2024/12/20     АЖИЛЧДЫН САРЫН ГОЛЧ ЦАЛИН III УЛИРЛЫН БАЙДЛААР ₮2 САЯ ОРЧИМ БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2024/12/19     PROGRESSIVE EQUITY RESEARCH: 2025 ОН “PETRO MATAD” КОМПАНИД ЭЭЛТЭЙ БАЙХААР БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2024/12/19     2026 ОНЫГ ДУУСТАЛ ГАДААД АЖИЛТНЫ ТОО, ХУВЬ ХЭМЖЭЭГ ХЯЗГААРЛАХГҮЙ БАЙХ ХУУЛИЙН ТӨСӨЛ ӨРГӨН МЭДҮҮЛЭВ WWW.EAGLE.MN НИЙТЭЛСЭН:2024/12/19    

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Events

Events

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

NEWS

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TMK completes initial drilling at Mongolian CBM project www.naturalgasworld.com

Australia’s TMK Energy has completed the initial exploration drilling programme at the Gurvantes XXXV coalbed methane project in Mongolia, it said on September 28.
Total net coal thickness at Snow Leopard–03R (SL-03R) step out well increased by 25% to 175 m from 140 m. TMK drilled five wells in the initial stage with the fifth well, SL-5, added later. SL-5 is currently being respud due to technical difficulties.
Netherland, Sewell & Associates (NSAI) have now been engaged to start the company’s maiden independent contingent resource assessment for the project. The assessment is expected to take approximately six weeks to complete and will integrate the new data obtained from the initial exploration drilling programme.
TMK holds a 100% interest in the Gurvantes project. Fellow Australian energy company Talon Energy is earning a 33% working interest in the project under an existing two-stage farm-out agreement executed in February 2021.
With the completion of the fourth exploration well pursuant to the two-stage farm-out agreement with Talon, the initial drilling obligation under stage one is now complete, TMK said.
If Talon elects to proceed, the next stage of the farmout agreement consists of a commitment by Talon to fund 100% of the next $3.15mn which is budgeted towards the pilot production well programme, after which it will have earnt a 33% interest in the project. Talon can elect at any time within 90 days from September 26 to proceed with the next funding stage.
“Prior to and irrespective of any formal election from Talon with respect to the next stage of the farmout agreement, the company has elected to fast track the planning and design process of the pilot well programme,” TMK said.
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President U.Khurelsukh gets acquainted with harvesting progress in agrarian regions www.montsame.mn

President U.Khurelsukh has made a working trip to agrarian regions - Tov, Selenge and Darkhan-Uul aimags to get acquainted with the harvesting process and meet agrarians.
Tuv aimag provides 70 percent of the country’s total needs of potatoes and vegetables, and sowed wheat on 7,607 hectares, barley on 256 hectares, oats on 1,967 hectares, animal fodder on 1,824 hectares, oil plants on 6,429 hectares, and potatoes and vegetables on 238.4 hectares respectively. Currently, the harvesting is running at 36 percent.
The agrarians expressed their support for the ‘Food Supply and Security’ movement initiated by the President. As it is difficult to sell potatoes and vegetables in the market, they also asked support for this issue.
Mongolia has set a goal to provide its domestic needs of 19 types of food products within the next five years. As a result, the cultivation of potato and vegetables has doubled this year. President U.Khurelsukh said that he would further support farmers in every way within the framework of the ‘Food Supply and Security’ national movement.
The President also got acquainted with the harvesting process of ‘Uguuj Mandal Uul’ LLC in Selenge aimag, where he visited the forest strips and tree nursery in the farming field.
In Selenge aimag, the grain harvesting is running at 32 percent, while potatoes and vegetables’ harvest is 60 percent. As of September 26, 55 thousand tons of wheat, 964 tons of fodder plants, 4 thousand tons of oil plants, 15 thousand tons of potatoes, and 20 thousand tons of vegetables were harvested.
The President also has worked in ‘Shine orchin trade’ LLC, ‘Uyug guril’ LLC and ‘Darkhan-Erdene meat factory’ LLC in Darkhan-Uul aimag. Darkhan-Uul aimag produces 4.2 percent of the country's crops, 4.4 percent of potatoes, and 18 percent of vegetables.
This year, the sowing was made to over 22 thousand hectares of land, including potatoes on 646 hectares, vegetables on 1,525 hectares, and animal fodder on 549 hectares. According to the preliminary balance, it is expected to harvest 46 thousand tons of crops.
In 2022, it is expected to harvest 330 thousand tons of wheat nationwide, which means that the country’s flour needs can be met domestically. Also, the country plans to prepare more than 480 thousand tons of meat, reserve over 350 thousand tons for domestic needs, and export more than 50 thousand tons.
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ESG, geopolitics ranked top risks for mining companies, EY survey shows www.mining.com

Global mining and metals executives view environment, social and governance (ESG), geopolitics and climate change as the top three risks facing their business over the next 12 months, according to this year’s ranking of the Top 10 business risks and opportunities for mining and metals in 2023 by EY.
“We’ve witnessed huge upheaval and change over the last year, namely due to the war in Ukraine, climate events, new governments in mining regions and shifting relationships in others — all coming together to drive substantial impact on the sector,” explains Theo Yameogo, Americas mining and metals leader.
“These external factors combined with inflation will continue to shift the sector’s risks and opportunities as pressure form stakeholders and capital markets hold leaders accountable on multiple fronts. Companies that can demonstrate their ability to future-proof their business models to better deal with disruption and changing commercial relationships will ultimately gain a competitive advantage.”
While evidence has shown that mining and metals companies are integrating ESG factors into corporate strategies, decision-making and reporting, survey respondents continued to rank ESG issues as the number one risk to their business, with climate change following closely behind in the third position (see below).
ranking radar chart
“Net zero is still a focus, but mining and metals companies are also mitigating broader transition and physical risks,” says Yameogo. “Companies must play a role in enabling a just transition — achieving decarbonization targets while considering the long-term impact of mine closures on workers and communities.”
Respondents ranked geopolitics as the second business risk — up from fourth last year, with 72% identifying resource nationalism as the top geopolitical factor likely to impact their operations as governments seek to fill revenue gaps after spending throughout the pandemic and capitalize on higher commodity prices through new or increased mining royalties.
Respondents also listed water stewardship (76%), decarbonization (55%) and green production (35%) as the top issues they expect will face the most scrutiny from investors (see below).
which are the top esg issues graph
Various external and societal factors such as the impact of Covid-19, the war in Ukraine and rising energy prices have magnified the challenges that have been looming for some time. In response, respondents say they are seeking to improve end-to-end supply chain visibility, leverage technology to improve operations and performance, and be more strategic when analyzing new technologies and supplier portfolios.
“Major disruption and rapidly changing expectations, together, may impact the ability for mining and metals companies to build sustainable value,” Yameogo adds. “Risk mitigation and maximizing opportunity requires companies to make significant changes to their business through a proactive, diversified approach that’s integrated into strategy and broader planning.”
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Deposits in domestic currency decreased by 3.5 percent www.montsame.mn

At the end of August 2022, the savings deposit in domestic currency amounted to MNT12.8 trillion, dropped by MNT470.7 billion (3.5 percent) from the previous month, and by MNT 2.5 trillion (16.3 percent) from the same period of the previous year.
The National Statistics Office reported that in terms of the type of savings deposit in domestic currency, 89.5 percent (MNT11.5 trillion) was individuals’ deposits while 10.5 percent (MNT1.3 trillion) was deposits of enterprises.
The savings deposit in foreign currency amounted to MNT4.6 trillion, increased by MNT43.6 billion (1.0 percent) from the previous month and by MNT457.5 billion (11.1 percent) from the same period of the previous year.
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Technical support to prepare factual evidence for the establishment of a fully functional Youth Development Centre www.mongolia.unfpa.org

The Mongolia Country Office of the United Nations Population Fund (UNFPA), an international development agency, is inviting prospective individuals to provide consultancy services.
Consultancy:
Technical support to prepare factual evidence for the establishment of a fully functional Youth Development Centre (YDC)
Duration
20 working day (October 2022)
Location
Ulaanbaatar, Mongolia
Posted date:
28 September 2022
Deadline:
6 October 2022, Thursday, 10:00 am (Ulaanbaatar time; GMT+8)
Purpose of the consultancy:
The purpose of this consultancy is to prepare factual evidence for the establishment of a fully functional Youth Development Centre (YDC) at the provincial and district level based on local functionality assessment with cost projection.
Detailed information and required qualifications can be found in the Terms of Reference (TOR), which is available in the list of attachments.
Qualifications and requirements:
An advanced university degree in relevant field, such as social science, economics, policy analysis and public health is required;
Minimum 5years’ experience in leading the project/program evaluation;
Minimum 5 years’ experience in designing and producing costing analysis in social science field;
Minimum 5 years’ experience conducting project/programme monitoring and evaluations, including practical field experience;
Proven experience in producing policy briefs, policy analysis and other analytical documents in social science, economics field;
Experience in data analysis, both quantitative and qualitative;
Experience in working with United Nations and engaging with Government and ministries is desirable;
Advanced and demonstrable analytical and writing skills;
Fluency in English and Mongolia (both oral and written) is required.
Required competencies:
Excellent skills in teamwork;
An adequate level of communication skills;
Ability to work under pressure with a strict timeline;
Knowledge of human rights, sexual and reproductive health, gender equality, population, statistics and research in general.
How to apply:
If you meet the qualifications of the announced assignment, please submit your CV or P11 form, full contact information of minimum 3 references, availability, and proposed daily professional fee in Mongolian Tugrik (MNT) by 6th of October 2022, 10:00AM (Ulaanbaatar time) to vacancy@unfpa.org.mn with subject line: Ref: IC/22/022 – National consultant to prepare factual evidence for the establishment of a fully functional Youth Development Centre (YDC).
Note:
Incomplete and late applications will be excluded from further consideration;
Post is advertised for local nationals only, currently residing in Mongolia;
The UNFPA reserves the right to accept or reject, in part or whole, any or all the proposals at any time without assigning any reason;
Only successful candidate will be notified.
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South Korean company to build combined heat and power plant in Mongolia www.akipress.com

Energy development company KM Infrastructure Corporation, invested by South Korea and Mongolia, signed an agreement to build a waste recycling plant in Ulaanbaatar, South Korean media reported.
KM Infrastructure Corporation signed an official agreement on selling electric energy with State National Center for Energy Management under the Ministry of Energy of Mongolia on August 31.
The current government is the first government of Mongolia, which allowed to construct a private combined heat and power plant in the center of Ulaanbaatar and direct purchase of produced energy.
The capacity of the prospective plant will make 15.4 MW. It will provide energy for 390,000 houses in Ulaanbaatar.
Two waste burning plants with capacity of 300 tons are also planned to be built. The plant's energy efficiency will be increased by producing only electric energy.
The government of Mongolia announced that the energy from KM Infrastructure Corporation will be bought for 25 years.
The construction of thermoelectric power station will begin in April 2023 in Ulaanbaatar in the territory of 40,000 square meters, and will end by the second half of 2025. The total cost of the project reaches $100 million.
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Workshop Bolsters Mongolian Sanctions Compliance and Nonproliferation Efforts www.mn.usembassy.gov

Experts from the Wisconsin Project on Nuclear Arms Control delivered a workshop September 22-23 for over 40 government, law enforcement, and industry representatives in use of the Risk Report database, the leading source of unclassified information on companies around the world linked to the proliferation of weapons of mass destruction and related sanctions evasion.
The Wisconsin Project is a United States-based nonprofit organization that conducts research and public education aimed at inhibiting strategic trade from contributing to the proliferation of weapons of mass destruction. Sponsored by U.S. Department of State Bureau of International Security and Nonproliferation (ISN) Export Control and Related Border Security (EXBS) program and organized in collaboration with the National Counter Terrorism Council of Mongolia, the training helps strengthen Mongolian public and private sector capacity to screen, detect, and investigate suspected export control or sanctions violations and bolster international sanctions compliance.
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Elixir Energy coal bed methane pilot project in Mongolia on track; first well complete and a second on its way www.proactiveinvestors.com.au

Elixir Energy Ltd (ASX:EXR) says its coal bed methane (CBM) extended pilot project in Mongolia, part of the 100%-owned Nomgon-9 CBM production sharing contract, is underway with the first well drilled and completed.
The well in the country's south was drilled to a total depth of 488 metres in 11 days, which is a record time for Elixir, and the exercise was conducted safely and to budget.
Roughly 55 metres of coal were logged over the primary target '100 series coal' and a perforated liner installed over this section.
Second pilot well
The rig is now moving to the location for the second and final pilot well, Nomgon-8, which is due to spud later this week.
Following the completion of Nomgon-8, down-hole pumps will be installed in both wells together with production skids, pipework and a flare.
The project is on track to start pumping operations at the two pilot wells in around a month.
Baseline environmental monitoring
The company has also initiated a baseline environmental monitoring program in the immediate region surrounding the pilot area, which is over and above the relevant regulatory requirements.
This is the first time such a program has been undertaken in the Gobi region.
Elixir managing director Neil Young said: “We are pleased to report that our pilot production program is on track with the successful drilling and completion of Nomgon-9.
“I congratulate our drilling contractor Major Drilling and our own on-site team who have worked tirelessly to deliver a quick, safe and fit-for-purpose pilot well.
“We look forward to moving into the pilot production phase, and although the timing and quantums of water and gas flows from the wells is uncertain in such a new area, we could see meaningful gas breakthroughs by as early as Christmas.”
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Chinese yuan: Currency hits record lows against US dollar www.bbc.com

China's yuan has hit fresh record lows against the surging US dollar.
The internationally-traded yuan fell to its lowest level since data first became available in 2011.
China's domestic currency also reached its weakest point since the 2008 global financial crisis.
It comes as the dollar continues to rise in value against other major currencies, after the US central bank increased interest rates again earlier this month.
Meanwhile on Wednesday, major stock market indexes across Asia fell sharply.
Hong Kong's Hang Seng index closed 3.4% lower, Japan's benchmark Nikkei index closed 1.5% lower and the Kospi in South Korea ended the day down by 2.4%.
Many investors see the dollar as a safe place to put their money in times of trouble.
That has helped to drive up its value against other currencies, including the British pound - which hit an all-time low against the dollar on Monday.
Also on Wednesday, the dollar reached a fresh 20-year high against a closely-watched group of leading global currencies.
The yuan's slide is yet another example of a currency weakening as a result of the strong dollar.
It is also about the very different paths China and the United States are taking in response to economic issues at home.
The PBOC has been easing interest rates to revive growth in an economy ravaged by Covid lockdowns, while the US Federal Reserve is moving aggressively in the opposite direction as it tries to control inflation.
Such a divergence is not wholly problematic, Joseph Capurso, head of international and sustainable economics at the Commonwealth Bank of Australia told the BBC.
The fall in the currency's value can actually be helpful for exporters within China, he said, because it would make their goods cheaper and so could increase demand.
That said, exports only make up 20% of the Chinese economy these days, so a weak yuan will not turn around fundamental weakness domestically largely caused by Beijing's zero-Covid strategy and a property crisis, said Mr Capurso.
A weaker currency can also lead to investors pulling their money out of the country and uncertainty in financial markets - something Chinese officials will want to avoid with the Communist Party Congress coming up next month.
The yuan's fall has caused weakness in other currencies of developed economies in the region, including the Australian and Singapore dollar as well as the South Korean won.
Last week, the Bank of Japan intervened to support the yen for the first time since 1998, after the currency weakened against the dollar.
Asia's emerging markets are vulnerable too - as they sell raw materials and components to China's factories and so have increasingly become dependent on the yuan.
Washington has in the past accused China of intentionally devaluing its currency to keep exports cheap and imports from the US expensive.
While the strong dollar has rattled world markets, it is unlikely to deter the Fed from continuing to raise rates.
"The strong dollar is working for the US market," Dimitri Zabelin at the London School of Economics' foreign policy think-tank said.
"It will be a consideration but it will not weigh as heavy as domestic concern about inflation."
China's central bank has been trying to slow the yuan's slide by making it more expensive to bet against the currency. The People's Bank of China (PBOC) also cut how much foreign currency banks have to hold.
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Copper production to show “strong and consistent” growth for next decade www.mining.com

A new study by Fitch Solutions Country Risk and Industry Research forecasts 7.3 million tonnes will be added to global copper production through 2031 as a raft of projects in Chile, China and Congo come online.
Fitch expects global copper mine production to increase by an average annual rate of 3.2% over 2022–2031, with annual output rising from 21.9mnt in 2022 to 29.2mnt by 2031 boosted by elevated copper prices and a positive demand outlook.
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Chile
The market researcher says top producer Chile will show a slight decline in the short term due to ongoing drought affecting mines such as Anglo American’s Los Bronces and Antofagasta’s Los Pelambres operations, labour action at state-owned Codelco and unforeseen maintenance at Vale’s mines.
However, longer term the country, which is responsible for a quarter of global production, will experience strong growth led by large scale miners. BHP is adding substantially to Escondida’s output following the end of covid restrictions, Teck Resources’ Quebrada Blanca Phase 2 project is expected to complete construction around the end of 2022, while Codelco is undertaking a $1.6 billion project to overhaul its Salvadore mine and add 47 years to its mine life.
“Downside risks to long-term production stem from the possibility of a mining sector tax, which President Gabriel Boric is pursuing. Nevertheless, given significant opposition in Congress to the original proposals, we expect the impact on output to be limited,” says Fitch.
China
Fitch expects Chinese copper mine production growth to slow sharply from an average growth rate of 6.9% over the past decade to 1.0% through 2031 due to the shutdown of low grade mines and delayed capacity expansions.
Ramp ups at new projects, including Yunnan Copper’s Pulang mine and Zijin Mining’s Qulong complex will offset declines elsewhere.
Peru
Fitch expects Peruvian output growth to slow dramatically in the near term from its earlier estimates due to community protests affecting key mines including MMG’s Las Bambas and Southern Copper Corp’s Cuajone mines. The authors of the report do not anticipate that annual production will reach pre-covid levels until 2024.
China will play an increasingly important role in Peru’s copper sector, says Fitch, pointing to the country’s Ministry of Energy and Mines forecast of a total of $10.2 billion to be invested by Chinese firms in five mining projects over the next 10 years.
DRC
The Democratic Republic of the Congo, thanks mainly to Ivanhoe Mines and Zijin Mining’s giant Kamoa-Kakula mine expansion, will exceed annual production of 2 million tonnes for the first time next year and reach nearly 3 million tonnes in 2031.
Glencore’s restart of the Mutanda copper-cobalt mine and China Minmetals’ Deziwa project, held with state-owned Gecamines will further add to the central African nation’s strong growth.
Price slump
The copper price has been in retreat since hitting all-time highs in March and was last trading at $3.28 a pound ($7,230 a tonne) in New York, a 10-week low.
Fitch expects prices to average $8,400 a tonne in 2023 and $11,500 a tonne by 2031 as a long-term structural deficit emerges due to the very strong long-term demand outlook.
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