The months-long acquisition of Turquoise Hill Resources has finally been completed, with Rio announcing it now holds 66 per cent direct interest in the Oyu Tolgoi copper mine in Mongolia.

The remaining 34 per cent is owned by the Mongolian Government through Erdenes Oyu Tolgoi.

“Oyu Tolgoi is an outstanding asset with incredible people that will deliver significant long-term value for Rio Tinto and Mongolia,” Rio Tinto chief executive Jakob Stausholm said.

“I would like to acknowledge the Turquoise Hill board and management, under the leadership of Peter Gillin and Steve Thibeault, for their considerable effort and support over the years, working in partnership with Rio Tinto and the Government of Mongolia in developing Oyu Tolgoi into a world-class mine.

“I would like to offer my best wishes to each of them for the future.”

Buy-out discussions of Turquoise Hill Resources began back in March 2022, with an offer of $US2.7 billion that was turned down.

The next offer of $US3.1 billion in August was similarly rejected.

Rio’s final offer of $US3.3 billion was accepted in December and Rio Tinto was finally granted approval to acquire the remaining 49 per cent of Turquoise Hill by a majority shareholder vote on December 9.

“This acquisition further strengthens our copper portfolio, as part of our strategy to grow in materials the world needs for achieving net zero and delivering long-term value for our shareholders,” Rio Tinto copper chief executive Bold Baatar said.

“We now have a simpler and more efficient ownership and governance structure, with our partner the Government of Mongolia, as we proceed together towards sustainable production from the underground mine.”

Turquoise Hill has now become a wholly owned subsidiary of Rio Tinto and Turquoise Hill shares will cease trading.

During its scheduled meetings on December 15-16, 2022, the Monetary Policy Committee of the Bank of Mongolia (MPC) decided to raise the policy rate by 1 percentage point to 13 percent by majority vote, taking into consideration the current state of the economy and financial markets as well as the outlook and risks to the domestic and external economic environment.

This marks the fourth consecutive rate hike this year, pushing borrowing costs to the highest since May 2017. The move aims to stabilize the inflation rate in the medium term, maintain the relative return of the Mongolian national currency Tugrik (MNT) and ensure both internal and external balances of the economy. The annual inflation rate in Mongolia stood at a three-month high of 14.5 percent in November 2022, unchanged from its previous month.

In this regard, the Governor of the Bank of Mongolia, B. Lkhagvasuren highlighted that the inflation has been declining in line with the projection in recent months, however, in the coming quarters, the effects of the increase in global inflation, food, and fuel prices will grow more than previously expected, and government budget expenditures and wages will likely increase higher than expected.”

“Economic activity was relatively stronger than expected in the third quarter of 2022, surpassing the pre-COVID-19 levels. In recent months, the mining and transportation sectors have recovered, and the construction sector has grown due to railway construction. Non-mining sectors such as trade, services, and net product taxes have continued to intensify in the third quarter of 2022.”

“The labor market has returned to its pre-pandemic levels, and household consumption has been steadily increasing for the past 4 consecutive quarters. All of which have supported economic growth. Furthermore, the economic outlook will depend mainly on China’s “Zero-Covid” policy, the situation at border ports, the deficit in the balance of payments, and the actual export earnings.” added the Governor of the Bank of Mongolia B. Lkhagvasuren.

During the discussion of the main direction of the Government`s monetary policy in 2023, he said that The MPC is pursuing a policy to stabilize it at a single-digit number in 2023. Since Mongolia`s economy is affected by unfavorable external conditions, it is necessary to pay attention to the macro-economic policy in the coming year and improve industrial development in the medium and long term.”

The subsequent policy actions on whether to pursue further monetary tightening would depend on developments in the external and domestic economy and outlook changes in inflation and macroeconomic conditions.

Chairman of the State Great Khural G. Zandanshatar received a delegation led by World Bank Country Director for China, South Korea and Mongolia Mara K. Warwick.

At the outset of the meeting, the State Great Khural Chairman expressed that Mongolia highly appreciates the World Bank’s consistent support in consolidating Mongolia’s business and investment environment. He then briefed on the legal reforms that will be carried out in the near future.

For her part, the World Bank Country Director emphasized that the laws and regulations that are passed by the State Great Khural and the future measures are in correlation with the World Bank’s reports and recommendations while commending Mongolia for taking decisive action to make legal reforms.

Noting that the World bank is paying particular attention to supporting small and medium-sized enterprises (SMEs) and increasing employment opportunities, she expressed confidence that the legal reforms will bring positive results in the development of the business sector.

“Aside from providing technical assistance to Mongolia, I am pleased to announce that the World Bank will launch programs in 2023 to strengthen good governance, encourage the use of renewable energy and tackle climate change issues”, she added.

The meeting also touched on the “D-Parliament” digital platform, which was introduced to increase the participation of citizens and NGOs in lawmaking, projects, and programs implemented in the past by the World Bank, and other issues.

Mongolia is steeped in rich, ancient culture. One of the most fascinating discoveries made in Mongolia is that of their mysterious deer stones. These deer stones are estimated to be at least 2,700 years old and depict several images, including deer, elk, horses, human faces, and the sun.

These Bronze Age masterpieces are fascinating, as they provide some insight into the people that lived at the time of their creation, but otherwise provide little to no detail about their purpose. To this day, archaeologists continue to dig deeper to discover more about the deer stones and the people who created them.

The first deer stone analysis was concluded over a hundred years ago. In 1856, D. P. Daydoff discovered the Ivolga Stone in modern-day Ulan-Ude, Russia, and published an article about the rare deer stone. Just a few decades later, in 1892, V. V. Radlov, a Russian Turkologist specializing in Turkic languages, published several drawings of other deer stones he had found throughout Mongolia. These researchers found the monoliths fascinating, but could only theorize their purpose.

A study in the late 20th century by V. V. Volkov theorized that the eastern deer stones were likely connected to the slab grave culture of the Bronze Age . He also posited that some of the deer stones were involved in ancient rituals, as several have been found positioned in giant circles facing specific directions. This theory was later supported by the discovery of animal bones around and underneath several of the discovered deer stones.

Although some historians speculated that the deer stones were actually ancient gravestones, none of the stones were found to have human remains around or underneath them. Instead, some have proposed that the stones were carved to honor or represent deceased individuals. This would make sense, as many of the stones depict warriors and weapons, and they are completely unique from one another. One warrior’s deer stone would be different from another’s, as they had completely different lives and histories.

While the exact purpose behind the deer stones has not yet been discovered, historians are certainly interested in analyzing their potential meaning. Today, at least 1,500 deer stones have been discovered throughout Mongolia. Researchers working on these stones hope that further discoveries will uncover more information about the stones and the people that created them. To assist with this process, the Smithsonian Institution started the Deer Stone Project in 2006, which began to store the stones digitally using 3D scanning. Easier comparison of these stones could lead to further conclusions in the future.

Deer stones were mostly carved out of granite or greenstone, depending on the region they were made in. Although each deer stone is similar in composition, they vary greatly in height, with some being as short as 3 feet and others being as tall as 15 feet (0.9 to 4.5 meters tall). Typically, they vary between 11 to 31 inches (28 to 78 centimeters) in width and 7 to 16 inches (17 to 40 centimeters) in thickness.

There seems to be no rhyme or reason for the shapes of the stones; some have round tops while others have flat tops. In addition to these shapes, some of the deer stones have tops that are broken off, leaving their original shape unclear. Archaeologists are currently unsure whether these broken tablets once had portions of greater significance along their tops. Because of the type of destruction found on some of the deer stones, it is believed that some were intentionally damaged along the top for a currently unknown reason.

Archaeologists have determined that there are at least three distinct types of deer stones throughout Mongolia: classic Mongolian, western Asian-European, and Sayan-Altai. The classic Mongolian stones are described as detailed and elegant compared to the other two types. They typically depict images of belted warriors and flying red deer. They are typically found throughout northern Mongolia and southern Siberia.

West Asian-European deer stones depict unique shapes compared to the other two. They typically have large circles, ‘earring hoops,’ and necklaces engraved on them, as well as horizontal and diagonal divider lines. They may also have a collection of stone pits around them. Sayan-Altai deer stones are like a combination of classic Mongolian and western Asian-European. They are simple in design, but still contain more images than western Asian-European deer stones, including stick-like warriors, tools, and reindeer.

Although historians don’t have a full picture regarding the origin, purpose, or creators of the deer stones of Mongolia, they are an essential part of the puzzle. In the future, archaeologists will continue to uncover more deer stones, in hopes that some will provide further clarity about their purpose or the civilization that created so many of them. If you ever find yourself in Mongolia, be sure to check out these fascinating ancient masterpieces for yourself. (source: ancient origins)

ONE Championship™ (ONE), the world’s largest martial arts organization, in conjunction with Steppe Link Holding, recently concluded a successful first season of Road to ONE: Mongolia that saw bantamweight Enkh-Orgil Baatarkhuu win a US$100,000 ONE Championship contract.

The 10-episode reality series featured two teams of the region’s top mixed martial artists competing for the opportunity to earn a spot on ONE’s roster, culminating with a pair of on-ground live events in Ulaanbaatar, Mongolia.

Baatarkhuu, who defeated Bat-Ochir Batsaikhan with a walk-off, one-punch knockout in the finale at Steppe Arena, was named the Season 1 winner of Road to ONE: Mongolia.

ONE Championship Vice President and MMA legend Rich Franklin presented Baatarkhuu with the prestigious six-figure contract. Franklin also awarded a “Warrior Bonus” to fellow competitor Davaajamts Batsuren for his submission victory during the finale.

“This was one of the best and most professionally run editions of the Road to ONE series that I have witnessed, and I’m very excited for Enkh-Orgil’s future,” Franklin said. “He is a special talent and a very deserving winner, and I expect him to make waves in ONE Championship.”

“I felt so many emotions after I won — happiness, fear, hope. But at the same time, I felt a great responsibility – a responsibility not to disappoint ONE Championship, the people of Mongolia, and the people who believe in me,” Baatarkhuu said.

ONE Championship will expand its search for the next greatest MMA superstar across the region with Road to ONE: Central Asia in 2023.

The MONTSAME News Agency interviewed Cultural Envoy of Mongolia and President of the Mongolian Tourism Association, D. Gantumur.

- It has been over a year since you were appointed as the Cultural Envoy of Mongolia. What defines the cultural policy in the travel and tourism industry during post-pandemic difficulties?

- There is no particular envoy of the travel and tourism industry, but tourism is a target market representing Mongolia. This industry clarifies why tourists should come to Mongolia, attracts foreign investment, and becomes a bridge of culture, diplomatic relations, and business. Tourism revenue contributes to the national GDP and supports local communities and small and medium enterprises. Therefore, tourism is the envoy that represents the culture. The cultural envoy signs a 5-year contract with the Ministry of Foreign Affairs and reports annually. It means that the cultural envoy accepts additional duties and responsibilities to their work.

Moreover, the Cultural Envoy makes a unique contribution to the geopolitical, political, and economic policies of any country, sometimes it becomes an invisible means. The primary approach of Mongolia is to maintain an economy, trade, and foreign relations balanced and not overly dependent on any country and to become a corridor region for Central Asia. Our tourism depends on 3 markets: China, Russia, and South Korea. Our country receives more than 100,000 tourists from each of these countries. However, it is not good to carry out a cultural policy that depends on over yen and yuan economy. Cultural cooperation is the first step towards sustainable and mutually beneficial balanced policies with neighboring countries. Tourism is an industry where you can earn US dollars from what you have in your country. For example, if a Russian tourist like the taste of meat while traveling in Mongolia, they can become a future buyer. The cultural policy should be coordinated with the third neighbor’s policy since this is tourism’s role. Mongolian culture offers a vital contribution to people’s mental development. Which procedure should be carried out in a particular country relies on the activities of the cultural envoy. Tourism will make commodities out of it and create a shared passageway. We must preserve and develop Mongolia’s advantages, such as nature-related freedom, democracy, and human rights, to benefit the Mongolian people.

- Mongolia opened its borders in February 2022. What are you currently working on?

- During the pandemic, the domestic production of Mongolia was de-escalated, and world countries were not fully open. The situation in our Northern neighbor is complicated, and the “zero covid” policy in our Southern neighbor is continuing. During this period, I worked online and researched how to introduce Mongolia to the world. I was selected for Mongolian culture and tourism projects of the World Bank, JICA, European Union countries, and the United Nations, and I did some expert research. I created a business model for managing the tourism economy in Mongolia, obtained a Doctor of Science degree in culture and tourism, and expanded my theoretical and methodological knowledge in art philosophy, the development of creative cultural production, and tourism promotion to the world. Moreover, the Ministry of Environment and Tourism and I jointly organized business meetings and cultural tourism promotions for South Korea, Japan, and Turkey.

I will organize a meeting of cultural envoys soon to discuss how to express our country to the world based on Mongolian cultural distinctions. A National Tourism Development Committee was established under the Prime Minister of Mongolia. It has 6 subcommittees. The committee will focus on promoting Mongolia based on slogans, brands, names, and the meaningful image of our country. I am researching what regular travel activities can be organized for tourists and what should be done, focusing more on the business and organizational management aspects.

- The Government of Mongolia announced 2023 and 2024 as “The Years to Visit Mongolia.” What are the main works to be done in this regard?

- Mongolia announced 2023 and 2024 as “The Years to Visit Mongolia” and approved the slogan “Welcome to Mongolia.” With this announcement, the government aimed to give state support to promoting Mongolia, bind the promotion and activities of many different industries into one policy, and increase the budget and workforce for this activity. On the other hand, the declaration of “The Years to Visit Mongolia” has the political importance of taking the lead to the State and moving forward during this time of tourism industry breakdown.

Many objects need to be improved, such as the standards of tourist services, availability of air transport, seats, prices, etc., implementation of the “Vision 2050” development policy by specific industries, and what advantages and positivity need to be formed for individuals. Therefore, the government and the private sectors need to work together to liberalize the business industry and develop the free business simulation. Our responsibility is to find a model that does not overextend the involvement of the public and private sectors and eventually pays off for the local citizen. We should be more specific in announcing the visiting year to contribute the number of transportation and its policy, and so many reception services when we receive so many thousand tourists from South Korea, instead of making just a slogan. Before the tourisb season begins, we are trying to solve problems and create the next model. The goal is to receive one million tourists next year.

- How appropriate is it that the government announced “The Years of Visit Mongolia” when the travel and tourism industry has not yet recovered its workforce, domestic flights, and activities for tourists after the pandemic?

- It is true that the tourism industry has lost workforce and personnel from the lockdown during the pandemic. Moreover, companies are unable to pay their bank debts, health, and social insurance. Even though the government encourages developing winter tourism, it needs to take into account how much burden of energy, land and real estate business owners take. Identifying and mobilizing a way to recover quickly and sharply instead of repeating the pandemic’s severity is crucial. “The Years to Visit Mongolia” will be a stimulus for this. Some things take time, such as the country’s infrastructure and internal competition, but those who do things faster get more successful.

- Before the pandemic, the number of tourists to our country reached about 570,000. Was there any target numbers to reach this year?

- Tourism is hugely dependent on different seasons in Mongolia. Tourists come only in the months of June, July, August, and September. You must make a reservation well in advance to be able to find a tourist camp, hotel, or service center during the Naadam festival. The dependence is high in this industry. In addition, the price of air transportation, the availability of domestic and international flights, and the guaranteed and stable seating terms make the tourism business difficult. There is a reason behind these fundamental factors, but there is also a solution. I do not think there is a country that received half the number of tourists they received before the pandemic. As of today, Mongolia received about 300,000 tourists. There were people who doubted the numbers asked whether the Russians should be counted as tourists. According to the World Tourism Organization, if a person gets a tourist visa when entering a country and leave within that period, that person will be counted as a tourist. In that sense, that person is regarded as a tourist. Of course, the situation is way better compared to the past two years when there were no tourists.

In China’s latest crackdown on cryptocurrency fraud, police say they arrested 63 people suspected of helping domestic and foreign criminal groups launder the equivalent of US$1.7 billion through virtual currencies, according to a statement released last weekend.

More than 200 officers of the law in 17 provinces, autonomous regions and cities of the Inner Mongolia autonomous region carried out simultaneous operations over last week, a news release published by public security authorities said.

Police say they spotted an “abnormal flow” of money in a trading account held by a suspect who allegedly moved more than 10 million yuan (nearly $1.5 million) monthly. Once officials learned the account was allegedly being used to launder money, they froze it and moved in.

About $18.6 million in illegal income was confiscated.

The group is alleged to have begun operations earlier this year, helping criminals launder their funds from pyramid schemes, fraud and gambling.

The group then converted the funds into Tether, a stablecoin pegged to the US dollar, and then attracted new people from around the world to open crypto accounts and help launder the funds. Stablecoins are crypto currencies linked to fiat currencies or to commodities such as gold in an attempt to avoid wild swings in value.

According to the statement, “buying virtual currency anonymously and then selling it” is a way to avoid identification. “There is no way to query the flow of funds or find the payee through traditional means.”

“The query and retrieval of virtual currency is also very complicated,” it added.

Authorities in China said they “solved the case using multiple methods such as interrogating persons involved in the case, investigation on overseas digital currency exchanges, and digital currency blockchain tracking.”

According to the 2022 Crypto Crime Report by Chainalysis, cybercriminals often move their ill-gotten funds to a service where they can be kept safe from the authorities and eventually converted to cash.

“That’s why money laundering underpins all other forms of cryptocurrency-based crime,” the report said. If criminals cannot ultimately use the money, “there’s no incentive to commit crimes involving cryptocurrency in the first place.”

Between 2017 and 2021, cybercriminals laundered more than $33 billion worth of cryptocurrency. Last year, about $8.6 billion was laundered, which represented a 30 percent increase in money laundering activity over 2020.