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    

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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China spent record amount on Russian energy in August – Bloomberg www.rt.com

Chinese energy imports from Russia have continued to grow, with the nation spending a record $8.3 billion last month, Bloomberg reported on Tuesday, citing customs data. The spending on energy in August made up 83% of China’s total imports from Russia.
According to the report, Beijing has expanded its reliance on Moscow for overseas supplies of crude oil, petroleum products, natural gas and coal.
The haul for August was reportedly 68% higher than a year ago and included a record amount of coal. It brought the total over a period of six months to nearly $44 billion, an increase of 74%.
Statistics showed that Russian oil exports to China grew to 8.34 million tons last month, from 7.15 million tons in July and 6.53 million tons a year ago. Imports of Russian coal by Beijing hit a new high of 8.5 million tons, up 57% on the year, with coking coal for the steel industry totaling 1.9 million tons. Purchases of liquefied natural gas (LNG) amounted to 671,000 tons, the most since 2020 and a 37% increase year-on-year.
The report noted that the volumes exclude imports via pipelines, which are the main channel to transport Russian fuel to China. The customs service hasn’t reported on those supplies since the start of the year.
“Russia is likely to ship more crude and products to destinations including China in the coming months as Europe tightens sanctions,” Bloomberg wrote, noting that some of those supplies come at discounted rates.
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Mongolia registers 61 coronavirus cases in past 24h www.akipress.com

Mongolia registered 61 new coronavirus cases in past 24 hours.

31 of them were contacts in Ulaanbaatar, and 30 were recorded in the regions. No imported cases were found.

The death toll from coronavirus in Mongolia remained 2,131.

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From Silicon Valley to Mongolia: Impact Investor Rekha Pai Kamath www.mn.usembassy.gov

Are you a high school/college student, young entrepreneur or a career professional who’s pursuing the field of STEM: Science, Technology, Engineering and Mathematics? Then do not miss the opportunity to meet a 🇺🇸 Silicon Valley investor here in Mongolia! Rekha Pai Kamath is an angel investor and managing director at Kamath Family Foundation who has over 20 years of experience in working with companies such as Symantec Corp, Applied Materials, Sun Microsystems, and Procket Networks (acquired by CISCO).
Check out the full schedule of open-to-public programs featuring Rekha throughout next week below.
Monday, September 26 (UB)
14:30 – 16:00 Rekha Empowering Women in STEM Talk
Venue: MPM Event Center, 4th Floor
Speakers: Rekha Pai Kamath
Theme: Rekha’s personal experience as a woman in STEM and her journey to a stellar career in Silicon Valley, empowering women in STEM
16:15 – 18:15 Small Panel Discussion
Venue: MPM Event Center, 4th Floor
Speakers: Rekha Pai Kamath and other panel members
Theme: Global and domestic perspective of the STEM and technology industry from leading women in the field
Tuesday, September 27 (UB)
18:00 – 19:00 Rekha Empowering Women in STEM Talk
Venue: American Corner Ulaanbaatar
Speakers: Rekha Pai Kamath
Theme: Rekha’s personal experience as a woman in STEM and her journey to a stellar career in Silicon Valley
Wednesday, September 28 (Darkhan)
18:00 – 20:00 Rekha Empowering Women in STEM Talk
Venue: American Corner Darkhan
Speakers: Rekha Pai Kamath
Theme: Rekha’s personal experience as a woman in STEM and her journey to a stellar career in Silicon Valley
Friday, September 30 (Erdenet)
16:30 – 18:30 Public talk
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Sluggish Growth, Soaring Inflation to Persist in Mongolia in 2022 www.adb.org

ULAANBAATAR, MONGOLIA (21 September 2022) — Economic growth is forecast to remain low in Mongolia this year before picking up next year, assuming external risks are mitigated and border issues with the People’s Republic of China (PRC) resolved in 2023, according to a new report by the Asian Development Bank (ADB). Meanwhile, inflation and the current account deficit are expected to outpace earlier projections.
Growth is forecast at 1.7% this year, down from an April projection of 2.3%, while the forecast for next year has been lowered to 4.9% from 5.6%, according to Asian Development Outlook (ADO) 2022 Update, released today. This is due to prolonged border restrictions, deterioration of purchasing power under persistently high inflation, higher borrowing costs, a likely decline in the availability of credit, and a continuation of monetary tightening.
“Despite initial signs of recovery, the economy’s near-term growth prospects remain uneven,” said ADB Country Director for Mongolia Pavit Ramachandran. “A combination of persistently high inflation and a large current account deficit creates a pressing need for achieving better macroeconomic balance while focusing on medium-term structural reforms.”
The prolonged restrictions at the border with the PRC as well as the Russian invasion of Ukraine have disrupted trade, reduced essential imports, increased import prices, escalated price increases, and dampened industrial sectors and business sentiment. Contraction continued in the mining, manufacturing, construction, and transportation sectors, and recovery in industry is likely to take time. Still, the lifting of pandemic-related restrictions since February 2022 has revived domestic demand, assisted by accommodative monetary and fiscal policies.
Inflation escalated and remained above the central bank’s target for the past 16 consecutive months. The surge in inflation will continue, mainly due to persistent supply disruptions, rising transportation costs, exchange rate depreciation and its pass-through impacts, and higher prices for food, fuel, and imported durables. The current account deficit will exceed ADO 2022 forecasts in both years, mainly because of higher imports, lower growth expected in the PRC, and continued downward corrections to exporting commodity prices.
Downside risks to the outlook are any new restrictions at major trade portals with the PRC, a decline in mineral commodity prices, negative spillovers from the global slowdown, aggressive monetary tightening, or rising balance sheet risks in the domestic financial sector.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.
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President meets European Commission’s President www.montsame.mn

On the sidelines of his participation in the General Debate of the 77th Session of General Assembly, President U.Khurelsukh met with the President of the European Commission Ursula von der Leyen.
At the meeting, President U.Khurelsukh said that expanding relations and cooperation with the European Union and its member states- ‘third neighbor’ of Mongolia, is one of the priorities of foreign policy.
He mentioned the EU’s consistent support to Mongolia’s democracy and social transition, while underscoring its support and assistance in the past and during the pandemic.
He said that Mongolia is interested in expanding and developing cooperation in all aspects to reduce the impact of environmental degradation, desertification and climate change, and expressed gratitude for inviting Mongolia to be in the EU’s ‘Forest Partnership’ program.
For her part, Ms. Ursula von der Leyen emphasized the broad possibility to intensify bilateral economic cooperation and to cooperate in the fields of energy and green development in the future.
In particular, she expressed support to the national movement ‘One Billion Trees’ initiated by the Mongolian president. Therefore, she expressed readiness to cooperate within the framework of the ‘Forest Partnership’ program, a part of the EU’s green initiatives which aim to develop forest protection and restoration, forest use and sustainable forest management in an economically beneficial way. Mongolia will become the first country in Asia to participate in the ‘Forest Partnership’ program.
 
 
 
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Mongolia, Australia Celebrate 50 Years of Diplomatic Relations www.thediplomat.com

This year marks the 50th anniversary of the establishment of diplomatic relations between Mongolia and Australia. In recognition of this milestone, the two governments have organized a diverse range of activities celebrating the past and present and looking forward to a successful next 50 years.
To commemorate the anniversary, Canberra lit up two historic buildings, the National Carillion and Old Parliament House, with the colors of the Mongolian national flag.
In Ulaanbaatar, the foreign minister of Mongolia, Battsetseg Batmunkh, received Australian Ambassador to Mongolia Katie Smith. During the meeting, the two sides reiterated the past 50 years of diplomatic relations and ongoing bilateral projects such as education, economy, mining, agriculture, and defense.
The Australian embassy in Mongolia also hosted a celebratory evening with parliamentarians, foreign ministry officials, and civil society members. Our relationship is flourishing, and we look forward to the next 50 years!” Smith declared.
Mongolia and Australia established diplomatic relations on September 15, 1972. Per long-time leader Tsedenbal Yumjaag’s foreign policy agenda, Mongolia looked to establish diplomatic relations with countries beyond Russia and China, Mongolia’s only two direct neighbors. Australia, although geographically distant from Mongolia, is similar in its landscape and rich natural resources, and Mongolia had much to learn from its experience.
Soon after Mongolia’s democratic revolution in 1991, the two nations exchanged high-level visits. This was an attempt for the Australian government to test the waters. In the early to mid-1990s, Mongolia’s foreign policy was intertwined with the country’s need for economic aid and political reform. By boosting bilateral relations with developed democratic countries, Mongolia was gaining knowledge it could apply to its constitutional reform and new market-based economy. From Australia, Mongolia was particularly interested in the management of natural resources and sought technical assistance in activating its mining sector.
In 1997, Mongolia’s first democratically elected president, Ochirbat Punsalmaa, became the first president to visit Australia. However, despite Ochirbat’s effort to activate what Tsedenbal had started 25 years prior, Canberra did not open an embassy in Mongolia until 2015. Instead, the Australian embassies in Moscow, Beijing, and Seoul served as a liaison at different times.
For its part, in 2007, Mongolia recognized Australia as a “third neighbor.” A year later, Mongolia opened its embassy in Canberra, and Jambaldorj Tserendorj was appointed ambassador.
The embassy’s opening was credited to the auspicious efforts of previous high-level visits and bilateral dialogues. Official visits to Australia by Foreign Minister Gombosuren Tserenpil in 1993, President Ochirbat in 1997, and speaker of the parliament Nyamdorj Tsend in 2007 played a significant role in encouraging Canberra to recognize Ulaanbaatar as a possible partner. Sukhbaatar Batbold became the first Mongolian prime minister to visit Australia in 2011.
Canberra also began to send officials in the 1990s. In 1994, Governor-General Bill Hayden visited Mongolia along with Foreign Minister Gareth Evans. Between 2005 and 2007, senior Australian officials, including Foreign Minister Alexander Downer, visited Mongolia searching for business partnerships in tourism and resource management.
In 2011, Austrade was established in Ulaanbaatar, which later became the Australian Consulate Center. In December 2015, then Foreign Minister Julia Bishop announced the opening of the Australian Embassy in Ulaanbaatar, and John Langtry became the first resident ambassador. Before being appointed, Langtry oversaw the North Asia division at the Australian Department of Foreign Affairs and Trade (DFAT).
Langtry told The Diplomat, “One of the main reasons why the Australian government decided to establish an Embassy in Ulaanbaatar in 2015 was because we realized Mongolia was a democratic partner with a shared commitment to an open economy located in a very challenging geopolitical environment.”
He noted that the same logic still holds true today. “The fallout from the Russian invasion of Ukraine certainly has not made Mongolia’s position any easier,” Langtry said. “However, I know that Mongolia’s efforts to strengthen its relations with ‘third neighbors’ in these difficult times and well understood and welcomed in Australia.”
Australia, even before opening its embassy in Ulaanbaatar, had prioritized enhancing Mongolia’s human capital by increasing access to higher education. Considering Mongolia’s young population – the median age is 28 – education has been an essential aspect of Australia-Mongolia bilateral relations. The Mongolia-Australia Society, known as the Mozzies, has become a bridge for education, cultural exchange, and people-to-people connections.
According to DFAT, since 1994, “over 600 Australian scholarships have been provided to Mongolian to study in Australia.” As a result, the number of Mongolian students studying in Australian institutions has increased significantly. As of 2019, just before the pandemic hit and shut down many study abroad opportunities, the Embassy of Mongolia in Australia estimated that over 6,000 Mongolians were studying in Australia.
In recognition of Australia’s contribution to Mongolia’s education sector, the state secretary of the Ministry of Foreign Affairs of Mongolia, Ankhbayar Nyamdorj, visited the Australian National University (ANU) in March. ANU has been an important building block for enhancing Mongolia’s human capital and has become a popular destination for Mongolian students.
Beyond education links, since 2003, the Australia-initiated Direct Aid Program has assisted over 100 organizations and so far, implemented over 130 projects in Mongolia aimed at reducing poverty, health and youth issues. The 2022-2023 Direct Aid Program selected 13 organizations in Mongolia to receive grants, such as the National Center for Maternal and Child Health, National Institute for Disaster Management, National Center Against Violence, Little Scientists NGO, and others.
In 2015, Mongolia and Australia established a joint initiative known as the Australia-Mongolia Extractives Program (AMEP) to assist Mongolia in the development of its resource-led economy. Between 2015-2019, the joint program completed its initial phase, which covered improving Mongolia’s investment environment by providing incentives for governments, civil society, and the private sector. The AMEP is still active today and will host “Mongolia Mining 2022: International Mining and Oil Expo” from September 21-23 in Ulaanbaatar.
Beyond the cooperation in the education and mining sector, Mongolia and Australia have participated in peacekeeping missions in Kosovo and Sierra Leone. Australia is also active in Mongolia’s annual Khaan Quest international peacekeeping exercise.
The past 50 years have shown the possibilities and the challenges of Australia-Mongolia relations. There were many difficulties and certain geopolitical nuances that prevented Canberra from recognizing Mongolia as a potential partner for the bulk of that time. In retrospect, Mongolia’s recognition of Australia as a “third neighbor” was the ultimate push for Canberra to see it through a different lens.
“I am pleased in this connection to see the pace of high-level visits picking up, particularly with Deputy [Prime] Minister Amarsaikhan recently in Canberra to celebrate the 50th anniversary of diplomatic relations,” Langtry told The Diplomat.
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Why the Yoon administration sees a powerful partner in Mongolia www.nknews.org

In strictly objective terms, Mongolia is far from a major global player. Its population of about 3.3 million is roughly similar to Puerto Rico. Its annual gross domestic product in 2021 was just over US$15 billion, around 130th among all countries and territories.
Yet the vast, landlocked nation is also rich in natural resources and has positioned itself as a neutral party in regional disputes, two things that have not escaped the notice of South Korea in recent years.
Since establishing diplomatic relations in 1990, South Korea and Mongolia elevated their ties to a “comprehensive partnership” in 2011 and then to a “strategic partnership” in 2021. Now under the Yoon administration, the two countries have the potential to deepen cooperation in a range of areas ranging from technology and tourism to the environment.
These efforts could face hurdles due to Mongolian laws and other factors that have made Korean investors wary of doing business in the country in the past. But at least diplomatically, Mongolia appears eager to play a mediating role on Korean Peninsula issues.
Former President Moon Jae-in saw Mongolia as a key partner in his New Northern Policy, which aimed at improving strategic ties with northern countries. The first formal meeting under Moon came in Jan. 2018, when he met then-Mongolian Prime Minister Ukhnaagiin Khurelsukh. The two sides discussed ways to increase cooperation, while Ukhnaagiin also offered his full support to Moon’s peace-driven agenda with North Korea.
In 2020, South Korean finance minister Hong Nam-ki expressed the government’s desire to further economic cooperation with northern countries, including Mongolia. That year also marked the 30th anniversary of diplomatic relations. At the time, South Korea’s Ambassador to Ulaanbaatar Lee Yeo-hong lamented that high-level visits would have to be postponed due to the pandemic.
Nevertheless, the countries’ leaders were able to meet again last year and followed through with their plans from 2018 to elevate bilateral ties, upgrading their relationship to a “strategic partnership” and laying out multiple areas for further cooperation.
During their virtual summit, the two leaders agreed to deepen and expand cooperation in many fields, ranging from politics and the economy to science, technology, health and tourism. Moon also particularly emphasized the potential for cooperation between the two nations in eco-friendly industries such as green energy.
Overall, the Moon administration strengthened relations with Mongolia and laid important groundwork for further cooperation between the two nations.
President Yoon Suk-yeol has only been in office for a few months, but his administration has already taken steps to further strengthen South Korea’s partnership with Mongolia.
Last month, Park Jin became the first South Korean foreign minister to visit Ulaanbaatar since 2014. He indicated that Seoul’s interest in Mongolia is due at least in part to its rich abundance of natural resources, something which has been in high demand ever since the war in Ukraine.
“We would like to deepen cooperation with Mongolia, the world’s 10th resource-richest nation, for stabilizing and diversifying supply chains,” Park said.
Mongolia also seems interested in what South Korea has to offer. Mongolia’s foreign minister Batmunkh Battsetseg said the two sides discussed ways to achieve synergy between Mongolia’s natural resources and South Korea’s advanced technologies.
As a result of their talks, the two sides agreed to launch an institute “at an early date” to enhance cooperation on rare earth metals. Mongolia would offer land and South Korea would be using its official development assistance funds for the project.
Park also reportedly visited the Mongolian president and delivered a handwritten letter from president Yoon, expressing his desire “to further develop the strategic partnership” between the two nations.
FRIENDS WITH NORTH AND SOUTH
One of the key ways Mongolia can help South Korea politically is in relation to North Korea. Mongolia is one of only a few countries that maintains friendly relations with both North and South Korea, as well as with China, Russia and the U.S. This rare position could prove to be a great help in future diplomatic engagement with the DPRK.
Ulaanbaatar’s relations with Pyongyang go back much further than its more recent friendship with the South. During the Korean War, for instance, the Mongolian ambassador in North Korea was the only foreign ambassador who refused to leave the capital in a show of solidarity.
Over the years, Mongolia has tried to use its position as a “neutral” country in the region to promote multilateral diplomacy. In 2013, for example, the government launched the Ulaanbaatar Dialogue Initiative on Northeast Asian Security, which established itself as a regular venue for track one and two diplomacy from 2014 to 2019, restarting earlier this year after a two-year hiatus due to the pandemic.
According to the Mongolian foreign ministry, the ultimate goal of the initiative is to “defuse tensions on the Korean Peninsula and help promote confidence building and peacemaking in Northeast Asia.”
Some analysts have suggested Ulaanbaatar could serve as the “Geneva or Helsinki of the East.” Mongolia has also declared itself a “nuclear-weapon-free zone,” a status recognized at the U.N. level and a potential boon to multilateral diplomacy on North Korea’s nuclear program.
Ulaanbaatar also tried to play an active role in the peace process under former President Moon Jae-in: Mongolia’s president offered to host a summit for Donald Trump and Kim Jong Un in the country, which he called “the most suitable, neutral territory.”
Besides cooperation with the two Koreas, Mongolia also assisted Tokyo with the issue of North Korean abductions of Japanese nationals, organizing a reunion between the parents of the abductee Megumi Yokota and their granddaughter who lives in the DPRK.
While opportunities for cooperation, hurdles remain to South Korea and Mongolia developing further ties.
For one, Mongolia’s government has revised and amended laws and regulations that have negatively impacted foreign companies conducting business in the country, according to a Korea Economic Institute of America report, while corruption has also been an issue.
Moreover, costly logistics due to a lack of infrastructure, harsh weather especially in winter, poor working conditions and structural vulnerability in the banking sector are also concerns for Korean businesses, the report found.
Still, the two countries appear committed to improving their bilateral relationship and expanding cooperation.
Mongolia appears to be retrying its hand at playing the role of inter-Korean mediator. After hosting the U.N. secretary-general in early August and less than two weeks after South Korea’s foreign minister left the country, Mongolian President Ukhnaagiin Khurelsukh reportedly invited Kim Jong Un to visit the country.
According to KCNA, Khurelsukh suggested Kim come “at a comfortable time” once the COVID-19 pandemic situation is “resolved,” adding that he would be interested in visiting Pyongyang as well.
Even though diplomacy with Pyongyang remains at a standstill, Seoul could benefit from keeping Ulaanbaatar close in case an opportunity for renewed engagement with North Korea emerges.
Until then, South Korea and Mongolia will look to strengthen cooperation in natural resources, energy and technology. With global uncertainty and tension high due to the war in Ukraine and U.S.-China competition, neutral partners such as Ulaanbaatar will only become more important to Seoul.
Edited by Bryan Betts
 
 
 
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Mongolia's central bank raises benchmark interest rate to 12 pct www.xinhuanet.com

Mongolia's central bank on Tuesday decided to raise its benchmark interest rate to 12 percent.
"After taking into account the current and future state of the economy and financial markets, and external and internal uncertainties or risks to the economy, we decided to raise the benchmark interest rate from 10 percent to 12 percent to stabilize the rate of inflation in the medium term and maintain the relative return of the Mongolian national currency Tugrik," Byadran Lkhagvasuren, governor of the Bank of Mongolia, told a press conference.
The annual inflation rate in Mongolia reached 14.4 percent in August, while in the capital Ulan Bator, home to over half of the country's population of 3.4 million, it reached 14.8 percent.
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Parabellum Resources has diamond drill spinning at advanced Khotgor REE Project in mineral-rich southern Mongolia www.proactiveinvestors.com.au

Parabellum Resources Ltd (ASX:PBL) has the diamond drill spinning for a 2,000-metre program at the Khotgor Rare Earth Elements (REE) Project in resource-rich southern Mongolia, northwest of the world-class Oyu Tolgoi mine.
The metallurgical drilling along with a bulk sampling program will target the higher-grade resource areas to obtain a 50-tonne bulk metallurgical sample for a JORC definitive feasibility study (DFS) at the project.
This study is scheduled to commence in the June quarter of 2023, subject to completing a scoping study in the first quarter of 2023.
Potential to be major NdPr supplier
Khotgor is touted as one of the world’s largest undeveloped rare earth deposits with the potential to be a major supplier of high-value NdPr (neodymium-praseodymium) and Parabellum aims to demonstrate this with aggressive exploration and pre-development programs.
NdPr is facing strong and growing demand as it is a vital material needed to magnets and therefore, future wind power generation.
Shares higher
Parabellum non-executive chairman Mark Hohnen said: “We are delighted that the technical team at Temarise has been able to deploy the first of two drill rigs, drill crews and geologists to site in order to commence the 2,000-metre drill program without delay.
"The project has clear objectives to target higher-grade areas within the initial 20-year pit design shell and deliver the required bulk sample for the JORC feasibility study; both being critical steps to delivering our objectives set out in the work programs for the remainder of 2022.”
Investors have welcomed the start of drilling, driving the share price up by as much as 4.69% to $0.335.
Metallurgical drilling
PBL has initially planned about 14 holes of metallurgical infill drilling for a total drill program of 2,000 metres, mainly within the initial 10 years of the open pit design plan.
These holes will be between 150 metres and 200 metres in depth, with an average depth of 170 metres. Large PQ diameter core holes will be drilled to maximise core sample recovery.
The 2,000-metre drill program, which is being managed by the Temarise technical team established in Mongolia, is scheduled to be completed within 10 weeks.
Additionally, Parabellum will take ore samples from a number of surface trenches to be used for further geotechnical test-work.
Preparing bulk sample
In total, approximately 50 tonnes of sample will be collected for use in the DFS with core samples to be used for a variety of comminution, variability and geotechnical test-work.
Sample preparation will be undertaken in Ulaanbaatar before the end of the year. The bulk sample will then be shipped to ALS Labs based in Perth, Western Australia, and is scheduled to arrive in the June quarter of 2023.
Core will also be combined with ore from the surface trenching to produce a bulk flotation concentrate to optimise the metallurgical flow sheet being developed for the scoping study stage.
The flotation concentrate will subsequently be used to optimise the hydrometallurgical flowsheet being designed to produce an NdPr saleable product.
Looking south over the Khotgor leases.
Parabellum has previously entered into an agreement with Temarise Limited (UK) that holds the exclusive option to acquire 80% of Khotgor REE Project.
The company also holds a 100% interest in four projects in a highly prospective region in New South Wales, Australia, offering exposure to copper and gold.
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Why the current oil boom for Arab states may be their last www.cnn.com

Abu Dhabi (CNN)The oil boom brought about by the Ukraine war has made energy-rich Middle Eastern countries extraordinarily wealthy once again. But experts warn that it may be the last such upswing.
The energy price spike triggered by the war lifted the Gulf states out of an almost decade-long economic slump that saw them cut spending and go into budget deficits as their economies shrank. Russia's invasion of its neighbor shot the value of crude to an eight-year high.
Gulf states went through oil booms in the 1970s and 1980s, and then another in the early 2000s. But changing attitudes toward energy consumption mean that such cycles may no longer be tenable, and Gulf states need to be prepared for it, experts say.
"This is certainly the beginning of the end of oil wealth at this sustained level," said Karen Young, senior research scholar at Columbia's Center on Global Energy Policy.
Western states have been working towards renewable energy transitions, which today seem more pressing than ever as the Ukraine war drastically disrupts Europe's key supply channels for oil and natural gas.
"Today's boom is different in that it is more than an oil crisis," said Young. "It is a major shift in the structure of how we meet global energy needs."
Middle Eastern energy exporters are expected to reap $1.3 trillion in hydrocarbon revenues over four years as a consequence of the current boom, the International Monetary Fund has said. Experts have warned them against wasting it, arguing that Gulf states need to shield themselves from fluctuations in oil prices by using the windfall to diversify their economies away from their dependence on oil riches.
During previous oil booms, Gulf states were seen as squandering their wealth on wasteful and inefficient investments, building sprees and buying weapons, as well as handouts to citizens. Those booms were followed by downturns when oil prices cooled as the nations continued to rely on hydrocarbons for their revenues.
"Oftentimes building projects are started and then abandoned when the oil money runs out," said Ellen Wald, a nonresident senior fellow at the Atlantic Council in Washington, D.C. "Because they have so much to spend there often isn't much oversight and there has traditionally been a lot of corruption."
According to Omar Al-Ubaydli, director of research at the Bahrain-based Derasat think tank, there has also traditionally been a heavy emphasis on increases in public sector hiring and in public sector salaries through bonuses or raises.
A May 2022 report by the World Bank stressed that the wealth obtained by Gulf countries post-pandemic and after the Ukraine war must be invested in the bloc's "economic and environment transition."
The focus on investing in the energy transition is crucial as many parts of the world hasten their renewable energy transition, said the report.
Four ways the Ukraine war has impacted the Middle East
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Gulf states appear to be working on diversifying. Since the last oil boom that ended in 2014, four of the six Gulf states have introduced value-added tax and the UAE has gone further by starting a corporate income levy. None of the Gulf states have an income tax. Saudi Arabia has been investing in non-oil sectors like tourism, but experts cast doubt over the ability of that sector to offset oil revenues. The kingdom makes roughly a billion dollars a day from oil at current prices.
Gulf states have pushed back against the notion that hydrocarbons can be phased out as a primary source of energy as environmentally conscious nations move to alternative sources. Oil is and will continue to be crucial to the global economy, they say.
Critics counter that it is in the oil exporters' interest to push that narrative, but oil states have pointed to the rise in crude demand that coincided with the removal of Covid-19 restrictions around the world.
The Paris-based International Energy Agency said last week that oil demand is set to grow sharply next year, pushed by a resumption of work in China and of global travel.
The United Arab Emirates, one of the world's top oil exporters, has warned that too fast a transition away from hydrocarbons could cause an economic crisis.
"Policies aimed at divesting from hydrocarbons too soon, without adequate viable alternatives, are self-defeating," wrote Sultan Al Jaber, the UAE's special envoy for climate change, in an August opinion piece. "They will undermine energy security, erode economic stability, and leave less income available to invest in the energy transition," he added.
Young of Columbia's Center on Global Energy Policy said that even if economies move away from oil as a source of energy, oil-based products like petrochemicals and materials for plastics would continue to be in demand.
Still, experts say that Gulf states realize that even as oil continues to be in demand, such upswings in its price may not happen again at the same degree or frequency.
"There is a tangible sense that this is a transient boom, and that it might represent the last sustained rise in oil prices," said Al-Ubaydli. "The governments and people alike feel that this is an opportunity that must be exploited to the full, rather than frittered away through myopic decision-making."
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