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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Foreign Minister of Lao PDR to visit Mongolia www.montsame.mn

On the occasion of the 60th anniversary of the establishment of diplomatic relations between Mongolia and the Lao People’s Democratic Republic, Deputy Prime Minister and Minister of Foreign Affairs of the Lao PDR Saleumxay Kommasith will pay an official visit to Mongolia on September 3-5.
The visit will be the first visit by the Foreign Minister of Lao PDR since 2002.
During the visit, Deputy Prime Minister and Minister of Foreign Affairs of the Lao PDR Saleumxay Kommasith will hold official talks with Mongolian Foreign Minister B.Battsetseg and pay courtesy calls on President U.Khurelsukh, Chairman of the State Great Khural G.Zandanshatar, and Prime Minister L.Oyun-Erdene.
During the meeting, the exchange of views will take place on deepening the friendly relations and cooperation between Mongolia and Laos, intensifying political dialogue mechanisms, expanding cooperation in the fields of trade, economy and culture, and other issues of mutual interest.
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Rio Tinto agrees to $3.3 billion deal for rest of Turquoise Hill www.reuters.com

(Reuters) -Rio Tinto on Thursday reached an in-principle agreement to buy the rest of Canadian firm Turquoise Hill Resources for $3.3 billion, which gives the global miner direct ownership of a giant copper mine in Mongolia.
The Rio Tinto mining company's logo is photographed at their annual general meeting in Sydney, Australia, May 4, 2017. REUTERS/Jason Reed
Rio will pay C$43 per share in cash for the 49% of Turquoise Hill it does not already own, a more than 19% premium to the stock’s last close and higher than a sweetened offer of C$40 apiece proposed last month.
The deal, which awaits shareholder approval, gives the global miner ownership of Turquoise Hill’s 66% stake in Oyu Tolgoi, the world’s largest known copper and gold deposits, 550 km (342 miles) south of Mongolia’s capital Ulaanbaatar.
Global mining firms are looking for growth in commodities such as copper - used in wind turbines, solar power systems and electric cables - and nickel and lithium that are used in batteries for electric vehicles (EVs), as the world gears up to decarbonise.
The takeover process has been ongoing for about six months with Turquoise Hill earlier rejecting the C$34 apiece offer from Rio, citing it was too low.
“Rio Tinto is committed to moving Oyu Tolgoi forward in direct partnership with the government of Mongolia to realise its full potential for all stakeholders,” Rio Tinto Chief Executive Officer Jakob Stausholm said.
“This agreement ... will simplify governance, improve efficiency and create greater certainty of funding for the long-term success of the Oyu Tolgoi project.”
Rio and the Mongolian government, which owns the remaining 34% of Oyu Tolgoi, ended a long-running dispute over the $7-billion expansion of the mine earlier this year.
Rio rival BHP Group was rebuffed in its A$8.34 billion ($5.8 billion) takeover bid for OZ Minerals last month, as it looks to shift into clean energy and the EVs market.
BHP has not said if it would sweeten its offer, although analysts and bankers believe it would have to if it wants to secure the asset.
Rio and Turquoise Hill also agreed on Thursday to amend certain financing arrangements to help the Canadian firm address near-term liquidity, the global miner said.
The agreements include increasing an early advance facility agreed in May to $650 million from $400 million and extending the deadline for a $650 million equity raising and debt repayment to at least March 2023.
The amended arrangements also include a commitment by Rio to participate pro rata in an initial equity offering.
A special meeting of Turquoise Hill shareholders to approve the deal is expected in the fourth quarter, and the deal will close shortly thereafter, if approved, Rio said.
($1 = 1.4669 Australian dollars)
Reporting by Shashwat Awasthi; Editing by Subhranshu Sahu, Rashmi Aich and Sherry Jacob-Phillips
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Russia, Iran agree to promote economic cooperation amid Western sanctions www.nhk.or.jp

The foreign ministers of Iran and Russia have agreed to promote bilateral economic cooperation, amid Western sanctions imposed on their countries.
Iran's Foreign Minister Hossein Amir-Abdollahian met his Russian counterpart Sergey Lavrov in Moscow on Wednesday.
Lavrov told reporters after the meeting that Russia fully supports Iran regarding the negotiations to revive the 2015 nuclear deal. He said Moscow is satisfied with the final text.
Amir-Abdollahian said he and Lavrov discussed cooperation in financial, trade and other fields, as well as plans to build a railway connecting Iran and Russia.
He also said the countries will conclude a long-term comprehensive agreement in the near future.
Observers say Tehran and Moscow are apparently aiming to work together to counter sanctions imposed by the United States and other countries.
Concerns are growing in Western countries that Iran and Russia could be moving to step up not only economic ties but also military cooperation.
The US has accused Iran of preparing to supply Russia with hundreds of drones, as Russia is believed to be short of them amid its invasion of Ukraine. Tehran and Moscow have denied the accusation.
 
 
 
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Mongolia commits to aggressive tightening of Monetary Policy www.news.mn

Yesterday (31 August), Mongolian Cabinet held regular meeting with new structures and new Ministers. Ch.Khurelbaatar, Minister of Economy and Development announced the latest decisions of the Government.
The Government is on a path of tighter monetary policy aimed at bringing inflation, now running at an annual rate of 14.1%, under control. Inflation was 15.7 percent in the first seven months of 2022. Inflation cooled in July as meat and vegetables prices fell. In Mongolia, rising inflation has mainly been driven by external balance on goods and services. The overall fiscal balance reached to USD 1.3 billion. Therefore, Mongolia will continue tightening monetary policy. The country of 3.4 million has raised interest rates by four times since 2022 up to 10 percentage point.
However, higher interest rates are also reducing housing affordability and pricing prospective buyers out of an already tight property market.
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Stifel GMP upbeat on Mongolia-focused Steppe Gold following ATO Phase 2 expansion plan update www.proactiveinvestors.ca

On August 30, Steppe reported positive progress on its Phase 2 expansion plan at the mine after it received a landmark power agreement and is constructing a new fixed crusher, which is expected to be completed in October this year
Broker Stifel GMP is upbeat on Mongolia-focused miner Steppe Gold Ltd and expects its shares to re-rate as the company continues to execute steady production at its flagship ATO mine.
On August 30, Steppe reported positive progress on its Phase 2 expansion plan at the mine after it received a landmark power agreement and is constructing a new fixed crusher, which is expected to be completed in October this year.
The installation is 72% complete and, once operational, the new unit will increase Steppe's current processing capacity by four times, up to 4 million tonnes per annum at 50% of its power.
Analysts at Stifel said Steppe was continuing "to execute well following ATO's leaching restart with the market starting to reward this success".
"However, there is still room to re-rate higher towards the junior producer peer group average of 0.41x," they added.
"We expect this re-rate to continue as the company demonstrates steady gold production at ATO through the rest of the year and as the first ever drill results from UK are received in Q3."
"We model ATO's oxide reserves processed at a rate of 2,300 tpd depleting in Q3 2025 (with some assumed reserve additions). Completion of the crusher ahead of schedule has the potential to accelerate this production and pull forward sale of those ounces to provide a greater portion of the equity funding for the Phase 2 Expansion," said the analysts.
Stifel also noted it was "encouraged" that the miner's sulphide floating plant construction was on track for 2024 (in line with the broker's model) and that that connection to the power grid demonstrated support from the government and opportunity for lower costs.
Stifel rates Steppe a 'Buy' and targets C$2.90 a share (current price: C$1.10).
Contact the author at giles@proactiveinvestors.com
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Mongolian government pays $153m to settle dispute over Erdenet and Monros mines www.mining.com

The Mongolian Copper Corporation (MCC) announced Wednesday it received a payment of $153.5 million from the Mongolian government for the Erdenet and Monros mines.
The payment stems from a longstanding dispute surrounding the 49% ownership of the Erdenet and Monros mines, which MCC purchased in 2016 from Russian company Rostec.
“The move honors Parliament’s resolution and the decision of the Constitutional Court which concluded that MCC must be compensated for the amount it paid for the shareholding in the mines,” the company said in a press release.
MCC said it continues to work with the government to settle the outstanding balance by the end of the year.
Erdenet, which produces 530,000 tonnes of ore annually, is one of Asia’s biggest copper and molybdenum mines and a top tax contributor to the country’s $12 billion economy.
Erdenet and Monros were originally joint ventures operated by the USSR and the Mongolian government.
In 2015, MCC approached Rostec to explore the idea of acquiring its shares in the mines, and throughout 2015 and 2016 negotiations progressed.
In June 2016, the government issued a resolution, by which it waived its pre-emption right to purchase Rostec’s shareholding in Erdenet and Monros.
In June 2016 MCC purchased Rostec’s shares in Erdenet and Monros for $400 million, but in 2017 authorities announced that MCC’s shareholding in Erdenet would be transferred to the government and that it was not within the power of the government to waive its pre-emption rights.
A lengthy legal dispute took place, which culminated in a ruling from the Constitutional Court of Mongolia in February 2018 that MCC must be compensated for the amount paid to Rostec for the shareholdings in the mines.
 
 
 
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685 services integrated into E-Mongolia system www.montsame.mn

At today’s Cabinet meeting, Minister of Digital Development and Communications N.Uchral presented about ‘Digital nation’ measures being implemented as part of ‘Revival of the State Efficiency’ set out in the Government’s ‘New Revival Policy’.
Currently, 685 services of 63 government organizations have been integrated into ‘E-Mongolia’ unified digital platform and 1,284 services have been digitalized in rural areas. To date, 14.4 million services have been received through the system by citizens and enterprises, from which MNT 10.4 billion have been collected in the state budget.
Since the Law on Electronic Signature coming into effect from May 1, electronic signatures have been issued to 266,451 citizens so far. In connection, the Prime Minister tasked to intensify this work.
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Implementation of Austerity Law reviewed www.montsame.mn

During today’s regular meeting of the Cabinet, the implementation of the Austerity Law was reviewed.
Since the law entered into force in April 2022, about MNT 5.8 billion has been saved so far by dismissing 159 deputy directors, first deputy directors, and advisers in government organizations, restricting the officials below the level of the minister from using government fleet vehicles and from traveling in business class for business trips, and digitalizing some day-to-day operations.
In addition, MNT 4.4 billion was saved from dismissing 104 deputy directors and first deputy directors of state-owned enterprises, MNT 5.6 billion from redefining the organizational structure and functions of state-owned enterprises, MNT 26.2 billion from organizing meetings and trainings virtually, and reducing the expenses of other day-to-day operations, and MNT 43.1 billion from not financing projects and measures that are not directly related to the main activities of state-owned enterprises.
The Prime Minister instructed the relevant officials to further intensify the implementation of the law and set up a working group to monitor it.
Optimal scheme of financing necessary for reserving flour and meat to be developed
The relevant officials were instructed to intensify the implementation of the law to prevent the rise in price and shortage of key commodities caused by the international crisis and reduce their impact, and to develop an optimal financing scheme necessary to create reserves for the population's flour and meat needs in 2023, and to quickly organize its implementation.
Minister of Energy B.Choijilsuren and Head of the Authority for Fair Competition and Consumer Protection S.Munkhchuluun have been assigned to present to the next meeting of the Cabinet about the measures being taken to prevent artificial scarcity and price hikes in the supply of consumer goods and products.
Deputy Ministers and State Secretaries of some ministries appointed
At its meeting, the Cabinet also approved the appointments of Deputy Ministers and State Secretaries of some ministries.
Specifically, B.Bolor-Erdene was appointed as the Deputy Minister of Digital Development and Communications, J.Bat-Erdene – Deputy Minister of Food, Agriculture and Light Industry, and L.Khaltar – Deputy Minister of Road and Transport Development.
In addition, Ch.Zolbayar and N.Tavinbekh were appointed temporarily as the State Secretaries of the Ministry of Digital Development and Communications and the Ministry of Energy respectively.
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Nord Stream 1: Russia shuts major gas pipeline to Europe www.bbc.com

Russia has completely halted gas supplies to Europe via a major pipeline, saying repairs are needed.
The Russian state-owned energy giant, Gazprom, said the restrictions on the Nord Stream 1 pipeline would last for the next three days.
Russia has already significantly reduced gas exports via the pipeline.
It also rejects accusations of using energy supplies as a way to punish Western nations for imposing sanctions over the invasion of Ukraine.
The Nord Stream 1 pipeline stretches 1,200km (745 miles) under the Baltic Sea from the Russian coast near St Petersburg to north-eastern Germany.
It opened in 2011, and can send a maximum of 170m cubic metres of gas per day from Russia to Germany.
The pipeline was shut down for 10 days in July - again for repairs, according to Russia - and has recently been operating at just 20% capacity because of what Russia describes as faulty equipment.
European leaders fear Russia could extend the outage in an attempt to drive up gas prices, which have already risen by 400%.
The steep rise threatens to create a cost of living crisis over the winter months, potentially forcing governments to spend billions to ease the burden.
On Tuesday, French Energy Minister Transition Minister Agnes Pannier-Runacher accused Russia of "using gas as a weapon of war".
She was speaking after Gazprom said it would be suspending gas deliveries to the French energy company Engie.
But Russian President Vladimir Putin's spokesman has rejected the accusations and insisted that Western sanctions have caused the interruptions by damaging Russian infrastructure.
He insisted that that "technological problems" caused by Western sanctions are the only thing preventing Russia from supplying gas via the pipeline, without specifying what the problems were.
The most recent controversy has been over a turbine which arrived in Germany after being repaired in Canada and which Russia refused to take back , arguing it was subject to the Western sanctions.
Germany, however, denies this.
Earlier this month, Economy Minister Robert Habeck said the pipeline was fully operational and said there were no technical issues as claimed by Russia.
Earlier this week, EU Commission President Ursula von der Leyen promised to intervene in energy markets, telling a conference in Slovenia that they are "no longer fit for purpose".
"We need a new market model for electricity that really functions and brings us back into balance," she said.
Last week, the BBC revealed that Russia has been burning off an estimated $10m (£8.4m) worth of gas every day at a plant near the Finnish border.
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Mongolia confiscates 587 cars being used beyond entitlement www.news.mn

Since April, a total of 159 Mongolian high-ranking officials such as directors, deputies and advisors were dismissed from government jobs under the Law on Austerity.
Furthermore, Mongolia has banned officials using government vehicles and confiscated 587 cars, being used beyond entitlement by government officials below Ministers. Therefore, Mongolian Government saved MNT 1.4 billion for 2022 State Budget.
The government regulated to close down some state enterprises, to modify and rationalise the activity of structures operating in the same field and to cut unnecessary spending.
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