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

NEWS

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Mongolia confirms 68 COVID-19 cases in past 24h www.akipress.com

Mongolia confirmed 68 new COVID-19 cases in past 24 hours.
43 of them were contacts in Ulaanbaatar, 25 were registered in the regions. No imported cases were found.
1 coronavirus related death was recorded in Mongolia in a day. 2,126 were recorded in total.
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Robert Friedland’s Ivanhoe Electric one of three finalists for Saudi Arabia project www.mining.com

Saudi Arabia has narrowed the field to three finalists for a massive mining exploration licence about 175 km west of Riyadh that it says contains about 25 million tonnes of zinc and copper at grades of 4.11% zinc and 0.56% copper.
The kingdom received six proposals for the 350-km Khnaiguiyah licence and has selected three for its short list: a consortium between Saudi Arabian Mining Company (Ma’aden) and Ivanhoe Electric (TSX: IE; NYSE-AM: IE); a consortium between Alara Saudi Ventures Pty. Ltd. Resources and AlTasnim Enterprises LLC; and a consortium between Moxico Resources Plc and Ajlan & Bros Mining Company.
The third and final stage of the application process will kick off on Sept. 4.
As part of its plan to transform the mining sector into the third pillar of its national economy, Saudi Arabia offers incentives including co-funding of up to 75% of capex through the Saudi Industrial Development Fund (SIDF); a five-year royalty holiday for miners and a 30% reduction on royalty payments for further downstream production processing.
The government hosted its first ever Future Minerals Forum in January to showcase its mining potential and the urgency of finding more critical metals. lt passed a new minerals investment law last year and in the first ten months of 2021 the country provided 13 reconnaissance licences, 133 exploration licences and eight exploitation licences, according to government data.
Mining companies active in the country include Barrick Gold (TSX: ABX; NYSE: GOLD), which has a 50-50 joint venture copper operation with Ma’aden. The Jabal Sayid mine went into commercial production in July 2016.
Among the finalists for the Khnaiguiyah licence, Ivanhoe Electric is focused on electric metals projects. Its two flagship projects are in the United States: Santa Cruz, a copper project in Arizona, and Tintic, a copper, gold and silver project in Utah.
The company also has what it describes as advanced exploration technology including Typhoon, a geophysical survey technology based on Pulse Power, as well as data analytics and geophysical modelling and artificial intelligence for water, oil and mineral discoveries. In addition, it holds a controlling interest in VRB Energy, a developer and manufacturer of large-scale energy storage systems.
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S. Korea's foreign minister arrives in Mongolia on trip to deepen bilateral ties www.en.yna.co.kr

ULAANBAATAR/SEOUL, Aug. 28 (Yonhap) -- South Korean Foreign Minister Park Jin arrived in Mongolia on Sunday for talks with his Mongolian counterpart on bilateral relations, and regional and global issues.
His trip -- the first visit to Mongolia by a South Korean foreign minister on a bilateral basis since 2014 -- comes as the country has recently gained keen attention for its rich resources amid international efforts to secure global supply chains.
Shortly after arriving in Ulaanbaatar, Park visited a commemorative park honoring South Korean independence fighter Lee Tae-joon, who opened a hospital there in the 1910s to fight infectious diseases and backed Korea's struggle against Japan's 1910-45 colonial rule.
Established in 2001, the park has become a symbol of friendship between the two nations.
"It is an opportunity to inscribe deep in my heart the noble sprit of Lee who sacrificed himself for his home country's independence and served Mongolian people with medical expertise based on his philanthropic spirit," Park said.
"Inheriting that spirit, South Korea will prioritize national interests and make efforts to become a global pivotal state contributing to world freedom, peace and prosperity," he added.
Foreign Minister Park Jin pays his respect at a commemorative park honoring South Korean independence fighter Lee Tae-joon in Ulaanbaatar on Aug. 28, 2022. (Yonhap)
Before departing for Mongolia, Park said his trip is aimed at deepening "practical" bilateral cooperation in the areas of economic security, and strengthening solidarity between the two nations sharing "universal values."
"We would like to deepen cooperation with Mongolia, the world's 10th resource-richest nation, for stabilizing and diversifying supply chains," Park told reporters.
Park added he plans to deliver President Yoon Suk-yeol's handwritten letter, wishing for the development of bilateral relations, to Mongolian President Khurelsukh Ukhnaa.
On Monday, Park is set to hold talks with his counterpart, Batmunkh Battsetseg, to discuss bilateral relations and other issues of mutual concern.
During his stay that runs through Tuesday, Park also plans to pay courtesy calls on the Mongolian president and other political leaders, according to his office.
sshluck@yna.co.kr
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USD 200 million to be devoted to nature conservation in Mongolia www.montsame.mn

On August 25, Minister of Environment and Tourism B.Bat-Erdene received Chief Executive Officer of The Nature Conservancy Jennifer Morris.
The international organization has been contributing to the evaluation of the Gobi and steppe ecological regions of Mongolia, conducting research to determine the areas that need protection, and providing professional advice and assistance necessary for special protection. At the meeting, the parties exchanged views on further cooperation and signed a memorandum of cooperation.
As part of this memorandum, the ‘Sustainable funding program for nature conservation’ will be implemented in Mongolia. This program aims to help Mongolia fulfill its obligations under the Convention on Climate Change and Biological Diversity, as well as its Sustainable Development Goals. Moreover, USD 200 million will be devoted to nature conservation in Mongolia over the period of 10 years.
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ADB provides USD100 million in emergency support to Mongolia www.montsame.mn

On August 25, the Asian Development Bank has approved USD100 million in emergency support to the Government of Mongolia to help it weather the impacts of severe economic shocks.
The Russian invasion of Ukraine and continuing border restrictions with the People’s Republic of China (PRC) due to COVID-19 have caused substantial fiscal stress in Mongolia. In response, the government has prepared a countercyclical development expenditure program (CDEP) to help poor and vulnerable groups, ease inflationary pressure, and support macroeconomic stabilization.
“This ADB loan will support government measures to stabilize the economy,” said ADB Financial Sector Specialist for East Asia Peter Rosenkranz. “The budget support provided through this countercyclical support facility (CSF) loan will also provide fiscal space to continue with critical economic structural reforms over the medium term.”
Mongolia is experiencing a widening current account deficit, increased pressure on foreign exchange reserves, and rising external financing needs. Rising food and fuel prices are eroding purchasing power and increasing poverty. Inflation spiked to 16.1% nationwide as of June 2022, and was particularly high for food and fuel.
With one in four people in Ulaanbaatar living below the poverty line, rising costs are particularly challenging for the poor, who spend an average of 43% of their total income on food, compared with 32% spent on food by nonpoor households.
External shocks disproportionally affect poor and vulnerable groups, including women and girls. Women are highly concentrated in lower wage sectors such as services, food production, and wholesale and retail trade, which have been most adversely affected by the pandemic because of mobility restrictions. This program will reach 1.2 million children in 64% of the country’s households through direct cash transfers.
“This ADB financing will help poor and vulnerable groups to weather the difficulties caused by the external shocks,” said ADB East Asia Department Director for Public Management, Financial Sector, and Regional Cooperation Emma Fan. “The emergency support provided under the CSF will expand social protection support to vulnerable households under CDEP until the end of 2022.”
The program will support other key government measures including 50% reimbursements of social security premium contributions for lower-paid employees for the rest of 2022 and 8.5% salary increases for lowest-earning public service employees (three-quarters of whom are women). It will also provide about 16,000 new kindergarten spaces for young children in poor areas.
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.
Source: ADB
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B.Javkhlan: The decision to buy 49% of EMC is now a big step closer to completion www.montsame.mn

During the press conference held on August 24 to present the decisions made at the regular Cabinet meeting, Minister of Finance B.Javkhlan gave some information about Parliamentary Resolution No. 23 of 2017.
He said, "In order to ensure the implementation of the Parliamentary Resolution No. 23 of 2017, or the resolution to settle debts related to 49 percent shares of Erdenet Mining Corporation (EMC) through mutual deduction and negotiation, the following decision was made at today’s Cabinet meeting.
Last June, a decision was made by the Cabinet to mutually deduct MNT 168 billion. For this time, the Cabinet resolved to deduct MNT 480 billion from the Bank of Mongolia’s receivables from the Trade and Development Bank. It means that the government has approved mutual deductions of about MNT 580 billion
As a result, the resolution of the Parliament of Mongolia to make EMC 100 percent state-owned has been fully implemented. In other words, the decision to acquire 49 percent of EMC is now a big step closer to completion".
“Law enforcement and supervisory bodies worked very well to achieve today's results. In particular, I would like to emphasize that the IAAC provided legal opportunities in a short period of time”, added the Minister.
 
 
 
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The Government of Mongolia and the United States Government’s MCC Break Ground on Water Recycling Plant in Ulaanbaatar www.montsame.mn

On August 2, the President of Mongolia Ukhnaa Khurelsukh was joined by the Millennium Challenge Corporation’s (MCC) Acting Vice President of Compact Operations, Cameron Alford, and the U.S. Assistant Secretary of State for East Asian and Pacific Affairs, Daniel Kritenbrink, to break ground on a water recycling plant — the first of its kind in Mongolia.
“I am proud to be here in this beautiful city with President Khurelsukh to advance critical water infrastructure and affirm the strong partnership between the United States and Mongolia,” said Alford. “Ulaanbaatar is one of the world’s most water-scarce cities, and it is extremely vulnerable to the impacts of climate change. This plant will contribute to providing a safe and sustainable supply of water to households and businesses, while also strengthening the capital city’s climate resilience and water security.”
In less than three decades, the population of Ulaanbaatar has nearly tripled in size, increasing the demand on the city’s water supply. The city now faces imminent water shortages that pose a significant threat to its residents and Mongolia’s economy. The advanced water recycling plant — which is scheduled to begin construction this month — is an example of MCC’s commitment to countering climate change. The water recycling plant will help enhance Mongolia’s climate resilience and ensure a safe and sustainable supply of water to households and businesses in the capital city by freeing up 15 million cubic meters of fresh water per year for the people of Ulaanbaatar.
“Everybody knows that water is a source for all living beings, and its significance is vital for human life,” said Mongolian President Khurelsukh at the groundbreaking celebration. “By recycling water, Mongolians will now help Mother Nature in the natural rebirth of water. We are becoming eco-friendlier and more responsible.”
In 2018, the Government of Mongolia and MCC signed a compact agreement to invest $462 million in total in the country’s water sector — $350 million from MCC and $111.8 million from the Mongolian government, one of the largest partner country contributions in the history of MCC. A significant portion of the Water Recycling Plant funding is made possible by the Government of Mongolia – a critical investment that will significantly enhance the impact of the overall compact.
The compact will increase the available water supply in Ulaanbaatar by 80 percent through three integrated components:
· The construction of both new groundwater wells downstream of Ulaanbaatar and a state-of-the-art advanced water purification plant to remove contaminants and ensure that drinking water is ready for widespread municipal use;
· The construction of a new wastewater recycling plant and pipelines to provide high-quality recycled water that can be used by industry; and,
· Strengthening the Mongolian government’s capacity through technical assistance and the implementation of policy reforms that improve the long-term sustainability of Ulaanbaatar’s water supply.
The Millennium Challenge Corporation is an independent U.S. government agency working to reduce global poverty through economic growth. Created in 2004, MCC provides time-limited grants and assistance to countries that meet rigorous standards for good governance, fighting corruption and respecting democratic rights.
Source: U.S. Embassy in Mongolia
 
 
 
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EU extends budget support in Mongolia until the end of 2024 www.montsame.mn

Ambassador of the European Union to Mongolia Axelle Nicaise and Minister of Finance B.Javkhlan reinforced the partnership between the European Union and Mongolia.
They signed a document that supports the Government policies in the fields of employment reforms and the transparency of public finances.
“The European Union’s partnership with Mongolia is very strong: we support employment reforms, upgrading of skills and at the same time we contribute to increasing the transparency of public finances. We have adapted our indicators and deadlines to reflect the socio-economic circumstances created by the pandemic and the fragile international conditions. This is a clear demonstration of the European Union commitment to the Mongolian citizens. I am pleased that our interventions are in line with Mongolia’s policies”, said Ambassador Axelle Nicaise.
During the meeting, Finance Minister B.Javkhlan expressed his gratitude to the European Union for the budget support grant during the difficult times of the COVID-19 pandemic, as we all easing the requirements as per the financing agreement and extending the period by one year, which provides additional time to achieve the agreed results.
The document signed is an Addendum to the Financing Agreement of EUR 43 million on "Budget Support for Mongolia's Employment Reforms" Programme which extends the duration of the Programme until the end of 2024.
Since the signature of the Financing Agreement of EUR 43 million in May 2020, a total of EUR 22.2 million of direct transfers for Budget Support (non-refundable grants) have been provided by the European Union to the Government of Mongolia. The contract signed today extends the Budget Support Programme by one more year. This allows the Government to have sufficient time to achieve the agreed results. It is expected that by end of 2022 additional EUR 6.6 million will be disbursed under the Programme, provided that all criteria and targets are met.
To support the efforts of the Government in the public finance management and employment reforms, the European Union has launched complementary assistance to the Programme with a project of EUR 7.4 million implemented by UN Agencies (UNDP in the lead, FAO, ILO) together with the line Ministries.
Source: Delegation of the European Union to Mongolia
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The Erdeneburen hydroelectric power plant is game-changer for Mongolia www.news.mn

China’s Foreign Minister Wang Yi signed signed major energy agreements, including a pledge to advance the Erdeneburen hydroelectric power plant during a two-day state visit to Mongolia in early this month. This was Wang’s fourth official visit to Mongolia since he became foreign minister of China in 2013.
The 90-megawatt Erdeneburen hydroelectric power plant, which is planned to be Mongolia’s biggest dam, is part of Ulaanbaatar’s effort to diversify its energy sources. Mongolia’s energy dependency on Russia and China – and the constant shortages and problematic management – have caused a headache for different administrations for decades.
In September 2021, Mongolia signed a deal awarding construction of the hydropower plant to the Power Construction Corporation of China, with the deal to be financed through a USD 1 billion loan from the Chinese government. In January 2022, Mongolia’s Minister of Energy N.Tavinbekh stated that construction would begin in March and take just over five years.
The Erdeneburen hydroelectric power plant is promising and a potential game-changer.
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Oil producers express approval for output cut www.nhk.or.jp

Oil producing countries are expressing approval for an output cut hinted at by the energy minister of Saudi Arabia.
Earlier this week, Abdulaziz bin Salman indicated the possibility of decreasing production based on oil price movements.
Saudi Arabia leads OPEC Plus, which includes Russia and other countries that produce oil but are not members of the Organization of the Petroleum Exporting Countries.
The group holds monthly meetings to decide its output policies.
On Wednesday, Iraq's state-run oil company released a statement expressing approval of the remarks by the Saudi minister. Iraq is the third largest producer in OPEC Plus.
On the same day, Kuwait and Algeria also indicated their approval.
Crude oil prices surged to a record high in March, due to Russia's invasion of Ukraine.
But this month, prices are showing signs of falling against the backdrop of worries about economic slowdowns in the US and China.
Oil producers are apparently on the alert for price drops.
All eyes are on the next monthly meeting of OPEC Plus to be held on September 5.
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