Events
Name | organizer | Where |
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MBCC “Doing Business with Mongolia seminar and Christmas Receptiom” Dec 10. 2024 London UK | MBCCI | London UK Goodman LLC |
NEWS

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.

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

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

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.

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.

Rio Tinto raises offer to take direct control of Mongolia copper mine Oyu Tolgoi www.ft.com
Mining group Rio Tinto has raised its offer to take direct control of the huge Oyu Tolgoi copper mine in Mongolia, weeks after its initial bid was rebuffed.
The FTSE 100 group said on Wednesday it had increased its offer for the stake it does not already own in Turquoise Hill Resources, which owns two-thirds of the Oyu Tolgoi project, to $3.1bn.
Rio offered to buy out minority shareholders in the Canadian vehicle in March for $2.7bn, an offer that was rejected this month by a special committee of independent directors set up by the Toronto-listed group.
Rio, flush with cash from soaring commodity prices, came back on Wednesday to offer C$40 (US$30.79) a share, an 18 per cent improvement on the previous offer and a 56 per cent premium to Turquoise Hill’s closing price the day before the original bid in March.
The project is vital for Rio, which generates most of its revenue from steelmaking ingredient iron ore, to pivot towards metals needed in a low-carbon economy.
Chief executive Jakob Stausholm said the company “believes this offer not only provides full and fair value for Turquoise Hill shareholders, but is in the best interests of all stakeholders as we work to move the Oyu Tolgoi project forward”.
Shares in Turquoise Hill jumped 21 per cent on Wednesday, while those in Rio in London dropped 2 per cent.
While Rio operates Oyu Tolgoi, it does not have a direct stake in the project, instead holding a 51 per cent stake in Turquoise Hill, which in turn owns 66 per cent of Oyu Tolgoi. The remainder is owned by the Mongolian state.
Located in the Gobi desert, Oyu Tolgoi is one of the world’s biggest deposits of copper, a metal vital for the energy transition since it is used in vast quantities in electric vehicles and renewable projects.
Starting with initial production volumes of 500,000 tonnes of copper a year, the project will be one of the world’s biggest mines for the base metal once an underground expansion is completed.
Large diversified mining companies are keen to get their hands on copper projects since production needs to double by 2035 to electrify the global economy and meet emissions targets, according to S&P Global. But they have been hesitant to spend big to acquire projects after a decade of discipline on capital spending.
In a sign of change, BHP Group had a $5.8bn bid to acquire Oz Minerals rejected this month. The world’s largest mining group made the offer after copper prices had fallen sharply from a record high in March above $10,600 a tonne to their current level of about $8,000 a tonne.
Turquoise Hill is set to raise equity proceeds to fund the underground expansion, which in total is expected to cost $7bn to develop, should Rio fail to take it over.

China-Financed Hydroelectric Power Plant Faces Popular Opposition in Mongolia www.thediplomat.com
In early August, China’s Foreign Minister Wang Yi paid a two-day state visit to Mongolia. There, he signed major energy agreements, including a pledge to advance the Erdeneburen hydroelectric power plant. This particular energy agreement is raising a wide range of speculation about the deepening of China-Mongolia bilateral relations but also environmental concerns – the project has the potential to damage Ramsar wetlands in northwestern Mongolia.
This was Wang’s fourth official visit to Mongolia since he became foreign minister of China in 2013. This particular visit was highly anticipated after a tremendous effort demonstrated by the Mongolian side in coping with Beijing’s draconian COIVD-19 policy. During Wang’s state visit, Mongolia and China signed the Cooperation Agreement and Plans for 2023-2024.
To jump-start bilateral economic activities, the Mongolian government prioritized major infrastructure agreements, partly to attract foreign direct investments and partly to accelerate long-stalled mega-projects, including the Erdeneburen hydroelectric power plant.
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. At the same time, managing such a large hydroelectric power plant could prove difficult as well, as Mongolia has no previous experience in that regard.
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 $1 billion loan from the Chinese government.
In January 2022, Mongolia’s Minister of Energy Tavinbekh Nansal stated that construction would begin in March and take just over five years. “The one remaining issue is to remove the local communities that have agricultural and herding establishments” in the affected area, Tavinbekh said. “The government is working to relocate these communities and find a likely financial repayment for their relocation.”
The government is forging ahead, but the Erdeneburen hydroelectric power plant remains controversial. It may pose significant environmental damage to one of Mongolia’s most extensive wetlands, which sustain not only the local community but also migrating animals and protected animals such as snow leopards. Wetlands act as a big sponge that collects and removes environmental toxins. The removal of wetlands can cause a cascade of environmental failure.
Moreover, even on the topic of management, the sustainability of such a large hydropower plant is also questionable, given Mongolia’s previous failure to pursue hydroelectric power plants as alternative energy.
One prominent case is the Egiin Gol Power Plant, which initially began in 1991 and acquired Chinese funding but faced environmental opposition from Russia. After 16 years of back-and-forth and wasted efforts and time, it was finally discontinued in 2007.
The Erdeneburen hydroelectric power plant, although promising and a potential game-changer, does not have the public’s confidence. The underlying issue is precisely the same as Egiin Gol: environmental concerns. It doesn’t matter if the Russians brought up the environmental issue or Mongolian environmentalists brought it to light. These issues need to be publicly addressed and discussed.
In an opinion piece published in June, Mongolian environmental activist Sukhgerel Dugersuren wrote a thorough report on the potential damage the Erdeneburen hydroelectric power plant could pose to the native species in that region. She concluded that PowerChina – the engineering corporation that would be executing the dam work – is known for “rapid dam-building” and for high-quality construction.
As Mongolia transitions to hydroelectric energy – something Mongolia is unaccustomed to, considering its extreme distance from a large body of water – the last thing the country need is to build a dam quickly and then spend decades fixing it. Hence, it is essential for the government and its agencies to consider and discuss all aspects before committing to destroying a vast area of untouched landscape.
According to Sukhgerel, “[A]s of 2 June, construction has not started: the relevant authorities in China are hesitating since local communities communicated their concerns via the embassy in Mongolia.”
Popular opposition to such a large power plant is not surprising. Destroying a vast area of natural habitat will face popular animosity in Mongolia. This public opposition is not new, nor is it unique to the Erdeneburen project.
For one, throughout different administrations, Mongolia’s government has often rushed to attract foreign direct investment without meticulous research and plans for allocating financial and capital resources.
Second, when a mega-project proposal or agreement is underway, the government repeatedly overlooks or neglects the local communities’ concerns, causing widespread opposition. Most of the concerns center on the destruction of certain sacred lands and natural habitats. One major case involved previous efforts to save Noyon Uul from exploitation in a mining project.
While the need to accelerate Mongolia’s economy and diversify its energy sector is crucial, the government should not turn a blind eye to environmental issues that can damage the country’s largest wetlands.
Yet the current government of Mongolia has been proactive in pushing major infrastructure deals with Beijing, including not only the Erdeneburen project but also major railways.
Prime Minister Oyun-Erdene Luvsannamsrai’s government is seeking to align Mongolia’s infrastructure development plans with Beijing’s Belt and Road Initiative. The logic behind such a strategy is that Beijing has always been open to cooperate with Mongolia’s development sector and acted as a major financier. Oyun-Erdene has previously mentioned the economic opportunities offered by China number of times as part of his government’s “New Revival Policy,” a post-COVID economic recovery plan.
However, skeptics of the current government have voiced worries about the government’s over-commitment to mega projects. The deepening of Mongolia’s dependency on China is also a concern.
In the grand scheme of themes, since Russia’s invasion of Ukraine, Mongolia’s foreign policy has been in murky water. While Ulaanbaatar prioritizes its traditional bilateral relations with Russia and China – for obvious geopolitical reasons – the significance of having continued a strong connection with rest of the world became ever clearer.
This was a busy summer for Mongolia. Ulaanbaatar hosted multiple international conferences and multiple high-level visits of foreign officials. Following Wang Yi’s state visit, U.N. Secretary General Antonio Guterres came to Mongolia and participated in a tree planting ceremony with Mongolian President Khurelsukh Ukhnaa.
Despite these high-level visits and international commitments to climate change and environmental investment, the government must address the issues raised by Erdeneburen hydroelectric power plant.
Given Mongolia’s ecosystem, the tiniest wetlands play a significant role in sustaining the country’s vast untouched landscape. In short, at a time when the president has pledged to plant 1 billion trees, the other side of the government cannot be negligent and duplicitous about other environmental concerns.
GUEST AUTHOR
Bolor Lkhaajav
Bolor Lkhaajav is a researcher specializing in Mongolia, China, Russia, Japan, East Asia, and the Americas. She holds an M.A. in Asia-Pacific Studies from the University of San Francisco.
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