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

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Russia gives US dollar a SWIFT kick www.rt.com

The Indian government is reportedly considering Moscow’s proposal to turn to the Russian payment system, which allows direct rupee-ruble transfers in bilateral trade.
The mechanism developed by the Russian central bank is expected to boost commerce between the two countries by avoiding dollar-denominated trade, and allow the world’s third biggest oil consumer to continue purchases from Russia, bypassing Western sanctions.
The scheme involves rupee-ruble-denominated payments via Russia’s messaging system, SPFS. The final decision is expected to come after a two-day visit of Russian Foreign Minister Sergey Lavrov to India, according to unnamed people with knowledge of the matter, as quoted by Bloomberg.
Lavrov’s visit to India is scheduled for Thursday, and Russian central bank officials will reportedly visit the country next week to discuss the details.
According to Bloomberg’s sources, the Reserve Bank of India regularly meets with executives from the country’s banking system to discuss matters such as exposure to Russia and risks from the latest sanctions.
India ready to bypass dollar in trade with RussiaREAD MORE: India ready to bypass dollar in trade with Russia
The arrangement is expected to allow Indian exporters keep doing business with Russia despite the latest penalties that ban the use of the SWIFT interbank messaging system. It would allow India to continue purchases of Russian oil, weapons, and other goods.
Under the proposal, rubles will reportedly be deposited into an Indian bank and converted into rupees, and the same system will work in reverse. Russia also wants India to link its Unified Payments Interface with their MIR payments system for seamless use of cards issued by banks of both countries after Visa and Mastercard suspended operations in Russia.
Last year, India exported $3.3 billion worth of goods to Russia, mostly pharmaceutical products, tea, and coffee, and imported $6.9 billion worth of Russian products, including arms and defense goods, mineral resources, fertilizers, metals, diamonds, and other precious stones.
The world’s sixth biggest economy also imports Russian oil, with the country’s major refiner, Indian Oil Corp, increasing purchases over the past month.
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Elixir Energy builds on Mongolia’s first gas discovery with exploration and appraisal program www.proactiveinvestors.com.au

Elixir Energy Ltd (ASX:EXR) continues to advance its coal bed methane exploration and appraisal program in North Asia, where it’s building on Mongolia’s first gas discovery.
Currently, the ASX-lister is invested in developing its wholly-owned Nomgon IX coal bed methane production sharing contract (PSC), just north of the Mongolian/Chinese border.
As part of its exploration and appraisal program, Elixir’s first well in its 2022 drilling campaign discovered a new coal-bearing sub-basin.
Since then, an appraisal well on the property has been spudded and two more drilling sub-contractors have signed up to accelerate the company’s work program.
Elixir is advancing Mongolia’s first coal bed methane discovery. Down the line, it believes the project could operate all year round.
Rapidly expanding activities
Speaking about progress to date, Elixir managing director Neil Young said: “Naturally we are pleased that our 2022 program has started off with a successful exploration well.
“As the Mongolian winter turns to spring, we are rapidly expanding our activities in the Nomgon PSC and are pleased to be adding two new drilling subcontractors to our overall team.”
Elixir’s exploration plans for 2022 include acquiring 322 kilometres of 2D seismic data. This program is underway, with 47 kilometres acquired to date.
The story so far
Elixir’s first well in its 2022 drilling campaign was the Tim-1S exploration well, targeting the identification of a new sub-basin just south of the Tavan Tolgoi mining complex.
This well was drilled to a total depth of 804 metres and logged 16 metres of coal and 30 metres of silty coal, yielding a total coal pay of 46 metres.
The drilling sub-contractor that drilled Tim-1S, Top Diamond Drilling LLC, has now moved its rig to the Tim-2 location — the appraisal well that was recently spudded — roughly 200 metres downdip of the Tim-1 coal intersection.
Notably, Tim-1S and Tim-2 were drilled as carry over wells from the PSC’s 2021 budget.
Elixir now has all the formal annual approvals to begin the 2022 program and recently re-signed Top Diamond Drilling — as well as a new drilling sub-contractor, Ellecohr LLC — to drill the company’s wells in the exploration and appraisal program for this year.
In addition, Elixir is contracting with the local subsidiary of international drilling firm Major Drilling to drill and complete the long term pilot production wells, due to be drilled in the middle of the year.
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EBRD supports Mongolia's first natural skincare brand www.akipress.com

The EBRD and We-Fi help Lhamour LLC prepare for global expansion, EBRD release said.
Founded in 2014, Lhamour is a natural skincare brand with green credentials ­­– the first of its kind in Mongolia. The company recently benefited from EBRD support and funding from the Women Entrepreneurs Finance Initiative (We-Fi) to improve its HR management processes, allowing founder and CEO Khulan Davaadorj, to step back from running the day-to-day business and focus more on strategic goals.
Lhamour started as a home business and Khulan had found herself responsible for marketing, design and branding, social media and even accounting. After seven years of managing everything, she sensed it was the right time to divert her attention to other areas and approached the EBRD’s Women in Business programme for assistance.
The EBRD matched the company with consultants, who conducted an HR audit leading to the implementation of a KPI and bonus scheme within the company. These targets and incentives improved productivity, and allowed roles to become better defined and employees to step up into management positions. For Khulan, it was essential that the company culture she had spent years fostering remained and thrived along with the changes.
Inception: evolving a passion project into a viable business
A self-confessed nomad and entrepreneur, following her return to Mongolia in 2012 after many years abroad, the seeds of Khulan’s business idea were sown when she began to suffer from skin rashes. Her GP suspected that the cause was a combination of the local air pollution, water quality and extreme climate, so Khulan sought out mild, natural skincare products that would help alleviate the itching without causing further inflammation.
However, there was nothing she could find. The products on the market were either imported – and not genuinely natural – or low quality. She was inspired to learn about our skin and the effects that chemical-based products can have on it and enrolled in Formula Botanica – the world's leading online organic cosmetic science school – and became an accredited skincare product formulator.
Khulan was soon making products at home using Mongolian ingredients. The business grew from there, launching as Lhamour, in 2014. The name is a combination of ‘Lhamo’, her niece, and ‘amour’, the French word for love, and now has 34 employees producing over 40 handmade skincare products and accessories using many locally sourced ingredients, such as yak milk. Today, Lhamour officially sells its products in 10 countries.
Lhamour is truly setting the pace for eco-friendly business in Mongolia, providing natural skincare products through a zero waste production method and using unique local ingredients for the health-conscious and socially responsible consumer.
The company had a setback in 2015 when the basement of its factory was flooded and everything was destroyed. Khulan reached out to her Facebook followers for help and was moved when 10 young volunteers she had previously mentored turned up to help remove the water – which was knee-deep – and dry out whatever they could.
Because Lhamour had loyal customers and employees who shared in Khulan’s vision, it prevailed, despite the challenges of getting production going again. Fast-forward to today and the company is planning to expand, focusing on establishing new commercial ties and opportunities in the EU, the USA and Japan in the very near future.
With a strong brand identity, a great company culture and a commitment to sustainable business practices, Lhamour’s continued growth seems all but assured.
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Preparations completed to start construction of Erdeneburen HPP www.montsame.mn

During today’s regular meeting of the Cabinet, Minister of Energy N.Tavinbekh presented the progress of the Erdeneburen hydropower plant project.
The western region of Mongolia consumes 35 MW of power annually, while the Erdeneburen HPP will have a capacity to provide 90 MW. The Energy Minister pointed out at the beginning of the presentation that the plant is projected to have three times more capacity than the western region’s annual consumption.
He said, "With the commissioning of this plant, we will be able to supply domestic green energy to the western region sustainably. All the necessary preparation works to commence the construction phase are finished. The only challenge we are facing right now is the relocation of the 1,251 farmers and herders or 270 households who currently reside in the area. Under the effective law, they will only be compensated based on the value of their fixed assets. Therefore, the government is considering increasing the compensation. The final decision will be made at the next week’s meeting and in consultation with the Prime Minister”.
While emphasizing the world’s transition to renewable energy sources with views to reduce greenhouse gas emissions and mitigate climate change, the Minister noted that the hydropower plant is the most suitable for Mongolia. Currently, there is no large-capacity hydropower plant in our country except the seven which are low-capacity.
At the end of his presentation, the Minister underlined that the government will pay special attention to the use of renewable energy sources due to the inability of existing power plants to normally operate during peak hours, and noted that not only Erdeneburen, but also Eg and Shuren HPP projects are moving forward.
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Mutual travel between Mongolia and Russia resumes from March 29 www.montsame.mn

On March 29, the Government of the Russian Federation approved a resolution which allows both countries’ people to travel through the Mongolian-Russian border ports.
Citizens have been allowed to travel through the auto road border crossings from midday today, March 30, following a note that was received by the Ministry of Foreign Affairs from the Embassy of the Russian Federation in Mongolia.
In order to travel to Russia, Mongolian citizens will be required to have a negative PCR test taken within 48 hours before crossing the border, reported the Embassy.
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Rail connects Chinese goods with the world www.global.chinadaily.com.cn

China's largest railway port on the border with Mongolia has seen a significant rise in international freight train services over the past decade, boosting connectivity between China, Mongolia and Central European countries.
By this month, Ereenhot Port in North China's Inner Mongolia autonomous region, the largest land port on the China-Mongolia border, had facilitated more than 9,000 China-Europe freight trains since the first such train passed through in 2013.
Over the past 10 years, the port has witnessed a rapid increase in China-Europe freight trains.
In 2013, only two such train services were facilitated, while last year, the port saw 2,739 trains pass through. There are 57 routes connecting more than 50 cities in 22 regions in China and 44 stops in nine countries.
The trains have played an important role in smooth logistics and the stable supply of anti-epidemic materials for China and countries along the routes.
With the expansion of the China-Europe freight train network, agricultural and industrial products from all over China can be transported on outbound trains to be sold abroad. The inbound trains carry overseas goods, such as German beer and French wine, to China, benefiting Chinese consumers.
In addition to commodities and food, exports of high-value-added products, such as automobiles, motorcycles and solar photovoltaic modules, have also increased.
To increase efficiency, the railway port has improved its services by building a "smart border inspection platform", offering customs clearance 24 hours a day and carrying out contact-free inspection in accordance with epidemic control protocols.
"The station has launched a series of facilitation initiatives such as priority inspection for China-Europe freight trains and special channels for epidemic prevention materials," the station's director, Amgalan, said. "Abiding by epidemic control protocols, we make every effort to ensure the safe and efficient passage of China-Europe trains and to boost the high-quality development of the economy in the border area."
The 500th China-Europe freight train this year passed through the port on March 1, hitting that mark 18 days earlier than last year.
China State Railway Group has said a new national railway schedule will be operated from April 8, with more China-Europe freight train services scheduled to better serve international supply chains and improve high-quality opening-up.
By January, there had been more than 50,000 China-Europe freight train trips through all border ports.
The value of goods transported by the cargo services has skyrocketed from $8 billion in 2016 to $74.9 billion last year, an increase of more than 9 times, according to the group.
 
 
 
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Mongolia records 85 new COVID-19 cases www.xinhuanet.com

March 30 (Xinhua) -- Mongolia reported 85 new COVID-19 cases in the last 24 hours, raising the national tally to 469,282, the country's health ministry said Wednesday.
Meanwhile, no new related deaths were recorded in the past day, leaving the death toll unchanged at 2,108.
Life has essentially returned to normal in Mongolia due to high vaccination coverage and declining daily infections, with less than 100 cases registered countrywide since mid-March.
Almost 67 percent of the country's population of 3.4 million has received two COVID-19 vaccine jabs, 1,032,361 people have received a third dose and nearly 115,000 have received a voluntary fourth shot.
The Asian country has resumed in-person classes for all educational institutions and fully opened its borders to foreign tourists, who are no longer required to have a polymerase chain reaction test or be quarantined.
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Rio Tinto secures lithium project in Argentina www.mining.com

Rio Tinto (ASX, LON, NYSE: RIO) has completed the acquisition of the Rincon lithium project in Argentina for $825 million, following Australia’s Foreign Investment Review Board (FIRB) approval of the transaction.
The world’s second-largest miner saw its lithium ambitions partially crushed in January after Serbia revoked Rio Tinto’s licence for the $2.4 billion Jadar project over environmental protests.
The Argentinean asset could help the company reignite its plans and strengthen its portfolio for the global energy transition.
Rincon is a large undeveloped lithium brine project located in the heart of the lithium triangle in Argentina’s Salta Province, an emerging hub for greenfield projects.
The company said the asset, a long-life, scaleable resource, had the potential to have one of the lowest carbon footprints in the industry.
“Rincon strengthens our battery materials business and positions Rio Tinto to meet the double-digit growth in demand for lithium over the next decade, at a time when supply is constrained,” chief executive Jakob Stausholm said in the statement.
A July 2021 resource estimate of Rincon lists measured and indicated resources of lithium carbonate equivalent at 5.8 million tonnes, as well as inferred resources at just under 6 million tonnes.
The project has reserves of almost 2 million tonnes of contained lithium carbonate equivalent, sufficient for a 40-year mine life.
Rincon will use a direct, low-cost extraction technology that has the “potential to significantly increase lithium recoveries” compared to solar evaporation ponds, Rio said, adding that a pilot plant was currently running at the site.
The company also said that market fundamentals for battery grade lithium carbonate were strong, with lithium demand forecasted to grow 25-35% a year over the next decade. EV sales are on track to hit up to 55% of the world’s total light vehicles sales as early as 2030, reaching about 65 million units.
This means, Rio has said, that manufacturers would need about three million tonnes of lithium per year, compared with the roughly 350,000 tonnes they consume today.
Rio Tinto estimates that committed lithium supply and capacity expansions will contribute only about 15% to demand growth over the 2020-2050 period. The remaining 85% would need to come from new projects.
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Kinross in negotiations to sell Russian mines www.mining.com

Canada’s Kinross Gold Corp (TSX: K; NYSE: KGC) has entered exclusive negotiations with an unnamed third-party mining company after receiving several proposals to sell all its Russian assets.
As part of the exclusivity agreement, Kinross’ Russian subsidiaries will continue to operate the Kupol mine and other assets to maintain them properly.
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Kinross noted in a media release Tuesday afternoon that any potential divestiture or change of control would have to receive Russian government approval.
Kinross will also continue to manage and mitigate the environmental impacts of its Russian operations. This includes overseeing monitoring systems and transporting industrial materials to the Kupol mine that are not allowed to remain at the port to maintain safety and regulatory compliance.
Kinross said it would continue to prioritize the well-being of its more than 2,000 employees in the country as it developed its transition plan.
Kinross will not benefit financially from the Russian operations while the transition plan is finalized. According to Kinross, current activities will be funded through resources already in-country, with no additional investment required by the parent company.
Kinross said it would suspend its Russian operations this month, including the Udinsk development project and Kupol mine. Kinross expects to treat its Russian business as an asset held for sale from an accounting perspective until a change of control is completed.
Several companies with exposure to Russia are taking steps to comply with sweeping Western sanctions against Moscow over its invasion of Ukraine.
Anglo-Australian miner Rio Tinto (LSE: RIO) also said it is cutting ties with Russian businesses, while miner Glencore (LSE: GLEN) sold its stake in Russia’s Russneft in February.
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Mongolia’s import from India reaches USD 30 million www.montsame.mn

Mongolia-India cooperation meeting themed ‘Expanding 3T Horizons for India and Mongolia – Trade-Technology-Tourism’ was held at the Mongolian National Chamber of Commerce and Industry (MNCCI) on March 25, 2022
The meeting was attended by Ambassador Extraordinary and Plenipotentiary of the Republic of India to Mongolia M.P. Singh, former Ambassador Extraordinary and Plenipotentiary of Mongolia to the Republic of India G.Ganbold, other relevant officials, and business representatives.
In his opening remarks delivered at the meeting, MNCCI President O.Amartuvshin emphasized the great potential that the two countries have for trade and economic cooperation in the fields of oil, tourism, pharmaceuticals, and information technology.
Mongolia imports a variety of medicine, pharmaceuticals, animal vaccines, tea, sugar, telecommunications equipment, and trucks from India. The import reached USD 30 million last year. On the other hand, Mongolia mainly exports minerals such as coking coal, fluorspar, copper concentrate, iron ore, and uranium, which totaled about USD 200 thousand in 2021.
The meeting focused on bilateral relations, non-mining cooperation, traditional medicine trade, and tourism and hospitality services. The sub-meeting on tourism touched upon the health and religious tourism between the two countries, while the education meeting focused on education opportunities in India, the Indian Technical and Economic Cooperation (ITEC), and the Council for Cultural Relations (ICCR) scholarship program.
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