Dec. 14 (Xinhua) -- Mongolia on Tuesday confirmed 191 new COVID-19 cases in the last 24 hours, bringing the national tally to 386,826, according to the country's health ministry.

Two of the latest confirmed cases were imported from abroad and the remaining were local transmissions, the ministry said in a statement.

Meanwhile, two more COVID-19 patients over the age of 40 died in the past day, pushing the national death toll to 1,965, it said.

Currently, 2,925 COVID-19 patients are being hospitalized across the country, while 5,122 patients are receiving home-based care, according to the ministry.

Over 66 percent of Mongolia's population of 3.4 million has received two vaccine doses, with 814,756 people over 18 years of age having received a booster. Enditem

The President of Mongolia U.Khurelsukh will pay an official visit to the Russian Federation on December 15-17, 2021 as part of the celebration of the 100th anniversary of the establishment of diplomatic relations between Mongolia and the Russian Federation.

During the visit, President Khurelsukh will hold talks with his Russian counterpart Vladimir Putin to exchange views on a wide range of issues of bilateral cooperation.

Moreover, a ‘Joint declaration on the 100th anniversary of the establishment of diplomatic relations between Mongolia and the Russian Federation’ will be issued and documents of cooperation in some sectors will be signed.

Starting from January 1, a total of 59 services being provided in Ulaanbaatar will be made available digitally.

Preparation has been ensured to digitize 59 permissions out of a total of 82 types of permissions provided by agencies, departments of the districts and the capital city. At the regular meeting of the capital city authorities, numerous works being carried out to eliminate bureaucracy in public services of Ulaanbaatar have been presented.

A National Committee was established in charge of digital transition and eliminating corruption and bureaucracy. At the meeting officials reported on the progress of works aimed at connecting the districts with fiber optic cable and high-speed internet, ensuring cyber security, and digitalizing permissions issuance, provided to the citizens.

Students of Ulaanbaatar took third place at the 6th International Olympiad of Metropolises with a team score.

Teams from 35 cities competed in chemistry, physics, mathematics, and informatics in the Olympiad.

A team of eight 14-18-year-old students represented Ulaanbaatar in the Olympiad with two students participating in each event and won two gold, one silver, and two bronze medals. Specifically, student of School No.1 B.Munkhtselmeg won gold in mathematics, Selbe School’s B.Gerel gold in chemistry, Orchlon School’s Ts.Taikhar bronze in chemistry Sant School’s B.Bilguun silver in physics, and Sh.Bilguudei bronze in informatics.

Moreover, Ulaanbaatar’s team won prize in a blitz contest held as part of the Olympiad, which required the teams to solve 80 tasks in 2 hours.

MONTREAL, Dec. 13, 2021 /CNW/ - Turquoise Hill Resources Ltd. ("Turquoise Hill" or the "Company") today noted recent media coverage regarding ongoing negotiations between the Government of Mongolia (the "Government"), Rio Tinto and the Company. The Company and Rio Tinto have made a joint offer to the Government of Mongolia which aims to reset the relationship and allow all parties to move forward together. The offer includes, among other elements, a proposal to forgive and write-off the entirety of the approximately US$2.3 billion carry account loan owing by the Mongolian-owned shareholder (Erdenes) to the Company and cancellation of the UDP agreement on a go-forward basis. The offer follows on months of discussions between Turquoise Hill, Rio Tinto and the Government of Mongolia to understand the Government's issues and priorities, deliver greater economic value to Mongolia and build a stronger partnership for a prosperous future for all.

Turquoise Hill remains committed to working with the Government of Mongolia to advance the Oyu Tolgoi project for the benefit of all stakeholders, including securing approval for the commencement of the undercut as quickly as is practical following the entering into of a definitive agreement among the parties. Negotiations continue and remain subject to required approvals, with all parties focused on being in a position to finalise an agreement. A further market update will be provided as and when appropriate.

Forward-looking statements and forward-looking information

Certain statements made herein, including statements relating to matters that are not historical facts and statements of the Company's beliefs, intentions and expectations about developments, results and events which will or may occur in the future, constitute "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements and information relate to future events or future performance, reflect current expectations or beliefs regarding future events and are typically identified by words such as "anticipate", "could", "should", "expect", "seek", "may", "intend", "likely", "plan", "estimate", "will", "believe" and similar expressions suggesting future outcomes or statements regarding an outlook. These include, but are not limited to, statements and information regarding: the likelihood of the Company being able to achieve, in the near or mid-term, a definitive agreement with the Government of Mongolia and Rio Tinto that would settle various outstanding material matters that are critical to progressing the Oyu Tolgoi project and the corresponding likelihood of the undercut decision being able to be made reasonably shortly thereafter; the ability of Oyu Tolgoi LLC ("OT LLC") to maintain critical activities in the OT underground mine development project and to sustain work on the development of the OT underground mine as and when the partial and short-term bridging budget approved by the board of directors of OT LLC at the end of November 2021 shall approach being fully spent or committed in mid-January 2022; the approval or non-approval by the OT Board of any future necessary additional investment and the likely consequences on the timing and overall economic value of the OT project, including slowdown on the underground development and potential further delays to first sustainable production; in the event a definitive agreement with the Government of Mongolia is not entered into in the near term, the ongoing negotiations with, and the nature of the Company's relationship and interaction with, the Government of Mongolia on the continued operation and development of OT, including with respect to the Definitive Estimate and the potential termination, amendment or replacement of the 2009 Investment Agreement among Turquoise Hill, the Government of Mongolia, OT LLC and an affiliate of Rio Tinto ("IA") or the Oyu Tolgoi Mine Development and Financing Plan ("UDP") as well as the willingness of the Government of Mongolia to further engage in meaningful discussions with the Company, Rio Tinto and OT LLC; the willingness and ability of the parties to the IA or the UDP to amend or replace either such agreement; the implementation and successful execution of the funding plan that is the subject of the Heads of Agreement between the Company and Rio Tinto entered into in April 2021 ("HoA") and the amount of any additional future funding gap to complete the Oyu Tolgoi project and the amount and potential sources of additional funding required therefor, all as contemplated by the HoA, as well as potential delays in the ability of the Company and OT LLC to proceed with the funding elements contemplated by the HoA as a result of delays in approving or non-approval of any future necessary additional investment by the OT Board; the expectations set out in the 2020 Oyu Tolgoi Technical Report ("OTTR20"); the timing and ultimate resolution of certain non-technical undercut criteria; the timing and amount of future production and potential production delays; statements in respect of the impacts of any delays on achieving first commercial production and on the Company's cash flows; expected copper and gold grades; the merits of the class action complaints filed against the Company in October 2020 and January 2021, respectively; the likelihood that the Company will be added as a party to the international tax arbitration brought by OT LLC against the Government of Mongolia and the merits of its defence and counterclaim; liquidity, funding sources and funding requirements; the amount of any funding gap to complete the OT project; the amount and potential sources of additional funding; the Company's ability to re-profile its existing project debt in line with current cash flow projections; the amount by which a successful re-profiling of the Company's existing debt would reduce the Company's currently projected funding requirements; the Company's ability to raise supplemental senior debt; the timing of studies, announcements and analyses; status of underground development, including any slowdown of work; the causes of the increase in costs and schedule extension of the underground development; the mine design for Panel 0 of Hugo North Lift 1 and the related cost and production schedule implications; the re-design studies for Panels 1 and 2 of Hugo North Lift 1 and the possible outcomes, content and timing thereof; expectations regarding the possible recovery of ore in the two structural pillars, to the north and south of Panel 0; the possible progression of a state-owned power plant ("SOPP") and related amendments to the Power Source Framework Agreement ("PSFA") as well as power purchase agreements and extensions thereto; the timing of construction and commissioning of the potential SOPP; sources of interim power; the continuing impact of COVID-19, including any restrictions imposed by health or governmental authorities relating thereto on the Company's business, operations and financial condition, as well as delays and the development cost impacts of delays caused by the COVID-19 pandemic; capital and operating cost estimates; mill and concentrator throughput; the outcome of formal international arbitration proceedings; anticipated business activities, planned expenditures, corporate strategies, and other statements that are not historical facts.

Forward-looking statements and information are made based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such statements or information. There can be no assurance that such statements or information will prove to be accurate. Such statements and information are based on numerous assumptions regarding present and future business strategies, local and global economic conditions, and the environment in which the Company will operate in the future, including the price of copper, gold and silver; projected gold, copper and silver grades; anticipated capital and operating costs; anticipated future production and cash flows; the anticipated location of certain infrastructure in Hugo North Lift 1 and sequence of mining within and across panel boundaries; the likelihood of the Company being able to achieve, in the near or mid-term, a definitive agreement with the Government of Mongolia and Rio Tinto that would settle various outstanding material matters that are critical to progressing the Oyu Tolgoi project and the corresponding likelihood of the undercut decision being able to be made reasonably shortly thereafter and, more generally, the status and nature of the Company's relationship and interactions and discussions with the Government of Mongolia on the continued operation and development of OT (including with respect to the causes of the increase in costs and schedule extension of the underground development) and OT LLC internal governance (including the outcome of any such interactions or discussions); the availability and timing of required governmental and other approvals for the construction of the SOPP; the ability of the Government of Mongolia to finance and procure the SOPP within the timeframes anticipated in the PSFA, as amended, subject to ongoing discussions relating to a standstill period; the willingness of third parties to extend existing power arrangements; the willingness and ability of the parties to the IA or the UDP to amend or replace either such agreement; the nature and quantum of the current and projected economic benefits to Mongolia resulting from the continued operation of OT; the implementation and successful execution of the funding plan that is the subject of the HoA and the amount of any additional future funding gap to complete the OT project as well as the amount and potential sources of additional funding required therefor, all as contemplated by the HoA.

Certain important factors that could cause actual results, performance or achievements to differ materially from those in the forward-looking statements and information include, among others: copper, gold and silver price volatility; discrepancies between actual and estimated production; mineral reserves and resources and metallurgical recoveries; development plans for processing resources; public health crises such as COVID-19; matters relating to proposed exploration or expansion; mining operational and development risks, including geotechnical risks and ground conditions; litigation risks, including the outcome of the class action complaints filed against the Company; the outcome of the international arbitration proceedings; regulatory restrictions (including environmental regulatory restrictions and liability); OT LLC or the Government of Mongolia's ability to deliver a domestic power source for the OT project within the required contractual time frame; communications with local stakeholders and community relations; activities, actions or assessments, including tax assessments, by governmental authorities; events or circumstances (including public health crises strikes, blockades or similar events outside of the Company's control) that may affect the Company's ability to deliver its products in a timely manner; currency fluctuations; the speculative nature of mineral exploration; the global economic climate; global climate change; dilution; share price volatility; competition; loss of key employees; cyber security incidents; additional funding requirements, including in respect of the development or construction of a long-term domestic power supply for the OT project; capital and operating costs, including with respect to the development of additional deposits and processing facilities; defective title to mineral claims or property; and human rights requirements. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements and information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. All such forward-looking statements and information are based on certain assumptions and analyses made by the Company's management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are reasonable and appropriate in the circumstances. These statements, however, are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements or information.

With respect to specific forward-looking information concerning the continued operation and development of OT, the Company has based its assumptions and analyses on certain factors which are inherently uncertain. Uncertainties and assumptions include, among others: the likelihood of the Company being able to achieve, in the near or mid-term, a definitive agreement with the Government of Mongolia and Rio Tinto that would settle various outstanding material matters that are critical to progressing the Oyu Tolgoi project and the corresponding likelihood of the undercut decision being able to be made reasonably shortly thereafter and, more generally, the status and nature of the Company's ongoing negotiations, relationship and interactions with the Government of Mongolia on the continued operation and development of OT (including with respect to the causes of the increase in costs and schedule extension of the underground development) and OT LLC internal governance (including the outcome of any such interactions or discussions); the sufficiency of the partial and short-term bridging budget approved at the end of November 2021; the approval or non-approval by the OT Board of any future necessary additional investment, and the likely consequences on the timing and overall economic value of the OT project, including slowdown on the underground development and significant delays to first sustainable production; the willingness and ability of the parties to the IA and the UDP to amend or replace either such agreement; the timing and cost of the construction and expansion of mining and processing facilities; the timing and availability of a long-term domestic power source (or the availability of financing for the Company or the Government of Mongolia to construct such a source) for OT; the implementation and successful execution of the funding plan that is the subject of the HoA and the amount of any additional future funding gap to complete the OT project as well as the amount and potential sources of additional funding required therefor, all as contemplated by the HoA; the nature and quantum of the current and projected economic benefits to Mongolia resulting from the continued operation of OT; the potential impact of COVID-19, including any restrictions imposed by health and governmental authorities relating thereto, as well as the development cost impacts of delays caused by the COVID-19 pandemic; the impact of changes in, changes in interpretation to or changes in enforcement of, laws, regulations and government practices in Mongolia; the availability and cost of skilled labour and transportation; the obtaining of (and the terms and timing of obtaining) necessary environmental and other government approvals, consents and permits; delays and the costs which would result from delays, including delays caused by COVID-19 restrictions and impacts and related factors, in the development of the underground mine (which could significantly exceed the costs projected in OTTR20); projected copper, gold and silver prices and their market demand; and production estimates and the anticipated yearly production of copper, gold and silver at OT.

The cost, timing and complexities of mine construction and development are increased by the remote location of a property such as OT. It is common in mining operations and in the development or expansion of existing facilities to experience unexpected problems and delays during development, construction and mine start-up. Additionally, although OT has achieved commercial production, there is no assurance that future development activities will result in profitable mining operations.

Readers are cautioned not to place undue reliance on forward-looking information or statements. By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, which contribute to the possibility that the predicted outcomes will not occur. Events or circumstances could cause the Company's actual results to differ materially from those estimated or projected and expressed in, or implied by, these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements are included in the "Risk Factors" section in the Company's annual information form for the year ended December 31, 2020 ("AIF"), as supplemented by the "Risks and Uncertainties" section in the Company's management's discussion and analysis for the third quarter ended September 30, 2021 ("MD&A").

Readers are further cautioned that the list of factors enumerated in the "Risk Factors" section of the AIF and in the "Risks and Uncertainties" section of the MD&A that may affect future results is not exhaustive. When relying on the Company's forward-looking statements and information to make decisions with respect to the Company, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Furthermore, the forward-looking statements and information contained herein are made as of the date of this document and the Company does not undertake any obligation to update or to revise any of the included forward-looking statements or information, whether as a result of new information, future events or otherwise, except as required by applicable law. The forward-looking statements and information contained herein are expressly qualified by this cautionary statement.

On December 13, Rio Tinto and Turquoise Hill Resources sent an official letter addressed to Prime Minister L. Oyun-Erdene, agreeing the proposals and demands of the Government’s working group and confirming to write off Mongolia's USD 2.3 billion debt for its share (34 percent) in the Oyu Tolgoi copper-gold project, and to be fully responsible for the additional costs required until the underground mine is commissioned, which means Erdenes Oyu Tolgoi LLC, the state-owned company that holds the government’s equity in the project will not incur additional debts. Moreover, Rio Tinto expressed its readiness to cancel the Oyu Tolgoi Underground Mine Development and Financing Plan, known as ‘Dubai Agreement’, signed in 2015, and ‘Additional financing plan for Oyu Tolgoi underground mine development’.

The letter reads,

“We have recently held a meeting with You, Mr. Oyun-Erdene Luvsannamsrai, and Chairman of State Great Khural and members of the Temporary Committee to exchange views on improving the Oyu Tolgoi project’s benefits in the interests of the Mongolian people, cancelling the Oyu Tolgoi Underground Mine Development and Financing Plan, known as ‘Dubai Agreement’, writing off Erdenes Oyu Tolgoi’s debts as well as further making the project activities more transparent.

Taking into account your proposals, we are ready to take the following measures based on the discussions at the Board of Investors. These include:

-To write off Mongolia's USD 2.3 billion-debt for its share (34 percent) in the Oyu Tolgoi copper-gold project. With the debt write-off, the previously estimated USD22 billion-debt will not be incurred, which will increase the value of Erdenes Oyu Tolgoi’s 34 percent stake, and the timeline to start receiving dividends gets closer for Mongolia;

- To cancel the Oyu Tolgoi Underground Mine Development and Financing Plan, known as ‘Dubai Agreement’ and the ‘Additional financing plan for Oyu Tolgoi underground mine development’;

- To conduct an independent audit into the financing of the project's underground expansion;

-The Investor also agrees to cover the costs required until the first half of 2023, when the underground mine is commissioned, not incurring additional debts to Erdenes Oyu Tolgoi LLC;

-To take measures to improve control of the underground mining project through the improvement of governance of Oyu Tolgoi LLC, and the company will pay the related costs in accordance with the mutually agreed terms; establish an agreement on power supply from the energy grid of Mongolia; as well as to work together in improving the project's environment, society and governance.

The letter also reads that “the above decisions were difficult to make and represent our final offer. The investors are transferring significant value to Mongolia, which we believe will be the basis for a long-term, trusting partnership. By doing so, we believe that Parliament Resolution No. 92 of 2019 on ‘Ensuring interests of Mongolia in the exploitation of the Oyu Tolgoi gold-copper mine’ has been implemented.”

Rio Tinto also seeks to resolve arbitration disputes between the government and Oyu Tolgoi LLC by consensus within the working group.

“Our shared goal is to start a complex underground caving process at Oyu Tolgoi-known as undercutting- in January 2022. Thus, we would like to work together within the working group to determine the prerequisites for the start of underground caving process."

As 2021 draws to a close, cryptocurrencies are now just a stone’s throw away from becoming a fully valid part of mainstream finance, according to some analysts.

This year was marked by huge events for crypto: El Salvador’s adoption of bitcoin as legal tender, China’s major crackdown on crypto-mining, India’s threat to ban all private cryptocurrencies, big investors entering the crypto game, and Facebook going all-in with its metaverse. And, overall, it was a time of wild swings and record prices.

If countries take a hostile stance, adoption will be much slower, predicts Witek Radomski, co-founder of blockchain platform Enjin.

The price of ether – which is second only to bitcoin in terms of market capitalization – will rise at a much faster rate than its rival, due to the move to proof of stake, according to Tom Higgin, CEO at asset management platform Gold-I.

Initial game offerings will become popular, says Nick Saponaro, co-founder and CEO of decentralized payment ecosystem Divi Project, and larger organizations such as GameStop and Epic will begin making plays at some point next year.

Bitcoin will gain the upper hand over stocks in 2022, opines Mike McGlone, head crypto analyst at Bloomberg Intelligence.

A remote-first Fortune 500 company will declare its official headquarters to be on one of the competing metaverses, predicts Brandon Arvanaghi, CEO of crypto startup Meow.

And the metaverse will become the new interface via which people engage with the web and each other, says Justin Banon, co-founder of decentralized network Boson Protocol.

Hackers drain nearly $200 million from major crypto exchangeREAD

Most people will conduct their day-to-day jobs partially in the metaverse, according to Shane Molidor, chief revenue officer at digital asset financial platform AscendEx.

There will be a battle between the metaverse used by crypto-natives and those launched by gaming and corporate entities such as Meta, predicts Brock Pierce, chair of the Bitcoin Foundation.

Investors will start using bots to make purchases during non-fungible-token minting events, which may shut out less sophisticated users, opines Ethan McMahon, economist at blockchain data platform Chainalysis.

Crypto-economy market capitalization will rise from a peak of $3 trillion in 2021 to over $7.5 trillion, according to Rohit Talwar, CEO at insight and research business Fast Future, and at least 25 nations will be using a central bank digital currency by the end of 2022, either their own or one issued by another country, such as China’s digital yuan.

Banks will look to crypto for fraud trends, says Chris Stephens, head of fraud and security analytics at identification platform Callsign.

The world’s first billion-dollar hack is on the cards, as decentralized finance activity burgeons, according to Benjamin Whitby, who oversees regulatory affairs at cross-chain protocol Qredo.

Mongolia is recalling its diplomats in South Korea over a case of 13 year-old Mongolian girl assaulted and beaten by senior Korean students.

Minister of Foreign Affairs B.Battsetseg presented a proposal to the President on Friday (10 December) to recall Mrs. N.Erdenetuya, Ambassador of Mongolia to South Korea and Ts.Unurzaya, Chief of Consul in Busan for a responsibility of handling the case.

According to law, the President has authority of Ambassadors appointment and removal. Therefore, President U.Khurelsukh will decide on whether to recall N.Erdenetuya. Still, the final decision of N.Erdenetuya’s removal must be approved by parliament. However, the Foreign Minister has authority of recalling the Consul. Therefore, Ts.Unurzaya will be removed from the post of Chief of Consul in Busan.

N.Erdenetuya was appointed as an Ambassador of Mongolia to South Korea in May, 2020. She has 26 years of working experience in civil service- 23 years as a diplomat. Previously, B.Khurts, former Head of the General Intelligence Agency (GIA) was nominated for the post of Mongolian Ambassador to South Korea; however, declined by former President Kh.Battulga.

As for Ts.Unurzaya, she is a daughter of Sh.Tsogtoo, former judge of Mongolian Constitutional Court and close to former President Kh.Battulga.

-The bully case-

The four students living in Yangsan, South Gyeongsang Province, whose identities were withheld, have been accused of beating the 13-year-old girl for about six hours starting at midnight on 3 July, 2020. The victim was a middle school student who moved to Korea from Mongolia about 10 years ago.

They tied the victim’s hands and legs and punched her in the head and face multiple times, and wrote racial slurs on her forehead, according to Yangsan Police Station. The students filmed the act and later distributed the video among fellow students, offering to sell the footage for 5,000 won ($4), according to police.

The police said they have handed two students over to prosecutors after charging them with group assault, 28 October. The other two were sent to the juvenile department of Ulsan District Court, as minors aged 14 or younger cannot be held criminally responsible under current laws.

A public petition was posted on the Cheong Wa Dae website, calling for harsh punishment for the students and the disclosure of their identities.

Mongolian athlete G.Bolor-Erdene won the gold medal in men’s 65 kg at the World Para Taekwondo Championships taking place in Turkey.

By defeating his Italian competitor in the final round, G.Bolor-Erdene claimed his fifth World Champion title. The world championships participated by 250 athletes from 41 countries wrapped up on December 12.

ULAANBAATAR, Dec 13 (Reuters) - Anglo-Australian mining giant Rio Tinto (RIO.AX)(RIO.L) has agreed to write off Mongolia's outstanding $2.3 billion debt for its share in the massive Oyu Tolgoi copper-gold project, Prime Minister Oyun-Erdene Luvsannamsrai said on Monday.

Oyun-Erdene said his office had received a letter from Rio Tinto agreeing to write off the debt, conduct an independent audit into the financing of the project's underground expansion and improve governance.

"We have proposed that the benefits of Oyu Tolgoi be in the interests of the Mongolian people," Oyun-Erdene told a briefing.

He said Rio also agreed the much-delayed expanded underground section of the mine would be completed by 2023.

Oyu Tolgoi is Mongolia's biggest investment project but it has been subject to frequent disputes and delays, with Mongolian politicians repeatedly calling for the original investment agreement to be redrawn.

A Rio Tinto spokesman said in a statement the offer made to Mongolia "aims to reset the relationship and allow all parties to move forward together", without providing details of the debt writedown offer.

"The offer reflects months of discussion between Rio Tinto, TRQ (subsidiary Turquoise Hill Resources (TRQ.TO)) and the Government of Mongolia to understand the Government's issues and priorities, deliver greater economic value to Mongolia and build a stronger partnership for a prosperous future for all.”

Reporting by Anand Tumurtogoo; Additional reporting by Sonali Paul in Melbourne; Writing by David Stanway; Editing by Christopher Cushing and Lincoln Feast.