SEOUL, South Korea, Dec. 1, 2021 /PRNewswire/ -- DEVITA Global ("DEVITA") together with the Bodi Insurance Group ("Bodi Insurance") have agreed on a cooperation partnership for the joint development of a decentralized health data sharing economy by employing blockchain technology to create a network of trust on which platform participants, characterized as either "Data Owner" or "Data User", can securely store and exchange personal health data.

This agreement comes at a time when the global health insurance sector faces a major data management crisis, which has only accentuated higher demand for high-quality, auditable, and reliable health data. After all, data is the lifeline of healthcare today, with reliable and censorship-resistant exchanges crucial to quality and efficiency.

DEVITA's decentralized health data sharing economy enables Data Owners to profit from providing their personal health information to the Decentralized Health Database or through the sale of their data on the DEVITA Marketplace to Data Users who require the acquisition of untampered health data collected through reliable means. Data is directly sourced from the patients and securely recorded to an immutable and interconnected decentralized ledger, made available on a permission basis to Data Users for research, market analysis, or in the case of insurance companies, specifically, Bodi Insurance, to gain accurate and reliable insight about individuals' health information in the evaluation of health risks.

Commenting on the partnership with DEVITA, B.Zolbayar (CEO of Bodi Insurance) remarks: "We are delighted as this (DEVITA) presents a way to reliably, securely, and efficiently source high-quality personal health data directly from the data owners in our evaluation of health risks to yield cost-effective insurance products for our consumers."

Dec. 1 (Xinhua) -- Mongolia recorded 554 new infections of COVID-19 and two more related deaths over the past 24 hours, bringing the national counts to 383,270 and 1,932 respectively, the country's health ministry said on Wednesday.

One of the latest confirmed cases was imported case, the ministry said.

Currently, 5,448 COVID-19 patients are being hospitalized across the country, while 10,370 are receiving home-based care, it added.

So far, over 66 percent of Mongolia's population has received two COVID-19 vaccine doses, with over 674,925 Mongolians aged over 18 having received a booster dose.

Mongolian mining sector is expected to have rapid growth until the year of 2030, specifically for the fields of copper and coal. As investment is made to increase its capacity, the two fields are estimated to expand two times in the next 10 years, according to a study carried out by ‘CRU Consulting’ on the outlook for Mongolia’s mining sector.

In connection with the increased production and positive expectations in 2020-2030, total income in the mining sector will increase from USD 5.3 billion to USD 12.5 billion, highlighted the study, which was presented at a discussion took place yesterday on setting up a sovereign wealth fund in Mongolia.

Currently, the mining and extraction sector make up 22 percent of the GDP, 71 percent of direct foreign investment, and 94 percent of exports in Mongolia.

If Mongolia’s GDP grows by 5 percent annually, the mining sector’s contribution will grow from 19.7 percent (as of 2020) to 32.7 percent by the year of 2030, estimates the company.

In the framework of the works being carried out to set up a sovereign wealth fund, the company, ‘CRU Consulting’, is providing consulting services on ways to efficiently develop the fund through the commissioning of the Ministry of Mining and Heavy and Industry with financing from the World Bank.

Turquoise Hill Resources’ (TSX, NYSE: TRQ) board has approved a bridging budget of $75 million that allows the parties involved in the vast Oyu Tolgoi copper-gold mine in Mongolia to progress the operation’s underground expansion.

The Canadian miner, in which Rio Tinto (ASX, LON, NYSE: RIO) has a 50.8% stake, said the board’s decision reflected the progress made in the ongoing negotiations between the Government of Mongolia, Rio Tinto and the company.

Turquoise noted that, while it believes the budget approval was a “necessary and positive step”, there can be no assurance that the board of Oyu Tolgoi LLC will approve any future crucial additional investments to continue progressing the mine’s underground section.

Shares in the company climbed on the news and were trading 2.5% higher at $15.2 in New York at the opening.

Rio Tinto’s chief executive Jakob Stausholm met last week with Mongolia’s Prime Minister Luvsannamsrain Oyun-Erdene, aiming to iron out issues still threatening the future of the huge copper mine.

The ongoing expansion of the project in the Gobi desert has been plagued by delays and costs overruns, which have triggered the Mongolian government’s ire to the point of threatening to revoke the 2009 investment agreement, which underpins the mine development.

On shaky ground

Relations between Rio Tinto and the Central Asian nation hit a low in August, when an independent review rejected the mining giant’s explanation for the project’s delays and climbing costs.

Mongolia’s position is that Rio should cover cost overruns while debts accrued on Ulaanbaatar’s share of the project (34%) should be fully removed.

The Prime Minister reportedly wants Rio Tinto and Turquoise Hill to revisit the economic benefits that the expansion will bring to the state’s coffers.

Sources familiar with the matter told MINING.COM earlier this year that Rio is prepared to make concessions to the Mongolian government to complete the troubled project, including reducing interest rates on loans to the nation to fund its share of the construction costs.

Rio may also consider a “restructuring” of Oyu Tolgoi’s ownership order, the sources said.

Fourth largest copper mine

First production from Oyu Tolgoi’s underground section, initially expected in late 2020, has been rescheduled a few times since 2015, when Rio approved the expansion project.

The latest estimate, announced in October, sees the underground mine kicking into commercial production not earlier than January 2023.

Oyu Tolgoi is Rio Tinto’s main copper growth project. Once completed, the mine’s underground section will lift production from 125,000–150,000 tonnes in 2019 to 560,000 tonnes at peak output, which is now expected by 2025 at the earliest.

By 2030, the operation would be the world’s fourth largest copper mine, according to Rio Tinto.

The mine is the country’s biggest source of foreign direct investment, having created thousands of jobs and generating almost $3 billion in taxes and fee revenue over the past decade.

The cost of electricity in Finland exceeded €400 per megawatt-hour during peak consumption hours this week, according to data from the Nord Pool electricity exchange.

The highest price was recorded on November 29, at €422 per MWh (including taxes). That’s about five times higher than a year ago.

Finland is energy-dependent, with about 10% of its electricity supplied by Russia. Experts attribute the increased price to high energy costs in Central Europe, where a large amount of electricity is generated from natural gas, the price of which has increased significantly. They say electricity in Finland is likely to remain expensive until next summer, when the Olkiluoto 3 nuclear power plant is expected to become operational.

Natural gas costs have been rising for European consumers with the winter season approaching. On Tuesday, the price of January futures on the TTF exchange in the Netherlands exceeded $1,170 per thousand cubic meters, or €100 per MWh in household terms.

“According to our forecast, the price of electricity will remain high in winter but will start to decline in spring. It is likely that it will not be as high as it is today, but the overall level remains elevated,” a spokesman for Finnish electricity company Fingrid, Mikko Heikkila, told journalists.

He added that “Finland is very dependent on imports. In winter we need energy from neighboring countries but if the electricity market and domestic electricity production work normally, then next winter there will be enough electricity.”

According to Fingrid, the share of electricity imports from Russia amounted to 10% of consumption in Finland in the first nine months of 2021.

The average price of Russian electricity was €57.98 per MWh. Russian energy company Inter RAO said last week that most of its electricity export volume goes to Finland (37%), the Baltic countries (23%), and China (18%)

ULAANBAATAR, Mongolia, Nov. 30, 2021 (GLOBE NEWSWIRE) -- Steppe Gold Ltd. (TSX: STGO) (“Steppe Gold” or the “Company”) today announces the filing of a technical report (the “Technical Report”) on its 100% owned Altan Tsagaan Ovoo Project located in Mongolia regarding the Phase 2 Expansion Project.

The Technical Report titled “NI 43-101 Technical Report – Feasibility Study for the Altan Tsagaan Ovoo (ATO) Phase 2 Expansion Project Mongolia” has been prepared by DRA Global Limited (DRA). The Technical Report is available under the Company’s profile on SEDAR at www.sedar.com and on the Company’s website at www.steppegold.com.

Steppe Gold is Mongolia’s premier precious metals company.

Chief of the General Staff of the Armed Forces and first Deputy Defense Minister of the Russian Federation, Army General V.V. Gerasimov paid a courtesy call on President of Mongolia and Commander-in-Chief of the Mongolian Armed Forces U. Khurelsukh today, November 30.

President U.Khurelsukh noted that the Mongolian and Russian people have been together in difficult times of war and even in building peace. The President expressed confidence that the visit of the Chief of General Staff will give an important impetus to the bilateral relations and cooperation in defense sector, in particular the Armed Forces.

Chief of the General Staff of the Armed Forces and first Deputy Defense Minister of the Russian Federation, Army General V.V. Gerasimov expressed satisfaction with the relations and cooperation between defense sectors of the two countries, citing the example of the Selenge joint military exercise being organized every year, as well as training of Mongolian servicemen at military academies and universities in Russia.

During the meeting, the parties exchanged views on further development of military and military-technical relations and cooperation between the two countries.

On November 29, Minister of Mining and Heavy Industry G.Yondon presented the bill to make amendments to the Law on Petroleum to Speaker G.Zandanshatar.

Currently, Mongolia imports 100 percent of its demand for petroleum, which in turn makes its domestic market price reliant on global market price, foreign exchange rate as well as the price set for import from Russia and other countries.

As aviation fuel is 28.8 percent more expensive in Mongolia compared to the price in other countries, domestic civilian aviation companies prefer to refuel their aircrafts abroad: 57 percent of the fuel filled abroad.

In connection with the project for the new Chinggis Khaan International Airport, the Minister of Mining and Heavy Industry was tasked to take necessary measures to resolve the matter concerning the supply of fuel for the new airport by expanding the operations of Mongol Refinery State Owned LLC. Thus, a subsidiary was established under the name, ‘Erchis Oil’ State Owned LLC per the Minister’s order issued in 2020.

During the talks held with foreign investors that expressed their interest in supplying fuel for the airport, ‘Erchis Oil’ State Owned LLC received a suggestion for cooperation from RN-Aero, a subsidiary of the Russian oil company Rosneft.

However, Article 7.2 of the Law on Petroleum states that a foreign entity, who is solely supplying no more than 30 percent of total oil to Mongolia, is prohibited to sale its products on the domestic market through its invested entity or its units. This article limits the opportunity for the state-owned company to cooperate with foreign supplier for fuel supply at the airport. Thus, in the framework of the measures being taken to expand the operations of Chinggis Khaan International Airport as well as to support the supply of fuel at a competitive price for various aircraft operating in Mongolia and going through the country’s territory, a bill was drafted to make amendments to the article.

On November 29, Capital City Road and Transport Projects Manager B.Odsuren introduced works being carried out to reduce traffic congestion in the capital city during a press conference..

Noting that research, blueprints, feasibility studies, and consultations are taking place in phases to reduce traffic congestion in the capital city, he emphasized that the blueprints have been developed for the construction of new primary and secondary roads at a total of 90 locations in the city. Furthermore, necessary preparations are planned to be carried out for light rail transit (LRT), parking lots, new pedestrian roads and bike paths. This includes infrastructure, green space, and flood protection dams, highlighted the capital city official.

Regarding the introduction of cable cars in the capital city, he said, “A working group was established by the government, which convened three times so far. Its first route is planned to be established between Bayankhoshuu and the III microdistrict. As some households in the area have refused to allow such structure to be built on their land, the team has made a conclusion to change the route, taking into account other potential risks.”

The cable car project is being financed through a soft loan being provided from the Government of the Republic of France. “In order to increase the project’s benefits and profits, we are making appropriate changes to the route. We will introduce the matter in greater detail in the coming year,” he said.

As for what other measures are being planned with MNT 420 billion allocated for reducing traffic congestion in the capital city, project and program advisor to the Governor of the Capital City Ch.Batzorig noted " In the next three years MNT420 billion will be spent annually for reducing traffic congestion, according to the Government resolution N146. A total of 42 projects, including road, road facilities, bridges and LRT will be financed with the budget. 500 buses will be renewed in 2022 through public-private partnership.

Turquoise Hill Resources Ltd. announced yesterday that, in light of the progress made in the ongoing negotiations between the Government of Mongolia, Rio Tinto and the Company, the Board of Directors of OT LLC approved a bridging budget of USD 75 million to continue to progress critical activities in the Oyu Tolgoi underground mine development project. The Company expects that the approved increase should be sufficient to sustain work on the development of the OT underground mine up to mid January 2022.

While the Company believes that the decision to approve the bridging budget was a necessary and positive step in the near term, the Company cautions that there can be no assurance that the OT Board will approve any future necessary additional investments to further progress underground development and accordingly OT LLC remains at risk of having to slow down further work on the underground development.

Last week, Rio Tinto Ltd boss Jakob Stausholm has made his first trip to Mongolia while in the top job to meet Prime Minister L.Oyun-Erdene as Rio looks to revive a relationship that has soured over the development of a big copper mine.

Rio has faced costly delays at the underground expansion of its Oyu Tolgoi project that it has blamed on geotechnical difficulties and COVID-19, angering the Mongolian government and shareholders of developer Turquoise Hill Resources TRQ.TO in which Rio has a majority stake.

Rio last month delayed first production at the underground development of Oyu Tolgoi by three months to January 2023, after Turquoise had estimated additional funding required for the project had ballooned to $3.6 billion.

Delays to development of what will be one of the world’s largest copper mines has antagonised the Mongolian government, which owns a 34% stake, and fuelled a funding spat between Rio and Turquoise Hill.