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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Bringing Mongolian Grand Slam back to the World Judo Tour! www.news.mn

Quietly, slowly but surely, Mongolia is building a team that in the coming years may be fearsome. It is one of the countries that is fortunate to have both men and women and is presenting its new pearls in society.
The world already know Ts.Tsogtbaatar, whose career at U73kg is becoming meteoric, with two world medals and one Olympic medal, in addition to his brand-new lead in the category. Now Mongolia also has a heavyweight, O.Tsetsentsengel. He is the latest product of a delegation that has managed to combine youth and seniority with wisdom. It is a country that also has Saeid Mollaei.
Ts.Tsogtbaatar in the men’s -73 kg and Ts.Tsetsentsengel both claims two Grand Slam golds for Mongolia.
Looking ahead to next year, IJF President Marius Vizer and Mr Kh.Battulga, Former President of Mongolia, and President of the Mongolian Judo Association, signed the contract for the Mongolian Grand Slam, officially bringing Ulaanbaatar back to the World Judo Tour!
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COVID-19: 393 new cases, eight deaths reported www.montsame.mn

The Ministry of Health reported that 393 new cases of COVID-19 have been reported in the past 24 hours. Specifically, 268 cases were confirmed in Ulaanbaatar city, with 125 cases in rural regions.
As of today, the total number of confirmed COVID-19 cases in Mongolia stands at 382,716.
Furthermore, eight new COVID-19 related deaths have been reported, raising the country’s death toll to 1,930. Currently, 5,645 people are receiving hospital treatment for COVID-19 whilst 10,853 people with mild symptoms of COVID-19 are being isolated at home.
Of the total patients currently undergoing treatment at hospitals, there are 2,193 patients in mild, 2,636 in serious, 707 in critical, and 109 in very critical conditions.
As of today, October 15, the coverage of 1st dose is 69.5 percent (2,260,178) and 2nd dose – 66.1 percent (2,150,479) of the total population. Moreover, 656,015 people (20.0 percent) have received 3rd dose or a booster shot of COVID-19 vaccines nationwide.
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Two more nations sign up to China’s New Silk Road initiative www.rt.com

Eritrea and Guinea-Bissau have announced plans to join the Belt and Road Initiative (BRI), actively promoted by Beijing. The two nations have reportedly signed a formal agreement with China ahead of a key regional forum.
The ambitious multi-trillion-dollar BRI, also known as the New Silk Road, was announced by President Xi Jinping in 2013, aiming to boost connectivity and cooperation between East Asia, Europe, and East Africa. The major project is expected to significantly expand global trade, cutting trading costs in half for the countries involved.
G7 nations seek to counter China’s Silk Road projects with ambitious infrastructure plan
Eritrea is seen as strategically important due to its access to the Red Sea and the Suez Canal, as well as to waters in the Persian Gulf, and thus to the Indian Ocean.
Meanwhile, the Atlantic Ocean nation of Guinea-Bissau is expected to boost China’s maritime interests along the West African coast. The country is a member of the African Continental Free Trade Agreement (AfCFTA) that removed border tariffs between African nations.
China has committed to building a $184 million biomass plant in Guinea-Bissau, and is reportedly involved in several redevelopment projects in the country. Beijing is reportedly supporting a $48-million project aimed at renovating the antiquated telecommunications system and highway construction. Chinese investors have also expressed interest in the logging sector, deepwater fisheries and oil exploration.
Beijing is planning to help Eritrea to bring back trained labor, to develop infrastructure in the country, and “wean it off an agricultural base to a higher standard of industrialization.” Back in 2019, the China Shanghai Corporation for Foreign Economic and Technological Cooperation (SFECO) began construction of part of the 500km road between the country’s port city of Massawa and Assab harbor, both of which possess special economic zones.
The two African states inked the Memorandum of Understanding days before the forthcoming FOCAC Ministerial Forum in the Senegalese capital of Dakar, which kicks off on November 29.
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Mongolia Ahead in 2022 www.mongoliaweekly.org

As we are approaching the end of the year we look ahead to important trends in politics, economic and investment conditions in Mongolia.
2022 is going to be a crucial year for the country to recover from the COVID-19 pandemic as the government focuses on digitalization and some liberalization in select sectors.
2022 is also an off-election year consolidating policy directions before the general election cycle begins in late 2023.
What You Need To Know
The election of former Prime Minister Ukhnaagiin Khurelsukh to the presidency in June 2021 secured the ruling Mongolian People’s Party’s (MPP) political dominance in the coming years. Khurelsukh will serve one six-year term and will be a key player in laying grounds for the re-election of the MPP in 2024.
Businesses can expect a more stable business and investment environment as the ruling party controls the presidency, premiership and Parliament.
The reform of mining and investment laws has yet to progress mainly due to rising resource nationalism and populism. Anti-foreign — and anti-Chinese —sentiment prompted a reversal of investment law liberalization.
The MPP may look to expand state involvement in key sectors like coal and copper mining and fossil-fuel-powered infrastructure. However, increased budgetary hardships and rising social inequality may open up certain sectors as fintech, nascent renewable energy, untapped tourism and entertainment.
Although the 2021 growth is expected to be lower than expected at around 4 percent, its economy is projected to accelerate by 7.5 percent.
Following the Glasgow climate summit, President Khurelsukh rolled out a one-billion-tree planting campaign by 2030 to help combat desertification and environmental degradation in the country. This also addresses China’s request to deal with sandstorms coming from Mongolia every spring and could help to further boost bilateral cooperation between the two countries.
Ruling Party Dominates Divided and Weak Opposition
The far-left Mongolian People's Revolutionary Party (MPRP), which broke off from the MPP in 2010, rejoined the ruling party in early 2021. As the MPP continued to consolidate its power, in contrast, the leadership of the largest opposition party — the Democratic Party (DP) — broke up following the end of Khaltmaagiin Battulga’s presidential term. DP’s split has become a real possibility, making it a very weak opposition to the MPP government.
Pockets of anti-lockdown and anti-government protests online and on the streets of Ulaanbaatar are continuing. A spike in social unrest in 2022 is possible but unlikely to spread widely. Most tensions are fueled by political elites for their own personal agendas.
However, public dissatisfaction with heavy- handed COVID restrictions on small businesses and vendors should not be discounted if incomes and quality of life suddenly drop.
Cabinet Reshuffle Looms as Two New Cabinet Posts Added
Prime Minister Luvsannamsrain Oyun-Erdene is adding two cabinet portfolios overseeing digital transformation and long-term economic development. The new ministries would allow the prime minister to push the implementation of the Mongolia 2050 Vision and accelerate the country’s transition to conducting more business online.
The new additions may result in a cabinet reshuffle as different factions within the MPP demand more ministerial seats and the public calls for the dismissal of unpopular and underperforming ministers.
COVID Risks Remain Despite Effective Response
The government’s response to COVID has been effective and speedy, with two-thirds of the population having received two vaccine doses ahead of many other countries. Total deaths have been kept at a minimum at about 2,000. Travel restrictions were lifted in June and COVID restrictions have been eased as schools and offices reopened in September.
The Finance Ministry and central bank are gradually cutting down the two-year-old pandemic aid, which has been key to wooing voters during the 2020 legislative and 2021 presidential elections. State subsidies on utility payments and cheaper loans are expected to be pulled back in 2022. Child benefits will remain, and parents have been asked not to make immediate spending decisions.
Disruptions at the Chinese Border Delay Key Earnings
Mongolia targets at least 36 million tons of coal exports to China in 2022, capitalizing on the ongoing global energy crisis. However, due to on-and-off border closures at the checkpoints following COVID breakouts in China, Mongolia risks failing to achieve that target and taking advantage of the short-term commodity price hike.
By Q3 2021, Mongolia only exported 16 million tons of coal. This was mainly due to multiple disruptions along the border with China through which thousands of Mongolian truck drivers cross since the commodity rail to northern China has yet to be completed. Mongolia does not plan to cut coal mining, which is a key export earner.
Crypto on the Rise Amid Banking Liberalization
While replacing the tugrik with cryptocurrencies is very unlikely, the development of digital currencies in the form of decentralized cryptocurrencies and private sector digital currencies and tokens has gained pace. Domestically mined coins like ArdCoin and Inflation Hedging Coin (IHC) took retail investors by a storm in 2021 who were looking to reshape Mongolia’s financial landscape.
Lawmakers want to tightly control the use of digital assets, but the cryptocurrency ecosystem is poised for further growth as more Mongolians look for ways to access the global financial system.
Five of the biggest commercial banks making up almost 80 percent of the financial industry are going public in the second half of 2022.
By law, they must break up concentrations of individual and family ownership. Bankers with links to elite politicians are concerned about increased competition from international players.
Regulatory Reforms Hit Nationalist Roadblock
Review of the 2013 investment law hit a roadblock following a recent wave of anti-Chinese sentiment. This was stoked by suspicion that the liberalized investor immigration program could bring in an uncontrolled number of Chinese immigrants. The proposed changes in the law have been withdrawn after the public backlash.
Revisions in the mineral law to abide by Mongolia’s 2019 constitutional amendments would require majority state ownership in key mineral deposits. If passed, this would limit private interests in the resources sector.
Lawmakers continue to prioritize investment in non-mining sectors like beef exports, nascent solar and wind energy, tourism, entertainment and movie production for global audiences.
China’s recent pledge to stop building new coal power plants overseas has opened new opportunities to unlock Mongolia’s huge wind and solar energy potential. The country’s massive Gobi Desert, which is next door to China, could provide fertile ground for solar power generation and exports.
by: Amar Adiya
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IMF Executive Board Concludes 2021 Article IV Consultation with Mongolia www.imf.org

Washington, DC – November 19, 2021: The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation1 with Mongolia.
The Mongolian economy is rebounding from its deepest recession in a decade, despite a lingering pandemic. The recovery is largely export-led, supported by the global recovery and base effects. Notwithstanding continued economic support and a successful vaccination program, domestic activity remains weak due to the pandemic. Many workers, especially female workers, are leaving the workforce, perhaps permanently. Inflation has risen recently
but mainly due to transitory factors affecting import prices. Policies were appropriately supportive during the pandemic. However, large, untargeted and continuing fiscal, quasi-fiscal and financial forbearance measures due to Parliamentary measures have heightened macrofinancial vulnerabilities: public debt has sharply increased, bank balance sheets have further weakened, and the Bank of Mongolia’s (BOM) operational independence has been
compromised.
The government and BOM have appropriately managed Mongolia’s external vulnerabilities.
Taking advantage of supportive global financial conditions, Eurobonds coming due in 2022−23 were successfully rolled over on better terms. The BOM has opportunistically built its gross
international reserves, aided by import compression and disruptions, a favorable terms of trade and the 2021 IMF SDR allocation of US$98.3 million (95.8 percent of quota). Even so,
international reserves are assessed to be inadequate given large external liabilities.
The economic outlook remains strong, though uncertain. Real GDP is projected to grow by 4.5 percent in 2021, after contracting by 4.6 percent in 2020. In 2022-23, Mongolia remains poised for an export-led boom, with growth expected to accelerate to 6½–7 percent if export portals fully reopen and the Oyu Tolgoi copper mine is completed on schedule. As the pandemic is largely controlled, domestic activity is expected to gradually normalize. Medium term growth is expected to moderate to 5 percent, but output levels are likely to remain below pre-pandemic trends due to permanent losses in activity. Inflation is expected to return to the
BOM’s targeted range. Despite an export price boom, the 2020 current account improvements are likely to be temporary once recovery takes hold and imports pick up. This reflects
Mongolia’s lack of export diversification, heavy import dependence and high external debt.
Risks to the outlook are on the downside risks. A worsening of the pandemic, extended border closures, and tighter global financing conditions pose significant risks, given Mongolia’s thin
net international reserves and high external debt. Financial sector weaknesses, exacerbated by the pandemic, increase Mongolia’s exposure to external shocks by forcing the public and
private sectors to borrow externally. A major deterioration in asset quality could impact bank 1 Under Article IV of the IMF's Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country's economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.
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capital, and delay the recovery. Finally, procyclical policies could undermine macrofinancial stability and debt sustainability, reducing the policy space to address other major risks, undermining Mongolia’s recovery.
Executive Board Assessment2
Executive Directors commended the authorities on a successful vaccination campaign and welcomed the export-led recovery underway. Notwithstanding the strong economic outlook,
Directors noted that significant downside risks remain given uncertainties associated with the pandemic, Mongolia’s limited buffers and high external public debt. In that context, they
stressed the importance of managing the export boom prudently to secure the recovery while achieving the country’s long-term development goals.
Directors agreed that in the near term, policies may need to remain supportive, given the lingering pandemic and weak recovery in domestic activity. Calling for an ambitious fiscal consolidation strategy, Directors emphasized the importance of bold structural fiscal reforms to address untenable debt dynamics. To this end, they underscored the importance of better targeted and more effective social assistance programs, ambitious pension reforms, improved
public investment management, and tax administration. Commendable plans for e-governance
and state enterprise reform should be fleshed out and implemented. Directors also emphasized that the integrity of the Future Heritage Fund should be preserved to maintain
investor confidence.
Directors stressed the need to enhance the Bank of Mongolia’s (BOM) operational independence to ensure monetary and external stability. Continued vigilance is needed to ensure that inflation does not become persistent. Directors emphasized that quasi-fiscal
operations should be moved to the budget and phased out, and the Parliament should resist making decisions on monetary and financial operations. Greater exchange rate flexibility could
serve as a shock absorber. The BOM should continue building its external buffers and drawdown non concessional external liabilities.
Noting with concern the possibility of potential vulnerabilities in the banking sector, Directors called for greater supervisory focus on strengthening banks and contingency planning. In that
context, they stressed the importance of a well-sequenced approach to bank reforms to minimize the risk of systemic instability. Phasing out regulatory forbearance by end-2021 and
promptly undertaking a fresh and independent asset quality review for potentially capital deficient banks would be imperative for transparency and a proper assessment of bank
balance sheets. Emphasizing the need for putting in place the necessary pre conditions for successful IPOs and contingency plans, they called for delaying the deadline for the IPOs.
Directors welcomed the authorities’ long-term development strategy focused on sustainable, inclusive, and green growth. To improve the business climate, they urged the authorities to
decisively address the long standing concerns about corruption, governance, and AML/CFT to strengthen the investment climate and promote diversification. Revamping the insolvency
framework and judiciary reforms should be prioritized to address impaired balance sheets.
Directors stressed the importance of the publication of the full audit report on COVID related expenditures, including the missing information on beneficial owners.
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Mongolian artist Nomin Bold brings colorful and clever knitted gas masks to Liliana Bloch Gallery www.dallasnews.com

“I was cut off from the world. There was no one to confuse or torment me, and I was forced to become original.” Joseph Haydn said that about his nearly 30 years making music at a remote estate in Hungary, serving the Esterhazy family.
The artist Nomin Bold is isolated, too, though Ulaanbaatar, where she lives, has 1.6 million people and is the capital of Mongolia. This is a country known as the “Land of the Eternal Blue Sky” because it has so many days of sunshine every year.
Mongolia also has one of the coldest winters on Earth, and Ulaanbaatar, her lifelong home, has been called the most polluted capital in the world.
That is one reason her new show at Dallas’ Liliana Bloch Gallery features her latest venture in art: knitted gas masks. They are colorful. They are clever.
Strings of pearls, pompoms, bells, beads and big eyes made of gold or hunter green ornament these playful caps. One might wear them, minus the tube for oxygen, in freezing temperatures, but they are meant to defend against far worse than that.
Bold is well named. She takes on the issues of the times with irrefutable flair. Her true intentions, however, cannot be disguised. Bristling with wit, she says in her work exactly what she means.
She could not travel to the opening of her show in Dallas, so I meet her on a Zoom video chat, calling at 8 in the morning to catch her and her translator, a former classmate named Batjil Bayar, at 9 that night there.
Bold starts our conversation with a tight shot, showing only her head and not much more against a white ceiling with angles that suggest something interesting but reveal nothing. I ask about an object jutting out from the wall above her and learn that it is a vent hood. She is in the kitchen, and she broadens the picture to show me how it looks. From there we begin a tour of her apartment that brings her to life, with Bayar, a graduate student in archaeology, following closely.
From a sparse, austere beginning there bursts into view an abundance of art, Buddhas, lacquer cabinets, a furry wolf skin and a beautiful pitcher of copper and brass, plus a swath of blue silk fabric draped alongside a painting.
There also is a Chinese hanging that evokes Mongolia’s long, intertwined history with its neighbor to the south. Then Bold’s husband, also an artist, appears seated on a sofa, and her 17-year-old daughter is writing at a desk.
At another desk is her 14-year-old son, doing chemistry at a computer, and on the floor, another son, 3, oblivious to the co-working operation going on around him. It was after he was born that she started knitting. She says it came to her more naturally than drawing, the basis of painting, which can be stressful.
Though she lives in the land made powerful by Genghis Khan and his grandson, Kublai Khan, Bold is hardly drawn to the glory days of the 13th century. Wearing a black sweatshirt with “Manhattan 62″ emblazoned on the front and white stripes on the sleeves, she is every inch today. Her nails are painted burgundy, almost brown, and around her neck is a silver pendant.
I spot a few of her paintings from just over a decade ago. They shock in their verve and sophistication: stylish women with auras of Burberry and Louis Vuitton, one of them holding a mask. It’s theatrical and prescient, foretelling the masks now at Liliana Bloch Gallery.
Skeletons come into play in the gallery as well. They appear on a large Chinese boat, made of fabric and hanging from the ceiling, ready to ferry the departed across the River Styx. There are more skeletal figures, some painted on canvas while others adorn a tapestry made of small skulls with buttons for eyes.
It is a veritable Day of the Dead, the cheerful grotesquerie of the left-behind, and it plays as well in Mongolia as it does in Mexico. One painting offers Hieronymus Bosch for the 2020s. Female yoga practitioners sit among signs that proclaim “Club,” “Hospital,” “Stop,” “Emergency,” “Mall,” “Museum,” “War,” “Peace,” “Pet Shop.” A Coke bottle and a can of Campbell’s soup lurk among the unlucky detritus. The commentary, once you account for satirical whimsy, is devastating.
Bold is an artist coming into her own. Her work has been exhibited at Documenta, which takes place every five years in Germany, as well as in Brazil, Turkey, Australia and China.
She is part of a current exhibition in Zurich featuring Joseph Beuys and other luminaries.
Before we sign off, her husband snaps a photo of my side of the Zoom call. We wave goodbye. And the spirited, cunningly playful Nomin Bold vanishes, returning to a country of nomads and horses that still run free, close enough to the city to ride whenever she can.
Grounded in ancient territory, she has a clear eye for positioning herself and her work in the post-post-modern world. She sees what lies ahead and is doing her best to sound the alarm, with style.
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Rio Tinto grabs 51% stake in Janice Lake copper-silver project www.mining.com

Rio Tinto Exploration Canada (RTEC) is set to become the majority owner of Forum Energy Metals’ (TSX-V: FMC) 100% owned Janice Lake copper-silver project in Saskatchewan, Canada, the Vancouver-based company said on Friday.
After spending C$14 million ($11m) in exploration at the asset, which exceeds the C$10 million ($7.9m) required to earn a 51% stake in the project, the mining giant has decided not to spend any further on surveying the property for the 2022 budget year, Forum said.
SIGN UP FOR THE COPPER DIGEST
Rio Tinto is now due to pay Forum Energy C$100,000 in cash on or before May, 2022 to complete its 51% earn-in obligation, the Canadian miner said.
“Rio Tinto’s drilling and regional exploration has added tremendous value to the Janice Lake project, most notably at the Janice and Jansem targets where drilling has significantly expanded high grade copper mineralization,” Forum Energy CEO Rick Mazur said in the statement.
He added the company will focus on its uranium portfolio during the first quarter of 2022, which includes plans to begin drilling at Forum’s 100% owned Wollaston uranium property nearby the Orano and Cameco uranium mills, in the eastern Athabasca Basin.
Rio, which optioned the project in May 2019, had the choice to earn an 80% interest in Janice Lake by spending C$30 million in addition to making separate option payments to Forum Energy Metals and Transition Metals Corp.
The miner has drilled 39 holes on the property to date, totalling 10,033 metres on four targets: Jansem, Janice, Kaz and Rafuse.
Located in north-central Saskatchewan within the Wollaston Domain, the Janice Lake project extends for 38,250 hectares.
Copper prices and other industrial metals slid on Friday as a new and possibly vaccine-resistant coronavirus variant found in South Africa shook market sentiment.
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Yokozuna Terunofuji G.Gan-Erdene becomes champion of Kyushu Grand Sumo Tournament with 15 wins www.montsame.mn

On November 28, Yokozuna (Grand Champion) Terunofuji G.Gan-Erdene won the Kyushu Grand Sumo Tournament without a single loss by winning against ozeki Takakeisho with an oshidashi technique.
With this, the Mongolian sumo wrestler has become the champion at 4 out of 6 Grand Sumo tournaments organized this year. It is also his second time claiming the Emperor’s Cup with the yokozuna title.
From the Mongolian sumo wrestlers that competed at the highest division this tournament, Tamawashi B.Munkh-Orgil (9 wins and 6 losses) and Chiyoshoma G.Munkhsaikhan (8 wins and 7 losses) were able to finish with a positive record.
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Mongolia registers lowest daily COVID-19 cases since late March www.xinhuanet.com

Nov. 29 (Xinhua) -- Mongolia reported 190 new local infections of COVID-19 in the last 24 hours, the lowest number since March 21 when 170 daily cases were reported, the health ministry said on Monday.
With the latest confirmed cases, the country's COVID-19 tally increased to 382,323, the ministry said in a statement.
Meanwhile, Mongolia's COVID-19 death toll rose to 1,922 after five more patients aged over 40 died in the past day.
Currently, 6,043 COVID-19 patients are being treated in hospitals across the country, while 11,736 are receiving home-based care, according to the ministry.
So far, over 66 percent of Mongolia's population of 3.4 million have received two COVID-19 vaccine doses, while 640,074 people over 18 years of age have received a booster dose.
The country's health ministry said at least half of the population is supposed to receive a booster. Enditem
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The 23rd meeting of the Mongolia-Russia Intergovernmental Commission takes place www.montsame.mn

The 23rd meeting of the Mongolia-Russia Intergovernmental Commission on Trade and Economic, Scientific and Technical Cooperation took place in Ulaanbaatar on November 26, 2021.
During the meeting, which was held in the framework of the 100th anniversary of the establishment of diplomatic relations between Mongolia and Russia, the sides discussed a wide range of issues, coming to an agreement on the matters. Specifically, discussions were held on increasing the trade turnover that showed decrease due to the pandemic last year, as well as expanding variety and quantity of agricultural products to be exported.
Moreover, the sides expressed their positions on intensification of the operation of Ulaanbaatar railway JSC, increasing its transportation volume, modernizing Mongolian and Russian border checkpoints, carrying out renovation works on Mongolia’s energy facilities, implementation of large-scale projects including free zone and gas pipeline projects.
Emphasizing that as the air services between two countries will be restored from the beginning of next month, the trade and economic cooperation will be expanded and developed, Russian co-chair of the Russian-Mongolian Intergovernmental Commission Viktoria Abramchenko affirmed the stance to broaden mutually beneficial cooperation on a wider scale in the next 100 years.
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