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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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Mongolia plans to clear its 8.94 million coking coal stocks before end-February 2022 www.news.mn

The number of coking coal trucks from Mongolia to China has also risen, improving the supply outlook, Guangzhou-based investment consultancy Founder CIFCO Futures said. In October, the number of trucks hauling coal from Mongolia into China averaged 400 a day, double from September volumes.
Mongolia has emerged as one of the key coal suppliers to China in the absence of Australian coal, with almost no coal trade seen between the two countries since the end of 2020.
Mongolia’s government is also planning to clear its 8.94 million coking coal stocks before end-February 2022, and forecast Mongolian coal trucks to China to rise further in the near term.
The pandemic has disrupted Mongolian coal traffic to China in 2021, with recurring cases delaying customs clearances. China imported 10.5789 million coking coal from Mongolia in January-September, down 64% on the year, China’s customs data showed.
Last year, coal trade flows from Mongolia to China reached a historical high after about 2,200 trucks hauled coal daily in August 2020, Platts reported earlier.
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Mongolia to train consultants on tree planting to combat climate change www.xinhuanet.com

Nov. 15 (Xinhua) -- Mongolia will train at least 1,000 consultants on tree planting to combat climate change and desertification, President Ukhnaa Khurelsukh said Monday.
Khurelsukh, who has recently initiated a national tree-planting campaign called "Billion Trees" aimed at planting a billion trees by 2030, made the remarks during a national conference on forestry.
"The skilled human resource in any sector is a key driver of the sector's development. Therefore, at least 1,000 trainers to give advice on planting trees will be trained within the framework of the national tree-planting campaign in the near future," said Khurelsukh.
Citizens, companies and governmental and non-governmental organizations across the country have joined the national campaign.
Up to 21 major mining companies in Mongolia have recently signed a deal to plant a total of 608.5 million trees by 2030, and authorities of the country's capital Ulan Bator and all 21 provinces have pledged to plant 680 million trees in the coming nine years, said the presidential press office.
The Asian country has a total land area of 1,564,116 square km but only 7.9 percent is covered by forests. Around 77 percent of the country's total territory has been affected by desertification and land degradation, according to the country's Ministry of Environment and Tourism.
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Mongolia confirms 491 new daily cases of coronavirus, 10 deaths www.akipress.com

Mongolia confirmed 491 new daily cases of coronavirus infection as of Nov 15, the Ministry of Health said, the total number increased to 374 532.
352 new daily cases were confirmed in Ulaanbaatar, and 139 cases were detected in the regions.
4,231 hospitalized patients are in mild condition, 4,446 in serious, 1,180 in critical and 226 in extremely critical condition.
10 people died per day raising the death toll to 1,815.
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MP Ts.Munkh-Orgil elected as member of UN International Law Commission www.montsame.mn

Member of Parliament Ts.Munkh-Orgil has been elected as a member of the International Law Commission (ILC) for the term 2023-2027. For the first time, Mongolia had nominated its candidate for the election of the ILC members, which took place at the 32nd plenary meeting of the 76th session of the UN General Assembly in New York on November 12.
As one of 34 members, MP Ts.Munkh-Orgil will enjoy the status of experts on mission for five-year term beginning on 1 January 2023.
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Samsung's Lee visits U.S ahead of likely $17 bln chip plant decision-media www.reuters.com

SEOUL, Nov 15 (Reuters) - Samsung Electronics (005930.KS) vice chairman Jay Y. Lee is visiting North America in his first high-profile trip after serving jail time for bribery, with a decision imminent on the company's planned $17 billion U.S. chip plant.
Lee left Seoul on Sunday and his trip to Canada and the United States is expected to coincide with a decision on the location of the new plant, Yonhap and other local media said. read more
A site in Texas' Williamson County, near the city of Taylor, offered the better incentives package among various sites Samsung has been considering for the new chip plant that is set to make advanced logic chips, sources previously told Reuters.
Since Samsung vice chairman Kim Kinam confirmed the chip plant plan in May, Samsung has been comparing incentives and working out who pays what in convoluted land and other agreements, while also considering the available amount of stable utilities such as water and electricity, one of the sources with knowledge of the matter said.
The source declined to be identified as they were not authorised to speak to media.
A winter storm in the first quarter hit Samsung's chip plant in Austin, Texas, laying bare the importance of stable utilities, as a shutdown caused by blackouts affected wafers corresponding to around 300-400 billion won ($254-339 million) of damages.
"I am set to meet many U.S. partners," Lee told reporters before his flight on Sunday, without elaborating.
He said he also expected to visit Boston, where COVID-19 vaccine maker Moderna's (MRNA.O) headquarters are located.
Last month, South Korea granted emergency use approval for Moderna's vaccine produced by drugmaker Samsung BioLogics (207940.KS), which has a "fill and finish" deal with Moderna.
Lee was convicted in January of bribery and embezzlement and sentenced to 30 months in jail - including a year served before his sentencing. Upon his parole in August, the presidential office said it expected Lee will help the country procure "semiconductors and vaccines".
($1 = 1,179.6200 won)
Reporting by Joyce Lee; editing by Richard Pullin and Kim Coghill
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COP26: Climate deal sounds the death knell for coal power - PM www.bbc.com

The Glasgow climate deal is a "game-changing agreement" which sounds "the death knell for coal power", Boris Johnson says.
Although countries only agreed to "phase down" rather than "phase out" coal, the prime minister said this was a fantastic achievement.
The wording change was made after a late intervention by China and India.
But it remains the first time plans to reduce coal have been mentioned in such a climate deal.
The agreement was reached after the two-week Glasgow COP26 summit went into overtime on Saturday.
Critics have said the deal does not go far enough and will not meet the key summit goal of limiting global warming to 1.5C by the end of the century.
Scientists say this would limit the worst impacts of climate change.
During a Downing Street news conference, Mr Johnson said:
"We can lobby, we can cajole, we can encourage, but we cannot force sovereign nations to do what they do not wish to do"
"For all our disagreements, the world is undeniably heading in the right direction"
The "tipping point has been reached in people's attitudes" - with leaders "galvanised and propelled by their electorates"
But "the fatal mistake now would be to think that we in any way cracked this thing"
Mr Johnson said that despite the achievements of the summit, his reaction was "tinged with disappointment".
He said there had been a high level of ambition - especially from countries where climate change was already "a matter of life and death".
And "while many of us were willing to go there, that wasn't true of everybody", he admitted.
But he added the UK could not compel nations to act. "It's ultimately their decision to make and they must stand by it."
Mr Johnson also said he thought the watered-down language on coal did not "make that much of a difference", adding that the direction of travel was "pretty much the same".
He said most of Western Europe and North America had been persuaded to pull the plug on financial support for overseas fossil fuel projects by this time next year.
"And when you add all that together, it is beyond question, Glasgow has sounded the death knell for coal power," he said.
Speaking alongside the PM, COP26 president Alok Sharma revealed that at one point during the final negotiations, he had feared the agreement was in jeopardy.
"There was an hour where really we weren't going to get a deal," he said.
Mr Sharma, who fought back tears as he closed the summit following the late intervention, said: "I can tell you there was one really tense hour where I did feel the weight of the world on my shoulders... this deal was absolutely in jeopardy. We got it over the line."
Earlier he said that "China and India will have to explain themselves" to climate-vulnerable nations.
One of the main goals set out by COP26 was to ensure global warming does not go above 1.5C by 2100 - but a report by the Climate Action Tracker group has calculated that at the current rate, the world is heading for 2.4C warming by that date.
As part of the agreement struck in Glasgow, countries will meet next year to pledge further major carbon cuts with the aim of reaching the 1.5C goal.
Under the Glasgow climate pact:
Countries were asked to republish their climate action plans by the end of next year, with more ambitious emissions reduction targets for 2030
There is an emphasis on the need for developed countries to increase the money they give to those already suffering the effects of climate change - beyond the current $100bn annual target
The language about coal has been included for the first time ever in a global climate deal
A pledge in a previous draft to "phase out" coal was instead watered down to a commitment to "phase down" coal
The UN's climate change chief Patricia Espinosa described the mention of fossil fuels as a "huge step forward" but added there was a need to "balance out the social consequences" for people of cutting coal power - particularly in poor countries.
She said that the 1.5C target was "definitely alive" but, earlier, Labour's shadow business and energy secretary Ed Miliband said the goal was "in intensive care".
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Mongolia may begin to mine and export uranium from next year with signing of agreement www.montsame.mn

As of today, there are over 10 uranium deposits that have been discovered in Mongolia, with about 160 thousand tons confirmed. With further explorations, it is possible for the amount to increase up to 1 million tons of uranium.
If the amount of resources are confirmed, there will be an opportunity to establish a nuclear power plant in Mongolia, highlighted Dr. N.Tegshbayar during a meeting organized by the Mon Atom state-owned company under the theme, ‘Opportunity and risk of resources’.
Highlighting that a kilogram of uranium is able to produce the same amount of power produced by 1 million kilograms of coal, he underlined the importance of involving professionals and experts, and viewing the matter from a scientific perspective due to its high risks.
He then continued to say, “Mongolia has prepared physicists and those specialized in nuclear energy and radioactivity for over 60 years. By involving more of the Mongolian youth in specializations in the physics and chemistry field, it will become possible to introduce technological advancements in the production of power with the use of high risk uranium.”
While countries such as Australia, Canada, the U.S., and Niger lead the world in uranium resources, Mongolia ranks 1st in Asia, and 12th in the world with about 70 thousand metric tons of uranium. Thus, in aims of putting the resources into economic circulation, a project began to be implemented.
In its framework, a company named ‘Badrakh Energy’ that runs operations at the Zuuvch-Ovoo deposit in Ulaanbadrakh soum, Dornogobi aimag is carrying out experimental operations to mine 25 kg of uranium daily, reported CEO of Mon Atom LLC D.Dalaijargal. As the company is currently ensuring preparations to operate at full capacity, it will become possible to mine 8,000 kg of uranium each day from next year, highlighted the company’s representative Marc Meleard. If the level of operations is reached, amendments will be made to the feasibility study, and an investment agreement will be established with the Government.
Regarding the environmental impact, CEO of Mon Atom D.Dalaijargal noted that assessments are consistently conducted on whether uranium exploration activities are negatively affecting the environment, local people, and livestock animals, with the involvement of professional organizations such as the General Agency for Specialized Inspection and the Institute of Veterinary Medicine.
The French state-owned Areva group began to carry out exploration for uranium in Mongolia through its subsidiary Cogegobi from 1996. As a result of the exploration activities continuously carried out by the company for the last 10 years in Ulaanbadrakh soum, Dornogobi aimag, 54,390 metric tons of uranium have been discovered at Zuuvch Ovoo deposit, with 6,270 metric tons of uranium at Dulaan Uul deposit.
34 percent of the aforementioned deposits, which make up half of the country’s total uranium resources, are owned by the state-owned Mon Atom company, while 66 percent is jointly owned by the French state-owned Orano Mining group and the Mitsubishi Corporation of Japan.
As the company has completed the construction of its pilot plant this year, it is planned to establish an investment agreement in 2021. With the agreement, it will become possible for Mongolia to mine and export uranium.
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CU's Mongolian master franchisee listing on the MSE www.koreajoongangdaily.joins.com

The master franchisee for CU convenience stores in Mongolia is going public.
Central Express will be listed on the Mongolian Stock Exchange (MSE) on Monday, according to BFG Retail, which owns CU.
A total of 140 CU stores operate in Mongolia. CU said Central Express leads convenience store market in Mongolia, with a 74 percent market share.
Central Express plans to operate 300 stores by 2022 utilizing funds from the IPO.
In the offering, a total of 40.1 billion tugrik ($14.1 million) was collected from around a 10,000 people, according to BGF Retail.
BGF Retail owns around 10 percent of Central Express.
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World’s biggest aviation market may soon welcome back exiled Boeing 737 MAX www.rt.com

After a more than two-year flight ban, a modified version of the Boeing 737 MAX is expected to finally return to the skies of its biggest consumer, China, as Beijing signals approval of the proposed changes to the plane.
The Civil Aviation Administration of China (CAAC) has reportedly told the nation’s air carriers it is satisfied with the design alterations the plane manufacturer has proposed for the 737 MAX, and that these changes could resolve safety issues.
The aviation regulator suggested that airlines should give feedback on the airworthiness directive for the 737 MAX by November 26, according to an undated notice seen by Reuters.
The move is projected to finally bring the troubled aircraft back to Chinese skies, prompting the country’s air carriers to start ordering the plane again.
The potential return would be a major boon to Boeing, giving a 5% boost to its stock price, Jefferies brokerage told Reuters in September.
Last year, the US and Europe sought industry feedback on similar proposed directives as a final step before ultimately approving the 737 MAX’s return.
Earlier, a Boeing spokesperson said the aerospace giant continued to work with aviation regulatory authorities across the globe to return the aircraft to service. The company also reported a successful test flight performed by the 737 MAX for CAAC back in August.
In October, Boeing Chief Executive David Calhoun said the multinational was working to obtain Chinese approval for the plane to fly by the end of the current year. It expects deliveries of new aircraft to resume in the first quarter of 2022.
Boeing was reportedly selling about a quarter of the planes it manufactured annually to Chinese airlines before the 737 MAX was grounded. Nearly a third of some 370 undelivered aircraft in storage are for Chinese customers, the company said last month.
The 737 MAX was universally banned from taking to the skies after two deadly accidents in late 2018 and early 2019 but began flying again in the US, Brazil, Panama and Mexico in late 2020.
The two accidents claimed 346 lives. In October 2018, Lion Air Flight 610 crashed into the Java Sea 13 minutes after takeoff, killing 189 people. In March 2019, Ethiopian Airlines Flight 302 crashed near the town of Bishoftu just six minutes after takeoff, killing all 157 people on board.
Other Asia-Pacific nations that have approved the return of the 737 MAX so far include Singapore, Malaysia, India, Japan, Australia, and Fiji.
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Elon Musk ends the week selling another $1.2 billion of Tesla shares www.cnn.com

New York (CNN Busines)Another day, another billion dollars.
Or in Elon Musk's case, $1.2 billion.
A filing late Friday shows that Musk sold another 1.2 million shares of Tesla stock on Friday, at an average price of $1,030 a share.
It brings his sales for the week to a total of 6.4 million shares, for a grand total of $6.9 billion.
Still, that only amounts to less than 4% of the shares he holds directly, or less than 3% if you include all the options he owns to buy additional shares.
A week ago Musk posted a Twitter poll asking if he should sell 10% of his holdings as a way of increasing his tax liability, and 58% of those who responded said yes. His sales of stock this week have pushed down the value of Tesla shares for shareholders -- including himself, since he is by far the largest shareholder. Tesla (TSLA) shares ended the week down $189 a share, or 15.4%.
It's unlikely that the Twitter poll was the main motivation for the sale. Rather, he faces a looming tax bill that will be triggered by his need to exercise 22.9 million options to purchase shares before next August. That bill would be nearly $10 billion at current market prices.
If he doesn't exercise the options by then, they'll expire and he'll lose the right to buy each share for a mere $6.24. But when he does, the value of the shares at that time will be treated as normal income, and he'll have to pay a 40.8% federal tax rate. It's also possible he could owe state income tax to California, which has a top tax rate of 13.3%. Even though he has moved to Texas, which has no state income tax, he conceded in a recent tweet that he'll still owe considerable California state income taxes based on the considerable time he still spends working in the state.
Musk exercised the first block of 2.2 million of those soon-to-expire options on Monday, and then sold 934 million shares in order to pay the taxes on that exercise. The shares he has sold since, however, have come from his direct holdings, most of which he has owned since the company's 2010 initial public offering. And Musk will owe only a 20% long-term capital gain tax on the $5.8 billion from the proceeds of those stock sales, or roughly $1.2 billion.
Tesla is still the most valuable automaker in the world, with a market cap greater than that of the 12 largest automakers by volume. Last month it became only the sixth US company to reach a $1 trillion valuation. Musk's stake in the company has declined slightly with these sales but for now it is still equal to a 23.7% stake in the company, down from from the 24.3% he would have held without the sales.
It's not just Elon Musk: Here's who else at Tesla has been selling the stock
It's not just Elon Musk: Here's who else at Tesla has been selling the stock
Until this week, Musk had not sold any shares of company's stock since 2016. But other board members and top executives have been selling stock all along, including his brother Kimbal Musk, a Tesla board member, who sold $108 millon worth of Tesla shares a week ago, equal to about 15% of his shares in the company, just before his brother's sales started pushing down the value of the stock.
Musk is the world's wealthiest person, with a net worth estimated by Bloomberg at $294 billion. The $6.9 billion he received from this week's transactions was already included in that calculation, since the estimated value of the stocks and options is a significant part of his net worth. His net worth has fallen this week as the price of Tesla shares have declined.
The recent stock sales don't appreciably change Musk's financial position. The $6.9 billion from sales would be like a typical American family selling about $2,900 worth of stocks it already owned. The Federal Reserve's most recent estimate puts the median household net worth at $121,700.
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