Mongolia is ramping up efforts to export coal to energy-hungry China, a government official told AFP, despite global efforts to end the use of the polluting fossil fuel.

World leaders are gathering at the COP27 conference in Sharm el-Sheikh to hash out the future of the planet, and China's role in global carbon emissions has been front and centre.

Mongolia already sends 86 percent of its exports to China, with coal accounting for more than half the total, and is upgrading its infrastructure in the hopes of selling even more to its southern neighbour.

"We need to use this window of opportunity, use the next 10 years to be able to export as much coal as we can," deputy mining minister Batnairamdal Otgonshar told AFP.

China is the world's largest polluter and has pledged to achieve carbon neutrality by 2060. To that end, it is building out its renewable power grid to prepare for a move away from coal.

But its need for power far exceeds what renewable sources can supply. Chinese authorities ordered producers in spring to add 300 million tonnes of mining capacity this year -- the equivalent of an extra month of coal production.

And Mongolia is keen to chip in, shipping 19 million metric tons of coal to China so far this year, according to the National Statistical Office, already exceeding 2021's 16 million total.

Government officials want Mongolia to surpass the record 37 million tons sent in 2019 and to keep supplying China with a steady stream of coal well into the next decade, Batnairamdal said.

"Coking demand won't decline in the next 10 years, but the technology may change," he said. "The next 10 years remain an opportunity."

Batnairamdal is pushing for Mongolia to invest heavily in coal, and new railways to connect to China's ports and processing plants.

'Window of opportunity'

Time is running out for Mongolia to sell off its thermal coal -- used by power plants to make electricity -- Batnairamdal said, as coal-fired plants are being phased out.

Mongolia is ramping up efforts to export coal to energy-hungry China, despite global efforts to end the use of the polluting fossil fuel

Mongolia is ramping up efforts to export coal to energy-hungry Soaring prices also mean there is little incentive for Ulaanbaatar to slow down. The value of Mongolia's coal exports jumped to $4.5 billion in the first nine months of 2022, almost triple what they were over the same period last year.

An unofficial ban on Australian coal sparked by political disputes in 2020 has also opened the door wider to Mongolian exporters, analysts say.

"Without Australia, China's appetite for low sulphur coking coal creates substantial demand for Mongolian miners," said Simon Wu, a senior consultant at Wood Mackenzie, a research and consultancy group.

Mongolia missed their chance to export more coal to China after Australian imports fell off, Wu said, blaming a lack of railway connections.

Politicians in Ulaanbaatar are now working to fix that.

Ulaanbaatar finished a 233-kilometre (145 mile) rail line from the Tavan Tolgoi mine to the Gashuun Sukhait border in September, a project that took 14 years to complete.

Analysts also say relative political stability in Mongolia could help the government finish other long-delayed projects.

'Trade will open up'

Tumentsogt Tsevegmid, chairman of the Business Council of Mongolia, told AFP the infrastructure now in place, combined with projects already in progress, could allow Mongolia to push coal exports to 70 million tons annually, possibly by 2025.

Mongolia is ramping up efforts to export coal to energy-hungry China, despite global efforts to end the use of the polluting fossil fuel

Mongolia is ramping up efforts to export coal to energy-hungry "If China is willing to import more coal, and there is more work done to improve borders and railways lines, then trade will open up," Tumentsogt said.

With a population of just 3.3 million, Mongolia has little heavy industry and does not by itself consume much coal compared to its southern neighbour.

It accounts for just 0.11 percent of the world's greenhouse gas emissions, according to the United Nations, but is already being severely affected by climate change.

Strong winter storms, along with drought and wildfires, have displaced communities, forcing nomadic families into the capital after losing their livestock.

The United Nations says climate change is making these natural disasters more common in Mongolia, with overcrowding in unplanned areas of Ulaanbaatar leading to soil and air pollution -- especially in winter, when raw coal is burned in residential stoves to fend off freezing temperatures.

"The contradiction will remain," said Tumentsogt, when asked about Mongolia both producing coal for export while also investing in renewables.

"Mongolia has a dilemma, it needs short-term cash revenue to meet its fiscal needs and at the same time is trying to invest in costly renewables to reduce its carbon footprint, reduce air pollution and contribute to global sustainability efforts."

Tumentsogt said Mongolia's cash crunch has only one fix for now --- sell more coal.

"Coal deliveries and exports will remain as one of the major sources of revenue for the government and there are no other sources that can replace this fiscal need."

© 2022 AFP

From 8 to 10 November, 55 representatives of relevant ministries and state agencies of Kazakhstan, Kyrgyzstan, Mongolia, Tajikistan, Turkmenistan, and Uzbekistan as well as representatives of international organizations took part in the peer-review meeting in Istanbul on the implementation of the United Nations Security Council Resolution (UNSCR 1540) on preventing the proliferation of weapons of mass destruction (WMD) and means of their delivery.

“The OSCE is proud to support this regional initiative which serves as a great platform and an excellent opportunity to review the status of national implementation of UNSCR 1540 (2004), as well as discuss current challenges and explore areas of further co-operation and collaboration among States of the region while also potentially attracting assistance in the effective implementation of the Resolution,” shared Shawn DeCaluwe, Chief of the Forum for Security and Co-operation Support Unit, OSCE.

The peer-review meeting aims to promote the implementation of the UNSCR 1540 at national levels through the effective implementation of provisions of National Action Plans, and to strengthen legislations in export control, biological and chemical security, as well as enhance regional co-operation and response mechanisms against proliferations of WMD. In addition, the peer-review meeting provides a platform for discussion of the results achieved on the Recommendations of the Issyk-Kul Round of peer-review meeting held in 2018 in a 5+1 format: Central Asia and the Republic of Belarus.

The regional peer-review meeting is organized by the initiative of the Ministry of Economy and Commerce of the Kyrgyz Republic and with the support of the OSCE Conflict Prevention Centre, European Union, UN Office for Disarmament Affairs, and the OSCE Programme Office in Bishkek within the framework of enhancing regional efforts to prevent proliferation of WMD, and strengthening trust and peace in the region.

The regional peer-review meeting was also attended by representatives of the UN Regional Centre for Peace and Disarmament, the UN Office for Disarmament Affairs, Biological Weapons Implementation Support Unit, the Federal Office for Economic Affairs and Export Control, the US Export Control and Related Border Security Programme, 1540 Committee's Group of Experts, Organization for the Prohibition of Chemical Weapons, the OSCE and its field offices in Central Asia.

WHO named the 10 countries with the highest number of coronavirus cases. The first place in this list is occupied by Japan, the second by South Korea, the third by China, the seventh by Russia. Mongolia has close relations with these countries.

Mongolia reported 772 COVID-19 cases last week compared to 357 cases the previous week.

A 72-year-old man was diagnosed with the BF7-1 variant. This person is a citizen of China and came to Mongolia after working in Russia. He is in isolation and is being treated at a hotel, head of the National Center for Research on Infectious Diseases Ts. Bilegtsaykhan says.

During its regular meeting dated October 26, the Cabinet made a decision to impose an emergency regime for “Erdenes Tavantolgoi” state-owned enterprise for six months, assigning State Secretary of the Ministry of Finance J. Ganbat as the Government’s Special Representative to take relevant measures to improve the company’s operations and management and increase the revenue.

In this regard, on November 8, the Special Representative held a press briefing, during which he emphasized that making the company’s information on contracts and activities transparent and open to the public is the most appropriate solution.

After being assigned as the Government’s special representative, he started publicizing the coal mining and transportation information and contracts signed with mining companies accessible on the company’s website. Tender information related to procurement is linked online. Specifically, the quantity of coal loaded from the mine is disclosed on the company’s website. He clarified getting information about which company, how many vehicles, and how many tons of coal are loaded on the requested date.

As of today, 265 vehicles have loaded 30,497 tons of coal.

There are 4 contracts with 4 large foreign and domestic state-owned and private sector companies with upfront payment terms. Currently, USD 45 million have been received out of the agreed amount of USD 605 million. There are 27 contracts for coking coal for 100 thousand to 1 million tons made on standard commercial coal purchases and sales.

In addition, the transparency will disclose 109 contracts for thermal coal supply amounting to 20,000 to 300,000 tons.

Now, the company is working on making the process of coal loaded from the mine and unloaded in Tsagaankhad to cross the border transparent. There is no doubt of having a difference between them. Making information visible will therefore enable the people to perceive the balance, whilst keeping it secret breeds mistrust. Coal transport vehicles from the mine will be monitored digitally. He informed that the "Erdenes Tavantolgoi" company would only accept cash on delivery terms and would not consent to an upfront payment.

The company purchases MNT 3.4 trillion annually. As of last Friday, 833 vehicles transported coal.

A total of 31 issues were discussed at the 20th regular meeting of the FRC (9 November 2022), and decided to register the ordinary shares of "Golomt Bank" LLC in the register of securities approved for public offering. "Golomt Bank" LLC is the second bank among influential banks in the banking system to register its shares for public offering within the framework of the reform of the banking system. Implementation of public offering of shares (IPO) by banks will increase the value of the stock market, increase the number of new products with good liquidity, improve the activity and participation of foreign and domestic investors, and make banking operations more transparent and open. In addition to the creation of long-term sources of financing for banks and the increase in credit output, it will be an important step in creating a multi-pillar financial system.

Also, it was decided to register bonds to be issued under the program as a public offering of "Invescor BBSB" JSC. The company plans to raise a total of MNT 50.0 billion by partially issuing its bonds.

It was also decided to register;

securities backed by assets issued by two companies,

two companies as legal entities that provide legal advice to participants in the securities market,

to grant a special license to one company to engage in investment management activities.

Also:

two companies were granted a special license to operate as a real estate brokerage organization,

three individuals were granted a special license to operate as a trader in precious metals, precious stones, or articles made from them,

four savings and credit cooperatives were granted a special license to operate, and

one approved changes in the structure and composition of the company's shareholders,

to restore the special license of one company to engage in brokerage activities in the securities market and six companies to engage in non-banking financial activities.

FRC

Wise and timely decision to use new solutions to solve the issues of the city, ensure the comfort of citizens and create conditions for living in a safe and pleasant environment. Therefore, the digital transition plan of Ulaanbaatar has been presented taking into account international standards, the characteristics of Mongolia, the culture and traditions of the citizens, the extreme climate and the characteristics of the state structure. In other words, Ulaanbaatar is cooperating with more than 70 national IT entities and 1,000 Mongolian engineers to use information technology solutions in each branch of the capital. We are highlighting digital solutions that were introduced in the city.

INTEGRATED INFORMATION OF PUBLIC TRANSPORT – ePASS SYSTEM

As part of the digitalization of public transport, the ePASS project, an integrated system with automation and information technology solutions will be introduced to the city’s public transport and school bus services.

With the introduction of this system, the public transport card can be recharged with a bank card and it will become easier to check and monitor the balance. An electronic notice board will be placed at each bus stop, which will allow one to see bus routes. All the above-mentioned information will be delivered to visually impaired people by voice with the help of artificial intelligence-based technology.

BE WITH YOUR CHILD ANYWHERE – eSCHOOL SYSTEM

The eSchool system with comprehensive technological solutions will provide many opportunities, including knowing what time your child eats, which bus he or she takes and how he or she does homework. The platform consists of four applications: eSchool for school administrators, eTeacher for teachers, eStudent for students and eParent for parents and guardians.

In other words, school management, teachers, parents and guardians and children will exchange information without delay to not only improve the quality and accessibility of education but also monitor the student’s lunch and travel by bus and create conditions for all parties to participate in their safety.

BOOK AN APPOINTMENT DIGITALLY WITH FAMILY HEALTH CENTER

A simpler solution to the process of obtaining primary health care services is also being introduced in the city. By connecting family health center operations with cloud technology, smart kiosks and smart devices based on the Android operating system, the Smart health appointment system will make medical care more accessible.

With this system, citizens can book an appointment digitally at a family health center and collect information about their doctor’s examination. In this way, there will be many advantages, including making the services of family health centers accessible, as well as easing the burden on doctors and medical staff and improving the processing of complaints.

PARTICIPATION IS IMPORTANT – ‘DIGITAL CITY’ APPLICATION

It is possible to receive and distribute news related to Ulaanbaatar promptly, as well as monitor the resolution of submitted applications, complaints and suggestions with this mobile application.

In 204 khoroos of the capital, 1,832 officials provide basic government services to 1,639,172 citizens of more than 420,000 households. They receive citizens’ feedback, convey the policies, decisions and activities implemented by the city and district to citizens and enterprises, monitor the environment and prevent crimes. The “Digital City” mobile application will be introduced to facilitate these tasks, bring the relationship between the government, citizens and enterprises to a new level, provide feedback and complaints, and pay taxes and fees in a unified way. In this way, the activities of these officials will be fully digitized.

As a result of this solution, which will fully facilitate communication between the government and citizens, corruption and bureaucracy will be reduced, public services will become transparent and it will also save citizens’ time and money.

CAPITAL CITY TRAINING, RESEARCH, AND PUBLIC RELATIONS AGENCY

On November 8, Prime Minister of Mongolia L. Oyun-Erdene received Ambassador Extraordinary and Plenipotentiary of the Republic of Turkiye to Mongolia Zafer Ates.

During the meeting, the sides concurred that the relations and cooperation between the two countries are developing in all spheres, especially in trade, tourism and culture.

The Prime Minister informed that the Government of Mongolia has declared 2023 and 2024 “The Years to Visit Mongolia” and an intergovernmental draft agreement on cooperation in tourism was approved during the last week’s cabinet meeting.

The sides also agreed that the cooperation in tourism and the economy will be further developed once the number of Istanbul-Ulaanbaatar-Istanbul flights is operated seven times a week.

The Prime Minister expressed support for mutually beneficial cooperation in infrastructure projects such as the establishment of a tourism complex in the Orkhon and Tamir valleys and the construction of a satellite city in the Khushig valley.

For his part, the Turkish Ambassador thanked the Prime Minister for taking the time to meet with him while emphasizing that the linguistics and cultural values that Mongolia and Turkiye share are the fundamentals of successful bilateral relations and cooperation.

He also stressed the importance of high-level visits for strengthening bilateral relations and cooperation and expressed confidence that the works agreed upon during the recent visits of the Mongolian State Great Khural Chairman to Turkiye and the Turkish Minister of Tourism and Culture to Mongolia will be successfully implemented.

On November 8, Prime Minister of Mongolia L. Oyun-Erdene received United Nations Resident Coordinator in Mongolia Tapan Mishra to discuss the relations and cooperation between the two sides.

UN Resident Coordinator Tapan Mishra expressed that the UN and its specialized agencies would support the Government of Mongolia's New Revival Policy and presented the Prime Minister with the document of the UN Sustainable Development Cooperation Framework for Mongolia 2023-2027.

The Prime Minister said that this document is aimed at intensifying the implementation of the long-term program document “Vision-2050", is aligned with the Action Plan of the Government of Mongolia for 2020-2024, and also ensures close intersectoral coordination.

In addition, he informed that the Government of Mongolia is paying a special attention to the issues of renewable energy and water sources.

Immigration Agency of Mongolia issued visa approvals to 1,064 foreigners, visas to 348 citizens, and electronic visas to 378 citizens of 27 countries in October, 2022.

Based on the permission of the authorities, 1419 foreign citizens were granted residency permits in Mongolia, and the residence permits of 629 citizens were extended.

Comparing the numbers with 2021, visa approval increased by 58.9 percent, visa issuance by 25.3 percent, residency permit issuance by 52.0 percent, and residency permit extension decreased by 11.6 percent.

Furthermore, Immigration Agency of Mongolia received online requests from 1,519 foreign citizens and 626 enterprises with purpose of reducing the burden of citizens coming in person, and to reduce the number of service steps.

The digital assets market has been rocked by the near-collapse of one of the world's biggest cryptocurrency exchanges, FTX.

On Tuesday, FTX struck a bailout deal with larger rival Binance after a surge in withdrawals caused a "significant liquidity crunch".

Concerns about FTX's financial health reportedly triggered $6bn (£5.2bn) of withdrawals in just three days.

Binance says it agreed to buy FTX's non-US unit, pending due diligence.

FTX's founder Sam Bankman-Fried and Binance's chief executive Changpeng "CZ" Zhao are two of the most powerful people in the cryptocurrency market and high-profile rivals.

The pressure on FTX came in part from Mr Zhao, who tweeted on Sunday that Binance would sell its holdings of FTX's digital token, known as FTT.

"Due to recent revelations that have came to light, we have decided to liquidate any remaining FTT on our books," he said. FTT has lost almost 80% of its value this week.

On Tuesday Mr Zhao tweeted, "This afternoon, FTX asked for our help. There is a significant liquidity crunch".

Binance said it had signed a letter of intent to buy the firm but had "the discretion to pull out from the deal at any time".

Also on Twitter Mr Bankman-Fried said: "Our teams are working on clearing out the withdraw backlog as is. This will clear out liquidity; all assets will be covered 1:1."

"This is a black swan event that adds more fears in the crypto space. This cold winter for crypto now takes on more fear," Dan Ives, senior equity analyst at Wedbush Securities told the BBC.

The news sent shockwaves through the digital assets market, with cryptocurrencies falling sharply.

Bitcoin fell by more than 10% to hit the lowest level since November 2020.

Meanwhile, online trading platform Robinhood lost more than 19% of its stock market value, while cryptocurrency exchange Coinbase fell by 10%.