1 GOLD AND COPPER PRICES SURGE WWW.UBPOST.MN PUBLISHED:2025/04/02      2 REGISTRATION FOR THE ULAANBAATAR MARATHON 2025 IS NOW OPEN WWW.MONTSAME.MN PUBLISHED:2025/04/02      3 WHY DONALD TRUMP SHOULD MEET KIM JONG- UN AGAIN – IN MONGOLIA WWW.LOWYINSTITUTE.ORG  PUBLISHED:2025/04/02      4 BANK OF MONGOLIA PURCHASES 281.8 KILOGRAMS OF PRECIOUS METALS IN MARCH WWW.MONTSAME.MN PUBLISHED:2025/04/02      5 P. NARANBAYAR: 88,000 MORE CHILDREN WILL NEED SCHOOLS AND KINDERGARTENS BY 2030 WWW.GOGO.MN PUBLISHED:2025/04/02      6 B. JAVKHLAN: MONGOLIA'S FOREIGN EXCHANGE RESERVES REACH USD 5 BILLION WWW.GOGO.MN PUBLISHED:2025/04/02      7 185 CASES OF MEASLES REGISTERED IN MONGOLIA WWW.AKIPRESS.COM PUBLISHED:2025/04/02      8 MONGOLIAN JUDGE ELECTED PRESIDENT OF THE APPEALS CHAMBER OF THE ICC WWW.MONTSAME.MN PUBLISHED:2025/04/01      9 HIGH-PERFORMANCE SUPERCOMPUTING CENTER TO BE ESTABLISHED IN PHASES WWW.MONTSAME.MN PUBLISHED:2025/04/01      10 LEGAL INCONSISTENCIES DISRUPT COAL TRADING ON EXCHANGE WWW.UBPOST.MN PUBLISHED:2025/04/01      УСТСАНД ТООЦОГДОЖ БАЙСАН УЛААНБУРХАН ӨВЧИН ЯАГААД ЭРГЭН ТАРХАХ БОЛОВ? WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2025/04/02     САНГИЙН ЯАМ: ДОТООД ҮНЭТ ЦААСНЫ АРИЛЖАА IV/16-НААС МХБ-ЭЭР НЭЭЛТТЭЙ ЯВАГДАНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2025/04/02     МОНГОЛБАНКНЫ ҮНЭТ МЕТАЛЛ ХУДАЛДАН АВАЛТ ӨМНӨХ САРААС 56 ХУВИАР, ӨМНӨХ ОНЫ МӨН ҮЕЭС 35.1 ХУВИАР БУУРАВ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2025/04/02     Б.ЖАВХЛАН: ГАДААД ВАЛЮТЫН НӨӨЦ ТАВАН ТЭРБУМ ДОЛЛАРТ ХҮРСЭН WWW.EAGLE.MN НИЙТЭЛСЭН:2025/04/02     1072 ХУВЬЦААНЫ НОГДОЛ АШИГ 93 500 ТӨГРӨГИЙГ ЭНЭ САРД ОЛГОНО WWW.EAGLE.MN НИЙТЭЛСЭН:2025/04/02     Н.УЧРАЛ: Х.БАТТУЛГА ТАНД АСУУДЛАА ШИЙДЭХ 7 ХОНОГИЙН ХУГАЦАА ӨГЧ БАЙНА WWW.NEWS.MN НИЙТЭЛСЭН:2025/04/02     “XANADU MINES” КОМПАНИ "ХАРМАГТАЙ" ТӨСЛИЙН ҮЙЛ АЖИЛЛАГААНЫ УДИРДЛАГЫГ “ZIJIN MINING”-Д ШИЛЖҮҮЛЭЭД БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2025/04/02     ТӨМӨР ЗАМЫН БАРИЛГЫН АЖЛЫГ ЭНЭ САРЫН СҮҮЛЭЭР ЭХЛҮҮЛНЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/04/02     “STEPPE GOLD”-ИЙН ХУВЬЦААНЫ ХАНШ 4 ХУВИАР ӨСЛӨӨ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2025/04/02     ҮЙЛДВЭРЛЭЛИЙН ОСОЛ ӨНГӨРСӨН ОНД ХОЁР ДАХИН НЭМЭГДЖЭЭ WWW.GOGO.MN НИЙТЭЛСЭН:2025/04/01    

Events

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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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Bolor Lkhaajav on Mongolia’s Messy Presidential Election www.thediplomat.com

On June 9, Mongolia will elect its next president. It’s been a messy campaign season, with all sides claiming that the fate of Mongolia’s democracy is at stake in the upcoming vote. For a rundown of the state of the race, and the larger issues at play, The Diplomat spoke to Bolor Lkhaajav, a book editor at The Mongolia Society, Indiana University Bloomington, and a frequent commentator on Mongolia’s foreign policy and politics. Bolor is also a co-host of the “77 Nation” podcast based in Washington, D.C.
It’s been an especially contentious campaign season, with the MPP passing laws banning the incumbent president from running, and President Battulga attempting to disband the MPP. Can you walk us through the major developments of the past few months?
Since its peaceful democratic revolution in 1990, Mongolia has successfully held five presidential elections in a multi-party system. This year’s presidential election, to be hold on June 9, 2021 has been contentious for a number of reasons, including but not limited to the Mongolian People’s Party (MPP) holding a majority of seats in the parliament, the outbreak of COVID-19 and the government’s response, and the weakening of major opposition party, the Democratic Party. It is especially contentious because the opposition parties and observers fear one-party rule in Mongolia, resulting in hunger strikes to warn against that path.
When the DP lost in a landslide to the MPP in 2016 – retaining only nine out of 76 seats in the parliament (Great Ikh Khural) – the battle for the office of the president began for both the DP and MPP. For the DP, the ambition for the office of the president was to hold some high-level power in the government, since they only hold nine seats in the parliament. For the MPP, the goal was to hold the power of all three branches of the government – the parliament, the office of the president, and the cabinet.
Following its landslide victory in the parliamentary election, the MPP has hoped for the office of the president. One week before Mongolians last headed to the presidential polls, on May 9, 2017 an audio recording was released to the public. It appeared to be a recording of a 90-minute conversation involving the chairman of the parliament, Enkhbold Miyegombyn, who was also the MPP’s 2017 presidential candidate. The audio, allegedly recorded in 2014, preceded Mongolia’s parliamentary elections of June 2016. The recording became famous for its discussion of the MPP’s “60 million tugrik” ($20 million) deal to take bribes to shuffle government positions as part of a plan to empower its party grip. The political atmosphere right before the 2017 presidential election was almost at a boiling point.
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When MPP lost the presidential election to DP candidate Battulga Khaltmaa, they pursued an amendment to the constitution. The president has called for a national referendum, and used his veto power. But his actions were ignored by the MPP majority parliament. In 2019, the parliament approved the third discussion of the draft amendments to the Constitution of Mongolia, under which the newly elected president will serve a single, six-year term. Previous presidents all have served two terms, except Enkhbayar Nambaryn and, now, Battulga.
This is not to say that these legislative decisions are only directed toward banning former president Enkhbayar and Battulga from running, however. Amendments to the constitution, Mongolia’s balance of power, the semi-presidential system, and the question of how much power should a president have – all of these topics have been part of an ongoing political discussion in the Mongolian political arena for the past decades.
It is important too that the election law requires the president-elect to suspend their party membership in order to fully serve the people and country. The weakening of the DP since the 2016 parliamentary election might have indirectly pressured the incumbent president to stay in power as president.
Moreover, legal studies scholars have been extremely unhappy with the Constitutional Court overriding its power to micromanage the election system. For example, advisors to the president Dr. Enkhbaigali Byambasuren and Dr. Gunbileg Boldbaatar emphasized that “Restricting the right to elect and be elected means restricting the rights of political parties to nominate and the rights of all supporters, the rights of all the people to elect their President. The people’s right to vote is guaranteed by the Constitution and it should not be restricted. The Constitution cannot be interpreted for political purposes.”
As for former president Enkhbayar, who was jailed for abuse of power and corruption in 2012, he has lost the support of the majority of the people. Since being released from jail, he has been seeking office and has been rejected by the General Election Committee. The more he tries to be in political life again, the more people are suspicious.
The family-feud-like political game between the MPP and DP forced Enkhbat Davaasuren to run for office from the Mongolian Labor Party (MLP). In his latest interview, Enkhbat stated that he is running for president not because of political ambition or career; he is running for office because he is different from the other candidates who have been in politics for too long and have political life or party affiliations to lose.
Mongolian youths played a key role in the country’s transition to democracy. What role are young Mongolians playing in the current political atmosphere?
A new nationwide ​poll conducted by the International Republican Institute (IRI) “surveyed Mongolians between the ages of 18 and 40, capturing youth perspectives prior to the June 2020 parliamentary elections and amid the fallout of the COVID-19 pandemic.” According to this latest research, “94 percent of Mongolian youth believe it is important that all members of the country’s adult population are included in political decision-making. Ninety-four percent of Mongolian youth believe it is important that all members of the country’s adult population are included in political decision-making. More specifically, 97 percent of Mongolian youth find the inclusion of young adults important, and 91 percent think the inclusion of women and people with disabilities is crucial as well.”
Unemployment was by far the biggest concern of Mongolian youth, with 54 percent of those surveyed listing it as one of the three most important problems facing Mongolia today. Corruption was the second-most common response (22 percent of respondents), followed education (18 percent) and poverty (18 percent).
IRI’s survey also found that “Young Mongolians have very little confidence in political parties, with 60 percent expressing either a ‘very’ (10 percent) or ‘somewhat’ (50 percent) negative opinion of the parties.” But their disillusionment is not limited to the political parties: “More than half hold a ‘very’ (11 percent) or ‘somewhat’ (40 percent) negative opinion of courts, and 56 percent have either a ‘very’ (9 percent) or ‘somewhat’ (47 percent) negative view of the parliament.” Over half of respondents also rated the national government as performing “very” or “somewhat” poorly in providing economic opportunity, jobs, and opportunities for citizen engagements in politics.
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Yet IRI noted that “Despite the current obstacles facing the country, the poll found overwhelming support among Mongolian youth for maintaining a democratic system (76 percent) – a promising sign for Mongolia’s future.”
Moreover, in the past two decades, Mongolians abroad have been increasingly active in Mongolia’s political life. As of 2020, there are approximately 150,000 Mongolians studying and living abroad. With modern technology and free flow of information, these people are ever connected to Mongolia. There has been an increase in petitions submitted by Mongolian abroad on a number of pressing issues such as battling air pollution, corruption, offshore accounts, and most recently, the Chinese government’s crackdown on Mongolian language in the Inner Mongolian school system.
What does the election of 2021 tell us about the health of democracy in Mongolia? What markers should we watch for in the last week of the campaign, and on poll day itself?
In recent years, Mongolia’s high politics, corruption, and bribery cases have dampened many people’s trust in the government and the law enforcement. Just look at the IRI poll above. We are talking about a two-party dominated political system that has been scratching each other’s back since 1990. Between 2014 and 2016, Mongolia experienced large numbers of social mobilization both at home and abroad, protesting against poor air quality, mining on sacred land in Noyon-Uul, and offshore accounts that involved high-level government officials — some are still in office. Earlier this year, the public outrage over a mistreatment of a hospital patient resulted in the resignation of Prime Minister Khurelskh Ukhnaa. Whether he resigned too easily in order to run for president is another argument. However, in a recent podcast talk, current Prime Minister Oyun-Erdene Luvsannamsrai stated, “The people, the public are always watching and they are no fools. If the people don’t want you, you will not be elected.”
The emergence of a third-party option, such as the presidential candidate Enkhbat Davaasuren is welcome amongst the youth. There has been significant social media support for Enkhbat, especially among Mongolians abroad and Mongolian youths in Mongolia. The former CEO and founder of Datacom, a computer engineer, and a scholar, Enkhbat is favored mainly because the people do not want cronies from the MPP and DP, especially not after Khurelsukh resigned during a tough time for his own personal political gain. The DP candidate, Erdene Sodnomzunduin, is running under the slogan of “Mongolia without dictatorship,” clearly fearing one-party dominance in Mongolia if he or Enkhbat loses the June 9th presidential election.
Whether it’s a parliamentary election or presidential election, the people are challenging those in power for better governance, a citizen-centered judicial system, human rights, and economic opportunities. Educated youth are increasingly frustrated with unemployment. All these issues need some support from the government. The government, by using democratic practices, must provide more opportunities.
Mongolia will be facing a major energy crisis in the next decade. As developed and developing countries move to renewable energy and away from coal-based energy, Mongolia’s economy must seek an alternative source. Mongolian politicians, policymakers, and its next president must avoid succumbing to the small-time domestic political game and really focus on the bigger issues. The country needs to move on in a healthy direction. In this pursuit, democracy, multi-party governance, a president that is elected by the people, and the participation of youths are the most important components.
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ADB Improving Livestock Production Systems in Central Mongolia www.adb.org

MANILA, PHILIPPINES (2 June 2021) — The Asian Development Bank (ADB) has approved a loan and technical assistance package totaling $31 million to support the improvement of livestock production systems in 20 soums (districts) of four aimags (provinces) in Central Mongolia.
“Mongolia’s agriculture sector remains a key pillar of the economy, with a majority of the poor depending on agriculture and extensive livestock production—especially meat and milk—to sustain their livelihoods,” said ADB Senior Natural Resources Economist Jan Hinrichs. “A high incidence of poverty and food insecurity is particularly alarming in rural areas. There is great potential to boost exports and increase income generation significantly if the major constraints facing the sector are addressed in a sustainable manner.”
The lack of a regulatory framework, enforcement capacity, and coordinated policies to control livestock numbers has led to an increase in sheep units by 71%, from 69.5 million in 2009 to 119.0 million in 2019. Consequently, 70% of Mongolia’s pastureland is now degraded. These developments are exacerbated by extreme climatic events such as droughts and dzuds (episodes of extreme winter weather), which have resulted in significant livestock deaths and increased the risk of rural–urban migration. Further, a lack of appropriate water points, animal shelters, and feeding throughout the winter leads to the concentrated use of surrounding pasture and undermines pasture management.
Mongolia also faces challenges throughout the meat value chain, limiting access to export markets that are vital for lifting incomes and overall sector growth. Transboundary animal diseases are prevalent, and the veterinary system has been unable to manage outbreaks effectively. Food hygiene practices and sanitary standards have also fallen short of international standards.
ADB supports Mongolia’s economic diversification with several projects encouraging labor-intensive growth through utilizing and preserving Mongolia’s natural capital.
The new Climate-Resilient and Sustainable Livestock Development Project will build the climate resilience of herders against the increased frequency of severe weather, promote a reduction in livestock numbers, and increase the quality of livestock products. The project will also build the capacity of the public institutions of the Government of Mongolia to better assist the sector.
Specifically, the project will work toward pasture rehabilitation and carbon sequestration while increasing the incomes of herder households through forming pasture user groups and implementing rangeland user agreements. It will also construct or rehabilitate 382 wells and develop 466 water use agreements, while establishing hayfields and storage for herder groups.
To improve the quality and health standard of livestock herds and products, the project will better coordinate and integrate the respective livestock value chain participants through activities such as establishing standards for health and carcass quality, supporting veterinary units, cashmere marketing, and animal breeding
More than 38,500 people in the 20 soums, including 7,709 poor and vulnerable persons, are expected to benefit from the project, which is supported by a $1 million technical assistance financed by the Japan Fund for Poverty Reduction. The technical assistance will strengthen Mongolia’s food safety and traceability system, enhancing the livestock sector regulatory framework and capacity.
The project is financed by an ADB $23 million ordinary loan and $7 million concessional loan, with the government and beneficiaries providing $2.08 million and $2.42 million, respectively, toward the total project cost of $34.5 million. It is due for completion in June 2027.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.
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Mongolia inviting Russia to new railroad projects www.interfax.com

MOSCOW. June 1 (Interfax) - The survey conducted for the Soyuz Vostok gas pipeline project has been successful despite the coronavirus pandemic, and Mongolia will continue to support the project, Mongolian Foreign Minister Batmunkh Battsetseg said.
"Minister Lavrov and I have discussed a number of important trade and economic cooperation projects. I am glad that, despite the pandemic, the survey conducted for the project of a gas pipeline from Russia to China via the territory of Mongolia has been progressing successfully," Battsetseg said at a press conference after talks with Russian Foreign Minister Sergei Lavrov.
"We are ready to continue our comprehensive support for the activity of the special-purpose commercial vehicle named Gazoprovod Soyuz Vostok," she said.
The minister also said she had agreed with Lavrov "to continue cooperation in the attraction of investments, which would help boost the efficiency of the Mongolian-Russian joint venture, Ulaanbaatar Railways, and modernize the company's railroad infrastructure and rolling stock."
Mongolia has invited Russian partners to join new railroad construction projects in its territory, Battsetseg said.
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PM L.Oyun-Erdene: 2022 state budget will focus on subcenter development www.montsame.mn

On May 31, Prime Minister L.Oyun-Erdene became acquainted with the works being carried out in Bayanzurkh district of the capital city.
More specifically, he became acquainted with the plans of underpass and roundabouts as well as the re-planning of ger areas in the capital city, ‘Shar Khad’ subcenter, and the project implementation for affordable, green apartments. As of currently, construction is taking place for an underpass connecting the roads of Dunjingarav and Narny Zam, while another underpass is also planned to the southwest of Narantuul Market.
By constructing underpasses and new roads as well as making appropriate changes in areas that often have heavy traffic, a study has found that the amount of traffic will be reduced by 27 percent.
Re-planning of ger areas: Of 1,694 hectares of land to be re-planned in the capital city, apartments are being constructed by 14 entities on 598 hectares of land at 24 locations in Bayanzurkh district. In the project framework, apartments for 4,247 households have been completed so far.
‘Shar Khad’ subcenter: Prime Minister L.Oyun-Erdene also became acquainted with the planning for Shar Khad subcenter. With the subcenter extending across the territory of 5 khoroos in the district, a 300-bed hospital and a kindergarten with a capacity of 240 children are planned to be built alongside apartments and other facilities. “The necessary financing for the hospital construction will be allocated from the 2022 state budget,” said the Prime Minister.
Affordable apartments: With financing of the Government of Mongolia and the Asian Development Bank, a project is currently being implemented on developing ger areas in six subcenters in Ulaanbaatar city. Green apartments will be built on 5 hectares of land in 5 phases, with 55 percent of the apartments to be rent-to-own, 15 percent to be rented through welfare, and 30 percent to be sold at the market price. For instance, 0.16 hectares of land have been acquired to build a model apartment building with a capacity of housing 20 households in Khoroo 19 of Bayanzurkh district. With four households having previously lived at the location, the land and real estate owned by each of the households were valued at an average of MNT 40 million, with 1 sq.m being MNT 100 thousand. The apartment building is planned to be completed alongside parking space and green area this year.
“In order to support decentralization, the Government has to support the Municipality of Ulaanbaatar. In its framework, six subcenters will be developed which will later be increased to 10, supporting private sector investment and the relocation of government organizations.
The 2022 state budget will be focused on financing the development of subcenters by constructing apartments, schools, kindergartens, hospitals, and green areas and creating more job opportunities. Through this, it will become possible to decentralize and reduce traffic congestion in the capital city,” said Prime Minister L.Oyun-Erdene.
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Official talks held between Foreign Ministers of Mongolia and Russia www.montsame.mn

On June 1, Minister of Foreign Affairs B.Battsetseg held official talks with Minister of Foreign Affairs of the Russian Federation S.V.Lavrov in the framework of her visit.
The Foreign Ministers exchanged views on bilateral relations and a wide range of matters regarding regional and international cooperation. Assessing the current state of relations between Mongolia and Russia, they discussed plans to further develop relations, especially through organizing mutual high-level visits and accelerating large-scale projects being implemented in priority sectors.
Discussing the progress of the joint plan being implemented on the celebration of the 100th anniversary of the establishment of diplomatic relations between Mongolia and Russia, the Ministers agreed to give more significance to the activities planned in its framework.
The sides also exchanged views on opportunities to further develop bilateral trade and economic cooperation, and expressed their satisfaction in the progress being made in the studies being carried out for the construction project for a gas pipeline supplying natural gas from Russia across Mongolia to China.
Furthermore, it was decided to enhance the operations of ‘Ulaanbaatar Railway’ Mongolian-Russian Joint Stock Company and continue to cooperate in making necessary investments for renewing railroads and train cars.
Agreement was also reached on deepening cooperation in the education, culture and arts, and humanitarian sector. For instance, the work to establish a Mongolian-Russian joint school in Ulaanbaatar city was decided to be accelerated.
Within the framework of international and regional cooperation, the sides agreed to continue the tradition of close cooperation between the two countries.
Following the talks, the Foreign Ministers of Mongolia and Russia held a joint press conference. Moreover, the two Ministers also attended the ceremony to award Hero of Mongolian People’s Republic, Hero of USSR, cosmonaut Jugderdemidiin Gurragchaa with the Order of Alexander Nevsky per the decree of Russian President Vladimir Putin.
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Centerra’s Kyrgyz units seek bankruptcy protection over Kumtor mine expropriation www.mining.com

Canada’s Centerra Gold (TSX: CG) announced late on Monday that its Kyrgyz subsidiaries have filed for bankruptcy in New York to protect investors and restructure the company, whose Kumtor gold mine was seized by the former soviet nation last month.
The Toronto-based miner said it hoped the internationally recognized restructuring process will facilitate potential negotiations with the government of Kyrgyzstan, which is now in full control of Kumtor.
Centerra also noted the ongoing proceedings will not impact any other areas of the company’s business, including its Mount Milligan copper-gold mine in Canada, the Öksüt gold operation in Turkey and the molybdenum business in North America.
The move comes on the heels of the Kyrgyz government organizing a press tour to the mine last week, in which it said Kumtor was operating as usual.
“There are no problems at the Kumtor mine,” Nurdin Usenov, mill manager and acting director of operations told reporters. “All departments are working, production targets are being met, there are enough stocks of spare parts, consumables, lubricants and fuel.”
According to a new law passed in mid-May, the Kyrgyz government can take control for up to three months of any company that operates under a concession agreement if that firm violates regulations that damage or put locals and the environment at risk.
The head of a Kyrgyz state commission investigating alleged wrongdoing at the Kumtor mine, Kamchybek Tashiev, said on May 17 the agreement with Centerra Gold had to be revoked on the grounds of “corruption” and “violations of safety and environmental regulations.”
At the same time, a Kyrgyz court fined KGC more than $3 billion for allegedly unloading mining waste on glaciers near the mine, 4,000 meters above sea level. A state commission also recently claimed that the KGC owed more than $1 billion in unpaid taxes.
Former Kyrgyz Prime Minister Omurbek Babanov was detained on Monday as part of the investigation into corruption linked to the development of Kumtor.
Inside job?
The man who now controls the operation, Tengiz Bolturuk, was one of Kyrgyzstan’s three appointed representatives on the 11-man board of Centerra directors.
The dual Kyrgyz-Canadian citizen is being sued by the Canadian miner under the premise that he conspired to steal the asset from the company while he was a director.
Bolturuk had gained a reputation as a very hostile colleague in Toronto, two sources familiar with his time on the board told Eurasianet.
At home he had been making an impression, too. In a letter published in Kyrgyz media, employees of Kyrgyzaltyn, the state miner that owned the government’s shares in Centerra, showed discontent with Bolturuk’s growing involvement in Kumtor’s operations.
The document claimed he had fired dozen of locals employees and seemed to have positioned himself as the de facto head of the mine.
Strategic review
In a conference call on Tuesday, Centerra said it was conducting a “strategic review” of its ownership of KGC and KOC.
“The seizure of the mine is based on false information and groundless allegations that undermine everything we have built together,” Scott Perry, Centerra’s president and CEO said in an open letter to the people of Kyrgyzstan. “We fear that the government’s unjustified action will put thousands of well-paying jobs and the businesses of hundreds of Kyrgyz suppliers at risk.”
Kumtor is the largest of Centerra’s three gold mines, accounting for over 50% of the company’s total output.
The operation is also crucial to Kyrgyzstan. It accounts for a fifth of the ex-Soviet country’s total industrial output and has produced more than 13.2 million ounces of gold between 1997 and the end of 2020. Last year’s output was slightly over 556,000 ounces.
Dalton Baretto, Canaccord Genuity
Arbitration proceedings can take up to ten years and even if the Canadian miner succeeds, there is not guarantee it will be paid the stipulated amount.
Dalton Baretto of Canaccord Genuity said in a May note that he wasn’t surprised by Kyrgyzstan’s move.
“We have been anticipating something like this since President Japarov took power on January 10; however, the speed and breadth of these reforms has caught us off-guard,” he wrote.
The analyst added he believed the government has opened the door to what is likely going to be a multi-year degradation of the relationship between Centerra and the Kyrgyz State.
“While Centerra Gold will leverage all available avenues of international trade disputes, we believe these are unlikely to be effective in the long term,” Baretto said.
Kumtor has been the focus of a number of disputes between the company and the Kyrgyz government.
Japarov, who seized power after violent riots last October, once campaigned for the nationalization of the mine. After winning January’s elections and assuming the post, however, he said he no longer considered it necessary.
Kyrgyzstan has a history of popular uprisings and political turmoil, ever since gaining its independence after the collapse of the Soviet Uni
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Russia-China trade turnover saw 13-fold growth over past 20 years – Lavrov www.rt.com

The volume of trade between Russia and China amounted to $104 billion at the end of last year and continues to grow, according to Russian Foreign Minister Sergey Lavrov.
“The treaty [signed by Russia and China in 2001 – Ed.] plays a significant role in accelerating trade and economic cooperation. We have something to show to the public. Over the past 20 years, mutual trade has increased 13 times – from $8 billion to $104 billion by the end of 2020,” Lavrov said on Tuesday in a video message to the participants of the 6th International Conference ‘Russia and China: Cooperation in a New Era’.
The foreign minister added that investment cooperation between the two nation continues on 70 projects worth over $120 billion.
Despite the economic disruptions caused by the coronavirus pandemic, trade between Russia and China still exceeded the targeted $100 billion last year, but was down almost 3% compared to 2019. The two countries want to double the volume of trade to $200 billion. The target level could still be reached by 2024, the head of the Russian Export Center, Veronika Nikishina, earlier told TASS.
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OPEC, Russia seen gaining more power with Shell Dutch ruling www.reuters.com

Climate activists who scored big against Western majors last week had some unlikely cheerleaders in the oil capitals of Saudi Arabia, Abu Dhabi and Russia.
Defeats in the courtroom and boardroom mean Royal Dutch Shell (RDSa.L), ExxonMobil (XOM.N) and Chevron (CVX.N) are all under pressure to cut carbon emissions faster. That’s good news for the likes of Saudi Arabia’s national oil company Saudi Aramco (2222.SE), Abu Dhabi National Oil Company and Russia's Gazprom (GAZP.MM) and Rosneft (ROSN.MM).
It means more business for them and the Saudi-led Organization of the Petroleum Exporting Countries (OPEC).
"Oil and gas demand is far from peaking and supplies will be needed, but international oil companies will not be allowed to invest in this environment, meaning national oil companies have to step in," said Amrita Sen from Energy Aspects consultancy.
read more
Climate activists scored a major victory with a Dutch court ruling requiring Royal Dutch Shell to drastically cut emissions, which in effect means cutting oil and gas output. The company will appeal. read more
The same day, the top two U.S. oil companies, Exxon Mobil Corp (XOM.N) and Chevron Corp (CVX.N), both lost battles with shareholders who accused them of dragging their feet on climate change. read more
"It looks like the West will have to rely more on what it calls "hostile regimes" for its supply," joked a high-level executive from Russia's Gazprom oil and gas group, referring to energy companies around the world owned completely or mostly by the state.
Saudi Aramco, Adnoc and Gazprom all declined to comment. Oil major Rosneft, in which the Russian state has the biggest stake, also declined to comment.
A senior Saudi Aramco staffer said the court ruling would make it easier for OPEC to ramp up production.
"It is great for Aramco," the staffer said.
Western oil majors like Shell have dramatically expanded in the last 50 years, as the West sought to cut its reliance on energy from the volatile Middle East, and from Russia.
Those same Western energy majors, including BP and Total, have set out plans to sharply reduce emissions by 2050. But they face growing pressure from investors to do more to meet U.N.-backed targets to limit global warming.
Saudi Aramco, listed on the Saudi bourse but majority state owned, is not under the same sort of pressure to cut its carbon emissions, although the kingdom's rulers aim to sharply increase the country's use of renewables.
Gazprom expects demand for natural gas to grow in the coming decades and for it to play a bigger role in energy consumption than renewable sources and hydrogen. read more
Western oil majors control around 15% of global output, while OPEC and Russia have a share of around 40 percent. That share has been relatively stable in the last decades as rising demand was met with new producers like smaller private U.S. shale firms, which today face similar climate-related pressures.
PEAK DIVIDENDS
Since 1990, global oil consumption has grown to 100 million barrels per day from 65 million bpd, with Asia providing the lion's share of growth.
Countries such as China and India have made no pledges to reduce oil consumption, which on a per capita basis is still a fraction of the levels in the West. China will rely heavily on gas to cut its huge coal consumption.
The International Energy Agency, which looks after energy policies of the West, issued a stark appeal last month to the world to essentially scrap all new oil and gas developments. But it gave no clear formula on how to reduce demand.
Despite pressure from activists, investors and banks to cut emissions, Western oil majors are also tasked with maintaining high dividends amid heavy debt. Dividends from oil companies represent significant contributions to pension funds.
"It is vital that the global oil industry aligns its production to the Paris goals. But that must be done in step with policy, changes to the demand side, and the rebuilding of the world’s energy system," said Nick Stansbury from Legal & General, which manage £1.3 trillion ($1.8 trillion) in assets on behalf of savers, retirees and institutions.
"Forcing one company to do so in the courts may (if it is effective at all) only result in higher prices and foregone profits," he said. Legal & General, one of the world's largest fund managers, holds assets in most oil majors.
Climate lawsuits have been filed in 52 countries in the past two decades, with 90% of those in the United States and European Union, risk consultancy Verisk Maplecroft said.
"In the West, energy investments will peak on fears and concerns over regulations and court rulings. Then, we will see peak dividends," said the Aramco executive. Aramco pays the highest annual dividend of $75 billion.
Over the past five years, the IEA has been predicting a large oil shortage and an oil price spike due to a lack of investments following a 2014-2017 oil price crash.
An oil price rally coupled with the declining strength of oil majors would mean a large wealth transfer from the West to countries like Russia and Saudi Arabia, until demand starts declining not only in the West but in Asia too.
"The same oil and gas will still be produced. Just with lower ESG standards," said an executive from a Middle Eastern producer, who previously worked for an oil major, referring to environmental, social and governance performance measurements.
Our Standards: The Thomson Reuters Trust Principles.
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Mongolia records 790 new COVID-19 cases www.xinhuanet.com

June 1 (Xinhua) -- Mongolia's COVID-19 tally rose by 790 to 59,229 in the last 24 hours, the country's health ministry said Tuesday.
The national death toll climbed to 297 with seven more fatalities, and total recoveries rose to 50,763 as 327 more patients had recovered, according to the ministry.
The Asian country launched a nationwide COVID-19 vaccination campaign in late February, aiming to cover at least 60 percent of its population of 3.3 million.
More than 1,858,500 Mongolians have so far received their first dose, and over 1,306,400 have been fully vaccinated.
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Mongolia officially re-opens its borders www.news.mn

From today (1 June), Mongolia is officially re-opening its borders and starting international flights to over 10 countries including the USA, Turkey, Brazil, Thailand, Greece, India and Australia thus allowing international arrivals.
Currently, over 110 countries such as Russia, China, Japan and European countries are partially or fully closed amid concerns related to the coronavirus pandemic. Therefore, Mongolian Government is actively discussing with those countries through diplomatic lines to confirm vaccine certification for those who get vaccination against Covid-19.
As early as 27 January 2020, Mongolia closed its borders with China, only four days after Chinese authorities locked down Wuhan. By the time it recorded its first case on 10 March 2020, and as the WHO declared a global pandemic, Mongolia was already shut off from the world. As a result of its prompt response to the risk, and the government’s readiness to introduce unpopular – yet effective measures – the country if 3.3 million was able to prevent local transmission until November 2020.
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