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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Government to support agricultural industry with MNT 500 billion of loans www.montsame.mn

Ulaanbaatar /MONTSAME/. With a view to alleviate the negative effects of the COVID-19 pandemic on the economy and population health, the government of Mongolia has approved MNT 10 trillion comprehensive plan for economic recovery and health protection.
Within the framework of the plan, soft loans totaling MNT 500 billion will be granted to support the agricultural industry and the required funding for it has been settled, according to the Ministry of Food, Agriculture and Light Industry.
Out of the MNT 500-billion loans, MNT 200 billion worth of loans will be provided to companies for cashmere production for the spring season of this year, MNT 100 billion loans for farming productions, and MNT 200 billion will be aimed to support livestock herders.
Commercial banks will issue loans amounting to MNT 200 billion sourced from the Ministry of Food, Agriculture and Light Industry in cooperation with the Development Bank to companies engaged in cashmere preparation and cashmere manufacturers.
Also, funding was made available by the ministry for loans worth MNT 100 billion for crop farming companies for their spring planting and fall harvesting. Both types of the loans will have a 1-year term and 3-percent interest rate per annum.
The MNT 200 billion of loans to support livestock herders and revive the animal husbandry will also be issued through commercial banks and will have a term of 3 years and annual interest rate of 3 percent. Priority areas targeted by the loans are industrial livestock production, dairy production, production of raw materials of animal origin, pastureland protection and livestock water wells, as reported by the Agricultural Ministry.
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Preparations underway to reopen borders www.montsame.mn

Ulaanbaatar /MONTSAME/. On March 1, Deputy Prime Minister S.Amarsaikhan held a meeting with the working group in charge of conducting risk assessments on infection control, safety, and possible risks at border checkpoints.
The Government of Mongolia is currently working towards the objective of opening the border from May 1. In its framework, Deputy PM S.Amarsaikhan had obliged specialists to conduct risk assessments on COVID-19 infection control at border checkpoints as well as for possible risks at the locations. Thus, a working group led by Deputy Minister of Justice and Internal Affairs, Brigadier General S.Baatarjav has carried out works, developing emergency plans in three areas. They are also currently preparing to organize drills and exercises at the border checkpoints for COVID-19 countermeasures, alongside defining methods to mitigate risks.
Having used the risk assessment tool developed by the International Organization for Migration (IOM) to identify risks at Buyant-Ukhaa checkpoint and Chinggis Khaan airport as well as the border checkpoints of Zamiin-Uud and Altanbulag, the working group introduced that works are planned to be carried out in the framework of short-, mid-, and long-term objectives.
During the meeting, the Deputy PM also noted the importance of reflecting safety measures in the plan for reopening border checkpoints and resuming regular operations, with a special focus on disinfection and sterilization.
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Mongolia and India to cooperate in milk industry www.montsame.mn

Ulaanbaatar /MONTSAME/ Minister of Food, Agriculture, and Light Industry Z.Mendsaikhan had discussions with Ambassador Extraordinary and Plenipotentiary of the Republic of India to Mongolia Mohinder Pratap Singh, who attended the March 1 extended meeting of the Ministry of Food Agriculture and Light Industry and the Food and Agriculture Organization of the United Nations at invitation, about implementing a joint project on dairy farming development, putting greater emphasis on nutritional values of foodstuffs, and developing digital agriculture.
Being the country with the highest milk and dairy production in the world, India has much experience in the industry. Mongolia, on the other hand, has yet to fully leverage its abundant milk resources. Therefore, the countries agreed to cooperate on the greatly significant long-term beneficial project on milk industry development.
As supporting public health through the supply of nutritious food is a key goal for MoFALI, during the meeting, a proposal for the implementation of Milk Every Day project was also made in light of the ample opportunity for the country with rich dairy resources to increase elementary students’ dairy milk intake through the student lunch program.
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First meeting of Mongolia – U.S Joint Aviation Technical Working Group held virtually www.montsame.mn

Ulaanbaatar /MONTSAME/ The first meeting of Mongolia – U.S. Joint Aviation Technical Working Group took place virtually on February 27. Specialists from the Mongolian Civil Aviation Authority (CAA) and the U.S. Department of Transportation, Federal Aviation Administration, and Transportation Security Administration participated in the discussion.
During the meeting, Head of Air Transport Policy and Coordination Division of the CAA G.Batbayar briefed about context and process of revised draft law on Civil Aviation.
While, Director for Office of International Aviation of the Department of Transportation Benjamin Taylor presented about necessary works to be carried out to conduct direct, scheduled flights between Mongolia and the United States. He said “The first step to conduct direct, scheduled flight to U.S. is to establish Air Relations Agreement. The U.S. has willingness to establish a legal framework that covers both passenger and cargo flights.”
The sides decided to set up subgroups of Economy, Safety Operation and Security under the Technical Working Group and to appoint bilateral representatives as reflected in the meeting plan.
The sides also agreed to organize the next meeting at the beginning of June, 2021.
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Mongolia reports 48 daily cases of coronavirus www.akipress.com

48 people in Ulaanbaatar tested positive for coronavirus after Mongolia conducted PCR testing of 13,108 people nationwide a day before, the Health Ministry said on March 2.
As of March 2, the number of confirmed coronavirus cases in the country reached 3,000 (+48).
The total number of those who recovered reached 2,330 (+31) and the recovery rate stands at 77.6%.
655 patients are treated at medical facilities, 1 patient is in extremely serious condition, 80 patients are in a serious condition and the rest have a mild form of the disease.
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Rio and Mongolia agree to replace $7bn plan to expand copper mine www.asia.nikkei.com

ULAANBAATAR -- After weeks of escalating tensions and leadership turmoil, Mongolia and Rio Tinto have agreed to work out a new arrangement to finance the costly expansion of the vast Oyu Tolgoi copper mine, Nikkei Asia has learned.
The rising cost of the new underground phase of the mine, one of the world's biggest copper deposits, played a role in bringing down both Mongolia's previous prime minister and Rio's last chief executive. This appears to have helped set the stage for changing the terms of how the two co-owners of the project will share the expense.
Public irritation has been running high in Mongolia after new figures emerged late last year showing that the government could not expect to start receiving dividends from its 34% ownership of the mine in 2032 as originally expected. Rather, due to a new two-year delay and a $1.5 billion jump in the project's cost to $6.8 billion, the government is concerned it may not receive any dividend before the mine's reserves are depleted.
While Rio has solely financed the construction and operation of the mine and provided Mongolia with a loan to finance its share of the mine's ownership, it also gets all the profits for now, with Rio taking a management fee and payments on its loan out of Oyu Tolgoi's earnings. Under the expansion arrangement reached in 2015, Ulaanbaatar has to wait until the loan is fully repaid before receiving a dividend though it does collect royalties on the minerals mined.
Now both sides are ready to scrap that deal and put a new one in place.
"Both sides have agreed to work on canceling the 2015 deal and building a new one," Solongo Bayarsaikhan, one of the government's negotiators as deputy cabinet secretariat chief, told Nikkei Asia. "Rio expressed its willingness to reduce the interest rate and its management fee."
A source close to Rio confirmed the company is now willing to set aside the 2015 deal and redraft terms.
A key point will be how to handle further cost increases.
"There is no regulation in the underground mine development contract about what to do if the underground mine construction cost increases in the future," Bayasgalan Enkhbaatar, a government appointee on Oyu Tolgoi's board, told Nikkei. "That is why we want to build a new contract, not amend the 2015 deal."
In a related development, the government said Friday that Rio had paid 230 billion tugrik ($87.55 million) of some 1 trillion tugrik founding owing after audits of past annual tax filings by Turquoise Hill Resources, the Canadian mining company through which Rio controls the other 66% of Oyu Tolgoi's shares. The government, which last year launched international arbitration claims for the sums, said it expects to receive another 420 billion tugrik this week.
Open-pit mining at Oyu Tolgoi, which also produces gold, started in 2012. The underground section is now set to open in October 2022.
Oyun-Erdene Luvsannamsrai, a longtime critic of the project's costs, took office as Mongolia's prime minister on Jan. 27 after his predecessor resigned in the face of protests over his handling of the coronavirus pandemic.
The escalating costs at the mine also played some role in the departure of Jean-Sebastien Jacques as Rio's chief executive. Jakob Stausholm took over as successor on Jan. 1, appointing Mongolian Bold Baatar to head up the company's copper operations, with a brief to work things out with the government in Ulaanbaatar.
"Bold Baatar has already set his team and they have commenced discussions with the government of Mongolia," Stausholm told Nikkei in a statement last week.
"I remain convinced that we will be able to find mutually acceptable solutions as the Oyu Tolgoi development is not only an impressive engineering achievement delivering the needed copper to the world, but it is fundamentally a development for the benefit of the Mongolian people," he said.
Mongolia and Rio Tinto have a long history of disputes over how to develop Oyu Tolgoi. Rio Tinto operates the project without owning it directly, although it has control through its majority ownership of Turquoise Hill.
Rio Tinto has collected $1.3 billion in management fees since 2013 while Mongolia still owes $2.2 billion on its loan from Rio. Rio says the mine project pays around $300 million in taxes annually to the Mongolian government, including royalties.
Turquoise Hill and Rio Tinto, and their respective shareholders, have also clashed in recent months over the rising costs and delays with Oyu Tolgoi.
Former Mongolian Prime Minister Saikhanbileg Chimed, who signed the 2015 contract, is under investigation over his handling of the deal but is in exile. Bayar Sanj, a predecessor, was sentenced in 2020 to five years' imprisonment for abuse of power in another case related to the mine.
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Mongolia to repatriate nearly 2,000 stranded nationals from abroad www.xinhuanet.com

March 1 (Xinhua) -- Mongolia will bring back a total of 1,920 stranded nationals from abroad on chartered flights this month, the country's foreign ministry said on Monday.
The country is expected to send 12 flights to repatriate the citizens, the ministry said in a statement.
Mongolia has repatriated around 30,000 nationals on chartered flights, buses or trains from different parts of the world, since it suspended international commercial flights last year due to the pandemic, the foreign ministry said.
The Asian country has so far reported more than 2,950 COVID-19 cases, with six deaths.
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Mongolia reports 45 more COVID-19 cases, 50 recoveries www.xinhuanet.com

Mongolia reported 45 new COVID-19 cases in the past 24 hours, bringing the nationwide tally to 2,952.
The latest cases were locally transmitted and detected in the country's capital Ulan Bator, the country's National Center for Communicable Diseases said in a statement on Monday.
Meanwhile, 50 more COVID-19 patients have recovered from the disease, bringing the total recoveries to 2,299, it said.
The Asian country has recorded six COVID-19-related deaths since it confirmed its first case in March 2020.
The country launched a COVID-19 vaccination campaign across the country last week, with the aim of vaccinating at least 60 percent of its 3.3 million people. Enditem
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China's Inner Mongolia to end cryptocurrency mining, ban new steel, coke projects www.reuters.com

BEIJING (Reuters) - China’s Inner Mongolia will end all cryptocurrency mining projects and stop reviewing new projects in industries which consume large amounts of energy, such as steel, coke and methanol production, as it attempts to meet energy efficiency targets.
The region was the only one of 30 mainland areas under Beijing’s energy consumption and energy intensity review that failed to meet the targets in 2019, drawing criticism from the central government in September due to its poor achievement.
Now China’s No.2 coal mining region, a major energy consumer, aims to cap energy consumption growth at around 5 million tonnes of standard coal equivalent in 2021, according to a draft rule issued by the regional state planner.
It also plans to cut energy intensity, or the amount of energy consumed per unit of economic growth, by 3% from 2020 levels.
All cryptocrurrency mining projects - which require huge amounts of computing power and hence use large amounts of energy - will be shut down by the end of April this year. Inner Mongolia is an attractive “mining” spot alongside Sichuan and Xinjiang due to low electricity prices.
Small firms with outdated technology in the steel, ferroalloy, coke, graphite electrode and coal-fired power sectors have also been given a timetable to close by the end of 2022.
“(Inner Mongolia) will tighten its energy control measures and bear the targets throughout all economic and social aspects,” said the draft rule, adding it will strictly curb blind expansion at firms which consume a lot of energy.
Local governments in China are scrambling to control energy consumption and improve energy efficiency after President Xi Jinping pledged to achieve carbon neutrality before 2060.
In 2016-2019, energy intensity in Inner Mongolia rose by 9.5% while overall energy consumption grew by 65.62 million tonnes.
The region has also vowed to increase the share of renewable energy in its power portfolio, aiming to install more than 100 gigawatts of renewable generation capacity by 2025.
China appears to have missed its target for cutting energy intensity set for 2016-2020, according to Reuters calculation based on official data.
Reporting by Muyu Xu and Shivani Singh Editing by Kirsten Donovan
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Oyu Tolgoi LLC pays MNT 230 billion under Tax Act by Mongolian Tax Authority www.montsame.mn

Ulaanbaatar /MONTSAME/. On February 26, 2021, the Government of Mongolia issued a press release stating that Oyu Tolgoi LLC has paid MNT 229.8 billion as the first installment under the Tax Act issued by the General Taxation Authority of Mongolia (Mongolian Tax Authority - MTA).
“In 2018 MTA imposed a Tax Act for Oyu Tolgoi LLC for additional MNT 377 billion of taxes after conducting audit on its tax filings and returns covering the period of 2013–2015. With respect to around MNT 350 billion of this Tax Act, Oyu Tolgoi had initiated an arbitration process at the London Court of International Arbitration,” the press statement reads.
“In addition, the MTA completed an audit of Oyu Tolgoi LLC’s 2016-2018 tax returns and in December 2020, notified to the Oyu Tolgoi LLC of MNT 649.4 billion (approximately US$228 million) of additional cash tax, inclusive of penalty and default interests, which subsequently Oyu Tolgoi declined to accept and announced to include the latest tax assessment matters in the existing international arbitration.”
“In line with the revised General Taxation Law, adopted by the State Great Khural, the parliament of Mongolia on March 22, 2019, the Mongolian Tax Authority sent, on February 10 and 19, 2021, respectively, the Tax Assessment claim to Oyu Tolgoi LLC for MNT 649 billion due to be paid to the government of Mongolia.”
“In compliances with the tax act claim by the MTA, Oyu Tolgoi LLC paid MNT 229.8 billion as the first installment to the government budget on February 25, 2021.
“As such, the Oyu Tolgoi LLC has started paying for the taxes it owes under the Tax Act issued by the MTA, obeying the tax legislations of Mongolia in the scope of the talks underway between the Mongolian government’s working group and Oyu Tolgoi’s investor side and as a result of the continuous demand put forward to pay taxes owing to Mongolia in full same as any other legal entities operating in Mongolia.”
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