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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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Erdenes-Tavantolgoi JSC introduces business growth plan for coming years www.montsame.mn

Ulaanbaatar /MONTSAME/. Gankhuyag Battulga, CEO of Erdenes-Tavantolgoi JSC today, March 10, delivered a press briefing to give update on some timely issues.
On March 9, the state-owned company’s board of directors convened and approved a business plan ‘A6-20’ defining the company’s growth goals and targets in coming years. As stated in the plan, Erdenes-Tavantolgoi JSC will implement 20 large-scale projects until 2025, including development of coal concentrate, Tavantolgoi power plant and a water supply project, achieving huge growth.
As a result, annual coal production of the company will hit 45 million tons, sales revenue will grow up to MNT 10 trillion with net profit reaching MNT 3.7 trillion and dividends totaling about MNT 700 billion will be distributed in a year and job places created by Erdenes Tavantolgoi will increase to 5,500. According to Gankhuyag, a citizen holding 1,072 shares of the company will become entitled to receive around MNT 669,000 as dividends between 2023 and 2025.
The company’s board also held another meeting on February 19 and made a decision that it would not pay dividends from the net profits it earned in 2020. However, the final decision will be approved by a forthcoming shareholders’ meeting.
The COVID-19 pandemic has interrupted the operations of the Erdenes-Tavantolgoi JSC in 2020 by a considerable amount. The company’s annual financial result for 2020 showed that Erdenes-Tavantolgoi JSC’s coal production reached 13.1 million tons and sold 11.9 tons of coal, earning MNT 1.6 trillion as sales revenue and MNT 161 billion as net profit.
If dividends will be paid from its net profit of MNT 161 billion, each citizen owning 1,072 shares will receive around MNT 12,000. As a comparison, the company paid MNT 96,480 to each holder of 1,072 shares last year.
“Erdenes Tavantolgoi JSC has gained parliament’s approval for partial IPO to sell some of its stocks on international markets in order to carry forward its development projects. Now, the company will issue bonds on the domestic market to raise fund” said CEO Gankhuyag.
Some MNT 2 trillion worth of bonds will be issued, as planned by the company, which has submitted its request to the Financial Regulatory Commission and Mongolian Stock Exchange on March 5 to issue bonds amounting to MNT 800 billion in the first phase for the implementation of major projects such as construction of strategically important railways, coal processing and thermal power plants.
The state-owned Erdenes-Tavantolgoi JSC was established on December 23, 2010 under the respective decisions of the State Great Khural and the Government for the purpose of utilizing the Tavantolgoi deposit for the benefit of the citizens of Mongolia. The main objective of Erdenes-Tavantolgoi JSC is to put strategically important coal deposit into
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E.Saruul appointed as judge to officiate at Tokyo-2020 www.montsame.mn

World Archery Federation on March 8 announced the names of Judges to officiate at the Tokyo 2020 Olympics, which will be held in Tokyo, Japan on July 23-31. Mongolian Judge E.Saruul has been appointed as one of the 14 Judges by the World Archery Judge Committee, becoming the first ever Mongolian to work as a Judge at Olympic archery.
Mongolian archer B.Otgonbold has been qualified to participate in the Olympic archery. Archery first appeared in the Olympic Games in 1900 and contested for 17 times, in which Mongolia participated eight times.
E.Saruul, 35, has been an archer since 2007 and started her career as a judge in 2009. She worked as a judge at numerous international tournaments, including Asian Archery Championships, World Cup, Asian Youth Games, etc.
In addition to E.Saruul, T.Enkhtsetseg has also been appointed as one of the 16 Judges to officiate at Olympic Judo.
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Bill to be developed to establish Sovereign Wealth Fund www.montsame.mn

The cabinet today, March 10, held its weekly regular meeting and assigned Minister of Mining G.Yondon and Minister of Finance B.Javkhlan to develop bills on Sovereign Wealth Fund and Minerals Exchange.
This aims to collect benefits to receive from the underground wealth to the Sovereign Wealth Fund and achieve fair and just distribution to every citizen of present and future generations.
In connection with the necessity to valuate mineral products in line with international market value, increase their benefits and take control on related sales and revenues, the cabinet deemed it is essential to have a law on Minerals Exchange.
Mining and extractive industries make up 22 percent of Mongolia’s total GDP, 71 percent of foreign direct investment and 94 percent of exports, reports the cabinet secretariat.
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Mongolia’s new international airport to open July www.news.mn

Mongolia’s Government has announced plans to resume international flights from May, 2021, following a temporary ban since mid February-2020 due to the outbreak of coronavirus. Therefore, international travellers who have taken the approved vaccines against COVID-19 will be allowed to enter Mongolia. Parallel with this decision, the Mongolian Government had work closely with Japan to begin the operation of its new international airport in Khushig Khundii from July. Tokyo’s role has been connected, primarily, with project finance.
The construction of the new Chinggis Khaan International Airport in Tuv Province – to the south of Ulaanbaatar – is currently 85 percent complete. The government is focusing on undertaking measures to equip the terminal with COVID-19 safe handling for international services, including the installation of glass barriers at check-in counters and establishing temporary isolation rooms.
Government officials have provided assurance that all air services at the old Buyant-Ukhaa site can be moved to the new international airport overnight without any flight delays. Overnight, the name of ‘Chinggis Khaan International Airport’ will also be transferred from Buyant-Ukhaa to Khushig Khundii. However, it is expected to cost MNT 60.9 billion for re-allocating airlines and MNT 248 billion for stabilising flights services.
Mongolian airlines transported 1.6 million travellers in 2019; this decreased to 440 thousand, mostly workers from the mining sector in 2020. These were internal flights. The only international flights, have been the charters repatriating Mongolian nationals from foreign countries. These flights are ongoing.
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16-20 thousand citizens to be vaccinated a day www.montsame.mn

Deputy Prime Minister and Head of State Emergency Commission (SEC) S.Amarsaikhan yesterday informed that the SEC had resolved to intensify immunization work from March 9 in the capital city and vaccinate 16-20 thousand citizens a day in 85 vaccination points.
“We are aiming to complete vaccination of whole adult population living in the capital city within April. In frame of it, officials are providing citizens with necessary information on the vaccines. Minister of Health was ordered to run vaccination under high management. Relevant officials were also tasked to enforce infection protection regime, improve supervision on it and pay attention to its management,” he added.
Furthermore, the Deputy PM stressed that the SEC would not put the capital city under public quarantine, but partial quarantine would be imposed if required.
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Elixir Energy begins 2021 Mongolia exploration program www.ogj.com

Elixir Energy Ltd., Adelaide, has commenced its 2021 field program in Mongolia with the spudding of Yangir-2.
This will be a fully rested core hole drilled immediately adjacent to its 2020 stratigraphic hole Yangir-1S which encountered 27 m of visibly bubbling coal seams.
Yangir-1S—drilled 347 m depth—terminated in December 2020 for operational reasons but opened the potential for a new subbasin in the company’s Nomgon coal seam gas production sharing contract area.
The new well is the first appraisal of that discovery.
Elixir has already made Mongolia’s first coal seam gas find in the PSC with the Nomgon-1 discovery in the Nomgon subbasin (OGJ Online, July 29, 2020). The well encountered a net coal intersection of 71 m that was fully gas saturated. A production test is planned for this year.
Overall, Elixir plans to drill 13 wells in the 2021 field program, along with the acquisition of 200 km of seismic and the one pilot production test.
The PSC is in the south Gobi region of Mongolia, close to the border with China.
Independent studies indicate the Nomgon PSC has potential to hold a recoverable resource of up to 7.6 tcf of gas.
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Mongolia confirms 36 daily cases of coronavirus www.akipress.com

Mongolia confirmed 36 new cases of coronavirus for the past day, the Ministry of Health said on March 9.
The total number of recovered people reached 2,765 as 117 more people recovered for a day.
As of March 9, the total number of confirmed cases of coronavirus in Mongolia reached 3,372 (+36), with 591 patients being treated at hospitals (three of them are in critical, three are in severe, and 585 are in moderate condition).
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Erdenes Tavan Tolgoi submits bond issuance request to Mongolian Stock Exchange www.montsame.mn

On March 5, 2021, “Erdenes Tavantolgoi” JSC submitted a request to Mongolian Stock Exchange to issue the highest amount of up to 2 trillion MNT /as well as USD/ bonds in the financial market for the implementation of major projects such as construction of strategically important railways, coal processing and thermal power plants.
The event was attended by Ashidmunkh.S, Head of securities and finance department of “Erdenes Tavantolgoi” JSC, leading underwriter Dayanbilguun.D Executive director of “BDSEC” JSC, underwriter Gantulga.S, Director of “MICC” JSC, and Altai.Kh, Executive director of Mongolian Stock Exchange.
The request will be reviewed by the Mongolian Stock Exchange and the Financial Regulatory Commission, and trading orders will begin once the relevant approval is issued.
By starting bond trading and investing in planned developments, the company planned to mine 186.1 million tons of coal, sell 172.6 million tons of coal, have a total revenue of 10,742.4 million USD, a net profit of 3,664.4 million USD, and contribute 2,479.9 million USD to the state budget in 2021-2025.
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Baby camel wool versus goat cashmere: Which is really better? www.montsame.mn

Article by PhD Ts. Enkh-Amgalan, Green Gold and Animal Health project manager
Asking the right question is as important as providing the right answer. The question I was originally going to raise was, can baby camel wool be a substitute for cashmere? If the answer is yes, then maybe the next question should be, can we develop baby camel wool products that would attract international buyers? Today, it is becoming more difficult to sell garments with “acceptable” quality and ”boring” designs, especially if the price is high. Furthermore, as environmental issues are consistently identified as the main development challenge of our time, world leaders have brought these issues to the center of the global development agenda. Feeling the immediate need for solutions to these issues, consumers all over the world have started to attempt to make culpable purchases, thereby investing in environmentally friendly production.
Mongolia, with over 65 million head of livestock freely grazing on natural rangelands, has much to offer to the world’s consumers when it comes to eco-friendly products of animal origin. Besides goat cashmere, Mongolia has the potential to offer other high quality natural fibres to the market, such as camel wool, yak down, and sheep wool.
As part of its goal to support eco-friendly production, thereby ensuring sustainable rangeland management and increasing the income of herder families, the Green Gold Project of the Swiss Agency for Development and Cooperation in Mongolia has been working to improve the value of yak down and camel wool over the last decade. Having seen the potential to attract consumers in the international market, the project started an initiative to develop products from baby camel wool. Compared to goat cashmere, the content of coarse hair in de-haired (processed) baby camel wool and yak down used to be 4-6%, while in goat cashmere it is 0.2%-0.3% or 20 times lower. One reason for this is that goat cashmere is collected by combing, while camel and yak wool was typically collected by shearing. In order to reduce coarse hair content, since 2014, Green Gold Project has been testing baby camel wool combing in Gobi-Altai, Bayankhongor, Umnugobi, Dundgobi, Dornogobi, Zavkhan and Uvs provinces. During these tests, it was realized that when combed, the collected fibre’s diameter is 15.4-16.1 microns and the average length is 38.5-42 mm, which makes it equal to goat cashmere in terms of quality. The project continues working with herder families in the Gobi region to deliver this exotic fibre of the best quality to appeal to international buyers.
Cashmere, well known as the most luxurious and best quality of luxury fibre, has been the main source of cash income among herders for decades. As the public is now aware that baby camel wool can be as fine as cashmere, there is hope among herders that the value of baby camel wool will increase.
Getting rid of old habits leads to new opportunities
Until recently, herders have prepared camel wool by shearing their camels. Identifying this old habit as the main reason behind the quality issue, the Green Gold Project has decided to introduce combing as a new method for camel wool preparation. In collaboration with researchers and herders, the project first tested this initiative in 2014. The test results proved that combed camel wool has much higher yields of quality fibre and lower hair content.
Camel wool consists of three different fibres: down, coarse hair, and dead hair. The coarse hair from a camel is 1.8-2 times longer than the down fibre. In this new technique, the coarse hair is sheared first. After that, the down fibre is combed from the rest of the wool. This technique helps to considerably reduce the hair content in camel wool. While hair content makes up 0.3% in combed cashmere, it makes up 3% in sheared camel wool. However, this number can be reduced to 1% if camel wool is prepared by combing.
In 2020, around 15 tons of combed baby camel wool is prepared by PUG cooperatives at the national level. The combed wool was supplied to domestic processors and, as a result, soft and luxurious products were made that could compete, from a quality perspective, with cashmere products.
We talked to Ts. Shirnen, one of the best camel herders in the nation, regarding how herders have adopted the new technique of combing baby camel wool. Ts. Shirnen, who is known for having the largest number of camels in Bayankhongor Province, said:
“As I have herded camels for years, I have always been eager to improve the quality of camel wool. Therefore, I have taken some measures to improve the quality of my breed. There are three top camel breed on my farm, such as the “brown” camels from Khanyn Khets, “red” camels from Galba Gobi, and “double-maned” camels from Tukhum Tungalag. We also have another breed of camel, the origin of which is not yet defined. The reason for putting more focus on the breeds is to bring the quality of camel wool up to the quality of cashmere. Because baby camel wool can be as fine as cashmere, herders have started preparing camel wool more responsibly. My family combs around 200 baby camels every year. The yield from each baby camel is approximately 1.5 kilos. We have used this approach for camel wool preparation for two years. Combing baby camels can actually be much more difficult compared to combing goats. Considering the level of work involved in combing baby camels, we hope that the value of camel wool will increase. In the future, if good quality fibre (of cashmere quality) is collected not only from baby camels, but also from adult camels, herders would slaughter less camels for their meat.”
Branding a one-year-old baby camel
According to a project study conducted in 2014, one-year-old baby camel wool can be as fine as cashmere. According to the results of this study, the diameter of fibre from one-year-old baby camels was 16.3 microns and fibre from two-year-old baby camels is between 17-18 microns. This shows that wool from one-year-old baby camels can be competitive with cashmere, the diameter of which is around 16.5 microns.
In order to introduce camel wool as a substitute for cashmere, thereby increasing the value of camel wool, the project is encouraging herders to comb one-year-old baby camels. Regarding the demand from domestic processors for baby camel wool, V. Bolormaa, a textile specialist at the Ministry of Food, Agriculture and Light Industry, said:
“If only one-year-old baby camels are combed, 50-60 tons could be prepared at the national level. Of course, this is not a huge number when compared to cashmere, which is around 8,000 tons annually at the national level. This shows the rarity of this unique fibre from baby camels. Therefore, this exotic fibre should be utilised for making only expensive and luxurious products. It is crucial to prepare raw materials properly and make improvements in primary processing. It is important not to mix camel wool with other types of wool at the factory. It is also crucial not to make mistakes during the scouring and de-hairing processes. The processors have to be careful at each stage of processing baby camel wool. In order to increase the value of camel wool, we need to put this exotic and luxurious fibre, which is specially prepared through combing, into production and promote it in the international market. We could increase the number of environmentally friendly camel herds by adding value to their fibre”.
In general, the dyeing of camel wool is difficult because coarse hair does not take any colouring and the coarse hair content of camel wool is much higher compared to goat cashmere (goat cashmere 0.15-0.25%, camel wool 3.5-4.5%). As this makes the colour look tainted and unclean, domestic processing companies were not in favour of dyeing camel wool. However, combed baby camel wool contains only 0.2-0.5% of coarse hair, which should make dyeing possible.
With the successful dyeing of baby camel wool, the Green Gold Project has provided manufacturers with the opportunity to make garments that equal cashmere not only in softness but also in range of colour. This offers the chance to establish a competitive and more sustainable alternative to cashmere in the national and international fashion and textile markets. This will greatly support the intended reduction in the use of cashmere and, correspondingly, in the goat population at the national level.
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Government to support private sector to import vaccines against COVID-19 www.montsame.mn

Deputy Prime Minister S.Amarsaikhan has held a meeting with representatives from national pharmaceutical supplier companies, such as Monos Trade, Mongol Em Impex Concern and Ach Ur.
While noting the importance of public-private partnership in intensifying the COVID-19 vaccination, the Deputy Prime Minister pledge to provide all necessary support to acquire vaccines without delay.
It was also informed at the meeting that Monos Trade and Mongol Em Impex Concern have delivered their official requests for authorization to the Ministry of Health to import AstraZeneca and Sputnik V vaccines.
The companies’ representatives also asked to take notice of the rising transportation costs due to restrictions of direct flights and pledged their readiness to cooperate with the government in every possible area, complying with the government decisions to protect the health and safety of the population.
According to the cabinet secretariat, the private companies will import vaccines against COVID-19 on the basis of risk assessment study within the framework of the government policies.
Yesterday, March 8, Deputy PM Amarsaikhan assured that Mongolia will fully vaccinate its adult population by July 1, 2021 and the ongoing vaccination program in the capital city of Ulaanbaatar will be sped up from March 9 and around 16,000-20,000 people will receive their first doses of COVID-19 vaccine at 85 locations, instead of 20.
In addition, officials from the Ministry of Health informed that as of March 8, there are reserves of 460,000 doses of vaccines against COVID-19 available in Mongolia, including 150,000 doses of AstraZeneca, 300,000 doses of Sinopharm and 10,000 doses of Sputnik-V. Government ministries are working and holding talks with foreign countries to receive more vaccines, according to the Ministry.
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