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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40th anniversary of Mongolia's space travel to be celebrated next year www.montsame.mn

Ulaanbaatar /MONTSAME/. The cabinet made following decisions at its meeting held on October 28, today.
- An open contest of logo design and brand book for the 100th anniversary of People’s Revolution in Mongolia was announced between September 18 and October 09. 36 submissions have been made by 14 designers for the contest. The cabinet ordered corresponding officials to promote to the public the best selected design and use it for their intended purpose in the anniversary celebrations next year and present the design for the 100th anniversary medal to the parliament.
- The 40th anniversary of the first space flight by a Mongolian and the joint space mission will be marked in March 2021. Jugderdemidiin Gurragchaa along with the Soviet cosmonaut V.A.Janibekov took off from the Baikonur Cosmodrome on March 22, 1981. In eight days of space travel, the two cosmonauts circled the Earth for 124 times and landed back on their home planet on March 30.
This was the first-ever space flight in the history of Mongolia. Gurragchaa is the first and only Mongolian to fly to the space and the second Asian cosmonaut. Thus, Mongolia became the 10th country in the world to send off its cosmonaut to space, 5th country to test its technology in space and 20th to create space equipment, which was tested in space.
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Mongol Identity Still Waiting For Public Apology From Max Verstappen www.formula1news.co.uk

Red Bull driver Max Verstappen sparked criticism over the weekend after he called Lance Stroll a “Mongol” and a “retard”, and later said it’s not his problem if fans were offended by his use of the ableist slurs.
This wasn’t the first time Verstappen has used such ableist language; at the 2017 US Grand Prix, he called FIA steward Garry Connolly a “Mongol” on Dutch TV after he was handed a penalty for a track limits violation.
Verstappen’s conduct at last weekend’s Portuguese Grand Prix prompted Mongol Identity – an organisation which campaigns to end the historical misuse of the term “Mongol” – to publish an open letter which urged the Red Bull driver to apologise.
And now, Uuganaa Ramsay, the group’s director, has told Formula1News.co.uk managing editor Suliman Mulhem that they aren’t looking for Verstappen to be punished by the FIA or by Red Bull – they merely want him to apologise for his mistake.
“We believe in human kindness. We all make mistakes. We are simply asking for a public apology as this carries a louder message to our next generation,” Ramsay told this publication.
Continuing, she said how Red Bull deals with the situation is an “internal affair”, but Mongol Identity hopes “that they will walk the talk, not only tick boxes to be seen as competent when their actions say different.”
Ramsay also offered to work with Formula One and Red Bull Racing “to raise awareness to ensure the drivers understand the connotations of using ‘Mongol’ as a slur.”
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Two new members elected to board of directors of Oyu Tolgoi www.news.mn

Yesterday (28 October), the Mongolian Cabinet appointed two representatives of the board of directors of Oyu Tolgoi LLC. Bayasgalan who worked at JP Morgan and geological engineer Gan-Ochir were selected from 46 candidates who applied to the post in September.
The board of directors of Oyu Tolgoi consists of nine representatives; three of them are appointed by Mongolian Government. The Government of Mongolia holds 34% of the total issued shares of Oyu Tolgoi LLC through Erdenes Oyu Tolgoi LLC, a subsidiary of Erdenes Mongol LLC, a state-owned company.
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Erdenet Mining Corporation reports net profit at MNT 353 billion in 2020 www.montsame.mn

Ulaanbaatar /MONTSAME/. The cabinet meeting, Minister and Chief of Cabinet Secretariat L.Oyun-Erdene presented about the emergency regime performance and results set on Erdenet Mining Corporation and Mongolrostsvetmet LLC, the state-owned enterprises.
The emergency regime was set at Erdenet Mining Corporation and Mongolrostsvetmet LLC by the government in March 2019, and extended twice in September 2019 and April 2020 by six months respectively to ensure no interruptions in their operations.
At the cabinet meeting, the state-owned companies were praised for its efforts to maintain continues and normal operations throughout the duration of emergency regime, improving the workplace accountability and financial disciplines and increasing their net profits, tax payments and investments.
In 2019, the Erdenet Mining Corporation increased its sales revenue by MNT 119.5 billion, earning net profits of MNT 516.8 billion and contributing MNT 961.8 billion to the state and local budgets.
In the first three quarters of 2020, sales revenue of the Erdenet Mining Corporation was grown by MNT 198 billion, with net profit of MNT 353.3 billion and paid MNT 811.5 billion for taxes.
As for Mongolrostsvetmet LLC, its sales revenue jumped by MNT 56.5 billion and net profits totaled MNT 34.6 billion, paying MNT 33.4 billion in taxes. In the first three quarters of this year, Mongolrostsvetmet’s sales revenue rose by MNT 28.7 billion, net profits reached MNT 24.4 billion, and MNT 30.8 billion was paid for tax payment.
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Central bank updates financial statistics for September 2020 www.montsame.mn

Ulaanbaatar /MONTSAME/. The Bank of Mongolia, today, October 28, organized a monthly press briefing on the latest update on the financial and banking industry of Mongolia.
As of September 2020, inflation rate for Mongolia was 1.7 percent, and 1.4 percent in Ulaanbaatar.
As of the first nine months of 2020, total loan balance in the banking industry was at MNT 17.2 trillion, which was made up of MNT 15.6 trillion of loans in Tugrug currency and MNT 1.6 trillion borrowings in foreign currencies. In particular, volume of salary and pension-secured loans accounted for 18 percent, which was highest share in total loans, followed by loans in the trade, real estate and mining.
In September 2020, banks issued mortgage loans worth MNT 77.3 billion to 1,052 borrowers, 30.6 percent of which is made available from financial sources of the government-approved mortgage loan program and 69.4 percent from the banks’ own funding.
Total outstanding balance of mortgage loans reached MNT 4.8 trillion with the total number of borrowers at 99,500. 73.3 percent of the total borrowers took out their mortgage loans funded by the mortgage loan program, 22 percent was funded through the banks’ sources and 4 percent from other types of sources.
Compared to the same period of last year, non-performing loans grew by MNT 4.5 billion. According to the Bank of Mongolia, the balance of payment from January to September 2020 showed deficit of USD 472.5 million, showing decrease compared to the second half of this year, when the balance of payment deficit equaled to USD 679.2 million.
Mongolia’s foreign trade balance saw a surplus of MNT 1.2 billion in the first nine months of this year.
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Government studying possible financial support for airline industry amid COVID-19 www.montsame.mn

Ulaanbaatar /MONTSAME/. At the cabinet meeting held on October 28, today, Minister of Road and Transport Development L.Khaltar delivered a presentation on the financial difficulties encountered in the national air transportation industry.
Concerning this, corresponding officials from government agencies and ministers were charged to study possibilities on bailout for national airlines conducting flights to international and domestic destinations - MIAT Mongolian Airlines state-owned enterprise, Hunnu Air and Aero Mongolia, and to provide funding required for relocating domestic airlines to the new international airport named after Chinggis Khaan and maintaining their normal operations.
Due to the suspension of international flights since February 2020, some 1,370 scheduled flights by the MIAT Mongolian Airlines had been cancelled, and the national airline have operated a total of 75 repatriation charter flights on different routes, as of September 30.
MIAT had planned 1,657 flight services in the first three quarters of 2020 to earn around 410 MNT billion. However, the number of flights performed by the company during this period was only 287, with MNT 130 billion in revenue.
In spite of some cost-saving regulations taken by the MIAT, such as postponement of non-essential expenditures and investments, wage cuts and employee adjustments, the company will find it difficult to ensure its ability to pay by the second quarter of 2021, if this situation continues, reports the Press Office of the Cabinet Secretariat.
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Mongolia to cut tariffs on 366 commodities to China www.news.mn

China and Mongolia are expecting lower tariffs in bilateral trade after Mongolia’s recent accession to the Asia-Pacific Trade Agreement (APTA), China’s Ministry of Commerce said on Monday.
Starting on 1 January 2021, Mongolia will cut tariffs on 366 categories of commodities, such as aquatic products, vegetables and fruits, timber and chemical products. Meanwhile, Mongolia will also enjoy favorable tariff policies, according to a statement posted on the website of the ministry.
Mongolia’s accession to the agreement will further promote the integration of developing economies in the Asia-Pacific region, deepen Sino-Mongolian economic and trade cooperation, and improve bilateral trade liberalization and facilitation, according to the statement.
Thus far, the member countries have implemented four rounds of tariff concessions, with the fourth one coming into effect on 1 July 2018. (Xinhua)
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Mongolia’s Covid-19 cases reach 340 www.news.mn

Yesterday (27 October), one more person has been confirmed as having coronavirus in Mongolia; bringing the total number of COVID-19 cases since the beginning to 340. According to health officials, 312 people of those who were infected with coronavirus have fully recovered. However, 28 people with coronavirus still remain under treatment at the National Centre for Communicative Diseases.

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China’s ban on Australian coal causes surge in imports from Mongolia, but difficulties remain www.scmp.com

Chinese steel mills and power stations have started buying more coal from Mongolia after Beijing imposed a ban on imports from Australia, but price, quality and logistical difficulties mean it will not be easy for some users to make the switch.
While politics might have played a role in the decision to shut off Australian coking and thermal coal, the practical difficulties in doing without it may force a rethink of the ban over time, analysts said.
Coal from Mongolia, which borders China to the north, is the most obvious replacement for Australian coal, particularly due to the inability of suppliers located further away – such as the United States, Russia and Canada – to meet a short-term increase in demand, S&P Global Platts said in a recent update.
But while users in northern China will largely be able to make the change, those in southern China will find it more difficult to do so because of the logistical difficulty and expense of transporting coal from Mongolia. This is likely to force many to rely on more expensive domestic coal if they can no longer access Australian imports.
So far, the ban on Australian coal imports has largely been successful, with coal traders turning to supply from other countries, industry sources said. Due to the lack of cost-effective alternatives, analysts expect demand for Mongolian coal to pick up.
“The one bright spot is Mongolia, whose coal quality is a good substitute for generic hard coking coal,” S&P Global Platts’ analysts Jeffery Lu and Yile Weng said in a note on Friday.
“The landlocked country has been increasing exports to China and is now sending more than 1,000 trucks a day laden with coal.”
The increasing use of Mongolian coal might allow the country to retake its position as the top supplier of the commodity to China, particularly coking coal used in steelmaking.
Mongolia slipped from the top spot earlier this year after lockdowns and border closures cut production and disrupted supply chains.
Australia miners stepped in to fill the shortfall, exporting more coking coal to China to date this year than in each of past three years, according to S&P Global Platts.
Simon Wu, commodities market analyst for consultancy CRU Group, said the stronger political relationship between China and Mongolia favoured the use of Mongolian coal.
China and Mongolia are due to increase bilateral trade after Mongolia agreed to cut tariffs on 366 categories of Chinese exports, including aquatic products, fruit and vegetables and chemical products last week following its accession to the Asia-Pacific Trade Agreement (APTA).
China’s Ministry of Commerce said Mongolia would enjoy reciprocal tariff reductions in line with the agreement and added that Mongolia’s accession to APTA could open up more opportunities for Belt & Road Initiative projects.
The steel mills that relied heavily on Australian coking coal before will have to make hard choices, and currently only Mongolian coking coal is widely available
“Mongolian coking coal is already widely used in China, especially by Hebei steel mills [in northern China]. However, the steel mills that relied heavily on Australian coking coal before will have to make hard choices, and currently only Mongolian coking coal is widely available,” Wu said.
For several utilities in the southern part of China, importing thermal coal makes more sense than relying on Mongolia or domestic sources, especially when contract prices are low and logistics easier, S&P Global Platts thermal coal expert Deepak Kannan said.
Seaborne cargo can be delivered directly to southern Chinese ports while rail-transported coal from Mongolia and other parts of China are subject to delays caused by accidents and heavy traffic on main freight rail lines.
The low availability of alternative sources for short-term demand will force Chinese steelmakers to use more expensive domestic coking coal, hurting profit margins in the process, Lu and Weng said in their note.
For example, alternative sources from Canada, the US, Mozambique and Russia are already overbooked or in short supply. Moreover, it takes too long for the coal to arrive – at least 21 days from western Canada and 45 days from the US, the latter meaning orders placed in the next few weeks would not be delivered until late December or early January.
“For Chinese buyers seeking spot [on-demand] cargoes to cover immediate needs, this is too long to wait,” Lu and Weng said.
In addition to limited alternative import options, quality concerns are another factor that could hurt users in China.
“Australian premium hard coking coal has a number of sought-after attributes, including high coke strength after reaction, low sulphur and low ash, which only a few countries can offer,” Lu and Weng said.
“A number of steelmakers told Platts that while 100 per cent self-sufficiency remains a possibility, the absence of high-quality Australian grades to blend [with other coal] would reduce production efficiency in the steelmaking process, leading to lower profit margins.”
The price of coking coal using seaborne delivery has fallen sharply since the start of the ban on Australian coal imports, making it more attractive to Chinese steel mills.
Australia, in the interim, is working hard at finding alternative markets for its commodities exporters with no end in sight to its deteriorating relationship with China.
For example, Australia’s trade marketing agency Austrade is looking to Latin America for new markets. It recently announced a webinar for mining equipment exporters to focus on the continent’s post-pandemic economic recovery, with Australian exports of gold, copper and lithium being increasingly used by the tech sector.
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Asia Foundation Launches Women’s Economic Empowerment Project in Mongolia www.asiafoundation.org

Ulaanbaatar, October 26, 2020 — On September 25th, The Asia Foundation launched a four-year Women’s Economic Empowerment Project in Mongolia funded by Global Affairs Canada.
The launch event was attended by a range of leaders active in Mongolia’s gender equality movement. Those gathered represented Mongolian civil society, government, the private sector, international organizations, and embassies. Women’s participation and leadership in the Mongolian economy has decreased on average by ten percent over the past 20 years while men’s labor participation has remained relatively stable with a slight two percent decrease. The launch was a key opportunity to enhance coordination and cooperation with others working on women’s empowerment and gender equality.
“The project will support women’s participation and leadership in the economy through supporting Mongolian CSO’s to work on a range of economic empowerment issues facing women, while building capacity and multi-stakeholder coalitions to pursue change,” remarked Tricia Turbold, the director of Economic Empowerment Programs for The Asia Foundation Mongolia.
“The Covid-19 pandemic has not only exacerbated the variety of issues women face in Mongolia, but has brought about a new set of challenges. For example, one in three women experience domestic violence perpetrated by their intimate partners in Mongolia, and there has been a drastic increase in these rates since the pandemic began. Through close coordination with our local partners we will implement a holistic approach to address and respond to these complex challenges.”
The Women’s Economic Empowerment project has three main objectives: i) improve the management, programming and sustainability of civil society organizations working on women’s economic empowerment; ii) support and develop coalitions and networks for gender-sensitive social and economic policy change; and iii) nurture current and aspiring women-owned businesses, building on the success of The Asia Foundation’s Women’s Business Center.
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