Events
Name | organizer | Where |
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MBCC “Doing Business with Mongolia seminar and Christmas Receptiom” Dec 10. 2024 London UK | MBCCI | London UK Goodman LLC |
NEWS
Mongolia's Baasankhuu, Netherlands' Stegehuis win titles at 2019 Yunnan Granfondo cycling www.xinhuanet.com
KUNMING, Nov. 9 (Xinhua) -- Mongolia's Myagmarsuren Baasankhuu and the Netherlands' Annemiek Stegehuis won the titles out of men's and women's categories respectively at 2019 Colourful Yunnan International Granfondo in Lijiang, Yunnan province on Saturday.
Lijiang was the final stage of 100 kilometers race, with an average altitude of more than 2,500 meters, which was the highest one in all six stages with a number of difficult climbs. Baasankhuu and Marg Fedyna from Canada won the men's and women's categories respectively in this stage with 3:13:58 and 3:59:02.
"It's an amazing feeling to get the title," said Baasankhuu, who praised his teammates for their support, "Today my focus is not good, thanks to my teammate, they always keep pushing me," he said.
"Granfondo is special to me, I'm so proud to be a part of it. I am happy and sad now, because all the stage races are finished. I will come back," Baasankhuu added.
In the women's race, the Netherlands' Annemiek Stegehuis who won four stages in the event, got the title.
Yunnan Granfondo has been held every year since 2014. This year's competition covers 650 kilometers from Mangshi to Lijiang, and encompasses a variety of terrain. More than 1,000 cyclists from 36 countries and regions took part in this year's event.
Cost of Ivanhoe’s giant copper project in Congo hits $1.3 billion www.mining.com
Canada’s Ivanhoe Mines (TSX:IVN) said Friday that initial capital costs for its Kakula copper mine in the Democratic Republic of Congo (DRC) is now estimated at $1.3 billion, and 18% increase over planned costs.
The fresh figure, which includes expanded plant capacity, additional mining fleets and pre-production ore stockpile, will allow the company to begin production at the mine in the third quarter of 2021, Ivanhoe said.
Capacity of Kakula’s processing plant modules increased by 26% in the three months to Sep. 30, from 3 Mtpa to 3.8 Mtpa, significantly boosting projected early-stage copper production, the Toronto-based miner noted.
Billionaire Robert Friedland’s company has been working on Kamoa-Kakula for ten years. In 2015, China’s Zijin Mining Group got on board, becoming Ivanhoe’s partner in the project. Citic Metal, another Chinese firm, followed suit last year, becoming Ivanhoe’s largest shareholder.
Friedland, who made his fortune from the Voisey’s Bay nickel project in Canada in the 1990s, has repeatedly stated that Kamoa-Kakula has the potential to become the world’s second-largest copper mine.
Once fully developed, the mining complex could produce 382,000 tonnes of copper a year during the first 10 years, climbing to 700,000 tonnes of copper after 12 years of operations.
Analysts also believe the giant mine could restore the DRC’s historical position as one of the world’s top copper producing countries.
Kakula would be the first of at least three mines planned for the Kamoa-Kakula copper complex.
Russia scraps plans to set climate-change goals for businesses www.mining.com
Russia has ditched plans to set greenhouse-gas emissions targets for companies as a sign of its commitment to fighting climate change, following lobbying from big businesses that risked fines if they didn’t comply.
The measure was part of a bill intended to accompany Russia’s ratification of the 2015 Paris Agreement on climate change in September. Instead, the world’s fourth-largest carbon polluter scrapped the proposal after the Russian Union of Industrialists and Entrepreneurs (RSPP) warned it would raise costs for companies and delay investment.
“After consultations with the government, it was decided to abandon the specific regulatory requirements,” the press department of the Economy Ministry, which is drafting the bill, said by email. “The government will have the right to decide after Jan. 1, 2024 what measures to introduce if Russia is forecast to miss its emissions targets.”
Economy Ministry
Rising global temperatures pose potentially devastating risks for Russia, where thawing of the vast permafrost area covering more than half the country threatens damage to buildings, energy pipelines and other infrastructure. With the Arctic warming twice as fast as the rest of the world, Russian government estimates put economic losses at $2.3 billion a year.
While President Vladimir Putin has questioned whether human activity is solely responsible for climate change, he finally agreed to ratify the Paris accord this year and declared that Russia must do whatever it can to mitigate the effects of global warming. It’s a particular challenge for Russia’s economy, which is heavily dependent on oil and gas production and mining. The permafrost zone contains 15% of Russia’s oil and 80% of its gas operations.
Fining companies
Companies would have been fined for exceeding their emissions targets under the abandoned legislation. The measure wasn’t a requirement of the Paris accord, since Russia has a low goal for greenhouse gas reductions. But advocates argued it would demonstrate the Kremlin’s commitment to confronting climate change, and also bring Russia into line with international practice as part of efforts to shift the economy away from carbon-heavy industries.
The RSPP attacked the draft proposals at a meeting in parliament in March, warning they would lead to increased energy prices and inflation that would “negatively affect the well-being of ordinary people” and force companies to abandon investment plans. An RSPP spokesman didn’t immediately respond to a request to comment.
Critics also argued the measure was unnecessary because Russia can increase its emissions over the next decade and still meet its self-imposed target under the Paris accord. That’s because it uses 1990 as the baseline reference year for reducing greenhouse gases, the year before the collapse of the Soviet Union triggered one of the most devastating economic contractions in modern history.
Russia is pledging to limit emissions to 70% to 75% of baseline levels by 2030. It has until the end of 2020 to present its new long-term strategy for reducing carbon emissions, according to Ruslan Edelgeriev, Putin’s senior adviser on climate change.
“Russia is choosing to delay the process of establishing a system for reducing carbon emissions,” said Georgy Safonov, head of the Center for Environmental and Natural Resource Economics at Moscow’s Higher School of Economics. “The 2030 goals have already been met, so there’s a feeling that we don’t need to do anything to cut emissions before then.”
Even so, Russia is rated among the countries whose efforts are “critically insufficient” to help meet the Paris accord’s overall goal of limiting worldwide warming to well below 2 degrees celsius above pre-industrial levels this century, according to the Climate Action Tracker research group. The London-based Carbon Tracker think tank calculates that the world’s major oil and gas companies need to cut combined production by 35% by 2040 to keep emissions within the Paris targets.
Unlike most developed countries, Russia has no state system for monitoring and regulating companies’ greenhouse gas emissions. Some publicly-listed companies in Russia collect data and set targets voluntarily, following pressure from international investors. In many countries, fines and taxes collected from carbon emitters are invested in renewable-energy projects.
Russia also needs to redirect money into the green economy if it wants to stay competitive abroad, according to Mikhail Yulkin, general director for the Center for Environmental Investments, a consultancy based in Arkhangelsk. In particular, a European Commission proposal for a carbon border tax could have a big impact on Russia’s economy, Yulkin said in comments first published in Kommersant newspaper.
“The model on which the Russian economy has survived for the past 20 years is dying,” Yulkin said. “We just need to find a convenient method of transferring funds to sectors that promote the development of low-carbon industries.”
(By Natasha Doff — with assistance from Anya Andrianova and Andrey Biryukov.)
...Bold: 30 percent of net profit will be distributed to shareholders as dividends www.zgm.mn
Tumen Shuvuut JSC, listen on the Mongolian Stock Exchange (MSE), has recently presented its quarterly financial performance. Since its establishment in 2004, Tumen Shuvuut has been con-stantly expanding its operations in egg production and poultry farm-ing. The company launched its IPO on January 16. The Official Gazette sat down with Bold.J, Executive Director of Tumen Shuvuut JSC, to discuss about the IPO and the company’s financial performance.
Shall we start from the spending of the money raised in initial public offering?
-As of today, our company has invested about MNT 13 billion of which, MNT 10 billion has been raised from the IPO. The company also spent the money, including the MNT 3 billion from accumulated net income on four major projects.
-According to the recent announcement, Tumen Shuvuut reported a 52 percent increase in net profit. How will the company benefit from the gain?
The economic situation of Mongolia was relatively stable in 2019, reflecting on our company’s performance. The company’s net profit reached MNT 2.6 billion in 2018 and MNT 2.9 billion in the third quarter of 2019. We are aiming to increase this amount to MNT 4 billion by the end of 2019. The net income will be spent on improving the company’s production. In the framework of the Tumen Shuvuut2 project, we’re planning to build factories to raise broiler chickens for harvesting meat and produce organic fertilizers. Also, 30 percen of the net profit will be distributed to shareholders as dividends after paying taxes. The shareholders will finalize the date in its annual meeting after the final financial performance is released.
-Mongolia is now providing its domestic demands and reduced its reliance on importing eggs. What kind of changes has been seen in the market?
-According to a study, Mongolians consume 300 million eggs annually. It shows about 100 egg consumption for each person. However, its lower than the world average. Mongolia imports 50 percent of its egg consumption from Russia. We are working to improve domestic production, for an egg is a food that should be used freshly.
-A massive waste has been made, followed by the egg factory. What are the measures that the company is taking?
We are using chicken manure as an organic fertilizer since it has a lot of advantages. We also use egg peel for animal feed.
Great Expectations: Ovoot mine project EBITDA forecasts www.news.mn
ASX-listed and Mongolia-focussed metallurgical coal developer, Aspire Mining, says its Ovoot Early Development Project, will pump out a stunning annual EBITDA of AUD$279 million from the production of 4 million tonnes a year of sought-after “fat” coking coal for delivery into China.
The company this week provided an update to its prior pre-feasibility study mine plan and costings for the “extended case” option for the project.
With significant reductions in both capital and operating costs identified, the new PFS has delivered an improved financial outcome compared to results from earlier this year. Significantly, Aspire has reduced its projected capital costs for the project by 34% to AUD$45.1m off the back of lower mining and deferred capitalised waste removal costs.
The C1 cash costs have fallen to AUD$110 per tonne delivered to the Chinese border, mainly due to a 19% reduction in the mine operating costs that have dropped to AUD$38.40 per tonne over the initial 12.5-year life of the mine.
Aspire has assumed a coking coal sale price of AUD$218 per tonne for its high-quality product, providing an exceptional margin over the estimated C1 cash costs per tonne. This has the effect of hiking the pre-tax net present value of the project by nearly 16% to AUD$1.28b with a very healthy internal rate of return of 49.4%.
The company’s definitive feasibility study for the project is due to hit the streets in May 2020. Aspire said in October that its DFS was progressing well and pending finance approval and receipt of the outstanding permits by the first quarter of next year, pre-stripping of waste at the Ovoot Early Stage Development Project should occur in the June quarter of 2020.
The project is a single, open-pit mining operation with a low strip ratio of 4.7 to 1 with payback in just over two years. The company’s large, Ovoot coking coal project looks solid with a quality ore reserve of 255 million tonnes, of which only 53.8 million tonnes will be carved out for the initial phase of mining production.
Management also revealed it had recently visited several steel mills in north-eastern China and that response had been very encouraging, with a number of the facilities using, or having used, Mongolian-sourced coals in the past.
The OEDP project is set to provide direct and indirect employment for over 1,200 workers in Mongolia and it will pump some serious cash into the local community via taxes and fees payable over the next decade.
Later this month, company’s shareholders will vote on an AUD$33.5m share placement to its current largest shareholder, Mongolian businessman, Mr Tserenpuntsag, which would significantly swell Aspire’s coffers entering into what looks to be a period of substantial activity in Mongolia during 2020. (source: thewest.com.au)
Russia’s plans for the Tavan Tolgoi – Zuunbayan railway www.news.mn
Sergey Pavlov, General Director of RZD International, has presented a business proposal from Russian Railways to participate in the construction of a line from Tavan Tolgoi-Zuunbayan. The Russian proposal involves bridge and pipeline crossing design works as well as implementing the senior management development strategy in cooperation with the Ulaanbaatar Railways Mongolian-Russian joint stock company. Mr Pavlov presented the proposal to B.Enkh-Amgalan, Minister of Road and Transport Development of Mongolia earlier this week.
Minister B.Enkh-Amgalan noted that the partnership of the Ulaanbaatar Railways and Russian Railways on the project will contribute to the human resource capacity building of the Mongolian railway sector.
The 414.6 km railway from Tavan Tolgoi deposits to Zuunbayan is currently under construction.
Training on waste management of chemicals used in mining kicks off www.montsame.mn
Ulaanbaatar /MONTSAME/. In the framework of the Environmental Governance Programme implemented by the UNDP with the financial support of the Swedish Environmental Protection Agency, a three-day training kicked off under the theme, ‘Waste management of hazardous and toxic chemicals used in mining operations, and land rehabilitation’, on November 6.
The training is being organized in a time of necessity for comprehensive regulation of protection and reduction of the negative impacts of chemical waste in Mongolia, and enhancement of the monitoring system, involving state inspectors of the capital city and 21 aimags.
Deputy Representative of UNDP Mongolia Nashida Sattar gave remarks at the opening of the training and discussion. In her speech, she highlighted the importance of creating sustainable development that has no negative effects on people’s health and the environment during this time of growth in economy and industry in Mongolia.
The participants will acquire comprehensive knowledge about the classification of hazardous and toxic chemicals used in the mining sector, its risk and impact on people’s health and the environment, occupational safety, waste management, and responsible mining.
In the framework of the joint Environmental Governance Programme, specific works have been implemented on the environmental policy of the mining sector, enhancement of the legal environment, capacity building for the stakeholders involved in the implementation of environmental laws, reducing human rights violations related to mining operations, and reducing areas left behind and not rehabilitated due to mining operations, and especially those that were done illegally, and measures in prevention of more cases in partnership with the Ministry of Environment and Tourism, the Ministry of Mining and Heavy Industry, General Agency for Specialized Inspection, and the National Human Rights Commission of Mongolia.
In Mongolia, proposed legislation endangers civil society www.washingtonpost.com
The Mongolian parliament’s fall legislative agenda includes debate of a proposed draft law on nonprofit legal entities. The draft law shares provisions used in recent laws to restrict civil society in Russia, Poland and Hungary.
The proposed legislation calls for the creation of the Civil Society Development Council, an institution that will have vast power over nongovernmental organizations (NGOs) in Mongolia, including foreign-funded institutions, and require NGOs to submit annual reports detailing all of their financial contributions and activities for approval. Exactly how the council will use this information to determine the legitimacy of NGO activities remains unclear. This uncertainty could potentially leave Mongolia’s civil society open to arbitrary and restrictive provisions.
A landlocked country surrounded by China and Russia, Mongolia surprised scholars with its rapid transition to democracy after 1990. Political scientists M. Steven Fish and Michael Seeberg credit the “secret supports” of Mongolia’s civil society — the country has a strong culture of NGOs that advocate for human rights, check government corruption, and promote transparency and oversight of the country’s vast natural resources.
Across the globe, governments are cracking down on civic organizations. This is why.
Will the new law mean new threats to Mongolia’s democracy? Here’s what you need to know.
1. The broad focus on “national unity” could threaten civil society
Article 14.2 of the draft law prohibits any “organization or person that is conducting activities against national unity or that promotes money laundering or extremism.” Article 14.3 makes provisions for police and intelligence officers to investigate an NGO’s donors to determine their suitability.
These types of restrictions could become a justification for the government to curtail funding or revoke an NGO’s license to operate. For instance, human rights groups advocating for the equality of Mongolia’s LGBTQ population, women and minority ethnic groups might find their activities barred under such a law. Russia has used a similar law to repeatedly deny registration status for LGBTQ rights groups, saying that their work amounts to “extremist activities” that “undermine the sovereignty and territorial integrity of the Russian Federation by decreasing its population.”
The draft law also could inhibit the work of any organization critical of the Mongolian government, which could affect anti-corruption measures. Mongolia, with a wealth of mineral resources, has seen large influxes of foreign capital — and high levels of corruption. This year, civil society fought to hold the government accountable after journalists revealed that 14 members of parliament, two ministers, one vice minister and 33 other high-level officials had embezzled millions of dollars from a fund intended to finance the development of the country’s small businesses.
A 2016 report by the Independent Research Institute of Mongolia reveals that NGOs focused on democracy, good governance and human rights make up 20.3 percent of the country’s registered NGOs. The draft law would incorporate tax benefits and government support for organizations that it deems act in “support the public good.” This could steer NGOs to alter their activities to receive government benefits — and suggests there will be greater government involvement in NGO activities.
Although civil society groups generally see the draft law as problematic, they acknowledge the need to upgrade Mongolia’s civil society framework. The country has 21,040 registered NGOs for a population of only 3 million — but only about 8,500 are active. Craig Castagna, the resident program director for the International Republican Institute, an international democracy-promotion NGO active in Mongolia since 1992, told me: “There is widespread agreement amongst stakeholders that Mongolia’s laws and regulations concerning NGOs need to be updated and streamlined, but not at the expense of restricting fundamental freedoms of assembly, association and expression.”
2. The law could halt critical foreign funding
The draft law also calls into question to what extent Mongolian NGOs will be able to receive support from foreign funders. Mongolian civil society is robust, but a struggling economy and a fledgling culture of philanthropy leaves many NGOs dependent on international donors to finance their operations. For example, the Gender Equality Center, an organization that does critical work in repatriating and rehabilitating Mongolian survivors of human trafficking, receives approximately 90 percent of its funding from foreign donors.
At the July 2018 Democracy in the 21st Century conference, held in Ulaanbaatar, Deputy Minister of Justice B. Enkhbayar laid out the justification for the new law, alleging that foreign funding of NGOs can lead to terrorism. The Observatory for the Protection of Human Rights Defenders, an international coalition of human rights NGOs, found that governments often use fear of terrorism and money laundering — two terms that appear frequently in the Mongolian draft law — to target and silence NGOs engaged in the promotion and protection of civil and political rights.
3. Mongolia’s government also clamped down on the judiciary
In March, President Khaltmaagiin Battulga, in cooperation with Mongolia’s parliament, began to limit the independence of the judiciary and anti-corruption authority, citing the institutions’ use of torture to obtain confessions. A Bloomberg News profile called Battulga a “Genghis Khan-Idolizing Trump of the Steppe,” describing his successful effort to fast-track legislation that gave him the power to fire judges. The move sparked outrage among civil society groups, but they have been unable to reverse the government’s decision.
This fall, Mongolia’s Democracy Education Center has hosted public discussions to broaden awareness of how the draft law may damage the country’s democracy. These efforts may prove futile, given the strong government support for the measure. The Mongolian parliament may also be powerless to stop the pending legislation: The 14 parliamentarians implicated in this year’s embezzlement scandal remain in office, clinging to their parliamentary immunity from prosecution to avoid jail time.
With the president in control of Mongolia’s judiciary and anti-corruption authority, the threat of selective enforcement seems likely to encourage implicated parliamentarians to vote in line with the president’s preference. The big question now for many in Mongolia is whether civil society groups can delay a vote on the draft law until after the election of a new 76-member parliament, which is scheduled for June 2020.
Aubrey Menarndt (@AubreyMenarndt) is a Smith College and University of Oxford graduate who consults on democracy and governance issues throughout the world. She is the author of “Young Mongols: Forging Democracy in the Wild, Wild East” (Penguin Random House SEA, forthcoming 2020).
...Asian youth boxers to compete in Mongolia www.xinhuanet.com
The Asian Youth Boxing Championships for female and male boxers will take place in Mongolia's capital Ulan Bator this month, the Mongolian Boxing Federation (MBF) said on Thursday.
"We are working to organize the Asian Youth Boxing Championships in cooperation with the Asian Boxing Confederation in Ulan Bator," Tsolmon Batnasan, secretary general of the MBF, told Xinhua.
More than 200 young boxers from 20 Asian countries and regions, including Mongolia, China, India, Uzbekistan, Kazakhstan and South Korea, are expected to participate in the championship which will be held from November 10-17, he said.
The boxers will compete in 20 weight classes, according to the official.
Men's weight classes include 49kg, 52kg, 56kg, 60kg, 64kg, 69kg, 75kg, 81kg, -91kg and +91kg.
Female boxers will compete in 48kg, 51kg, 54kg, 57kg, 60kg, 64kg, 69kg, 75kg, 81kg and +81kg.
Forum held on tea road that spans China, Mongolia and Russia www.chinadaily.com.cn
Culture and tourism experts from China, Mongolia and Russia recently gathered in Nanping city, Fujian province, for an international forum on the Tea Road of Ten Thousand Miles.
Dating back to the 17th century, the tea road first appeared when merchants from China's Shanxi province transported tea products and other goods from South China to Mongolia and Russia, spanning more than 13,000 kilometers. The tea was then sold to countries of the European continent.
The journey began from Wuyishan, a city in Fujian province that is famous for its tea, passing through China, Mongolia and stretching all the way to Russian cities such as St Petersburg and Moscow.
In March, the tea road was enlisted into the tentative list of China World Heritage Site.
The forum aims to establish a platform for cities and scenic areas along the tea route to communicate with each other about marketing and building an international brand image of the tea route.
Keynote speakers from home and abroad delivered speeches on such topics as international promotion of the tea road as a culture heritage and history of Sino-Russian related to the tea road.
In a round-table discussion, guests exchanged views about the development and potential of the tea road’s tourism.
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