China reports no new locally transmitted cases for a second day. But it found 39 new imported cases www.cnn.com

Mainland China reported 39 new cases of coronavirus -- all imported from overseas -- and three new deaths as of end of day Thursday, according to the country's National Health Commission.

Copper price surges over 10% after touching 2009 lows www.mining.com

Copper dropped sharply again in overnight trade on Thursday, coming close to levels last seen during the global financial crisis amid mounting uncertainty about the extent the global pandemic could hit demand and supply of the bellwether metal.

Copper trading in New York fell by more than 8% to $1.9725 a pound ($4,350 a tonne), the weakest level since early January 2016, when it traded below $2.00 for only a week. The last time it traded for a sustained period below this level was in 2008 and 2009.

In New York trade the metal fought back, rallying by 11.6% with May delivery contracts exchanging hands for $2.1990 in the mid-afternoon session. Year to date copper is still in bear territory with a 21% decline.

“In terms of understanding the short-term supply-demand dynamics, uncertainty is the highest I can recall,” Mark Hansen, chief executive officer of metals trading house Concord Resources, told Bloomberg from London.

“China responded more forcefully to the economic downturn in 2015-16 than it has now, which is both curious but also should give hope to resource demand possibly returning strongly, at some point.”

Global recession
Thanks to its widespread use in industry, transportation, construction and power grids, copper is vulnerable to slowdown in the broader economy.

Tommy Wu, lead economist, Oxford Economics
A panel of 80 economists polled by FocusEconomics, a Barcelona-based research firm, have become markedly more pessimistic about the global impact of the pandemic.

Almost two-thirds of panelists now expect a global recession in the next 12 months, up from 43% in last week’s poll, and despite the slew of fiscal and monetary stimulus measures announced in recent days says FocusEconomics.

One panelist, Tommy Wu, lead economist at Oxford Economics, said the Covid-19 crisis is unlike any other modern-day economic shock:

“The fact that the coronavirus pandemic is an exogeneously caused simultaneous supply and demand shock on the real economy leading to financial market shocks, and not initially financial market shocks spreading into the economy like in 2008, makes it unique in recent history.

“It can only be compared to wartime downturns in the twentieth century.”

South American supply
Producers across South America, where the bulk of the world’s copper is produced, have halted or cut back operations and slowed construction projects.

Hong Kong-listed MMG said on Thursday that operations at its Las Bambas mine with expected production in the 360kt range for this year had been reduced temporarily after Peru declared a state of emergency.

Anglo American earlier this week said it will slow the building of its $5 billion Quellaveco project in Peru and on Thursday the miner said it is scaling down operations at its Los Bronces copper mine in Chile.

The world’s no 2 copper producer, Chile’s state-owned Codelco, said on Wednesday it planned to reduce its operations while the world’s top miner of the metal, BHP said so far the pandemic has not affected output.

Reuters reports unionized workers at the Escondida mine in Chile operated by BHP requested on Wednesday a halt to operations unless management begins to implement stricter health and safety measures. Escondida is the largest copper mine in the world by a wide measure and was projected to produce some 1.2 million tonnes this year.

Phoenix, Arizona-based Freeport-McMoRan said this week it is suspending operations at its 350kt per year Cerro Verde mine in Peru for at least 15 days.

Hakuho chasing Japanese sumo record www.news.mn

Yokozuna Hakuho bounced back from his first loss and collected his 10th win of the Spring Grand Sumo Tournament on Wednesday to remain in a two-way tie for the lead with rank-and-filer Aoiyama.

The Chinggis Khaan Museum – the richest collection in the world www.news.mn

In 2019, the Mongolian Cabinet decided to establish a museum for the legendary conqueror Chinggis Khaan, famed for establishing the largest land empire in history. The museum will be built on the site of the current natural history museum, located in the heart of Ulaanbaatar just to the north-west of the State Palace. The nine-story modern museum with 15 exhibition halls will cover an area of 20,500 square meters. Over 90 percent of MNT 53 billion construction cost is to be funded from the 2020 State Budget. The museum is expected to open in 2021.

'Orano Mining' Company donates MNT 1 billion to Mongolia www.montsame.mn

Expect more global mining disruptions – report www.mining.com

Development Bank of Mongolia to support cashmere buyers with low-interest loans www.montsame.mn

Ulaanbaatar /MONTSAME/. In aims of defining the solutions to increase the production of cashmere and gold as well as the amount of foreign exchange reserves, Speaker G.Zandanshatar received representatives of the aforementioned sectors on March 18.

Head of the Parliamentary Standing Committee on Economy J.Ganbaatar, Governor of the Bank of Mongolia B.Lkhagvasuren, Head of the Financial Regulatory Committee D.Bayarsaikhan, Head of the Geology and Mining Policy Coordination Department at the Ministry of Mining and Heavy Industry B.Munkhtur, First Deputy Chief Executive Officer of the Development Bank of Mongolia Ch.Enkhbat, Director of the Mongolian Commodity Exchange Kh.Baatar, and executives of the Mongolian National Chamber of Commerce and Industry (MNCCI), as well as wool and cashmere associations, attended the meeting.

At the start of the meeting, Speaker G.Zandanshatar said, “The COVID-19 infection has a large negative impact on the economy. Thus, the State Great Khural, the Government, and the National Security Council are paying special attention to the issue. And the issue is currently being studied by a workforce of the Parliamentary Standing Committees on Economy and Budget. During this crucial time, the production of wool and cashmere and gold industries will play important role in supporting the economy, budget revenue, and financial stability. We have the opportunity to acquire an income of USD 2-4 billion from exporting combed cashmere.”

With a total of 10 thousand tons of cashmere to be prepared this year, the Development Bank of Mongolia is currently planning to put out loans with low interest to support cashmere buyers. Based on the study done by the workforce of the Parliamentary Standing Committee on Economy, the Government of Mongolia will also support the ‘Cashmere’ programme. The loan amount that will be financed by the Development Bank of Mongolia will be MNT 300 billion, with an interest of 12 percent. Talks are currently being held to have the loans given with an interest rate of 3 percent, and the leftover 9 percent be settled through subsidy. As the loan is to be solely used for buying cashmere, with aims to keep the price of cashmere at the same amount as last year, and support herders in increasing their income, it must be strictly monitored, highlighted Speaker G.Zandanshatar and Head of the Parliamentary Standing Committee on Economy J.Ganbaatar.

As for the gold sector, there are currently 66 projects that are ready to be implemented in the framework of the Ministry of Mining and Heavy Industry’s policy to support the producers. However, the matter of giving special permits, and supporting them with investment and financing persists to be an issue, said Head of the Geology and Mining Policy Coordination Department at the Ministry B.Munkhtur.

Speaker G.Zandanshatar gave directions to the officials to accelerate the operations of ‘Erdenes Alt Resource’ LLC, subsidiary of ‘Erdenes Mongol’ LLC, employ workforce consisting of the top mining professionals in partnership with MNCCI, support private entities in putting out bonds and issuing shares, and realize the initiative to establish the Herders’ Corporation.

Fuel price to be gradually lowered by MNT200 per liter www.montsame.mn

Ulaanbaatar/MONTSAME/. At today’s irregular meeting, the Cabinet assigned to work for cutting a retail price of fuel by MNT50 per liter and further gradually lower it by up to MNT200 in consistence with world market price, said Minister of Mining and Heavy Industry D.Sumiyabazar.

ADB provides $1.4 Million to strengthen Mongolia's COVID-19 preparedness www.montsame.mn

Ulaanbaatar /MONTSAME/. The Asian Development Bank (ADB) has reallocated $1.4 million from a health project in Mongolia to procure essential medical equipment for early detection, emergency care, and management of severe respiratory diseases in wake of the novel coronavirus (COVID-19) pandemic.

ADB also approved a $225,000 small-scale technical assistance to strengthen Mongolia’s national capacity for infection prevention and control.

“This ADB assistance will improve its ability to respond to and contain the spread of a potential COVID-19 outbreak in the country,” said ADB Country Director for Mongolia Pavit Ramachandran. “Building readiness in hospitals and strengthening preparedness are areas identified by the government as among the most pressing requiring immediate assistance.”

The $1.4 million in funds is reprogrammed from the Fifth Health Sector Development Project for Mongolia. ADB approved a concessional loan of $30 million for the project in December 2012 to strengthen safe blood transfusion, medical waste management, and hospital hygiene and infection prevention and control.

The reallocated funds are providing more than 570 pieces of equipment for diagnosis and treatment of patients with respiratory conditions at 30 district and provincial general hospitals and 4 tertiary level hospitals in Mongolia. The equipment includes portable digital X-rays, ventilators, patient monitors, oxygen concentrators, infusion, and injection pumps and nebulizers.

The small-scale technical assistance will assist in strengthening national resources mapping and coordination. It will introduce an incident management approach and train health workers on infection prevention and control at national and local levels.

ADB has played a key role in strengthening Mongolia’s health system since 1993, providing seven loans totaling $167.04 million, eight grants for $40.48 million, and 18 technical assistance projects amounting to $13.45 million. The projects have supported reforms in primary health care, hospital services, and medicine procurement; the establishment of a health insurance framework; and the development of health infrastructure in the capital city and aimag (provincial) centers.

ADB’s COVID-19 response in Asia and the Pacific to date includes $2 million to enhance detection, prevention, and response in the People’s Republic of China (PRC) and the Greater Mekong Subregion; another $2 million to support response in all its developing members; and a CNY130 million ($18.6 million) private sector loan to a pharmaceutical distributor, Jointown Pharmaceutical Group Co. Ltd., in Wuhan, PRC to support the continued supply of essential medicines and personal protective equipment.

ADB also approved a $3 million grant to support the Philippine government’s response to the COVID-19 pandemic, including the purchase of emergency medical supplies and the delivery of effective health care services. ADB also made available $200 million through its Supply Chain Finance Program for companies manufacturing and distributing medicines and other items needed to combat the pandemic.

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.

Asian Development Bank

Mongolia reports sixth Covid-19 case as evacuates its citizens www.news.mn

Mongolia reported today (18 March), its sixth Covid-19 case after two people returned who had returned on a flight from Berlin two days ago were confirmed as having coronavirus . The sixth patient was first tested using a rapid testing kit and the result was confirmed later today by the central laboratory of the National Research Center of Communicable Diseases, reports NRCD Director D.Nyamkhuu, Director.