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

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Former Sumo Wrestler Tantalizes Tokyo with Traditional Mongolian Cuisine www.tokyoupdates.metro.tokyo.lg.jp

Ariunbayar Unurjargal, more commonly known as professional sumo wrestler Hakuba Takeshi, retired from his career in the spotlight in 2011. Still in Ryogoku, Tokyo's sumo district, he now shares his Mongolian heritage through food at his restaurant
He is known in Japan as Hakuba, meaning "white horse," a name given to him by his sumo stable and inspired by a symbol in nomadic culture in Mongolia.
Rise to Success in Sumo
Hakuba, originally from Töv, Mongolia, first came to Tokyo in 1998, after exchanging letters with a relative of his living in Japan. This relative introduced him to the sumo stable Michinoku, to which he was then officially invited.
Although Hakuba had not considered a career in sumo wrestling before the exchange with his relative, he had always been very interested in Japan. When the move to Japan finally came, it all felt "like a dream" and not once did he feel homesick.
Despite never having studied at a language school, he credits his fluency in Japanese to having lived with other Japanese boys in the stable. He settled into the neighborhood of Ryogoku as if he had always belonged. In Ryogoku, the community is close-knit, so he could rely on his kind and friendly neighbors if he had a problem. He was further impressed by Tokyo's public services, which are very well organized, "making the city an easy environment to live in."
During his sumo wrestling career he was promoted to komusubi in the fourth highest rank in sumo wrestling, and weighed on average 155 kilograms. He defeated two ozeki: Harumafuji—who later became a yokozuna—and Kotooshu. Ozeki is otherwise known as the champion rank and is the second highest rank in sumo, just below yokozuna. During his active career, he also made a triumphant return to Mongolia with other Mongolian sumo wrestlers for the Sumo Tournament, and was able to deepen exchanges between his home country and Japan through sumo.
Continuing the Family Business
Hakuba's mother moved to Japan while he was still a sumo wrestler, and independently opened her own restaurant, ULAAN BAATAR, in 2008. When he retired from wrestling in 2011, at the age of 28, he had no intention of becoming a chef. However, after seeing his mother struggle to keep her business going in her old age, he decided to take over, despite having little-to-no business experience.
With perseverance and determination learned from his sumo wrestling days, he embraced the challenge. When it comes to business, he believes that "patience is key," and that it is important to thoroughly research how to start a business.
Ryogoku: The Center of Sumo
Hakuba enjoys exchanging stories with travelers, teaching them more about his homeland. The walls of ULAAN BAATAR are adorned with treasures and ornaments from Mongolia and from his past. At the entrance, he sells Mongolian snacks and essential ingredients such as Mongolian sour cream.
Many of his customers have an interest in Mongolia, but equally as many are sumo fans, and he is an encyclopedia when it comes to sumo facts and history, especially in relation to the Ryogoku area. He still maintains good relations with most of his fellow sumo wrestlers and this is one of the reasons he remains close to Ryogoku, where the community is quite close-knit. Occasionally, his sumo friends, including famous wrestlers, stop by for a bite to eat.
Many retired sumo wrestlers open Chanko nabe restaurants in the Ryogoku area to serve the well-balanced, nutritious hot pot dish regularly eaten by wrestlers.
But for Hakuba, it was important to share his culture with the people of Tokyo through Mongolian cuisine. Of his customers, 99 percent have never had authentic Mongolian food before. In fact, there are very few Mongolian restaurants in Tokyo. Mongolian dishes are not heavily seasoned; instead, the simplicity of each dish allows the natural flavors of the ingredients to shine through. Often, succulent meats are the star of the show, especially mutton, a staple in Mongolia. He sources his flavorful meat from a butcher in Toshima City, Tokyo.
In his free time, he enjoys gourmet walks, exploring the Tokyo area to find new restaurants and flavors. His favorite food is rice, after all. Whether it is fried rice or a simple bowl of plain white rice, he simply cannot get enough, and according to him, "Japan has the most delicious rice in the world."
In the future, he hopes to expand ULAAN BAATAR by opening more restaurants serving Mongolian cuisine. One day, he plans to use all that he has learned from his cooking in Japan to create his own unique recipes.
Interview and writing by Laura Miyasaka
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Rio Tinto, Codelco join forces to find more copper in Chile www.mining.com

Chilean state copper company Codelco is partnering with Rio Tinto (ASX, LON: RIO) to explore the Australian miner’s recently acquired Agua de la Falda copper asset in the country’s north.
Rio Tinto had earlier in the day entered into a $45.6 million-agreement with Pan American Silver (TSX, NYSE: PAAS) for a 57.74% stake its Agua de la Falda (ADLF) unit, which holds the historical Jeronimo project in the Atacama region and several adjoining concessions.
Codelco, which has the remaining 42.26% in Agua de la Falda, said the company was incorporated into its portfolio in July 1996 with the focus of prospecting, exploring and mining gold and other precious minerals.
For this reason, ADLF’s mining holdings have not been the target of copper-focused exploration for more than 25 years, Codelco said.
Studies carried out by both Codelco and Rio Tinto, the world’s second-largest miner and one of the main owners of Escondida copper mine, indicate the area has the potential to hold significant copper deposits, which will be the new and main focus of ADLF moving forward.
“This is an unbeatable opportunity for two industry-leading mining companies to work together, leveraging the combined experiences, strengths and capabilities of each organization,” Codelco’s chairman Máximo Pacheco said in the statement.
He noted the company, the world’s largest copper miner, is not foreign to public-private partnerships, which have proven to be successful for the company and Chile for many years.
“We are convinced this modality is a viable alternative to promote new deposits, and complement the important portfolio of exploration and projects Codelco is developing,” Pacheco said.
Rio Tinto’s chief executive, Jakob Stausholm, said the company has long flagged copper as a strategic metal, which plays a fundamental role in the global energy transition.
“Finding better ways to provide the materials the world needs requires strategic alliances, and we are pleased to make our exploration capabilities, knowledge and technologies available to ADLF, together with Codelco’s valuable experience and significant local presence,” Stausholm said.
The partnership between Codelco and Rio Tinto will be based on an underground mining collaboration agreement reached in October 2022.
 
 
 
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Conference of International Architects for New Kharkhorum City www.montsame.mn

“Urban Vision”, Conference of International Architects for Kharkhorum City was held yesterday in Kharkhorin soum of Uvurkhangai aimag, jointly organized by the Ministry of Construction and Urban Development and the Administrative Office in Charge of the New Kharkhorum City Development.
The President of Mongolia Khurelsukh Ukhnaa issued a decree in December 2022 to restore the ancient capital of the Great Mongol Empire, Kharkhorum in Orkhon Valley, aimed at creating healthy and safe living conditions for citizens, improving accessibility to basic social services, decentralizing the population, ensuring a balanced development of the regions, and strengthening the valuable heritage of the state.
In accordance with the decree, the Government of Mongolia formed the Administrative Office in Charge of the New Kharkhorum City Development this March, and the Administrative Office has developed the concept of New Kharkhorum City development.
Architects, specialists, and academics from Mongolia, the Russian Federation, the Republic of Kazakhstan, Japan, and Israel participated in the conference and exchanged opinions on the concept of Kharkhorum city planning and the development trends of global cities.
New Kharkhorum city planning is based on the concept of being the center of Mongolia's government, administration, culture, tourism, health services, international relations, and high-tech industry. Kharkhorum city will cover Uvurkhangai and Arkhangai aimags, having a population of approximately 500,000 people and 50 percent of the residential area will be green space, while 70 percent will be areas for walking, cycling, and public transportation. According to the city development concept, the new city will be an economically independent, modern smart city with developed infrastructure, which uses surface water, recycles waste, reuses gray water, and uses various types of renewable energy.
The conference participants highly appreciated the concept developed by Mongolian specialists and experts, emphasizing the importance of creating an environmentally friendly and healthy environment, water and food supply, and population structure planning. The Administrative Office in Charge of the New Kharkhorum City Development is working to complete detailed engineering-geological and hydro-geological studies and topographical mapping of the city of Kharkhorum this year.
Further, it is planned to take the planned territory of Kharkhorum city for the special needs of the state and develop detailed studies and plans including the feasibility study and general development plan in stages.
 
 
 
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Mongolia's sovereign credit ratings stands at "B" with stable outlook www.xinhuanet.com

Standard & Poor's Global Ratings has affirmed the long- and short-term sovereign credit ratings for Mongolia at "B" with a stable outlook, local media reported on Monday, citing the agency's report.
The agency said in the report that the stable outlook on the long-term rating reflects its expectation that the economic recovery remains on track and Mongolia's credit metrics will improve over the next 12 months.
The country's commodity-reliant economy will expand by 5.5 percent in 2023 thanks to a recovery in exports, according to forecasts by the agency.
Its economy grew by 4.8 percent in 2022, according to the country's National Statistics Office.
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Mongolia willing to help Putin ship gas to the East www.telegraph.co.uk

Mongolia has signalled it is willing to help Russian President Vladimir Putin cement new gas supply routes to the East as international sanctions bite.
Javkhlan Bold, Mongolia’s finance minister, said policymakers hoped to capitalise on opportunities that would see more infrastructure running through the country as the Kremlin redirects its energy supplies towards Asian countries like China and India.
In an interview with the Telegraph, Mr Bold said he was hopeful that the so-called Power of Siberia 2 pipeline transporting gas between Russia and China through his country will make progress in the coming months, adding that it was important that Mongolia explored new partnerships going forward.
“Our end goal is to get some revenues for letting [the Power of Siberia 2 pipeline] pass through Mongolia and to some extent we can also become buyers,” he said.
Mongolia buys almost all its gas from Russia, and Mr Bold said the government stood ready to engage with Moscow and Beijing on future projects.
The original Power of Siberia gas pipeline runs directly into China through the country’s northern border with Russia.
Mr Bold said shunning further opportunities would not make economic sense, despite Mr Putin’s decision to invade Ukraine.
“[Russia] still has options if Mongolia says no to the gas transit opportunity. It has access to the Chinese market via Vladivostok for example. And therefore does it make sense to say no to this revenue opportunity?”
Mr Bold added: “We would be open to more opportunities because Russia has a back-up plan if we say no.”
Mongolia is heavily dependent on coal exports and is seeking to diversify its revenue streams as more countries – including China – set net zero goals.
A squeezed outpost of democracy between China and Russia, the country has tried to maintain a neutral stance throughout the war.
The landlocked country no longer imports goods from Ukraine that used to come through Russia, which has pushed up prices.
Mr Bold said he hoped to build stronger ties with Beijing in the years ahead, even though he described China’s recovery after it ditched its zero-Covid policies as disappointing.
However, he added that the country’s dependence on the world’s second largest economy had helped Mongolia to avoid a post pandemic “disaster”.
“If China’s borders remained closed and we had a war, we wouldn’t have imagined what disastrous effect that would have had,” he said.
Moscow has been pressing for a new Sino-Russian pipeline through Mongolia, though Chinese policymakers have been dragging their heels during talks to finalise the pipeline, a move that analysts say could help Beijing secure a lower price for gas as Mr Putin’s options continue to narrow.
BY: Szu Ping Chan
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Strategic Heating Plan for Mongolia: Integration of Renewable Energy Solutions in Heating Systems www.irena.org

IRENA, in collaboration with the Ministry of Energy of Mongolia, is holding a workshop on 29 August 2023 in Ulaanbaatar. The workshop will be a platform to launch the publication, “Strategic Heating Plan for Mongolia: Integration of Renewable Energy Solutions in Heating Systems”, which is a techno-economic assessment on developing renewable energy-based heating systems in Mongolia.
Geothermal energy, in combination with other locally available renewable and waste energy sources, can contribute to the achievement of Mongolia’s clean heating and climate objectives. District heating systems are a key infrastructure that can enable the deployment of renewables such as geothermal energy – which are usually distributed across cities – in the decarbonisation of the heating sector. Mongolia has a high penetration of district heating systems, which account for about 55% of the heat supplied in Ulaanbaatar. It also has a significant renewable energy resource which can be deployed in the heating sector.
Building on the findings and recommendations of the Strategic Heating Plan for Mongolia, the workshop in Ulaanbaatar on the 29th August aims to stimulate discussions on the measures that Mongolia could next implement towards the realisation of cost-efficient renewable dominated district heating systems.
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Starlink In Mongolia! China ‘Suspicious’ As SpaceX Signs Deal With Mongol Govt. For LEO Internet Service www.eurasiantimes.com

A contract between the Mongolian government and private space and technology giant SpaceX to avail the firm’s Low Earth Orbit (LEO) Starlink internet service has drawn a suspicious reaction from Chinese citizens.
The commentators and bloggers point to Elon Musk’s firm’s involvement in providing high-speed data services to the Ukrainian army and fear that while China is another US rival, SpaceX’s activities could similarly threaten China’s security.
An article in Asia Times also anticipates Starlink offering an alternative internet service to Chinese citizens other than the ‘Great Firewall’ since the signal cannot be limited to a particular geographical area. This is because international internet services are banned in the country for security reasons.
However, a Chinese defense and foreign affairs commentator EurAsian Times spoke to pointed to a different view in Beijing about Starlink. The issue has more to do with the LEO placement of the satellites that pose a physical danger than a tool that the US might use to challenge China militarily.
Moreover, big businesses’ reluctance to be drawn into geopolitical rivalries with China, as was evident from statements from Musk himself, Microsoft founder Bill Gates and Dutch lithography machine maker Peter Wennink, also worked in China’s favor.
Chinese Netizens Raise Scare
The report backgrounded the recent issuance of a special license by the Communications Commissions of Mongolia to SpaceX and Starlink to provide internet services in the country.
The decision, part of the country’s ongoing digital transformation and New Recovery Policy, was announced ahead of the annual Mongolia Economic Forum 2023, held on July 9-10.
“A network of fiber optic cables already provides wide-reaching access to high-speed internet across Mongolia,” Minister for Digital Development and Communications Uchral Nyam-Osor said on July 7. “But Starlink’s technology will provide greater access to hard-to-reach areas of the country. Herders, farmers, businesses, and miners living and working across our vast country will be able to access and use information from all over the world to improve their lives,” the minister said.
It points out that Chinese nationals currently cannot access foreign internet services or certain banned websites and have their domestic internet usage monitored by the Great Firewall Project (GFP) and the Golden Shield Project (GSP).
Quoting a vlog by Shanghai-based commentator Shen Jiesen, the argument is made that Starlink cannot “sharply” restrict internet in one area while providing it in another contiguous area, as the “network capacity can easily spill over to nearby places.”
Chen says even if Starlink promises not to cross the line, it has already planned to provide services in Mongolia and Pakistan, neighbors of China’s Inner Mongolia and Xinjiang regions. He writes if destabilizing social events happen in either neighborhood, the related news may influence people in China through Starlink’s services.
He also says that, with Starlink’s autonomous services, countries that use them cannot opt to shut down internet services in such situations. Other commentators have noted that Starlink’s dual-use satellites could threaten China’s information and national security, especially during wartime.
With 32 countries adopting its services provided by more than 4,000 satellites in LEO, Starlink plans to boost that number to 42,000 by mid-2027. The PLA Daily, the military’s official publication, warned against the internet service in a May 2022 article, saying it has a deep background related to the US military,” the report said.
“One of its launch centers is located inside the US Vandenberg Air Force Base, and it tested a secure connection between its satellites and the US Air Force’s fighter jets.” The article said Starlink’s satellites could provide the US military with satellite-enabled remote sensing, communication, navigation, and positioning capabilities.
China Already Leads In Communications, Citizens Not Missing Anything
China has pioneered 5G technology, with Huawei having contracts in many Belt and Road Initiative (BRI) countries, including US allies like Israel and UAE. It recently tested 6G speeds in January 2022, and April this year, launched a satellite to that effect in 2020. It even launched its first LEO-based internet satellite on July 9 from the Long March 2C rocket.
Thus China has domestic alternatives and certain rare cutting-edge communications technology options to offer its citizens to prevent them from considering foreign services. ZTE, a China-based world leader in communications infrastructure, also recently publicized its contracts within China. A June 7 press release from the firm reported introducing 5G coverage at Tibet’s Zhuonai Lake Protection Station in Kekexili, the highest-altitude World Natural Heritage site.
In other words, according to leading Chinese and defense affairs commentator Zhao DaShuai, this makes Starlink “a threat to China only as a competitor in the emerging space industry.” “National security concerns concerning internet access are overblown,” Zhao said.
Big Businesses Want China
Secondly, big tech tycoons like Elon Musk and Bill Gates have openly warmed up to China, given their massive business interests. In late May, Musk visited China and, on June 1, met Chinese Vice Premier Ding Xuexiang.
A Reuters report suggested that China’s status as Tesla’s second-largest market and biggest production hub is some of Musk’s motivations behind the visit. Gates’ visit to Beijing and meeting with President Xi Jinping was even more publicized, where the Microsoft founder praised China’s efforts in battling poverty and disease.
“Elon Musk has a lot of business interest in China, the Giga factory in Shanghai, and the Chinese battery suppliers are pretty much single-handedly doing the heavy lifting in his business empire. So it’s very unlikely for him to anger the Chinese government,” Zhao added. The Chinese state believes it has leverage over companies like SpaceX if they act against Beijing’s interest.
Chinese, therefore, generally have favorable views of Elon Musk “because he’s not ideological and is seen in China to run against the prevailing narrative in the West,” Zhao says. This leaves the question: what is China’s main concern with Starlink? “It is more related to orbital paths since it’s first come, first serve, and getting crowded up there. Which is why China is planning the Guowang constellation as a rival,” Zhao explained.
BY Parth Satam
Parth Satam is a Mumbai-based journalist who has been covering India’s defense sector for more than a decade. He maintains a keen interest in defense, aerospace and foreign affairs and can be reached at satamp@gmail.com
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JV Article: Precious metals producer Steppe Gold is set for growth as Mongolia is back on investors’ radars www.mining.com

Mongolia-based Steppe Gold (TSX: STGO) has just announced a US$150 million funding deal to fully finance the Phase 2 expansion of its flagship project ATO gold mine in Mongolia. With expected annual production of 100,000 oz. gold equivalent by 2025 for 12 years, the company says it’s ready to unlock the full potential of its ATO mine and rapidly expand its presence in Mongolia.
Steppe Gold is the only TSX-listed precious metals producer in Mongolia after Rio Tinto (NYSE: RIO; LSE: RIO; ASX: RIO) acquired Turquoise Hill Resources for US$3.3 billion to simplify its ownership in the world-class Oyu Tolgoi mine. Rio now holds 66%, and the remaining 34% is owned by the government of Mongolia.
However, interest in the region is strong. The recent Mongolia Economic Forum, organized by the government of Mongolia and held during the Mongolian “Naadam” holiday, attracted over 45 international investment banks, more than 500 investors, and a total of 2,000 delegates.
In an address to the audience, Rio Tinto chairman Dominic Barton said the mining giant is committed to building its footprint in Mongolia and expressed his optimism about Mongolia’s future. The company has invested US$15.4 billion in Oyu Tolgoi since 2010, as the project looks set to become the world’s fourth-largest copper mine by 2030.
Mongolia is a resource-rich developing country, with more than 80 types of mineral deposits identified across 1,170 registered deposits. The International Monetary Fund identifies Mongolia as one of the most promising of the 29 resource-rich developing countries due to its richness in natural resources. And yet, only 2.6% of its territory is covered by exploration licenses and 1.2% by mining licenses.
Leveraging its border with China, which accounts for over 90% of its mining commodity exports, Mongolia is focusing on improving border points to boost mineral exports under the New Recovery Policy led by the 43-year-old Prime Minister, Oyun-Erdene L., and his cabinet. Foreign direct investment (FDI) has played a significant role in the development of Mongolia’s mining sector, with 75% of current FDI focused on this sector.
As a frontier market with associated investment risks, Mongolia’s authorities have introduced investor-friendly changes over the past decade, making the country a more favourable destination for foreign investment.
Steppe Gold’s origins
Steppe Gold was founded in 2016 by Bataa Tumur-Ochir, a young Mongolian entrepreneur, and Matthew Wood, a seasoned mineral explorer and developer with over 30 years of industry experience.
Bataa, the company’s CEO and chairman, and Wood, a director, have worked together to invest in Mongolia’s mining industry over a decade, maintaining a strong belief in the country for a long period.
Back in 2012, Bataa became one of the youngest CEOs of an ASX-listed company at the age of 26, with Matthew Wood acting as chairman. They have established and developed several mining projects in Mongolia.
Steppe Gold was listed on the TSX in 2018 and, since then, has raised about US$90 million from international and Mongolian investors and management. Throughout this time, the company developed the ATO mine from greenfield project to production stage with over 90,000 oz. of gold produced to date. The second phase of operations is expected to produce over 1.2 million oz. gold equivalent over 12 years and generate a total of US$2 billion in revenue.
Its most recent financing, a US$150 million debt financing deal with top Mongolian financial institutions, which closed in July, will help Steppe meet its next ambitious growth targets. The principal payments will be paid after Phase 2 expansion is in production.
“It has been challenging yet rewarding five years, but with Phase 1 in production and Phase 2 expansion financing secured, we have de-risked the project, and now we are finally well positioned for growth” Bataa said.
Despite being a junior producer, Steppe Gold already has an impressive list of industry-leading investors, including Eric Sprott, Elliot Management, Fidelity and LIM advisors. The management team themselves are significant shareholders in the company, with Bataa now the largest shareholder. The chairman and CEO says he’s proud to have participated in every capital raise since the company’s establishment.
Steppe Gold today is one of the largest employers in the region and is proud to have a strong local presence and support in Mongolia. A strong believer in community engagement, Steppe has provided financial aid to over 1,600 local students over the five years.
New chapter of transformational growth
In June, Steppe Gold closed the acquisition of Canadian miner Anacortes Mining Corp. and its Tres Cruces gold project in Peru. The all-share acquisition adds another 2.5 million oz. gold in indicated resources to the company’s development portfolio as the mine ranks among the highest-grade oxide development deposits globally. Tres Cruces is just 10 km from the world-class Lagunas Norte mine.
The acquisition will expand the company’s reach to an international scale and increase its production potential, Bataa says.
While Steppe Gold isn’t planning any further expansion into South America in the near future, it does plan to invest in Mongolia.
Untapping Mongolia’s mineral potential, in addition to expanding exploration at the ATO land package, where operations currently only occupy 300 hectares of 5,500 hectares, Steppe Gold is also assessing adding to its landholdings. It’s currently assessing about 200,000 hectares of prospective areas in the country.
“Our company has always had a strong focus on Mongolia, and it will remain unchanged as we seek out the many opportunities in the country,” Bataa emphasized. The company has over 350 employees, 99.9% are Mongolian.
To bolster its focus on mining in Asia, Steppe Gold is planning to pursue a dual primary listing of its common shares on the main board of the Hong Kong Stock Exchange. Around 40% of the company’s shareholders are located in Asian time zones.
Upon listing, the company would be one of only a few firms in the mining and precious metals industry on the exchange — something the company believes will be a major competitive advantage as they appeal to a new group of investors looking for opportunities in the sector.
With Steppe’s international management team and skilled local employees, Bataa says the company is enthusiastic about the future. “We are excited about our transformational growth,” Bataa highlighted.
The preceding Joint-Venture Article is PROMOTED CONTENT sponsored by Steppe Gold and produced in cooperation with Mining.com. Visit www.steppegold.com for more information.
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European Union Financing 33 Projects www.montsame.mn

Within the framework of the 22nd Meeting of the Joint Committee on Cooperation between Mongolia and the European Union, the Deputy Prime Minister Mr. Amarsaikhan and the Managing Director for Asia and the Pacific at the European External Action Service (EEAS) Mr. Gunnar Wiegand signed the relevant document on establishing the Development Cooperation Working Group.
The Development Cooperation Working Group is an important mechanism for exchanging ideas on the effective implementation of projects implemented under the Multiannual Indicative Programme of the European Union.
The European Union is financing and implementing 33 projects in the priority directions of green sustainable development, democracy and economic development in Mongolia.
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Prime Minister L. Oyun-Erdene to Visit the United States www.montsame.mn

At the invitation of the Vice President of the United States Kamala Harris, the Prime Minister of Mongolia L. Oyun-Erdene will pay an Official Visit to the United States of America on August 2-6, 2023.
During the Official Visit, the Prime Minister is going to hold official talks with the Vice President of the United States Kamala Harris, and meet with other high-level officials. As part of his Official Visit, the Prime Minister will visit NASA, the U.S. Agency for International Development, and the U.S. International Development Finance Corporation.
Issues on deepening the strategic partnership relations with the USA, which plays an important role in Mongolia's "third neighbor" policy, and expanding political, economic, humanitarian, and regional cooperation will be topics of the talks. Moreover, the establishment of some bilateral cooperation documents is expected.
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