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    

Events

Name organizer Where
MBCC “Doing Business with Mongolia seminar and Christmas Receptiom” Dec 10. 2024 London UK MBCCI London UK Goodman LLC

NEWS

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Mustafa Sentop: Turkey is ready to invest in agriculture and mining of Mongolia www.montsame.mn

Ulaanbaatar /MONTSAME/ On July 29, Speaker of the Parliament G.Zandanshatar held talks with Speaker of the Grand National Assembly of the Republic of Turkey Mustafa Sentop at the State House.

At the beginning of the talks, Speaker G.Zandanshatar extended gratitude for accepting the invitation, underscoring that the visit takes place in a year marking the 50th anniversary of diplomatic relations between the two countries. He then expressed his willingness to intensify bilateral cooperation in social and economic sectors including tourism and civil aviation.

Offering thanks for the warm welcome, His Excellency Mr. Mustafa Sentop emphasized that the two countries have thousands of years of historical and cultural ties even though the diplomatic relations have a history of 50 years. He voiced his fervent wish to overcome barriers with joint force and elevate bilateral cooperation to the highest level in all sectors, mentioning the two countries have maintained brotherly friendly relations thanks to the heritages our ancestors left behind.

Speaker G.Zandanshatar requested the Turkish side to strengthen trade and economic cooperation and support the sectors of agriculture, light industry, and tourism. The two parties agreed to intensify the implementation of certain projects including the one on the establishment of Orkhon Valley Tourism Complex. They also decided to put initiatives to promote cooperation among the countries that belong to the Ural-Altaic language group.

Stressing that many cooperation projects of the Turkish Cooperation and Coordination Agency (TIKA) have been successfully implemented in Mongolia, Speaker G.Zandanshatar proposed continuing the cooperation.

The Speaker of the Turkish Grand National Assembly showed his interest in developing the bilateral trade and economic ties reaching hundreds of millions of dollars and proposed to make the direct frights of the Turkish Airlines on a daily basis in the near future. He also noted Turkish investors are ready to invest in agriculture, livestock, mining, health care, and energy sectors of Mongolia, exchanging views on introducing Turkish know-how and assisting the two countries’ businesspeople.

Mr. Mustafa Sentop demonstrated his readiness to carry on with the joint scholarship program for Mongolians with the Ministry of Education, Culture, Science and Sports, pointing out the intensive development of partnerships between the universities of the two countries. Further, the Turkish Speaker noted that TIKA has successfully carried out over 600 projects and pledged to continue the organization’s activities.

In the conclusion of the meeting, the sides exchanged information about the FETO terrorist organization. Mr. Mustafa Sentop informed the organization threatens the security of Mongolia and said he will take immediate measures and strive to not spoil the friendly relations between the two countries, showing pleasure that relevant bodies of Mongolia are aware of the issue.

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Turkey, Mongolia look to further enhance relation www.aa.com.tr

Turkey's parliament speaker hailed on Monday the deep-rooted ties with Mongolia, voicing the desire to further develop the existing relations in every field.

Speaking during the inter-committee meetings in Mongolia’s capital of Ulaanbaatar, Mustafa Sentop termed their bilateral ties "excellent".

“We celebrate the 50th anniversary of our diplomatic relations based on friendship ongoing for thousands of years,” Sentop said.

"Our friendship and relations based on this common history and legacy left by our ancestors will overcome every kind of difficulty,” he said later in a joint news conference with his Mongolian counterpart Gombojav Zandanshatar.

“What we need to do is to strengthen relations in every field to the highest level by benefiting from this historic background,” he added.

A parliamentary assembly composed of Turkish-speaking countries and countries which have common roots is on the cards, Sentop said.

Sentop went on to say that the state-run aid group, Turkish Cooperation and Coordination Agency (TIKA) -- which has realized more than 600 projects in Mongolia so far -- would continue its efforts.

Combatting FETO

With regards to the fight against Fetullah Terrorist Organization (FETO), he said: “I’ve gladly seen that we are on the same page [with Mongolia] on FETO.”

“We are dedicated to not to allow FETO, which is a sneaky terror organization, to poison our relations," he noted.

FETO and its U.S.-based leader Fetullah Gulen orchestrated the defeated coup of July 15, 2016, which left 251 people martyred and nearly 2,200 injured.

Ankara also accuses FETO of being behind a long-running campaign to overthrow the state through the infiltration of Turkish institutions, particularly the military, police, and judiciary.

For his part, the Mongolian parliament speaker said that they regard Turkey as the “third neighbor” of Mongolia.

Mongolia wants to boost economic cooperation, particularly in tourism, Zandanshatar said.

He also expressed his dedication to rooting out FETO schools in the country, saying: “We are carrying out every kind of work that we can do, against these schools operating in Mongolia.”

Sentop, later, held a closed-door meeting with Mongolian President Battulga Khaltma at the presidential palace.

*Writing by Nilay Kar Onum

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Talented Mongolian basketball player dies in USA www.news.mn

Sadly, the top player of the Mongolian National Basketball Team, O.Dulguun died at the UCSF Medical Center at the weekend. He had been in a coma after having been infected with the varicella virus.

O.Dulguun was diagnosed with a liver failure and B Hepatitis. He urgently needed a liver transplant costing USD 300,000-350,000. Family members started a campaign; the nationwide response was instant and MNT 150 million in donations flooded in. Sadly, these were not able to save the young Mongolian’s life.

O.Dulguun arrived USA on 12 June in order to watch the NBA finals. He was given tickets for the NBA finals after winning the Mongolian University Basketball Championships with his team the ‘Etugen Leopards’. He was named as a valuable player in the competition in which a total of 40 teams participated.

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Capital One data breach: Arrest after details of 100m US individuals stolen www.bbc.com

The personal details of about 106 million individuals across the US and Canada were stolen in a hack targeting financial services firm Capital One, the company has revealed.

The announcement came after the alleged hacker was arrested on Monday.

According to Capital One, the data included names, addresses and phone numbers of people who applied for its credit card products.

But the hacker did not gain access to credit card account numbers, it said.

How many people have been affected?
Capital One is a major credit card issuer in the US and also operates retail banks.

The firm said in a statement released on Monday that the breach affected approximately 100 million individuals in the US and 6 million people in Canada.

The statement added that about 140,000 social security numbers and 80,000 linked bank account numbers were compromised in the US.

In Canada, about one million social insurance numbers belonging to Capital One credit card customers were also compromised.

British Airways faces record fine for data breach
Equifax to pay up to $700m to settle data breach
The hack was identified on 19 July.

Capital One said the hacker was able to "exploit" a "configuration vulnerability" in the company's infrastructure.

Aside from names and dates of birth, the hacker also managed to obtain credit scores, limits, balances, payment history and contact information.

How has Capital One reacted?
Capital One said it was unlikely the information was used for fraud but it would continue to investigate the breach.

The company will notify those affected and will provide them with free credit monitoring and identity protection.

Chairman Richard Fairbank said in a statement: "While I am grateful that the perpetrator has been caught, I am deeply sorry for what has happened.

"I sincerely apologise for the understandable worry this incident must be causing those affected and I am committed to making it right. "

What do we know about the alleged hacker?
The US Justice Department has confirmed it has arrested a former Seattle technology company software engineer in connection with the breach.

Paige Thompson, 33, was arrested on Monday on charges of computer fraud and abuse. She made an initial appearance in federal court in Seattle.

A hearing has been scheduled for 1 August.

Ms Thompson faces a maximum sentence of five years in prison and a $250,000 (£204,713) fine.

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Steel industry urged to axe substandard facilities www.chinadaily.com.cn

China is to ramp up its efforts to rein in unwanted steel output, especially that which is substandard and polluting, in order to contain risks from excess capacity and promote high-quality development in the steel industry, key industry officials said during the China Iron and Steel Association's annual midyear convention on Monday.

As the campaign to cut overcapacity deepens and the industry's profitability increases, the risks of illegal new capacity also start to grow, reflected by the phenomenon that some steel companies play tricks to build new capacity, and the production of substandard steel reoccurs, said Wang Wei, head of the raw material department of the Ministry of Industry and Information Technology.

China's steel industry has achieved the upper goals two years ahead of schedule for cutting overcapacity set by the 13th Five-Year Plan (2016-20), reducing 150 million metric tons of crude steel capacity, and has removed 140 million tons of substandard steel capacity, according to Wang.

To crack down on such behavior, an inspection panel, co-organized by the ministry and the National Development and Reform Commission, will soon start their inspection tour during the third quarter, he said.

"Substandard steel production and violations of related rules and laws when conducting capacity replacement projects will be the focus of the panel's inspection, and they will serve as warnings" to anyone who attempts to increase new capacity illegally, he said.

More work will be done to make it easier for people to report new capacity that violates laws and regulations to the regulators, according to him.

Wang also said the authorities plan to seek suggestions from industry associations to revise and enhance regulations regarding capacity replacement projects. Current regulations ask steel companies to shut down a larger number of existing capacity before building any new ones.

He Wenbo, executive vice-chairman of the CISA, said that to maintain the progress in cutting overcapacity, it is important to improve the layout of steel capacity on a national level, instead of just within a province, a city, or even a county.

He suggested measures to encourage competent steel companies to conduct mergers and acquisitions across cities, provinces and even regions, in order to efficiently cut capacity and enhance the national steel capacity layout.

He also suggested that it is important to evaluate the actual results of capacity replacement projects, to ensure removed old capacity outstrips new capacity, saying that construction of new capacity must be strictly regulated.

In the fast half of 2019, China produced 492 million tons of crude steel and 587 million tons of steel products, with year-on-year increases of 9.9 percent and 11.4 percent respectively, figures from the CISA showed.

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Bodies of two Chinese tourists found in Mongolia www.news.mn

Search and Rescue teams have recovered the bodies of two Chinese tourists who went missing in Khuvsgul Province, a famous tourist destination in the north of Mongolia. The bodies were washed down following torrential rains in Ulaan-Uul soum of the province on 23 July.

The 25-year-old man with a 28-year-old woman have been missing after they went mountain climbing on 18 October, 2018. The Chinese citizens said they would stay on the mountain for three days. However, on 25 October, when they failed to return, the Mongolian National Emergency Management Agency (NEMA) was alerted and formed a rescue team of 32 people including locals to look for them. However, the rescue team was not able to find them.

Previously, NEMA had established a temporary base 45 km from Khatgal village in Khuvsgul Province and has expanded the search operation for the two Chinese tourists.

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Speaker of the Grand National Assembly of Turkey visiting Mongolia www.montsame.mn

Ulaanbaatar /MONTSAME/ Turkish delegates led by Speaker of the Grand National Assembly of Turkey Mustafa Sentop arrived in Mongolia today to pay a visit to the country at the invitation of Speaker of the Parliament G.Zandanshatar.

Mr. Mustafa Sentop will hold official talks with Speaker of the Parliament G.Zandanshatar, exchanging views on bilateral relations, inter-parliamentary cooperation and other interested matters. Furthermore he will meet with Prime Minister U.Khurelsukh.

Mr. Mustafa Sentop’s visit will continue until July 31.

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Rio’s credit profile not affected by Oyu Tolgoi expansion www.mining.com

Fitch Ratings issued a report this week stating that Rio Tinto’s (ASX, LON, NYSE:RIO) credit profile is not negatively affected by the company’s recent announcement related to the increased cost of the expansion project of its Oyu Tolgoi copper-gold-silver mine in Mongolia.

In its analysis, Fitch states that the firm’s product diversification, conservative balance sheet, strong cash flow and position in the global mining sphere safeguards its credit profile from the delay and higher project investment.

“Fitch did not have any earnings from the block cave expansion in its rating case forecast for Rio Tinto due to the complexity of the project and lack of full visibility around the commissioning schedule,” the market researcher’s brief reads.

In mid-July, the world’s No.2 miner revealed that that difficult ground conditions that are causing stability risks could blow out the estimated cost of Oyu Tolgoi’s expansion by as much as an additional $1.9 billion to reach a total of $7.2 billion.

Rio also said that the first sustainable production is now expected between May 2022 and June 2023, a 2.5-year delay in the original plan.

The Anglo-Australian multinational, through its majority-owned Canadian firm Turquoise Hill Resources (TSE, NSYE: TRQ), holds a 66%-interest in the mine, while Mongolia owns the remaining 34%. Once fully operational, the complex is expected to have an output of 500,000 tonnes of copper per year.

Rio Tinto, however, is not alone when it comes to facing challenges related to block caving, the underground hard-rock mining method it plans to employ at Oyu Tolgoi. According to Fitch, CRU Group has reported that capital costs for block cave mining are at more than $5 billion for large-scale block caves.

Despite this prediction, the business intelligence company expects block caves to account for more than a fifth of the growth in potential copper supply by 2025 and to represent around 10% of the unadjusted copper mine supply by 2025.

“The increased copper supply pipeline of brownfield expansions, such as Oyu Tolgoi, and greenfield projects are projected to eliminate any material market deficit in the medium term as China is expected to remain a key driver for demand growth, even as the country’s economy slows,” Fitch’s document reads. “Block caving is the intended mining method for several significant copper projects under development. Key competitors involved in the major block cave copper projects include Rio Tinto, PT-Freeport Indonesia (PT-FI) and Codelco.”

Besides the Mongolian mine, the referred mine expansions are PT-FI’s Grasberg Block Cave and Deep Mill Level Zone in Indonesia’s Papua province and Coldeco’s Chuquicamata Underground in Chile’s Antofagasta region and El Teniente New Mining Level in the South American country’s O’Higgins region.

Grasberg produced approximately 270,000 tonnes of copper ore per day in 2018. Once the Deep Mill Level Zone block cave mine is ready in 2021, it will produce an additional 80,000 tonnes of ore per day. The following year, the underground block cave project is expected to reach full capacity reaching 160,000 tonnes per day of ore.

Codelco’s Chuquicamata, on the other hand, is expected to have an annual production of 320,000 tonnes of fine copper and 15,000 tonnes of molybdenum after the full transition from surface to underground extraction is completed.

El Teniente new mining level, which is about 300 metre below existing infrastructure, is aimed at adding 50 years of operations to the century-old mine which, in turn, will continue to produce 2 billion tonnes of ore per year and 450,000 tonnes of copper.

Fitch’s study indicates that the growth in underground cave mining is being fueled by depletion of orebodies, high production rates, and low operating costs. “The caving industry is also moving toward the next generation of caving geometries and scenarios, involving greater depths and competent rock-mass environments that are likely to be less predictable and present new challenges,” the report states.

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President to visit the United States www.montsame.mn

Ulaanbaatar /MONTSAME/ President of Mongolia Kh.Battulga will pay a visit to the United States of America from July 29 to August 3.

During his visit, President Kh.Battulga plans to hold a tête-à-tête meeting with President of the United States Donald Trump and an extended bilateral meeting.

Further, the President will meet representatives of the country’s legislature regarding the Mongolia Third Neighbor Trade Act, which was reintroduced to the U.S. Congress.

President Kh.Battulga also plans to attend the Global Leaders Forum conversation on ‘The Future of U.S.-Mongolia Relations’ at the U.S. Center for Strategic and International Studies and meet Mongolians living and working in the country.

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Mongolia to establish Agency for Water www.news.mn

A Government regulatory agency responsible for effectively managing the water resources and increasing the efficiency for managing tax revenue will be established in 2020. According to the N.Tserenbat, Minister of Environment and Tourism, Mongolia will implement a project to be called ‘Blue Horse’ for increasing the use of surface-water and expanding the national water system through enhanced monitoring and high tech innovation.

Mongolia’s water resources are unevenly distributed: in the mountainous regions – most notably the north and west of the country – water resources are sufficient. But in the Gobi desert area, underground sources account for 80% of total water consumption. Around 30% of Mongolia’s population has access to the water supply system. About 25% of the population receives water from the water transportation service, over 35% get water from water supply points and less than 10% use water from springs, rivers and snow melt water.

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