More than 300 officials and investors from about 10 countries, including Canada, Australia and Germany, were attending the forum.

During the two-day event, the participants will discuss the current status of the Mongolian mining industry, the prospect of its development and ways to create a more favorable environment for foreign investors.

"The mining is the main economic sector of Mongolia. Currently, the industry accounts for 22 percent of the gross domestic product ... 74 percent of industrial production and over 90 percent of exports in Mongolia," Mongolian Minister of Mining and Heavy Industry Dolgorsuren Sumiyabazar told the opening ceremony,

The mining industry also involved 72 percent of the total foreign direct investment in Mongolia, the minister said, calling on foreign investors to invest more.

The vast territory of Mongolia has rich mineral deposits, including coal, copper, gold, uranium, molybdenum and fluorspar.

Oyu Tolgoi giant copper mine and Tavan Tolgoi coal mine in the southern Gobi desert of Mongolia are the country's world-class mining projects under development.

The Discover Mongolia is the largest event to attract investment in the landlocked East Asian country alongside the Coal Mongolia International Conference, which was held here on Sept. 4-5.

The international investment event came after Mongolia decided to sell up to 30 percent of the Erdenes Tavan Tolgoi Company on domestic and international stock markets.

Tavan Tolgoi is one of the world's largest untapped coking and thermal coal deposits, with an estimated reserve of 6.4 billion tons.

The fashion label also said it would stop using real fur in its products, and would phase out existing fur items.

In July, an earnings report revealed that Burberry destroyed unsold clothes, accessories and perfume worth £28.6m in 2017 to protect its brand.

Environmental campaigners responded angrily to the news.

At the time, the retailer said that 2017 had been unusual as it had to destroy £10m worth of old perfume products after signing a new deal with US firm Coty.

Fashion firms including Burberry destroy unwanted items to prevent them being stolen or sold cheaply.

Recycling efforts
Burberry said it already reused, repaired, donated or recycled unsold products, but it would continue to increase these efforts.

The retailer has started a partnership with sustainable luxury company Elvis & Kresse in the past year that will see 120 tonnes of leather off-cuts transformed into new products over the next five years.

At the same time, Burberry also established the Burberry Material Futures Research Group with the Royal College of Art to invent new sustainable materials.

"Modern luxury means being socially and environmentally responsible," said Burberry's chief executive Marco Gobbetti.

"This belief is core to us at Burberry and key to our long-term success. We are committed to applying the same creativity to all parts of Burberry as we do to our products."

Analysts from Fenwei Energy reported that the volume of Mongolia’s coking coal export to China fell by nine percent during the same period, as well. Mongolia supplied approximately 38 percent of China’s coking coal import in 2017, an increase of 14 percent compared to 2014. As reported by Fenwei Energy, Mongolia is China's second largest coking coal supplier, just behind Australia. The company forecasted that China’s coking coal demand will remain stable in the near future.

Specifically, ‘Erdenes Tavan Tolgoi’ JSC's subcontractor ‘Khishig Arvin Industrial’ signed MNT 7 billion agreement on technical modernization with ‘AODE’ LLC, ‘Ilch Mining’ and ‘Asartain Gobi’ companies also signed agreements on major purchase respectively. One of the major drilling companies ‘Elgen’ LLC announced the purchase of MNT 4 billion drill from ‘Epiroc Mongolia’ LLC.

Moreover, ‘Niseech International’ and ‘Ikh Shijir Baylag’ signed agreement on purchase of MNT 4.7 billion-worth heavy trucks, loaders and excavators.

The above mentioned companies purchased low cost technologies for high productivity. State Secretary of the Ministry of Mining and Heavy Industry G.Nandinjargal, Director of ‘AODE’ LLC D.Borgil and Founder of ‘Coal Mongolia’ conference attended the agreement signing ceremony.

B.Misheel

During the meeting, the Mongolian Deputy Prime Minister asked Russia to provide financial assistance and the allocation of a preferential loan of USD 1.5 billion for the further implementation of joint projects in the energy sector, including the modernization of Ulaanbaatar’s Heating & Power Plants 3 and 4, the TASS news agency reported.

The main directions of the commission’s work include the building of the Russia-Mongolia-China economic corridor, the preparation for a free trade agreement between the Eurasian Economic Union and Mongolia, cooperation in the agro-industrial, transport and energy sectors, as well as financial support for joint projects, said the statement.

The participants noted that trade between the two countries continues to show positive growth and that progress is observed in almost all joint projects.

The trade volume between Russia and Mongolia in 2017 increased by almost 50 percent to over 1.3 billion U.S. dollars, and grew by some 30 percent in the first half of 2018.

Relevant topics were touched upon by Russian Deputy Prime Minister Alexei Gordeyev and his Mongolian counterpart Ulziisaikhan Enkhtuvshin during a working meeting in Moscow, according to a statement published on the Russian government's website.

"A wide range of issues of bilateral trade and economic cooperation, as well as the work of the Russian-Mongolian Intergovernmental Commission on Trade-Economic and Scientific-Technical Cooperation were discussed," the statement said.

Main directions of the commission's work include the building of the Russia-Mongolia-China economic corridor, the preparation for a free trade agreement between the Eurasian Economic Union and Mongolia, cooperation on agro-industrial, transport and energy sectors, as well as financial support for joint projects, according to the statement.

The participants noted that trade between the two countries continues to show positive dynamics and that progress is observed in almost all joint projects.

Trade volume between Russia and Mongolia in 2017 increased by almost 50 percent to over 1.3 billion US dollars, and grew by some 30 percent in the first half of 2018.

The new railway line was reported by Chinese daily newspaper Xinhua. The journey covers around 9,000 kilometre, but the travel time between the two cities will be shortened by twenty days compared with sea transportation. The train is carrying 41 containers of auto parts, machinery, and equipment, worth around 1,26 million Euros, the report stated.

Not the first connection
In May this year, a new connection was established from Bayannur city in north China’s Inner Mongolia Autonomous Region to Tehran. It was not the first connection between the countries: the first freight train took off from Yiwu in January2016, headed for Tehran. A second freight train service connecting Yinchuan and Tehran followed in September that year.

According to Xinhua, a total of 77 China-Europe freight trains left Inner Mongolia in the first half of this year, accounting for a 305.3 percent increase year-on-year. The number of return trains reached 41 during the same period, with a 31.3 percent year-on-year growth. China’s total rail freight volumes expanded at a faster pace in the first seven months of this year. Railways carried a total of 2.29 billion tonnes of cargo during the January-July period, up 7.9 percent from one year earlier, according to data from the National Bureau of Statistics.

China-Iran routes
At the moment, there are two possible routes for traffic between China and Iran; a route passing through Kazakhstan, Uzbekistan and Turkmenistan and a similar route, but bypassing Uzbekistan. The first route is part of the Almaty-Bandar Abbas corridor entering Iran through the border point of Sarakhs. This corridor was opened in 2011 and has the potential to lift 2 million tonnes of freight annually.

The latter is part of the East of Caspian Route and passes through the Inche-Burun border crossing. This route is a branch of the north-south corridor, which starts in Russia and runs all the way up till the Persian Gulf. However, this line runs diverts east of the Caspian Sea to pass through Kazakhstan and Turkmenistan. The railway line was launched at the end of 2014 and foresees transporting some 15 million tonnes of cargo annually by 2022.

In this regard, Deputy Prime Minister was assigned to put the laboratories into operation in the 3rd quarter of the year within the approved budget, vacancy and recurrent expenditure. In further, operating costs of the laboratories and expenses required for strengthening their technical and technological readiness and capacity will be allocated in the 2019 State Budget.

The laboratories will be greatly significant in implementing the 'Gold 2' national program, purchasing, storing and transporting gold mined from the artisanal mining sites and conducting the test of precious metals in qualified and safe condition.

M.Anudari

The company is offering its 25 percent of total outstanding shares or 1,560,754 shares for MNT4800 per share and aiming to raise MNT7.49 billion. The subscription will be open until 3 pm September 18, 2018.

'Mandal Daatgal' JSC, established in 2001, has currently 46 thousand insurees and composes 21 percent of the domestic insurance market in terms of their premium income.

Such an example of insurance company listing on the MSE played a pivotal role in the market that has sought to invite more insurance companies as well as to improve participation of institutional investors in the market which would accelerate the market development.

source: mse.mn