Friday, September 17, 2010

Japan gives equipment to receive weather satellite data

The Japanese Agency of Space Research has handed over to the National Emergency Authority (NEA) equipment to receive data from the weather satellite Winds. Prime Minister had made a request for utilization of such data during his visit to Japan in 2008 as Foreign Minister.

Mongolia attends tourism development workshop in Vietnam

The Mongolian team at a sustainable tourism development workshop in Vietnam on Tuesday gave a presentation on tourism education in the country. Mongolia and five other countries -- Indonesia, Malaysia, South Korea, the Philippines, and Vietnam -- attended the workshop held within the framework of the East Asia Inter-Regional Tourism Federation (EATOF).

Meeting discusses international economic trends

A meeting on Monday, attended by 40 delegates from the main economic organizations, expressed happiness at the recent establishment of four sub councils, at the Finance Ministry and at the Economic Policy Council under the President.

Governmental works done in August

Ulaanbaatar, Mongolia, /MONTSAME/ The head of the Cabinet Secretariat of Government Ch.Khurelbaatar gave a review of the governmental works done in August of 2010 at the cabinet meeting ran September 15.

Seize of excise tax altered

Ulaanbaatar, Mongolia, /MONTSAME/ Wednesday's Cabinet meeting discussed an amendment to the excise tax on some oil products.

Cabinet meeting in brief

Ulaanbaatar, Mongolia, /MONTSAME/ The Minister of Finance S.Bayartsogt made an introduction to the budget of the next year at the cabinet meeting held Wednesday. Then, the head of the Cabinet Secretariat of Government Ch.Khurelbaatar gave a report on implementation course of national programs and projects by first six months of 2010.

About special road for buses

Ulaanbaatar, Mongolia, /MONTSAME/ The Capital City Citizens' Representative Khural has discussed and backed in principle a matter on special road for buses. The specialist of the Department of Public Transportation said September 16 that if this road is run according to foreign cities' examples, the public transportation service will improve greatly and a traffic jam will decrease in Ulaanbaatar.

Pensions and allowances going up

Ulaanbaatar, Mongolia, /MONTSAME/ Pursuant to a decision of the cabinet, all kinds of pensions granted from the social insurance fund will increase 30 per cent.

NAR Completes the Initial Blasting of the Oyut Ovoo Iron Ore Mine in Mongolia

Hong Kong, Sept 16, 2010 - (ACN Newswire) - North Asia Resources Holdings Limited ("NAR" or the "Company") (stock code: 61) today announced that the Company has successfully completed the mine design, dry processing equipment installation and the initial blasting of approximately 20,000 tonnes of iron ore for immediate trial production at a mine located in Oyut Ovoo, Dundgobi Aimag (province), Mongolia on 11 September 2010.

Ivanhoe Mines Announces the Appointment of Additional Independent Directors

ULAANBAATAR, MONGOLIA, Sep 16, 2010 (MARKETWIRE via COMTEX) -- Ivanhoe Mines Ltd. /quotes/comstock/11t!e:ivn (CA:IVN 20.89, +0.69, +3.42%) /quotes/comstock/13*!ivn/quotes/nls/ivn (IVN 20.36, +0.61, +3.09%) /quotes/comstock/13*!ivn/quotes/nls/ivn (IVN 20.36, +0.61, +3.09%) -

Russian-Mongolian maneuvers Darkhan-3 completed

The Russian-Mongolian tactical exercises 'Darkhan-3' that were launched September 1 at the military maneuver ground 'Burduny' of the Siberian Military District in the Republic of Buryatia, RF, came to a close on Wednesday.

Foreign debt now equals 29.5% of Mongolia’s GDP

Mongolia’s debts incurred in the socialist days are settled but the country continues to borrow. The loans it took from The Asian Development Bank, The International Monetary Fund (IMF) and Japan between 1991 and 2009 now total USD2.6 billion. According to The Debt Department of the Finance Ministry, foreign debt consists 94% of the Government’s total debt, with domestic debt accounting for the remaining 6%.

Japan-Mongolia relations “now ready to enter new areas like mines and minerals”

Kidokoro Takuo, the 12th Japanese Ambassador to Mongolia, answers questions on bilateral relations.

Civil servants expect salary rise

Ulaanbaatar, Mongolia, /MONTSAME/ The cabinet meeting held on Wednesday made a decision to increase salaries of civil servants from October 1, 2010.

Railway freight rates raised

The Government Coordinating Agency has raised railway freight rates covering import, export and local transportarion from September 25.

Ivanhoe Mines Ltd.: Alert Issued About False and Misleading Statements Published by the Australian and Business Spectator

MELBOURNE, AUSTRALIA--(Marketwire - Sept. 15, 2010) - Ivanhoe Mines Ltd. (TSX:IVN)(NYSE:IVN)(NASDAQ:IVN) -

Petro Matad to raise US$46.8 mln for accelerated drilling programme in Mongolia

September 16 (Proactive Investors UK) Petro Matad (LON:MATD) announced it is conditionally raising up to US$46.8 million before expenses through a placing and subscriptions for up to 22,483,878 new shares at 135 pence each, primarily to accelerate in drilling programme on Block XX in Mongolia.

Thursday, September 16, 2010

President suggests less traffic control when VIPs travel

The head of the President’s Office, D.Battulga yesterday called Col.Kh.Enkhjargal and Col. L.Batzorig, Chief of Traffic Police Board and State Security respectively, to tell them of a suggestion from President Ts.Elbegdorj on management of traffic when the President or the Prime Minister or the Parliament Speaker is out. To keep the road free for them, all cars are asked to use one lane, leading to jams and to citizens’ inconvenience. The President wants the practice to stop.

MICROCAPITAL BRIEF: International Finance Corporation (IFC) Planning Microfinance Policy Study Tour in Mongolia to Assist Policymakers in Eastern Europe and Central Asia

The International Finance Corporation (IFC), a member of the World Bank Group, recently announced it will conduct a microfinance institution tour in Mongolia from October 12 through October 14, 2010, with policymakers from Azerbaijan, Bosnia and Herzegovina, Kazakhstan, Kyrgyz Republic and Tajikistan. The objective of the study tour is to introduce policymakers to best practices with the intention of enabling them to improve the legal framework for microfinance in their respective countries. The project is supported by the Ministry of Foreign Affairs of the Netherlands and will be led by the IFC’s Azerbaijan & Central Asia Microfinance Transformation Support Project, an IFC initiative which supports the transformation of microfinance credit organizations into banks.

S3 Investment Company Announces Approval of Share Buyback Plan

The Company Has Authorized a Repurchase of Up to 500,000,000 Shares of Common Stock in the Open Market

Korean team impressed by Boroo Gold’s reclamation program

The South Korean Government has sent a team of experts to assess the damage to the environment from mining in Mongolia at the request of the Government.

Lotus scraps AIM plans and looks at Mongolia business - Lotus Resources has decided not to progress its potential listing on AIM and will carry out an immediate revaluation of its presence in the Mongolian mining sector.

Tender announcement to select a management team of the “Development bank of Mongolia”

Based on the Government resolution No195 dated on July 20, 2010 and the State Property Committee resolution No 346 dated on September 2, 2010, hereby, we are announcing the tender for the post of a competent international “Management team” of the “Development Bank of Mongolia” to carry out management activity of the bank..

Ivanhoe Mines, Rio Tinto talks reportedly stall

SYDNEY (MarketWatch) -- Talks over a poison pill scheme to prevent Rio Tinto /quotes/comstock/22x!e:rio (AU:RIO 75.30, +0.15, +0.20%) /quotes/comstock/13*!rtp/quotes/nls/rtp (RTP 55.89, -0.13, -0.23%) from taking a controlling stake in Canada's Ivanhoe Mines /quotes/comstock/13*!ivn/quotes/nls/ivn (IVN 19.74, +0.36, +1.86%) /quotes/comstock/11t!e:ivn (CA:IVN 20.20, +0.26, +1.30%) have stalled, the Australian newspaper reported Wednesday.

Advertisement for project advisory consortiums (including international legal counsel and local advisor) for “Sainshand industrial complex” project

The National Development and Innovation Committee of Mongolia (“NDIC”) is accepting proposals from project advisory consortiums in connection with the greenfield development and construction of certain industrial and infrastructure projects (the “Projects”) in Mongolia.

Wednesday, September 15, 2010

Ministry explains railway policy, law on concession to investors, diplomats

The Ministry of Road, Transportation, Construction and Urban Planning organized a meeting on Saturday to introduce to domestic and foreign investors, diplomatic representatives, and officials of international organizations the railway policy and law on concession, so that those keen to bid for constructing the railway would get a clear idea of what was expected of them.

Power stations clear railway dues

The accumulated loss in the energy sector rose from MNT24.4 billion in 2008 to MNT69.9 billion in 2009. Now, says Ts.Bayarbaatar, Chief of the Energy Board, the situation is looking up after the State Budget allocated MNT15 billion to the sector. Some more money is coming from raised electricity tariff also. The power stations have settled their dues to the railway.

N.Korea using Mongolia to smuggle banned material, says Seoul newspaper

Seoul’s Munhwa Ilbo newspaper has reported, quoting unnamed government officials, that South Korea has secured evidence that North Korea has been smuggling banned materials which could be used for rocket and missile launches, often using forged documents to disguise their destination, through China and other countries. "North Korea has smuggled commodities related to weapons of mass destruction banned by the international community and luxury goods through detour routes such as China, Japan, Mongolia and Russia," it said, according to an AFP report.

Prime minister meets JCI

Ulaanbaatar, Mongolia, /MONTSAME/ Mongolia's Prime Minister S.Batbold has taken part in the 13th national forum of the Junior Chamber International (JCI)-Mongolia organization.

CIMD to support "Beehive" program

Ulaanbaatar, Mongolia, /MONTSAME/ Head of the Presidential Office D.Battulga received Monday Mr. Uwe Kievelitz, head of the Returning Experts Program of the Centre for international Migration and Development (CIMD) at the German Technical Cooperation Society (GTZ).

Advisory consortiums to be selected

Ulaanbaatar, Mongolia, /MONTSAME/ The Committee of National Development and Innovation (CNDI) has started accepting proposals from project advisory consortiums in connection with the Greenfield development and construction of certain industrial and infrastructure projects in Mongolia.

Mongolia to seek bids for Tavan Tolgoi coal deposit contractor in Oct

Bloomberg reported that Mongolia will take bids for a contractor to mine Tavan Tolgoi, one of the world’s largest untapped deposits of steel making coal, in October 2010.

Mongolia Stages Dramatic Turnaround

Strong policy response to global crisis offsets fall in exports, copper prices
IMF program provided space to Mongolian authorities to implement changes
Bright outlook with pending boom in mineral sector

Mongolia aims to tap coal as new cash cow

Investors keen to reap the benefits of Mongolia's untapped mineral riches have shifted their focus from glittering copper and gold to coal, with energy-hungry neighbour China a key customer.

UN - Ochir Enkhtsetseg of Mongolia Chair of Second Committee

Ochir Enkhtsetseg, Permanent Representative of Mongolia to the United Nations, was elected Chair of the Second Committee (Economic and Financial) on 11 June 2010.

Magnolia man conquers epic Mongolian race

In June 33-year-old Justin Nelzen of Magnolia said he was going to ride the Mongol Derby to win it, and last month he did just that.

Albanese aiming for piece of the Mongolian pie

RIO Tinto's executive and board gathered in bucolic Hampshire on Monday for their annual two-day strategy summit.

Sino-Japanese cooperation grows in Mongolia

China’s aggressive efforts to secure natural resources around the world have sometimes made it an opponent of other importing nations, most recently South Korea. But a shared hunger for commodities can bring countries closer to together too.

A private visit to the Republic of Mongolia

His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah and his party arrived at Chinggis Khaan (or Genghis Khan) International Airport Friday evening, commencing a private visit to the Republic of Mongolia.

Mongolia's Tavan Tolgoi coking coal deposit

BEIJING, Sept 14 (Reuters) - Mitsui & Co, Japan's No.2 trading house, said on Tuesday it had inked a broad pact with the world's largest coal producer, Shenhua Group Corp of China, which includes the joint development of coal mines in Mongolia and other overseas projects.

CADEX and the Mongolian Railway State Owned Share Holding Company Sign Comprehensive Consulting Alliance Agreement Supporting Mongolia's Railway Infrastructure

TOKYO--(EON: Enhanced Online News)--CADEX KK of Tokyo, Japan and Mongolian Railway State Owned Share Holding Company of Mongolia (Mongolian Railway) today announced the formation of a wide-ranging business consulting alliance with aim of enhancing the railway infrastructure in Mongolia.

Tuesday, September 14, 2010

Government to hold 51% share in Development Bank

The head of the National Development and Reform Committee (NDRC) has said there has as yet been no response to the very recently published advertisement for a management team to run The Development Bank. The last date for submitting a bid is November 22, and the NDRC and the State Property Committee will make the choice then. The Bank will provide finance for large development projects, including those in infrastructure and processing factories.

Japanese to train workers before investing in large projects

During his recent visit to Japan Minister for Mineral Resource and Energy D.Zorigt and his hosts agreed that expanded private sector investments in the biggest projects should be encouraged and facilitated.

China’s needs will drive Mongolia’s growth

China"s imports surged in August, up no less than 32% on the same month last year. The growth of Chinese imports and the harnessing of Mongolia"s mineral wealth are closely related. Mongolia is in the early stages of an unprecedented boom. The economy of this former Soviet satellite is a mere USD5 billion. In the next decade, though, Mongolia"s GDP could very easily triple. That"s because this vast central Asian state is the scene of an astonishing resources "land grab, says a report in The Telegraph of Britain.


Ulaanbaatar, Mongolia, /MONTSAME/ A delegation headed by a Mayor of Kuwait city Sheikh Ali Al Jaber Al Ahmed Al Sabah visited Monday the Administration of Ulaanbaatar city. The Kuwait city's Mayor is visiting Mongolia for the first time.


Ulaanbaatar, Mongolia, /MONTSAME/ A delegation led by D.Zagdjav MP, a chairman of Asia-Pacific group in parliament have taken part in the VI Baikal International Economic Forum that took place 6-9 September in Irkutsk, Russia.


Ulaanbaatar, Mongolia, /MONTSAME/ A delegation led by L.P.Reshetnikov, a director of the Russian Institute for Strategic Studies, have paid a visit to Mongolia at invitation of the Institute of Strategic Studies, the National Security Committee of Mongolia (NSCM). In frames of the visit that ran September 9-12 a meeting has been organized themed "Mongolia-Russia relations and cooperation at the regional security".

Mongolia's untapped 'black gold'

ULAN BATOR: Investors keen to reap the benefits of Mongolia's untapped mineral riches have shifted their focus from glittering copper and gold to coal, with energy-hungry neighbour China a key customer.

S.Battsetseg Wins Gold WWC Creates History

Mongolia’s female wrestler S.Battsetseg wins the FILA World Wrestling Championship 2010. The championship was held in Moscow, Russia on September 6-12, 2010.

B.Badamtsetseg Wins Miss Mongolia 2010 Crown

Winners of the country’s biggest beauty pageant were announced before a select gathering in UB on Sunday, the coveted title of Miss Mongolia-2010 went to Ulaanbaatar girl B.Badamtsetseg.

S3 Investment Company Announces Opening of Redwood Capital Office in Ulaanbaatar, Mongolia

New Office is Expected to Allow Closer Working Relationships With Clients as the Company Explores Additional Business Opportunities in Mongolia

Mongolian Armed Forces: Past and Present

Usually foreigners are surprised when Mongolians celebrate International Women’s Day and 10 days later “Men’s” Day, which is Mongolian Army Day. It was a Soviet tradition for people to celebrate political holidays, such as Great October Day (Russian Socialist Revolution Day), May Day, Naadam (in socialist times it was usually called People’s Revolution Day).

Mitsui,Shenhua tie up for Mongolia coalfield bid-Nikkei

Sept 14 (Reuters) - Japanese trading house Mitsui & Co (8031.T: Quote) will team up with the world's largest coal producer Shenhua Group Corp to bid for development rights to Mongolia's Tavan Tolgoi coalfield, the Nikkei business daily reported.

Public Holidays in Mongolia

Below are listed Public Holidays for the January 2010-December 2011 period.

Mongolia Day Celebrated at Shanghai World Expo

SHANGHAI, Sept. 13, 2010 (Xinhua) — Artists from Mongolia perform traditional dancing at the ceremony to mark the National Pavilion Day for Mongolia at the 2010 World Expo Park in Shanghai, east China, Sept. 13, 2010.  (Photo by Xinhua/Ren Long)

Vietnamese and Mongolian firms set up joint venture

The Chu Viet Group and the Mongol Food Company from Mongolia have agreed to establish a joint venture, focusing on investment, export-import, food processing, and restaurant-tourism services.

UN and Central Asian countries agree to measures to conserve Saiga antelopes

13 September 2010 – The United Nations Environment Programme (UNEP) and several governments in Central Asia and Russia have concluded an agreement on conservation measures for the migratory Saiga antelopes, whose population have been in decline during the past two decades, the agency reported today.

Rio Raises Ivanhoe Stake as Loan Converts Into Shares

(Updates with Rio comments from second paragraph.)

Sept. 13 (Bloomberg) -- Rio Tinto Group, the world's third- largest mining company, raised its holding in Ivanhoe Mines Ltd. to 35 percent after the automatic conversion of a $350 million credit facility.

Mongolia to Take Bids for Tavan Tolgoi Coal Deposit Contractor Next Month

Mongolia will take bids for a contractor to mine Tavan Tolgoi, one of the world’s largest untapped deposits of steel-making coal, next month, said the country’s minister for minerals and energy.

Mongolia tapping coal to be new cash cow resource

ULAN BATOR -- Investors keen to reap the benefits of Mongolia's untapped mineral riches have shifted their focus from glittering copper and gold to coal, with energy-hungry neighbor China a key customer.

Winsway Starts Deal

HONG KONG (Dow Jones)--China's Winsway Coking Coal Holdings Ltd. on Monday began pre-marketing a US$1 billion initial public offering in Hong Kong, while two other companies on the mainland launched roadshows for IPOs in the city with plans to raise up to US$845 million.

Monday, September 13, 2010

Origo Partners Acquires 25% Stake In Kincora In Mongolia For US$3 Mln - Quick Facts

(RTTNews) - Origo Partners Plc (OPP.L: News ) announced the acquisition of a 25% stake in Kincora Ltd, owner of the Bronze Fox copper-gold prospect in Mongolia for US$3 million.

Minister confirms Mongolia to keep control of Tavantolgoi

Mongolia will keep full ownership of Tavantolgoi, its mining minister, D. Zorigt has said while expressing the hope that the coking coal deposit is likely to finally go ahead in 2012. "A state-owned company is going to own 100 percent of Tavan Tolgoi and license the mining operations," he has told Reuters. "It will be a 50 percent state-owned company, and the rest will be sold publicly" in a domestic share offering.

Getting documents from Russian archives delays work on political exiles

The committee that works on cases of victims of political repression has revealed that the names of 29,800 of the 35,000 recorded as killed have so far been cleared. Their families and descendants have received MNT19.8 billion as compensation. Besides, MNT2.5 billion more have been spent in the last two decades on building apartments and gers for 470 citizens who had been orphaned because of the repression. Another MNT110.8 million has been given as assistance to 9,722 citizens.

Mining boom can take off only with proper Government support, Discover Mongolia told

The most interesting speech on the second day of “Discover Mongolia-2010” on Thursday was that by the Executive Director of Golomt Bank, John Finigan. Reviewing the present status in the mining sector and future prospects, he said 2016 will be when Mongolia would really start collecting regular higher revenue. The amount of copper mined would reach 36,000 tons a year and the GDP would be USD27 billion. This translates as USD9,000 in per capita GDP. There are very few examples of such great leaps in GDP growth, except in oil producing countries following the price rise in the 1970s.

Mongolia opens door for extensive mining investment

ULAN BATOR (Commodity Online) : One of the world's largest landlocked countries, Mongolia began a campaign to promote its rich natural resources to potential investors.

U.Khurelsukh, shares insights into changes to MPRP’s principles

MPRP General Secretary U. Khurelsukh met with journalists to answer questions about issues that will be discussed at the party’s upcoming congress in November. Montsame reporter G. Manduul provides readers with Mr. U.Khurelsukh’s comments about the past, present and future of the MPRP, including much deliberation over a probable name change.

Improved management improves crop yields

On September 4-5, for the purpose of seeing the harvesting process and to meet with local citizens, Prime Minister S. Batbold worked and resolved some issues in Bulgan, Orkhon, Darkhan-Uul and Selenge aimags. He was accompanied by some ministers and officials including T. Badamjunai, the Minister of Food, Agriculture and Light Industry; T. Gandi, the Minister of Social Welfare and Labor; L. Gansukh, the Minister of Environment and Tourism, and Yo. Otgonbayar, the Minister of Education, Culture and Science.

Crossroads arrive for Investing in Mongolia

On September 7, the international investment firm Eurasia Capital organized one of this year’s major investment conferences in Mongolia.

Buddhism continues to flower in Mongolia

Reporting from Shand Khiid, Mongolia — In the crimson-painted interior of a monastery in central Mongolia, boys as young as 6 face one another cross-legged on benches and chant Tibetan Buddhist prayers that they barely understand.

CORRECTION FROM SOURCE: Prophecy Reports 5 Major IP Anomalies and Commencement of Drilling at its Lynn Lake Project, Manitoba

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 8, 2010) - A correction from source is issued with respect to the news release sent out at 1:47 pm PT, Sept. 8, 2010. The date of the Prophecy news cited in the first paragraph was incorrect, and has been revised. The corrected release follows:

International Investment Bank Eyes Bulgaria

The International Investment Bank, formed as an initiative of the Soviet Union in 1970, has started to actively invest in the countries of the former Eastern Bloc, including Bulgaria.

Aussies at the fore of Mongolian charge

TWO years ago Alex Molyneux was sitting at Citi's Hong Kong Mining and Metals M&A desk.

Mongolia Considers Wind Energy for Export to China

An outdoor Mongolian cabinet meeting -- complete with green hats and "Save Our Earth" slogans -- was the stage for an announcement by the coal-abundant country that it may be considering wind energy for export to China.

China and Russia drive mineral-rich Mongolia to join the mining elite

China's imports surged in August, up no less than 32pc on the same month last year. When I heard this news last week, via my mobile-phone, I was standing on a hilltop in Mongolia, watching as massive hydraulic excavators worked what is said to be the world's largest surface-mine coal seam.

Friday, September 10, 2010

IFC Proposes Investment in Mongolia Dairy Processor

Sept 10 - IFC's specialist has reviewed technical information provided by Suu JDC (“Suu” or the “Company”), a 94% privately owned dairy processing company whose remaining shares are traded on the Mongolian stock exchange.

MIAT announces more flights to Moscow

MIAT has announced its new schedules and also discounts for students. The national airline will have additional flights to Moscow on Thursdays and Sundays from tomorrow to March 31, 2011.

Estimated cost of new airport increases substantially

J.Bat-Erdene, State Secretary at the Ministry of Road, Transportation, Construction, and Urban Development, has said the initial cost estimate made in 2005 for the proposed international airport in Khushig valley in Tuv province was 21.9 billion yen but this has now increased substantially. Final figures are being discussed among the Ministry of Finance, the consultancies, and the Japanese Government. Denying that there is any possibility of the project being abandoned disagreements on cost, the official said there was a likelihood that some parts of the complex, like the cargo handling facilities, some offices, and the monitoring tower will be built with Mongolian investment. Tenders are scheduled to be announced at the end of 2011.

Ministries ready to start work, once money is found for big projects

Minister of Road, Transportation, Construction and Urban Development Kh.Battulga and Minister of Mineral Resources and Energy D.Zorigt have reported to the Government their readiness to begin implementing several construction projects approved by it as part of the National Developmental Strategy, the Government’s Action Plan for 2008-2012, as well as others approved by Parliament.

President calls upon miners to be responsible

In his message to the two-day mining investment forum “Discover Mongolia-2010” which began yesterday, President Ts.Elbegdorj expressed appreciation for the work of investors who have explored Mongolia’s natural resources. “Your efforts and investment have revealed our wealth to the world and now Mongolia has embarked on an ambitious journey of socio-economic development, based on the revenue from its mines,” he has said. “Our success must acknowledge the contribution of your specialists with wide experience and admirable skills, and of your use of progressive technology and techniques.”

“Discover Mongolia” discovers Mongolia

The 8th International Mining Investors Forum- Discover Mongolia 2010 was opened with a message from President Ts.Elbegdorj on September 8. It featured keynote speeches by Bernard Guarnera, President of Behre Dolbear, a globally recognized mineral industry advisory firm, who said Mongolia ranks 7th in the list of safest countries to invest in after Australia, Canada, Chile, US, Mexico and Brazil, and by Tim Goldsmith, Partner and Global Mining Leader of PricewaterhouseCoopers (PwC).

Prime Minister Meets Ambassadors

The Prime Minister S.Batbold met Thursday the Ambassadors of some countries to Mongolia.


Ulaanbaatar, Mongolia, /MONTSAME/ A ceremony took place Tuesday to open the Mongolia-Japan joint laboratory of researching and processing coal in Mining Institute, Mongolia's University of Science and Technology (MUST).


Ulaanbaatar, Mongolia, /MONTSAME/ The Prime Minister S.Batbold received Thursday Mrs. Sezin Sinanoglu, the Permament Representative of the United Nations Development Program (UNDP) to Mongolia.


Ulaanbaatar, Mongolia, /MONTSAME/ In frames of the "The Netherlands-Mongolia Trust Fund for Environmental Reform (NEMO II)" projects some areas have been counted that have been destroyed due to extractive and exploration of mineral resources. The action has been co-organized by the Ministry of Environment and Tourism, World Bank and Kingdom of the Netherlands within 2009-2010.


Ulaanbaatar, Mongolia, /MONTSAME/ The "Discover Mongolia 2010" 8th International Mining Investors Forum took place September 8-9 in the Children's Palace. Number of participants in the forum was more ten times than at the first forum.

MSE new management selection is undergoing

Over 10 teams sent their tender proposals for MSE to the selection committee of the State Property Committee of Mongolia. After the first round of selection, 5 teams: Korea Exchange, International Investment Consortium of Nasdaq and Mosdaq, London Stock Exchange, Deutsche Exchange of Extra Group of Germany, are shortlisted.

Development Bank management team selection kicks off

The Government of Mongolia established “The Mongolian Development Bank” and approved its capital on July 20 2010, during its Cabinet Meeting. According to the paragraph two of the resolution, the Government provided direction to the State Property Committee and National Development and Innovation Committee to select management of the bank as foreign, experienced, professional and independent body. As part of this decision, management team selection procedure kicks off today.

Statement of United Movement of Mongolian Rivers and Lakes

Dear All,

Greetings from the United Movement of Mongolian Rivers and Lakes! We would like to inform you our brief activities since May this year.

IMF Executive Board Completes the Final Two Reviews under Stand-By Arrangement with Mongolia

The FINANCIAL -- The Executive Board of the International Monetary Fund (IMF) has completed the fifth and the sixth reviews of Mongolia's economic performance under a program supported by an 18-month Stand-By Arrangement (SBA).

The Mongols ride to new highs

Trading for 90 minutes a day out of a former movie theater, the Ulan Bator exchange is suitable only for well-informed insiders and the craziest speculators, which may be part of its rogue charm.

Origo Partners and Monnis International form Mongolian joint venture

Sep 09, 2010 (Datamonitor Financial Deals Tracker via COMTEX) --

Second China-Mongolia-Russia Int'l Youth Sports Meeting opens in China

HOHHOT, China, Sept. 9 (Xinhua) -- The second China-Mongolia-Russia International Youth Sports Meeting opened here on Thursday.

Thursday, September 9, 2010

Khan Resources claims damages from ARMZ in Canadian court

There has been no follow-up to reports that Khan Resources has filed a statement of claim with the Ontario Superior Court of Justice, seeking damages of USD283.7 million from Russia"s State-owned uranium miner Atomredmetzoloto (ARMZ) and its subsidiary JSC Priargunsky Industry Mining and Chemical Union.

Conference brings together present and prospective investors

The 1st Annual Mongolia Investment conference was held yesterday in Ulaanbaatar, co-organized by Eurasia Capital, with a host of supporting organizations, including the Business Council of Mongolia, the Corporate Governance Development Center, Mongolia Development Resources, Thomson Reuters and The Wall Street Journal.


Ulaanbaatar, Mongolia, /MONTSAME/ A ceremony to sign a trilateral memorandum ran between the Ministry of Health, the Capital City Governor's office and the Boroo Gold LLC September 6.


Ulaanbaatar, Mongolia, /MONTSAME/ The 4th Mongolia-Germany consultative meeting on economic policy was held Wednesday in the Ministry of Foreign Affairs of Mongolia. Present the meeting were representatives of the Mongolia's Ministry of Foreign Affairs, the Ministry of Road, Transportation, Construction and Urban Development, the Committee for National Development and Reform and the Center of Standardization and Measurement (CSM), and representatives of the Germany's Federal Ministry of Economics and Technology.


Ulaanbaatar, Mongolia, /MONTSAME/ The cabinet issued Wednesday a resolution on selection of an advisory company in a need to have an international advisory company for Mongolia.

G.Luuzan: If we have enough fund and professionals, Mongolia would have Nuclear Power Plant in 10 years

During Prime Minister S.Batbold’s visit to the Southern Gobi region, Areva Mongol Company revealed that it will start production in near future. Therefore, brings to our readers an interview of Mr G.Luuzan, Vice Director of Areva Mongol, made by Unuudur daily newspaper on June 23 2010.

Major Drilling rides 75 per cent revenue increase to post Q1 profit of $5.1M

"Activity levels continue to improve in every region," president and CEO Francis McGuire said in a news release announcing the results.

NAR Issues Up to US$33,000,000 of Convertible Bonds

Hong Kong, Sept 09, 2010 (ACN Newswire via COMTEX) -- North Asia Resources Holdings Limited ("NA" or the "Company") (stock code: 61) today announced that it has entered into a subscription agreement (the "Subscription Agreement") with Business Ally Investments Limited (the "Subscriber"), to issue up to US$33,000,000 aggregate principal amount of convertible bonds ("Convertible Bonds") due three years from the date of issue of the Convertible Bonds. The Subscriber is a wholly-owned subsidiary of CCB International Asset Management Limited which is in turn wholly-owned by CCB International (Holdings) Limited ("CCBI"). CCBI is the investment banking flagship established in Hong Kong and wholly-owned by China Construction Bank Corporation.

Mongolia heats up the market for coal exports

MONGOLIA is moving closer to Australia in the race to supply China with coking coal for its voracious steel industry.

Manas Petroleum Announces That It Has Entered Into a Contract for Seismic in Blocks 13 and 14 in Mongolia

BAAR, SWITZERLAND, Sep 08, 2010 (MARKETWIRE via COMTEX) -- Manas Petroleum Corp. ("Manas") /quotes/comstock/11k!mnap (MNAP 0.52, +0.03, +6.12%) is pleased to announce that it has entered into a contract with a seismic company to acquire 300 km of 2D seismic for the Company's project on blocks 13 and 14 in Mongolia. Manas has agreed to a turn-key rate of $3,500/km, with no stand-by fees, for an aggregate total of $1,050,000, payable according to a specific schedule. Manas is required to provide a bank guarantee over the outstanding amount, which is to be reduced according to the same schedule.

China Promises Further Open Trade, Investment Environment

Vice President Xi Jinping said in Xiamen on Wednesday China will strive to build a further open environment for trade and investment while promoting global investment cooperation and working with other states to stimulate world economic recovery.

Wednesday, September 8, 2010

40% of Tavantolgoi will be green, says Minister Gansukh

Environment Minister L.Gansukh has said the Southern Gobi region has limited water reserve and several studies will have to be reviewed and the discrepancies in them reconciled before a clearer picture emerges of water availability for the Tavantolgoi project. The concern of the Mineral Council about excessive and imprudent water consumption in mining has been clearly reflected in the Oyutolgoi agreement. The water consumption during production will be strictly monitored.

Canadian university to study impact of mining on health of Mongolians

The Government has sought the help of Simon Fraser University in Canada to prepare an appropriate methodology for evaluating the impact of mining on human health. Civil society organizations have been at the forefront of demands for such assessments, particularly in view of the anticipated mining boom in the next few years.

SME loans show good results

Reports from aimags indicate the success of the Government plan to encourage SMEs through grant of bank loans on easy terms.

Dalanzadgad gets children’s cinema house

Ulaanbaatar no longer has any theater or cinema house exclusively for children but Galaxy in Dalanzadgad of Umnugobi aimag is a success. Work on it was stalled soon after its foundation was laid in 1990. Finally a local businessman bought the place and built a Children’s Palace there in 2008. Now, Galaxy has been added to its attractions.

MPRP sets dates in early November for general assembly

The 7th primary conference of the MPRP that began on Tuesday has fixed the date for the party’s 26th general assembly.


Ulaanbaatar, Mongolia, /MONTSAME/ A symposium themed "Copyright and contiguous rights management" started Tuesday in the Ministry of Foreign Affairs here.


Ulaanbaatar, Mongolia, /MONTSAME/ The fourth Mongolia-Germany Consultative Meeting on Economic Policy will take place in the Ministry of Foreign affairs of Mongolia on September 8.

Mongolia favours Russia as rail route for minerals


* $8.8 billion required in critical rail infrastructure

* Mongolia has picked route to Russia over direct line south

* Major copper, coking coal deposits are near China border

‘Discover Mongolia’ mining forum will be held

Discover Mongolia, international mining investors’ forum, will start on Wednesday at the Mongolian Children’s Palace. D. Turbat, one of the initiators of this forum was interviewed.

Mongolia is turning to wind power, despite its significant coal reserves By Chris Rose

In addition to the possibility of harnessing large amounts of wind power, also discussed how Mongolia is dealing with desertification, deforestation and limited water supplies.

Ivanhoe Mines Reports Construction of Oyu Tolgoi Copper-Gold Complex on Schedule for Initial Test Production in 2012

Mongolia's Prime Minister and Cabinet Complete First Official Inspection of the Oyu Tolgoi Site

Mongolia/MRAM GIS Digitisation

Development of a Digital Geological Information System Dataset

Executing Agency/Client:
Mineral Resources Authority of Mongolia

PwC opens Mongolian office

PwC has set up shop in Mongolia where it hopes to take advantage of a burgeoning natural resources market, the Big Four auditor said in a statement today.

Taihan Electric Wire to offload Mongolian firm stakes

TAIHAN ELECTRIC WIRE CO. (KSE:001440), South Korea's second-largest wire maker, said Tuesday that it decided to sell all its shares in two Mongolian firms for 22.5 billion won (US$19.1 million) to bolster the company's liquidity condition. The company will sell its 22.82 per cent stake in UNITEL CORP., Mongolia's third-largest mobile communication operator, for 15 billion won on December 31, it said in a statement.

Buryats and Mongolian Buryats

Buryats are the largest Mongolian ethnic group in Siberia. There used to be three administrative units there. The Northern one is Usti Orda Buryat Okrug, which merged with Irkutsk oblast on January 1, 2008. Next is the Republic of Buryatia, which surrounds Lake Baikal. In the Chita region, there was Agiin Buryat Autonomous Okrug, which was merged on March 1, 2008 with Chita oblast, and it became Zabaykalskii Krai.

Mongolian Bankers Association is accepting applications for the position of “Executive Director” for the newly established Center for Banking and Finance

Applicants must possess the following qualifications:

Monday, September 6, 2010

Erdenes Tavan Tolgoi will be a model company, Mines Minister says

Minister of Mineral Resources and Energy D.Zorigt has said that his first priority is to see that Erdenes Tavan Tolgoi works as an internationally competitive company, belying “not unjust” popular fears that a State-owned entity will not deliver the goods. Asked how he will do this, Zorigt told The Mongolian Mining Journal, “There should be transparency in selecting the management team, and professionals with international experience should be chosen. Only then shall we have a company drawing international attention and respect for its model corporate management, efficiency, and profitability.”

Umnugovi Development Council holds first meeting

The Umnugobi Regional Development Council held its first meeting last month 10 in Dalanzadgad, and discussed and approved its work procedures and work plan for 2010.

25 Canadian firms active in Mongolia’s resource sector

Canada is Mongolia’s second-highest export partner after China, as also the largest foreign investor in Mongolia’s resource sector, with about 25 firms active in the country, says a recent report in The Toronto Star. Canadian companies spent an estimated USD500 million in 2008 on drilling and improvements to their properties, a figure that will grow rapidly as the industry expands. In Mongolia’s emerging economy, Canadian subsidiaries and joint-venture projects are enjoying both pop-the-cork success as well as the challenge of operating in a young democracy.

Banks continue to pay high interest rates, at risk of instability

Time deposits earn different rates of interest at different banks but most of the 12 commercial banks pay the same interest rate for ordinary savings accounts. MNT accounts always get more interest than accounts in a foreign currency. Some banks also pay more for higher deposits or for accounts where the minimum balance is never allowed to be less than a predetermined figure.

Japan offers to train Mongolian industrial workers

Minister of Labor and Social Welfare T.Gandhi and officials in the Ministry yesterday met with Kenzuke Tsuzuki, Vice President of JITKO, Japan’s international training organization, to discuss labor conditions and laws in Mongolia, so that a framework for cooperation can be prepared.

Mongolbank reveals banks’ ownership details

With none of the 14 commercial banks posting on their website all the information they are legally bound to reveal publicly, the Mongolbank has now published all relevant details about their capital base, shareholding pattern, internal administrative structure, amount and status of loans, assets and liabilities etc. The banks were expected to go public with the information by July 1 and when they failed to do so the deadline was extended to August 31. When this, too, did not lead to full disclosure, the central bank stepped in and provided the details from its own records. The errant banks are likely to be fined around MNT50 million each for their failure to observe the law.


Ulaanbaatar, Mongolia, /MONTSAME/ A ceremony took place Friday in the Ministry of Foreign Affairs to sign a Mongolia-Japan inter-governmental note and an agreement on assistance between the government of Mongolia and the Japan International Cooperation Agency (JICA).

Investors' choice to be considered when selecting concession list projects

Mr. J.Bat-Erdene, State Secretary at the Ministry of Road, Transportation, Construction, and Urban Development, says the 95 items on the list of concessions earlier ratified by the Government have since been broken down into 124 after suggestions from the State Property Committee and several Ministries.

Why The Mongolian ‘Ninjas’ Keep On Digging?

Gold production in Mongolia is growing rapidly and it saw a seventeen-fold increase between 1991 and 2001. But the real boost came in July 2001, when a Canadian company called Ivanhoe Mines found a large gold and copper deposit at Oyu Tolgoi (turquoise hill). Foreign investment in the country on explorations soared. And the great Mongolian gold rush began with mining companies from around the world coming to the Gobi desert.

Mongolia’s mineral wealth subject of 19th Northeast Asia Economic Forum

On August 26-27, the Nineteenth Annual Meeting of the Northeast Asia Economic Forum (NEAEF) was held at the State House. More than 100 representatives of government, businesses, experts from Russia, China, Republic of Korea, the US and Japan attended the Forum and discussed matters including regional economy matters of infrastructure, energy minerals, and how to finance them.

Chinggis Khaan Hotel, in Ulaanbaatar, Mongolia joins Summit Hotels & Resorts

Chinggis Khaan Hotel in Mongolia has joined Summit Hotels & Resorts, a brand of Preferred Hotel Group. The Chinggis Khaan Hotel is located in Ulaanbaatar, the capital of Mongolia. The hotel has 196 guestrooms and suites include two Presidential Suites.

FACTBOX-Key political risks to watch in Mongolia

BEIJING, Sept 4 (Reuters) - Landlocked Mongolia sits on vast quantities of untapped mineral wealth and analysts say it could be one of the fastest growing economies of the next decade, as well as a key investment target for global mining giants.

Guam soldiers work in Mongolia

Guam-based U.S. Army Reserve soldiers from the 797th Engineer Company recently worked alongside Mongolian Armed Forces to provide humanitarian assistance as part of U.S. Army, Pacific's exercise, "Khaan Quest."

Closer Mongolian ties forged

Korea will hold its first major business consultation event in Mongolia next week to help Korean investors find local partners for new business opportunities there, a local trade agency said yesterday.

India, Mongolia to cooperate on security and foreign policy

Ulaanbaatar, Sep 3 (Montsame) India and Mongolia have agreed to widen the collaboration between the security and foreign policy organisations of the two countries.

Friday, September 3, 2010

Major Drilling is putting Mongolia on the map

The world's least populated country and one of the youngest democracies is experiencing a mining boom and is looking to Canada for leadership.

Gashuun Sukhait to work for 24 hours a day by year-end

Oyutolgoi LLC will build 180 new apartments, and enlarge and improve the energy, heating, sewage and drinking water supply system at Gashuun Sukhait in Umnugobi aimag before the end of the year as part of the planned expansion and extension of services at the border point.

Darkhan-3 Mongolian antiterrorism exercises

Russian-Mongolian antiterrorism exercises have begun in the southern Siberian Republic of Buryatia, the Siberian Military District's press service said .

TDB introduces daily remittance service from Korea

Trade and Development Bank and Korean Exchange Bank have signed a Memorandum of Understanding to introduce a service to allow Mongolians studying, working, and living in Korea to transfer money from there to Mongolia easier and faster.

A new frontier for investors – why Mongolia is the new WA

In an interview with CNBC on 26 March 2010, Alisher Ali Djumanov, chief executive officer of Eurasia Capital, highlighted the fascinating parallels between Mongolia and Western Australia – a vast dimension of landscape, a small population and a substantial endowment of commodities. The key difference, according to Djumanov, is that Mongolia is lagging behind Western Australia by perhaps 30 to 35 years. That implies huge opportunities for investors who can tolerate the risk associated with frontier markets.

Anglo American Seeks Coking Coal Assets in Russia, Mongolia

Sept. 3 (Bloomberg) -- Anglo American Plc, the third- largest producer of steelmaking coal, is seeking an acquisition that may more than double existing output to meet rising Chinese and Indian demand.

Seoul to hold 1st business investment fair in Mongolia

SEOUL, Sept. 3 (Yonhap) -- South Korea will hold its first major business consultation event in Mongolia next week to help South Korean investors find local partners for new business opportunities there, a local trade agency said Friday.

Prophecy Secures $10 Million Loan to Advance Ulaan Ovoo Coal Mine, Mongolia

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 2, 2010) - Prophecy Resource Corp. ("Prophecy" or the "Company") (TSX VENTURE:PCY)(OTCQX:PRPCF)(FRANKFURT:1P2) has arranged a secured debt facility of up to $10 million (the "Loan") with Waterton Global Value, L.P. ("Waterton"). Subject to certain drawdown conditions, the loan may be drawn down in three tranches as follows: (a) $2 million on the closing date, which occurred as at September 1, (b) $3 million on the date Prophecy completes the acquisition of Northern Platinum Ltd. (see Prophecy news release dated July 16, 2010) and (c) $5 million at such time as Prophecy completes an off-take agreement for the Ulaan Ovoo property.

New date for Anod Bank shareholders’ meeting

The Mongolbank’s special representative at Anod Bank, which has gone into liquidation, has said that a general meeting of its shareholders will be held on November 30. He gave no reason why the meeting was not held on the earlier scheduled August 15.

Thursday, September 2, 2010

Scouts build additional teaching libraries in Mongolia with Bookbridge

Early part of August this year, 20 Scouts worked closely with Bookbridge in setting up additional three teaching libraries at the rural areas of Mongolia.

Seven companies from six countries confirmed to participate in railroad construction

State Policy on Railway adopted not a long time ago. Initially, 1100 km long Tavan Tolgoi – Sainshand – Choibalsan railroad will be constructed. MP Kh.Battulga, Minister for Roads, Transport, Construction and Urban Development reports about the companies which are interested in this project.

Management team for Development Bank will be selected

Establishment of Development Bank, in purpose of financing important strategic projects, is almost complete.


Ulaanbaatar, Mongolia, /MONTSAME/ At its meeting on Wednesday, the cabinet meeting issued a resolution to stock a fodder in the state reserves.

British team in Mongol Rally donates ambulance to Darkhan hospital

Three British participants have returned home after delivering an ambulance to a hospital in Mongolia, at the end of the 16,000-km Mongol Rally in which they drove the ambulance through Germany, Poland, and Russia, before arriving in Ulaanbaatar. The three men, named Team Alliance, had been inspired to take part in the rally after one of them befriended the families of Mongolian acrobats, and decided to do something to help Mongolian health services.

21 mining sector analysts attend seminar sponsored by USAID

Altogether 21 Mongolian financial analysts participated in a seminar last month on Economic and Financial Analysis of Mining Developments and Fiscal Regimes sponsored by USAID/Mongolia’s Economic Policy Reform and Competitiveness (EPRC) project. Facilitated by Dr. Robert Conrad, Associate Professor from Duke University, the seminar aimed to strengthen the skills of analysts to build the most beneficial financial and economic models for mineral projects in Mongolia. The participants received hands-on experience of analyzing and modeling various exploration and mineral extraction investment agreements, in addition to discussing how to manage the revenue that will accrue from the government’s participation in these.

Pedestrian obstacles to go

MNT150 million is planned to be spent under the Mayor’s orders to make life for pedestrians in Ulaanbaatar easier.


Ulaanbaatar, Mongolia, /MONTSAME/ Parliament Speaker D.Demberel attended Wednesday an opening of the academic year in the #106 secondary school in the city's Songinokhairkhan district. Located in a ger area, this school has become the first

CEO – Coal Mining, Mongolia

Erdenes MGL LLC is a state-owned limited liability company established for purpose of representing Government of Mongolia in ownership and development of strategically important mining deposits in Mongolia. As part of directives by the Government of Mongolia and the State Property Committee, Erdenes Tavan Tolgoi company, wholly owned subsidiary of Erdenes MGL, will be established to develop and operate the Tavan Tolgoi coal deposit located in the Gobi Region of Southern part of Mongolia.

Photos of Mongolian Government meeting in South Gobi province

By now, probably everyone knows that Government of Mongolia had special meeting in Gobi desert to highlight climate change affecting Mongolia. According to Government reports, 70% of Mongolian land is affected by desertification to some extent. Mongolia needs help and resources from world community to adapt to changing climate condition. Mongolia joined rest of the world in addressing the issue of global climate change affecting Mongolians and its economy by affirming, among others, the United National Framework Convention on Climate Change in 1993 and its Kyoto Protocol in 1999.

Buyers Accumulating Shares of Ivanhoe Mines on 1.1x Above-Average Volume (IVN)

Shares of Ivanhoe Mines (NYSE:IVN) are trading up 6% to $18.79 today on above average volume. Approximately 1.7 million shares have traded hands today vs. average 30-day volume of 1.6 million shares.

Mongolia Investment Summit, 23-25 November 2010

Mongolia’s economy is expected to be the fastest growing economy globally within the next five years; will you be well positioned to take advantage of this massive opportunity? If not, you should attend the Mongolia Investment Summit to for a clear picture of the scale of Mongolia’s resource and infrastructure opportunities.
Download the full programme or visit the congress website to find out more

Mongolia Weighs Wind for China

Mongolia, one day, hopes to export more than just coal to neighboring China.


Ulaanbaatar, Mongolia, /MONTSAME/ The First Deputy Premier of Mongolia N.Altankhuyag left Wednesday for China to attend the annual Jilin Northeast Asia Investment and Trade Expo.

Work on Asgat deposit will begin when money is found

State Secretary of the Ministry of Mineral Resources and Energy Khurelbaatar has said that work on the Asgat silver deposit can begin if investment issues are resolved. Over 50% of the total territory of Bayan-Ulgii province is covered by exploration licenses, but this large and strategic deposit still lies idle even though a feasibility study was made as early as 1976. The issue was discussed by the 2004-2008 Parliament but no decision was taken, as many MPs were wary about Russian interests. At present, a working group is assessing the possibilities of beginning work.

Choice of company to restructure stock exchange on September 15

The State Property Committee is yet to announce its choice of the company to restructure and privatize the Mongolian Stock Exchange, following the tender announcement two weeks ago. Unconfirmed reports say five of the 10 applicants are now in the running for the final selection.

ADB provides $750,000 grant for Microinsurance development in China & Mongolia

Microfinance Focus, Sep 1, 2010: The Asian Development Bank (ADB) is providing a two-year $750,000 grant from the ADB-administered Regional Cooperation and Integration Fund to examine market supply and demand for microinsurance in People’s Republic of China and Mongolia. The grant will address policy, regulatory and institutional barriers in the region’s Microinsurance sector.

“Erdenes Tavantolgoi” will begin coal export from November

“Erdenes Tavantolgoi” has assembled its field team and making drilling to open a pit and to reverify.

Wednesday, September 1, 2010

Stock Market update: Market Value sets record

On August 31, 86,200 shares of 21 JSCs were sold at MSE, totaling sales of MNT28.6mn. It helped in making record sales with increase of market value by 3.4%, reaching MNT1trn.Market value of MSE has increased two times since August of 2008, when the market value of MSE was MNT488bn. Experts consider it as the result of the Mongolian economy warming up and it is just dawn of such take off.

Mongolian Mining targets $700mln in HK IPO-term sheet

* Mongolian Mining shares expected to price on Sept. 24

* Market debut scheduled for Oct. 5 (Adds details, background)

Khushigt Valley airport work is suspended

Mr. J.Bat-Erdene: Its airport will be built by ¥21.9 billion. Its talk started in 2005, but R&D work was made lately. During the projection and planning period, its cost has increased. In relationship with this issue, we discussed with Ministry of Finance, consulting companies, JICA and Japanese Embassy and team from Japan made study on cost and our proposal. According to the team’s evaluation, additional ¥9 billion is required. Due to price increase, the project work has suspended for 4-5 months. But the project could even be canceled, if we couldn’t reach accord. Thanks to good efforts from both sides, cargo, office and control tower will be built by the Mongolian side funding.

RPT-Mongolian Mining targets $700 mln via HK IPO -term sheet

HONG KONG, Sept 1 (Reuters) - Mongolian coking coal company Mongolian Mining Corp (formerly Energy Resources) plans to raise about $700 million through an initial public offering on the Hong Kong stock exchange, according a term sheet obtained by Reuters.

Khan bank becomes financial leasing provider for agrarians

Ulaanbaatar, Mongolia, /MONTSAME/ The Khan Bank has started providing financial leasing services. On Tuesday, one of the leading supplier companies in agriculture, Agromashtech LLC, signed a cooperation agreement with Khan bank.

Petro Matad spuds DT2-exploration well to follow up discovery

Petro Matad (LON:MATD) told investors that it has ‘spudded’ its second exploration well on Block XX in Eastern Mongolia. The well will follow-up the Davsan Tolgoi-1 (DT1) oil discovery.