Tuesday, August 31, 2010

Minister calls for patience, asserts harvest will lower wheat prices

Mr. T.Badamjunai, Minister of Food, Agriculture, and Light Industry, has asked people to be patient for just a few weeks for wheat and flour prices to fall after the harvest. This year wheat is being grown on more than 350,000 hectares, considerably more than last year, and the harvest should be adequate to meet domestic needs. He explained the need to import flour by saying that only a special type of wheat can be made into flour and in previous years there was not enough Mongolian wheat with the required “stickiness”. However, this has been taken care of this year.

J.Bat-Erdene: Foreign Investors are highly interested in the list


Mr. J.Bat-Erdene, the State Secretary of the Ministry of Roads, Transport, Construction and Urban Development has information to share in his field of responsibility.

Japan eager to tap natural resources in Mongolia

Foreign Minister Katsuya Okada stressed Japan’s strong eagerness to tap natural resources in Mongolia, such as copper, coal and uranium, in a meeting Monday with his Mongolian counterpart Gombojav Zandanshatar, Japanese officials said.

Siberian military district preparing for joint drill with Mongolia

MOSCOW. Aug 30 (Interfax-AVN) - Over 1,000 servicemen and 200 pieces of military hardware will take part in the Russian-Mongolian Darhan 3 exercise at a training ground of the Russian Siberian military district from September 1-15, press secretary of the district commander Valery Shcheblanin told Interfax-AVN on Monday.

NYSSA Holds First Mongolia Investment Conference

NEW YORK--(BUSINESS WIRE)--The New York Society of Security Analysts (NYSSA) will hold its first conference on investing in Mongolia. Regional experts will discuss the country’s economic outlook and investment potential, and executives from Mongolian public companies will discuss their businesses.

Mongolia, Japan vow to boost partnership

Mongolia hopes to move its comprehensive partnership with Japan to a new level, said Mongolian President Tsakhia Elbegdorj on Monday.

Mongolia reports outbreak of bird disease "Newcastle"

ULAN BATOR, Aug. 30 (Xinhua) -- Mongolian State Emergency Commission on Monday announced an outbreak of contagious bird disease "Newcastle," the first time in the country's history.

Monday, August 30, 2010

Vietnam, Mongolia expect US$12 million in trade

Vietnam and Mongolia have agreed to establish a business relationship, aiming to reach US$12 million in two-way trade by 2012.

Vietnam, Mongolia expect US$2 million in trade

Vietnam and Mongolia have agreed to set up their business associations with the aim of obtaining US$12 million in two-way trade by 2012.

Ninth Bogd gets Mongolian citizenship

Jambalnamdalchoijijantsan, the reincarnated Ninth Bogd (the “living Buddha”) is now a Mongolian citizen. Born in Tibet in 1932, he was identified as the reincarnation of the Eighth Bogd when he was four years old.

Mongolia: Encouraging a better educated tomorrow


To combat the growing literacy problem, the Government of Mongolia introduced a number of strategies to improve the countrys education system. These include the World Bank funded Rural Education and Development (READ) Project and the Education for all Fast Track Initiative.

Abu Dhabi to build 5,000 nests for falcons in Mongolia


A spokesman for the agency said the programme involved placing 5,000 artificial nests in the wild, to provide nesting sites for up to 500 pairs of sakers by the year 2015.

Mongolia holds cabinet meeting in middle of the desert

(NECN/CNN) - Members of the Mongolian cabinet recently held their meeting in a unique place.

Mongolian Mining Said to Receive Approval for $1 Billion Initial Offering

Mongolian Mining Corp. received approval from the Hong Kong Stock Exchange for a $1 billion initial public offering, the first by a Mongolian company in the territory, according to two people familiar with the IPO.

Friday, August 27, 2010

U.S. Helps Mongolia Prepare for Radiological Incident

The U.S. National Nuclear Security Administration said today it had provided training to Mongolian authorities on the response to a potential terrorist strike against a site that holds nuclear or radiological materials (see GSN, Nov. 14, 2008).

International checkpoint opens on Mongolia-China border


Mongolia has for the first time allowed foreign tourists cross its border to get to China. An international checkpoint on the Mongolian-Chinese border near Mongolian province of Khovd has been made available for all foreign citizens.

Prophecy Provides Update on Ulaan Ovoo Mine Preparation, Mongolia

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 26, 2010) - Prophecy Resource Corp. ("Prophecy" or the "Company") (TSX VENTURE:PCY)(OTCQX:PRPCF)(FRANKFURT:1P2) Referring to the Mine Services Agreement between itself and Leighton Asia Limited, Prophecy announced today that Leighton has established the required infrastructure and deployed all necessary equipment and manpower (on schedule) to execute long term mining operations at Prophecy's 100% owned Ulaan Ovoo Coal Project, Northern Mongolia.

Thursday, August 26, 2010

Tripartite meeting hints at wheat price of MNT350,000 per ton


Wheat farmers, flour manufacturers and ministry representatives have held talks to decide on prices. The meeting was marked by different perceptions and conflicting data. Growers and manufacturers were generally agreeable to MNT350,000 per ton as the post-harvest price. R.Sodkhuu, head of a union of cultivators, said this would cover all production costs.

ASIA FOUNDATION TO HELP SLACKEN CENTRALIZATION

Ulaanbaatar, Mongolia, /MONTSAME/ Head of the Sub-committee on Local Governance at the State Great Khural D.Zagdjav received Wednesday a delegation led by Mrs. Asha Gosh, the Assistant Director of Local Governance Programs for the Asia Foundation, in the Government House.

BUSINESS FORUM TO RUN

Ulaanbaatar, Mongolia, /MONTSAME/ In frames of the "World Expo-2010", themed "Better City-Better Life", Mongolian will organize an official activity--"City in the steppe" business forum September 14.

Tripartite meeting hints at wheat price of MNT350,000 per ton

Wheat farmers, flour manufacturers and ministry representatives have held talks to decide on prices. The meeting was marked by different perceptions and conflicting data. Growers and manufacturers were generally agreeable to MNT350,000 per ton as the post-harvest price. R.Sodkhuu, head of a union of cultivators, said this would cover all production costs.

Chinese embassy issues statement about fight between Chinese workers and Mongolian security guards

Chinese embassy in Ulaanbaatar issued statement today about recent fight between Chinese construction workers and Mongolian security guards.

East Asia Minerals Appoints Dr. Darryl Clark as VP Exploration

VANCOUVER, BRITISH COLUMBIA, Aug 25, 2010 (MARKETWIRE via COMTEX) -- East Asia Minerals Corporation /quotes/comstock/11v!eas (CA:EAS 5.80, +0.30, +5.46%) is pleased to announce the addition of Dr. Darryl Clark to the East Asia Minerals' Team as Vice President, Exploration, effective immediately.

Stewart Group gets fired up in Mongolia

Stewart Group, the international inspection, analysis and assay group has expanded its operations in Mongolia, with a state-of-the-art expansion at its laboratory in the heart of the country.

Wednesday, August 25, 2010

TRAINING RUNS ON RESPONSIBLE MINING

Ulaanbaatar, Mongolia, /MONTSAME/ Dedicated to administrative staffers training "Responsible mineral industry-Specialized inspection" has been organized with a financing from the Asia Foundation and General Agency for specialized inspection (GASI).

GERMANY'S STATE SECRETARY OF HEALTH MINISTRY VISITNG

Ulaanbaatar, Mongolia, /MONTSAME/ A delegation headed by Mrs. Annette Widmann-Mauz, Germany's Parliamentary State Secretary at the Federal Ministry of Health, is paying a visit to Mongolia. On Monday, Mrs. Widmann-Mauz was received by the Health Minister S.Lambaa.

MAYOR MEETS AF'S COUNTRY DIRECTOR

Ulaanbaatar, Mongolia, /MONTSAME/ A Mayor of the UB city G.Monkhbayar met Ms. Meloney C.Lindberg, an Asia Foundation Country Representative to Mongolia.

NAR Forges Long Term Collaboration with Sinosteel Trading

Hong Kong, Aug 24, 2010 (ACN Newswire via COMTEX) -- North Asia Resources Holdings Limited ("NAR" or the "Company") (stock code: 61) announced that the Company has signed a memorandum of understanding (the "MOU") with Sinosteel Trading Co., Ltd. ("Sinosteel Trading") on 18 August 2010 for long-term cooperation with respect of the Company's iron ore mining operation in Mongolia.

General Mining to kick off drilling at Uvs potash project in Mongolia


Perth-based General Mining (ASX: GNM) is to commence drilling in September at its fully owned Uvs Basin potash project in Mongolia, once all necessary approvals are received.

Wary of Chinese Intentions, Mongolia Opts For More Expensive Rail Development Plan


As they ponder ways to develop Mongolia’s abundant natural resources, political leaders in Ulaanbaatar are opting for more expensive infrastructure options in order to bolster the country’s sovereignty.

Tuesday, August 24, 2010

Seoul Metro to Conduct Feasibility Study for Ulaanbaatar

Seoul Metro, which operates subway Line One to Line Four in Seoul, has won a contract to conduct a feasibility study for a project to build a light rail transit system in the Mongolian capital of Ulaanbaatar.

Livestock Insurance Program Speed up in Mongolia

The Government of Mongolian with the help of the World Bank is implementing the Index-Based Livestock Insurance Program (IBLIP) since 2006.

NGO raises funds for Mongolian horse


Beijing's environmentalists are taking quick action in support of one Mongolian's risky endeavor to preserve a horse and all the bigger stakes the animal may represent.

Mongolia is Least Attractive for Mining

Mongolia is seen as the world’s least attractive jurisdiction for mineral exploration and development, according to the survey released today by the Fraser Institute, Canada’s leading public policy think-tank.
The updated survey of international mining executives was conducted between June 1 and June 30.

South Korea To Help Mongolia Achieve Maritime Transportation Capability

SEOUL, Aug 24 (Bernama) -- South Korea plans to help Mongolia to build up maritime transportation capability in exchange for gaining access to the landlocked country's abundant natural resources, Yonhap news agency said Tuesday.

Garrison Provides Tovshiir Site Progress Update and Resignation of Director

TORONTO, ONTARIO, Aug 23, 2010 (MARKETWIRE via COMTEX) -- Garrison International Ltd. /quotes/comstock/11v!gau (CA:GAU 0.10, 0.00, 0.00%) ("Garrison") is pleased to announce that construction of the processing plant building on site at the Tovshiir Gold Project is well underway with all concrete foundation footings and beams installed, concreted and welded in place. All steel upright columns and roof beams, including C-channels have also been installed. Insulated wall and roof panels will be installed within a week. Preparatory work has commenced on the ball mill foundation with the foundation pit formed and ready for concreting with the formwork being built to be equipped for fast pouring. The ball mill has now been obtained from storage in Ulaan Baatar and has been prepared for transport to the site. Photographs of the shed and ball mill can be viewed on Garrison's website at www.garrison-intl.com.

Monday, August 23, 2010

Vietnam, Mongolia promote parliamentary cooperation

Regular exchanges between the Vietnamese and Mongolian parliaments have helped strengthen cooperative relations between the two countries, said Deputy Speaker of the Mongolian Parliament G.Batkhuu.

Banking sector update in lines

Saving size has increased

TDB set to introduce new 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.

Tax income has increased by 65.5%

The Mongolian economy is booming. It can be explained by the increased tax income. Tax income increase by 65.5% or MNT513.2bn than the same period of the last year.

“Russia-Mongolia 2010 Summit” will be held

In September 11-17, “Russia-Mongolia 2010 Summit” will be held. Delegates from both countries will discuss about energy supply, water management and renewable energy.

Khan Files Formal Claim Against ARMZ

TORONTO, ONTARIO, Aug 20, 2010 (MARKETWIRE via COMTEX) -- Khan Resources Inc. /quotes/comstock/11t!e:kri (CA:KRI 0.33, +0.04, +14.04%) ("Khan") announced today that it has filed a statement of claim against Atomredmetzoloto JSC ("ARMZ") and its affiliate JSC Priargunsky Industry Mining and Chemical Union ("JSC PIMCU") with the Ontario Superior Court of Justice.

Prophecy Board Appointment

VANCOUVER, BRITISH COLUMBIA, Aug 20, 2010 (MARKETWIRE via COMTEX) -- Prophecy Resource Corp. ("Prophecy" or the "Company") /quotes/comstock/11v!e:pcy (CA:PCY 0.50, -0.01, -1.96%) (OTCQX: PRPCF)(FRANKFURT: 1P2) is pleased to announce that it has nominated Mr. Paul Venter for appointment to its Board of Directors.

Mongolia, U.S. Vow to Enhance Defense Cooperation

Mongolian Prime Minister Sukhbaatar Batbold and a visiting senior U.S. defense official reaffirmed their willingness to enhance cooperation in security and defense sectors, the Mongolian government said Friday.

Friday, August 20, 2010

Mongolia will cooperate with Hungary on water exploration

Mongolia and Hungary cooperation in geology sector has some 50 years of history. Mongolia and Hungary made decision to deepen their cooperation on detailed study of geology and geophysics and HR training of this field. Since 2008, Hungary submitted over 40 reports of geological study to Mongolia.

Uranium Industry Development of Mongolia Update


Last Sunday, RIA News, a Russian news agency, informed that Mongolia will cooperate with only Russia on uranium development. The news said that the Russian Government presented to the State Duma, the lower house of the Russian parliament, the inter-governmental agreement on establishment of “Dornod Uranium” (Oriental Uranium) Company.

Centerra Gold Appoints New Directors

TORONTO, ONTARIO, Aug 19, 2010 (MARKETWIRE via COMTEX) -- Centerra Gold Inc. /quotes/comstock/11t!e:cg (CA:CG 14.96, -0.02, -0.13%) is pleased to announce the appointment of Mr. Amandgeldy Muraliev, Mr. Karybek Ibraev, and Mr. Raphael Girard to its Board of Directors. Centerra also announces the resignation of Mr. William Braithwaite from its Board of Directors. Following these changes to the Board of Directors, Centerra's Board will be comprised of eleven members.

DEFENSE MINISTER MEETS U.S DELEGATION

Ulaanbaatar, Mongolia, /MONTSAME/ The Defense Minister of Mongolia L.Bold and a Head of the General Headquarters of Mongolia's Armed Forces Lieutenant-General Ts.Byambajav received Thursday a Lieutenant General Wallace C.Gregson, the U.S. Assistant Secretary of Defense for Asia-Pacific affairs. Headed by him U.S delegation is paying a working visit to Mongolia August 17-20.

PREMIER MEETS GERMANY'S MINISTER FOR ECONOMIC COOPERATION

Ulaanbaatar, Mongolia, /MONTSAME/ The Prime Minister received a delegation led by Mr. Dirk Niebel, the Minister for Economic Cooperation and Development of the Federal Republic of Germany (FRG).

Mongolian PM: Mongolia attaches great importance to ties with China


Mongolian Prime Minister Sukhbaatar Batbold said here Thursday that Mongolia and China were good neighbors and Mongolia attached great importance to developing its ties with China.

The 1st Annual Mongolia Investment Conference


September 7, 2010

Chinggis Khan Hotel, Ulaanbaatar, Mongolia

Co-organized by Eurasia Capital

Thursday, August 19, 2010

Oyu Tolgoi LLC begins workers’ training on September 1

The Ministry of Education, Culture, and Science recently signed a memorandum of understanding with Oyu Tolgoi LLC on providing training to around 2,500 people who will work in the mines to begin operation in about three years from now. The first phase of the training starts on September 1 and will offer 10 courses in different areas of work for altogether 1,000 people. The training will be held at different centers in Nalaikh, Darkhan, Dornod, Govisumber, Dornogovi, Umnugovi, Selenge, and Khovd.

Deputy PM meets SME businesses in Arkhangai

First Deputy PM N.Altankhuyag was in Arkhangai province over the weekend, assessing the status of small and medium enterprises in the countryside. MNT 30 billion has been lent to SMEs this year, designated as Industry Encouragement Year. Last year 70 projects in Arkhangai got MNT845 million in loans and created 100 jobs. last year. This year, 47 organizations have taken MNT433 million worth loans.

VIETNAMESE DELEGATION HERE

Ulaanbaatar, Mongolia, /MONTSAME/ A head of Mongolia-Vietnam inter-parliamentary group J.Enkhbayar and head of the Parliamentary Standing committee on social policy, education, culture and science D.Arvin MP received Tuesday a delegation headed by Mr. Liuang Fang Kiu, the head of the Vietnam-Mongolia inter-parliamentary group at the National Assembly of the Socialist Republic of Vietnam.

Wednesday, August 18, 2010

PREMIER MEETS CANADIAN AMBASSADOR

Ulaanbaatar, Mongolia, /MONTSAME/ The Prime Minister of Mongolia S.Batbold received Tuesday Mrs. Anna Biolik, the Ambassador Extraordinary and Plenipotentiary of Canada to Mongolia, in conjunction with her returning home.

PARLIAMENTARIANS VISIT U.S NANOTECHNOLOGY COORDINATION OFFICE

Ulaanbaatar, Mongolia, /MONTSAME/ A parliamentary delegation of Mongolia comprised MPs N.Ganbyamba and D.Ochirbat visited August 12 the National Nanotechnology Coordination Office (NNCO) of the USA, and met with Dr. E. Clayton Teague, a director of the NNCO.

MAYOR MEETS GOVERNOR OF JAPAN'S NIIGATA PREFECTURE

Ulaanbaatar, Mongolia, /MONTSAME/ A delegation led by Mr. Hirohiko Izumida, governor of Niigata prefecture of Japan is visiting Ulaanbaatar city. On Tuesday, the Mayor of Ulaanbaatar city G.Monkhbayar received to the delegation of Niigata prefecture that has been implementing various projects in Ulaanbaatar and Mongolia together with the Japan International Cooperation Agency (JICA).

CONSULTATIVE MEETING HELD

Ulaanbaatar, Mongolia, /MONTSAME/ A regular consultative meeting was held August 16 in Bejing, China between department directors of the Ministries of Foreign Affairs of Mongolia and the Republic of China. The consultative meeting was led by O.Enkhtor, a director of the Department of Neighboring Countries of the Mongolia's Foreign Ministry; and Yang Yanyi, a director of the Asian Affairs Department of the China's Foreign Ministry.

GERMANY'S MINISTER FOR ECONOMIC COOPERATION TO VISIT

Ulaanbaatar, Mongolia, /MONTSAME/ A delegation led by Mr. Dirk Niebel, the Minister for Economic Cooperation and Development of the Federal Republic of Germany (FRG) will pay a visit to Mongolia from August 19 to August 23, 2010. The German Minister will be accompanied by members of the Bundestag--Mrs. Christel Happach- Kasan, Mr. H.Haibach, Mrs. Ute Kumpf and other officials.

India and Mongolia Win Ruling on New York Tax Suit

A federal appeals court dealt a setback on Tuesday to the Bloomberg administration’s seven-year effort to collect taxes on space in diplomatic missions that the city says is not used for diplomatic purposes.

Mongolian PM, senior CPC official meet on ties ULAN BATOR, Aug. 16

Mongolian Prime Minister Sukhbaatar Batbold Monday discussed bilateral ties here with Wang Jiarui, head of the International Department of the Communist Party of China (CPC) Central Committee.

Ivanhoe Mines defiant in Rio Tinto stoush

IVANHOE Mines said its battle with Rio Tinto for control of Mongolia's Oyu Tolgoi mine was continuing.

Tuesday, August 17, 2010

DJ Ivanhoe Sticks To Shareholders' Plan As Arbitration Continues

LONDON, Aug 17, 2010 (Dow Jones Commodities News Select via Comtex) --

Mongolia can undercut Aussie coal export

Mongolia is emerging as a major competitor to Australian coal exports due to its vast untapped reserves, cost efficiency and close proximity to China.

Russian government approves uranium deal with Mongolia

Moscow, Aug 16, 2010 (BBC Monitoring via COMTEX) -- The government of the Russian Federation has approved an inter-government agreement between Russia and Mongolia, concluded in August 2009 on setting up a limited-liability joint venture Dornod Uran.

Mongolian PM, senior CPC official meet on ties

ULAN BATOR, Aug. 16 (Xinhua) -- Mongolian Prime Minister Sukhbaatar Batbold Monday discussed bilateral ties here with Wang Jiarui, head of the International Department of the Communist Party of China (CPC) Central Committee.

Ivanhoe Mines Announces Financial Results and Review of Operations for the Second Quarter of 2010

Construction of the Oyu Tolgoi Copper-Gold Mine in Mongolia Advancing Quickly. 

Prophecy Reports Measured 524.3 Mt and Indicated 545.7 Mt Coal Resources at Chandgana Khavtgai, Mongolia

VANCOUVER, BRITISH COLUMBIA, Aug 16, 2010 (MARKETWIRE via COMTEX) -- Prophecy Resource Corp. ("Prophecy" or the "Company") /quotes/comstock/11v!e:pcy (CA:PCY 0.52, +0.03, +6.12%) (OTCQX: PRPCF)(FRANKFURT: 1P2) reports today that the Measured and Indicated coal mineral resources within its Chandgana Khavtgai ("Khavtgai") coal project located in east central Mongolia exceeds one billion tonnes of coal.

Mongolia Hosting Northeast Asia Economic Forum

ULAANBAATAR (Mongolia), Aug 16 (Bernama) -- Mongolia will host the 19th Northeast Asia Economic Forum from Aug 26 to 27, Mongolia's MONTSAME news agency reported.

Monday, August 16, 2010

Mongolia's Conflict of Interest with Democracy

Mongolia’s conflict of interest dilemma

This of course presents an interesting dilemma in the form of the most profound of conflicts of interest; why would the very people who benefit from the system be inclined to change it?

Shareholders’ Meeting of Anod is scheduled on November 30

Mongolbank special representative informed that Anod Bank has officially ended its operation some two weeks ago and announced the shareholders’ meeting on August 15 2010. According to the law, representative with full power shall summon shareholders’ meeting within two years after he or she took full power.

2010 Korea Rainbow Tourism Festival in Mongolia

Embassy of the Republic of Korea will organize a biggest festival called “2010 Korea Rainbow Tourism Festival Mongolia” in Ulaanbaatar, Mongolia, within the framework of the 20th anniversary of diplomatic relations between Mongolia and Korea, on August 13 and 14, 2010.

Mongolia races to meet China’s needs


SouthGobi Resources owns the right asset in the right place at the right time. The Hong Kong-listed Mongolian mining company is controlled by Ivanhoe Mines of Canada, and operates the Ovoot Tolgoi mine just 40km from the border with China.

Mongolian consumers fear flour price rising needlessly

Since Russia imposed a temporary ban on grain export early August, the price of flour increased in the countrywide [as published], leading to strong debate and anger among the population since the flour is a major ingredient in daily diet of Mongolians.

As Mongolia develops, Canada leads the way


ULAANBAATAR, MONGOLIA – Instead of the traditional barbecues and fireworks that are part of Canada Day celebrations at home, Canadians here marked July 1 listening to a tuxedoed Mongolian baritone perform our anthem at an embassy reception outside a former dictator’s palace.

Russia to consider possibility of setting up JV in uranium with Mongolia


Russian government has introduced into the lower house of the Russian Parliament, the State Duma, an intergovernmental agreement with Mongolia on setting up joint uranium mining company with limited liability Dordon Uran.

THE ARMANI GROUP OPENS ITS FIRST EMPORIO ARMANI STORE IN ULAANBAATAR, MONGOLIA

The Armani Group opens its first Emporio Armani store in Ulaanbaatar, Mongolia.
Located at Sukhbaatar Square in the Central Tower Building, the new store occupies over 210 square meters on the ground floor.

Tiny Mongolia bourse hopes to tap resource firms with outside help

Watch out, Hong Kong. Another Asian stock exchange has big plans to start snapping at your heels. It is not Singapore, Thailand or even Malaysia - but Mongolia.

SouthGobi Resources Aims to Secure Second Mongolian Coal Mining License

SouthGobi Resources Ltd., backed by China’s sovereign wealth fund, aims to get a mining license for a second coal pit in Mongolia by the year-end.

Friday, August 13, 2010

Canadian miner says Mongolia could beat Australia on coal export industry

Australia's coal producers are facing stiff competition from Mongolia and Canadian mining magnate Robert Friedland is predicting that the country could eventually lose a sizeable share of its global market from Mongolia's lower tax measures for its resource industry.

Centerra does not expect to begin production at Gatsuurt this year

Centerra Gold, that owns the Boroo mine in Mongolia, has reported higher-than-expected quarterly earnings, as increased production and strong gold prices helped the miner return to profit after a loss last year. The Canadian gold miner"s net earnings came in at USD29.8 million. That compares with a net loss of USD79.6 million a year earlier, when lower gold recoveries and increased costs took a toll. Revenue was 46 percent higher at USD152.2 million.

S.Batbold: Bayankhongor Is Able to Develop

Ulaanbaatar, Mongolia, /MONTSAME/ "Zuun mod" copper molybdenum mineral deposit in Shinejist soum is the Ouytolgoi for Bayankhongor aimag. Preliminary survey say the "Zuun mod"'s resources are three times bigger than those of the "Erdenet Mining" Corporation.

Ministry to Cooperate with MCAM in Reducing Air Pollution

Ulaanbaatar, Mongolia, /MONTSAME/ A ceremony took place Thursday in the Ministry of Mineral Resources and Energy to sign a memorandum of mutual understanding on cooperation in distributing energy-saving fuels to ger areas. This memorandum has been inked by D.Zorigt, the Minister of Mineral Resources and Energy and by S.Bayarbaatar, an executive director of the Millennium Challenge Account of Mongolia (MCAM) in frames of activities to reduce air pollution in Ulaanbaatar.

First Lady Invites S.Korean Specialists

Ulaanbaatar, Mongolia, /MONTSAME/ "Confidence - cancerless Mongolian fund" non-governmental organization will work together with Konkuk University Medical Center of Republic of Korea.

Central Asia's New Silk Roads

ULAANBAATAR, MONGOLIA — The fate of the massive deposits of lithium recently discovered in Afghanistan is destined to be no different from that of landlocked Central Asia’s other natural resources: tapped by the West, and eventually controlled by the East.

Matambo advises Mongolian MPs on mineral revenue use


The Minister of Finance and Development Planning, Kenneth Matambo on August 9, 2010 met with a delegation of Members of Parliament from Mongolia who are in Botswana to learn how the country has successfully managed revenues from minerals.

Erdene Provides Project Updates and Second Quarter Financial Results

HALIFAX, NOVA SCOTIA, Aug 12, 2010 (MARKETWIRE via COMTEX) -- Erdene Resource Development Corp. ("Erdene" or "Company") /quotes/comstock/11t!e:erd (CA:ERD 0.31, +0.01, +1.67%) today provided an update on its principal projects in conjunction with the release of its second quarter 2010 financial results.

Thursday, August 12, 2010

MOU between MonAtom and Khan Resource considered as not effective by Unuudur Newspaper


Dispute over the uranium license of Khan Resource has been soaring since Naadam. As reported earlier on www.business-mongolia.com, according to the court decision, the Nuclear Energy Agency lost its case against Khan Resource and if the license will not be revoked, the Mongolian Government would be called to the International Arbitrage Court.

Nasdaq OMX will place bid for the Mongolian Stock Exchange Management Tender Bid

Mongolian Stock Exchange Management Tender Bid was announced earlier. Some companies and consortium are preparing for the bid. At this time, Nasdaq OMX & Mosdaq Consortium held press conference on its submission of tender material to the State Property Agency on MSE Management Team. Nasdaq OMX cooperates with Mosdaq, a Mongolian company, since 2007.

UN official happy at Mongolia’s progress, promises to consider increasing assistance


The State Secretary of the Ministry of Foreign Affairs of Mongolia, D.Tsogtbaatar, told a press conference on Monday that Ajay Chhibber, UN Assistant Secretary-General, and Assistant Administrator and Director of the Regional Bureau for Asia and the Pacific, had said, during his visit from August 5 to August 9 that Mongolia is an exemplary country in the region for developing democracy.

Economic growth slows

According to the latest survey of the National Statistical Office, unemployment has reached 11 percent, with 138,000 people without a regular job. Active job-seekers registered in labor service centers number 39,200.

92% of SME loans distributed nationwide

Problems with collateral were reported to have affected the disbursement of MNT30 billion as loans to small and medium enterprises in all 21 provinces and six districts of Ulaanbaatar, particularly in the countryside. D.Batmagnai, officer in charge of Finance and Investment of SME, answers questions on the matter.

U.S Ambassador Attends Opening of "Khaan Quest-2010"

Ulaanbaatar, Mongolia, /MONTSAME/ The Ambassador Extraordinary and Plenipotentiary of the USA to Mongolia Mr. Jonathan Addleton attended an opening ceremony of the Khaan Quest field exercises of peacekeeping operations which started August 8, the U.S Embassy in Ulaanbaatar says.

Wednesday, August 11, 2010

Hunnu starts trial mining at Mongolia coal mine

PERTH (miningweekly.com) – ASX-listed coal explorer Hunnu Coal on Wednesday reported that it had started trial mining at the Unst Khudag coal mine, in Mongolia.

Flour price rise being probed


Vice director of Clean Competition Department J.Dorjpalam talks about flour prices.

PM orders USD250,000 for Taishir water power station


Prime Minister S.Batbold visited the Taishir water power station on August 8 and then instructed the Ministry for Finance and the Ministry for Minerals and Energy to release US 250,000 so that full generation there may begin in September. The plant will provide power to meet all the needs of Gobi-Altai and Zavkhan provinces.

New registration system shows slow progress

Only about 200,000 people, of them 95,600 in Ulaanbaatar, have so far been registered under the new system that began work on July 5.

Russia Ban Wheat Export, No Effect on Mongolia


Russia’s ban on export wheat would not affect Mongolia’s domestic market supplies and food prices, agriculture analysts said.

Tuesday, August 10, 2010

Is it still worth investing in Ulaanbaatar property?

As the summer economic growth period is reaching its traditional zenith, property prices are yet again on the slow path upwards. For all intents and purposes, it seems that Mongolia’s recession blues are over to be replaced by a new wave of optimism.

Mongolian delegation visiting Texas to learn about judicial checks and balances

FORT WORTH -- A four-member delegation of leaders from Mongolia is on a special mission in Fort Worth -- to learn about judicial checks and balances through a cooperative program with the Texas Wesleyan University School of Law.

Mayor allocates last year’s MNT2bn surplus to several programs now

Mayor G.Munkhbayar told a recent meeting of the Ulaanbaatar Citizens’ Representative Assembly that last year’s budget surplus of MNT7.6 billion will be used in a few selected programs this year.

New center to evaluate country’s competitive worth


The Director of the newly established Economic Policy and Competitiveness Research Center, Ch. Otgochuluu, says the Memorandum of Understanding recently signed with the Global Competitiveness Research Center in Switzerland will help fulfill the desire of President Ts.Elbegdorj that a Mongolian institute should take up the job of analyzing and evaluating the status of the country’s competitiveness.

Millennium Development Goals will not be reached in stipulated time

The 3rd national report on realization of the Millennium Development Goals (MDGs) conclude that despite steady progress, it will be difficult to achieve them by 2015.The report was presented at a ceremony on Friday in the Ministry of Foreign Affairs. It was attended by Ajay Chhibber, the UN Assistant Secretary-General, Assistant Administrator and Director of the Regional Bureau for Asia and the Pacific; G.Zandanshatar, Minister of Foreign Affairs of Mongolia; Ch.Khashchuluun, head of the Committee of National Development and Innovation Committee; and D.Tsogtbaatar, State Secretary of the Ministry of Foreign Affairs.

UNICEF Supports Preschool Education

Ulaanbaatar, Mongolia, /MONTSAME/ The United Nations Children's Fund (UNICEF) and a Ministry of Education, Culture, and Science of Mongolia have presented 180 million togrog worth 20 ger kindergartens and 20 ger schools with all toys and furniture needed. It has been done in order to attract living in remote areas children in the preschool education and to give dropouts a chance to go to school again in frames of the Millennium Development Goals' aim to increase a sufficiency of the education.

Hunnu Coal kicks off drilling program in world class coal region in Mongolia


With an ambitious target of developing three coal mines in Mongolia within the next four years, Hunnu Coal (ASX: HUN) added to momentum with the commencement of a drill program at the Tsant Uul Coking Coal Project. Tsant Uul is strategically located within 40 km of the giant Tavan Tolgoi Coking Coal Field in the Umnugobi Province of southern Mongolia.

Khan shares fall on Mongolia agency appeal

TORONTO (miningweekly.com) – Mongolia's Nuclear Energy Agency (NEA) will appeal a court decision that invalidated a decision by the agency to invalidate a uranium mining licence held by Khan Resources' 58%-owned Central Asian Uranium Company (CAUC).

Int'l peacekeeping drill starts in Mongolia

ULAN BATOR, Aug. 9, 2010 (Xinhua News Agency) -- A training exercise hosted by Mongolia with the aim to improve UN peacekeeping operations has started in a military camp 65 km west of the Mongolian capital, officials said Monday.

Friday, August 6, 2010

MP Ya.Batsuuri: GDP will reach $41bn when Sainshand Industrial Complex is established.

After the decision of railway policy, Tavan Tolgoi concept, Sainshand Industrial Complex issue is in highlight of the Mongolian Development in this fall. Sainshand is center of Dornogobi aimag. Upon completion of the complex, GDP of Mongolia would reach $41 billion between 2010-2021 and 76 thousand direct employment position and over 150 thousand indirect workplaces would be created.

Mines in Orkhon basin under special investigation

The Ministry of Nature, Environment, and Tourism recently instructed concerned organizations to immediately inspect the activities of companies extracting minerals in areas falling under the Orkhon river basin area.

Mongolian threat to coalminers

MONGOLIA'S lower-tax coal sector could rob global market share from Australia, Canadian billionaire mining executive Robert Friedland says.

Official vows to boost investment in Mongolia

VNEconomyNews.com - A senior official of the Ministry of Agriculture and Rural Development (MARD) has pledged to encourage businesses to invest in Mongolia in the principles of equality and mutual interest.

Thursday, August 5, 2010

Many countries likely to be involved in building new railway

Minister for Roads, Transport, Construction and Urban Development Kh.Battulga has expressed his happiness that Parliament adopted the State Policy on Railway as proposed by the Government, without any major change. He called it a historic event as the decision to set up the existing Ulaanbaatar Railway had been taken in Moscow, while this time Mongolians in Mongolia formulated and adopted a policy aimed at establishing a railway network that will allow Mongolia to export its minerals directly through several points, create many workplaces, and help develop processing industries.

Fewer mining licenses means less revenue for State


Kh.Batbaatar, director of statistics of Geology and Mining Cadastre Department, talks about the temporary suspension on issue of mining licenses imposed by President Ts.Elbegdorj on April 20.

Assistant UN Secretary-General Chibber to Visit

The UN Assistant Secretary-General, Assistant Administrator and Director, Regional Bureau for Asia and the Pacific Mr. Ajay Chhibber will pay an official visit to Mongolia August 5-9 at invitation of the Foreign Minister G.Zandanshatar.

U.S. Ambassador Attends Re-opening of Amarbayasgalant Monastery

The Ambassador Extraordinary and Plenipotentiary of the USA to Mongolia Mr. Jonathan Addleton and the Embassy staff have participated in a celebration marking the 20th anniversary of the reopening of Amarbayasgalant Monastery. The news was reported Wednesday at the U.S Embassy's website.

Ivanhoe's Friedland Says Copper Will Outperform Gold on Chinese Demand

Ivanhoe Mines Ltd., developing the Oyu Tolgoi mine in Mongolia with Rio Tinto Group, said copper will outperform gold because of Chinese demand and the nascent electric car industry.

Wednesday, August 4, 2010

Minister D.Zorigt urges the progress of constructing a new international airport at Khushuut Valley

An official visit of the Minister of Mineral Resources and Energy of Mongolia D.Zorigt is continuing in Japan.

Monstat Friendship Project Signed

Representatives led by S.Mendsaikhan, a Head of National Statistics Committee of Mongolia, paid Monday a working visit to Federal Statistical office in Wiesbaden city, Germany.

International Investors Pay Attention to Mongolia

The Minister of Road, Transportation, Construction and Urban Development D.Battulga received Tuesday a delegation led by Mr. M.Bay, a head of the Deutsche Bahn, Germany's national railway company. On Monday, a representation of the "Galaxy Group" of Hong Kong paid a visit to the Minister as well.

UAE newspaper says Mongolian Stock Exchange offers ray of hope

The main English-language newspaper in the United Arab Emirates, the Gulf News, wrote recently that sentiment on the major stock exchanges around the world may be gloomy but there is always a ray of hope at the exotic market places of the so-called frontier markets, which have performed surprisingly well in times of economic difficulties and over-cautiousness in the rest of the financial world.

UB Railway back posting profits

Russian Railways Vice President Vadim Morozov told the recent meeting of Ulaanbaatar Railway that the Russian government’s decision in 2009 to transfer its stake in the company “to the beneficial ownership of Russian Railways represented an important step in improving the efficiency of the joint venture railway”.

Mongolia may kill Aussie coal: Friedland

Mongolia's lower-tax coal sector could rob global market share from Australia, Canadian billionaire mining executive Robert Friedland says.

MP R.Rash: There are quite many self boasters and naïve believers at the State Great Khural

During the spring session of SGK, railway policy is adopted by the State Great Khural. Some 1100 km long railway is planned to be built with wide gauge railroad. MP R.Rash, who led the working group of the State Great Khural on railway issue and one of the most experienced MP in the field of railway transportation and railroad, because of his professional background and career, has more to share.

Khan Wins Second Mongolian Court Case

TORONTO, ONTARIO, Aug 03, 2010 (MARKETWIRE via COMTEX) -- Khan Resources Inc. (CA:KRI 0.38, +0.04, +11.77%) ("Khan" or the "Company") is pleased to announce that the Mongolian Capital City Administrative Court ruled on August 2, 2010 in favour of its 100%-owned subsidiary, Khan Resources LLC ("Khan Mongolia"), and declared that the decision by the Mongolian Nuclear Energy Agency (the "NEA") to invalidate Khan Mongolia's exploration license 9282X is itself invalid and illegal.

Tuesday, August 3, 2010

Hogan Lovells strikes first alliance with Mongolian firm

August 3 (ALB) Hogan Lovells has entered into its first alliance since its 1 May merger after sealing an entente with Mongolian firm GTs Advocates.

Simon Morris Named CEO of Khan Bank


Khan Bank has announced that Simon Morris has joined the Bank as Chief Executive Officer, succeeding J. Peter Morrow who is retiring after ten years in the position. Mr. Morris joins Khan Bank after twenty five years with the international banking group Standard Chartered Bank (SCB) in Asia, Europe and Africa.

Regulation of amending the Constitution of Mongolia will be legalized during the fall session of SGK

SGK issued resolution on the discussion list of the fall session. The resolution set the priority on the list, such as top in the list will be laws and regulations on the implementation of the Government Action Plan, draft resolution of the State Great Khural and other related laws. Also, draft laws presented before the end of September 20 will be added in the list. The Government was ordered to bring Tavan Tolgoi deposit issue to the fall session of SGK.

Key political risks to watch in Mongolia

BEIJING Aug 2 (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.