Mongolian Economy and Finance: March 2013

Sunday, March 31, 2013

Abe, Mongolian chiefs to cooperate on resource projects, North Korea

ULAN BATOR – After meeting with Mongolian President Tsakhia Elbegdorj and Prime Minister Norov Altankhuyag in Ulan Bator, Abe told a news conference the two sides will accelerate ongoing bilateral negotiations toward inking a free-trade accord.

Mongolia Seeks to Play Peacemaker as North Korea Declares ‘War’

Mongolia called for six-party talks to be resumed after North Korea said it’s in a “state of war” with its neighbor to the south.

Japan seeks Mongolia support in China island row

Japanese Prime Minister Shinzo Abe sought support from Mongolia on Saturday in Tokyo's territorial row with Beijing over disputed East China Sea islands, during a visit to the country.

Shinzo Abe, Japanese prime minister, has sought support from Mongolia over Japan's East China Sea islands dispute with China during a visit to the former communist country.

Japan Seeks Stronger Mongolia Ties

TOKYO—Japanese Prime Minister Shinzo Abe traveled to Mongolia on Saturday, pledging greater cooperation in energy and trade relations, as Japan seeks closer ties in the region to offset China.

Exploring knowledge, attitudes, and practices related to alcohol in Mongolia: a national population-based survey

Demaio AR; Dugee O; de Courten M; Bygbjerg IC; Enkhtuya P; Meyrowitsch DW
Copenhagen School of Global Health, University of Copenhagen, PO Box 2099, Copenhagen K Dk-1014, Denmark. demaio@sund.ku.dk.

Pascale Harter introduces personal stories from BBC correspondents, journalists and writers from around the world.

NEW YORK — Preet Bharara, the man dubbed the new sheriff of Wall Street, notched another arrest in the government's vast insider trading probe.

Japan's PM leaves for Mongolia on nature resources

TOKYO - Japanese Prime Minister Shinzo Abe on Saturday left for Mongolia in a move to strengthen ties and cooperation with the resource-rich developing country.

Leather tanneries to be removed from City by 2017

Experts invited by the Ministry of Industry and Agriculture to look at the leather working industry reported that leather processing factories in Ulaanbaatar should be centralized in one place.

Qualified Mongolian surgeons successfully removed and transplanted a patient`s vertebrae bones, atlas C2 and C4, for the first time.

Ulaanbaatar city authorities has set the target to introduce a metro service to public transportation by 2020.

The Federation of Mongolian Horse Racing Sport and Trainers (FMHRST) submitted a decision not to hold any horse-racing competitions until June due to recent fatal accident of 8 year old jockey-boy following local horse-racing tournament which was held in Jargalant sum in Khovd aimag on March 19 dedicated to army soldiers holiday.

The Ministry of Construction and Ministry of Construction and Urban Development signed an agreement of price stabilization last January with the Central Bank of Mongolia to issue lower interest loans to domestic providers of cement and structural materials.

The National University of Mongolia will host the 2nd Economics Conference in Ulaanbaatar on July 2-3, 2013.

Draft law on use of Chinggis khaan's name

MP D.Ganbat and G.Bayarsaikhan submitted a draft law about the use of Chinggis khaan`s name and Chinggis khaan`s portrait to the Deputy Speaker L.Tsog on Thursday March 28th.

Senior Communist Party of China (CPC) leader Liu Yunshan on Wednesday met with a delegation of the Mongolian People"s Party led by the chairman Ulziisaikhan Enkhtuvshin.

Shinzo Abe receives Sumo Grand Champion

Japanese Prime Minister Shinzo Abe received Sumo Grand Champion, Hakuho, the historical record holding winner of the basho 15-0 for a record ninth time on Thursday March 28th.

Tyrannosaurus Bataar to return home in May

A working group has been established to bring a nearly complete 70-million-year-old Tyrannosaurus Bataar, the centre of international debate, on May 18th by the Ministry of Culture, Sport and Tourism and the General Police Department.

The internet around the world has been slowed down in what security experts are describing as the biggest cyber-attack of its kind in history.

Prime Minister Shinzo Abe will visit Mongolia from Saturday through Sunday and meet Mongolian President Tsakhia Elbegdorj and Prime Minister Norov Altankhuyag, Japanese officials said Wednesday.

The cost of completing a huge copper mine in Mongolia has ballooned by $1.5 billion, adding further strain to Rio Tinto’s difficult relationship with the Mongolian Government.

Manas Petroleum Corp. Files Annual Report 2012 and NI 51-101 Disclosure

BAAR, Switzerland, March 28, 2013 -- /PRNewswire/ -- Manas Petroleum Corp. ("Manas") (TSX-V: MNP; OTCBB: MNAP) has filed its annual report on Form 10-K for the year ended December 31, 2012 on EDGAR and on SEDAR.

We all love Tina Fey, not just because she's brilliant, but because she's always the same. It's comforting, like going to Mongolia and seeing that golden McDonald's arch as you ride up in your ox cart.

The standoff between the Mongolian government and Rio Tinto (ASX: RIO) is worth $303 million in a planned progressive royalty to be collected on the Oyu Tolgoi copper mine.

MELBOURNE Global mining giant Rio Tinto has for the first time admitted that its dispute with Mongolia government is threatening to delay production at the $US11.3 billion Oyu Tolgoi copper and gold project, which has been hit by a significant cost blowout that has wiped out $US1.5billion ($A1.4billion) of value.

NCR Corp. is partnering with a Chinese firm to provide the Ordos Ejin Horo Airport inChina’s Inner Mongolia Autonomous Regionwith self-check-in kiosks for all the airlines that use the airport.

UK renewable energy trade mission to Mongolia

British renewable energy companies are being urged to join a UK government-backed trade mission to Mongolia.

Mongolia’s rock scene to be revealed

The small but vibrant rock music scene in Ulaanbaatar has not had much exposure on the world stage so far, but that is about to change with the upcoming release of a film titled “LIVE FROM UB.”

Why Mongolia needs trees

Yesterday the world celebrated the vital, life-sustaining role of forests. March 21, 2013 was the first ever United Nations International Day of Forests, a day set aside to raise awareness of the value of forests and to promote sustainable forest management.

Mongolia Seeks Partner for Coal Railroad to China, Montsame Says

The Mongolian government is seeking a non-state partner to build a 160-mile (260-kilometer) railway from the Tavan Tolgoi coal field to the Chinese border, the state-run news agency Montsame reported.

Mongolia is in discussions to buy American-made military transport airplanes, and is getting U.S. help in learning how to operate the aircraft.

Turkish Deputy Prime Minister Bulent Arinc and Mongolian Defense Minister Dashdemberal Bat-Erdene on Thursday attended a signature ceremony for Turkey-Mongolia Joint Economic Commission Seventh term Meeting Memorandum of Understanding in the Turkish capital of Ankara.

Fourth meeting of India-Mongolia Joint Committee on Cooperation held in New Delhi

New Delhi, India: The 4th Meeting of the India-Mongolia Joint Committee on Cooperation was held in New Delhi on 21 March 2013.

Mongolia’s PM Proposes Easing Scrutiny of Foreign Investment

Mongolia is planning to ease restrictions on foreign investment to encourage more private companies to do business while keeping restrictions on state- owned groups, Prime Minister Norovyn Altankhuyag said.

An UNCTAD Investment Policy Review (IPR) which recommends that Mongolia take steps to capitalize on the big development opportunities presented in recent years by foreign investment in mining has been discussed with the country's Prime Minister and high-level Government officials.

Mongolia has for centuries been characterised as a nation of nomads and cattle herders, but this is all changing thanks to a huge new copper and gold mine.

Turquoise Hill report shakes up Mongolia stand-off

The Oyu Tolgoi mine has been a political hot potato in Mongolia from virtually the day it was discovered in 2001.

Rally team prepares for trip from Shetland to Mongolia

Two men with Shetland connections are part of a driving team taking part in the Mongolian Charity Rally.

Turkey-Mongolia economic committee meeting begins in Ankara

Turkish Deputy Prime Minister Bulent Arinc said that Turkish contractor sector could undertake projects in Mongolia's urban transformation.

Abe’s Mongolia trip to focus on energy issues

Prime Minister Shinzo Abe will visit Mongolia from Saturday through Sunday and meet Mongolian President Tsakhia Elbegdorj and Prime Minister Norov Altankhuyag, Japanese officials said Wednesday.

Mongolia Seeks Partner for Coal Railroad to China, Montsame Says

CONFERENCE STARTS ON EFFECTIVE SOVEREIGN WEALTH FUND MANAGEMENT

Ulaanbaatar, March 20 /MONTSAME/ For Effective Sovereign Wealth Fund Management, the Government of Mongolia and World Bank Group Partner started Wednesday a High-level International Conference.

ALLENS CLIENT UPDATE: PROVIDING GREATER INVESTOR CERTAINTY IN MONGOLIA

March 21 (Allens) In brief: There are reports that the Mongolian Government is considering amending its controversial Law on Regulation of Foreign Investment in Business Entities Operating in Sectors of Strategic Importance (colloquially known as theStrategic Entities Foreign Investment Law) to make Mongolia a more attractive destination for private inbound investment.

BDSec: Hidden value of Mongolian stock market

March 22 (BDSec) After we sent out some news about a company which has just won the government tender to build a 1000km highway, one of our clients got back asking how come the company's stock price goes down when there is actually positive news.

Newera: PRIORITY OFFER TO LISTED OPTION HOLDERS

March 21 -- Newera Resources Limited (ASX: NRU and NRUO) is pleased to advise that the Company will undertake a priority offer to its listed option holders (Priority Offer), being those holders of listed options (ASX: NRUO) exercisable at $0.03 each and expiring on 30 June 2013 (Options).

Xanadu: Investor Presentation, March 2013: "Building a leading copper & gold company"

March 21, Xanadu Mines Limited (ASX:XAM) --

BofAML cuts MMC (00975) to "neutral" & HK$3.4

[ET Net News Agency, 21 March 2013] BofA Merrill Lynch cut its target price for Mongolia Mining Corporation (MMC)(00975) to HK$3.4 from HK$5, and downgraded the stock to "neutral" from "buy".

Citizens demand alcohol restrictions

According to government authorities, many of the comments received at the11-11 call centre set up to collect comments about the new Tobacco Control Law have been about alcohol, not only tobacco, with many citizens demanding that the government amend the Alcohol Law to restrict the sale and consumption of alcoholic beverages.

Columnist Allyson Seaborn has a new and intimate series of questions she’ll be asking interesting Mongolian nationals each week.

The incident where 22 calves died with no reasonable explanation in Ulaanbadrakh sum in Dornogovi aimag late last year sparked public debate.

The 20th State Adult Taekwando Championships have been held at the Sport Palace in Ulaanbaatar on March 25th to 27th.

The “Mine Tech-2013” Exhibition is an exhibition for mining technology suppliers and opens at Misheel Expo Center today, Wednesday March 27th.

Deputy speaker M.Enkhbold submitted a draft law to make an amendment to the current law on foreign investment in firms in strategic assets to the Government on Wednesday March 27th.

Passengers of delayed MIAT flight compensated

Passengers of the Boeing 737-800 MIAT ОМ136 Berlin-Moscow-Ulaanbaatar flight were stuck in Sheremetyevo International Airport in Moscow due to technical service failure and a snowstorm since Sunday March 24th.

RIO’S MONGOLIA MINE HITS ANOTHER HURDLE

Significant design changes have been proposed for Rio Tinto’s most important growth asset as the company seeks to offset rising costs at the massive Oyu Tolgoi mine in Mongolia.

JOLIET — When a young child in Mongolia suffered a severe head injury, skilled neurosurgeons at Presence Saint Joseph Medical Center — more than 6,000 miles away — sprang into action to save her life.

Headed by Montana State University graduate Gregg Treinish and featured on National Geographic’s education website, the researchers left Bozeman on March 19.

Renewed interest from foreign banking institutions seeking to secure a place in Turkey's Istanbul Finance Center

Zaman – Turkey’s Ministry of Environment and Urbanization is dealing with renewed interest from foreign banking institutions seeking to secure a place in the Istanbul Finance Center (IFC), after Turkey’s Central Bank, along with the head offices of the country’s governing bodies of financial markets and state-owned banks, became involved in the project.

Some of the world’s leading sustainability-minded financial institutions will be honoured by The Financial Times (FT) and the International Finance Corporation (IFC) on June 13, when the 8th annual FT/IFC Sustainable Finance Awards take place.

Turquoise Hill still in talks with Mongolia but Oyu Tolgoi mine still on track

Turquoise Hill Resources Ltd. (TSX:TRQ) says it's in no rush to start production at Oyu Tolgoi, its multibillion-dollar mine in southern Mongolia even though the project is near completion.

Online courses open doors for teenagers

Teenage applicants from as far afield as India and Mongolia are catching western colleges’ attention by taking so-called “massive online open courses” designed for older students.

(Financial Times) -- Teenage applicants from as far afield as India and Mongolia are catching western colleges' attention by taking so-called "massive online open courses" designed for older students.

LONDON (SHARECAST) - Credit Suisse has kept its 'outperform' rating and 4,000p target price for mining giant Rio Tinto following a revised technical report for the Oyu Tolgoi copper and gold project in Mongolia.

Mongolia Energy Corporation issues profit warning

Mongolia Energy Corporation Limited board informed the shareholders of the company and potential investors that based on the information currently available it is expected that the Group may record a significant gross loss for the financial year ending March 31st 2013 as compared with the audited results in 2012 on the same basis.

Report points to rising costs as Rio's Mongolia mine grows

(Reuters) - Miner Rio Tinto has pointed to rising costs at its giant Oyu Tolgoi copper mine in Mongolia, in technical documents that confirm a $5.1 billion budget for the project's second phase, but reduce the scale of that planned expansion.

Mongolia Growth Group Ltd. Publishes February 2013 Monthly Letter to Shareholders

Ulaanbaatar, MONGOLIA, Mar 26, 2013 (Filing Services Canada via COMTEX) -- Mongolia Growth Group Ltd. (YAK - TSX Venture),is pleased to announce the release of its February 2013 letter to shareholders.

Mongolia to revise foreign investment law

ULAN BATOR, March 27 (Xinhua) -- The Mongolian government submitted a draft law Wednesday to revise a controversial "strategic investment law" in a bid to ease the path for foreign investment.

The passage of a Mongolian securities law allowing dual listings would boost the value of the nation’s stock exchange by 33-fold to $40 billion within five years, said the bourse’s chief executive officer.

Mongolia in Rio royalties standoff

Mongolia expects to squeeze at least an extra $303 million out of Rio Tinto this year, as part of the royalties standoff that is threatening to stall development of the massive Oyu Tolgoi mine.

Mongolia investment slump pushes govt to move on new rules

* Mongolia foreign direct investment down 17 pct in 2012
* Government moves to ease uncertainty on strategic investment
* Minerals law debate deferred to after election
* Cautious optimism around Oyu Tolgoi dispute

Hip hop band member attempts to set himself on fire

Hip hop band member Baayar or Sh.Batbayar is suspected of narcotic use and sale.

MIAT passengers forced to wait 24 hours in airport

Berlin-Moscow-Ulaanbaatar MIAT flight ОМ136 was held up in Moscow on Sunday March 24th.

A musical based on William Shakespeare"s play Romeo and Juliet, with music and lyrics by Gerard Presgurvic is to be staged in Mongolia.

The Government of Mongolia and the United Nations Conference on Trade and Development (UNCTAD) are jointly working together to release a report about the investment environment in Mongolia in 2013.

Speaker Z.Enkhbold visits Canada

The Speaker of Parliament, Z.Enkhbold, started an official visit to Canada on Monday March 25th.

The Mining Association of Canada (MAC) has warned the Quebec government over its plans to tax the gross value of annual production at 5% and to increase royalties up to 30%, in the case of “super profits.”

China's new president Xi Jinping will visit three sub-Saharan African countries and Russia on his first official trip overseas.

It’s not just the opulence of the tsars in imperial Russia or the awe-inspiring shuttles of the ‘space race’ that are etched in our memories.

Indonesian Embassy in Beijing and China ASEAN Business Council Strengthen Indonesia-China Cooperation on Economic Promotion

VOI NEWS 18.00 WIB, GMT+7, 23-03-2013

Philly scientist awarded for climate change study

PHILADELPHIA (AP) — A scientist at the Academy of Natural Sciences in Philadelphia is recipient of a prestigious award for his research on climate change in Mongolia.

Turquoise Hill Resources Announces Financial Results and Review of Operations for 2012

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Mar 25, 2013) - Turquoise Hill Resources (TSX:TRQ)(NYSE:TRQ)(NASDAQ:TRQ) today announced its financial results for the quarter ended December 31, 2012. All figures are in US dollars unless otherwise stated.

North Korea has been making headlines for its threats of preemptive nuclear attacks on the United States. In addition to North Korea’s belligerent military actions, the international community cannot turn a blind eye to the regime’s appalling record of human rights violations and its economic stagnation resulting from three generations of dictatorial reign.

Defectors, activists hail U.N. probe into N.K. human rights

Seoul (The Korea Herald/ANN) - Defectors, experts and activists on Monday hailed the recent approval of a U.N. panel to probe human rights breaches in North Korea as a landmark step in a long battle to end the oppressive regime's cruelties.

ULAN BATOR, Mongolia — North Korea's weapons program is not the only nuclear headache for South Korea.

New Fortnightly Mongolian Groupage Freight Service from LTL and Multimodal Carrier

LITHUANIA – MONGOLIA – A.R.T. Logistics, a specialist multimodal project company that works with large multinational companies in the oil & gas, power generation and mining sectors moving freight throughout Central Asia, the CIS, Mongolia and Asia, has launched a twice monthly Less-Than-Truckload (LTL or groupage) service connecting Europe to Mongolia.

Turquoise Hill reports $182.4M loss in Q4

VANCOUVER - Turquoise Hill Resources (TSX:TRQ) is reporting a net loss of $182.4 million in the fourth quarter, more than double its net loss of $85.8 million in the same period a year earlier.

Turquoise Hill reports $182.4M Q4 loss, attributed to new Mongolia mine

VANCOUVER - Turquoise Hill Resources (TSX:TRQ) is reporting a net loss of $182.4 million in the fourth quarter, more than double its net loss of $85.8 million in the same period a year earlier.

HIMALAYAN NEWS SERVICE

IFC - International Finance Corporation : IFC Helps Leading Mongolian Bank to Back Small and Medium Business Growth

In Ulaanbaatar:
Tsolmon Baasanjav
Phone: (976) 11-312-694
E-mail: TBaasanjav@ifc.org

Mongolia mine closure wipes out SouthGobi revenue

(Reuters) - SouthGobi Resources Ltd's revenue plunged 98 percent and the coal miner reported a bigger fourth-quarter loss as its only producing mine remained shut after the Mongolian government suspended its licenses.

Cuba and Mongolia Strengthen Bilateral Bonds

HAVANA, Cuba, Mar 23 (acn) The government of Mongolia decided to cancel the debt contracted by the Republic of Cuba for the exchange of goods between the two states until 1990.

Mongolia Increases Gold Reserves to Highest Since August 2008

Mongolia raised its gold reserves for a third month to the highest in more than four years in February as the metal capped its longest monthly losing streak since 1997.

Rio's Mongolia mine hits another hurdle

Significant design changes have been proposed for Rio Tinto's most important growth asset as the company seeks to offset rising costs at the massive Oyu Tolgoi mine in Mongolia.

SouthGobi posts US$103 million loss for 2012 as mine shutdown cuts revenue 70%

HONG KONG - SouthGobi Resources Ltd. (TSX:SGQ) has reported a US$51.8-million net loss in the fourth quarter, bringing the coal producer's total loss last year to US$103 million.

TORONTO (miningweekly.com) – Mongolia-focused coal miner SouthGobi Resources on Monday said it had widened its quarter-on-quarter loss as operations at its flagship Ovoot Tolgoi mine during the fourth quarter remained suspended.

Mongolia mine closure plunges SouthGobi into the red

(Reuters) - Mongolia-focused coal miner SouthGobi Resources Ltd posted a hefty loss for 2012 as Ulan Bator forced it to suspend its only producing mine in response to a takeover bid from China's state-owned Chalco .

In accordance with a decision taken by the Ulaanbaatar City Government in February, city district governors have begun enacting Resolution 37, which requires that entity names, signs and commercial billboards must be written only in Cyrillic or in the national Mongolian script.

A consultative meeting titled “The Queen River Tuul and Ulaanbaatar’s Fate” was held on March 20 to discuss the limited water resources in Ulaanbaatar and the measures needed to address impending water shortages.

To celebrate Nauryz (Nowruz), a holiday observed by the Kazakh people every year on March 22, the day of the spring equinox, a ceremony and exhibition were held at Sukhbaatar Square yesterday.

Mongolian Perspectives

By Allyson Seaborn

Erdenes Tavan Tolgoi to release IPO by 2015

The Minister of Mining D.Gankhuyag told the press on Wednesday during a regular ministry update that state-owned Erdenes Tavan Tolgoi (ETT) would release an initial public offering (IPO) by 2015.

On Thursday the Arts and Culture Authority of Ulaanbaatar (ACAU) signed a memorandum of understanding with the Ulaanbaatar City Tourism Board (UCTB) under which the two organizations will work together to develop Ulaanbaatar as tourist attraction, with the aim of increasing tourism revenue.

This year’s “Car-Free Day” in Ulaanbaatar will take place on Sunday, March 31 under the theme “Together out in the fresh air without cars.”

Sunday, March 31, 2013

Saturday, March 30, 2013

Friday, March 29, 2013

Thursday, March 28, 2013

Wednesday, March 27, 2013

Tuesday, March 26, 2013