Mongolian Economy and Finance

Voyager Resources (ASX: VOR) has reported "exceptional" high grade drilling results from the North Hinge Zone at the Daltiin Ovor Gold Project in Mongolia with intersections including 3 metres at 50.59 g/t gold.

Hunnu Coal (ASX:HUN) has reported the initial test results of coal quality analyses performed on samples taken from the due diligence drill cores at the Tsant Uul Coking Coal Project in southern Mongolia, demonstrating similarities to coals at the giant Tavan Tolgoi Coking Coal Field.

TOKYO, July 29 (AP) - (Kyodo)— Japan and Mongolia agreed Thursday to closely cooperate with each other in the development of mineral resources and energy in Mongolia through technology transfer and investment, Japanese officials said.

Is it still worth investing in Ulaanbaatar property? If so, what types of Mongolian property investment makes the most sense?

1. Mr. Katsuya Okada, Minister for Foreign Affairs, held talks with Mr. Dashdorj Zorigt, Minister for Mineral Resources and Energy of Mongolia, for about 20 minutes on July 29 (Thu) from 3:55 p.m. at the Ministry of Foreign Affairs. Minister Zorigt is visiting Japan at the invitation of the Ministry of Foreign Affairs.

The FINANCIAL -- The EBRD and Mongolia’s largest bank Khan Bank have signed a participation agreement for USD 10 million under the EBRD Medium-Sized Co-Financing Facility (MCFF).

Security guards of a mining company in western Mongolia clashed with illegal miners known as "ninja miners," leaving many of the combatants injured, local media said Wednesday.

July 28 (Bloomberg) -- Aluminum Corporation of China Ltd., the nation's biggest producer of the metal, suspended its shares from trading pending an announcement on an "important discussion."

Russia and Mongolia will hold joint antiterrorism exercises in the Siberian Military District in September, the district press service reported.

Following his first visit to Kazakhstan, Uzbekistan and Kyrgyzstan, The Mongol Messenger’s Editor-in-Chief, Borkhondoin Indra, interviewed US Deputy Secretary of State, James B. Steinberg on his arrival in Mongolia. The interview with the American delegation in the Foreign Ministry preceded Mr.Steinberg’s meeting with Foreign Minister G.Zandanshatar and Prime Minister S. Batbold. Mr.Steinberg’s Central Asian regional visit is from July 16 to 22.

Vancouver, B.C.: Meritus Minerals Ltd. (MML) (TSX-V - MER) Meritus Minerals Ltd is pleased to announce that it has entered into a drilling contract to test its high grade gold project in Mongolia. The contractor has commenced mobilization to the site at Gutain Davaa. He is establishing the camp, constructing access roads to the drill sites and preparing the initial drill pads. Drilling will commence once this work is complete. The program will consist of from 32 to 35 HQ size diamond drill holes for a total of approximately 3000 meters.

The bank will show financial service in the strategically important sectors.

Fluor Corp. , the largest publicly traded engineering and construction company in the U.S., may reach a record backlog of projects this year on energy industry demand, Chief Operating Officer David Seaton said.

U.S. Secretary of State Hillary Clinton will pay an official visit to Mongolia next year, Mongolian media said Monday.

The Nuclear Energy Agency cancelled mining license of Khan Resources, a Canadian invested uranium exploration company, based on the finding that the company was conducting fraud act with announcement of uranium mining license holder at TSX (Toronto Stock Exchange), using the nation’s name for raising fund.

Tokyo -- To the extent that Mongolia receives any attention in contemporary Japan, it is usually in the context of the minor scandals of former Yokozuna Asashoryu and the splendid recent performances of Yokozuna Hakuho.

Foreign Minister Pham Gia Khiem on July 24 held separate talks with his counterparts from Mongolia, the Republic of Korea (RoK) and the Democratic People’s Republic of Korea (DPRK) who have been in Hanoi to attend ASEAN related meetings.

DeTeam Co Ltd< 0065 > recently announced plans to spend US$10 million to acquire entire equities of Shine Shivee LLC, which owns exploration rights on seven collieries with coal reserves totaling 2.14 billion tons in Mongolia.

IRVING, Texas, Jul 22, 2010 (BUSINESS WIRE) -- Fluor Corporation /quotes/comstock/13*!flr/quotes/nls/flr ( FLR 46.02, +0.02, +0.04%) announced today that the company has reached an agreement with Ivanhoe Mines Ltd. /quotes/comstock/13*!ivn/quotes/nls/ivn ( IVN 17.33, +0.01, +0.03%) to move forward with full-scale work at its gold and copper mine development project in southern Mongolia.

TORONTO, ONTARIO, Jul 22, 2010 (MARKETWIRE via COMTEX) -- Khan Resources Inc. /quotes/comstock/11t!e:kri ( CA:KRI 0.34, -0.02, -4.29%) ("Khan") announced today that the Mongolian Capital City Administrative Court has postponed the hearing of a case brought by its 100%-owned subsidiary, Khan Resources LLC ("Khan Mongolia") which challenges the legal basis of a notice by the Mongolian Nuclear Energy Agency (the "NEA") to invalidate Khan Mongolia's exploration license 9282X.

Hong Kong-listed Companies as Major Acquirers of Resource Assets in Mongolia. Over the last 12 months, Mongolia has become an attractive investment destination for the companies listed on the Hong Kong Stock Exchange (HKEx). Attracted by the country’s huge mineral resources, the HKEx-listed companies have become the biggest acquirers of Mongolia resource assets since the second half of 2009 ($966mn worth of M&A deals or over 90% of total).

ULAANBAATAR, Mongolia, July 21 /PRNewswire/ -- Hong Kong based Asia Pacific Investment Partners Limited (APIP, http://www.apipcorp.com ) one of Mongolia's leading investment operating companies, recently completed a convertible note raising approximately US$4 million, according to Mr. Lee Cashell, Managing Partner of APIP. The round was led by a Singapore based hedge fund and also included a number of other private and institutional investors.

Russian leasing company Ilyushin Finance is ready to discuss the supply of An-148 regional jets with Mongolian companies, Russian Transport Minister Igor Levitin said.

Russian Transport Minister Igor Levitin confirmed on Wednesday that the Russian companies En+Group and Renova Group are interested in developing Mongolia's Tavan-Tolgoi deposit, together with Russian Railways (RZhD).

Tuesday's irregular cabinet meeting approved the "Beehive" program. Its Issues were discussed at a forum themed "Our participation in development of homeland" which ran July 19 under auspices of the Prime Minister with a participation of some 350 Mongolians who live and work outside the country.

Cabinet members were told Tuesday about a preparation for establishing the "Sainshand" industrial complex by Ch.Khurelbaatar, a Head of the Cabinet Secretariat of the Government.

On Tuesday, an irregular cabinet meeting made a decision to set up a developmental bank of Mongolia and then approved a rule of this bank. A Head of the National Committee of Development and Reform (NCDF) Ch.Khashchuluun, and a head of the State Property Committee (SPC) D.Sugar were ordered to start activities of the bank within the third quarter of 2010 and to build through a selection an independent and skillful team to manage the bank.

The Prime Minister of Mongolia S.Batbold received a delegation headed by I.E.Levitin, the Russian Minister of Transportation, on July 19. The Russians are here to take part in the 14th regular meeting of Mongolia-Russia intergovermental commission.

Monpolimet Group developed the feasibility study of “MonCement” project and it was approved by the Mineral Wealth Council of Mongolia on June 17 2010. Doctor and Professor L.Purev, a member of the Council and the Director of the Mining and Engineering School of the University of Science and Technology, shared his information about the project.

Giorgio Armani SpA , the Italian fashion company whose clothes are worn by celebrities including Angelina Jolie and Leonardo DiCaprio , said it opened its first stores in Mongolia and Vietnam as it seeks to tap Asian demand.

The Standing Committee on Economy reviewed the implementation of the State Great Khural’s resolution No57, given by SGK when adopting Oyu Tolgoi Investment Agreement.

The Government of Mongolia has been securing savings at commercial banks because lack of classical insurance system on banking sector, with intention of protecting its banking sector from world economy crisis.

D.Demberel, Speaker of the Parliament departed yesterday to take part in the 3rd International Parliamentary Speakers’ conference in Geneva.

Prime Minister Batbold Sukhbaatar on Monday discussed bilateral ties and cooperation with visiting U.S. Deputy Secretary of State of James B. Steinberg.

TORONTO, ONTARIO, Jul 19, 2010 (MARKETWIRE via COMTEX) -- Khan Resources Inc. /quotes/comstock/11t!e:kri ( CA:KRI 0.44, +0.21, +89.13%) ("Khan" or the "Company") is pleased to announce today that the Mongolian Capital City Administrative Court has ruled in favour of its 58%-owned joint venture subsidiary, Central Asian Uranium Company, LLC ("CAUC"), and declared that the previous purported decision by the Mongolian Nuclear Energy Agency (the "NEA") to invalidate CAUC's mining license 237A is itself invalid and illegal.

LONDON - Ivanhoe Mines Ltd. (TSX:IVN) has added three more lenders — including Export Development Canada — to a group arranging a debt financing package worth up to $2 billion for the Oyu Tolgoi copper and gold mining project in Mongolia.

Mongolia Development Resources (MDR) is pleased to announce that it has become the first investment holding company listed on the Mongolia Stock Exchange (MSE). The company shares resume trading on MSE as of July 15, 2010, following the approval of the new charter and new prospectus by the Financial Regulatory Commission. MDR shares are now traded under new ticker: “MDR” (formerly the ticker was “TSU”)

Jul 16, 2010 (BBC Monitoring via COMTEX) -- Ulaanbaatar: The US Deputy Secretary of State Mr James Steinberg will pay a working visit to Mongolia 19 July in frames of his visits to Kazakhstan, Uzbekistan, Kyrgyzstan and Japan, the Ministry of Foreign Affairs reported Friday [16 July].

Mongolia is the first nation showcased at the new KOICA Global Village.

Moscow, Jul 16 (AFP) Mongolia's president today became the first head of state to dive to the bottom of Baikal, the world's deepest lake, in a mini-submarine, following in the footsteps of Russia's adventure-seeking Prime Minister Vladimir Putin.

Prime Minister Batbold Sukhbaatar said Friday that his country wants to develop ties with China's Xinjiang Uygur Autonomous Region.

In connection to the adoption of the State Policy on Railway, MP Kh.Battulga, Minister for Roads, Transport, Construction and Urban Development shares his opinion on the newly adopted policy.

Mr. Levitin, Minister for Transport of the Russian Federation said that the Russian Government is planning to invest $250 million to Ulaanbaatar Railway, during the Pacific Region Economic Forum IV in Vladivostok. “We believe that this railroad is a vital part of transportation between Russia and China” he added.

Minister D.Zorigt has more on Tavan Tolgoi and other issues, when Tavan Tolgoi’s faith is under disposal of the State Great Khural.

Deputy Secretary James B. Steinberg will travel to Kazakhstan, Uzbekistan, Kyrgyzstan, Mongolia, and Japan July 16-22. This is Deputy Secretary Steinberg’s first visit to Kazakhstan, Uzbekistan, Kyrgyzstan, and Mongolia as Deputy Secretary.

On July 7 2010, SGK adopted resolution draft on Tavan Tolgoi deposit. Upon the adoption of the resolution draft, working group member made press conference. According to their statement, “Erdenes Tavan Tolgoi” LLC will own license of Tavan Tolgoi deposit 100%. Up to 10% of the total share will be distributed to the people of Mongolia free of charge, 10% of share will be offered to the national companies with its face value, and up to 30% of the total share will be sold at the foreign and domestic stock exchanges. The right of this exercise is granted to the Government of Mongolia. 10% of share to be distributed to the people will be the share with no voting power but entitled to receive dividend. But the national companies which will receive opportunity to buy the share with its face value have to be registered before June 30 2010 and shall be taxpayer to Mongolia.

Ivanhoe Mines Ltd. (IVN) is an international mineral exploration and development company. The Company’s principal mineral resource property is the Oyu Tolgoi Project, located in Mongolia. The Company also has two subsidiaries, through which it holds interests in coal resource properties in Mongolia, and molybdenum, rhenium, copper, gold and uranium resource properties in Australia. Its subsidiary, SouthGobi Energy Resources Ltd. (SGQ), owns and operates the Ovoot Tolgoi Coal Project located in Mongolia. The Company’s subsidiary, Ivanhoe Australia Ltd. (Ivanhoe Australia), owns the Cloncurry Project located in Queensland, Australia. IVN also holds interests in several other mineral resource projects in Asia, including a 50% interest in the Kyzyl Shear Project, located in Kazakhstan, through a shareholding in Altynalmas Gold Ltd. (Altynalmas Gold).

SYDNEY—The close relationship between global miner Rio Tinto Ltd. and Canadian company Ivanhoe Mines Ltd. appears to be unraveling just as their biggest joint project starts moving toward production.

Leighton Holdings Ltd has secured a $700 million contract adjustment to increase production at Ukhaa Khudag (UHG) coal mine in southern Mongolia.

Mongolia’s President Tsakhia Elbegdorj has arrived in Ulan-Ude, the capital of the Russian Republic of Buryatia.

MP Z.Enkhbold, Chairman of the Standing Committee on Security and Foreign Policy, shares his opinion on the latest issues on the Mongolian politics and economy. business-mongolia.com picked business and economy related parts only with consent of interviewer. Special thanks to journalist Ganchimeg of National Post newspaper.

An MPRP MP, Mr. D.Baldan-Ochir, has told reporters that he would soon submit a proposal for wide ranging changes in the tax system.

SAN FRANCISCO (MarketWatch) -- Shares of Ivanhoe Mines Ltd. surged 14% in Toronto Tuesday after the company announced plans to terminate a contract with London-based mining group Rio Tinto PLC, its largest shareholder. The current agreement limits Ivanhoe's /quotes/comstock/11t!e:ivn (CA:IVN 17.07, +2.14, +14.33%) ability to bring new investors into its Oyu Tolgoi mining project in southern Mongolia, Ivanhoe said in a statement. Termination will allow Ivanhoe to issue more than 5% of its common shares to strategic investors, including major mining companies. For Rio Tinto, the termination will prevent it from owning a stake larger than 46.7% -- essentially barring the larger miner from taking up its right to purchase.

Petro Matad ( LON:MATD ) has encountered oil shows through the drilling of the Davsan Tolgoi-1 (DT-1) exploration well which is expected to reach total depth within the next week to ten days. The well is the first to be drilled as part of the 2010 drilling programme on Block XX in Eastern Mongolia.

* Energy Resources aims to raise up to $1 bln in Q4 - sources * Citigroup and JP Morgan mandated as underwriters - sources (Adds details, background)

Rio Tinto’s plans to develop the Oyu Tolgoi are under a cloud as its dispute with Ivanhoe Mines threatens to get ugly, while Healthscope emerges as the lead candidate for Geoffrey Edelsten’s GP business.

Interview with MP Su. Batbold

Energy Resources receives USD 75 million financing from Standard Bank in order to develop infrastructure of Ukhaa Khudag coal mine in Umnugobi province.

The Inner Mongolia Autonomous Region's exports to neighboring Republic of Mongolia soared 80 percent year on year to 600 million U.S. dollars in the first half of this year, the region's customs authorities said Monday.

Minister of Mineral Resources D. Zorigt, Minister of Finance S. Bayartsogt and Minister of Environment L. Gansukh briefed on the implementation course of SGK’s resolution number 57 regarding OT IA at the regular meeting of standing committee.

July 8 (Bloomberg) -- Mongolia plans to sell 30 percent of a company controlling the Tavan Tolgoi coking coal deposit in share sales to help fund $1.5 billion of initial development cost, the mining minister said.

July 8 (Bloomberg) -- Sojitz Corp. will boost coal trading by about 18 percent after the Japanese trading company won an agreement from Prophecy Resource Corp. to market the fuel to China from a Mongolian mine.

The FINANCIAL -- The EBRD is boosting the availability of local currency financing in Mongolia with a synthetic loan in Mongolian Togrog worth $8 million to XacBank for on-lending to local micro, small and medium-sized enterprises (MSMEs).

July 7 (Bloomberg) -- Mongolia’s government is seeking to raise about $1.5 billion in initial public offerings to finance the development of a coking-coal mine in the Gobi desert, Xinhua reported, citing Mining Minister Dashdorj Zorigt.

ULAN BATOR, Jul 07, 2010 (Xinhua via COMTEX) -- Parliament on Wednesday authorized the Mongolian government to raise funds abroad through Initial Public Offerings to finance the development of a large coking coal mine in the Gobi desert.

As Mineweb speculated back in March it now looks as if Chinalco is definitely planning to take a stake in Ivanhoe/Rio Tinto's massive Oyu Tolgoi copper-gold mine in Mongolia. Posted: Wednesday , 07 Jul 2010

With support from Compass Plus, the Trade and Development Bank of Mongolia (TDBM) has completed certification in the Visa payment system with EMV-card issuance. The bank has also certified the issuance part of its own e-Commerce solution (Access Control Server) based on TranzWare e-Commerce from Compass Plus with Verified by Visa and MasterCard Secure Code. TranzWare e-Commerce is a 3-D Secure-compliant solution allowing advanced and reliable Internet transaction authenticity checks (from both Issuer’s and Acquirer’s sides).

Prophecy Resources (TSX-V:PCY, OTC:PRPCF) is a well connected Canadian based mining and exploration company, which is expecting to bring its key Ulaan Ovoo Coal Project, located in Northern Mongolia, into production by the end of August this year.

The new Slovak ambassador to China, František Dlhopolček, handed over his credentials to Mongolian President Tsakhiagiin Elbegdoryo, the SITA newswire wrote on July 6 based on a news release from the Slovak Foreign Affairs Ministry. As ambassador to China, Dlhopolček is also responsible for Mongolia and the Korean People’s Republic.

$180 million loan to Energy Resources In its largest investment in Mongolia to date, the EBRD is raising the standards in the country’s mining industry with a $180 million loan for the construction of the first coal washing plant in Mongolia.

ENTREE GOLD INC ("ETG-T") - Receives New Coal Mining Licence, Mongolia Entree Gold Inc. ("Entree" or the "Company") has received a mining licence covering its Nomkhon Bohr coal discovery, outlined through exploration efforts in 2008-2009. The new mining licence comprises approximately 14,030 hectares and covers the northwest corner of the former Togoot exploration licence. The portion of the property included in the mining licence is mainly underlain by Permian sediments which are known to host rich coal deposits in this part of the Gobi Desert.

An inauguration of state revised registration took place Monday in the Government House. Present at the opening ceremony were S.Batbold, the Prime Minister; N.Altankhuyag, the First Deputy Premier; L.Monkhbayar, head of the State Registration Department (SRD), other officials, guests.

Petroleum prices of Russian Rosneft were decreased this month according to an official source. Rosneft is the wholly exporter of petrol to Mongolia and the prices of petrol were decreased by $30-50 per ton.

Klaus Schwab, executive chairman of the World Economic Forum (WEF) on Monday thanked Mongolian President Tsahia Elbegdorj for hosting a WEF meeting on mineral development.

The Speaker of Turkish Parliament Mehmet Ali Sahin is to visit Mongolia on July 7-12, as the guest of Mongolian counterpart D.Demberel.

TORONTO, ONTARIO, Jul 05, 2010 (MARKETWIRE via COMTEX) -- Centerra Gold Inc. /quotes/comstock/11t!cg ( CA:CG 11.16, -0.19, -1.67%) reports that the previously announced agreement to sell its 64% interest in the REN joint venture for US$35.2 million to Homestake Mining Company of California (a subsidiary of Barrick Gold Corporation) has closed.

Hong Kong, July 5, 2010 - (ACN Newswire) - Mongolia Energy Corporation Limited (HKSE: 276) ("MEC" or the "Group") today announced that Mr. David B. Henderson ("Mr. Henderson"), has joined the Group as Director of Geology, effective July 1, 2010. The appointment of Mr. Henderson, a veteran with more than 38 years' experience in geology, is a management succession appointment following the retirement of former Director of Geology Mr. Frank Witzel ("Mr. Witzel") in June.

The OPEC Fund for International Development (OFID) has approved an emergency relief grant of US$250,000 to Mongolia, to assist communities and families affected by the recent dzud disaster. The crisis has resulted in a decimation of livestock as well the livelihood of families and communities. The OFID grant is a gesture of sympathy and will help provide essential relief supplies and cover emergency operations to be overseen by the International Federation of Red Cross and Red Crescent Societies (IFRC).

ULAN BATOR, July 5 (Xinhua) -- Mongolian anti-corruption authorities on Monday said they are ready to expand cooperation with Chinese counterparts to fight corruption.

ULAN BATOR, Jul 05, 2010 (Xinhua via COMTEX) -- Mongolian parliamentary speaker Demberel Damdin and visiting Kuwaiti State Audit Bureau President Abdulaziz Al-Adsani Monday discussed cooperation in auditing.

The Organizing Committee of “Discover Mongolia Investors Forum” is pleased to announce this year’s keynote speakers as well as the Premier and Gold Sponsors of the event.

A working group responsible for drawing conclusion on the concepts of exploiting TT was set up by the SGK. The working group chaired by D.Damba Ochir held its meeting on July the 1st and drew its conclusions. Sources report that the working group has backed the cabinet’s bill in principle and considers it right to carry out discussions on it. Moreover the members of the working group unanimously agreed that cabinet should review the clause which stipulates about distributing 10 percent of TT’s shares to citizens. The working group considers that the percentage should be increased up to 50 percent at some point. The bill on TT also mentions about dividing TT into two sections which would be exploited by foreign and domestic consortiums.

TORONTO, July 2 /CNW/ - Polo Resources Limited (AIM and TSX: POL) is pleased to announce that it is continuing its efforts to sell its shareholding in one of its portfolio assets. Subject to receipt of any shareholder approval which may be necessary for any such sale, completion of the sale and receipt of cash proceeds of sale, the board of Polo intends to utilise part of the proceeds of sale to fund a special dividend to shareholders of 3p per share.

A round table meeting titled “Mineral cooperation between Mongolia and China” was held June 26 in the “Pen Elite” hotel of Beijing, China co-organized by the Chinese information agency, the “Global Knowledge” journal and other media organizations.

The National Life Insurance, LLC (NLIC) of Mongolia today announced effective MOUsigned with a local Mongolian leading commercial bank "Golomt", "Bodi daatgal" generalinsurance company of Mongolia and "Sun reinsurance brokers" of UAE.

It is reported that Ming Hing Waterworks Holdings Ltd acquired Mongolia Tugrug Nuur coal mine owned by Well Delight Holdings Ltd in mid-June and planned to put it into operation by the fourth quarter of this year.

July 2 (PTI) -- State-owned Hindustan Copper today informed a Parliament Panel about its plans to acquire mining assets in countries like Chile, Peru, Mongolia and Namibia.

A US$12 million credit, approved by the World Bank’s Board of Executive Directors will, among other things, help Mongolia to improve and manage social protection systems for the poor.

Italy is working to encourage a partnership agreement between Mongolia and the European Union within the year. This was Minister Frattini’s comment at the end of a meeting with his Mongolian counterpart Gombojan Zandarishatar. The minister explained that Italy wants “to strengthen bilateral political relations with Mongolia”, an “important political partner not least for its relations with both China and Russia”, and is offering its “strategic support” to bringing the EU and Mongolia closer to one another.

North China's Inner Mongolia autonomous region has secured its first ever deal to export breeding pigs to the Republic of Mongolia, with a shipment of 60 animals set for August, the exporter announced Tuesday.

July 1, 2010 - 10:13am, by Andrew Cullen Source: Eurasianet.org Andrew Cullen is a freelance journalist based in Hovd, Mongolia.

JOHANNESBURG (miningweekly.com) – US coal-miner Peabody Energy has completed Mongolia's first coal mine restoration project at the former Ereen mine near the city of Bulgan.

ST. LOUIS, July 1 /PRNewswire-FirstCall/ -- Peabody Energy (NYSE: BTU ) and Winsway Coking Coal Holdings Ltd. (Winsway) today announced they have entered into a joint venture agreement in Mongolia, creating Peabody-Winsway Resources, after Winsway purchased the 50 percent interest in the joint venture formerly owned by Polo Resources.

Mongolia Day took place in London Stock Exchange on June 28. Our reporter Budvaa Byambasuren sends this report.

The Head of the Government Office, Minister Ch.Khurelbaatar, has told the Government that 2 million 358 thousand 432 options have been received about receiving the allowance from Human Development Fund in ways other than cash. Many gave more than one option and these have been counted separately.

James J. Schaeffer Jr., Executive Director of Mongolia Energy Corporation, which holds mining concessions of coal, ferrous and non-ferrous metals in Mongolia, has told The Mongolian Mining Journal that “Mongolia is the right place to be”. He is sure development of its energy and mineral resources by various companies will bring robust economic opportunities to Mongolia. The company’s own Khushuut coal project in the west of the country is not very big by international standards, but it will create significant employment opportunities, and also encourage a lot of other industries to grow around the mine, meaning there will be more jobs and income for the local people.

Meanwhile, Kitco analyst Jon Nadler's longer-term forecast for the metals sees gold price averages of $900 an ounce over a one-year period, down to $850 an ounce over a three-year period, and copper prices rising from $7,500 a ton over a one-year period to about $8,500 a ton over over a three-year period.

BEIJING July 1 (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.

Mongolia and South Korea reached consensus here on Thursday on taking care of the interests of Mongolians who work or live in South Korea, Mongolian official news agency reported.

On 24 June 2010, the Mongolian government voted in favour of building a rail link between a mining site in the south of the country and Russia. This comes just weeks after mining firm SouthGobi Energy Resources Ltd decided in May to suspend plans for a 26 mile rail link from its Ovoot Tolgoi mine to the Chinese border, due to uncertainty over government policy (see our related article on the suspended rail plans).

ULAN BATOR, Jun 30, 2010 (Xinhua via COMTEX) -- At the initiative of President Elbegdorj Tsakhia, a think tank has been established to promote Mongolia's competitiveness, reports said Wednesday.

ULAN BATOR, Jun 30, 2010 (Xinhua via COMTEX) -- Mongolia and Germany plan to soon launch the second stage of a joint regional economic development program that is aimed at promoting trade cooperation, reports said Wednesday.

AIM-LISTED miner Polo Resources has finalised the sale of its coal and uranium joint venture in Mongolia, just days after pulling out of a merger with Australian peer Caledon citing volatile market conditions.

The European Bank for Reconstruction and Development, a development finance institution whose remit is to enhance poorer economies in Europe, is considering committing up to $10m to a new Mongolian private equity fund.

VANCOUVER, June 30 /PRNewswire-FirstCall/ - Entrée Gold Inc. (TSX:ETG; NYSE AMEX: EGI ; Frankfurt:EKA - "Entrée" or the "Company") announces the closing of its acquisition of all issued shares and options of PacMag Metals Limited ("PacMag") pursuant to the Australian Schemes of Arrangement ("Schemes") announced November 29, 2009. Implementation of the Schemes was overwhelmingly supported by the Shareholders and Optionholders of PacMag on June 4, 2010 and final approval was granted by the Federal Court of Australia on June 15, 2010, with the Schemes becoming effective on June 16, 2010. All regulatory and administrative matters have been addressed and the transaction has closed as of June 30, 2010.