Mongolian Economy and Finance

An official with Mongol Bank’s Economic Department and three officials from the Standardization Measurement Office have been detained since last week for their alleged roles in a gold scheme.

Secretary General of Parliament Office Ts.Sharavdorj has told our correspondent that the current session of Parliament will go into recess on February 10.

The DP caucus discussed several draft laws at its meeting on Monday. The caucus established a working group to amend a draft law on local settlement elections.

Five new ministers were in attendance at Monday’s meeting of the Government.

The MPP caucus discussed the Tavantolgoi protocol on Monday and decided that each citizen should be given 1,072 shares in the mining project.

The DP has organized a series of lectures in the Government House since 2011, and on Tuesday DP Secretary General D.Erdenebat delivered one entitled “From Administrative Structure to Free Economies.”

Ulaanbaatar, Mongolia /MONTSAME/ On Monday, the Minister of Mineral Resources and Energy D.Zorigt introduced to the cabinet works of increasing oil product supply and stabilizing the price of oil products.

Ulaanbaatar, Mongolia /MONTSAME/ Reserved meat has been sold from January 15 for the city's needs, the Minister of Food, Agriculture and Light Industry T.Badamjunai reported on Monday at the cabinet meeting.

Ulaanbaatar, Mongolia /MONTSAME/ The cabinet positively considered on Monday issues of augmenting salaries, pensions and some allowances.

After gasoline prices went up January 6, the Confederation of Trade Unions (CTU) organized demonstrations at Sukhbaatar Square and in aimags.

ON THE OCCASION OF THE CENTENARY OF REGAINING THE INDEPENDENCE OF MONGOLIA.

This month, the Hong Kong Census and Statistics Department reported that China imported 102,779 kilograms of gold from Hong Kong in November, an increase from October’s 86,299 kilograms.

NEW YORK, Jan. 30, 2012 /PRNewswire/ -- Deloitte Touche Tohmatsu Limited (DTTL) announced today it has established a new member firm in Mongolia after reaching an agreement with leading local Mongolian professional services firm, Onch Audit. The new firm, Deloitte Onch LLC , will offer a full range of professional services, including audit, tax, consulting, and financial advisory to clients in one of the world's fastest growing economies.

For the first time in its history, Mongolia is going to launch a multi-billion dollar initial public offering (IPO) of a country`s strategic coal deposit.

A Russian Army delegation has started a five-day visit to Mongolia to discuss preparations for a joint exercise, the Defense Ministry said on Monday.

ULAN BATOR, Jan 31 (KUNA) -- Kuwaiti Ambassador to Mongolia Mubarak Mohammad Al-Suhaijan met, on Tuesday, with Mongolia's Foreign Minister Gombojav Zandanshatar at the Foreign Ministry headquarters.

1/30/2012 - U.S. AIR FORCE ACADEMY, Colo. -- An Air Force Academy political science professor will soon be calling the land of Genghis Khan home.

Wildlife health experts from the Wildlife Conservation Society have published evidence which supports the conclusion that Mongolian gazelles—one of the most populous large land mammals on the planet—are not a reservoir of foot-and-mouth disease (FMD), a highly contagious viral disease that threatens both wildlife and livestock in Asia.

ULAANBAATAR, MONGOLIA, Jan 30, 2012 (MARKETWIRE via COMTEX) -- Undur Tolgoi Minerals Inc. ("UTM" or the "Company") (cnsx:UTM) is pleased to announce that its Board of Directors has reviewed and unanimously approved an exploration Program (the "Work Program") for the Company's Mongolian property.

NEW YORK, Jan. 30, 2012 /PRNewswire via COMTEX/ -- Deloitte Touche Tohmatsu Limited (DTTL) announced today it has established a new member firm in Mongolia after reaching an agreement with leading local Mongolian professional services firm, Onch Audit.

Officials with the Confederation of Trade Unions (CTU) visited Narantuul market on Thursday to inspect the working conditions of vendors and to research rising prices.

The Civil Will Party (CWP) held its eighth assembly on January 28, with some 500 delegates from the CWP and the Green Party (GP) taking part.

The MPRP observed its first anniversary on January 27 and organized a conference in conjunction with the anniversary.

The Importers Council held a meeting at the Mongolian National Chamber of Commerce and Industry on Monday.

Ulaanbaatar, Mongolia /MONTSAME/ The Mongolian circus artists of the "Circus Mongolia Khadgaa" group have won a Bronze Clown Cup in the 36th International Circus Festival in Monte-Carlo.

Ulaanbaatar, Mongolia /MONTSAME/ India has decided to add scholarships of its government for the Mongolian students in the academic years of 2012-2013. It was reported on Friday on the www.news.mn website.

Ulaanbaatar, Mongolia /MONTSAME/ A total of 47 Mongolian supplier companies will receive special mention at the “Gobi of Treasure” Annual Best Supplier Recognition Award Ceremony hosted by Oyu Tolgoi, the company's website reported on Thursday.

Ulaanbaatar, Mongolia /MONTSAME/ The National Development and Innovation Committee (NDIC) announced on Thursday it approved a program on developing industry of high technologies.

Ulaanbaatar, Mongolia /MONTSAME/ The Ambassador Extraordinary and Plenipotentiary of the USA to Mongolia Mr. Jonathan Addleton inaugurated on Friday his book about Mongolia.

Ulaanbaatar, Mongolia /MONTSAME/ The Embassy of Mongolia in the USA organized last Friday a reception of honor in the Four Seasons hotel, Washington D.C,. dedicated to the 25th anniversary of the Mongolia-USA diplomatic relations.

Ulaanbaatar, Mongolia /MONTSAME/ A round-table meeting themed "Security of Mongolia in 2012: External factors possible to pose threat to the security" started on Wednesday in the Institute of Strategic Studies (ISS), the National Security Council (NSC).

Ulaanbaatar, Mongolia /MONTSAME/ At its plenary meeting on last Friday, the parliamentary session made a decision to appoint some ministers.

Rio Tinto PLC is expected to offload a number of Australian and Asian assets now under its control after it clinched majority ownership of Canadian explorer Ivanhoe Mines Ltd.

The state has released coal mining statistics ahead of next month’s “Coal Mongolia 2012” forum for international investors.

Ivanhoe Mines Ltd. is reminding investors that a majority of its directors are expected to remain independent, shortly after Rio Tinto Ltd. said it may look to replace some of the miner’s senior management.

Toll has retired immediately to focus on personal matters and other business interests in the mining industry, the oil firm said in a statement this morning.

The Harper government weathered a storm when it cut funding to long-standing foreign-aid groups, but is now facing more controversy over its decision to launch development projects in partnership with mining firms.

The earliest Native Americans may have originated in a tiny mountainous region in southern Siberia called the Altai, according to anthropologists.

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Inner Mongolia Autonomous Region, as the country largest coal producer, imported 20.7 million tonnes of coal in the whole of 2011, 23.2% more than that in 2010.

New Delhi: In its bid to have greater engagement with foreign militaries, Indian Army will this year hold between 15 to 20 bilateral war games with friendly nations like the US, Russia, France and Britain, apart from neighbours Bangladesh, Myanmar and Nepal, officers said Sunday.

RIO Tinto expects to replace some directors and management at Ivanhoe Mines after grabbing majority control of the Canadian mining company, and may seek direct ownership in the massive Oyu Tolgoi copper and gold project in Mongolia.

Oleg Deripaska's En+ Group plans to invest at least $1.5 billion to increase coal production by almost 50 percent by 2020 and is studying acquisitions in Russia, Mongolia and Indonesia.

BEIJING — Mining in southern Mongolia is threatening the livelihoods of herders and straining water supplies, a report said Monday, as foreign companies race to exploit the country's rich mineral deposits.

Australian coal producer Guildford Coal aims to start mining at its South Gobi coking coal project in Mongolia in mid-2012, after it received its mining licence for the project Monday, the company said in a statement.

A Japan-China friendship group in Okinawa Prefecture has agreed to cooperate on procuring rare earth metals with a local goodwill group in China's Inner Mongolia Autonomous Region, sources familiar with the matter said Sunday.

Strong mining industry and diversification efforts set scene for long-term expansion – OBG’s Regional Editor

RIO Tinto is expected to offload a clutch of Australian and Asian assets now under its control after it clinched majority ownership of Canadian explorer Ivanhoe Mines.

Copper hit a four-month high Wednesday after the US Federal Reserve pledged to hold interest rates to near zero until the end of 2014.

The economic outlook for much of eastern Europe is continuing to darken as the eurozone crisis refuses to abate and western banks reduce lending in the region, according to the European Bank for Reconstruction and Development.

Prophecy Coal has received a positive feasibility study for the Company’s 600 MW Chandgana Mine-Mouth Power Project in Central Mongolia. The Report was independently prepared by Ralf Thomsen, Project Manager at Steag, a German firm specializing in the planning, financing, construction and operation of highly efficient, thermal power plants for fossil fuels.

Shares of Canada’s Ivanhoe Mines Ltd. gained more than 5 percent in aftermarket trading on Thursday after majority shareholder Rio Tinto PLC disclosed that it is reviewing the company’s board and management structure in advance of likely changes.

MELBOURNE -(MarketWatch)- Rio Tinto PLC RIO +0.38% expects to replace some directors and management at Ivanhoe Mines Ltd. IVN +4.29% after grabbing majority control of the Canadian mining company, and may seek direct ownership in the massive Oyu Tolgoi copper and gold project in Mongolia.

Rio Tinto Group (RIO) , the world’s third- largest mining company, may seek to replace Ivanhoe Mines Ltd. (IVN) ’s senior management after moving to increase its stake to 51 percent this week.

Shares of Erdene Resource Development Corp. (ERD.TO) were lifted by almost 5% after the company announced today the final assay results from a 20-hole scout drill program at its 100% owned Altan Nar property in southwest Mongolia.

Mongolian Ministry of Foreign Affairs and Trade held a seminar Thursday to commemorate the 25th anniversary of diplomatic relations between Mongolia and the United States.

Co-chairman Gordon Toll is retiring from the board of Mongolia focused Petro Matad ( LON:MATD ), it emerged.

Our next big destination along the historic Trans-Siberian Railway was Mongolia.

The future potential for renewable energy in Mongolia is recognized in its fifteen year renewable energy program.

Mongolia has two neighbours, China and Russia. Both of these countries are huge and have dominated Mongolia for several centuries, despite Mongolia being a sovereign republic.

MELBOURNE Jan 27 (Reuters) - Global miner Rio Tinto may push for a change in ownership of the massive Oyu Tolgoi copper and gold mine in Mongolia, which is two-thirds owned by Canada's Ivanhoe Mines, the Canadian miner said in a U.S. filing.

In addition to criticizing MPP Chairman and Prime Minister S.Batbold for his nominations to fill six ministerial vacancies, the MPP caucus addressed several other issues at its regular meeting on Monday.

Prime Minister S.Batbold submitted his nominees for six ministerial vacancies to Speaker D.Demberel on Tuesday.

On Tuesday, a Standing Committee on Economics working group headed by D.Gankhuyag held an open discussion on rising prices at the Government House.

The DP caucus on Tuesday rejected the MPP’s nominees for six ministerial vacancies created when the DP pulled out of the coalition government.

The German Society for International Cooperation opened a new German technology center in Ulaanbaatar on Tuesday.

The Mongolian Basketball Federation is sponsoring the “UB Cup 2012” international tournament at the Sport Palace from February 7 to 12 with the assistance of Pepsi Cola.

Mongolia’s embassy in Kiev recently observed the 20th anniversary of the establishment of diplomatic relations between Mongolia and Ukraine.

On Thursday, DP MPs P.Altangerel and S.Erdene told journalists that the MPP caucus has delayed discussion of a draft law on pension increases.

Steven Barnett, the head of the Asia and the Pacific Department of the International Monetary Fund (IMF), recently answered our correspondent’s questions.

Ulaanbaatar, Mongolia /MONTSAME/ An exhibition named "My hobby" opened on Monday in the Mongolian Military Museum.

Ulaanbaatar, Mongolia /MONTSAME/ A round-table meeting themed "Security of Mongolia in 2012: External factors possible to pose threat to the security" started on Wednesday in the Institute of Strategic Studies (ISS), the National Security Council (NSC).

Ulaanbaatar, Mongolia /MONTSAME/ On Wednesday, a head of the Presidential Office D.Battulga granted scholarships to some foremost students.

Ulaanbaatar, Mongolia /MONTSAME/ The Premier S.Batbold submitted on Tuesday to the Speaker D.Demberel a parliament draft resolution on appointing six members of the cabinet.

Ulaanbaatar, Mongolia /MONTSAME/ While touring last weekend with a working visit in Omnogobi aimag, the President Ts.Elbegdorj has stayed overnight in a family of G.Bugd, a foremost herdsman, in Khurmen soum.

In November of 2001, after a trade mission that took him throughout Asia, former Mayor Webb returned to Denver with the intention of making Ulaanbaatar our tenth sister city.

Thailand’s top coal miner, Banpu Pcl, said on Friday it aimed to invest $600 million in 2012, mostly to develop coal mines in Indonesia and Australia, and it expected higher operating profit this year.

Global miner Rio Tinto is clear to take over Mongolia’s coveted Oyu Tolgoi project, which promises to be one of the world’s largest copper-gold mines, after project owner Ivanhoe Mines decided to scrap a controversial “poison pill”.

Jan. 24 (Bloomberg) -- Canadian stocks fell for the first time in five days, led by banks, as talks between European finance ministers and holders of Greek debt reached a stalemate.

Marc Faber spoke with CNBC about the state of emerging markets and, notably, frontier markets.

Some bands say "world tour," and it means they've booked Vancouver immediately after Seattle.

A junior mining company in Halifax is considering whether to build a new marine terminal in Guysborough County aimed at providing building aggregate for the recovering United States construction industry.

Mongolia, a steppe country in Central Asia, is known for unspoiled nature, nomadic life, gers made of felt, the seemingly endless expanses of blue sky, the Gobi Desert, and the Altai Mountains.

The Ministry of Education, Culture and Science plans to build 40 kindergartens in the state this year with the assistance of the World Bank.

Mongolian judoists competed at The World Master-2012, initiated by the International Judo Wrestling Association on January 14 to15 in Almaty, Kazakhstan.

VANCOUVER, BRITISH COLUMBIA, Jan 24, 2012 (MARKETWIRE via COMTEX) -- Prophecy Coal Corp. ("Prophecy" or the "Company") CA:PCY -5.56% (otcqx:PRPCF)(frankfurt:1P2) is pleased to provide the following update on EPC (Engineering, Procurement, Construction), PPA (Power Purchase Agreement), and project financing in connection with its proposed 600 MW Chandgana power plant project in Mongolia.

Hanmi's 13 OTC products including 'Ten Ten' Multi-Vitamins for children, NSAID 'Dexibuprofen' will be marketed in the Mongolian market.

For the first time in recent memory, a creeping takeover in Canada has succeeded.

Kazakhstan raised its gold reserves by 3.1 metric tons in December to 76.7 tons, according to data on the International Monetary Fund’s website.

For the first time in recent memory, a creeping takeover in Canada has succeeded.

This story is part of an upcoming special report on Mongolia, the second country to be featured in our Emerging Market Series .

A group of demonstrators headed by Confederation of Trade Unions (CTU) President S.Ganbaatar protested outside the Government House on Monday.

On Monday, Chief of the Standing Committee on Security and Foreign Policy Ya.Batsuuri sent a query to Prime Minister S.Batbold about rising gasoline prices in some aimags.

At its regular meeting on Monday, the DP caucus discussed the recent increase in fuel prices and decided to raise the issue of Mongol Bank President L.Purevdorj’s resignation in Parliament.

The Democratic Union of Darkhan-Uul aimag organized a symposium on January 22 to mark its 22nd anniversary.

During his visit to Umnugobi aimag, President Ts.Elbegdorj met with Khanbogd soum residents to hear their suggestions and complaints and to answer their questions.

On Monday, Speaker D.Demberel and Chief of the Standing Committee on Economics D.Zorigt received representatives of the Confederation of Trade Unions (CTU) demonstrators protesting price increases in the country.

Ulaanbaatar Mayor G.Munkhbayar is on a four-day official visit to Germany at the invitation of Jurgen Nimptsch, the mayor of Bonn.

On Monday, Prime Minister S.Batbold sent a note regarding the filling of six ministerial vacancies to President Ts.Elbegdorj. On Tuesday, the President replied.

Now that he has received the President’s reply to his note regarding the filling of six ministerial vacancies, Prime Minister S.Batbold will submit the nominations to Speaker D.Demberel on Tuesday.

Ulaanbaatar, Mongolia /MONTSAME/ The Parliament Speaker accepted last Friday a draft amendment to the law on donor.

Ulaanbaatar, Mongolia /MONTSAME/ In view of a parliamentary resolution on discharging some cabinet members from the posts, S.Batbold PM has released an order.

Ulaanbaatar, Mongolia /MONTSAME/ The Vice Minister of Food, Agriculture and Light Industry J.Saule attended an opening ceremony of the International Green Week held on January 20 in Berlin, Germany.

Ulaanbaatar, Mongolia /MONTSAME/ The Premier S.Batbold submitted on Tuesday to the Speaker D.Demberel a parliament draft resolution on appointing six members of the cabinet.

The Ministry of Mineral Resources and Energy, the National Development and Renovation Committee (NDRC), and the mining sector website mining.mn are jointly organizing a forum for international investors called “Coal Mongolia 2012” at the SS convention center on February 9 and 10.

Ivanhoe Mines said that it will scrap its shareholder rights plan, clearing the way for its single largest shareholder, Rio Tinto to take over what could be one of the world’s largest copper-gold mines.

Jan. 20 (Bloomberg) -- Hong Kong stocks advanced, with the Hang Seng Index posting its biggest weekly gain since the start of December, as U.S. initial jobless claims and European borrowing costs declined.

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Petro Matad Ltd., the parent company of a group focused on oil exploration, as well as future development and production in Mongolia, has appointed Mark Zebrowitz to its senior management team as COO.

ULAN BATOR, Jan. 24 (Xinhua) -- The Mongolian president on Tuesday rejected four out of six ministerial nominations, citing that their legislator identities may lead to an imbalanced government, the government's press service said.

Prime Minister S.Batbold issued an order replacing the six outgoing DP ministers in accordance with a protocol of Parliament on January 20, 2012, and a provision of the law on government.