Mongolian Economy and Finance

I was recently on a mining practice course with fellow students from the Mining Engineering School of the Mongolian University of Science and Technology.

A favorite bird of Chinggis Khan, 150 Saker Falcons will be exported this year, an agreement reached at a Mongolian cabinet meeting earlier this month. 

Q: As many foreign and Mongolian businesses say, corruption is rampant in Mongolia.

ULAANBAATAR, MONGOLIA – From the Office of the President of Mongolia: The following is a statement released by Mongolian President Tsakhia Elbegdorj to international journalists and organizations observing Mongolia’s seventh parliamentary election upon the conclusion of voting:

Ulaanbaatar, Mongolia /MONTSAME/ The General Election Commission (GEC) has tried to provide the disabled with all possible opportunities to vote.

Ulaanbaatar, Mongolia /MONTSAME/ A chairman of the Democratic Party (DP) N.Altankhuyag voted at 26th and 26th constituencies in Songinokhairkhan district at 11 am.

Ulaanbaatar, Mongolia /MONTSAME/ The election voting stopped at 8.00 pm nationwide.

Ulaanbaatar, Mongolia /MONTSAME/ Some 44 observers from USA, Great Britain, Canada, Republic of Korea, Kyrgyzstan, Russia and Taiwan, as well as from international organizations are working here to watch how the election process is going. 

Ulaanbaatar, Mongolia /MONTSAME/ By 8.00 pm, one million 198 thousand and 086, or 65.24 per cent, out of one million 833 thousand 478 citizens have voted in the elections--66.8 per cent in localities and in the city--63.24 per cent.

Ulaanbaatar, Mongolia /MONTSAME/ According to the law on automatic election system, the General Election Committee /GEC/ has decided to count ballot papers by hand.

Ulaanbaatar, Mongolia /MONTSAME/ At 23 pm the Mongolian People's Party /MPP/ called a news conference at the Independence Palace.

Ulaanbaatar, Mongolia /MONTSAME/ Preliminary, candidates from the Democratic Party (DP) have gained 11 seats out of 14 mandates in the constituencies of Ulaanbaatar city.

Ulaanbaatar, Mongolia /MONTSAME/ At 9.30 am on Friday, a head of the Democratic Party's (DP) faction reported that DP has captured 23 seats out of 48 mandates in 26 constituencies through the majority system rule; and the Mongolian People's Party (MPP)--19 seats; the "Justice" joint coalition (Mongolian People's Revolutionary Party and National Democratic Party)--three seats; and independent candidates--three seats.

Ulaanbaatar, Mongolia /MONTSAME/ The General Election Committee introduced a counting result of election votes of Mongolians abroad.

Ulaanbaatar, Mongolia /MONTSAME/ The Mongolia's People's Party (MPP) still has possibility to take 25-26 seats of parliament, said O.Enkhtuvshin, the MPP's Secretary-General at a press conference called at 1.00 am on Friday.

Ulaanbaatar, Mongolia /MONTSAME/ Mongolia's culture days are taking place in Lemvig of Denmark from June 24 to July 1.

Ulaanbaatar, Mongolia /MONTSAME/ The International Judo Federation (IJF) issued on Monday the latest world ranks of judoists.

Ulaanbaatar, Mongolia /MONTSAME/ The Mongolians have organized the elections very well, said on Friday A.P.Torshin, the Deputy chairman of the Federal Council of the Russian Federation (RF) and state advisor to the RF.

Ulaanbaatar, Mongolia /MONTSAME/ The President of Mongolia, Ts.Elbegdorj has appointed some judges and general judges by his 107th decree on June 26.

Ulaanbaatar, Mongolia /MONTSAME/ The President Ts.Elbegdorj received on Friday a delegation headed by A.P.Torshin, the Deputy chairman of the Federation Council of the Russian Federation (RF) and state advisor to the RF.

Ulaanbaatar, Mongolia /MONTSAME/ At 3.30 pm on Friday, the General Election Commission (GEC) revealed an official preliminary result of the parliamentary election run by the proportional system.

Ulaanbaatar, Mongolia /MONTSAME/ The General Election Commission (GEC) revealed an official preliminary result of the parliamentary election run by the majority system, at a press conference at 3.30 pm on Friday.

Mongolia boasts huge deposits of coal, cooper, gold, uranium and many other rare minerals, and is opening up its vast resources to the world; this has however led to many diplomatic problems for the Asian nation.

As Mongolia goes to the polls for parliamentary elections the country – remote, still largely unknown, the most sparsely populated on Earth – is enjoying a rapid and well documented boom as it begins to exploit its vast mineral wealth.

The story of Mongolia’s mining boom begins billions of years ago, when magma from deep in the earth’s mantle forced its way close to the surface and deposited rich mineral veins across Central Asia.

Mongolia’s opposition Democratic Party is leading after early counting from parliamentary elections though no party has a clear majority, President Tsakhia Elbegdorj said in an interview today.

When I met up with Stana Katic recently at the Crosby Hotel, she was thrilled, having just learned that her show “ Castle ” (in which she plays a detective) had been renewed for a fifth season.

SAN ANTONIO, Jun 29, 2012 (BUSINESS WIRE) -- Management of Nova Mining Corp. NVMN +10.00% disclosed today that they are further reassured that their recent move to secure valuable Lithium product from three large licensed Lithium fields is economically sound and perfectly timed, due to recent important events.

One-third of the country's three million people live below the poverty line, and many say they haven't seen any benefit from the rapid economic growth. At stake in the election was the issue of spreading the wealth of the country's mining boom. The money is rolling in but the people remain poor. Mongolia is wedged between China and Russia, and has massive deposits of coal, copper, gold and uranium. The government estimates its mineral reserves to be worth $1.2 trillion. The country's economy grew by 17.3 per cent last year, one of the fastest-growing in the world. Its foreign direct investment stands at around $5bn. And overshadowing everything is the blight of corruption, which poses the biggest danger to Mongolia's future. In admitting this Elbegdorj Thakia, the Mongolian president, told Al Jazeera: "Corruption is a big problem, because of corruption, because of bad governance I think most of the emerging societies are failing and failed. We [don't] want ...

CNN PRODUCER NOTE enkhbileg took this photo of media personnel showing their ID's to security in order to enter the press conference held by the General Elections Committee.

Mongolia’s Democratic party has declared victory in parliamentary elections but the electoral commission has delayed the release of official results amid allegations of voting fraud.

A man raising money for a hospital near his home by riding a motorcycle from Inverness to Ulaanbaatar required medical treatment in Mongolia.

ULAN BATOR — Technical problems hit the vote count in Mongolia's parliamentary elections Friday, delaying the result of a poll that will determine who controls the resource-rich country's divisive mining boom.

New sources of minerals close to expanding industry are critical to future mining industry profits.

Mongolians went to the polls Thursday as their remote but resource-rich country faces the possibility of economic triumph or disaster.

The long-awaited 2012 Parliamentary Election was carried out peacefully yesterday and Mongolian citizens eligible to vote cast their ballots from 7 am to 8 pm for the political parties and candidates through 1,908 election sub-committees.

Most politicians in Mongolia are closely related to Mongolia’s business elite.

* Right-leaning party says wins 36 of 76 seats * Election commission has yet to confirm results

Mongolia's claim to a tyrannosaur skeleton that experts agree was smuggled out of the country has captured international attention. However, this dinosaur's situation does not appear unique.

ULAN BATOR, Mongolia — Calls by Mongolia's ruling party for a recount of votes at some polling stations Friday delayed results in sharply contested legislative elections that centered on how to spread the wealth from the poor but fast-growing country's mining boom.

China 's first female astronaut and two other crew members emerged smiling from a capsule that returned safely to Earth on Friday from a 13-day mission to an orbiting module that is a prototype for a future space station.

A change in control of Mongolia's Parliament appears likely after the Democratic Party this week picked up the most votes in legislative elections, during which politicians campaigned on populist promises to share mining wealth.

Mongolia's claim to a tyrannosaur skeleton that experts agree was smuggled out of the country has captured international attention.

On a Friday night in June, Ulan Bator's only gay bar is a dark building in a sea of dark buildings.

The mining boom and moves to keep profits in Mongolia have become key election issues.

The opposition Democratic Party, which had promised to more evenly distribute the country's new mining riches, said it believed it would be able to form a ruling coalition in the 76-seat parliament with minor parties.

As I wrote on Monday, the Mongolian elections will go ahead without former president Enkhbayar standing for his Mongolian People’s Revolutionary Party (MPRP).

Mongolians have elected a new parliament that may - or may not - usher in needed change.

HALIFAX, NOVA SCOTIA, Jun 28, 2012 (MARKETWIRE via COMTEX) -- Erdene Resource Development Corp. /quotes/zigman/41761 CA:ERD -4.17% ("Erdene" or "Corporation") announced today that an agreement in principle has been reached whereby Advanced Primary Minerals Corp. (TSXV-APD) ("APM") will acquire all of Erdene's North American interests, comprised primarily of Erdene's interest in the Donkin Coal Project ("Donkin").

If all goes as envisioned on June 28, Mongolia’s parliament will no longer be a male bastion.

ULAN BATOR, Mongolia—Mongolians traveled by foot, car and horse to vote for a new legislature Thursday in an election that centered on better spreading the benefits of Mongolia's mining boom across the vast and still largely poor country.

As Mongolia goes to the polls for parliamentary elections the country – remote, still largely unknown, the most sparsely populated on Earth – is enjoying a rapid and well documented boom as it begins to exploit its vast mineral wealth.

Mongolia Mining Corp. (975) is betting there’s enough demand from China to support the construction of an $800 million railway that will double export capacity to the nation that counts Mongolia as its biggest coal supplier.

As birds of prey soared overhead and livestock grazed on the summer’s grassland bounty, Baterdene jumped off his horse and strode into the wooden primary school in Erdene village in Mongolia’s Tov province.

2012 Parliamentary Election and the City Council or the Capital City Representative Khural will be carried out at the same time in the every corner of Mongolia from 7am to 8 pm.

June 26 (Mongolian Properties) Astronomical mortgage rates in Mongolia have made the prospect of owning a house unattainable for the majority of Mongolians in Ulaanbaatar.

June 26 (Mongoliana) The parliamentary and provincial elections of 2012 are to be held on the 28th of June. 

PERTH, June 27 (miningweekly.com) - Western Australia's training providers was assisting a Mongolian delegation in government-industry relations to help meet the country's demand for trained miners.

June 26 (Byambajav) The importance of the Ulaanbaatar City Council election was never as high as this year's.

June 27 (APIP) Asia Pacific Investment Partners ("APIP"), a Mongolia focused operating group primarily engaged in property development and cement production, has today announced the appointment of its new Chief Operations Officer of Infrastructure and Construction, Joshua Haines.

June 27 (Mogi) On June 22, UBS AG became substantial holder (above 5%) in Guildford Coal Limited (ASX: GUF ) at 5.76% and thus was notified on June 26.

June 27 (Mogi) On June 26, Aspire Mining Limited (ASX: AKM ) Non-Executive Chairman Mr. David McSweeney bought 500,000 shareson market for A$65,121.30 which translates to an average price of slightly over 13c.

President of Mongolia Tsakhia Elbegdorj voted for parliamentary election today morning at 8 am at the polling station in Mongolian-Russian joint 3rd school.

Ulaanbaatar, Mongolia /MONTSAME/ At 11.25 am, the Prime Minister S.Batbold and his spouse Ch.Otgontuya voted at the 21st and 2nd constituencies in Khan-Uul district.

Ulaanbaatar, Mongolia /MONTSAME/ The General Election Committee presented a voting process in the city by 11 am. 

Ulaanbaatar, Mongolia /MONTSAME/ Istanbul--Bishkek--Ulaanbaatar flights will start on July 2.

Ulaanbaatar, Mongolia /MONTSAME/ The General Election Committee (GEC) presented a process in countryside by 11 am.

Ulaanbaatar, Mongolia /MONTSAME/ The election started on June 28 throughout the country to form a new parliament.

Ulaanbaatar, Mongolia /MONTSAME/ The state head Ts.Elbegdorj cast a vote in parliamentary election at the 4th sub-committee in the 23rd constituency, and in the election of the Citizens' Representative Khural of City--at the 4th sub-committee in the 13th constituency.

Ulaanbaatar, Mongolia /MONTSAME/ The elections are continuing to 8 pm., in which one million 833 thousand 478 Mongolians wil cast their votes at one thous. 908 election sub-committees.

Ulaanbaatar, Mongolia /MONTSAME/ The election day is the highlight of this year's events in Mongolia with specific features, this is the peoples' day dedicated to the state.

/MONTSAME/ A head of the Civil Will-Green Party, S.Oyun cast a vote at 32nd electoral sub-committee of 15th khoroo in Khan-Uul district this morning.

ULAN BATOR - Resource-rich Mongolia headed to the polls Thursday to elect a new parliament with both major parties telling frustrated voters they could deliver better shares of a stunning but divisive mining boom.

ULAN BATOR — Despite resurgent nationalism and an imminent election in mineral-rich Mongolia, the country's leaders are still keen on keeping foreign investment flowing in.

ULAN BATOR, Mongolia — Mongolians are voting for a new legislature, going to the polls by foot, car and even horse for an election centered on how best to distribute the benefits of Mongolia’s mining boom.

BEIJING (Reuters) - A Chinese dairy company has recalled hundreds of cartons of milk after a mechanical error tainted the batch with alkaline water, the latest blow to China's scandal-plagued dairy industry.

BEIJING: A Chinese spacecraft with three astronauts aboard will return to Earth Friday after a nearly two-week mission that included the country’s first manual docking in orbit, state media said.

TAVAN TOLGOI, Mongolia -- "All you need to mine here is a shovel," said an awe-struck Indian investment manager as he stood behind a barrier, along with dozens of international mining industry executives and other eager investors, gazing at the immense coal pit gouged out of the rust-colored earth below.

Mongolians are heading to the polls Thursday to elect a new parliament that will be tasked with how to best use the country's massive influx of mineral wealth to help its still poor population.

The parliamentary election will held tomorrow, on June 28, from 7 am to 8 pm.

Ulaanbaatar City administration decided not sell alcohol in Ulaanbaatar on parliamentary and Capital City Representative Assembly’s election voting day, on June 28 and next day on June 29.

The Constitutional Court of Mongolia held a meeting yesterday and discussed former president N.Enkhbayar’s appeal.

Ulaanbaatar, Mongolia, /MONTSAME/ An American rapper and songwriter Pitbull (Armando Christian Perez) will give his concert on July 21 in the Central Stadium, Ulaanbaatar city.

Ulaanbaatar, Mongolia /MONTSAME/ The Ambassador Extraordinary and Plenipotentiary of Mongolia to the Commonwealth of Australia R.Bold presented on Wednesday his letter of credence to Quentin Bryce, the Governor-General of Australia.

Following events are expected June 28:

The main challengers are the center-right Democratic Party and former communists of the People’s Party. 

In the latest sign of uncertain prospects for initial public offerings in Asia, Inner Mongolia Yitai Coal Co. (900948.SH) said Wednesday it has secured backing from two Chinese government-linked companies as cornerstone investors for its IPO in Hong Kong, while, separately, people familiar with the situation said that People's Insurance Co. (Group) of China Ltd. will postpone its US$4 billion Hong Kong IPO that was planned for July.

If all goes as envisioned on June 28, Mongolia’s parliament will no longer be a male bastion.

* Nationalist sentiment likely to increase after election * Legislation to cut mining dependence on the agenda * Foreign investment still crucial for economy

Mongolians went to the polls today to elect leaders who must address soaring inflation and rising demands for a fairer distribution of more than $1.3 trillion in mineral wealth in the world’s fastest growing economy.

Ulaanbaatar, Mongolia /MONTSAME/ Authorities of the General Police Department (GPD) received on Tuesday athletes who will compete in the London 2012 Olympic Games, and granted a cash prize of MNT 10 million to each athlete. Athletes at the GPD have gained ten Olympic rights. A State Honored Sportsman B.Ser-Od will participate in the men's marathon, and an international master of sports L.Otgonbayar--in women's marathon. Furthermore, a State Honored Sportswoman M.Bundmaa (women's 52 kg) will compete in judo; O.Nasanburmaa, B.Naranbaatar, O.Burmaa--in freestyle wrestling; and B.Tuvshinbat--in boxing. B.Khuder

Ulaanbaatar, Mongolia /MONTSAME/ The election advertising will be stopped before 12.00 pm on Wednesday or 24 hours before the voting day of the elections of parliament and the Citizens' Representative Khural of City to run on Thursday.

Ulaanbaatar, Mongolia /MONTSAME/ The Ambassador of Mongolia to Republic of Austria, J.Enkhsaikhan met with two new honorary consuls of Mongolia in Austria.

Ulaanbaatar, Mongolia /MONTSAME/ On occasion of the 806th anniversary of the Great Mongolian Empire and the 91st anniversary of the People's Revolution, the Ambassador Extraordinary and Plenipotentiary of Mongolia to the Federal Republic of Germany (FRG) B.Davaadorj organized on Monday a reception in Berlin.

Ulaanbaatar, Mongolia /MONTSAME/ General Election committee /GEC/ approved resolution ¹ 127 on ballot papers.

Ulaanbaatar, Mongolia /MONTSAME/ The State Head Ts.Elbegdorj has said he was satisfied with a decision of a judge of the Manhattan Court to seize a fossil skeleton of Tyrannosaurus bataar and to send it to the Mongolian side.

Ulaanbaatar, Mongolia /MONTSAME/ In a scope of the 806th anniversary of the Great Mongolian Empire and the 91st anniversary of the People's Revolution, the "Mongolians in Deel" festival will take place on days of the National Great Celebration.

Mongolian Mining Corp (HKG:0975), the country’s biggest coking coal exporter, hit a record low today as investors looked at the likelihood of more restrictive investment policies which would be implemented after Mongolia’s parliamentary elections this week.

Some days ago, I considered whether we might take the share of the party vote achieved by the MPRP in tomorrow’s election as an indication of (a rise of) populism in Mongolian politics.

The Mongolian economy is continuing to grow at a very rapid pace, expanding by 16.7 percent year-on-year (yoy) in Q1.

A chronology of key events:

Mongolia 's parliamentary elections are scheduled for Thursday, and its capital city is awash with politics.

Mongolians head to the polls on Thursday to elect a parliament that will have to make important choices about how to share the proceeds of the mining boom that has gripped the mineral-rich country of 2.8m people.

ULAN BATOR: Mongolians will vote on Thursday to elect a new parliament tasked with distributing the spoils of a mining boom that has brought rapid growth but also rising inequality to the resource-rich nation.

ULAN BATOR, Mongolia – Mongolians vote for a new legislature this week facing a fortunate choice: How best can the landlocked, still poor country spend an expected windfall from its mining boom?

2012 Parliamentary Election and the City Council or the Capital City Representative Khural will be carried out at the same time in the every corner of Mongolia from 7am to 8 pm.

The following is an interview with the President of Mongolian National Mining Association, D. Damba, on uranium reserves and its usage.

Ulaanbaatar, Mongolia - There was a time when Tugsjargal Munkherdene felt like a pariah.

Exclusive interview with N.Enkhbayar, former President and current Leader of the Mongolian People’s Revolutionary Party discussing this election, corruption, his arrest and his trial.

Amid important elections and transitions taking place this year in different parts of the world, it is easy to overlook the parliamentary election to be held in Mongolia on June 28.