Mongolian Economy and Finance

Ulaanbaatar, the capital city of Mongolia, is situated in the Tuul River Valley and is surrounded by four mountains: Bogd, Bayanzurkh, Songino and Chingeltei.

From ancient times, people have used feathers in pillows, for decorations, and as accessories.

Mongolian art, especially fine art, has a very long history. In recent years the art world of Mongolia has expanded rapidly, with many upcoming talented young artists entering the scene.

The following interview is with P.Tsagaan, one of the three current Mongolian members of the Board of Directors at Oyu Tolgoi LLC.

By Paulius Kuncinas Regional Editor, Oxford Business Group

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

Since a few weeks ago, Europe has been coping with a serious issue related to meat standards and, more precisely, its traceability procedures.

Finance Mongolia 2013, the first financial exhibition and conference of its kind in Mongolia, took place at the Misheel Expo Centre over the weekend.

Given Mongolia’s current state of energy resources and production, the country may experience power shortages in 2014, if not sooner.

Welcome to The GrUBe! This column is dedicated to readers’ gripes (complaints) about aspects of life in Mongolia, particularly in UB, hence the name “GrUBe”.

The Chief representatives of the Consular Office of the Mongolian Embassy in China, the Consulate General of the People"s Republic of Mongolia in Hohhot, Shanghai, Erlianhaote and Hong Kong gathered at a regular meeting in Hohhot, China on 19th and 20th February.

There is a high risk that citizen of Ulaanbaatar will face drinking water shortages by 2030.

A new law on Food and Food Security that prohibits an individual from importing food products and goods from foreign countries will be enforced from March 1st.

Khuvsgul lake, the largest fresh water lake in Mongolia is highly polluted from over 40 rust eaten shipwrecks that have sunk since vehicles were allowed on the lake during winter time.

The General Election Committee held a meeting on Friday to discuss setting a base spending limit for a candidate`s primary campaign because of the up-coming preparation work for the Mongolian presidential election.

Ulaanbaatar Administrative Council finally initiated the new rule to use a selection list to choose the candidates for the directors’ post for schools and kindergartens in the City on Monday.

It is estimated that there are over 500 pharmacies in Ulaanbaatar City according to a study by the Ministry of Health in 2012.

Around 1,000 advertising boards will be removed in the city center according to a new regulation.

The Mongolia Economic Forum (MEF) 2013 will be organized next week at the Government Palace on March 4th and 5th.

The Arts Council of Mongolia have developed a non-formal education program for three years called “Box museum” to promote arts and culture of Mongolia, preserve sustainable development of museums and improve children`s knowledge of culture heritage.

A Mongolian athlete, State Honored athlete Bat-Ochir Ser-Od won 14th Asian Marathon Championships 2013 in Hong Kong on February 24 Sunday.

A hearing on claims made by residents of Gurvanbulag sum in Bayankhongor aimag and the United Movement of Mongolian Rivers and Lakes (UMMRL) started in Sukhbaatar District Court on Tuesday February 26th but postponed until April.

Over the past years the of migrant and raptor birds has decreased in Mongolia.

During his visit to Mongolia on February 20th Kirsan Nikolayevich Ilyumzhinov, the President of FIDE (the World Chess Federation) said the Federation will support and cooperate with the Mongolian Chess Federation to organize international high ranking chess competitions in Ulaanbaatar city. 

International Master of Judo Wrestling, chairman of Khuch sport committee of General Police Department of Mongolia, Pagva Bira has been appointed to Assistant director of Judo for Peace Commission.

The Undesnii Bakharkhal (National Pride) NGO which is in charge of purchasing and delivering pellet fodder to Gobi bear in the Great Gobi National Park during a period of getting out of lair finished preparing 10 tons pellet fodder and foods for Mazaalai.

Shareholders meeting of Oyutolgoi LLC was held once again in Ikh Tenger complex past afternoon on February 27th.

It’s getting hard to keep track of all the bugs piling up for Apple’s iPhone.

Mongolia is following the footsteps of its largest trading partner, China, whose first western food chain in 1987 was Yum! Brands’ KFC.

Vancouver’s Entrée Gold (TSX:ETG) fell on Tuesday after Mongolian authorities pulled the company’s mining licence near Oyu Tolgoi, Rio Tinto’s massive copper-gold project in the Asian nation.

Standard & Poor’s Monday downgraded Rio Tinto’s outlook from stable to negative, citing a risk that the mega-miner’s debt may increase further in 2013-2014, “unless the company makes large disposals or iron ore prices stay well above $120/tonne CFR [cost and freight] China.”

Water is not scarce. It is made up of the first and third most common elements in the universe, and the two readily react to form a highly stable compound that maintains its integrity even at temperature extremes.

Founded in 1873 with just a small cluster of mines in Spain, Rio Tinto (NYSE: RIO) has grown to span the globe.

First Time Fest (FTF) - a celebration of first time filmmakers – is a new and unique film festival taking place in New York City from March 1 through 4, 2013.

MOSCOW, 26 February (BelTA) - Belarus and Mongolia will exchange high-level visits and business delegations.

(Pinedale, Wyo.) – Cat Urbigkit launched her first project on USA Projects this week, with a funding deadline of March 20. Urbigkit’s “Portraits of Pastoralism” project involves the development of a traveling public art exhibit of Urbigkit’s black-and-white photographs of pastoralists around the globe, illuminating the challenges faced by people whose cultures involve the seasonal movement with livestock herds (transhumance).

FREMONT — The Pressing The Limits Strength Show that has been seen by thousands throughout the Midwest will be making a long-distance trip later this year to the nation of Mongolia.

Modern road cleaner trucks will be imported to improve road maintenance in Ulaanbaatar.

Foreign coal mining companies have been given encouraging news as an announcement was made that Mongolia’s state run coal company will begin to produce coal from a block of the country’s giant Tavan Tolgoi mine.

Telecom Lead Mongolia: Nomsys, an Internet service provider in Mongolia, has selected Ruckus Smart Wi-Fi products and technology to create Wi-Fi access network in Ulaanbaatar.

The Beijing Military Area Command (MAC) of the Chinese People's Liberation Army (PLA) held a mobilization meeting in Hohhot, capital of northern China's Inner Mongolia Autonomous Region, on February 21, 2013 on support for the ecological project of the development of the western provinces of China.

Hohhot, capital of northern China's Inner Mongolia Autonomous Region, is shrouded in orange dust on Feb. 28.

After a winter of record freezing temperatures and severe air pollution, Beijing is now being affected as heavy fog, pollution and dust storms envelope large parts of northern China.

The Mongolian Ministry of Finance granted a three-year license extension to the Mongolian National Lottery (MNL), owned by license holder BizInvin LLC (BizInvin) and operated by Modern Capital Vest LLC, Mongolian subsidiaries of Singapore-based Monvest Group Pte. Ltd. (Monvest).

Feb 28, 2013 (Close-Up Media via COMTEX) -- Ruckus Wireless, Inc. announced that Nomsys, an Internet service provider based in Mongolia, has selected Ruckus Smart Wi-Fi products and technology to create a Wi-Fi access network in Mongolia's capital city of Ulaanbaatar.

Nomsys Brings Reliable Wireless Connectivity to 70% of the Capital City's One Million Residents in Poor, Rural Areas SUNNYVALE, Calif. and ULAANBAATAR, Mongolia, Feb. 25, 2013 /PRNewswire/ -- Ruckus Wireless, Inc. (NYSE: RKUS) today announced that Nomsys LLC, an Internet service provider based in Mongolia, has selected Ruckus Smart Wi-Fi products and technology to create the largest Wi-Fi access network in Mongolia's capital city of Ulaanbaatar. 

ULAN BATOR (REUTERS) - Mongolia will begin producing coal from a block of its giant Tavan Tolgoi mine this year, a senior official at the state-run company in charge of the deposit said on Friday, a step that may give foreign firms a way into the long-delayed project.

VANCOUVER, BRITISH COLUMBIA, Feb 27, 2013 (Menafn - MARKETWIRE via COMTEX) --Entree Gold Inc. (nyse mkt:EGI)(frankfurt:EKA)("Entree" or the "Company") advises that, contrary to reports in the media, the Oyu Tolgoi LLC-Entree Gold joint venture mining licences have not been cancelled.

The Mongolian delegation led by the Acting Deputy of the State Secretary of the Environment and Green Development Ministry, J.Batbold, attended the tour to study Sustainable Development Education and experience the eco-schools in Sweden between February 12 and 20.

Mongolia's state-owned Erdennes Tavan Tolgoi, says it will start work on a coking coal block previously slated for development by foreign miners.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 26, 2013) -Entrée Gold Inc. (TSX:ETG)(NYSE MKT:EGI)(FRANKFURT:EKA) ("Entrée" or the "Company") has recently become aware of reports in Mongolia regarding the status of Shivee Tolgoi mining licence #15226A and Javhlant mining licence #15225A.

President Elbegdorj Tsakhia said Tuesday that the government won't issue any more mining licenses until Mongolia's mineral laws have been revised.

A pedestrian wearing mask walks on the West Chang'an Street in Beijing, capital of China, Feb. 28, 2013.

Manzhouli, in northern Inner Mongolia, borders Mongolia to the west and Russia to the north.

The President of Mongolia, Ts.Elbegdorj, is ranked a49th out of 123 world leaders with 36,928 followers in Twitter.

Entree Gold Inc. (ETG.TO) advises that, contrary to reports in the media, the Oyu Tolgoi LLC-Entree Gold joint venture mining licences have not been cancelled.

Mongolia annulled mining licenses held by Entree Gold Inc. (ETG) on land near Rio Tinto Group’s Oyu Tolgoi copper and gold project, saying they had been authorized incorrectly in 2009.

Belarus and Mongolia will exchange high-level visits and business delegations.

Finance Mongolia 2013, the first financial exhibition and conference of its kind in Mongolia, took place at the Misheel Expo Centre over the weekend.

In the past, the Mongols were knows as nomads, but today they are often known as migrants.

Mongolia has revoked the licenses for a key portion of the massive Oyu Tolgoi copper and gold project amid a dispute between Rio Tinto PLC RIO +1.13% and the country's government over costs, revenue and taxes, the Financial Times reported on its website Wednesday.

Rio Tinto Group’s crucial meeting with Mongolia tomorrow follows weeks of disputes over control of the world’s biggest copper and gold mine under construction, according to two people familiar with the situation.

Mongolia has suspended the licences for a key portion of the Oyu Tolgoi copper-gold mine, amid a mounting dispute between Rio Tinto and the Mongolian government over costs, revenues and taxes.

A Canadian gold and copper explorer part-owned by Rio Tinto PLC (RIO) has had two mining permits suspended by the Mongolian government, signaling a possible deepening in a dispute with the emerging Asian nation over the huge Oyu Tolgoi mining development.

Mongolia plans to start charging interest on allegedly unpaid tax owed by Rio Tinto Group’s Oyu Tolgoi LLC, as talks continue over the future of the $6.6 billion copper and gold mine, the nation’s mining minister said.

Mongolia suspended two mining permits for a Canadian gold and copper explorer partly owned by Rio Tinto PLC, raising the stakes in a dispute over the huge Oyu Tolgoi development in the Gobi Desert.

There is a “nightmare” that high ranking officials do not notice and don’t even care if they do.

The Fall Session of the Parliament or the State Great Khural has taken a break and the Members of the Parliament (MPs) are working in the electoral districts.

The “Museum in a Box” project by the Mongolian Arts Council has been travelling around Mongolia to bring the portable museum to children in remote areas of the country who are unable to visit museums in the city.

During the visit of the President of Mongolia and Commander-in-Chief of the Armed Forces of Mongolia, Ts.Elbegdorj, to Mongolian troops who are participating in the UN peacekeeping operations in South Sudan, the Secretary General of the United Nations, Ban Ki Moon, expressed his gratitude to Ts.Elbegdorj on the phone.

The centres of provinces to be connected with paved asphalt with Ulaanbaatar

Recognizing the pollution that is being caused by the wrecked vehicles that are on the bottom of Lake Khuvsgul, the Nature Conservation Foundation (NCF) initiated a project last month to clean up the lake. 

The 9th Intergovernmental meeting between Mongolian and European parliaments was held in Brussels, Belgium on 19th and 20th February.

The Government plans to provide road network connectivity between Ulaanbaatar City and 21 aimag centers by 2016.

The Minister for Education announced that 2013 will be the year of Methodology and Technology for the development of every child, therefore the Minister framed a policy to reform the quality of education.

The Government and People Development Institute are implementing a project called “Life Coach and Success Guide” with the consent of the Prime Minister.

During a meeting on Wednesday the Policy Council, headed by Prime Minister Norov Altankhuyag, were issued a suggestion and agreed to finance four projects via Government bonds.

Coal Mongolia-2013, an international conference and exhibition is being held for the third time in Ulaanbaatar on 21st and 22nd February.

The Camel Polo 2013 winter festival will run at the Chinggis Khan statue complex, Tsonjin Boldog, on 9th and 10th March.

A request has been made to suspend the powers of D.Sugar, a member of the Constitutional Court, former chairman of the State Property Committee to the State Prosecutor General`s Office because of the MIAT money laundering case.