Mongolia News

Mongolia News

Moody's: Mongolia's economy still susceptible to volatility 0

Mongolian debtSource:

Moody”s Investors Service says that Mongolia”s B1 sovereign bond rating and stable outlook hinges on the absence of significant fiscal pressures, relative macroeconomic stability, and the maintenance of a favorable investment climate in the mining sector.

Moody”s assessment was contained in its just-released “Credit Analysis Mongolia” which serves as an update to investors and is not a rating action. More…

Three board members of Oyu Tolgoi replaced 0

Oyu Tolgoi siteSource:

Erdenes Oyu Tolgoi LLC, the Mongolian State owned company, announced the replacement of three board members to Turquoise Hill on Tuesday September 3rd.

Two of the three board members of Oyu Tolgoi LLC representing Mongolia, Chuluun Ganbold and Puntsag Tsagaan have submitted resignations as board members. The third member Natsag Bagabandi is expected to resign soon. More…

Mongolia joins shale revolution, but at what cost? 0

Mongolia tentSource: The Diplomat

Oil shale exploration is quietly getting underway. But questions surround viability and environmental costs.

This spring, Genie Energy signed an agreement with the government of Mongolia, under which its subsidiary will explore oil shale over a five year period. More…

Strong interest in Mongolia for Belarus 0

Ts.Elbegdorj and Mikhail Myasnikovich, the Prime Minister of BelarusSource: BelTA

The Mongolian market is of great interest for Belarus, Ambassador Extraordinary and Plenipotentiary of Belarus to China with concurrent accreditation in Mongolia Viktor Burya told media on 4 September.

BelTA has learned that positive dynamics in Mongolia’s development has been observed in recent years. “Avenues that our country may need are being determined. More…

Mongolia eases gold mining regulations to increase transparency and national reserve 0

gold-bullion-007Source: The UB Post

During last week’s regular meeting of the government, the cabinet agreed to submit a bill that would ease and increase transparency in gold trading to stop illegal exportation and increase the nation’s gold reserve.

The cabinet agreed that the Law on Taxation for Products that Increase in Value, approved in 2006, has put a lot of tax pressure on gold miners and served as the primary reason behind illegal trading and exportation of gold, and tax evasion by gold mines. More…

Rio Mongolia copper venture replaces board members amid dispute 0

Oyu-tolgoi4-320x174Source: Bloomberg Businessweek

Rio Tinto Group’s Oyu Tolgoi venture, a $6.6 billion copper and gold project in Mongolia, replaced three board members as it seeks to break an impasse with the country’s government over financing for the mine.

The new directors are Davaadorj Ganbold, executive director at project partner Erdenes Oyu Tolgoi LLC, Ganzorig Temuulen, deputy director of parent company Erdenes MGL LLC, and Chuluuntseren Otgochuluu, director-general of the Ministry of Mining’s Department of Strategic Policy and Planning, Ganbold said today by telephone from Ulaanbaatar. More…

Mongolia and EBRD to strengthen financing in tugrug 0

EBRD LogoSource:

The European Bank for Reconstruction and Development and the Bank of Mongolia have taken a key step towards the development of the country”s local currency money and capital markets.

On Monday, EBRD President Sir Suma Chakrabarti, The Governor of the Bank of Mongolia, Mr N. Zoljargal, and the Deputy Minister of Finance, Mr S. Purev, have signed a Memorandum of Understanding under the EBRD”s Early Transition Countries (ETCs) Local Currency Lending Programme. More…

Carbon Energy raises AUD 4 million to advance Mongolian UCG project 0

Carbon Energy LogoSource:

Carbon Energy has completed an entitlements issue to existing shareholders for AUD 2.64 million and a placement to Holder East Capital for an additional AUD 1 million to fund work at its Underground Coal Gasification project in Mongolia.

New shares were offered at AUD 0.02 on a 1 for 2 basis with a free attaching option exercisable at AUD 0.06 expiring on August 31st 2016. More…

HBOil JSC announces closing of $5 million convertible loan financing and acquisition of strategic 20% stake in KOECII 0

HBOil LogoSource: BDSec

HBOil JSC a specialty oil recycling company is pleased to announce its successful placement of USD 5,000,000.00 in Convertible Loan Agreement financings to effect the acquisition of Malaysia’s Ninox Hydrocarbons (L) Berhad, which owns 20% of the shares in the capital of KOEC International Inc., a joint venture with the national upstream oil company of the Democratic People’s Republic of Korea. More…

Minimum monthly wage now 192,000 MNT 0

mongoliaSource: The UB Post

In April 2013, an increase to the minimum monthly wage was agreed upon by the Confederation of Mongolian Trade Unions and the Trilateral National Committee on Labor and Social Consensus (TNCLSC). It was decided that the increased would be effective on September 1, 2013. Thus the national minimum monthly wage hereby increases by 36.7 percent from 140,400 MNT to 192,000 MNT, in accordance with Decree 7 issued by the TNCLSC on April 11, 2013. More…