September 5, 2013
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…
September 3, 2013
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…
August 16, 2013
Source: Mining Weekly
Mongolia is considering an emergency session of parliament, looking to stave off an economic crisis sparked by uncertainty over the country’s biggest mining project, weak coal prices and sliding foreign investment.
Mongolia’s National Security Council, which is headed by the country’s president, met on Thursday, and a government official said it could decide to recall parliament, now in summer recess, for what he called an “extraordinary” session. More…
August 15, 2013
Reposted from Eurasianet.org
Ochir Damchaa stands by the ruins of Nalaikh, Mongolia’s first communist-era mine and once a manufacturing hub that included the country’s only glassworks. Despite a booming mining economy, Mongolia’s manufacturing sector has seen its demise since the 1990s.
By Pearly Jacob
Ochir Damchaa chuckles as he drives his second-hand Toyota sedan through the alleyways of Nalaikh, a ramshackle town 35 kilometers east of Ulaanbaatar: “There’re just two kinds of jobs here: drive a taxi, or dig coal.”
Nalaikh was once a major Soviet-era industrial hub, and the site of Mongolia’s first mine. Today, though, the town is littered with ruins of former factories, such as Mongolia’s only glassworks. Residents continue to work as freelance miners on the grounds of the former state-owned coalmine. But jobs are scarce in Nalaikh, as in every other small town across Mongolia. More…
August 14, 2013
Source: CTV News
Turquoise Hill Resources Ltd. (TSX:TRQ) has reported a bigger second-quarter loss than analysts were expecting.
The Vancouver-based mining company, a subsidiary of Rio Tinto (NYSE:PLC) that’s developing a major copper mine in Mongolia, had a US$105.3-million net loss, or 10 cents per share, in the second quarter. More…
August 13, 2013
Mongolia wants the planned US$5.1 billion expansion of Rio Tinto’s Oyu Tolgoi mine to be financed from cash flow until a dispute over the cost of the biggest foreign investment in the country is resolved.
Cost overruns at the copper and gold mine, 34 per cent owned by Mongolia, are increasing the debt the government owes to Rio’s Turquoise Hill Resources unit, which operates the project, the minister of mining, Davaajav Gankhuyag, said on Friday. More…
August 13, 2013
Mongolia’s second-quarter economic growth accelerated from the first three months of this year as the government boosted spending on infrastructure.
Gross domestic product grew 14.3 percent in the three months from April through June, compared with 7.2 percent in the first quarter, according to the National Statistics Office of Mongolia. Expansion in the first half was 11.3 percent, compared with an annual pace of 12.4 percent in 2012. More…
August 11, 2013
Mongolia is studying converting its shares in the Oyu Tolgoi mine into a public company, giving citizens a stake in one of the world’s largest copper deposits.
A proposed new company would hold the state’s 34 percent interest, said Chuluuntseren Otgochuluu, director-general of Strategic Policy and Planning at the Mines Ministry. Ten percent of the company would be made available to the Mongolian public and 10 to 20 percent more may be sold on the domestic market. More…
August 7, 2013
Reposted from The Financial Times
Painting of Asia showing the extent of the Mongol empire under Genghis Khan. I t is surrounded with depictions of a typical Mongol cavalryman, Mongol arrowheads, and hunting and battle scenes.
By Pan Kwan Yuk
One day you are hot, the next day you are not – and so it is with Genghis bonds which have suffered a sharp market correction in the wake of June’s market rout.
Back in November, eyebrows were raised in the emerging markets debt investment community when Mongolia – a country that has been rescued five times in the past 22 years by the International Monetary Fund – managed to raise $1.5bn at a price below Spain’s borrowing costs.
At the time, many took the sale, which was 10 times subscribed and attracted $15bn in bids – as yet another sign that investors who were flushed with cash and desperate for yields were jumping into markets that they did not fully understand. More…
August 5, 2013
Reposted from National Securities LLC
By Uyanga Tuya & Tserenlkham Zorigtbaatar
Mongolian political life in the first half of the year was relatively calm with 3 key events. Firstly, the passing of the highly anticipated laws, such including the much discussed SEFIL law (FDI Law) and the new Securities Law in April and May respectively, and the swearing in of two new parliament members.
Secondly, Mongolia hosted the 7th Ministerial Conference of the Community of Democracies was held from 27th to 29th April 2013 in Ulaanbaatar. Finally and clearly the main political event of the first half of 2013 was the presidential election, which was won by the incumbent President, Mr. Elbegdorj. More…