Mongolia Business Focus
A digest of key Mongolian business news & information
November 12th, 2012
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A selection of key articles, information and links of interest from the last 7 days regarding the business and risk environment of Mongolia compiled by analysts at EBM Consulting ( http://www.ebmconsulting.com.hk ). We provide pre M&A, pre JV and enterprise risk due diligence services in frontier markets across Asia with Mongolia a specialty.
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Sections:
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- Business & Economy
- Mongolian Language Media News
- Mining & Investment
- Politics & Security
- Upcoming Events
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Business & Economy
Mongolian foreign trade maintains growth as deficit widens
(Ref: the NZ week, 12 Nov, 2012) Mongolian foreign trade increased 3.3 percent or 304.3 million U.S. dollars in the first 10 months of 2012, the National Statistical Office of Mongolia (NSO) said Monday. According to the statistics, Mongolia has suffered a dramatic trade slowdown due to a sharp drop of minerals exports to world markets amid the global economic slowdown.
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Mongolia holds National Consumer Conference
(Ref: the NZ week, 10 Nov, 2012) The Mongolian government held a National Consumer Conference under the theme of ?People is God? here on Friday, which demanded that relevant ministries, manufacturers and distributors should treat consumers as ?God? and improve product quality.
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THE 2012 STATE BUDGET OF MONGOLIA WAS APPROVED
(Ref: Info Mongolia, 09 Nov, 2012) At the afternoon plenary session meeting of the State Great Khural (Parliament), the 2013 State Budget of Mongolia was approved aat its third discussion held on November 08, 2012.
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Ministry of Mining announces fuel price will remain the same
(Ref: UB Post, 09 Nov, 2012) Fuel importers granted USD 120 million loan to stabilize fuel prices-
Despite reports by certain fuel importers that Mongolia is out of reserve fuel, G. Ulziiburen, deputy Chairman of the Mongolian Petroleum Authority denies this in an interview with the Udriin Sonin newspaper.
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JAPAN DELIVERED THE LAST PART OF NON-REFUNDABLE FOOD AID TO MONGOLIA
(Ref: Info Mongolia, 08 Nov, 2012) In the framework of KR-1 Project (Kennedy Round), the Government of Japan presented a non-refundable aid to Mongolia, in detail the 16 thousand ton of rice worth of 14.1 billion MNT.
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Ansip Talks Trade with Mongolian Leader at ASEM
(Ref: ERRnews, 06 Nov, 2012) While attending the Asia-Europe Meeting (ASEM) in Laos on Monday, Prime Minister Andrus Ansip met with Mongolian President Tsakhiagiin Elbegdorj to discuss trade, e-government and oil shale.
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Bond rivals seize on departure to question Mongolia mandate
(Ref: news.mn, 06 Nov, 2012) Around the same time the Republic of Mongolia announced it had picked Bank of America Merrill Lynch, Deutsche Bank, HSBC and JP Morgan for its debut sovereign bond, BofA Merrill said that Henry Ayliffe, a managing director responsible for coverage of emerging companies, was leaving.
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Mongolian Language Media News
Mongolian language media articles translated by EBM researchers
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Money swindlers of ?Fresh Air? project started detaining
(Ref: sonin.mn, 12 Nov, 2012) The Millennium Challenge Foundation (MCF) implements big projects in Mongolia. ?Fresh Air? is one of the projects of the MCF. However, B.Batzorig Governor of Bayanzurkh District and other Heads of Khoroos (small units of the district) have allegedly misappropriated money along with staff of XAC Bank. Particularly, the Heads of Khoroos allegedly collected and copied ID Cards of residents. And then they allegedly prepared forged documents for Selge Dulaan LLC and misappropriated money along with staffs of XAC Bank. The investigators found out at the first stage that they allegedly misappropriated MNT 66 million from ?Fresh Air? project of the MCF by utilizing more than 120 citizens? documents. According to the project, there are totally 13,000 residents from 7 Khoroos in Bayanzurkh District involved. This case is being investigated by the State Investigation Office and some people related to this case was detained at No.461 Detention Centre.?
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B.Nasanbat investigated by the Anti-Corruption Agency
(Ref: sonin.mn, 12 Nov 2012) The Anti-Corruption Agency (ACA) has started investigating a criminal case regarding B.Nasanbat Head of Mongolian People?s Party of Darkhan-Uul Province. According to source information, the ACA thinks that B.Nasanbat abused his power when he was formerly the Mining Director of Sharyn Gol JSC. Particularly, he is apparently being investigated for mining gold secretly and appropriating income into his own pocket. Moreover, he is suspected to have received a large amount of money from an Australian citizen for arranging a good position in the company.
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Mining & Investment
Copper Steadies as Investors Await China?s Leadership Change
(Ref: Copper Investing News, 09 Nov, 2012) Rio Tinto (LSE:RIO,ASX:RIO,NYSE:RIO) said a Chinese company has agreed to supply power to its Oyu Tolgoi copper and gold mine in Mongolia. CEO Andrew Harding said this means the company can bring the first phase of the mine into production in the first six months of 2013.
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Modun Resources upgrades coal resource in Mongolia
(Ref: Unuudur, 08 Nov, 2012) Modun Resources (ASX: MOU) has upgraded the JORC resource at its Nuurst Project in central Mongolia, with 326 million tonnes now in the high confidence Measured category. This comes hot on the heels of a recent offtake deal executed with Asia-focused commodity trading house, Tennant Metals. The total resource, compiled by consultancy CSA Global, now stands at 478 million tonnes of sub-bituminous coal.
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The Role of Foreign Investment in Mongolia?s Mining Industry
(Ref: unuudur, 08 Nov, 2012) Mongolia has a vast amount of underdeveloped natural resources, including coal, copper and gold. Although these resources will likely be the driving force behind Mongolia?s economic growth for the foreseeable future, foreign investment is necessary to take advantage of this natural wealth. Nevertheless, Mongolians worry about the possibility of foreign exploitation, which led the government to pass a new foreign investment law limiting the ownership equity that foreign investors can hold in Mongolian companies within strategic industries.
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Aspire Mining director steps down
(Ref: Proactive investors, 07 Nov, 2012) Aspire Mining (ASX: AKM) non-executive director Tony Pearson has stepped down from his role with the company.The company is focused on its Ovoot project in northern Mongolia, where it recently boosted the coking coal Probable Reserves by 23% to 219 million tonnes.
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Prophecy Coal May Stop Mining in Mongolia on Weak Prices
(Ref: Foxbusiness, 07 Nov, 2012) Prophecy Coal Corp. (PCY.T), which is trying to reach an agreement to sell coal from its Ulaan Ovoo mine to the Mongolian government, may keep the mine closed if the government doesn?t increase the amount it is willing to pay, Chief Executive John Lee said Wednesday.
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Rio?s Mongolia mine clears major hurdle
(Ref: Moneycontrol.com, 06 Nov, 2012) Oyu Tolgoi, Rio Tinto?s flagship Mongolian copper-gold mine, is set to begin production in less than three months, after finally resolving the issue of power supply from neighbouring China that had caused delays to the nearly USD 6bn project.
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Prime Minister encourages use of smoky coal
(Ref: news.mn, 06 Nov, 2012) It is estimated that the ?Fresh air? project by the Millennium Challenge foundation with support from US Government had spent 40 million US dollars to reduce Ulaanbaatar?s air pollution. Ten million US dollars has been spent on ger districts and almost 30 million spent on projects to build a wind farm and non-coal fired eco-friendly stoves in the ger districts.
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Politics & Security
THE STATE GREAT KHURAL (PARLIAMENT) OF MONGOLIA TAKES A BREAK UNTIL NOVEMBER 20, 2012
(Ref: Info Mongolia, 12 Nov, 2012) The Speaker of the State Great Khural (Parliament) of Mongolia Zandaahuu ENKHBOLD announced a break of the Parliament on November 09, 2012. In the framework of the short break between November 12 and November 20, members of the Parliament will conduct meetings in their electoral districts to exchange views on utmost matters with local civilians in order to determine and plan new investments for 2012-2016.
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Japan, N Korea to hold talks in Mongolia
(Ref: the Nation, 10 Nov, 2012) Japan and North Korea are to meet in Mongolia next week, a Japanese government spokesman said Friday, with talks among very senior bureaucrats a sign of progress between the long-time foes. The fresh talks will be held Thursday and Friday in Ulan Bator, building on an August meeting in Beijing that marked the first official sit down between the two sides in four years.
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President Attends ASEM in Laos
(Ref: UB Post, 09 Nov, 2012) Ts.Elbegdorj attended the Ninth Asia-Europe Meeting (ASEM) Summit of Heads of State and Government in the Laos capital Vientiane on November 5th and 6th. During the ASEM Summit he met several heads and leaders of countries who are attended the Summit.
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MP U.Khurelsukh resignation accepted
(Ref: news.mn, 09 Nov, 2012) Members of the parliament discussed the resignation petition of member of parliament Khurelsukh Ukhnaa and accepted it by 58.3 percent of the votes in today`s session.? Twenty-eight out of 48 MPs who attended the session agreed to accept the petition.
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FOREIGN MINISTER OF KYRGYZSTAN IS TO MAKE AN OFFICIAL VISIT TO MONGOLIA ON NOVEMBER 11-12,2012
(Ref: Info Mongolia, 08 Nov, 2012) A delegation from the Kyrgyz Republic led by its Minister for Foreign Affairs Erlan Abdyldaev is to make an official visit to Mongolia on November 11-12, 2012, informed the Foreign Ministry of Kyrgyzstan.
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Parliament to discuss privatization of MIAT
(Ref: news.mn, 08 Nov, 2012) The new Government is the third to discuss the issue whether or not to privatize MIAT. Recently the Standing Committee on Economy introduced the main direction of State policy on the Mongolian Airline to parliament members. The policy aims to privatize 49 percent of MIAT to private air carrier companies.
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Mongolia seeks Bulgarian cooperation in military technology
(Ref: focus-fen.net, 07 Nov, 2012) At the meeting Mongolia expressed willingness to enhance its friendly relations with Bulgaria and bilateral cooperation in areas, such as production of generic medicines, tourism, education and science. The two presidents achieved agreement to strengthen the joint work in military industry and military training. Mongolia voiced willingness to ink an agreement about cooperation with Bulgaria in military technology.
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Upcoming Events
Mines and Money London 2012 (2-6 Dec)
Mines and Money London 2012 will bring together over 3500 investors, financiers, brokers and senior mining executives for Europe?s leading mining investment and capital raising event.
Venue: Business Design Centre, London
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Mongolia Investment Congress 2012 & Clean Coal Asia Summit 2012 (10-13 Dec)
The Mongolia Investment Congress is China?s only conference to focus on the investment, business, and finance opportunities this emerging market has to offer. Meet investors, governments, frontier funds, regulators, and many more key players at China?s only Mongolian Investment Conference.
Venue: Shanghai, China
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Asia Mining Congress 2013 (12-15 Mar 2013)
The Asia Mining Congress is the region?s leading mining investment event connecting the most important global mining stakeholders with Asian opportunities and capital. In its 9th year, AMC attracts 2,000+ participants and will continue to offer the most authoritative agenda and targeted networking for you to do business with the mining and investment community in Asia.
Venue: Marina Bay Sands Convention Centre, Singapore
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About ?Mongolia Business Focus?
Mongolia Business Focus is a periodic compilation of news and enterprise risk related articles associated with Mongolia. The articles are compiled and distributed by frontier market specialists EBM Consulting, market entry & enterprise risk consultants (www.ebmconsulting.com.hk). EBM has offices in Hong Kong and Ulaanbaatar and associates in 55 countries worldwide. We have over 4 years of experience supporting companies and investors making informed business decisions in Mongolia through the provision of due diligence and related services.
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Source: http://www.ebmconsulting.com.hk/ebm-news/mongolia-business-focus-november-12th-2012-2/
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