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ECONOMY
MOODY'S AFFIRMS MONGOLIA'S B3 RATING AND STABLE OUTLOOK
Moody's Investors Service ("Moody's") has today affirmed the Government of Mongolia's ("Mongolia") B3 long-term issuer ratings and senior unsecured ratings and the (P)B3 senior unsecured MTN program rating; and maintained the stable outlook. The short-term issuer ratings are affirmed at Not Prime.
The B3 rating incorporates Mongolia's still weak albeit improving debt and fiscal metrics and weak institutions and governance, balanced by strong growth potential.
The stable outlook indicates balanced risks in the near term, including greater financial buffers than seen during past episodes of financing stress against still significant external and government liquidity risks. Moody's expects foreign exchange reserves to be sufficient to meet external debt obligations and growth to remain relatively strong, notwithstanding a projected moderation. From 2021, the public sector debt refinancing needs will increase significantly. The stable outlook assumes that the government will be able to refinance its external debt obligations at affordable costs as they begin to come due.
Source: Moody's
MINING SECTOR EQUALS ONE-QUARTER OF GDP
According to preliminary results of 2019, the mining sector accounts for 25 percent of Mongolia’s GDP, 72 percent of industrial production and 90 percent of exports. The statistics were presented during the monthly press conference Transparent and Responsible Mining. The report reveals that the mineral industry constitutes 24.5 percent of the total budget revenue in 2019. During the period, the budget revenue totaled around MNT 11.9 trillion, with an increase of MNT 1.9 trillion or 18.6 percent from a prior year. Of these, revenue from the mineral sector reached MNT 2.9 trillion, which is increased by MNT 590.7 billion or 25.4 percent compared to the same period of last year.
In 2019, 50.8 million tons of coal, 1.3 million tons of copper concentrate, 16.3 tons of gold, 5,300 tons of molybdenum concentrate, 156,150 tons of fluorite ore, 47,490 tons of fluorspar concentrate, 8.6 million tons of iron ore, 3.4 million tons of iron ore concentrate and 83,090 tons of zinc concentrate were produced.
Source: ZGM Daily
See also: Mining sector contribution to budget reaches MNT 2.6 trillion
TAX REVENUE INCREASED BY 18.8 PERCENT Y/Y
In 2019, general government budget revenue amounted to MNT 11.9 trillion by preliminary results, with MNT 10.8 trillion of which accounted for equilibrated revenue. For the 2019 general government budget revenue structure, 90.5% was accumulated from equilibrated revenue. Total expenditure and net lending amounted to MNT 11.4 trillion, representing a deficit of MNT 627.8 billion in the equilibrated balance.
In December 2019, equilibrated revenue and grants of the General government budget reached MNT 1.1 trillion, increased by MNT 271.7 billion or 32.2% from the previous month and total expenditure and net lending reached MNT 2.2 trillion, increased by MNT 1.3 trillion or 2.5 times more from the previous month.
General Government budget revenue was comprised of 81.7% of tax revenue, 8.8% of non-tax revenue, 8.7% of the future heritage fund and 0.8% of the stabilization fund.
In 2019, tax revenue reached MNT 9.7 trillion, increased by MNT 1.5 trillion or 18.8% compared to the previous year.
Source: Montsame
CURRENCY INTERVENTION IN JANUARY EXCEEDS USD 200 MILLION
Since the beginning of 2020, the Bank of Mongolia (BoM) provided a total of currency worth USD 213.9 million to stabilize the domestic market. The central bank auctioned USD 38.9 million in the foreign exchange market on Thursday.
As the Bank of Mongolia (BoM) reported previously, Mongolia had received several fundings worth less than USD 100 billion since the beginning of 2020. Particularly, the World Bank granted additional funding of USD 100 billion to the country as well as the Asian Development Bank (ADB). In the private sector, XacBank is scheduled to receive USD 100 million in co-financing from the Dutch Entrepreneurial Development Bank (FMO).
ADB also provided USD 100 million last year. According to the central bank, the foreign exchange reserves of Mongolia reached USD 4.2 billion, up 20 percent from the same period over the last year.
Source: ZGM Daily
FOREIGN TRADE SURPLUS REACHES USD 1.5 BILLION IN 2019
In 2019, Mongolia traded with 152 countries from all over the world and total trade turnover reached USD 13.7 billion, of which USD 7.6 billion were exports and USD 6.1 billion were imports. Total foreign trade turnover increased by USD 860.6 (6.7%) million, of which exports increased by USD 608.0 million (8.7%) and imports increased by USD 252.6 million (8.0%) compared to the same period of previous year.
Mongolian foreign trade balance has been in surplus since 2014 and foreign trade surplus reached USD 1.5 billion in 2019, increased by USD 355.4 million (31.3%) from previous year.
In December 2019, exports and imports reached to USD 564.2 million and USD 543.6 million, respectively. Compared to the previous month, exports increased by USD 37.3 million and imports increased by USD 24.4 million.
In December 2019, foreign trade surplus reached to USD 20.5 million. Compared to the previous month, foreign trade surplus increased by USD 12.9 million.
Source: Montsame
BOM: EXTERNAL DEMAND MAY SLOW GROWTH IN MINING SECTOR
The Bank of Mongolia (BoM) anticipated the Mongolian economy to increase by 5.6 percent in 2020. This figure is around the previous projection.
Slowing external demand and trade conditions in the next year may decrease the mining sector growth, the central bank said. However, non-mining sectors are likely to be activated as a result of budget expansion. These uncertain situations, namely trade dispute acceleration, whether China’s coal import limitation would continue, exiting the FATF’s grey list, and the potential decrease in the Oyu Tolgoi underground investment could affect the economic growth in 2020.
The economic growth was comparatively lower than its expected level in the first three quarters. This was mainly due to the poor performance of the mining industry, emphasized in an inflation outlook report. Thus, the report includes labor market performance. Reducing employment and soaring unemployment shows that labor market activity has been slowed in recent quarters.
Source: ZGM Daily
INDUSTRIAL OUTPUT EXPANDS 11.2 PCT IN 2019
Mongolia's industrial output rose 11.2 percent year-on-year in 2019, data from the country's National Statistics Office (NSO) showed Friday.
The industrial output amounted to 17.4 trillion Mongolian tugriks (6.3 billion U.S. dollars) last year, said the NSO.
The output of main mining and extractive products went up 11.1 percent and that of the processing sector grew 10.5 percent, it said.
Mining products accounted for more than 80 percent of the mineral-rich country's total industrial production in 2019.
Source: China.org.cn
MINIMUM STANDARD OF LIVING BENCHMARK JUMPS 7.5 PCT
National Statistics Office has approved a new National Minimum Standard of Living for 2020, which incorporates up to 7.5 percent rises depending on region.
The report is released annually to determine the minimum amount of wage for people to lead a decent quality of life in each part of the country. It basically is a minimum entitlement to food, clothing and housing at an adequate level.
This year, Ulaanbaatar’s standard of living was highest at 230,000 MNT a month, followed by Khangai and western regions reaching 206,000 MNT and 203,400 MNT respectively. The regions with the lowest minimum living standard were the central region at 198,300 MNT and eastern region at 201,700 MNT.
By growth rate, the minimum standard of living increase the most in the eastern region by 14,100 MNT, or 7.5 percent.
Source: The UB Post
OVER 216 THOUSAND HOUSEHOLDS EXPRESS REQUESTS TO PURCHASE APARTMENT
The ‘Vision-2050’ is a policy document, which was formulated by a working group comprising of 1500 people, including scholars, experts and state secretaries of 13 ministries, heads of some government agencies, authorities of universities and representatives of non-government organizations. According to the Prime Minister's order No: 52 dated April 30, 2019, the working group analyzed development stages of the past 30 years of Mongolia and formulated the policy document that will define long and mid-term development policy until 2050. We are presenting 9 fundamental goals of the development policy in detail.
Improving quality of life and broadening middle class is one of the nine fundamental goals. As of 2018, 174.491 households out of total households living in Ulaanbaatar city, are living in public apartments, 3664 households are living in private houses, 107.878 households are in houses in ger districts, 101.136 households are in ger (national dwelling) and 284 households are living homeless.
Source: Montsame
See also: Vision-2050 document envisions Human Development Index to reach 0.9 by 2050
Vision-2050 document envisages poverty rate to be at 5 percent by 2050
Government calling for public inputs on ‘Vision – 2050’ long term development policy
CREDIT RATING AGENCY TO BE ESTABLISHED
The Financial Regulatory Commission (FRC) is working in partnership with the Japan International Cooperation Agency (JICA) on diversifying financial instruments to develop the capital market of Mongolia.
A project, ‘Capacity Building for Capital Market in Mongolia’ is being implemented in the framework of the partnership. The project was introduced at a discussion organized by FRC under the theme, ‘Development of Corporate Bond Market, and its Regulatory Environment’. At the discussion, Chairman of the Mongolian Association of Securities Dealers B.Ulziibayar informed about the plans to establish a credit rating agency in partnership with the Insurance Association of Mongolia and commercial banks. She also said that they are working on making the loan database accessible for underwriters and broker companies, and making amendments to the package law on taxation.
Noting the high service fees for corporate bonds specialists and economists, and insufficient development of the credit rating system…
Source: Montsame
MONGOLIA EXPORTS 6.5 MLN BARRELS OF CRUDE OIL IN 2019
Mongolia exported a total of 6.5 million barrels of crude oil in 2019, the country's Ministry of Mining and Heavy Industry said Tuesday.
"The figure is an increase of 355,400 barrels from the previous year. The country earned 366.7 million U.S. dollars from the crude oil exports last year," the ministry said in a statement.
China is the biggest buyer, it added.
Mining is the most important sector for Mongolia's economy. The country is rich in natural resources such as gold, iron, coal and copper.
The Asian country still has no refinery yet. The country's first oil refinery is under construction in the southeastern province of Dornogovi, with an expected date of commissioning in late 2022.
Source: China.org.cn
TERM DEPOSITS IN FOREIGN CURRENCY BY 15.4 PCT TO MNT 464 BILLION
At the end of December 2019, the time deposit in domestic currency amounted to MNT 11.1 trillion, showing an increase of MNT 356.9 billion (3.3%) from the previous month and MNT 923.0 billion (9.1%) from the end of the previous year.
The decomposition of total time deposit in domestic currency shows that 84.7 percent (MNT 9.4 trillion) were individual is deposits and 15.3 percent (MNT 1.7 trillion) were corporations’ deposits.
The time deposits in foreign currency amounted to MNT 3.5 trillion, showing an increase of MNT 464.2 billion (15.4%) from the previous year.
Source: Montsame
NUMBER OF FOREIGN WORKERS WITH LABOR CONTRACT IN MONGOLIA DECREASED BY 55 PERCENT SINCE Q3 2019
At the end of December 2019, 4.6 thousand foreign workers from 95 foreign countries were employed with labor contract in Mongolia including persons in employment work for pay or profit and persons in volunteer work without pay or profit.
Of all foreign workers with labor contract in Mongolia, 3.8 thousand (82.5 percent) were male and 0.8 thousand (17.5 percent) were female.
From the previous quarter, the number of foreign workers decreased by 5.8 thousand people or 55.6 percent. Such as, number of foreign workers in seasonal activities of mining and quarrying sector is decreased by 1.8 thousand (50.5 percent), the number of foreign workers in construction sector decreased by 1.7 thousand (89.6 percent), and the number of foreign workers in wholesale, retail trade and repair of motor vehicles and motorcycles sector decreased by 1.2 thousand (61.7 percent).
Source: Montsame
NEW LITHIUM SOURCES EMERGING OUTSIDE THE LITHIUM TRIANGLE
While the lithium triangle garners the majority of the industry’s attention, lithium sources are emerging around the world to serve the growing electric vehicle market.
The primary sources of the world’s lithium supply are hard rock and brine deposits, and the majority of the world’s lithium originates in the salty salars of the arid landscape of South America’s Lithium Triangle.
Sharing a border with China to the south, the salt-bearing salars of Mongolia have shown potential for lithium mineralization. With 250 days of sunshine per year, Mongolia’s rangelands and arid climate both help to facilitate high evaporation rates. “The geology of southeast Mongolia mirrors that of the Lithium Triangle of South America. Like the Lithium Triangle, the region is an endorheic basin contained within a high evaporation and low precipitation zone and no outflow to external bodies of water,” Matthew Wood, chairman of battery metal exploration company ION Energy, told the Investing News Network.
Source: InvestingNews.com
THE DYNAMIC ‘PASSIVE HOUSING SOLUTION’ FOR MONGOLIA’S GER DISTRICTS
The Capital City Housing Corporation of Mongolia has signed a Memorandum of Understanding with a company from Germany called Rongen Architekten to cooperate on introducing European ‘passive house standards’ to the country. The ‘passive house’ is the world’s leading benchmark in energy efficient construction. The memorandum focuses on infrastructure development in the challenging environments of the ger districts of Ulaanbaatar.
The Passive House standard requires buildings to use at least 80% less energy than a comparable conventional building. It quietly takes advantage of the natural environment, utilising the surrounding climate to maintain a comfortable interior temperature in an eco & wallet friendly way.
Using the experience of cold Russian winters, the passive apartments use 800 kilowatt of energy for heating per square meter in a year; 53 percent lower than “normal” building might use. In Mongolia, the weather is similar to the extreme continental climate of east Siberia, with warm summers and winter temperatures dipping to below -40 deg C.
Source: News.mn, Montsame
MONGOLIA, ADB SIGN GRANT TO DEVELOP PARTICIPATORY FOOD WASTE RECYCLING
The Asian Development Bank (ADB) and the Government of Mongolia have signed a $3 million grant agreement to improve food waste recycling in local communities in the capital city, helping to keep Ulaanbaatar cleaner.
“Discarded food waste sullies the city and can be unhealthy for the people living here,” said ADB Country Director for Mongolia Mr. Pavit Ramachandran. “Implemented jointly with the government, the grant will help improve the living conditions in Ulaanbaatar by introducing participatory food waste recycling practices. It supports national programs and policies of Mongolia on solid waste management and the operational priorities of ADB’s long-term strategy—Strategy 2030.”
Around 1.2 million tons of solid waste are generated annually in Ulaanbaatar. Although close to 20% of the waste is recycled, food waste is typically dumped in formal or informal landfills. This large quantity of food waste pollutes the soil and groundwater and damages the health of urban communities, particularly in ger areas, where there are few water, sanitation, and waste disposal services.
Source: ADB
CAPITAL TO REFORM PUBLIC TRANSPORTATION
Mongolia's capital city of Ulan Bator will reform public transportation in the coming years,the press office of the municipal government said Wednesday.
Ulan Bator Mayor Sainbuyan Amarsaikhan on Tuesday introduced a plan of the reform to Mongolian Minister of Construction and Urban Development Khavdislam Badyelkhan and the head of the cabinet secretariat Luvsannamsrai Oyun-Erdene, the office said in a statement.
"We are striving to make public transportation reform in Ulan Bator through the introduction of safer and climate-friendly vehicles," said the mayor. "New types of public transport such as magnetic levitation trains, electric buses, bus rapid transit and cable cars will be introduced into the public transport sector of Ulan Bator in the coming five years."
Amarsaikhan said the traffic congestion would be reduced by half by 2025 as a result of the reform.
Statistics showed that there are around 1 million registered vehicles in Mongolia, almost 60 percent of which are in the capital.
Source: China.org
See also: Electric buses start running in Ulaanbaatar
Cable car project discussed with French company
Soaring over Ulaanbaatar’s traffic: cable car introduced to public
BUSINESS
TRQ TO SPEND USD 1.3 BILLION ON UNDERGROUND DEVELOPMENT
Turquoise Hill Resources (TRQ) announced fourth-quarter 2019 production for Oyu Tolgoi (OT) as well as operational and financial guidance for 2020.
Copper production in Q4’19 of 32,905 tons was lower compared to Q4’18 due to decreased head grade driven by the transition from Phase 4a and Phase 6a, to Phase 4b, Phase 6b and lower grade stockpiles, the company said in a report.
Equally, gold production in Q4’19 of 24,343 ounces was also lower compared to Q4’18 due to the transition from Phase 4a to low-grade sources of Phase 4b and stockpiles.
OT is expected to produce 140,000 to 170,000 tons of copper and 120,000 to 150,000 ounces of gold in concentrates in 2020 from both the open pit and the beginning of the underground development material being processed. Although the mid-point copper production range guidance is higher in 2020 versus the 2019 guidance, a lower gold production year is expected for 2020.
Source: ZGM Daily
See also: Turquoise Hill appoints George Burns as director
Turquoise Hill Starts The Year On A Positive Note
TOURISM REVENUE INCREASES BY 10.2 PERCENT
Mongolia received a total of 529.360 tourists in 2018 and it increased by 9 percent or 47.902 in 2019, according to Ulaanbaatar City Tourism Department.
In 2019, revenue from tourism industry increased by 10.2 percent compared with 2018. Tourists from China, Russia and South Korea made up the majority of total tourists that Mongolia received in 2019.
Source: Montsame
MONGOLIA’S FIRST AUTOMOBILE ‘MOZO’ TO DEBUT IN FEBRUARY
Bars Motors company of Mongolia opened a joint automotive assembly plant in Hangzhou, China on December 6 and launched the production of its first automobile.
The midsize SUV named MOZO, a Mongolian portmanteau of the words Mongol (Mongolian) and Zon olon (people), has been brought to Mongolia to be launched on February 2. Bars Motors plans to launch the product and take advance orders at an open door event.
MOZO is currently being tested in Mongolia for its ability to suit Mongolia’s extreme climate and people’s demands, quality, exterior properties, and fuel efficiency and will be put on sale soon if the test goes smoothly. Authorities of the Bars Motors claim to set the price based on Mongolians’ financial comfort level.
Statistics show Mongolia spends USD 500 to 800 million on automobiles from Japan, South Korea, and the United States each year.
Source: Montsame
THERE ARE 2789 MINING PERMITS NATIONWIDE
At the monthly press briefing ‘Transparent and Accountable Mining’, a report on 2019 statistical review of the mining sector was introduced.
The Implementing Agency of Mongolian Government Mineral Resources and Petroleum Authority informed that around MNT 335.1 billion of revenue is expected from oil sales and exploration and mining licenses to the state budget in 2020.
The total revenue is projected to be made up of MNT 266 billion as oil sales revenue, MNT 36 billion revenue from payment for mining and exploration licenses, MNT 5 billion as reimbursement for exploration costs with budget money and MNT 1 billion as other source of revenues. As of January 20, 2020, MNT 1.5 billion was paid to the state budget.
As of January 20, there are a total of 2789 active mineral exploration and mining licenses registered in Mongolia, covering 4.7 percent of the country’s territory and 59.1 percent of them or 1670 are mining licenses and 1119 are exploration licenses.
Source: Montsame
BUSINESS COOPERATION EXPANDS WITH INDIA
More than 200 businesses took part in Mongolia-India business forum 'India: Destination of Business Opportunities' that took place yesterday, on January 20 within the framework of the 65th diplomatic anniversary between Mongolia and the Republic of India.
When Mongolia joins the Asia-Pacific Trade Agreement (APTA), officials consider that economic cooperation between Mongolia and India would be expanded sustainably.
Deputy Director of Foreign Trade and Economic Cooperation Department of the Ministry of Foreign Affairs T.Battsetseg said that both countries are members of the World Trade Organization. Member states of the organization are enabled to enjoy relief from customs duty through mutually establishing free trade agreement. In December 2019, the Parliament ratified a resolution on joining the Asia-Pacific Trade Agreement and the decision will come into effect from July this year. Besides India, countries such as China, South Korea, Bangladesh, Laos and Sri Lanka joined the agreement.
Source: Montsame
BROADCASTING FOREIGN TV CHANNELS IN MONGOLIA
We would like to post a blog in concerning with the foreign TV channels practice in Mongolia. Today, there are over 130 foreign TV channels broadcasting within Mongolia through the licensed TV multi-channel transmission service providers as their basic package service. One of our clients was recently seeking our assistance on clarifying whether a foreign TV channel is required to obtain any license for broadcast within Mongolia.
Under the currently effective legislation of Mongolia, there is no requirement for a foreign channel operator, or distributor to obtain licences for broadcast within Mongolia. The Communications Regulatory Commission of Mongolia (CRC), a government agency, is entitled to grant a licence to following activities in concern with broadcasting:
• Digital terrestrial television network provider;
• TV& radio and channel broadcasting service.
• TV& radio multi-channel transmission service;
Source: LehmanLaw Mongolia
MONGOLIAN OIL PRODUCER PETRO MATAD SEEKS EXPLOITATION LICENCE TO COMMERCIALISE HERON FIELD
In an interview with London South East's Donald Leggatt, Petro Matad CEO Mike Buck set out his ambitions for 2020. Having drilled exploration wells in the West in 2018 and discovered oil in the East of Mongolia close to already producing oil fields late in 2019, he and his team are now working on the commercialisation of the Heron field.
"We found a test flow rate of over 800 barrels a day at Heron-1, a very, very pleasant surprise. We assess that there's probably about 160 million barrels in place, and the question is how much of that is recoverable. Petro China, our neighbours across the boundary of the block achieve around 15%, which would give us 25 millon barrels recoverable, and we would like to think with modern technology we can do better than that," Mike Buck explained.
Source: London South East
XANADU TO SPEND USD 2.5 MILLION ON EXPLORATION OF KHARMAGTAI
Xanadu Mines Ltd. advised that the company has overnight, conducted a non-brokered placement raising USD 2,584,768.26 placement, the company said in a report released on Thursday. The placement was conducted at USD 0.033 per share and it will result in 78,326,311 new ordinary shares (New Shares) being issued.
Shareholder approval is not required for the Placement which was undertaken under Xanadu’s Listing Rule 7.1, 15 percent placement capacity and the New Shares issued under the Placement will rank equally in all respects with existing ordinary shares of the company.
The New shares will be issued to Precious capital Gold Mining & Metals Fund (PcG), managed by SSI Asset Management AG, a Zurich based fund (SSI). Following the completion of the raising, PCG will hold approximately 9.9 percent of Xanadu.
Source: ZGM Daily
STEPPE GOLD ANNOUNCES LANDMARK INVESTMENT BY MONGOLIAN NATIONAL INVESTMENT FUND
Steppe Gold Ltd. is extremely pleased and proud to be the first company to receive funding from the Mongolian National Investment Fund PIF SPV. The fund has subscribed for a 12% two-year secured convertible debenture of the Company in the principal amount of US$3 million.
The Mongolian National Investment Fund PIF SPV aims to finance high return projects that increase economic growth and provide a positive contribution to the social and economic development of the country.
The Mongolian National Investment Fund PIF SPV is managed by DBM Asset Management Company, a wholly-owned subsidiary of the Government-owned Development Bank of Mongolia.
The Debenture will bear interest from the date of closing at 12% per annum, calculated and payable semi-annually in arrears, and will mature two years from the date of issuance. The Debenture will be convertible at the option of the holder into common shares of the Company at any time prior to the close of business on the maturity date at a conversion price of US$0.68 per common share.
Source: Junior Mining Network
See also: Mongolia invests in Steppe Gold
MOBICOM SIGNS MOU ON INTRODUCTION OF BLOCKCHAIN TECHNOLOGY WITH CHINA’S BUBI TECHNOLOGIES AND JAPAN’S E-RAINBOW
An MoU of Collaboration to enhance feasibility study and testing of introduction of Blockchain technology in Mongolia has been signed between Mr. Tatsuya Hamada, the CM and CEO of Mongolia’s largest mobile operator MobiCom Corporation LLC /Headquartered in Ulaanbaatar, Mongolia/, Mr. Jiang Hai, the CEO of Bubi Technologies Co.Ltd /Headquartered in Beijing, China/, one of the most advanced Blockchain technology provider in China and Ph.D Yulong Zheng, CEO of E-Rainbow Japan Co.Ltd /Headquartered in Tokyo, Japan/, the ICT company based in Japan.
The collaboration will enable parties to intensify development of fundamental infrastructure on Blockchain technology, which could be widely used in variety of industries in Mongolia, as Bubi Technologies Co.Ltd and E-Rainbow have successful experience on introducing Blockchain technology into Chinese manufacturing and service industries.
Source: GoGo News
ELIXIR CONFIDENT IN TARGETING NEW SUB-BASIN
Elixir Energy Limited has provided an update in relation to its upcoming drilling operations in its 100% owned Nomgon IX Coal Bed Methane Production Sharing Contract in Mongolia, in particular highlighting the prospects of Nomgon-1, a new well that has just spudded.
This is the company’s second well in its two core-hole drilling program.
Nomgon-1 lies approximately 37 kilometres to the south-west of the recently drilled Ugtaal-1 well and is situated in a different Permian sub-basin to the latter.
Encouragingly, this is one of many such sub-basins in the very large Nomgon IX PSC, underlining the importance of Elixir’s 30,000 square kilometre land holding that covers a major Permian coal bearing basin and the options that it offers as the group’s exploration strategy unfolds.
Management has a good understanding of the location where Nomgon-1 is situated as it was first identified as being prospective for coal seam gas (CSG) exploration by Elixir’s subsidiary company four years ago.
Source: FinFeed.com
INVESCORE NBFI INVESTS IN KYRGYZ MICRO FINANCIAL COMPANY
InvesCore NBFI signs investment agreement with Zolotoi standard LLC of Kyrgyz Republic. InvesCore buys 100% of Zolotoi standard's shares and plans to launch its' fintech products in Kyrgyz market within 2020.
Zolotoi standard LLC was founded in 2004. It runs micro finance operation in Bishkek city with Micro credit company license. Main operation is collateralized consumer lending and SME business financing.
Under its' mid-term plan, InvesCore expands its operation into Central Asian market, starting with Kyrgyz.
Source: MSE
PRESIDENT MEETS GUCCI CEO MARCO BIZZARRI
President of Mongolia Kh.Battulga, who is attending the World Economic Forum that is running in Davos, Switzerland, met with Marco Bizzarri, President and CEO of ‘Gucci’, an Italian luxury brand of fashion and leather goods.
President Kh.Battulga briefed a project on skin and leather processing plant being implemented in Darkhan city of Mongolia and they talked over possibilities to use processed leather in Mongolia to manufacture leather goods of ‘Gucci’ brand.
Accepting the proposal made by the President of Mongolia, Mr. Marco Bizzarri voiced to get acquaint with the project on skin and leather processing plant and launch research works, sending the company’s team to Mongolia.
Source: Montsame
GOBI CASHMERE: TO THE ORIGIN OF CASHMERE - VIDEO
Ever wonder where the finest cashmere comes from? We headed to the Bayanmunkh district of Khentii Province to get the answer to this question.
Traditionally, Mongolians have domesticated the five types of livestock and raised them at the grasslands of Mongolian steppes, without any influence of industrialization. In the winter, with temperatures hitting as low as -40 degrees Celcius, the goats develop a protective layer of undercoat. This soft and downy fiber known as cashmere naturally begins to shed during spring and herders with generations of expertise hand comb it to protect the goats from overheating and follow-up animal sicknesses such as ticks and lice.
Mr. Erdenetugs has the largest number of goats in the country and he showed us how his family has been raising these finest cashmere goats.
Source: GoGo News
