SPORTS ACTIVITIES OF EK
Team sports, particularly basketball, needs its team
members to operate as one unit in order to be able to maximize the team’s
effort and be able to win games. EK team organize sport activities in every two
weeks. This team building exercise inspire us and improving our team members
stress handling, decision making skills, health and athleticism.
HSE IN-HOUSE TRAINING FOR EK
STAFF
The issue of health,
safety and environment (HSE) remains one of the top priorities in the local,
regional and global companies. EK team had HSE in-house training with Emergency
Management Agency of Sukhbaatar district on 25th of July
2019 under the objectives of Quality Management System implementation.
Disaster Management and Firefighting training held by Mrs. Altanzagas Kh who is
Senior Lieutenant of National Emergency Management. Following health and
safety guidelines and maintaining a safe workplace will reduce
the risk of work-related illnesses and injuries, and therefore reduce staff
absences.
Economy
·
Mongolia exports 749,000 tons of copper concentrates in H1
·
Affordable housing units to be built with EBRD
·
Uzbekistan intends to import meat from Mongolia
·
Trade turnover between Mongolia and Italy reaches over USD 70 million
·
10 facts about poverty in Mongolia
·
World Bank approves 100 mln USD to support Mongolia’s economic reforms
·
Mongolians urged to get tested for hepatitis
·
Mongolia launches project to improve English skills of youth
·
The Deadly Winters That Have Transformed Life For Herders In Mongolia –
Editorial
·
Mongolia’s Long Road To Mining Wealth – Editorial
Business
·
The Largest Cashmere Manufacturer Of Mongolia Comes To The USA
·
Rio Tinto’s Mongolian mine hit by AUD 873m impairment
·
MSE warns companies that have failed to submit H1 reports
·
How Analysts Feel About Centerra Gold Inc.?
·
Kincora announces AGM concurrent with Discover Mongolia investor forum
HIGHLIGHT
PRESIDENT BATTULGA MEETS
PRESIDENT TRUMP, MONGOLIA AND US AGREE ON STRATEGIC PARTNERSHIP
President Donald Trump welcomed Mongolia’s
president, Khaltmaa Battulga, to the White House for talks that focused on
enhancing trade.
The visit Wednesday is the first by a Mongolian president since June 2011, the
last time a leader of the landlocked country between Russia and China came to
the White House.
Trump administration officials say the meeting was designed to explore ways to
help the East Asian nation diversify its trade flows since about 90 percent of
Mongolia’s trade must go through China.
Trump and Battulga were also expected to discuss defense and security matters,
among other issues. The president greeted Battulga and posed for photos before
entering the Oval Office. Trump said Mongolia produced “great fighters, great
wrestlers, great champions.”
The White House said the U.S. and Mongolia share a close security partnership.
It said Mongolia has pledged to commit troops in Afghanistan through at least
2021 and has been supportive of the U.S. sanctions on North Korea and of
negotiations with Kim Jong Un.
Source: The Washington Post
See also: Trump Courts Mongolia
During Disputes With Neighbors China, Russia
Mongolian President talks
cashmere, horse names with Trump
Declaration on the
Strategic Partnership between the United States of America and Mongolia
Click here to see White House press release
ECONOMY
MONGOLIA EXPORTS 749,000 TONS
OF COPPER CONCENTRATES IN H1
Mongolia exported a total of 749,100 tons of copper
concentrates in the first half of this year, which is an increase of 15,400
tons from the same period last year, the Mongolian Customs General
Administration (MCGA) said Tuesday.
As a result, the resource-rich Asian country received 1.06 billion U.S. dollars
into the state budget, an increase of 48.4 million dollars year on year, the
MCGA said in a statement.
Mining is the most important sector of Mongolia’s economy. The country is rich
in natural resources such as gold, silver, iron, coal, copper, molybdenum,
tungsten, phosphates, tin, nickel, zinc, and fluorspar.
The mining industry accounted for 84 percent of total exports in the
January-June period, according to the MCGA.
Source: Xinhua
AFFORDABLE HOUSING UNITS TO BE
BUILT WITH EBRD
On July 30, Governor of the capital city and Mayor
of Ulaanbaatar S.Amarsaikhan met with Irina Kravchenko, Head of Mongolia Unit
at the European Bank of Reconstruction and Development (EBRD) regarding the
projects ‘Ulaanbaatar City Bus Fund’ and ‘Ulaanbaatar Green Affordable
Housing’.
The total cost of the Ulaanbaatar City Bus Project is USD 40 million, of which
USD 28 million is soft loan and USD 12 million is nonrefundable aid. The
Governor proposed using a specific part of the 100 buses to be procured at the
first stage as school bus. The project also features investments in bus lanes
and bus depot equipment and technical assistance for the project’s preparation
and implementation.
It was decided to immediately commence the construction works of 700 household-
apartments with funding of USD 25 million from EBRD under the Ulaanbaatar Green
Affordable Housing project. As for the construction site of the project, the
sides agreed that the sixth sub-district of Songinokhairkhan district would be
more appropriate.
Source: Montsame
UZBEKISTAN INTENDS TO IMPORT
MEAT FROM MONGOLIA
Uzbekistan wants to begin importing meat from
Mongolia, follows from the draft presidential decree developed by the State
Veterinary Committee.
The document states that Mongolian meat is recognized as acceptable for
Uzbekistan in terms of price-quality ratio. Mongolia, in turn, can be an
excellent market for the export of dried fruits and other products.
In Mongolia, industry is poorly developed, so the country relies on livestock.
There are about 30 million sheep in the country – more than in New Zealand –
but until recently, it managed to export only a small piece of the total meat
production. In recent years, the country began to actively increase the
supply of not only lamb, but also horse meat, beef. For example, in 2017,
deliveries of mutton and chevon amounted to 2,601 tons, which is 11 times more
than in 2016.
Source: Kun.uz
TRADE TURNOVER BETWEEN MONGOLIA
AND ITALY REACHES OVER USD 70 MILLION
2020 will mark the 50th anniversary of establishment
of diplomatic relations between Mongolia and Italy.
On July 29, 2017, the Embassy of Italy was opened in Ulaanbaatar. As of today,
54 Italian invested companies are operating in Mongolia, making investment of
USD 36.8 million. Italy invested mainly in the areas of trade, food industry,
processing of animal origin raw materials and textile.
Trade turnover between the two countries reached over USD 70 million, of which
USD 43.4 million are export and USD 33.3 million are import.
Since 1990, the Government of Italy has rendered non-refundable aid worth USD
7.2 million to Mongolia. Italian Minister of Economic Development C.Calenda and
Member of Parliament A.Undraa are working as chairpersons of Mongolia-Italy
Intergovernmental Commission and Mongolia-Italy inter-parliamentary group.
Source: Montsame
10 FACTS ABOUT POVERTY IN
MONGOLIA
Mongolia experienced
a relatively democratic revolution in the early 1990s. As a result, the country
formed a multi-party system, wrote a new constitution and even created new
means of economic growth. Mongolia is abundant in resources and its economy has
been supported by the country’s established mining and agricultural sector. The
country also boasts some successes as it has worked to pass a variety of new legislation. For example, legislation that strengthens
inclusive governance and reduces gender disparities. Despite engagement in its
future, there are still challenges of continuing poverty in Mongolia.
Furthermore, Mongolia faces a lack of access to equal opportunities that would
improve livelihoods. Here are ten facts about poverty in Mongolia which present
some of those challenges in more detail.
Source: The Borgen Project
WORLD BANK APPROVES 100 MLN USD
TO SUPPORT MONGOLIA’S ECONOMIC REFORMS
The World Bank approved 100 million U.S. dollars in
financing to help Mongolia further stabilize its economy and move it towards a
more sustainable development path, the bank said in a statement Wednesday.
The money will be earmarked for the implementation of the Second Economic
Management Support Operation (EMSO 2) which follows on EMSO 1 approved in
November 2017, and supports policy reforms aimed at restoring debt
sustainability, strengthening the social protection system and enhancing
competitiveness, the bank said.
Mongolia’s economy has recovered strongly from the brink of a macroeconomic
crisis in 2016, but underlying vulnerabilities remain.
The EMSO series is part of a broader, coordinated effort by development
partners to support the Mongolian government’s medium-term economic recovery
program.
Source: Xinhua
See World Bank press release
MONGOLIANS URGED TO GET TESTED
FOR HEPATITIS
Mongolian Vice Health Minister Lamjav Byambasuren on
Friday urged more citizens to get tested for hepatitis.
“Mongolia has the highest rate of liver cancer and liver cancer mortality in
the world. Cirrhosis and liver cancer caused by hepatitis B and C have been a
major killer of Mongolians, after heart and coronary diseases,” Byambasuren
told reporters during an official event for World Hepatitis Day, which falls on
July 28.
“Therefore, the Mongolian government launched a four-year national health
campaign dubbed ‘Whole-Liver Mongolia’ in 2017, with the aim to improve
knowledge about hepatitis infections, early detection of infections and cancer,
and eliminate factors that lead to hepatitis infections in the future. Within
the framework of the campaign, citizens can get free tests for the hepatitis B
and C virus,” said Byambasuren.
Source: Xinhua
MONGOLIA LAUNCHES PROJECT TO
IMPROVE ENGLISH SKILLS OF YOUTH
Mongolia on Thursday launched a project that will
help the country’s youth improve their English language skills.
The project, dubbed “Youth who speak English”
initiated by the Mongolian President Khaltmaa Battulga, will last 21 days at
four universities in the capital city Ulan Bator, the Presidential Advisor for
Human Development and Social Policy Dombon Uuriintuya told a press conference.
Within the framework of the project, a total of 4,500 young people aged 16-30
across the country will receive free English courses, according to the advisor.
“Advisors of the Mongolian president met a total of 20,000 university students
and 16,000 pupils across the country over the past two years to listen to their
views. During the meeting, many students said they want to improve their
English skills during summer break,” said Uuriintuya.
She added that the courses will be offered at three levels, namely primary,
intermediate and advanced.
Source: Xinhua
THE DEADLY WINTERS THAT HAVE
TRANSFORMED LIFE FOR HERDERS IN MONGOLIA – EDITORIAL
On a frigid morning in January 2000, Oyutan Gonchig
rose at first light to check on his animals. A blanket of snow — over a foot
deep — had fallen in the night. He shoveled himself out of his ger, a
felt-covered tent traditionally used by semi-nomadic herders. The temperature
was minus 10 degrees Fahrenheit, the kind of cold that freezes your eyelashes
and stiffens your joints.
Stepping over the threshold and into this blindingly white world, he noticed it
was eerily quiet outside.
“Everything was covered by snow. There was no way to distinguish the sheep
trails,” he remembers. “There were corpses.”
A dozen dead animals — his animals, sheep and goats he had raised from birth —
had collapsed in the snow. Those still alive were struggling to find grass
beneath the snowdrifts, piled high by the biting wind. He felt horrified, and
helpless.
Source: KERA News
MONGOLIA’S LONG ROAD TO MINING
WEALTH – EDITORIAL
Gulnara Dariiga has been stuck in traffic for two
days in the Gobi Desert in southern Mongolia. The 38-year-old mother of four
eats and sleeps in a heavy-duty North Benz truck, assigned to her by her
Chinese employer — a coal buyer across the border.
“I think today we will cross,” she says with a grin. She shifts from park to
drive, clenching her teeth to fight the stiff steering wheel. Her truck is
laden with 90 tons of coal briquettes from Mongolia’s Tavan Tolgoi mine, ready
for delivery.
This trade road and the immense gridlock of hissing trucks lined up like
dominoes, waiting to cross the Mongolia-China border, are an indication of
Mongolia’s future: The nation is shifting away from an economy based on
agriculture and herding to one based on mining. With economic transformation
comes opportunity, but also environmental damage and growing pains for local
residents, as the landscape is carved up by mining machinery and trucks.
Source: NPR
BUSINESS
THE LARGEST CASHMERE
MANUFACTURER OF MONGOLIA COMES TO THE USA
During the Mongolian president’s visit to the United
States of America, the largest cashmere manufacturer of Mongolia “Gobi
Corporation” is preparing to announce its plans to enter the U.S market by
September 2019. The subsidiary Gobi Cashmere USA will be located in Los
Angeles, USA and is launching an e-commerce website specially dedicated to the
U.S customers.
Gobi Corporation currently supplies high-quality raw cashmere products onto the
international market however, its presence on the US market has been niche due
to the fierce competition from China. As of now, Gobi Corporation has its
franchise stores in Chicago, Los Angeles, and San Francisco. If the trade bill
is passed, this would allow cashmere companies from the young democratic nation
to compete with its competitors.
The increased trade between the United States of America and Mongolia will
benefit many stakeholders in the supply chain of cashmere including the
consumers, nomads, employees and the economical trade between both countries.
Source: TextileWorld.com
See also: Mongolian cashmere firm
Gobi Corporation to enter US market
RIO TINTO’S MONGOLIAN MINE HIT
BY AUD 873M IMPAIRMENT
Turquoise Hill Resources
has recorded a $US596.9 million ($873 million) impairment against the carrying
value of Mongolia’s Oyu Tolgoi copper and gold mine.
Turquoise Hill is 50.79 per cent owned by Rio Tinto, and Thursday’s
confirmation of an impairment came just hours before Rio was due to publish its
half-year financial results on Thursday afternoon.
The impairment has been forced by cost and schedule blow outs on an underground
expansion of Oyu Tolgoi, which are expected to prompt a blowout of between
$US1.2 billion and $US1.9 billion above the original project budget of $US5.3
billion.
First production from the expansion could be delayed by up to 30 months, Rio
and Turquoise Hill warned in July.
Documents published by Turquoise Hill on Thursday indicated that the bulk of
the impairment ($US364.7 million) was recorded against “capital works in
progress”.
Source: Australian Financial
Review
TURQUOISE HILL REVISITED
Summary
·
TRQ
is likely to have a rough H2 2019 due to multiple operational challenges.
·
Expected
mine CAPEX has increased significantly and RIO may enter into a JV agreement to
meet increased funding requirements.
·
RIO’s
lack of interest in buying additional equity stake in TRQ has distressed the
stock price.
·
TRQ
has promisingmining potential in the long term but the positive outlook is
dwarfed by the risks.
Turquoise Hill Resources has witnessed a significant
drop in share price since the publication of Q2 2019 production report. This
report highlights that the completion of TRQ’s Oyu Tolgoi project will be
significantly delayed. In this article, I have analyzed the implications of
such a delay on the share prices.
Source: Seeking Alpha
See also: Rio’s credit profile not
hurt by Oyu Tolgoi expansion, Fitch says
Turquiose Hill Resources
Q2 2019 Earnings Preview
MSE WARNS COMPANIES THAT HAVE
FAILED TO SUBMIT H1 REPORTS
According to the
provision 20.1.6 of Securities Market Law and Accounting Law, a securities
issuer shall have an obligation to submit to the stock exchange half-yearly
financial reports by July 20th of each
year. The submission deadline were extended by the Ministry of Finance until
August 01, 2019, however, as of July 29, 2017, only 76 issuers out of 199
have submitted to the MSE their reports.
MSE hereby informs that it will impose measures stipulated in the “Regulation
on Information Disclosure” of FRC, relevant rules and regulations of MSE and
“Listing Agreement” against those 122 companies that failed to fulfill their
legal obligation within the allowed extension period.
In addition, MSE warns the issuers to submit their half-yearly operational
reports by August 01, 2019 according to the FRC regulation.
Please click here to view the companies submitted their financial
reports.
Please click here to view the companies failed to submit their
financial reports.
Source: Mongolian Stock Exchange
See also: Attention to listed
companies
HOW ANALYSTS FEEL ABOUT
CENTERRA GOLD INC.?
Investors sentiment increased to 1.12 in Q1 2019.
It’s up 0.25, from 0.87 in 2018Q4. It improved, as 14 investors sold Centerra
Gold Inc. shares while 36 reduced holdings. 17 funds opened positions while 39
raised stakes. 39.31 million shares or 8.96% less from 43.18 million shares in
2018Q4 were reported.
Among 2 analysts covering Centerra Gold, 2 have Buy rating, 0 Sell and 0 Hold.
Therefore 100% are positive. Centerra Gold had 2 analyst reports since February
26, 2019 according to SRatingsIntel. The company was maintained on Monday,
March 25 by Canaccord Genuity. The firm earned “Buy” rating on Tuesday,
February 26 by Raymond James. Below is a list of Centerra Gold Inc. (TSE:CG)
latest ratings and price target changes.
The stock increased 0.19% or $0.02 during the last trading session, reaching
$10.79. About 422,314 shares traded. Centerra Gold Inc. has 0.00% since July
27, 2018 and is . It has underperformed by 4.43% the S&P500.
Source: MakDaily.com
KINCORA ANNOUNCES AGM
CONCURRENT WITH DISCOVER MONGOLIA INVESTOR FORUM
incora Copper Ltd.
announces the Annual General Meeting of Shareholders will be held at the
Shangri-La Hotel, 19 Olympic Street, Sukhbaatar District-1, Ulaanbaatar 14241
Mongolia, on September 26 th, 2019 at 7.30
a.m. , local time (ULAT).
The Meeting will be concurrent with the 17th annual
Discover Mongolia conference on September 27 th,
2019 at the Shangri-La Hotel (“Discover Mongolia “). Discover Mongolia is the leading
international mining and exploration investors’ forum held in Mongolia .
Discover Mongolia will include a one day conference, providing unique access to
key government and private sector stakeholders both at the conference itself
and associated other events including proposed site visits to key exploration
and mining projects.
Source: Yahoo Finance
EURO KHAN WORKSHOP
RESPONSIBLE AND INNOVATIVE
APPROACH FOR MINING AND ENERGY SECTOR
Ulaanbaatar, Mongolia
04 September 2019
Tentative Agenda
·
Agenda:
o
13:30-14:00 Registration and
Networking
o
14:00-14:10 Opening speech by
CEO Dr. Oliver Schnorr
o
14:10-14:20 Speech by the
Minister of Mining Mr. Sumiyabazar (TBC)
o
14:20-14:30 EK Introduction by
Mr. Koji Suzuki
o
14:30-14:50 TAKRAF GmbH
o
14:50-15:10 Coffee break
o
15:10-15:25 VEOLIA KOREA
o
15:25-15:40 CFT GmbH
o
15:40-16:30 Panel Discussion
/Responsible and Innovative approach for Mining and Energy sector/
o
Chair: Ms.
Narantsatsralt /Sales Director of Euro Khan LLC/
o
Panelist: Dr. Oliver
Schnorr /CEO of Euro Khan LLC/
o
Mr. Lothar Schmeier
/Sales Manager Asia of TAKRAF GmbH/
o
Mr. Frederic
Lucas /Chief Solutions & Technologies Officer Veolia
Korea/
o
Mr. Michael Kurten /Area
Sales Director CFT GmbH/
o
17:00-18:00 Networking
