EURO KHAN IS IMPLEMENTING PARETO PRINCIPLE
Originally initiated by our CEO Dr. Oliver Schnorr Euro Khan implementing Pareto Principle into our company culture by interpreting the idea workable for us. The 80-20 rule, or 'Pareto Principle', is based on the idea that a relatively small percentage of any cause (20%) creates most of the subsequent effects (80%). Based on the premise that the minority of causes create the majority of effects, '80-20' can be seen at work, anywhere and everywhere. One great thing for EK employees is Management decided to award the selected initiative with a salary bonus system. We believe both the company and employees benefit from this “project”.
SHAREHOLDER MEETING OF EK, FMS AND FSML
EK shareholder Dr. Klaus Lesker visits Mongolia on Feb 7th-9th. During his visit, he attends the EK, FMS, FSML shareholder meetings. Dr. Lesker also visits the Fluorspar Mine Chuluut and the GMIT (The German-Mongolian Institute for Resources and Technology)
DMUV BOARD MEETING HELD IN EK OFFICE
The DMUV board meeting held their first meeting at the EK office. Attendees were: DMUV President Dr. Oliver Schnorr, Mrs. DMUV Executive Director Rebecca Schmücking, KfW Director Mr. Michael Sumser, TV 25 director Mr. Soyol-Erdene and APU Project Director Mr. Avirmed Mendbayar.
CORONAVIRIS PRECAUTIONS DONE BY EK
Euro Khan’s OHSAS committee takes immediate preventive measurements regarding Coronavirus spreading from China to other countries. According to the official statement of the Embassy of Health of Mongolian & representative of WHO in Mongolia luckily do not have Coronavirus affected person in Mongolia. However, Euro Khan team follow hand & respiratory hygiene & safe food practices mentioned below:
1. OHSAS committee emergency meeting held on today Jan 29th, 2020 and have decided to provide 2 hours- paid for staff, who will go for a checkup at the medical center;
2. The company carried out disinfection at all office- kitchen – WC – storage room and in the hall;
3. The company bought the mask and delivered to staff;
4. The hand sanitizer is available for usage.
Special thanks for your prompt action of OHSAS committee members.
ECONOMY
FOREX RESERVES UP 22 PCT IN 2019: CENTRAL BANK
Mongolia's foreign exchange reserves expanded 22.53 percent year-on-year in 2019, the country's central bank said on Monday.
According to a report published by the Bank of Mongolia, the country's forex reserves stood at 4.35 billion U.S. dollars at the end of last year, hitting an all-time high, as a result of various measures to ensure economic stability.
The central bank said it aims to increase the reserves to at least 6.5 billion dollars in the medium term.
Sufficient foreign exchange reserves are believed to be vital for ensuring economic stability.
“Financial accounts profit increased by USD 200 million to USD 20.3 billion. As a result, the total balance of payments reached USD 453 million by the end of 2019, and foreign exchange reserves increased to USD 4.35 billion as of December 2019,” highlighted Director General at BoM’s Research and Statistics Department.
Source: Xinhua, ZGM Daily
See also: BoM purchases 3558 kg precious metal in January
Central bank gives update on financial statistics
CHICKEN IMPORT BANNED OVER FEAR OF BIRD FLU
State Emergency Commission hold non-regular meeting and made decision to ban import on chicken and relevant product.
T.Badral, Head of National Emergency Management Agency, stated “A situation is getting complicated. Number of people infected with coronavirus and death cases are increasing rapidly. In Hunan province of China, bird flu has been reported. Related to the virus H5N1 case, import of chicken and relevant product is banned.”
Source: GoGo News, ZGM Daily
COAL EXPORT FALLS AT MAJOR PORTS AS CHINA’S IMPORT SLUMPS
With the impact of the new coronavirus outbreak, China’s coal import has declined, triggering Mongolia’s coal exports to drop sharply in the first quarter. Less than 100 trucks have been transporting coal daily through Gashuunsukhait-Gantsmod port since the Lunar New Year holiday in China, according to the port’s administration. Regularly, about 800-1,000 trucks deliver coal through the port; However, a maximum of 111 cars entered last Monday.
The port administration also says it is taking longer for coal trucks to deliver coal through the port; However, a maximum of 111 cars entered last Monday. The port administration also says it is taking longer for coal trucks to deliver coal through the port; However, a maximum of 111 cars entered last Monday. The port administration also says it is taking longer for coal trucks to from Tavan Tolgoi residual exports through Gashuunsuhait-Gantsmod port.
Source: ZGM Daily
GOLD PURCHASE RISES FIVEFOLD IN JANUARY
In the first month of 2020, the Bank of Mongolia (BoM) purchased 3.5 tons of gold, increasing roughly five times the level of a year earlier, the central bank said. In January, gold price stood at MNT 137,200 per gram. The precious metal purchase reached 597 kg during the same period of 2019. However, gold purchase totaled 15.2 tons last year, decreasing by 30 percent year-on-year. In the last seven years, gold has contributed over MNT 3.3 billion to the foreign exchange reserves. This number expected to reach USD 600-700 million this year, according to analysts.
The 2.5 percent of discounted royalty on gold mining, which had become effective in 2012, expired on January 1, 2019. From then on, 5 to 10 percent royalty taxes on gold mining have been imposed on miners, driving in the central bank’s gold purchase down 71.6 percent year-on-year from January to March.
Source: ZGM Daily
MONGOLIA EXPECTS 10 PERCENT INVESTMENT GROWTH IN 2020
On Friday (31 January), B.Bayardavaa, Director General of the Monetary Policy Department at the Central Bank of Mongolia presented the economic and financial forecasts for 2020.
He noted that Mongolia’s economic growth has remained high for last three years. For example, economic growth was six percent in three quarters of 2017-2019 – with the exception of several fluctuations. This can be explained by the volume of investment and an increase in household consumption expenditure.
Foreign direct investment (FDI) to Mongolia has increased greatly since 2017. Investment growth has remained a steady 20-30 percent. The Bank expected that investment growth would reach 20 percent in 2019, but will fall to 10 percent in 2020.
Mr. B.Bayardavaa also noted that budgeted salaries will rise in 2020; this will have a positive effect on economic growth. Salaries for civil servants are expected to increase 14 percent in 2020.
Source: News.mn
BANK OF MONGOLIA SUSPENDS ITS FUNDING FOR MORTGAGE LOANS
During its monthly press conference held last week, The Bank of Mongolia officials noticed that it has suspended its financing for mortgage loan since January 1, 2020.
The decision was made following an agreement with the International Monetary Fund, which carrying out an Extended Fund Facility arrangement with Mongolia.
The general guidelines on monetary policy for 2020 outline that a national program on mortgage loan will be approved by the Bank of Mongolia, Government, and Financial Regulatory Commission with a view to ensure stable implementation of the mortgage loan program and central bank officials said the sides will keep working to reduce the cost of the mortgage loan and improve its accessibility.
In December 2019, 1365 new borrowers received mortgage loans worth MNT 112 billion. Of them, 56.3 percent was sourced from the mortgage loan program and 43.7 percent was taken from the commercial banks’ own funding. The weighted average interest rate of the newly issued mortgage loans reduced by 1.1 percentage.
Source: Montsame
TOURISM: MONGOLIA LOOKS AT BOOSTING ITS PRESENCE IN SOUTHEAST ASIA
Wilderness and vast untouched landscapes, snow and a unique mode of living, this is how Mongolia wants to attract travellers from Southeast Asia and particularly Thais as Bangkok is the only city in ASEAN to benefit from a regular –although seasonal– air connection to Ulan Bataar, Mongolia’s capital.
For a long time, Mongolia remained like a white spot on the tourism map. But it has radically changed over the last decade. In 2000, the country registered only 137,000 international arrivals. A decade later, Mongolia already accommodated over 450,000 foreign visitors. And last year, it reached a new record with 638,000 foreign travellers, up by 6.4% over 2018. “We target a million tourists for 2020 but it is more like a task rather than a number to achieve. If we pass the 700,000 tourists’ mark, it would be a very good result, especially as we might be affected as well by the current virus epidemic from China,” explained Namsrai Tserenbat, Minister for Environment and Tourism.
Source: ASEAN.travel
BEIJING-ULAANBAATAR-MOSCOW TRAINS STOPPED
Rail services between Beijing-Ulaanbaatar-Moscow have been stopped from today, (6 February) at the request of the Russian Federation. As concern over coronavirus increases, Mongolian transportation officials have also warned Mongolian passengers not to travel to China by plane of train. If a person absolutely must travel, they should get permission from the General Authority for Border Protection.
Previously, Russia has ordered the closure of its huge land border with China as Moscow scrambles to prevent the deadly coronavirus infection spreading from its southern neighbour. In addition, Russia has announced some border restrictions with Mongolia.
Source: News.mn
355 THOUSAND CUSTOMERS OF CAPITAL BANK REIMBURSED MNT 110 BILLION
Bank of Mongolia assignee M.Adilbish made a speech about Capital Bank's liquidation to the press. The Bank of Mongolia liquidated Capital Bank nine months ago and assigned M.Adilbish as assignee at “Capital” LLC. He presented his main performances of the past.
Most deposit holders at Capital Bank have been reimbursed. At first, deposits up to MNT 20 million have been repaid by Deposit Insurance Corporation. After that, deposits up to MNT 500 million have been repaid. Only 30 citizens who have deposits higher than MNT 500 million are remaining.
Total liability is MNT 641 billion. In order to reimburse deposit holders, central building, branches, furniture and other appliances are on sale.
Repayment of large amount of loans is not sufficient. Thus, difference of MNT 205 billion is estimated despite all loans are repaid. In other words, asset and liability has much difference. Immovable property assessment might decrease when time passes. He also stated that ATM and POS machine are only purchased by other banks which makes the sales slow.
Source: GoGo News
EXPLORING THE POTENTIAL FOR THE UTILIZATION OF GEOTHERMAL FOR HEAT AND POWER IN MONGOLIA
With funding under the program, a research consortium led by ETH Zurich, researchers of ETH Zurich, the Mongolian Academy of Sciences and the National Renewable Energy Center of Mongolia are exploring geothermal energy resources in the Hangai province in Mongolia.
Previous studies in this region with volcanic history have shown that a combined, geothermal heat and power plant could provide cheap and clean energy for the province center Tsetserleg. With this project we will introduce the missing geophysical component of the so far conducted geothermal exploration program in the Hangai. We will establish scientific methods to image the geothermal reservoir near Tsetserleg, which feeds the hot springs in Tsenkher and Shivert. The result will be of great importance for promoting the construction of geothermal power plant.
The region is currently relying largely on coal-fired heating resulting in air pollution, which is the main cause “of respiratory ailments and diseases that are responsible for the unusually high child mortality rate in Mongolian cities.”
Source: ThinkGeoEnergy.com
See also: Geothermal exploration for green energy in Mongolia
VAT REFUNDS TO BE ISSUED FROM FEBRUARY 10
Yesterday, on February 4, Minister of Finance Ch.Khurelbaatar reported that MNT 142 billion for VAT refunds to a total of 912 thousand citizens will be started transferring to citizens’ bank account from next Monday or February 10.
In conjunction with revised package Law on Tax, VAT refunds will be issued to citizens quarterly in the future and it is planned to transfer money for refunds of this year's second quarter to the citizens’ bank account in April, 2020, mentioned the Minister in his talk.
The Minister also stressed that conditions created to receive state services such as paying vehicle taxes using Ebarimt system with VAT refund money.
The Cabinet also charged Governors of all levels to back up actions being taken by the tax offices and work together for ensuring implementation of the General Law on Taxation and the Law on Value-Added Tax and getting involved entities that are not using the online tax service system.
Source: Montsame
CAPITAL TO UNDERGO DISINFECTION CAMPAIGN
Capital Special Commission (CSC) discussed the working process to prevent coronavirus during its session yesterday. General Manager of Ulaanbaatar, Gantumur Luvsannyam reported that Governor obligated to organize work on disinfecting markets, apartments and ger districts. In this regard, disinfection will be done throughout the city until March 2. Special licensed 41 companies will carry out the disinfection under the control of the Professional Inspection Office and Governor departures.
The CSC, First Deputy Governor of the capital, Batbayasgalan said, “There is a need to improve control over inbound and outbound traffic in Ulaanbaatar city including rail, air transport, and motor transport. Officials should provide recommendations and guidance to citizens regularly. We need to strengthen prevention and examination due to coronavirus outbreak slumps”.
Source: ZGM Daily
MNT 22.6 BILLION ALLOCATED IN THE BUDGET FOR WOOL INCENTIVE
The government of Mongolia annually provides herders with incentives to increase agricultural output. To encourage the supply of hides, for example, MNT 11.8 billion has been allocated in the state budget. The incentive rate has been set at MNT 15,000 per unit for cattle skin and MNT 3,000 for small cattle skin.
As for the provision of wool incentives, MNT 22.6 billion has been allocated in the budget to give MNT 1,500 to 2,000 per kilogram depending on the region of origin of the wool.
Source: Montsame
GREEN PASTURE PROJECT INCENTIVIZES HERDERS TO ADOPT SUSTAINABLE RANGELAND
The Green Gold and Animal Health Project of the Swiss Agency for Development and Cooperation and XacBank are partnering with the Mongolian National Federation of Pasture User Groups (PUGs) in the implementation of Green Pasture Project-soft loan project in Chandmana soum of Hovd aimag.
The Project aims to promote responsible herding practices and reverse rangeland degradation through innovative financial incentives. To participate in the Green Pasture Project, herders are required to register with the “Responsible Nomads” Livestock Raw Material Traceability system developed by the Green Gold Animal Health Project of the Swiss Agency for Development and Cooperation, and operated by the Mongolian National Federation of Pasture User Groups. Monitoring and compliance operations for the Green Pasture Project are conducted through this system. The Responsible Nomads code of practices and its traceability system aim to encourage best practices of nomadic livestock herding to maintain sustainable rangeland and livestock management.
Source: Montsame
BILGUUN: ATTRACTING MORE FDI WILL SPUR EXCHANGE RATE - INTERVIEW
Mongolia’s economy has the potential to grow as a result of the right policy
Chief Executive of Mongolian Investment Banking (MIGB) Group LLC, Bilguun Ankhbayar talked about the current economic situation of Mongolia amid deadly flulike virus, which had been first confirmed in Wuhan, China. It is threatening the country’s economy as well as international businesses all around the world.
-How will the coronavirus affect the commodity market?
-The commodity market index is changing drastically changing due to the price rate of consumer goods. The consumer price index is fluctuating due to emerging social and economic problems.
-Will the current situation emerged in China slow down the construction work and the steel industry. How will it affect Mongolia?
-According to a survey presented before the virus, the world economic growth was expected to cool this year. During the Lunar New Year of China, the transport sector declined about 25-45 percent. This will have a negative effect on Mongolia’s export.
Source: ZGM Daily
BUSINESS
TURQUOISE HILL: STRONG HEADWINDS AHEAD OF 2020
Summary
• TRQ is trading at multi-year lows and is apparently very cheap.
• The share price has tanked multiple times in the wake of risks faced by its Oyu Tolgoi underground development.
• Headwinds are expected to persist during FY 2020 and warrant caution.
• Volatility in copper prices will restrict any material upside in share price during FY 2020.
• Nevertheless, things may begin to improve from FY 2021.
Turquoise Hill Resources (TRQ) is currently going through a range of issues despite the fact that it's apparently trading dirt-cheap. The company has access to arguably the world's third largest copper deposit which provides it a very strong leverage to rising copper prices. This adds tremendous growth opportunity to the share price provided that TRQ can conveniently develop the Oyu Tolgoi (or OT) mine. The problem, however, is that mine development has lagged due to strong headwinds and this creates a bleak outlook for TRQ during FY 2020.
Source: Seeking Alpha
ELIXIR SHARES DOUBLE AFTER HITTING THE JACKPOT WITH A 51M THICK COAL SEAM IN MONGOLIA
Mongolia-focused Elixir Energy surged as high as 116 per cent this morning following an operations update.
Elixir is drilling for coal seam gas (CSG) at its Nomgon project. CSG is an unconventional type of natural gas in coal deposits.
Drilling at Elixir’s Nomgon-1 well intersected 82m of net coal and the thickest coal seam was 51m.
The company wants to find thick coal seams below 300m and it says it has now met that goal with the results to date. While 63m of the 82m is at a depth below 300m, it is above 491m where the well has now reached.
Elixir also reported that the coals were visibly fractured and cleated, which means extraction would be easier.
“We are very excited with the results to date from the Nomgon-1 well, which has met our key strategic objective of intersecting very thick and visually good quality coals within the CSG depth window,” managing director Neil Young said.
Source: Stockhead.com.au
Click here to view Elixir Energy's quarterly report (PDF)
OYU TOLGOI SEEKS OUT LOCAL ENERGY SUPPLIER
Oyu Tolgoi LLC and Newcom Group’s joint venture Clean Energy Asia LLC have signed into an energy supply deal.
The joint venture, founded in 2012 between Newcom LLC and Japan’s SB Energy Corporation, put into operation a 25-megawatt wind farm in Tsogttsetsii soum in Umnugovi Province in 2017. The company told investors that it’s possible to expand the wind farm’s capacity by another 250 megawatts.
Clean Energy Asia has proposed to supply a kilowatt per hour for eight cents to Oyu Tolgoi. If the mining company accepts the offer, Clean Energy Asia plans to draw in investment to expand the wind farm.
Oyu Tolgoi currently buys a kilowatt per hour for around 11 cents from Inner Mongolia. The company buys energy worth approximately 200 million USD a year. Clean Energy Asia isn’t the only company that tried to dig its claws into this prospective client.
Source: The UB Post
MONGOLIAN-MADE CAR BRAND MAKES DEBUT
On February 2, Bars Motors company launched MOZO, the first automobile produced by Mongolians at the company’s joint automotive assembly plant in Hangzhou, China. MOZO is a Mongolian abbreviation for Mongolyn Oyunlag Zon Olon (Intellectual Mongolian people).
At the unveiling event, Bars Motors CEO D.Demberel said, “Germany, USA, France and Japan dominated the automotive industry in the 20th century. Mongolia spends a great deal of money on imported cars. Our goal now is to gain prominence in the regional automotive industry”
Recent tests have proven that the SUV thoroughly suits Mongolia’s extreme climate and the people’s needs and the automobile is expected to go on sale within this year.
Moreover, the first 100 orders come with a 5-year guarantee and the first 100 purchasers are allowed to exchange their MOZO for an electric car, which the company is planning to produce, after five years.
Source: Montsame
ESTABLISHING INTERNATIONAL AND FOREIGN BRANCHES AND REPRESENTATIVE OFFICES IN MONGOLIA
Foreign nationals and Citizens may apply to Mongolia for registration, obtaining permits for operation, extension, and liquidation of branches of international and foreign non-governmental organizations in Mongolia.
Foreign nationals and Citizens can obtain permission to operate the branch or representative office in Mongolia within 60 days from the relevant organizations and make a decision by the Board of Directors.
Following documents must be submitted for opening of international and foreign branches and representative offices in Mongolia:
…
Permission to open a branch or representative office in Mongolia shall be issued for a period of up to one year.
Source: Mongol Advocates
BARLOWORLD TO BUY MONGOLIAN CATERPILLAR DEALER (WAGNER ASIA) FOR R3.25BN
Logistics and fleet management group Barloworld said on Monday it had agreed to buy two equipment businesses in Mongolia for about R3.252bn.
Barloworld will buy 100% of Wagner Asia Equipment and 49% of SGMS in the mineral-rich country.
The target companies are engaged in the business of selling and distributing construction equipment, mining equipment, power systems and related goods and services in Mongolia, primarily under the Caterpillar brand, Barloworld said.
The Wagner Asia Equipment business will be combined with the current Barloworld Russian business unit into a newly formed Equipment Eurasia unit.
“The group balance sheet is strong and this opportunity, adjacent to the current Russian operation, presents an attractive growth prospect within the Equipment division,” Barloworld said in a statement.
In morning trade on Monday, Barloworld's share price was up 0.94% to R94.28, having fallen 16.37% so far in 2020.
Source: BusinessLive.co.za
MIAT TEMPORARILY SUSPENDS CERTAIN BEIJING AND HONG KONG FLIGHTS
Due to coronavirus outbreak, MIAT Mongolian Airlines has cancelled some of its flights to Beijing and Hong Kong.
Please consider that some media announces that all flights have been cancelled which is false.
MIAT cancelled 10 flights to Beijing in February, and 8 flights to Hong Kong in February and March. All other flights normal currently.
Arrangements for cancelled flights are organized throughout the 24 hours. Please contact 11 333 999 for further information.
Cancelled travel destinations:
Beijing - Flights OM 223/224 on 3, 5, 7, 9, 11, 12, 14, 17, 19, and 29 of February
Hong Kong - Flights OM 297/298 on January 31, and February 14, and flights OM 2971/2972 on February 3, 24, and March 2, 9, 16, and 23.
Source: GoGo News
MONGOLIA TO IMPLEMENT BUSINESS AND HUMAN RIGHTS PRINCIPLES
Business and Human Rights in Asia: Promoting Responsible Business Practices through Regional Partnership (B+HR Asia), project is being implemented in 2017-2023 by United Nations Development Programme (UNDP). Chief Adviser and Manager of the project Livio Sarandrea worked in Mongolia on January 28-31 and got acquainted with the process of developing a National Action Plan and provided methodological advice. He met and exchanged views with the officials of Ministry of Foreign Affairs and non-governmental organizations including national plan development working group, business representatives and trade unions.
In 2019, the National Action Plan development working group was established by the order of the Minister of Foreign Affairs, involving relevant organizations. Livio Sarandrea's visit to Mongolia aimed to disseminate the concept of "UN Business and Human Rights Principles", to ensure active involvement of government, non-governmental organizations and businesses in the process of developing national plan, to realistically assess the impact of business activities on human rights and to properly identify their goals.
Source: Montsame
ULAANBAATAR RAILWAY JSC INTRODUCING PAPERLESS TECHNOLOGY IN FREIGHT TRANSPORT SERVICE
Ulaanbaatar Railway Joint Venture resolved to simultaneously use paper and paperless technologies in formulating transport documents of empty trains that will be sent to the Russian Federation. It was agreed during a regular meeting of a working groups of Ulaanbaatar Railway JSC and Russian Railways JSC for online exchange of information that took place in Ulaanbaatar city.
In directions of introducing paperless technology in freight transport operations, engineering and technical workers of Statistical Registration and Information Technology Department of Ulaanbaatar Railway JSC conducted a testing on sending and receiving train with electronic document that is approved with digital signature.
On January 23, 2020, the officials successfully sent transport documents of 47 pieces of empty trains from Sukhbaatar station to Naushki station to Russian Railways JSC, converting the documents in IFTMIN format and confirming with digital signature. Etran system of the Russian Railways JSC received the electronic transport document sent by the Mongolian side and officially registered it as train with electronic document.
Source: Montsame
MIAT AND JAPAN AIRLINES AGREE ON CODESHARE PARTNERSHIP EFFECTIVE MARCH 31, 2020
MIAT Mongolian Airlines (MIAT) and Japan Airlines (JAL) today announced a codeshare agreement to expand both carrier’s international network between Mongolia and Japan. The Japan Airlines reports that reservations and ticket sales begin on March 24th, for travel from March 31, 2020.
The agreement will allow Japan Airlines to offer flights between Ulaanbaatar and two major cities in Japan, Tokyo-Narita and Osaka-Kansai.
At the same time, MIAT will start offering flights beyond Narita to Osaka Itami and Nagoya Chubu, in addition to five international destinations, namely Singapore, Melbourne, Ho Chi Minh City, Hanoi and Busan. Operations of codeshare flights are subject to regulatory approvals.
Source: Montsame
XANADU MINES QUARTERLY ACTIVITIES REPORT
Large scale copper-gold Exploration Target
• Exploration Target upgraded for the Kharmagtai Project above and beyond 2018 Mineral Resource Estimate
• Compelling vectors to a significantly larger copper-gold system below the surface deposits has been uncovered
New metallurgical work completed at Kharmagtai
• Metallurgical test work yields high quality copper and gold concentrates at Kharmagtai
• Improved metallurgical recoveries indicate a major value uplift for Kharmagtai including:
o An estimated 4.5% increase in copper recovery to achieve an average recovery of 89.5% for the two main metallurgical composites
o An estimated 3% increase in gold recovery to achieve an average recovery of 69.7% for the two main metallurgical composites
• Concentrate grades averaged 25.2% copper and 25.8g/t gold for the two locked cycle tests
• Further optimisation work may lead to further improvements
Source: ASX (PDF)
See also: Xanadu Mines remains focused on flagship Mongolian copper-gold project after positive December quarter
MONGOLIAN MINING JOURNAL INTERVIEW WITH ARMANDO TORRES, CEO OF OYU TOLGOI - INTERVIEW
How does Oyu Tolgoi approach responsible mining?
Oyu Tolgoi carries out its operations in line with relevant Mongolian laws, Rio Tinto’s standards and requirements of international lenders. We have successfully applied to our work the key elements of responsible mining under international standards and we have a lot to share with our peers in Mongolia. We are on a journey and we need to do more to consolidate our position as a leader in responsible mining.
Safety is the number one priority at Oyu Tolgoi. Everyone has the responsibility – and the right -- to report if anything in their work is putting their own or others’ health and safety at risk. As a company we have been sharing our safety culture with the broader community, and we recently co-hosted the “Safety First - 2019” conference with the Mongolian Occupational Safety and Health Professionals’ Association.
Source: Mongolian Mining Journal
