“CHULUUT” FLUORSPAR PROCESSING PLANT PROJECT UPDATE
The Chuluut project’s total progress is reached up to 94% this week constituted by equipment foundation 96%, sandwich panel 99%, structural and covering material 100%, electrical installation 52%, pipe and plumbing work 66%, external boiler 32%, and flooring 100% completion. WE are currently recruiting experts in our fluorspar mine and recruitment process reached up to 89%.
ZAAMAR SALES TRIP
Our sales team successfully visited mines of Zaamar soum for MRO tools sales trip from September 2 to September 4. Our biggest client at Zaamar soum was the Mongol mining and expoloration LLC. We are glad that our clients are satisfied with Hans and Durofix brand tools quality.
We aim to reach out to our customers by visiting Mongolia's major mines to raise brand awareness and introduce the value and quality of Hans and Durofix brands to our customers. If you would like more information, you can visit our showroom and contact our sales manager (+976-94106659). We will visit your location to introduce our products.
HANS TOOL has maintained a position of leadership on manufacturing quality sockets wrench and tools over 40 years’ experience in Taiwan. Hans tools are full range items with a complete size of tools but also offer full warranty. Special auto tools, Hand tools and Master tool kits are available in the showroom.
DUROFIX is one of the premier portable power tool manufacturers and distributors in the world. The product range covers construction, woodworking, automotive and industrial tools for professionals.
ESTABLISHING AN INTERNATIONALLY RECOGNIZED WELDING WORKSHOP
Within the framework of the “Strategic Partnership in the Welding” project, Welding training workshops are being renewed for a modern learning environment with latest welding equipments at the German – Mongolian VET Center and Erdenet School of Technology. This, in connection with capacity development for welding trainers and assessors, will frame the introduction of welding training in accordance with the international ISO standard is being developed in cooperation with German Welding Association.
The introduction of internationally recognized welding standards will improve the quality, content, assessment, and certification system of welding training in Mongolia, and will contribute to meeting the demand for highly skilled welders in the labor market.
The goal of the “Strategic Partnership in the Welding” project is to provide Mongolia with an internationally recognized ISO standard education and training in the field of welding. The project is part of develoPPP.de program of the Federal Ministry of Economic Development and Cooperation (BMZ), a development program to support public and private partnership. The GIZ is the implemented of the project with contribution from our partner Schachtbau Nordhausen LLC of Germany and Khasu Megawatt LLC.
EK SIGNED CONTRACT WITH POWER PLANT 4
On September 14, we received an award notice from PP4 for supply of Hydrex. We will supply our partner worldreknown Veolia brand Hydrex 4104 (antiscalant for the protection of reverse osmosis membrane) and Validation Tests to PP4. We believe that Euro Khan LLC and Power Plant 4 will continue to strengthen the partnership and cooperation well into the future.
ECONOMY
REPO AND 1 PCT CUT TO POLICY RATE ANNOUNCED TO EASE LENDING
Mongol Bank’s Monetary Policy Committee issued to further slash the policy rate by one percentage point to 8 percent and introduce repurchase agreement (repo) to the market.
These decisions are expected to increase loan supply to the market and allow banks to lower loan interest rates.
“The Monetary Policy Committee considered the current economic and financial situation, future outlook, internal and external climate, and risks when making this decision. These decisions will increase the amount of loans provided by commercial banks to the market as well as support economic recovery. We view that ensuring a reasonable policy rate reduction will facilitate the loan interest rate reduction strategy, approved in August 2020,” stated Deputy President of Mongol Bank G.Enkhtaivan.
Member of the Monetary Policy Committee Ts.Munkhbayar explained, “The balance of payments pressure has improved. The most important factor in changing the policy rate is the external sector environment or pressures on the balance of payments…”
Source: The UB Post
View the Bank of Mongolia statement
FOREIGN TRADE FALLS 16.3 PCT IN FIRST EIGHT MONTHS
Mongolia's total foreign trade fell 16.3 percent year on year in the first eight months of this year, according to data released by the country's National Statistics Office (NSO) on Thursday.
Mongolia's foreign trade totaled 7.9 billion U.S. dollars in the January-August period, the NSO said.
The decrease in foreign trade is directly related to restrictive measures to contain the spread of COVID-19, according to experts of the statistical agency.
Mongolia traded with a total of 139 economies around the world in the first eight months of this year.
Among the countries, China maintained its position as Mongolia's biggest trade partner in the above-mentioned period, accounting for 55.8 percent of Mongolia's total foreign trade.
Source: Xinhua
EQUILIBRATED BALANCE SHOWS DEFICIT OF MNT 2.7 TRILLION
According to the preliminary results in the first eight months of 2020, the total revenue of the general government budget was MNT 6.1 trillion. The equilibrated revenue of the general government budget was MNT 5.7 trillion and 93.7% of the total revenue of the general government budget. On the other hand, the total expenditure and net lending was MNT 8.3 trillion in the first eight months of 2020, resulting in a deficit of MNT 2.7 trillion in the equilibrated balance.
In August 2020, the total equilibrated revenue and grants of the general government budget were MNT 799.1 billion, decreased by MNT 0.8 billion or 0.8%, the total expenditure, and net lending was MNT 990.1 billion, decreased by MNT 77.5 billion or 7.3% compared to the previous month.
In August 2020, the equilibrated balance of the general government budget was in deficit of 190.9 billion, decreased by MNT 76.7 billion or 28.7% compared to the previous month.
Source: Montsame
GROSS INDUSTRIAL OUTPUT DROPS BY 18.4 PERCENT FROM PREVIOUS YEAR
According to the preliminary results, the gross industrial output reached MNT 9.6 trillion in the first eight months of 2020, decreased by MNT 2.2 trillion (18.4%) from the same period of the previous year. This decrease was mainly due to MNT 2.2 trillion (25.5%) decrease in mining and quarrying gross output. However, the electricity, thermal energy, and water supply production output increased by MNT 63.6 billion (9.0%) compared to the same period of the previous year.
By preliminary results, the mining and quarrying gross output reached MNT 6.4 trillion in the first eight months of 2020, decreased by MNT 2.2 trillion (25.5%) from the same period of the previous year. This decrease was mainly due to the decline in the mining of coal and lignite by MNT 2.1 trillion (57.8%), and extraction of crude petroleum by MNT 473.6 billion (69.9%) compared to the same period of the previous year.
Source: Montsame
DEEPER 2020 CONTRACTION EXPECTED IN MONGOLIA BEFORE 2021 REBOUND — ADB
Mongolia’s economic contraction continues to deepen due to the ongoing impacts of the coronavirus disease (COVID-19) pandemic, but it will recover in 2021 as regional economies rebound, says a new report by the Asian Development Bank (ADB).
In its Asian Development Outlook (ADO) 2020 Update, ADB projects Mongolia’s economic growth to further reduce to -2.6% in 2020, a downgrade compared to the 2.1% forecast in April and -1.9% in June, before rebounding to 5.1% in 2021. ADO is ADB’s flagship annual economic publication.
“Mongolia was able to contain the pandemic but could not avoid the associated economic cost,” said ADB’s Country Director for Mongolia Pavit Ramachandran. “The external economic shock has left the economy in deep recession, and careful management of macroeconomic fundamentals will be required for recovery.”
Gross domestic product (GDP) contracted by 9.7% in the first half (H1) of 2020 mainly because COVID-19 substantially reduced exports and capital inflows.
Source: ADB
ACCELERATING MONGOLIA’S DEVELOPMENT REQUIRES A SHIFT “FROM MINES TO MINDS”: WORLD BANK
A new report by the World Bank estimates that out of every dollar in mineral revenues Mongolia has generated over the past 20 years, only one cent has been saved for future generations. The report argues that to break this cycle, Mongolia should use its mineral wealth to invest in people and institutions, while gradually reducing its dependence on the sector.
This is particularly true as demand for key minerals is likely to tumble due to climate change concerns, a shift of investors’ preference toward sustainability, China’s ambitious goal to reduce coal consumption, and persistence of the COVID-19 shock, according to Mongolia’s Mines and Minds, the World Bank’s September 2020 Country Economic Memorandum for Mongolia.
Since the advent of large-scale mining in 2004, Mongolia’s economy has grown at an average rate of 7.2 percent per year, making it one of the fastest-growing economies in the world.
Source: World Bank
See also: World Bank and Mongolia sign agreements for USD 21 million
TERM DEPOSITS IN FOREIGN CURRENCY RISE BY 58.6 PERCENT FROM PREVIOUS YEAR
The national currency in circulation reached MNT 928.2 billion at the end of August 2020 increased by MNT 1.9 billion (0.2%) from the previous month, and MNT 2.5 billion (0.3%) from the same period of the previous year.
At the end of August 2020, the time deposit in domestic currency amounted to MNT 11.2 trillion, increased by MNT 1.3 billion (0.01%) from the previous month, and increased by MNT 383.4 billion (3.5%) from the same period of the previous year.
The composition of the total time deposit in domestic currency shows that 89.7 percent (MNT 10.1 trillion) were individuals deposits and 10.3 percent (MNT 1.2 trillion) were entities deposits.
The time deposits in foreign currency amounted to MNT 4.7 trillion, increased by MNT 74.0 billion (1.6%) from the previous month and MNT 1.7 trillion (58.6%) from the same period of the previous year.
Source: Montsame
NON-PERFORMING LOANS MAKE UP 11.3 PERCENT OF TOTAL LOANS, UP 2.8 PCT Y/Y
At the end of August 2020, the total amount of outstanding loan to entities and individuals amounted to MNT 17.4 trillion, increased by MNT 53.2 billion (0.3%) from the previous month, while it is decreased by MNT 876.9 billion (4.8%) from the same period of the previous year. In the total outstanding loans, MNT 8.8 trillion (50.7%) was individual loans.
At the end of August 2020, the non-performing loans in the banking system amounted to MNT 2.0 trillion, increased by MNT 22.9 billion (1.2%) from the previous month and MNT 53.3 billion (2.8%) from the previous year. The non-performing loans in the banking system make up 11.3% of the total loans, increased by 0.8 percentage points from the same period of the previous year.
Source: Montsame
SWITCHING ON JOB CREATION: HOW ONE EU FUNDED PROJECT FOUND A WAY TO BRING JOBS BACK TO MONGOLIA
“We were not getting any work because of the COVID-19 restrictions and so making these masks gave us extra income which was a tremendous help,” says Bayarzol, a 43-year-old woman from Bayankhoshuu, the most polluted area of Ulaanbaatar city.
The livelihoods for women in Mongolia were hit especially hard when schools and many jobs in the service industry were shut down to prevent the spread. Bayarzol is just one of many women in Mongolia who have either lost their income or their business due to the COVID-19 outbreak, leaving them struggling to provide for their families.
Fortunately, Mongolia has yet to see transmissions of the novel coronavirus, however, the strict restrictions brought on with the border closures, as well as school closures, to prevent the spread of the virus has devasted both the rural and urban economies across Mongolia.
Source: Montsame
MONGOLIA OFFICIALLY LAUNCHES THE TVET POLICY REVIEW FINAL REPORT IN ULAANBAATAR
TVET aims to empower youth with relevant technical and vocational skills to transition into adult economic and social roles, and to effectively contribute to their community’s socioeconomic development. The Minister affirmed that, under her administration, TVET sector transformation in Mongolia will take place in line with the principles of Sustainable Development Goal 4: seeking to ensure access, equity, inclusion, quality and lifelong learning, leaving no one behind.
Mr. Tapan Mishra, the UN Resident Coordinator, commended the in-depth review of the TVET sector, leading to clear policy recommendations for implementation. He applauded UNESCO’s dedication to strengthening the TVET sector in Mongolia, which will ultimately contribute to a holistic, equitable and quality development of the country, and towards achieving all Sustainable Development Goals, particularly SDG4 and SDG8. Mr. Mishra assured the Minister of the Mongolia UN Country Team’s strong commitment to work with MoLS to advance TVET and Skills Development in Mongolia.
Source: UNESCO
VEGETABLE PRODUCTION OFFERS DIET AND POVERTY REDUCTION BENEFITS FOR MONGOLIA, SAYS NEW BOOK
Increased vegetable production in Mongolia would have a positive benefit on poverty reduction, as well as provide a more balanced diet for its citizens, according to a new book launched today by the Asian Development Bank (ADB) and the Government of Mongolia.
ADB’s Director of Environment, Natural Resources, and Agriculture for East Asia Qingfeng Zhang opened the launch of the book, Vegetable Production and Value Chains in Mongolia. The event was co-hosted by the Ministry of Food, Agriculture, and Light Industry (MOFALI).
In his opening remarks, Mr. Zhang highlighted the importance of strengthening the agriculture sector and its role in providing for a more diversified and labor-intensive economic structure for the rural population.
“Agriculture is not sufficiently diversified and only about half of the country’s vegetable demand was met by domestic production during 2008–2016,” Mr. Zhang said.
Source: Montsame
MONGOLIA-SINGAPORE TRADE TURNOVER REACHES USD 176.8 MILLION
On the occasion of the 50th anniversary of the establishment of diplomatic relations between Mongolia and Singapore, the Mongolian National Chamber of Commerce and Industry, the Ministry of Foreign Affairs, the Embassy of Mongolia in Singapore and Singapore Business Federation jointly organized Mongolia-Singapore webinar business discussion yesterday in aims to expand trade and economic cooperation of the two countries.
Representatives of more than 100 companies took part in the meeting, exchanging information and holding talks on cooperation opportunities. Moreover, the National Development Agency, the Investment Research Center under the Ministry of Foreign Affairs and AND Global, a leading fintech company in Mongolia, made presentations on investment opportunities and ongoing major economic cooperation programs and projects in Mongolia, as well as the development of information and communication technologies.
Mongolia and Singapore work together closely in the fields of mining, education, service, capacity building of civil servants, etc.
In 2019, the trade turnover between the two countries reached USD 176.8 million, while investment volume reached USD 155.8 million.
Source: Montsame
JICA TO IMPLEMENT SIX NEW PROJECTS IN MONGOLIA
On September 15, Deputy Prime Minister Ya.Sodbaatar received Chief Representative of Japan International Cooperation Agency (JICA) Tamuro Eriko.
At the start of the meeting, the Deputy PM emphasized that one of priorities in Mongolian foreign policy is developing friendly relations and partnership with Japan as a strategic partner and third neighboring country with common values.
Noting the government’s objective to overcome socio-economic challenges caused by the pandemic, and quickly recover the economy to its prior state, he then expressed satisfaction in JICA’s partnership with the National Emergency Management Agency in enhancing the necessary guidelines, standards, and methodology for improving the earthquake resistance for infrastructure and buildings and proper urban planning.
Ms. Tamuro Eriko introduced that studies are currently being conducted on implementing six projects in Mongolia, which includes projects revolving around the pandemic situation, disaster protection, fair competition, development of the new airport area, monitoring of industrial wastewater.
Source: Montsame
WITH COMMODITY PRICES RISING, RECOVERY IS QUITE POSSIBLE - EDITORIAL
With Parliament approving amendments to this year’s budget on August 28, the four months remaining of the year would be given to arresting, if not undoing, the damage the pandemic has been causing to the economy. Revenue is already MNT1.2 trillion less than expected and the budget deficit up to the end of June stood at MNT2.1 trillion, which had been estimated as the figure for the whole year. However, not all is lost. Rising mineral prices hold out hope that recovery is possible sooner than it seemed possible at one stage.
With an estimated revenue of MNT9.7309 trillion and projected expenses of MNT14.5775 trillion -- 25.2 percent and 37.7 percent respectively of GDP -- the revised budget shows a deficit of MNT4.8466 trillion or 12.5 percent of GDP, instead of the 5.1 percent in the original. This is obviously very high, and several drastic measures would be taken to see that revenue reaches the required level.
Source: Mongolian Mining Journal
BUSINESS
MONGOLIA’S SERVICES, CASHMERE AND AGRICULTURAL SECTORS SHOW STRONG PROMISE FOR INVESTORS: U.S. EMBASSY
Mongolia’s frontier market and vast mineral reserves represent potentially lucrative opportunities for investors, but a high-risk macroeconomic environment and lack of input from stakeholders during rulemaking warrant caution. Mongolia’s economic model of exporting minerals and importing most other goods means the government imposes few market-access barriers. Investors also face few investment restrictions in Mongolia, enjoying mostly unfettered access to the market.
Franchises such as gyms, fast food, and convenience stores have outperformed expectations, suggesting investors can bring successful international business models to Mongolia’s services sector. Mongolia’s cashmere and agricultural sectors also show strong promise. However, investing into politically sensitive sectors of the Mongolian economy – such as mining – carries higher risk.
A COVID-19-related ban on entry of foreigners into Mongolia and prohibition on passenger flights will complicate investment decisions for as long as these measures remain in effect. Hazardous air pollution during the winter may hamper efforts to attract top talent…
Source: Mongolia Weekly
View the U.S. Embassy's 2020 Mongolia Investment Climate Statement
OYU TOLGOI FURTHERS FUNDING PIT
The Oyu Tolgoi mine expansion project in Mongolia, one of the world’s largest copper-gold mines, has been dogged by politics, delays and spiralling project costs since the scheme reached financial close on a $4.4 billion multi-sourced project financing in 2015.
But last week, project sponsor Turquoise Hill Resources (TRQ) (66%), which is majority-owned by Rio Tinto, and the Mongolian government (34%), finally signed a memorandum of understanding (MoU) for the financing of the mine’s underground project, following a major redesign of the Hugo Dummett North copper and gold underground mine in the south Gobi desert.
Under the agreement, Rio Tinto and TRQ have agreed to: pursue re-profiling of principal debt repayments with lenders under the existing project finance arrangements to better align with the revised mine plan, project timing and cash flows; raise up to A$500 million ($363 million) in additional lending under the existing project financing arrangements from selected international financial institutions; and …
Source: TXFnews.com
See also: Turquoise Hill: Rio Tinto Drops The Bomb On Common Equity
Mongolia to change representatives at Board of directors of Oyu Tolgoi
100 CHEESE FACTORIES TO BE BUILT ACROSS THE COUNTRY
In late August, the Wealth Creators Support Association (WCSA) of Mongolia and Mongolian Artisan Cheesemakers Union (MACU) LLC signed a memorandum of cooperation to jointly build 100 cheese factories across the country, in aims of creating new jobs, increasing the value of milk supplied from herders, and bringing the dairy product to international markets. WCSA President Ch.Dalaibayar said the 100 cheese factory project also aims to satisfy domestic cheese demand and export the surpluses.
MACU Executive Director Michael Morrow said, “The project is expected to contribute to Mongolia’s development and especially benefits herders. Domestic milk processing and cheese production will not only play an important role in increasing income of herder households, but also encourage sustainable growth”.
Source: Montsame
STEPPE GOLD PROVIDES DRILLING AND EXPLORATION UPDATE
Steppe Gold currently has three diamond core drilling rigs operating at the ATO Gold project on a 24hr basis. The drilling rigs are undertaking a program of infill and extensional drilling at the ATO1, ATO4 Deposits and the Mungu Discovery. The aim of the drilling program is to deliver resource upgrades on the existing ATO Deposits and to deliver a maiden resource on the Mungu Discovery before the end of 2020.
To date in 2020 Steppe Gold has drilled 23 diamond drill holes for a total of over 9,482 metres. The Company has now received results for infill drilling completed in 2019 and 9 holes from the 2020 drilling program.
Highlighted results for the 2019 drilling program include:
…
A new, very high-grade base metal zone has also been discovered underneath the ATO1 Deposit which is now subject to additional drilling in the 2020 drilling program.
Source: InvestingNews.com
See also: Steppe Gold continues to find good grades at ATO mine as it progresses bankable feasibility study on its expansion
RIO NEEDS A CEO TO FIX ITS REPUTATION. HERE ARE SOME CANDIDATES
Rio Tinto Group is hunting for a new leader to restore relations with the communities where it mines after Jean-Sebastien Jacques was forced out over the destruction of ancient Aboriginal heritage sites.
Rio announced Friday that Jacques and two other senior executives will leave after investors and Indigenous groups demanded stronger action and accountability over the explosions that tore through the 46,000-year-old landmarks in May.
Bold Baatar, Rio Tinto
Baatar is seen as one of the leading internal candidates for the top job. The Mongolian is a former investment banker, having worked for JPMorgan Chase & Co. before joining Rio in 2016. He runs the company’s energy and minerals business and also overseas its dealmaking Ventures unit. Baatar is viewed as a strategic thinker whose responsibilities include mapping out which commodities will be crucial to the company’s future.
Source: Bloomberg
MARKET CAP OF MSE-LISTED FIRMS RISES BY 1.9 PCT IN FIRST 8 MONTHS
In the first eight months of 2020, securities worth of MNT 33.0 billion were traded at the national stock market, which showed a decrease of MNT 93.5 billion (73.9%) compared to the same period of the previous year. In August 2020, 5.1 million pieces of securities worth of MNT 23.6 million were traded at the national stock market, which showed an increase of MNT 3.2 billion (2.7 times more), while traded amount increased by 18.8 million (5.0 times more) pieces of securities compared to the same period of the previous year. Total turnover of stocks increased by MNT 675.5 billion (15.3%) and pieces of securities increased by 16.5 million pieces (3.3 times more) from the previous month.
In August 2020, the average of indices of the top 20 financial markets was 16718.8 units, increased by 268.3 units from the previous month, while it is decreased by 3242.5 units from the same period of 2019.
Source: Montsame
ELIXIR ENERGY EXPANDS GAS EXPLORATION AT ITS GIANT MONGOLIAN PROJECT
Elixir Energy Limited has provided an update on operations in its 100% owned Nomgon IX coal bed methane PSC in the south Gobi region of Mongolia.
Following the positive results recently generated from the drilling of the Nomgon-2 core-hole and Nomgon 3S and Nomgon 4S strat-holes, Elixir has decided to follow up with another appraisal strat-hole in the Nomgon sub-basin before it moves onto other exploration targets across its 30,000 km2 landholding.
This new well — Nomgon 5S – spudded on Wednesday afternoon. Its location within the Nomgon sub-basin is illustrated below:
Immediately following the drilling of Nomgon 5S, Elixir will move to drill three to four exploration strat-holes over the balance of this calendar year.
Further announcements on well locations (which may themselves evolve as new data comes in) will follow in due course.
Laboratory testing work on coals sampled from the Nomgon-2 corehole is still progressing, with results due to be progressively announced in the coming weeks.
Source: FinFeed.com
IFC AND MBA WORK TO IMPROVE ACCESS TO FUNDING FOR MICRO, SMALL AND MEDIUM ENTERPRISES THROUGH DEVELOPING VALUE CHAIN FINANCE IN MONGOLIA
A new agreement between IFC, a member of the World Bank Group, and the Mongolian Bankers Association (MBA) will help improve access to funding for 200,000 micro, small and medium enterprises (MSMEs) cumulatively over the next 5 years by developing a vibrant market for value chain finance in Mongolia.
Access to finance is a challenge faced by many Mongolian MSMEs, which struggle to obtain bank loans to sustain and expand their operations, as they do not own land or buildings that financial institutions generally seek as collateral. Value chain financing (VCF) is an innovative way to unlock additional funding for MSMEs as it allows them to leverage the higher credit standing of a larger buyer or seller to borrow from financial institutions. It could also enable them to take longer-term orders and be more resilient to short-term shocks.
Source: WebWire.com
ONLINE PLATFORM ESTABLISHED FOR DOMESTIC MANUFACTURERS TO PROMOTE THEIR PRODUCTS
An online platform has been established for domestic manufacturers to promote their products internationally.
The ‘Mongolian Brand’ association-based platform was made according to current international standards with the help of foreign market researchers. “This marks the start for domestic business owners to enter the global market. There were opportunities to do much more if the COVID-19 infection did not spread to as many countries,” reported the association officials. Entities and SME owners are able to advertise their goods and products for free on the online platform.
Established with aims to provide support to domestic entities and manufacturers for export products, the association has conducted studies on the state of foreign and domestic markets for 2-3 years. More specifically, they have studied the domestic and foreign markets of China and the US, in which framework they implemented a joint program with the Asia-America Chamber of Commerce and invited market experts from the US.
Source: Montsame
WE WOULDN’T RELY ON MONGOLIA ENERGY’S STATUTORY EARNINGS AS A GUIDE
Broadly speaking, profitable businesses are less risky than unprofitable ones. However, sometimes companies receive a one-off boost (or reduction) to their profit, and it’s not always clear whether statutory profits are a good guide, going forward. In this article, we’ll look at how useful this year’s statutory profit is, when analysing Mongolia Energy.
We like the fact that Mongolia Energy made a profit of HK$1.44b on its revenue of HK$1.12b, in the last year. The good news is that the company managed to grow its revenue over the last three years, and also move from loss-making to profitable.
Of course, it is only sensible to look beyond the statutory profits and question how well those numbers represent the sustainable earnings power of the business. Therefore, we think it’s worth taking a closer look at Mongolia Energy’s cashflow, as well as examining the impact that unusual items have had on its reported profit.
Source: SimplyWall.St
OYU TOLGOI ANNOUNCES ITS SCHOLARSHIP PROGRAMMES
Oyu Tolgoi LLC is committed to human development and education, organising a wide range of programmes and projects such as provision of school buildings and scholarships and joint designing of tertiary subject guides with universities. We provide educational opportunities for both high school students and tertiary students. Since 2011, over 2,600 students have enrolled in Oyu Tolgoi’s educational programmes and received various scholarship opportunities.
We are pleased to announce five different scholarship programmes for the 2020-2021 academic year, and we will award 145 students in total. The applications will open on September 15 and close on October 25.
Source: Oyu Tolgoi
A SMELTER IS A MUST: DAMDINJAV OF ERDMIN - INTERVIEW
Erdmin LLC, recipient of The Mongolian Mining Journal Best Technology Award in 2013, was a pioneer in adapting the prevalent cathode copper production technology to Mongolian climatic conditions. An Honoured Industrial Worker of Mongolia, Dr. J. Damdinjav played a very large role in setting up Erdmin, where he was Executive Director and Director General. Currently a consultant to the company, he traces the history of Erdmin in this conversation with G.Iderkhangai and talks about old times with nostalgia.
Should Mongolia have a copper smelting plant?
It is essential to have one. Those who say it will cost too much and harm the environment, should know that no country can develop without heavy industry. Mongolia exports raw materials and imports finished goods. We have to go for value-added production but as the domestic market is small, this must be export-oriented. A large copper plant must have a smelter nearby, even if small.
Source: Mongolian Mining Journal
UNDRAL.B: YOU CAN GET ANY INFORMATION ABOUT YOUR CHILDREN THROUGH THE “LIBER” APPLICATION FROM ANYWHERE IN THE WORLD - INTERVIEW
In this hectic pace of life, we are not able to take care of our children every step of the way and often rely on school and daycare centers. Now you can find out all the information from your children’s going to school, to coming home using the mobile application wherever you go. You can even keep in touch with your child’s school, kindergarten, and teachers, and always take care of them. This relationship is facilitated with the help of the “LIBER”, an All-in-One School Management System (SMS), by the “Nomch” IT consulting company.
We interviewed Ms. Undral. B, CEO, and Founder of the Nomch system which acts as the moderator between parents, schools, and teachers. She graduated from the Mongolian-Turkish high school in Darkhan (now Darkhan Empathy School) and from the Computer Science and Management School of the Mongolian University of Science and Technology with a degree in Management of Information systems, and then she founded her company in 2016.
Source: The UB Post
BRINGING POSTDRAMATIC THEATER TO MONGOLIA - INTERVIEW
The Mongolian theater world took an innovative step as director M.Batbold prepares to stage the postdramatic play “Faust”. When it was first staged in Mongolia in 2018, satire humor and usage of technological advances was shocking to the audience, yet they loved it, even though the traditional theater experts of Mongolia were “disgusted” by it. M.Batbold recently established his Alpha Theater and is preparing to restage the play on September 17. The following interview will explore how the director envisions the Mongolian performing arts field.
How did Alpha Theater happen? When did you plan to start it?
The idea of establishing a theater came a year ago and it recently got actualized. Every director has a dream to establishing their own individual director’s theater with their own style that shows his own thoughts and philosophy. I graduated GITIS in 2018 under famous Russian directors Sergey Vasilyevich Zhenovach and Yury Nikolaevich Butusov.
Source: The UB Post
ION ENERGY STRENGTHENS THEIR BOARD OF DIRECTORS BY ADDING EXPERIENCE, ESPECIALLY IN MONGOLIA - VIDEO
Ion Energy CEO Ali Haji joined Steve Darling from Proactive to share news the company has added three new board members who bring a wealth of experience.
Haji shares details about Enkhtuvshin Khishigsuren, Paul Fornazzari, and Don Hains. Haji also told Proactive the company’s focus as they head into the fall.
Source: Proactive Investors
See also: Ion Energy appoints director, special advisors as it gears up to explore the promising Baavhai Uul license in Mongolia
