EURO-KHAN IS ONE OF THE MAJOR INVESTORS IN KANNOLI PHARMA
Euro-Khan is starting a brand new project in the territory of Portugal.
Kannoli Pharma is a new entrant in the Portuguese medical cannabis industry, with a disruptive strategy to grow, extract and manufacture GMP certified medical cannabis products and to develop contract services.
A GMP-certified manufacturing facility of 2500m2 will be established to produce medical cannabis products including THC/CBD oils and isolates. The GMP facility will process Kannoli Pharma grown products and products sourced through offtake agreements with other licensed international and Portuguese medical cannabis procedures.
The project will create up to 50 jobs in the first two years.
EURO-KHAN IS YOUR RELIABLE PARTNER WITH LONG-TERM PARTNERSHIP
Euro-Khan has been successfully supplying heavy-duty equipment to its customers for many years.
We are pleased to announce the supply of spare parts of HSB3000, Hausherr to Elgen Drilling LLC.
“EARTHING DEVICE VESTAS” SUCCESSFULLY DELIVERED TO SAINSHAND SALKHIN PARK LCC.
International deliveries have been slowing down due to the quarantine, but our work continues to be successful.
AUSTRALIAN PELICAN PICK WITH WOODEN, ORDERED BY NARAN MANDAL LLC, WAS SUCCESSFULLY DELIVERED TO THE END-USER.
EURO-KHAN'S WEBSITE IS CURRENTLY UNDER DEVELOPMENT.
Dear partners and clients,
Euro-Khan's website is temporarily down and We are currently re-creating and developing our new website. We apologize to all of our partners and clients for the inconvenience.
Our new website with a whole new design and full of news will be available to you from February 3rd, 2021.
Thank you for supporting our work and strengthening long-term partnership with EK.
With best regards,
Euro-khan team.
ECONOMY
OUTLOOK 2021 MONGOLIA
Mongolia’s GDP in 2020 looks like it will come in with at least a 3% to 5% contraction, but if Mongolia finds the means to administer the COVID-19 vaccine effectively and widely, it is very likely the country's economy will rebound quickly in 2021. The government has also announced it will write off utility fees under COVID-19 relief from December 1, 2020, to July 2021.
The funding for the utility write-off will come from Mongolia’s biggest and oldest copper mine, run by Erdenet Mining Corporation, which will pay the $228mn needed to cover the amount; this means the government has confidence in the mining sector, which is the driving force behind the country's profits.
This can be seen in how coal exports picked up in 3Q20 y/y and was the main reason why Mongolia’s GDP didn’t go down further in 2020, and with the addition of faster transits and the deteriorating relationship between China and Australia, Mongolia could benefit significantly.
Source: bne IntelliNews
GAZPROM CREATES COMPANY IN MONGOLIA FOR GAS PIPELINE DESIGN
Gazprom has registered in Mongolia Gazoprovod Soyuz Vostok, a special purpose vehicle to deal with design and survey and the feasibility study for the project of building a main gas pipeline across Mongolia for gas deliveries to China, the Russian gas holding says on Friday.
"The Soyuz Vostok gas pipeline will be an extension of the Russian gas pipeline Power of Siberia 2 on the territory of Mongolia, whose export capacity can be more than 1.3 times above the capacity of the Power of Siberia [gas pipeline]. This will make possible to supply gas from West Siberia for export in huge quantities not merely in the Western, but also in the Eastern direction," Gazprom CEO Alexei Miller is cited as saying.
Gazprom plans to complete preparation of the feasibility study for gas pipeline construction through Mongolia in the first quarter of 2021, Miller said this Tuesday at the meeting with Russian President Vladimir Putin. The feasibility study will be actually ready in the first quarter of 2021, he noted.
Source: TASS, Montsame
See also: Ambassador expresses readiness to give all-round support to Gazoprovod Soyuz Vostok
MORTGAGE LOANS WORTH MNT 99.5 BILLION DISBURSED
Between November 2020, and January 25, 2021, commercial banks issued a total of MNT 99.5 billion in mortgage loans to 1,362 borrowers. Of this, 974 individuals received mortgage loans worth MNT 62.3 billion from the funding source of the Bank of Mongolia, while 388 individuals received the mortgage loans worth MNT 37.2 billion from the banks.
In connection with the financial hardship posed by COVID-19 pandemic, the banks are making deferrals on mortgage loan repayment based on the requests of borrowers. As of January 22, 2021, commercial banks received mortgage loan payment deferral requests from 53,180 borrowers in total and have allowed to postpone the repayment of 52,384 borrowers or about 99 percent of all requests.
Source: Montsame
PROJECT OF MONGOLIAN SCIENTISTS GAINS INTERNATIONAL RECOGNITION
Scientists of Mongolia and Japan are collaborating on the development of a technology for the restoration of degraded pastureland.
Specifically, the Project titled ‘Restoration of Pastureland by Effective Usage of Wild Forage Plants based on Traditional Knowledge of Nomadic Mongolians’ developed by Mongolian scientists has been selected in an international scientific grant program and a group of Mongolian scientists have begun working together with leading Japanese scientists.
The project is one of the three projects shortlisted from 42 Bio-resources projects that competed for SATREPS (Science and Technology Research Partnership for Sustainable Development) program, implemented by the Japan Science and Technology Agency. Leading scientists at the Mongolian University of Life Sciences (MULS), Institute of Veterinary Medicine, Ecosystem Research Center, the Research Institute of Animal Husbandry, University of Tokyo, Kyoto University, and Tohoku Medical and Pharmaceutical University and the National Agriculture and Food Research Organization and some enterprises of Japan are collaborating in the project led by Professor of the National University of Mongolia J.Batkhuu.
Source: Montsame
SCHOOLS TO RESUME CLASSES ONLINE STARTING FEB. 1
TV or online classes will be offered to students of all general educational schools across Mongolia as a new school semester will start on Feb. 1 amid the COVID-19 pandemic, the country's Ministry of Education, Science and Sports said Tuesday in a statement.
Mongolia confirmed its first locally-transmitted COVID-19 case on Nov. 11, and since then, all levels of educational institutions in the country had provided online learning until the winter vacation starting from Dec. 18.
As of Tuesday, the Asian country, with a population of over 3.3 million, has registered 1,656 COVID-19 cases, over 1,200 out of which were locally transmitted.
The country has so far recorded 1,211 recoveries and two deaths.
Source: Xinhua, Montsame
INTERNATIONAL PARTNERSHIP HELPS MONGOLIA COUNTER CLIMATE CHANGE
Climate warming is believed to have taken place at some of the fastest rates in the world in Mongolia, raising the country’s average temperatures by 2.24°C between 1940 and 2015, with the last decade being the warmest of the past 76 years.
In the Gobi Desert, the occurrence of dust storms increased from 18 to 57 days between 1960 to 2007, and in 2000 almost half a million people were affected by drought. The north-eastern Asian country’s northern region is expected to become more arid over this century as annual precipitation decreased by 7 percent over the past 76 year despite an increase in winter rains. In addition to the drying landscape, changes in water availability is a serious, growing concern.
“Around 90 percent of the annual precipitation is now lost to evapotranspiration. Livestock feed is increasingly falling short (in the steppes),” Dr. Batjargal Zamba, Mongolia’s National United Nations Framework Convention on Climate Change (UNFCCC) focal point, told IPS via Skype from Ulaanbaatar.
Source: IPSnews.net
SEVERE WEATHER EVENTS CAUSED LOSSES WORTH MNT 7.6 BILLION IN 2020
Last year, there were 90 severe weather events and 11 catastrophic occurrences reported in Mongolia. According to the National Agency for Meteorology and Environmental Monitoring, there were 19 heavy storms, 13 windstorms, 4 heavy snowfalls, 7 cold snaps, 11 heavy rains, 10 hailstorms and 15 thunderstorms.
Due to the disastrous events, 15 people died, 14 people got injuries, 11,955 head of livestock perished, 7 roads and bridges damaged, 976 ger dwellings, fences, and the roofs of 17 buildings collapsed, 7 power poles fell and 11,339 hectares of farmland got affected. As a result, the country suffered loss of MNT 7.6 billion.
Source: Montsame
BUILDING MONGOLIA’S RAILWAY OF HOPE - EDITORIAL
Trucks with some cover over their cargo of coal move at speed in a seemingly unending line along the road to Gashuunsukhait. Not all make it to the border, though, as accidents are common on the often potholed road, but the overturned or otherwise affected trucks are quickly moved to a side so as not to impede the flow. There is a similar flow in the reverse direction of empty trucks returning from the southern border. The road is kept clear for the economically important traffic, but there is garbage of all kinds on the sides, with the lighter stuff blown in all directions by the wind. Everything is made dark by the dust from the coal and the soil dispersed by the heavily laden trucks. This is how the lifeline of our coal export has been like for the past several years, as we have watched in dismay a decade pass by with much talk and more politics but no progress on the ground on building the TT-GS railway.
Source: Mongolian Mining Journal
2021 PROMISES TO BE GREAT, BUT WE MUST MAKE IT SO - EDITORIAL
The year that has just ended was one that changed the way we live anywhere in the world. A pandemic held human interaction hostage and stalled economic progress, and no one can say how long it would take to undo the damage. Mongolia has not been exempt from the disruption in all areas of life, with exports and revenue falling, but our sparse and widely distributed population, helped by strict Government measures, has kept the number of casualties low. Hope springs eternal in the human breast, and as we begin a new year, Mongolians, individually and collectively, look forward to an end of the crisis and to new opportunities opening up.
The difficult times have once again shown to us how dependent the Mongolian economy is on the mineral sector. That awareness and the imperative to carry on exporting have led mining operations to continue without interruption, with miners working round the clock even as much of the rest of the country is under a lockdown.
Source: Mongolian Mining Journal
MONGOLIA'S ENERGY EFFICIENCY INDICATORS 2019 - REPORT
Mongolia has been achieving stable economic growth over the last 10 years. This has resulted in a significant increase in energy consumption, especially conventional energy, such as coal, oil, and electricity. The Mongolian Energy Economics Institute (MEEI) requested the Economic Research Institute for ASEAN and East Asia (ERIA) to support the MEEI in producing energy efficiency indicators (EEIs) to serve as benchmarks for Mongolia’s final energy consumption sectors and to improve current energy efficiency and conservation (EEC) policies and action plans. This report comprises a detailed methodology and calculation results of those indicators in industry, transport, commercial buildings, and the residential sectors of Mongolia.
Source: ERIA.org
BUSINESS
TURQUOISE HILL SEEKS INTERIM ORDER AGAINST RIO OVER MONGOLIA MINE FUNDING
Canada’s Turquoise Hill Resources is seeking an interim order in its arbitration against Rio Tinto (ASX, LON, NYSE: RIO) as some of the top miner’s actions could limit Turquoise Hill’s funding options for the vast Oyu Tolgoi copper-gold-silver mine in Mongolia.
Tensions between Rio Tinto and Turquoise Hill’s management and minority shareholders have grabbed headlines in recent months. The two companies are at odds over roles and obligations in securing the remaining funding for the underground expansion of the mine.
Top of Form
Bottom of Form
The Vancouver-based miner says Rio is using “certain procedures under contractual arrangements” that could grant it the right to pursue re-profiling negotiations with existing lenders.
Turquoise Hill added that Rio would do so in a manner the company considers will render Erdenes Oyu Tolgoi LLC, the Mongolian state-owned company that owns a third of the mine, unable to execute an offering of bonds in 2021.
Source: Mining.com, Yahoo Finance
HAIR AND BEAUTY SALONS, NON-GROCERY STORES REOPEN TODAY
On January 22, 2021, Mayor of Ulaanbaatar city D.Sumiyabazar issued a decision on some additional measures to take in Ulaanbaatar city amid the ongoing heightened state of readiness to prevent from COVID-19 outbreaks.
The decision approves the list of businesses to remain closed, allowing some non-food retailers, including clothing, textile shops, cosmetics, etc; and hair, beauty and nail salons to resume their operations starting from January 23, 2021, Saturday.
These services and businesses had been closed since November 11, 2020, when the first cases of community transmission were detected in the country.
Guidelines and recommendations have been delivered to salon operators reduce the risk of transmission of COVID-19.
Now, following 12 types of businesses will remain closed until further notice:
Source: Montsame, GoGo News
RIO TINTO’S NEW CHIEF OVERHAULS TOP LEADERSHIP TEAM
Mr Stausholm has also created the role of chief operating officer, which will be filled for the next 18 months by Arnaud Soirat, head of copper and diamonds, before he retires. Mr Soirat will be replaced by Bold Baatar, a former JPMorgan investment banker.
For years, Rio has been regarded as the mining industry’s top operator, but recent setbacks in Australia and Mongolia have seen its crown slip.
Another big task facing Mr Stausholm is a messy situation in Mongolia, where Rio’s most important growth project, the $6.75bn Oyu Tolgoi copper mine, has been hit by delays and cost blowouts.
That has prompted disputes with the Mongolian government and the company’s minority partners.
Mr Stausholm will be hoping that Mr Baatar, a Mongolian citizen, will be able to ease relations in Mongolia, which has just appointed a young prime minister, Oyun-Erdene Luvsannamsrai, who has already crossed swords with Rio in his former position as cabinet secretary.
Source: Financial Times
See also: Be global, think local: Rio tries to rebuild trust
MSE RENEWS TOP 20 INDEX COMPOSITION
In accordance with the “Regulation on Securities Price Index Calculation” of Mongolian Stock Exchange, the composition of the TOP-20 index has been renewed as the following for the year of 2021 based on the performance of the stocks in 2020.
17 stocks have remained as a component security, while ‘Mik Holding’ JSC, ‘Mongol Basalt’ JSC, and ‘Sharyn Gol’ JSC have been removed from the index. The new constituents to the index composition include ‘Bodi Daatgal’ JSC, ‘Makh Impex’ JSC and ‘Darkhan Nekhii’ JSC.
Source: Mongolian Stock Exchange
ERDENE EXTENDS NEW DARK HORSE GOLD DISCOVERY WITH 500 METRE STEP-OUT; COMMENCES FOLLOW-UP EXPLORATION PROGRAM
Highlights:
1. Q4 2020 drilling at Dark Horse delineated a significant new gold discovery
1. Defined a four kilometre long structure, trending north-south (N-S), extending from the Bayan Khundii deposit in the south to the Altan Arrow northeast-trending structure in the north
2. Dark Horse drill hole AAD-61 intersected a wide zone of gold mineralization
1. Returned 130 metres of 0.53 g/t gold, beginning 10 metres downhole, including 26 metres of 1.1 g/t gold, beginning 14 metres downhole
2. Drill hole was collared 700 metres north of previously reported high-grade intersection in AAD-58 and 500 metres north of AAD-57
3. Significant gold mineralization has been intersected along the Dark Horse N-S structure over a 1.2 kilometre trend, including (from south to north):
1. AAD-58 returned 45 metres of 5.97 g/t gold, beginning 10 metres downhole, including 1 metre of 82.5 g/t gold within 8 metres of 27.1 g/t gold
Source: Erdene Resource Development Corp.
POST-PANDEMIC RECOVERY OF TOURISM PROGRAM TO BE CARRIED OUT
In coming four years, the Ministry of Environment and Tourism plans to focus on recovering tourism industry by reviving tourist flow in a short time after the pandemic. In doing so, it aims to boost tourism based on each regional features, increase jobs in rural areas, improve citizens’ livelihood and reduce adverse impacts on nature and environment caused by tourism.
First of all, a program on post-pandemic recovery in tourism industry will be implemented in partnership with the United Nations World Tourism Organization. And in cooperation with well-known experts, a plan has been developed to introduce international good practices into domestic tourism based on its specialties, said S.Bayasgalan, Head of Tourism Policy and Cooperation Department of the Ministry.
Due to the pandemic, tourists are being afraid of getting infected during their travel. Therefore, it is crucial to keep tourism products and services safe, satisfy requirements as well as to get all tourism entities confirmed with international safe tourism certificate and promote to the market.
Source: Montsame
MONGOLIAN TRADE REPRESENTATIVE OFFICE TO BE OPENED IN VLADIVOSTOK
Russian Prime Minister Mikhail Mishustin has signed an ordinance to approve Mongolia's request to open its Trade Representative Office in Vladivostok, reports TASS News Agency.
The government of Primorsky Krai was instructed by the PM Mikhail Mishustin to provide necessary supports to the Mongolian side for the opening of its Trade Representative Office.
Source: Montsame
MAJOR DRILLING MONGOLIA RECOGNIZED AS SOUTH GOBI BEST EMPLOYER
The South Gobi Province Governor’s Office awarded Major Drilling Mongolia as a “Best Employer of Umnugovi aimag (South Gobi province) in 2020.” Award criteria includes successfully supporting local employment in the province through training, job creation and diversity initiatives. Major Drilling is a long-time contractor in Mongolia providing specialized drilling services at the Oyu Tolgoi copper project, located in the vast desert region of South Gobi. There, Major Drilling conscientiously provides skills for employees who are trained to build their local communities.
Major Drilling Mongolia ranks rose from six local workers in 2019 to 47 in 2020. South Gobi residents make up 24% of the total Major Drilling workforce at the Oyu Tolgoi project. Graduates of drilling operator training at the Dalanzadgad Polytechnical College in that region were offered jobs with Major Drilling. This includes women who are especially encouraged to join the drilling industry.
Source: Major Drilling
ERDENET COMPANY, MONGOLIA, BUYS TWO MORE MACHINES MADE BY IZ-KARTEX
Two mine shovels EKG-12K made by IZ-KARTEX, St.-Petersburg (a member of UZTM-KARTEX group) are commissioned at the works of PGS "Erdenet Company" (Mongolia). The Mongolian mining company procured new Russian machines within the framework of a company development project.
Erdenet is the leading Mongolian state-owned company engaged in mining and processing copper-molybdenum ore. The company is currently upgrading its facilities: total investments for the previous year amounted to about 245 million USD.
While implementing their investment program, Erdenet has procured four EKG-12K mine shovels from IZ-KARTEX since 2018: the first one has been supplied in 2018, the second in 2019, and two more machines have been commissioned last December. According to Mr. B. Otgondava, the manager of an open-cast mine owned by PGS "Erdenet Company", the company decided to procure machines made by IZ-KARTEX because these machines are optimally adapted to the conditions of Mongolian mines.
Source: Uralmesh-Kartex.ru
ZEUS ESPORTS PLACED 3RD AT PUBG MOBILE GLOBAL CHAMPIONSHIPS
PUBG Mobile Global Championships which was organized from January 21-26 in Dubai, UAE wrapped up yesterday.
In the tournament which world’s top 16 teams competed, Mongolian team Zeus Esports placed 3rd after ‘Nova’ and ‘4AM’ of China, claiming USD 100,000.
Source: Montsame
TSELMUUN NYAMTAISHIR OF MONGOLYN ALT LEADS NATIONAL CHARITY EFFORT
The role of women in Mongolia's business community has been steadily on the rise since the country reoriented towards the market economy in the early '90s. Tselmuun Nyamtaishir, CEO and President of one of the largest Mongolia's business groups, Mongolyn Alt Mak, is an outstanding example of a Valparaiso University, IN, young female business leader. She is a good example of a successful 2nd generation business leader in Mongolia.
The business group she heads was founded by Tselmuun's father, Nyamtaishir Byambaa, in 1993, and is made of companies active in metals and mining, banking, construction materials, hospitality, and aviation, a combination requiring a wealth of specific knowledge and management acumen. Having started in the family business in 2009, Tselmuun has moved up in the ranks to occupy the leading executive position through her comprehensive management experience and Western business education.
Source: International Business Times
