DR. OLIVER SCHNORR AND
HONORABLE AMBASSADOR FROM FEDERAL REPUBLIC OF GERMANY TO MONGOLIA MR. STEFAN
DUPPEL WILL ATTEND 99th EAST ASIAN “LIEBESMAHL” IN HAMBURG ON
MARCH 15, 2019.
Our CEO will take part in the
99th East Asian “Liebesmahl” organized by the German Asia-Pacific Business
Association as a guest of honour in Hamburg where he will join German Federal
Minister of Economy and Energy Mr. Peter Altmaier and Mr. S.E. Nguyen Chi Dung,
Minister for planning and Investment of Vietnam.
EURO KHAN AND ITS DAUGHTER
COMPANIES FMS LLC AND FSML LLC HAD SUCCESSFULLY ORGANIZED THE SHAREHOLDERS
MEETING
Euro Khan LLC has organized the
annual shareholder’s meeting in Ulaanbaatar with its daughter companies on
February 13. FMS LLC was established in 2017 and mainly focuses on mining
services in Mongolia. Despite short history, FMS has conducted number of
successful mining study projects and is initiating the high-tech fluorspar
processing plant project in central Mongolia. FSML LLC on the other hand played
a big role in development of the biggest wind farm in Mongolia Sainshand
Salkhin Park since its establishment in 2012. The shareholders stated that the
year of 2018 was full of success for all three companies and introduced their
business plan for this year.
THE CEO OF EURO KHAN DR. OLIVER
SCHNORR TO PARTICIPATE IN GERMAN MONGOLIAN BUSINESS ROUND TABLES IN COLOGNE AND
STUTTGART, GERMANY IN MARCH 20, 23 AS A CHAIRMAN OF GERMAN MONGOLIAN BUSINESS
ASSOCIATION, ULAANBAATAR.
Mongolia and the Federal
Republic of Germany have always maintained close relations. Germany is
Mongolia’s most important trading partner in the EU and 1 percent of Mongolians
speak German. Mongolia is one of the most resource-rich countries in the world,
offering a variety of points of contact and potential for German industry.
Higher commodity prices and the associated higher export earnings have given
the Mongolian economy a significant upswing since 2017. German companies will
gather in these round table events to find out and discuss current situation in
Mongolia and what business opportunities could arise in the future.
The Round Tables will be
organized by Association of German Chambers of Industry and Commerce (IHK). The
Honorable Ambassador from Federal Republic of Germany to Mongolia Mr. Stefan
Duppel will also take part in the events.
Economy
·
Eight goods and services that bring
currency inflows into Mongolia
·
Mongolia eyes 7 to 9.3 pct inflation
rate in 2019
·
Exports to Japan up 88 pct since EPA;
still dwarfed by value of imports
·
Agreement with OT a big boost to TT
power plant project
·
Mongolia-Russia trade up almost 40
pct in 2018
·
For Children and babies, the
pollution in Ulaanbaatar can prove fatal
·
Mongolia advances construction of new
refinery
·
Construction of new wastewater
treatment plant to commence this spring
·
Master Properties: Demand for office
space exceeding supply
·
Taste for Cashmere eating into
Mongolia’s grasslands
·
Scholars suggest coalbed methane for
power source
·
Mongolia slaughters pigs to contain
African swine fever
·
Fiscal Sustainability in Mongolia
2018 – Report
Business
·
BCM Board member Tumentsogt appointed
CEO of Erdenes Oyu Tolgoi
·
Erdenes Tavan Tolgoi to pay dividends
within this quarter
·
MSE threatens to delist firms that
fail to deliver reports
·
Tumen Shuvuut IPO oversubscribed by
9.1 percent
·
Korean Air set to lose monopoly over
Mongolia route
·
Trade Unions urge PM to focus on
lowering interest rates
·
MSE requests FRC cooperation on
facilitating share migration
·
Mongolia-China expo great opportunity
for Mongolia to diversify exports to China: official
·
Aspire Mining set to benefit from
China’s preference for non-seaborne coal imports
·
Sustainable Fibre Alliance takes
cashmere conference to Mongolia
·
Irish Intel veteran joins USD 1bn
Mongolian mining and energy venture
·
MIAT’s new 737 MAX 8 fleet boosts
tourism for Mongolia and outlook for new airport
·
Bit Mon Ex Launches Digital Asset
Trading Platform in Mongolia in Partnership with Bittrex
·
Asgat gets a new owner but is it
ready to be mined? – Editorial
ECONOMY
EIGHT GOODS AND SERVICES THAT
BRING CURRENCY INFLOWS INTO MONGOLIA
|
Product |
2017 revenue (USD mln) |
2018 revenue (USD mln) |
|
|
1 |
Coal |
2,267.60 |
2,802.50 |
|
2 |
Copper |
1,613 |
2,012.20 |
|
3 |
Tourism |
400 |
569 |
|
4 |
Crude
oil |
374.1 |
392 |
|
5 |
Iron
ore |
313.4 |
342.2 |
|
6 |
Raw
cashmere |
205.6 |
252 |
|
7 |
Meat,
meat products |
62.9 |
162.8 |
|
8 |
Gold
(exported only) |
595.4 |
144.5 |
|
|
Total |
5,832.00 |
6,677.20 |
|
|
Export
revenue |
6,200 |
7,011 |
Source: iKon.mn (Mongolian)
MONGOLIA EYES 7 TO 9.3 PCT
INFLATION RATE IN 2019
Mongolia’s inflation rate could
fluctuate between 7 percent and 9.3 percent through this year, local media
reported Tuesday, citing the central bank.
The annual growth rate of production in Mongolia’s mining industry could be 1.9
percent, and the annual growth rate of production in the non-mining sector
could be 7.9 percent, according to the regulator’s forecast.
Despite reduced global demand for mineral raw materials, an increase in prices
of coal and iron ore could have a positive impact on Mongolia’s economy.
One main reason for the growth of inflation this year may be the weakening of
the Mongolian tugrik against the U.S. dollar, experts added.
The economy of the landlocked East Asian country is centered on mining and
livestock agriculture. Mongolia is rich in mineral resources, with copper, coal,
molybdenum, tin, tungsten and gold among the most important.
Source: Xinhua
EXPORTS TO JAPAN UP 88 PCT
SINCE EPA; STILL DWARFED BY VALUE OF IMPORTS
Since the Economic Partnership
Agreement (EPA) of 2016, Mongolia’s export to Japan surged by 88.6 percent in
2018; however, the value of exported goods remains 21 times lower than the
import from Japan.
Compared to the same period of 2017, the value of goods jumped 78.6 percent to
USD 26.4 million, which is only about 8.2 percent higher than 2014 when the
commodity market was on a boom. Export to Japan sank to about USD 14 million by
2016 and slightly recovered in the following year.
As for imports, the growth stood at 54.5 percent year over year in 2018. The
EPA was relatively fruitful for Japan as the value of imported goods hiked from
USD 330 million in 2016 to USD 561 million last year.
Key export items to Japan include knit products, cashmere, towel, copper ores,
concentrates, and aluminum goods with copper exports making up the majority.
Additionally, Oyu Tolgoi LLC previously announced that the company has begun
exporting copper ores to Japan.
Source: GoGo News
AGREEMENT WITH OT A BIG BOOST
TO TT POWER PLANT PROJECT
By signing on the very last day
of 2018 an agreement on Oyu Tolgoi sourcing power from inside the country, Ts.
Davaasuren, Minister of Energy, G.Batsukh, Chairman of the Board of Directors
at Oyu Tolgoi, and Armando Torres, the company’s CEO, took the actual
implementation of the long-discussed Tavan Tolgoi power plant mega project one
big step forward. The plant will generate power for not just Oyu Tolgoi but
also for southern Mongolia as a whole. The government gave the go-ahead to the
agreement on 26 December, and the two parties lost no time in formalizing
it.
The plant will have the capacity to produce 300 mw and is to be connected to
the Oyu Tolgoi substation through 220-kw double-circuit cables. The capacity
can be further raised. Construction is to start within the first quarter of
2020 and should be completed by June 2023.
Source: Mongolian Mining Journal
THE TSAGAAN SAR DEBT CYCLE
Each year new outlets write many
articles sharing the costs of Tsagaan Sar. News.mn estimated this year that
cost for one family is about 1.32 million MNT (about $500 USD). To put his in
perspective, more than half of those employed make less than $200 per month. A survey completed by
a market research firm and reported by BloombergTV Mongolia concluded that 62%
of those surveyed take out loans for the holiday.
Well, we certainly see a large increase in pension loans in Q1, which is when
you would expect Tsagaan Sar expenditures, and therefore the need for cash.
This certainly seems to fit with the narrative that the elderly are the most
impacted, and are taking out loans specifically for the holiday.
Source: Medium
MONGOLIA-RUSSIA TRADE UP ALMOST
40 PCT IN 2018
Trade turnover between Mongolia
and Russia in 2018 rose by 39.8 percent year-on-year, reaching 1.8 billion U.S.
dollars, the Mongolian Customs General Administration said Tuesday.
The agency said that Mongolia managed to increase the supply of agricultural
and mineral products to Russia, which was part of the reason for the increase
in bilateral trade. Most of Mongolia’s core agricultural exports were meat,
cashmere and leather products.
Source: Xinhua
FOR CHILDREN AND BABIES, THE
POLLUTION IN ULAANBAATAR CAN PROVE FATAL
This year the air seems worse
than ever, and as the temperatures plummeted and the streets began to fill with
smog, I started to wonder – what must this seasonal torture be like for mothers
with babies and young children? What kind of worries must fill their minds,
when they see their city start to resemble a smoke-filled warzone?
The physical impacts of breathing such polluted air are well known, and are
especially dangerous for pregnant women and young children: lower birth weight,
impaired brain function, damaged lungs, premature births and stillbirths. And
according to UNICEF, pneumonia is now the
second most common cause of death for Mongolian children under 5, killing
hundreds of babies and toddlers every year.
I couldn’t imagine what it must be like to be a young mother trying to cope
with Ulaanbataar’s air crisis – so I spoke to two mothers who could tell me.
Source: CityMetric.com
See also: Desperate Mongolians send children
into countryside to escape choking winter smog
MONGOLIA ADVANCES CONSTRUCTION
OF NEW REFINERY
The government of
Mongolia—through wholly owned Mongol Refinery State Owned LLC—has signed a
memorandum of understanding with Engineers India Ltd. (EIL) for delivery of
additional work on the country’s first refinery project now under construction
on 150 hectares in Altanshiree Soum near Sainshand in the southeastern province
of Dornogovi.
As part of the MOU signed on Feb. 10, EIL will provide project management
consultancy services for construction of the 30,100-b/d grassroots refinery,
India’s Ministry of Petroleum & Natural Gas said in a news release.
This latest contract follows Mongolia’s earlier award to EIL for delivery of a
detailed feasibility study on the project.
Alongside construction of the refinery, Mongolia previously said it also would
work on construction of an electric power transmission line as well as 20 km of
railway and roadway to connect the manufacturing site to nearby Sainshand.
Source: Oil & Gas Journal
See also: Engineers India enters into MoU with
Mongol Refinery, Mongolia
CONSTRUCTION OF NEW WASTEWATER
TREATMENT PLANT TO COMMENCE THIS SPRING
On February 2, a construction
contract agreement of the project ‘Construction of new wastewater treatment
plant of Ulaanbaatar city’ has been signed.
A constructional work of new plant which will be built next to the existing
plant will commence this spring and completed within 36 months according
to the technology reflected on the approved feasibility study. A total cost of
the project is USD267 million.
A Consortium of China Tiesiju Civil Engineering Group and Beijing Construction
Engineering Group was selected to execute the project works within the general
loan agreement between the Governments of Mongolia and the People’s Republic of
China.
As stated in the agreement, constructional materials and equipment required for
project implementation will be supplied from Mongolia’s domestic producers.
By constructing the plant, it is expected to secure environmental hygiene and
safety as well as to make significant contribution to reduce air, soil and
environmental pollution.
Source: Monstame
MASTER PROPERTIES: DEMAND FOR
OFFICE SPACE EXCEEDING SUPPLY
Whilst the housing market is the
center of attention in the real estate, offices are showing promising forecast
as the demand is exceeding supply according to Master Properties LLC.
Last year, a total of 215 projects with an available office space of 985,000
square meters was commissioned. About half of these are located in the downtown
area in Sukhbaatar district. 72.9 percent of offices in this district are
luxury-class; however, about 80 percent of private entities operating in the
capital are the small and medium-sized enterprises with up to 20 workers.
According to a survey, these entities prefer comfortable, low-cost offices that
are not too far from downtown. In other words, there is a gap between the
purchasing ability of customers and construction supply.
The trend in the office market is dependent on economic growth. Experts highlight
that almost half of the demand for class-A offices are both, directly and
indirectly, connected to the mining sector.
Source: ZGM Daily
TASTE FOR CASHMERE EATING INTO
MONGOLIA’S GRASSLANDS
The tender warmth of a cashmere
sweater, for sure insulates one from winter snaps, but should it numb the
empathy for more than 1.5 million Mongolians, whose livelihood and economy is
inseparably intertwined with grasslands being ravaged to meet an insatiable and
unsustainable lust for luxurious wool.
There’s no dearth of studies incessantly reminding the world of the threatened
Mongolian steppe, which were once lush and are now denuding into barren lands,
courtesy an array of strains, including overgrazing by goats reared for
cherished cashmere, notes Science.
Climate change has also played its role in shrinking the Mongolian grasslands.
Capricious shifts in weather patterns, scanty rainfalls over the last decade
and a spike of 2.07°C in annual mean temperatures in the region have
exacerbated the degradation.
Can you call cashmere an environmentally conscious choice when it takes fibers
from four goats to make one cashmere sweater as opposed to one sheep yielding
enough wool to knit five sweaters, writes Evening Standard.
Source: BlouinNews.com
SCHOLARS SUGGEST COALBED
METHANE FOR POWER SOURCE
Erdenes Tavan Tolgoi JSC (ETT),
in cooperation with the Mongolian National Council of Scholars (MNCS), held a
discussion under the theme “Erdenes Tavan Tolgoi-Innovation, Production”
yesterday, addressing the necessity to resolve additional electricity required
for installing new technology.
Tavan Tolgoi residual deposits have a total methane reserve of up to 10 billion
cubic meters. “One cubic meter of methane gas equals one-liter diesel fuel in
terms of energy. In other words, the deposits have 10 billion liters of diesel
fuel reserves. The annual average domestic demand is a bit over one million
tons. Since the energy source is gas, it is environmentally friendly and can be
used directly on-site,” according to the spokesperson of the Ministry of
Energy.
According to scholars, extracting methane gas is highly efficient for the
economy as the demand is currently high in China’s market. By extracting
methane gas, Mongolia can annually export about 800 MW electricity.
Source: ZGM Daily
MONGOLIA SLAUGHTERS PIGS TO
CONTAIN AFRICAN SWINE FEVER
Mongolia has culled a total of
2,394 pigs to contain the spread of African swine plague, a senior official
said Tuesday.
“A total of 2,394 pigs have been culled across the country since the first case
of the African swine fever was reported in mid-January in Sergelen soum of
central Tuv Province,” Dorjnyam Tumendemberel, head of the General Department
of Veterinary Services, told daily newspaper Unuudur.
“The outbreak of the highly contagious viral disease is now generally under
control in the country,” said Tumendemberel.
The African pig plague is a highly contagious viral disease that only infects
pigs. No humans or other species have thus far been infected.
According to official data, there were more than 31,000 pigs in Mongolia as of
the end of 2018, of which around 17,000 were in Ulan Bator.
Source: Xinhua
See also: Russia Bans Pork Imports from
Mongolia amid Swine Flu Outbreak
FISCAL SUSTAINABILITY IN
MONGOLIA 2018 – REPORT
The authors of this report
analyze Mongolia’s public finance outlook and risks to the country’s economic
sustainability using an advanced macro-fiscal model.
Though Mongolia’s fiscal solvency challenges seem resolved for now, the
underlying problem of fiscal sustainability remains. The government continues
to carry a high level of debt and is very dependent on commodity revenues.
Until debt stabilizes, the authors suggest that the Mongolian government should
prioritize debt reduction rather than focus on increasing the balances of the
Fiscal Stability Fund and Future Heritage Fund.
They also recommend that the government continue with reforms directed at
improving fiscal discipline; make budget revenue projections with more caution
in order to stabilize expenditure; and continue with the current fiscal
consolidation model and comply with fiscal rules in order to prepare for
negative mining shocks.
Source: Natural Resource Governance Institute
Click here to view the report
BUSINESS
BCM BOARD MEMBER TUMENTSOGT
APPOINTED CEO OF ERDENES OYU TOLGOI
The Business Council of Mongolia
would like to congratulate an esteemed member of the Council’s Board of
Directors, Mr. Tumentsogt, on his appointment as CEO of Erdenes Oyu Tolgoi. We
wish him all the best in his new role, and believe he is the right man for the
job.
Source: Internal
ERDENES TAVAN TOLGOI TO PAY
DIVIDENDS WITHIN THIS QUARTER
Prime Minister Khurelsukh Ukhnaa
has reportedly ordered the Minister of Mining and Heavy Industry Sumiyabazar
Dolgorusren, Minister of Finance Khurelbaatar Chimed and the authorities of
Erdenes Mongol LLC to wrap up the dividends distribution of Erdenes Tavan
Tolgoi JSC (ETT) within the first quarter of this year.
14.75 percent of the ETT stakes were distributed to all citizens at the
Parliamentary resolution of April 11, 2012. Each citizen was granted 1072
shares of ETT, which were valued at MNT 933 per share respectively to fulfill
an electoral pledge of disbursing MNT 1.5 million to the public; however, the
company has been running on a deficit due to commodities market bust until
2017. ETT managed to settle most of its debt in 2017, which allowed the company
to allocate dividends for the first time this year from the 2018 profits.
Source: ZGM Daily
See also: Erdenes Tavan Tolgoi JSC to cooperate
with scholars
MSE THREATENS TO DELIST FIRMS
THAT FAIL TO DELIVER REPORTS
In order to improve the
transparency in the financial market, Altai Khangai, CEO of the MSE, warns to
delist publicly traded firms in case of failure to deliver financial and
operational reports.
On the list of firms with good governance, the recent IPOs are at the
forefront; for example, LendMN JSC was the first company to turn in their 2018
financial and operational reports. The company earned a net profit of MNT 2.5
billion last year, making it possible for the company to distribute dividends
this year. Additionally, the company recently announced to introduce an
international transaction service by cooperating with “Transfer To” inc.
According to Marketinfo, the board of LendMN has approved the CEO to sign MNT
1.4 billion worth deal with Transfer To.
Also, the MSE Tier-II listed company Mongol Savkhi JSC’s sales revenue totaled
MNT 270 million in 2018, which is about 9.4 percent lower than the previous
year.
Source: ZGM Daily
TUMEN SHUVUUT IPO
OVERSUBSCRIBED BY 9.1 PERCENT
‘Tumen shuvuut’ JSC, the first
IPO of 2019, has closed the offering of its 25 percent or 50 million shares to
public. The offers were received from 15 January 2019 until 31 January 2019,
5:15 pm.
The total subscription for the stock has totaled 54,575,195 shares,
oversubscribed by 9.1 percent and ordered by 2,991 individuals and business
entities.
An allotment notice is to be delivered to the Financial Regulatory Commission
by February 1, 2019 and the right to redeem extra payment shall be effective
upon FRC’s declaration of the company’s IPO as successful.
Source: MSE
See also: Tumen Shuvuut to start trading on February
18, 2019
KOREAN AIR SET TO LOSE MONOPOLY
OVER MONGOLIA ROUTE
Korean Air will lose its
monopoly over an air route linking Incheon and Mongolia’s capital of
Ulaanbaatar as the government plans to allow Asiana Airlines or one of low-cost
carriers (LCCs) to operate on the lucrative route, according to industry
officials Tuesday.
The Ministry of Land, Infrastructure and Transport is expected to grant a new
license on the Incheon-Mongolia air route this month, and Asiana Airlines, Jeju
Air, T’way Air and Eastar Jet are vying to win it.
The route has been monopolized by Korean Air for nearly 30 years due to the two
countries’ 1991 aeronautical agreement allowing only one carrier from each
country to provide air travel service. From Mongolia, MIAT Mongolian Airlines
is operating flights to Incheon.
Due to their monopolization, criticisms have been raised that ticket prices
were too expensive compared to other routes with similar flight hours, and the
number of available seats was insufficient.
Source: The Korea Times
TRADE UNIONS URGE PM TO FOCUS
ON LOWERING INTEREST RATES
PM Khurelsukh Ukhnaa and the
Minister of Labor and Social Protection Chinzorig Sodnom received the
representatives of the Confederation of Mongolian Trade Unions (CMTU)
yesterday. The CMTU officials requested the PM to focus on lowering the
interest rate.
After highlighting the fact that the economy grew by 6.4 percent and the
improving budget balance under the Extended Fund Facility program of the
International Monetary Fund, the PM noted to focus on distributing the benefits
of the economic growth to the public by increasing wage and pension.
He addressed, “The average salary of the public sector reached MNT 916,000, a
27.5 percent growth since 2016. Under the trilateral agreement, the minimum
wage has been set at MNT 320,000. This raised the salaries of about 100,000
workers by 33.3 percent. Furthermore, the Cabinet has acknowledged the CMTU
suggestion on setting minimum pension age in line with the life expectancy and
lowered it to 60 for men and 55 for women, from the initial plan of 65 for men
and 60 for women.”
Source: ZGM Daily
MSE REQUESTS FRC COOPERATION ON
FACILITATING SHARE MIGRATION
The first cross-listed company
on MSE, ‘Erdene Resource Development Corporation’ JSC, has been listed and
traded on the MSE since June 2018. Currently 97% of its shares are listed and
traded on the Toronto Stock Exchange while the remaining 3% of the shares is
traded on the MSE. The shares are not fungible between the Toronto and
Mongolian markets, however MSE considers it feasible to facilitate share
migration in the current legal environment and delivered an official request to
the FRC on cooperation of facilitating share migration.
The share migration brings a number of benefits such as ensuring price
stability between the two markets, increasing supply in the domestic market and
improving liquidity, while also attracting other foreign listed mining
companies with operations in Mongolia to cross-list on the MSE and helping bring
the domestic capital markets development to a new level.
Source: MSE
MONGOLIA-CHINA EXPO GREAT
OPPORTUNITY FOR MONGOLIA TO DIVERSIFY EXPORTS TO CHINA: OFFICIAL
The biennial Mongolia-China expo
is a great opportunity for Mongolia to diversify its exports to China and
expand bilateral economic and trade ties, a senior Mongolian official has said.
“We are now cooperating with the Chinese side to organize the third
Mongolia-China expo in Hohhot, capital of China’s Inner Mongolia Autonomous
Region, in September,” Tuvshintugs Battsetseg, deputy director of the
Department of Foreign Trade and Economic Cooperation at the Ministry of Foreign
Affairs of Mongolia, recently told Xinhua.
China has been Mongolia’s biggest trading partner and top export market
destination for almost two decades, and mining products have accounted for the
majority of the Mongolian total exports, she said.
“Our country is willing to diversify its exports to China or increase the
exports of non-mining sectors,” she said.
Mongolia and China have set a 10-billion-U.S.-dollar target for bilateral trade
by 2020, she said, expressing her hope that the biennial event will play a
major role in achieving the target.
Source: Xinhua
ASPIRE MINING SET TO BENEFIT
FROM CHINA’S PREFERENCE FOR NON-SEABORNE COAL IMPORTS
Aspire Mining Ltd is likely to
benefit from China’s increasing controls over seaborne coal imports owing to
its coal projects in neighbouring Mongolia.
The restrictions mean that Mongolia’s coal exporters are forecast to overtake
Australia as China’s top coal supplier from this year, according to a report
from London-based commodity research firm IHS Markit.
In 2018 Australia had 44% of China’s total coal import market share against
Mongolia’s 43% but HIS Markit says this balance will swing in Mongolia’s favour
in future years.
Improving Mongolia-China road and rail infrastructure linkages and Beijing’s
focus on capping seaborne imports have been cited by the research firm as two
key drivers in tipping the balance.
Aspire is a leading ASX-listed Mongolian metallurgical coal company with
projects in the country’s north.
Source: Proactive Investors
SUSTAINABLE FIBRE ALLIANCE
TAKES CASHMERE CONFERENCE TO MONGOLIA
The cashmere supply chain
focused non-profit Sustainable Fibre Alliance (SFA) has revealed details of its
Sustainability in the Cashmere Sector Conference 2019, this year to be held in
Mongolia’s Gorkhi-Terelj National Park.
A theme of ‘Pathways to Sustainability 2030’ will be explored over a five-day
agenda, featuring topics such as: cashmere sector sustainability; the
environmental, social and economic challenges facing the industry; along with
long-term sustainable development and innovative cooperation.
Source: EcoTextile.com
IRISH INTEL VETERAN JOINS USD
1BN MONGOLIAN MINING AND ENERGY VENTURE
Philip Moynagh, a former 25-year
veteran of Intel’s manufacturing operation here, has taken up a role as a
partner and chief operating officer of Tengri Holding, a Mongolian mining and
energy venture that has raised $1bn.
The firm is in the process of raising more funds, it is understood, and has
assembled a number of Mongolian licences both for developing conventional and
renewable energy assets, and for mining a range of minerals, including quartz,
fluorspar, lithium, graphite, silver as well as various rare earth minerals.
In addition, the venture is planning to list its first company on the Toronto
Stock Exchange later this year, it is understood.
Tengri Holding was founded in 2007 by chairman and CEO Khurlee Ankhbayar, who
has 30 years of experience building businesses there in tourism, agriculture,
construction and mining.
Source: The Independent
MIAT’S NEW 737 MAX 8 FLEET
BOOSTS TOURISM FOR MONGOLIA AND OUTLOOK FOR NEW AIRPORT
MIAT Mongolian Airlines has
taken delivery of the first of four 737 MAX 8s, kickstarting a new expansion
phase. All four aircraft are slated to be delivered by the end of 2020 and will
be used to support a Mongolian government plan to boost air transport and
tourism as a new airport opens at the capital Ulaanbaatar.
MIAT is one of Asia’s smallest airlines and has not pursued significant
expansion for several years. The Mongolian market also has not grown – in stark
contrast to virtually every other Asian market – due partially to a restrictive
aviation policy that has protected MIAT.
Mongolia is now showing signs of opening up, recognising it needs a more
liberal environment to increase tourism and utlise its new international
airport.
As CAPA – Centre for Aviation highlighted in a 2017 report, Mongolia needs to
boost tourism and loosen restrictions on foreign airlines to avoid
Ulaanbaatar’s new airport from becoming a white elephant.
Source: The Blue Swan Daily
See also: CDB Aviation Leases Four E190
Aircraft to Mongolian Carrier Hunnu Air
BIT MON EX LAUNCHES DIGITAL
ASSET TRADING PLATFORM IN MONGOLIA IN PARTNERSHIP WITH BITTREX
Bit Mon Ex announced on Feb. 4
that it is launching a new digital asset trading platform in Mongolia
leveraging Bittrex’s cutting edge technology, to offer customers a secure,
reliable and advanced trading option.
Bit Mon Ex is the first platform in Mongolia to offer global trading markets
and make it possible to achieve the volume and liquidity necessary for
Mongolian citizens to purchase and trade digital assets. The platform will
target Mongolia initially, with plans to expand to customers in other Asian
countries in the future.
By partnering with Bittrex, Bit Mon Ex has access to all cryptocurrencies and
digital tokens available on both the Bittrex and Bittrex International
platforms, enabling it to offer its customers one of the largest selections of
digital assets. Bit Mon Ex will oversee management of the new trading platform,
looking after customer operations and compliance, as well as providing customer
support, marketing, sales and customized development.
Source: Zendesk.com
ASGAT GETS A NEW OWNER BUT IS
IT READY TO BE MINED? – EDITORIAL
On January 7, 2019, G.
Zandanshatar, Head of the Cabinet Secretariat, issued directives tothe Ministry
of Mining and Heavy Industry (MMHI) and the Mineral Resources and Petroleum
Authority (MRPAM) to transfer the ownership of the Asgat polymetallic deposit
from Mongolrostsvetmet to the state-owned Erdenes Mongol. Claiming that the
deposit would now be the property of “three million Mongolian citizens, all of
them shareholders of Erdenes Mongol”, he noted that Mongolrostsvetmet incurred
no loss when it lost the licence, since prospecting and exploration work on
Asgat had been done with state money. He also asked for the deposit to be put
into economic circulation before Tsagaan Sar, failing which senior officials of
Erdenes Mongol would be charged with incompetence.
Under an agreement signed between the People’s Republic of Mongolia and the
Soviet Union in 1973, Soviet geologists conducted prospecting and exploration
work in a Mongolian area about 100 km inside the border.
Source: Mongolian Mining Journal
