EK EXTENDED VALIDATION OF
INTEGRATED MANAGEMENT SYSTEM
Eurokhan LLC started implementing Integrated Management System which comprises of 3 International Standards: ISO 9001:2015 Quality Management System, ISO 14001:2015 Environmental Management System and OHSAS 18001:2007 Occupational health and safety assessment specification to our operational scope of mining equipment, product and consumable supply since 2017 and achieved the initial certification audit in October 2018 by the first Mongolian Internationally accredited certification and auditing company Moncertf LLC. The certification of ISO 9001:2015 QMS was awarded with International Accreditation mark. We have recently been conducted the first verification audit in October 2019 by the same auditing company and extended our validation of IMS certifications. This year, we have qualified the international accreditation for ISO 14001:2015 EMS.
SAINSHAND WIND PARK WON THE
TOURNAMENT
Sainshand Wind Park operation team successfully
participated in “Reliable Operation-Green Energy” competition. SWP awarded
certificate and trophy from National Dispatching center and Mongolian
Renewables Industries Association.
EK ATTENDED CHULUUT SHAREHOLDER
MEETING
On October 25, EK representatives including CEO Dr. Oliver Schnorr, Sales Director Ms. Narantsatsralt Tsedendamba and Commercial Manager Mr. Nandinbayar Davaanyam attended Chuluut shareholder meeting at Chuluut fluorspar processing plant in Baganuur district.
EK ATTENDED GREEN EXPO
EK attended ‘Green technology, Green Loan’ Forum & Exhibition which aims to promote human health and eco-friendly technology and products, kicked off at Tuushin Hotel on October 25 to October 26, 2019. Being co-organized by the Ministry of Environment and Tourism and Xac Bank, the forum- and exhibition offers people to get acquainted with energy efficient electrical heater, floor heater, air purifier and sewage treatment facility and ‘Green loan’ service. EK introduced our partner Huesker’s product and services to exhibition visitors.
Economy
·
Central bank presents monetary policy stance for 2020
·
Mongolia Gets Over 1.3 Bln-USD FDI Inflows In 8 Months, down 4 pct y/y
·
BoM: Rise in exchange rate will be tempered
·
Savings of Mongolians reach 5.1 bln USD, up 18 pct year-on-year
·
Government bond trades at securities market slump
·
Measures to be taken on kicking off the Fourth Industrial Revolution
·
Mongolia Tackles Development Challenges Posed by Internal Migration
·
A ‘new’ normal? Updated fertility trends across the globe
Business
·
Rio’s Oyu Tolgoi financing task in Mongolia toughens
·
The State of Mongolia’s Business Competitiveness
·
Obtaining a Construction Permit in Mongolia
·
Tetra Tech Awarded USD 30 Million Mongolia Water Supply Program
Management Contract
·
Petro Matad shares soar on Heron well results
·
Cashmere giant Gobi joins EBRD project
·
Aspire Mining’s Progress On Rail And Road Links For Ovoot Early
Development Plan
·
Xanadu Mines focused on delivering oxide gold starter project at
Kharmagtai
·
Erdene Announces Positive Pre-Feasibility Study Results for the Bayan
Khundii Gold Project
·
Mongolia to hold horse festival to boost tourism
ECONOMY
CENTRAL BANK PRESENTS MONETARY
POLICY STANCE FOR 2020
As Mongolia’s economic growth is expected to remain
solid next year, it is needed to ensure balance of external and internal
sectors and implement most appropriate policy of exchange rate, according to
the Bank of Mongolia.
In terms of factors having influence on the monetary policy, the central bank
officials remarked the high percentage of imports in the production and
consumption, inadequate foreign exchange reserves, necessity to decrease the
burden of foreign debts, insufficiency of economic diversification, in
particularly, over-dependence on mining, dependence in foreign environment and
positive correlation between business and financial cycles. The state monetary
policy for 2020 will be aimed at tackling these issues.
The country’s economic conditions prone to international economic shocks, which
lead to economic and financial crises make it more difficult to stabilize the
macro economy and prevent from crisis.
Source: Montsame
MONGOLIA GETS OVER 1.3 BLN-USD
FDI INFLOWS IN 8 MONTHS, DOWN 4 PCT Y/Y
Mongolia attracted over 1.3 billion U.S. dollars of
foreign direct investment (FDI) in the first eight months of 2019, showed data
released by the country’s central bank on Tuesday.
The number reflects a 4-percent decrease from the same period last year,
according to the Bank of Mongolia.
The majority of the total FDI in the January-August period were poured into
mega projects in the mining sector, especially the Oyu Tolgoi mine in the
southern Gobi Desert, said the bank.
The copper-gold mine is expected to produce an average of 430,000 tons of
copper and 425,000 ounces (about 12,050 kg) of gold annually for 20 years.
The Mongolian Finance Ministry estimated that the Oyu Tolgoi project will
single handedly attract at least 1.3 billion dollars of FDI this year.
FDI flows to Mongolia reached its record high of 4.5 billion dollars in 2012.
Source: UrduPoint.com, ZGM Daily
BOM: RISE IN EXCHANGE RATE WILL
BE TEMPERED
Following Mongolia’s inclusion on Financial Action
Task Force FATF)’s grey list, the foreign exchange rate appeared to rise in the
domestic market. In the last week, Mongolian tugrik
(MNT)’s exchange rate against the US dollar (USD)
weakened by USD 20, reaching USD 2,679. Accordingly, the Bank of Mongolia (BoM)
organized an auction and supplied more than USD 70 million to the market to
reduce the exchange rate movements.
Chairman of the Financial Regulatory Commission (FRC), Davaaasuren Sodnomdarjaa
said, “Over 50 NBFIs are operating at Naiman Sharga exchange. The exchange rate
fluctuated last weekend, and we are investigating the causes. However, the
exchange rate is likely to be stabilized. We will work to warn those people who
attempted to make a profit taking advantage of the greylisting.”
After the pending assessment program of IMF completes, Mongolia will accept
investment worth at least USD 700 million. Under such circumstances, the USD
exchange rate is expected to lower, according to economists.
Source: ZGM Daily
SAVINGS OF MONGOLIANS REACH 5.1
BLN USD, UP 18 PCT YEAR-ON-YEAR
The total savings of Mongolians reached 13.8
trillion Mongolian tugriks (5.1 billion U.S. dollars) at the end of August, a
senior official of the Bank of Mongolia said Monday.
“The figure is up 18 percent from the same period last year,” Byadran
Lkhagvasuren, vice chairman of the Bank of Mongolia, said at a launching
ceremony of a national campaign to increase awareness on the importance of savings
and financial literacy.
During the two-week campaign, the central bank is expected to organize many
related activities in cooperation with commercial banks.
Particularly, bank officials will give lectures across the country at
organizations, companies and schools on how to save money and manage accounts
properly.
Source: Xinhua
GOVERNMENT BOND TRADES AT
SECURITIES MARKET SLUMP
Mongolian government bonds worth MNT 8 billion were
sold at the secondary market in the first 10 months of this year. This is only
a quarter of the previous year’s trade volume.This is the third consecutive
decline of Government bond trade on the domestic market following the Ministry
of Finance (MoF)’s decision to halt primary market trade of the product in
October 2017. However, the Ministry of Finance plans to sell government bonds
at the MSE based blockchain technology. The preparation work had started in 2018.
In other words, government bonds will be more accessible to citizens and
investors by combining traditional and advanced methods in the coming year.
Mongolia’s domestic enterprise ICT Group LLC created
the blockchain platform to trade bonds. “Citizens were used to go to the banks
only to buy government bonds. But they will be able to trade online by mobile
phones,” says the executive director of the company.
Source: ZGM Daily
MEASURES TO BE TAKEN ON KICKING
OFF THE FOURTH INDUSTRIAL REVOLUTION
This year marks the 85th anniversary of the light
industry sector in Mongolia. On October 21, the national light industry
conference was organized at the State House to discuss the current state and
pressing issues of the sector.
About 1,000 representatives of the light industry sector led by the Minister of
Food, Agriculture and Light Industry Ch.Ulaan, and Deputy Minister J.Saule
attended the conference. Advisor on Environmental, Urban and Rural Development
and Air Pollution Policy to the President D.Purevdavaa delivered a message from
President of Mongolia Kh.Battulga addressed to the participants of the conference.
“The light industry sector creates the most number of jobs. However, it is
unfortunate that we are not able to use many of the opportunities we have. As
someone that has previously worked in the sector and knows about the issues, I
endeavor to comprehensively support initiatives on establishing an
industrial-technology park or supporting the sector through a tax policy,”
noted the President in his message.
Source: Montsame
MONGOLIA TACKLES DEVELOPMENT
CHALLENGES POSED BY INTERNAL MIGRATION
The International Organization for Migration (IOM)
has launched a four-year project funded by the Swiss Agency for Development and
Cooperation (SDC), to improve understanding and management of internal
migration in Mongolia.
After experiencing the collapse of the economic and social safety-net systems
in the aftermath of the dissolution of the Soviet Union, Mongolia has faced an
uneven development path impacted by natural disasters, including extremely cold
winters (dzuds), droughts and floods.
As a result, the capital, Ulaanbaatar, has become a magnet for Mongolians
seeking safety, better economic opportunities and social services. It is now
home to an estimated 1.4 million people or about half of Mongolia’s total
population. Of these, about 600,000 live in the ger areas – spaces on the edge
of the city where impoverished internal migrants have set up their traditional
tent-houses.
Source: ReliefWeb.int
A ‘NEW’ NORMAL? UPDATED
FERTILITY TRENDS ACROSS THE GLOBE
The universality of the
forces reducing fertility is sometimes obscured by impressive-looking
short-term fluctuations. And indeed, elsewhere in Asia, there’s a baby boom.
Mongolians averaged 7.3 kids per woman in 1974: a figure that fell to 2.5 by
1993, and below 2 by 2005. But then, something happened. Since 2005, Mongolian birth
rates have rocketed upwards and now stand at around three children per
woman. The consequences of this baby boom on school crowding, the challenges it poses for children’s health in Mongolia’s highly polluted capital, and
the role played by improving rural
maternal health services, have all been featured
in international media. More generally, Mongolia’s economic boom driven by
growing global, and especially Chinese, investment almost certainly had a role
to play. Meanwhile, this fertility gain has not come
at the expense of gender equality, as Mongolian women remain better educated
than Mongolian men, and are making more and more inroads into traditionally
male-dominated fields.
Source: Mercatornet.com
“2021 WOULD SEE SIGNIFICANT
EXPANSION AND DIVERSIFICATION IN THE ACTIVITIES OF ERDENES MONGOL” – INTERVIEW
1. Gankhuu, CEO of Erdenes Mongol,
tells G. Iderkhangai why it is right to keep the company directly under the
Prime Minister and how the proposed mineral wealth fund, managed on purely
professional principles, will work for the benefit of all Mongolian citizens.
The Government wants Erdenes Mongol to manage
the mineral wealth fund. How do you plan to do this?
The proposed law specifies how the income earned from putting large deposits
into economic circulation will be put into the fund, and also that a certain
part of this income will be spent on large construction projects and some part
will be shared equally by citizens. Our present economic situation does not
allow us to have a sovereign fund like the one Norway has, but we hope to be
eventually able to accumulate enough money in our fund to leave for the next
generation.
Source: Mongolian Mining Journal
B.UYANGA: DBM NOT ONLY PROVIDES
LOANS, BUT ALSO SUPPORTS DEVELOPMENT PROJECTS IT FINANCED – INTERVIEW
We interviewed B.Uyanga, Director
of Credit Financing Department of the Development Bank of Mongolia.
To start with, please introduce us the
activities and goals of the Development Bank of Mongolia (DBM)?
The Development Bank of Mongolia (DBM) was officially inaugurated and began its
operations in 2011. DBM works to provide financing of large-scale projects
and programs for Mongolia’s development as well as to support and track
the results of the development projects. The Law on Development Bank of
Mongolia was revised in 2017 with primary amendments made to ensure that not
less than 60 percent of the DBM’s funding to be provided for export-oriented
projects and programs. In this respect, the DBM has been mainly financing
projects, enterprises and factories that are working to export their outputs
abroad. In addition, we provide funding to major projects of imports,
infrastructure and power plant.
Source: Montsame
BUSINESS
RIO’S OYU TOLGOI FINANCING TASK
IN MONGOLIA TOUGHENS
The task of convincing
lenders to stump up money for projects in Mongolia, such as Rio Tinto’s Oyu Tolgoi
copper project, just got harder after
the nation’s financial system was ruled to have deficient safeguards against
money-laundering and terrorism financing.
The Financial Action Task Force (FATF), an intergovernmental agency that counts
Australia as one of its 39 members, placed Mongolia on its “grey list” along
with Zimbabwe and Iceland.
The ”grey list” contains nations whose financial systems are considered by FATF
to be lacking in safeguards against money laundering and the financing of
terrorism.
Addition to the ”grey list” typically prompts financial institutions in nations
with strong anti-money-laundering rules to sever ties with banks in the ”grey
listed” nation, and may therefore raise the cost of capital and the cost of
doing business in Mongolia.
Source: Australian Financial
Review
See also: Oyu Tolgoi announces
Q3’19 Performance results
THE STATE OF MONGOLIA’S
BUSINESS COMPETITIVENESS
The World Economic Forum (WEF) released it’s 2019 Global
Competitiveness Report this week.
Unfortunately, Mongolia’s ranking in the report dropped 3 places to 102 out of
144 countries subject to the study.
Mongolia scored 52.6 overall in the annual assessment based on WEF’s Global Competitiveness
Index (GCI), which maps
the competitiveness landscape of economies through 103 indicators organized
into 12 “pillars”. These pillars are: Institutions, Infrastructure; ICT
adoption; Macroeconomic stability; Health; Skills; Product market; Labour
market; Financial system; Market size; Business dynamism; and Innovation
capability. For each indicator, the index uses a scale from 0 to 100 and the
final score shows how close an economy is to the ideal state or “frontier” of
competitiveness.
Mongolia scored highest in “Macro-Economic Stability” and in “Labor Market”,
scoring 67 and 64 of out 100 in each respectively. Mongolia’s lowest scoring
pillar was “Innovation capability”.
Source: LehmanLaw Mongolia
OBTAINING A CONSTRUCTION PERMIT
IN MONGOLIA
As in many countries, Construction activities are
required to have appropriate permits. A construction permit will typically be
issued for a period of 5 years. If the term of the construction permit expires,
it may be extended for a further 5 years. Legal entities with a construction
permit are allowed to perform construction activities as described by the
permit within a target plot of land. Construction projects without a
permit are subject to official fines.
Different types of permits are available for different types of construction
related work. Activities are classified in three separate areas i) construction
of a new structure, ii) expansion and renovation of an existing structure and
iii) demolition and removal of a structure. Each is also further subdivided
according to the nature and complexity of the specific project and may be
categorized as “low, “average” or “high” complexity. A construction permit is
project specific and must match the work being performed.
Source: LehmanLaw Mongolia
TETRA TECH AWARDED USD 30
MILLION MONGOLIA WATER SUPPLY PROGRAM MANAGEMENT CONTRACT
Tetra Tech, Inc. (NASDAQ: TTEK) announced today that
the government of Mongolia, through a Compact formed under the Millennium
Challenge Corporation (MCC), awarded Tetra Tech a $30 million, seven year,
single-award contract. Tetra Tech will provide program management services for
a comprehensive water supply project in Mongolia to increase bulk water supply
and meet future demand in Mongolia’s capital city, Ulaanbaatar.
MCC is assisting the government of Mongolia in addressing Ulaanbaatar’s water
supply constraints with a project that includes installing new groundwater
wells, an advanced water purification plant and a new wastewater recycling
plant. As the Program Management Consultant, Tetra Tech will oversee and review
detailed designs and environmental and social impact assessments, and provide
planning, financial oversight, and program management services.
Under a previous MCC contract, Tetra Tech provided technical support services
to the government of Mongolia to support innovative wastewater recycling and
groundwater conservation projects.
Source: BusinessWire.com
PETRO MATAD SHARES SOAR ON
HERON WELL RESULTS
Petro Matad Limited shares shot up 75% in Thursday
morning’s deals after revealing that one of two zones in the Heron-1 discovery
well flowed crude at a peak rate of 821 barrels per day in testing.
The explorer, in a statement, revealed that the DST2 zone flowed light 46
degree API crude naturally without the need for artificial lift or stimulation.
This is described as an exceptional result in Mongolia’s Tamsag basin.
At the same time, the DST1 zone did not flow naturally. Petro Matad noted that
the well did proved an oil column of at least 70 metres.
“The test results at Heron-1 are even better than we expected given that the
well is deep in the basin centre,” said Mike Buck, Petro Matad chief executive.
“The data gathered will now be analysed and used to secure tenure of a
development area in Block XX with a view to transitioning Petro Matad from
explorer to producer with revenue generation.”
Source: Proactive Investors
See also: Petro Matad releases
results of testing at Heron-1 well
CASHMERE GIANT GOBI JOINS EBRD
PROJECT
Mongolian cashmere giant the Gobi Company is implementing
a project entitled ‘from Mongolian Herders to World Brand’ in cooperation with
the Sustainable Fibre Alliance and the European Bank for Reconstruction and
Development (EBRD). The project will last from 2019-2021 and aims at preventing
land deterioration, protecting wild animals and developing a sustainable
cashmere industry.
Last Friday, a conference was held at the Blue Sky Hotel in Ulaanbaatar for
discussing the results of the land utilization programme implemented in
Mongolia as part of the project.
The Gobi Company has invested a total of EUR 150,000 with the EBRD and pledged
to be a responsible player in the cashmere industry.
Source: News.mn
ASPIRE MINING’S PROGRESS ON
RAIL AND ROAD LINKS FOR OVOOT EARLY DEVELOPMENT PLAN
Metallurgical coal and
rail company, Aspire Mining Limited is engaged in the development of its
world-class premium metallurgical coal assets in the Orkhon-Selenge Coal Basin
in northern Mongolia to create long-term shareholder returns while also
contributing to the social and economic upliftment of local communities.
Aspire Mining’s Coking Coal Asset
Portfolio comprises –
·
Ovoot
Coking Coal Project (100%-owned)
·
Nuurstei
Coking Coal Project (90%-owned)
·
A
strategic infrastructure owner via its 80% interest in Northern Railways LLC
Aspire Mining is currently pursuing early production
of washed coking coal under the Ovoot Early Development Plan (OEDP), which is
first-stage of the Ovoot Project, that hosts a JORC 2012 Probable Reserve of
255Mt while progress is currently deferred at the Nuurstei deposit, where
mineral and commercial potential is to be explored in more detail.
Source: KalkineMedia.com
XANADU MINES FOCUSED ON
DELIVERING OXIDE GOLD STARTER PROJECT AT KHARMAGTAI
Xanadu Mines Ltd is actively pursuing the
opportunity for a low-cost, high-value gold gravity and leach operation for
shallow oxide gold mineralization at Kharmagtai Copper-Gold Project in southern
Mongolia.
The company has formulated this strategy to unlock
the previously overlooked gold potential that sits above and adjacent to known
copper resources early in the development life of Kharmagtai.
As such, the starter project has the potential to inject significant cash into
the project to offset the cost of developing a large-scale copper-gold mine.
Xanadu’s chief executive officer Andrew Stewart said the Board had taken the
decision to refocus efforts on what it considered a more cost-effective and
more rapid strategy to unlock some of the inherent and latent value of the key
copper and gold assets in Mongolia.
He said the strategy was subject to achieving key technical objectives at the
project, which is within a 1-hour drive north from the giant Oyu Tolgoi
copper-gold deposit.
Source: Proactive Investors
ERDENE ANNOUNCES POSITIVE
PRE-FEASIBILITY STUDY RESULTS FOR THE BAYAN KHUNDII GOLD PROJECT
NI 43-101 Technical Report Highlights (US$1,300/oz
Gold Price):
·
Post-tax
Net Present Value of US$97 million (NPV5%) and a 42% Internal Rate of Return
(IRR), for the BK PFS
·
Post-tax
NPV5% and IRR of US$24 million and 92%, respectively, for the updated AN PEA,
reflecting the second phase of the development, and utilizing the BK
infrastructure
·
BK
PFS Life of Mine Earnings Before Interest, Taxes and Depreciation of US$211
million
·
BK
Measured and Indicated Resources of 520,700 ounces gold at an average grade of
3.16 g/t gold, a 20% increase from the September 2018 resource estimate
·
BK
Proven and Probable Reserves of 422,000 ounces gold at an average grade of 3.7
g/t gold
·
Life
of mine head grade of 3.73 g/t gold for the BK PFS and 3.46 g/t gold for the
updated AN PEA
·
Project
life of 11 years, comprising one year pre-production period, six-year operating
life for BK, three-year operating life for AN, and one year mine closure
Source: Erdene Resource
Development Corp. (PDF)
MONGOLIA TO HOLD HORSE FESTIVAL
TO BOOST TOURISM
Mongolia will organize an annual horse festival next
month to promote tourism and pass on the horse culture to future generations,
authorities said Thursday.
The sixth edition of the festival titled “Horses of Mongolian Steppe” will be
held in Batnorov soum in its eastern province of Khentii on Nov. 1-3, the
Ministry of Environment and Tourism said in a statement.
The festival will include several activities, including horse racing and lasso
competitions, the ministry said in a statement.
The Asian nomadic country ranks among the top worldwide in terms of horse
population.
According to the National Statistical Office of Mongolia, there were over 66.46
million livestock animals in the country as of the end of 2018, of which 5.9
percent were horses.
Mongolia has been striving to develop the tourism sector to diversify its
mining-dependent economy.
Source: Xinhua
IMAGINE OWNING MONGOLIAN MINING
AND TRYING TO STOMACH THE 92 PCT SHARE PRICE DROP
Long term investing is the way to go, but that
doesn’t mean you should hold every stock forever. We really hate to see fellow
investors lose their hard-earned money. Imagine if you held Mongolian Mining
Corporation (HKG:975) for half a decade as the share price tanked 92%. And we
doubt long term believers are the only worried holders, since the stock price
has declined 50% over the last twelve months. Furthermore, it’s down 21% in
about a quarter. That’s not much fun for holders.
We really feel for shareholders in this scenario. It’s a good reminder of the
importance of diversification, and it’s worth keeping in mind there’s more to
life than money, anyway.
There is no denying that markets are sometimes efficient, but prices do not
always reflect underlying business performance. One way to examine how market
sentiment has changed over time is to look at the interaction between a
company’s share price and its earnings per share (EPS).
Source: Yahoo Finance
FIFA PRESIDENT INFANTINO
INSULTS MONGOLIAN HOSTS AS HE MEETS WITH BANNED BUYANNEMEKH
FIFA President Gianni Infantino, on tour in Asia on
his way to the FIFA Council meeting in China later this week, has caused
controversy in Mongolia following a secret meeting with former Mongolian FA
president Ganbold Buyannemekh who was banned by FIFA’s ethics committee for five
years in 2014 for soliciting and accepting bribes.
Infantino was in Mongolia to mark the 60th anniversary of the Mongolian
Football Federation (MFF) and was welcomed by current president Ganbaatar
Amgalanbaatar, visiting the MMF’s headquarters and training centre.
He also met Mongolian President Khaltmaa Battulga, and lunched with the speaker
of Mongolia’s parliament, Gombojav Zandanshatar.
Infantino’s meeting with Buyannemekh only came to light following posts on
social media.
Infantino met with Buyannemekh before making his way to the official MFF
reception for which he was late. He excused his late arrival by claiming that
he had been stuck in traffic.
Source: InsideWorldFootball.com
XACBANK WELCOMES ILIYA AVRAMOV
AS ITS NEW CHIEF RISK OFFICER
Mr. Iliya Avramov was appointed as Chief Risk
Officer of XacBank on 15 October 2019. He is responsible for overall risk
management, credit control, legal and compliance functions.
Iliya has over 22 years of corporate credit and risk management experience in
the areas of credit and portfolio analysis, operational, liquidity and market
risk management, collateral management, distressed assets, debt restructuring
as well as portfolio management.
He brings a wealth of experience to his new role, having enjoyed a progressive
career in banking and consulting across South East Asia as well as Central and
Eastern Europe and the USA. Iliya was a long standing executive at Raiffeisen
Bank, where his last job was Deputy General Manager, Head of Risk management of
Singapore branch, overseeing bank’s Risk Management activities in Asia Pacific
for all types of risk categories (credit, collateral, operational risk, market
& liquidity as well as special situations).
Source: GoGo News
LORO PIANA EXPLORES THE ORIGINS
OF CASHMERE IN MONGOLIA (WITH THE HELP OF SOME FROLICKING GOATS) – EDITORIAL
It’s Friday night in Shanghai and Loro Piana, the
world’s most esteemed wool and cashmere brand, has invited an eclectic
assortment of editors, film stars and goat herders from around the world to attend
the brand’s first film premiere. It’s a curious mix – an assemblage
of Chinese superstars wearing cashmere gowns alongside Mongolian farmers
dressed in traditional garb – but, when the lights go down and a 33-piece
orchestra raises their instruments to begin scoring the screening, even the
most quizzical appear momentarily quelled. After all, you’d have to be fairly
hardy not to melt at the Luc Jacquet short that followed: a remarkably charming
exploration of the origin of the brand’s finest cashmere and the lives of those
who farm it, complete with endless scenes of lovely animals doing lovely
things, the frothy tendrils of their precious coats catching on wooden pens and
floating in the breeze.
Source: Vogue.co.uk
CHINA’S STEEL PRODUCTION CLOSES
IN ON MONGOLIA – EDITORIAL
Anti-smog restrictions are being implemented for the
longest period in China’s industrial and key economic cities. Despite the
pleasing weather, China’s administration did not leave the smog producers
unscathed. The country has continued environmental monitoring until August and
put up a “buffer” for production growth. In specific, China is continuing the
restriction to production in Hebei, Handan, and Tangshan provinces, which were
the heart of China’s economic surge in the last two decades but were transformed
into smog producers. Local administrations also announced to keep the policy in
the next season.
The policy that pressured the producers of some sectors is a part of China’s
13th Five-year plan. The People’s Republic of China, which chased economic upheaval
for the last 30 years and was facing an extreme environmental degradation and
pollution, made a drastic change to policy wheels four years ago and took on a
path to sustainable development with a socio-economic plan.
Source: AsiaMining.mn
