Daily Business News Mongolia

Will Issue an Order to Regulate Private Coal Miners

Government decided to issue an order “On regulation of citizens operation of privately mining of Nalaikh’s coal”.

In order:

-Organize registration of citizens who privately mining Nalaikh’s coal and work them by contract with companies which have usage license, and take arrangement to follow the safe operation rules and norms within the frame of law

-Close the borehole causing by privately coal mining, and take arrangements which followed in order to save industry and road works from underground, soil erosion, and ruin (more…)

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Bank Settlements In Few Seconds

The Mongolbank jointly with Golomt, KHAAN and Bundesbank-Central Bank of Germany held a consultative meeting for staff of bank settlement, accounting and information yesterday. It’s been a decade since the tradition of transferring any settlements from hand to hand, confirming with documents. Thanks to e-clearing system, any difficulties related to settlement have been erased and settlements, which used to take a month, now take only 1 to 3 days. Also it is possible now to calculate cash flow of the banks actually and to check assets management. A system of corporate account of state fund has been brought in since 2004 and Settlement Center was established under the Mongolbank in 2006. Today interbank settlement below MNT1 million is remitted within few seconds to the end customer through the Center. (more…)

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Z.Enkhbold: Beneficial Choice-Hope They Won’t Reject

MP Z.Enkhbold, who engaged in task group, representing DP has his saying.

MPRP and DP have agreed upon Mongolia’s ownership of less than 51 percent of deposits of strategic importance. Could you provide us some details?

51 percent can be given to not only state but also Mongols, however underground minerals shall be 100 percent Mongolian property. We think that 49:51 of Erdenet is a good example. (more…)

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Ts.Damiran: Not Only State But Mongolian Citizens Could Own 51 Percent

We had some details from MP Ts.Damiran on a draft of Minerals Law. He is one of MPRP members, representing the party in the task group to formulate the draft law.

What is the primary concept of the draft law?

Over 10 articles of the Law have been amended in draft. The task group, comprising of DP and MPRP, jointly developed the general concept of the daft.

What are the amendments?

We made the term strategic deposit, which was vague in meaning in the law, clear. Also we defined the location, resource and efficiency of strategic deposit. Moreover, it is stated in the draft to grant minerals licenses in 3 levels. Issuance of mining license shall be discussed and decided by the Government. Ministry of Industry and Commerce shall grant ordinary licenses. In addition, participation of foreign companies should not exceed 49 percent and Mongolian part must own more than 521 percent, according to the draft. (more…)

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Said That “Grant of the Nation” Will Influence Inflation

Working group of international monetary fund evaluated on Mongolian economic growth, change, prospect and finance policy. As IMF evaluated, Mongolian economy has positive influence in the mid time because of rich useful minerals and exists between two economically growing countries. But mentioned that economic growth is leading new risks.

Working group leader Roger Kronenberg and Won Jong, permanent representative of IMF, made information. Roger Kronenberg informed that, as economic growth increases, inflation is influencing to the stability of macro economy. Even though parliament approved to hold inflation in a digit on monetary policy, but it was 17.5 per cent in last January. (more…)

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S.Bayar and Ts.Elbegdorj Made Joint Statement

Today. 12.45 pm

Today 12.45 pm, Prime Minister S.Bayar and Mr. Elbegdorj, Chairman of Democratic Party, made a joint statement at Government House. They stated that two parties reached common agreement on the amendment of Mineral Law of Mongolia. Parties agreed on immediate resume of Tavan Tolgoi and Oyu Tolgoi projects and investors can own only upto 49% of the strategic deposits and government will own 51%. The draft law on amending the Mineral Law of Mongolia. Today it will be discussed by the Cabinet Meeting.

Prime Minister S.Bayar made a request from journalists not to put a question out of the topic. (more…)

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Kazakhstan Will Invest In Mongolian Energy Sector

Fuel and Energy Minister Ch.Khurelbaatar met Kh.Nurbaev, Extraordinary and Plenipotentiary Ambassador of Kazakhstan to Mongolia, and talked about energy sectors cooperation of two countries. Ambassador was graceful for implementation of bigger projects and programs that will bring growth to Mongolian energy sector and expressed that Kazakhstan have interest to invest and cooperate in the energy sector. Minister of Fuel and Energy introduced him bigger projects that will implement in his sector like power station which will leaned on Shivee-Ovoo mine and Power Station-5 planning to build in the east side of capital city and informed that he is ready to cooperate with Kazakhstan.

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J.Odjargal: I Told the Government We Had No Way To Go Back

The Government of Mongolia is negotiating with Energy Resources consortium, which owns 100 percent Tavan tolgoi deposit license however it’s been informed recently that the Government is taking the deposit 100 percent into state ownership, leaving nothing for national investors. Therefore, we clarified some information from J.Odjargal, Chairman of the Governing Council of the consortium.

In which phase is Tavan tolgoi agreement now?

It is proper to mention that the agreement commenced in a business atmosphere and with will of mutual understanding. The agreement negotiation lasted for summer and fall with the Cabinet of M.Enkhbold and for winter with S.Bayar’s Cabinet in 2007. In terms of period, the negotiation lasted for 4 seasons and is still goes on. Of course it did not undergo a smooth and direct path, for example about 10 meetings had been held in framework of negotiation with S.Bayar’s Cabinet. We assumed that the negotiation would be held in a mutually beneficial way that highlighted mutual understanding to bring the project into economic turnover. But recently not so clear atmosphere dominate. (more…)

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O.Chuluunbat: We Are Importing Inflation

Inflation is related with the political decisions.

You are the product of the period when the professionals were produced according to the policy. When did you graduate, specializing in what major?

I studied at International Relations Institute of Moscow between 1976-1981, majoring in international economy, financial relations. My generation was educated during the centrally planned economy and under one party strict control. The State prepared me as the world financial expert and appointed in the currency clearance and administration of currency reserve of the Central Bank of Mongolia. I studied market economy so called market of capitalist world. I measured, made research and investigated about many financial relations of the market economy, such as why increase price of commodity, budget deficit occurs and so on. Finally, I understood the market and have my own view towards many operations and acts. Anyone will become same as me if study the market for many years. Then, between 1987-1991, I worked at the International Bank of Moscow. (more…)

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Forced Pak Sejong To Move Away From Mongolia, Human Trafficker of Mongolian Girls To Korean Men

During joint examination of “Authority for Foreign Citizens and Citizenship” and General Intelligence Agency, they identified over 40 years old male, named Pak Sejong, who intermediates Mongolian girls to Korean men for marriage. He entered to Mongolia in 2005 by tourist visa and didn’t get permission of residential permission since that time. He arrived Korea 5-6 times during this time. From July of last year, he founded “Khenbugkhan Sarandar” Trade Company, and from October of the year, it was renting fashionable dress. There is evidence that he intermediated over 20 girls to Korean men for marriage since he came in Mongolia. “Authority for Foreign citizens and Citizenship” forced Pak Sejong to move away from Mongolia, who was making illegal operations.

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