Mongolia Business and Mongolian Daily Business News

President N.Enkhbayar is attending economy forum in Davos, Switzerland. After his landing at Zurich, President Enkhbayar met with Mr. Kim, President of Hyundai and Mr. Kim expressed his willingness to expand its business and investment in Mongolia.

Also we met with His Highness Duke Hans Adams II, Liechtenstein. Duke Hans Adams exchanged his interest in Mongolia. President Enkhbayar invited him to visit Mongolia when time and his schedule allows so. Duke Hans Adams expressed his gratitude and mentioned about his long time willingness to visit Mongolia. Read the rest of this entry »

Right at the moment, an unscheduled Cabinet Meeting is being held to discuss the Oyu Tolgoi and Tavan Tolgoi investment agreements. Minister D.Zorigt informed us about the recent developments and outcomes of the meeting.

Q: What is the situation now?
D.Zorigt: The issue is not yet concluded. It was presented to the Cabinet Members and now we are expecting comments and conclusions. Read the rest of this entry »

12.8 thousand shares of 10 SHCs were sold at MSE totalling 9.7 million MNT trade.  5.5 thousand shares of Moninjbar SHC were sold and it was the most actively traded share in the stock market. Share price of State Department Store SHC was increased by 3.33%, share price of Sor SHC was decreased by 14.88% and share price of SBB SHC by 13.04% but share price of Mongol Leather SHC and Genko tour bureau SHC were unchanged. Index top – 20 is 4944.41 and was decreased by 33.28 units if compared to yesterday’s trade.
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According to the given timeframe, the Cabinet Meeting is discussing the issue of “two tolgois”. Minister D.Zorigt presents negotiation making procedure, and its recent developments. After Cabinet Meeting discussion, Standing Committees will discuss the issue. The Cabinet Meeting is closed to media. We will come up with more details soon.

Mongolia is in talks with the International Monetary Fund (IMF) over a loan package of $60 million to $70 million that could attract investment in its mining sector, the country’s president said on Thursday.

Mongolia hopes an IMF lending program would give other countries the confidence to lend it up to $3 billion in return for access to its mining sector.

It is negotiating with China, Russia, Japan and several Gulf countries on $300 million to $3 billion in loans that would be linked to large mining projects, Mongolian President Nambaryn Enkhbayar told Reuters. Read the rest of this entry »

S.Bayar, Prime Minister of Mongolia had met with K.K.Masimov, Prime Minister of Kazakhstan and had discussed about improving investment between the two countries. The main subject of the meeting was Mongolia to buy crude oil from Kazakhstan. During the last meeting of both parties N.A.Nazarbayev, President of Kazakhstan had accepted to import up to 1.5 million tonnes of crude oil to Mongolia. Read the rest of this entry »

But the Minsiter in charge of transportation rejected it. He said that authority and senior management of the Mongolian Railway shall seek the mistake from itself.

Mr. Kh.Battulga made unscheduled visit to the Mongolian Railway. The Mongolian Railway is suffered the most from the economy recession, because its transport circulation is decreased by 4 times. Also it has challenge of renewing its park renovation. Therefore, it planned to release 7000 employees on year off without salary. It is suffered 28 billion MNT loss last year. Mr. Battulga strongly criticized its authority and management.

Here is excerpt from the dialogue of the Minsiter and Mr. B.Otgondemberel, Head of the Mongolian Railway. Read the rest of this entry »

5.1 thousand shares of 14 SHCs were sold at MSE totalling 1.8 million MNT trade. 2000 shares of APU were sold and it was the most actively traded share in the stock market. Share price of APU SHC was increased by 14.93%, share price of Gobi SHC was decreased by 8.51% and share price of Genko tour bureau SHC by 2.50% but share price of Mongolia telecom SHC and State department store SCH were unchanged. Index top – 20 was 4977.69 and was decreased by 56.03 units if compared to yesterday. Read the rest of this entry »

The working group, established under the Prime Minister’s resolution, is negotiating with joint team of Ivanhoe Mines and Rio Tinto on Oyu Tolgoi copper and gold project. Working group hasn’t reached any deal yet. But the joint team of two companies presented its proposal, accepting 34% of the Mongolian side ownership and dividend issue, but rejecting our intention of further acquisition up to 50% and windfall tax of 68%. Also it stated that it will discuss the issue of pre-payment after settling the general principle of the agreement.

Minister D.Zorigt has few words to make it clear. Read the rest of this entry »

In the year 2008, 1.5 billion MNT were benefited to the unemployed citizens in the capital Ulaanbaatar. In the year 2009, 82 people have applied for unemployment benefit in Khan-Uul district and 78 people in Chingeltei district. In comparison to the last year, the trend for the year 2009 is relatively higher. About 50-60 people have applied for unemployment benefit this time last year which is 25% less than the year 2009. Full statistics for the first quarter for the year 2009 will be revealed in March. Is it just an unlikely trend or economic slowdown has already started affecting the labour market of Mongolia?