Mongolia Business and Mongolian Daily Business News

Business-Mongolia.com reported that OT IA signing date is today at 11 am. It was scheduled but unfortunately because of some superstitious approaches, this day is not “good” day for entering into cooperation. But due to lack of good day according to the Mongolian Lunar Calendar, it is postponed until the very next good day of calendar, October 6 2009.

Mongolians discussed the agreement for 6 years and it plays important role in ordinary people’s living and opinion. Therefore, it was quite obvious to wait until next so called “good” day. But our source consistently confirmed that today is the day, we apologize from our readers for wrong call.

According to reliable source, who doesn’t want to reveal identity, the Mongolian Government of Mongolia and investor of Oyu Tolgoi will sign on the investment agreement at 11 am, September 30 2009.

Mr. Friedman, Chairman of Ivanhoe Mines, paid visit to Mongolia to attend the signing ceremony. Therefore, business-mongolia.com officially confirms that the signing  ceremony will be on Wednesday at 11 am.

The deadline date for signing the OT IA is tomorrow according to the Minister for Finance. Some sources say that the IA will be finalised at 11 in the morning. We have asked few questions from D.Zorigt, member of the working group and Minister for Mineral Resources and Energy.

D.Zorigt: Oyu Tolgoi investment agreement is ready but there are some difficulties as it is approaching the final moments. The Mongolian side have proposed some amendments. The IA has been fiercely discussed by the SGK and it will be signed very soon.

Q: According to the Minister for Finance, the deadline is on the 30th, can it be done on time? Read the rest of this entry »

205.2 thousand shares of 20 JSCs were sold at MSE totalling 159.2 million MNT trade in value. 55.2 thousand shares of Khukh gan JSC were sold and it was the most actively traded stock. In comparison to the previous day’s trade, share price of Shivee ovoo was increased by 15.0% and Mongolia Telecom by 14.67% whereas share price of Remicon (-11.76%) and Khukh gan (-5.30%) were decreased at MSE. Index top 20 is 7722.24 units and was increased by 299.20 units if compared to the trading session of Monday.

Minister for Finance S.Bayartsogt informed that OT IA signing ceremony will be held on Wednesday September 30 2009. According to his statement “… OT IA preparation work is underwent and its final wording (English, Mongolian) is being made. The final date of IA signature will be on September 30 2009.” After approving the related regulations and proceedings, an official letter of invitation of the Government to visit to Mongolia was sent to the Directors of Ivanhoe Mines and Rio Tinto.

Therefore, John Macken, in charge of legal issues, arrived in Mongolia. Today, Ivanhoe Mines Chairman Robert Friedland is landing in UB. The day of signature is tomorrow, therefore, he is visiting to Mongolia.

An opening session of the SGK is scheduled to start on first of October according to Ts.Sharavdorj, Secretary General of the Parliamentary office. First issues to be discussed are draft amendments to the laws on ‘share of mineral resources’ and ‘grant of the motherland’. After the opening of the autumn session, the first meeting will be of the Standing committee on Economics. Amendment to the law on Mongolia’s Development fund is to be discussed by the Standing committee on Economics. The opening session of Autumn SGK session will not have 100 percent attendance as some MPs are working abroad.

5 stock trades were held during the week of 21-25th of September, 2009 and 4879.7 thousand shares of 35 JSCs were sold totalling 642.3 million MNT trade in value. Index top 20 is 7593.97 units and was increased by 131.65 units or 1.8 percent. The total market capitalisation is 691.9 billion MNT.

Shares of 35 JSCs were sold, share price of 25 JSCs were increased, share price of 5 JSCs were decreased whereas share price of 5 JSCs were unchanged. Shares which prices were increased are Shivee ovoo (52.1%), Sor (50.0%), Genko tour bureau (42.9%), Talkh Chikher (35.3%) and Erdenet carpet (32.1%) but shares which prices were decreased are SBB (-7.0%), NIK (-5.4%) and Bidisek (5.1%) JSCs. Read the rest of this entry »

Trade and Development Bank paid back its $75 million corporate bond, including coupon, raised in the international financial market, before its maturity. Bank believes that it will re-assure that Mongolia is responsible for its investors.

Trade and Development Bank listed its corporate bond in January 2007 at the international financial market raising $150 million, through mid-term bond program and it successfully sold $75 million of three-year bond with annual interest payment of 8.625%. It was later expanded into $300 million in 2008. Read the rest of this entry »

L.Bold, Minister for defence of Mongolia met with Lian Guanli, Minister for Defence of China on Thursday in Beijing. The two parties have discussed about national securities and cooperation on the defence sector. The Chinese Minister have said that “cooperation of the two countries in all sectors are increasingly developing and gave positive effect for this industry also. The Mongolian Minister L.Bold stated that cooperative “peace training course” held last July proved that trust and reliance of the two countries are increasing.

In terms of MPRP, the competition was between N.Enkhbayar, the former President and D.Zorigt, Minister for Mineral Resources and Energy. N.Enkhbayar has pulled his name out  therefore the name of D.Zorigt went to MPRP meeting and was supported by 100% of votes.

R.Burmaa was officially named as a candidate from the Dem Party for the by-election. She was competing with former MP B.Batbaatar but he had also pulled his name out for this by-election. She had collected 99.4% of votes from Party members. Civil Will Party will work with the Dem Party during the by-election as they have signed agreements yesterday. Read the rest of this entry »