Daily Business News Mongolia

T.Badamjunai, Minister for Food, Agriculture and Light Industry made report to MPs of the Standing Committee on Environment and Agriculture.

Climate allows 45 days only for autumn harvest. It will require 670 combiners to complete it within 25 days. Mongolia has 1.2 million hectare land for plantation since 1990. But now Mongolia uses only 200 thousand hectare for plantation. It has target to increase it up to 300 thousand hectare. In the future, it sets its goal to use half (607 thousand hectare) of the total arable land for plantation. (more…)

Posted in Agriculture, Economy | 1 Comment »

Mongol Securities plotted its share price fall

Mongol Securities SHC’s seat at MSE was temporarily suspended. According to the examination of the related body, its share price was decreased 5 times (70.49%) since last July 1st.
Director of Mongol Securities L.Gundegmaa severely breached provision 16.1.3 of the Stock Market Law of Mongolia and it was cleared that Director of Mongol Securities SHC L.Gundegmaa plotted to decrease its share price. In relationship with this issue, the director’s board of MSE made decision to temporarily suspend its seat at MSE.

Posted in Companies | No Comments »

Mongolia has 42 million livestock

Khuvsgul, Uvurkhangai, Arkhangai, Zavkhan, Tuv aimags are the top aimags with their livestock. The National Statistics Authority informed that Mongolia has 42 million livestock. It was increased by 1.9 million or 4.8%. Good news is that number of camels increased in all aimags.

Posted in Economy | No Comments »

D.Zorigt, Minister for Mineral Resource and Energy: We are not in crisis but we are in pending situation

D.Zorigt, Minister for Mineral Resource and Energy, has his views in the time of economy recession.

Q: You were the main surprise within the Cabinet Ministers when the new government was formed. How did you start your work?

D.Zorigt, Minister for Mineral Resource and Energy: I started my work to get acquainted with my sector. Mineral sector is my field of experience and knowledge, but energy is not. Once the government trusted me to manage this sector, so I have no ways to step out. Being as a young professional, I had gone through some objections and reactions. Sometimes I had time to hesitate with myself. Previously, I was working at the Ministry of Trade and Industry and worked on Oyu Tolgoi negotiation and preparation of papers up to the presentation to the State Great Khural. (more…)

Posted in Interview, Mining | 1 Comment »

B.Bayarmaa, Leader of “Khuvsgul Ocean Owners” movement: MP Batj.Batbayar exceeds its power on phosphor deposits in Khuvsgul aimag.

MP Batj.Batbayar’s son B.Batkhishig acquired 15 licenses in the phosphor deposit area.

B.Bayarmaa, Leader of “Khuvsgul Ocean Owners” movement, local movement which is opposes this ownership, has her words.

Q: Local people demonstrated against Burenkhaan phosphor deposit exploitation. But its licenses were issued. How many companies own this deposit licenses?
A: NGOs of Khuvsgul aimag made monitoring in companies which acquired mining and exploration licenses in its territory. Last year 40 mining licenses and this year 290 exploration licenses were issued. Within a year, so many companies took exploration licenses. 119 licenses in Burentogtokh soum, 77 in Alag-Erdene, 45 in Arbulag and 49 in Tunel soum were issued. (more…)

Posted in Business, Companies, Government, Interview, Mining, News | No Comments »

Erdenet provides 512 billion MNT annually to the state budget

In conjunction with the 30th anniversary of Erdenet JVC, Mr. Ch.Ganzorig, General Director of Erdenet JVC, Mr.Z.Ganbaatar, Vice Director for Production, Mr. Yo.Bayarsaikhan, Deputy Director for Social Issues, held a press conference.

Erdenet is the key contributor to the development of the Mongolian economy and it has the most up to date technology and facilities and highly trained human resource which secure consistent and continuous production. During its 30 years of history, it enriched 580 million tons of copper ore ad produced 3.4million tons of copper concentrate. As for the first 8 months of 2008, it has profit of 115 billion MNT and provided 512 billion MNT to the state and local budget. (more…)

Posted in Economy, Finance, Government, Mining, News | 1 Comment »

Petroleum price is to fall again by another 400 MNT

Price of petroleum will fall again by 400 MNT in December. Petroleum price will fall by 300-400 MNT depends on its quality and type. Actually, crude oil price fall by almost 300% since its peak in July and fueled up petroleum price in Mongolia up to 1800 MNT (AI 92 type) per liter. As for today, AI-92 type petrol is 1390 MNT which is less than 30% decrease since its peak time price. Therefore, it is quite logical decrease but it is quite late as for the reaction. (more…)

Posted in Companies, Economy, News | No Comments »

MPRP wins the local self-government election in Ulaanbaatar City

The local self-government election is important election, because through this administration the Government Action Plan implements and reaches to people. Therefore, to win this election is also vital as for the Parliamentary election. Moreover, it can be said that every election district of MPs is under control of local self government and if two parties conflict like if MP has opposition administration in local government administration, he or she is working without right hand.

(more…)

Posted in Government, News, Politics | No Comments »

Kh.Badamsuren: We don’t have right to lose time

The working group of the State Great Khural on drafting amendment in the Mineral Law of Mongolia has 13 members. The working group consists of 7 members from MPRP, 5 from Democratic Party and 1 from Civil Will Party (MP S.Oyun). MP Kh.Badamsuren, the head of the working group, has his word on the current issue.

Q: You are about to propose your proposal and conclusion to the Standing Committee on Economy. Can it be understood that this work is about to finish?
MP Kh.Badamsuren: I think members of the working group approached this issue with fundamental principles and from many aspects. The alternative to unlock the procedure of strategic deposits and investment agreement was proposed to the parliamentary party groups. The proposal of the working group was principally supported. The copper price has fallen by 2 times since the talks of draft Mineral Law started. Therefore, we don’t have right to lose time. We’d better not to lose time by saying need to discuss seriously. (more…)

Posted in Companies, Economy, Government, Interview, Laws, Mining, News, Politics | 1 Comment »

Badamjunai Tunjin, Cabinet Minister and the Minister for Food, Agriculture and Light Industry

Mongolian People’s Revolutionary Party

Born in 1956, Chuluut soum, Arkhangai aimag

Educational record:
1971 Secondary School of Chuluut soum, Arkhangai aimag
1975 Railway College
1982 Technical University of Mongolia

Transportation economist, engineer

Languages: Mongolian and Russian (more…)

Posted in Agriculture, Government, News, Politics, Resume | No Comments »