Daily Business News Mongolia

P.Ochirbat, Former President of Mongolia: Let the investors own majority

Q: What is your opinion towards the investors?
P.Ochirbat: They are waiting for the resolution of our Government. They are closely observing that how stable will be the legal environment. Also they are expecting how the Government of Mongolia support and encourage mutually beneficial cooperation.

Q: As you just mentioned, the new amendments in the Mineral Law of Mongolia is mutually beneficial alternative? (more…)

Posted in Economy, Government, Interview, Laws, Mining, News | No Comments »

Dr. Graeme Hancock, senior mining specialist for the World Bank’s Oil, Gas and Mining Policy Division: State ownership of 51% is not the best alternative

Q: How does the financial crisis affects the Mongolia?
Dr. Graeme Hancock: It affects Mongolia enormously. Copper and iron price fall paralyzes mining companies.

Q: How long the world financial crisis would continue?

Dr. Graeme Hancock: Experts and economists are studying it, but it is too early to predict. There was a prediction that it would continue 3-4 years. (more…)

Posted in Economy, Laws, Mining, News | No Comments »

Prime Minister S.Bayar: Government will show financial support to commercial banks

Q: How the Democratic Party Group evaluated the Action Plan of the Government?

S.Bayar: Basically, MPs of DemParty ask about to bring more down to earth action plan. The world economy crisis cut down our election promises. So we should discuss about what the Government can provide and what can’t. Moreover, they demanded more clear policy for the people of Mongolia. Social welfare policy was set forth primarily, therefore, DemParty MPs commented that it can be realistic when the policy on industrialization is real. (more…)

Posted in Economy, Finance, Government, Laws, Mining, Politics | No Comments »

The income from expected deposits will not be included in budget planning

The Draft Mineral Law was postponed after the election, but together with the election and rioting, the copper price decreasing sharply. Meanwhile, the State Great Khural appointed one working group to draft the new version of Mineral Law of Mongolia. Even some MPs visited to South Korea and exchanged some points of views with Korean experts. During PMs visit to Republic of Korea, South Korean Consortium of 11 companies expressed their interest in Tavan Tolgoi project. (more…)

Posted in Economy, Finance, Government, Laws, Mining, Politics | No Comments »

It is not necessary to discuss draft law on casino.

During the previous parliament, MP Ts.Sharavdorj, R.Gonchigdorj and R.Nyamsuren composed and proposed a draft law on limited casino and MP L.Gundalai also proposed his version law on casino. These draft laws were discussed by the Standing Committee of the Legislation whether to propose to the State great Khural. Most of the lawmakers were not elected to the parliament. (more…)

Posted in Government, Laws, News | No Comments »

Draft Mineral Law must be proposed by November 15

The preparatory working group on drafting new mineral law of Mongolia started its work. The working group, consists of around 10 MPs led by MP Kh.Badamsuren, held meeting yesterday at 15.00. MP S.Oyun from Civil Will Party also included in the working group together with MPRP and Democratic Party MPs. This working group will consider previous draft laws on mineral and make research on them. There were 4 draft laws on Mineral. All in all, the working group must present its draft law by November 15 2008.

Posted in Economy, Government, Laws, Mining, News, Politics | No Comments »

“We will survive in the environment of decreasing copper price until the end of this year”

World financial market is in crisis and it surely takes effect in Mongolia as copper price decrease. As for today, people who were allured by the political promises and people who seduced electors with the subsidy money of benefit from the high price of copper, are suffering the most. Groups of MPRP and Democratic Party of Mongolia held meeting regarding the current situation. (more…)

Posted in Economy, Finance, Government, Laws, News | No Comments »

S.Bayartsogt: Salary and pension will be increased without announcement

Mr. S.Bayartsogt made press release and interview to the media, in relation with the proposal of the Budget Modification and Project on development principles of economy and society in year 2009, to the State Great Khural. His primary target is to decrease inflation rate down to 12% from 34% and to decrease consumption price. The development principles stated that economic growth rate will be 14.1%, reach GDP to 7 trillion 95 million MNT and GDP per capita will be 2274 US$ in year 2009. According to the first 8 months performance of the state budget, total income was 1 billion 405.1 million MNT and expenditure was 1 billion 401 million MNT. Tax waive on oil products and wheat, grain was the main reason of decreasing budget income. He answered some questions from journalists: (more…)

Posted in Economy, Finance, Government, Interview, Laws, Mining, News, Politics | No Comments »

Khan Resources Issues Update on Mongolia and the Dornod Uranium Project

TORONTO, ONTARIO, Oct 03, 2008 (MARKET WIRE via COMTEX) — Khan Resources Inc. (CA:KRI: news, chart, profile) is pleased to provide an update on the political situation in Mongolia as it relates to the mining industry. On October 1, 2008, President Nambaryn Enkhbayar in his opening speech to the Mongolian Parliament said “It is the reality that Mongolians cannot invest in deposit independently, introduce advanced technology and provide qualified experts. Therefore, there is no other way than attracting major investors, their financial resources, technology and experts. Investors would want to calculate their investment returns and control expenditures of their investment. They would aspire to recover their investment and make profit. This is natural.” President Enkhbayar continued, “Therefore, there is no other way than for all parties concerned to accept market principles of allowing the investors to own more than 51% of the deposit”. An excerpt of the translated speech can be found at www.khanresources.com. (more…)

Posted in Economy, Government, Laws, Mining, News, Politics | No Comments »

Japanese visits Mongolia regarding uranium issue

On October 8, the Japanese delegates, led by Japanese Deputy Minister Huroyuki Ishige, will visit Mongolia. According to “ITAR-TASS” agency of Russian Federation, the Japanese delegates are interested in the law environment to take part in the uranium exploration industry. Japan is planning to several nuclear power station and this urges it to be interested in uranium commodity. (more…)

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