Daily Business News Mongolia

Golomt Bank customers are protected against fraud transaction.

Golomt Bank disclosed its new service that satisfies its international card holders’ security. World No1 security system EMV CHIP is introduced in Golomt Bank. Card with EMV CHIP system will guarantee top security in its transaction for international card holder of Golomt Bank. International card renewal work is under way now and old cards are swapped with new ones free of charge. New card request is discounted and its minimum balance is 10 US$ only. (more…)

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200.4 thousand shares were sold at MSE

200.4 thousand shares of 15 SHCs were sold at MSE, October 15 2008, totaling 76 million MNT. At the primary market, 32.8 thousand Remicon shares were sold and Khukh Gan share was the most active at the secondary market, sold 67.3 thousand shares.
In comparison to the previous day’s trade, Hermes Center share price was increased by 11.48% and Shivee Ovoo share by 9.02%. But Zoos Goyol share  was dropped by 4%.

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T.Namjim: One refinery is completely enough for Mongolian demand

As our reader well aware that last week, during the presentation at the Ministry of Mineral Resource and Energy, the refinery project was presented to media. Projected to be built in Darkhan-Uul aimag, the refinery will be managed and built by “Mongolsekiu” LLC. Henceforth, Mr. T.Namjim, the director of “Mongolsekiu” LLC, was interviewed by us.

Q: We have been talking about having our own refinery in Mongolia for long. But nobody took the challenge and worked to realize it. When did you see this opportunity can be real?
T.Namjim: First, this idea hit me in September 2005. At that time, there was an article in newspapers of China, regarding the decision of three Chinese companies to build refinery in Mongolia. I thought that why these Chinese companies are deciding sovereign and independent Mongolia’s faith. On November of 2005, I was called back to Mongolia to receive the State Honor for my work of “the Mongolian economy; past, present and future”. During the ceremony, I shared my idea that hit me two months ago. (more…)

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A.Munkhbat: It is matter of time when the world financial crisis will come to Mongolia

World financial crisis brought turbulence in many countries of the world. It also can discourage investors in opening new horizon in their investment. Mr. A.Munkhbat, the Vice President and Executive Director of Ivanhoe Mines Inc., was interviewed.

Q: Today, world financial market is trembling in its crisis. Many experts conclude it as the worst crisis since 1929 in USA. What is your point of view towards it? (more…)

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Japan backs refinery in Mongolia

LOS ANGELES, Oct. 13 — Mongolia’s Mongolsekiu LLC and Toyo Engineering Corp. have formally submitted plans to the Mongolian mines and energy ministry for construction of the country’s first refinery, a 44,000 b/d facility to be built at Darhan near the border with Russia.

The total cost of the joint venture project, held 60% by Toyo and 40% by Mongolsekiu 40%, is estimated at more than $1.2 billion, with the costs largely to be underwritten by the Japanese government and the Japan Bank for International Cooperation.
(more…)

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117.7 thousand shares were sold at MSE

117.7 thousand shares of 16 SHCs were sold at MSE, totaling 26.4 million MNT. At the primary stock market, shares of Remicon SHC were the most actively traded, 38.9 thousand shares. 31.7 thousand shares of Khukh Gan SHC were sold at the secondary market. In comparison to the previous date’s trade, “Monnab” share was increased by 14% and “Khuvsgul Khuns” 15%, but Anod Bank share was decreased by 9.64% and “Moninjbar” share by 8.26%.

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Prime Minister S.Bayar received “Peabody Energy” delegates

Prime Minister S.Bayar received Mr. Gregory Boyce, Director of the Board and CEO, Mr. Richard A. Navarre, Director for Commerce and Mr. Frederic Palmer, First Deputy President, the delegates from Peabody Energy Corporation, a leading coal group of the world, according to their own request.
Mr. Gregory Boyce expressed Peabody Energy’s interest in involvement in Tavan Tolgoi project and his confidence it is mutually beneficial to the interest of both sides, because Peabody Energy has solid and proven record and experience of developing huge coal projects with higher economy effects, uses the most up-to-date equipment, technology and management that ensures security in its highest level and is expert in implementing environmentally sound production. He stated that if it involved in the project, then many American firms and companies that are well known and eminent in law, finance and infrastructure would be interested in Mongolia. He also mentioned that not only coal will be excavated within the framework of Tavan Tolgoi project, but there will also be refinery and factory to produce side products. (more…)

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81,5% of total harvesting completed

As for today, 81,5% of grain harvest is completed and 93,5-,96,1% of total potato plantation is harvested. Most of aimags completed its harvesting work, but there is 99,4 thousand tons of grain is waiting for its buyers for milling, lying at the open yard of the farmers. According to the weather forecast, weather will be clear and good, but granary issue is the most vital at the moment.

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Mongolia the Newest Flavour of the Moment

AS the United States’ financial Armageddon starts to sweep the world, it is getting tougher to find a safe haven where wealth can still be grown. That’s why when some Swiss investors saw the world’s first Mongolia-focused fund in January this year, they mopped up US$5 million (RM17.25 million) worth of units in just three hours.

Reportedly, the fund is now valued at US$20 million (RM69 million), due to the original promise of 25 to 30 per cent annual returns.

This has ignited Mongolia into the latest investment hotspot and made the country the financial version of the culinary world’s popular Mongolia hotpot. (more…)

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Leighton’s Russian partner snared in financial scramble

OLEG DERIPASKA, the Russian oligarch who is planning a joint venture with Leighton Holdings in Mongolia and Siberia, has been forced to sell his 10 per cent stake in Leighton’s majority shareholder, Hochtief, because of the financial crisis.

Mr Deripaska, who also controls large stakes in the Russian metal giants Rusal and Norilsk, sold the stake in the German construction company on Friday after being hit by a margin call from Commerzbank, which had lent him funds to acquire the stake. (more…)

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