Daily Business News Mongolia

J.Enkhbayar: We lost billions for our political attitude towards economy

MP J.Enkhbayar is a member of working group on drafting amendment in the Mineral Law of Mongolia has his words regarding the current issue.

Q: You are a member of working group on drafting amendment in the Mineral Law of Mongolia. How is the working group’s progress?
A: Frankly we are suffering for our political attitude towards economy. We lost several billion US$ for this stupidity. Shortly, we missed the best chance and opportunity. I read through previous laws and drafts. I noticed many populist provisions and articles in them. We need to fix those populist and exaggeratedly political provisions.The mining projects must be realized immediately. (more…)

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Establishment of “Development Bank” was included in the main principle

The main principle to develop economy and society in year 2009 was discussed by the State Great Khural. The draft of the main principle to develop economy and society of Mongolia in year 2009 was presented by the Minister for Finance S.Bayartsogt. When developing the draft, it was based on the mid term plan and evaluation and conclusion of economy and society of this year. Minister briefly introduced the background of this year’s development in economy and problems. He also continued that Mongolian economy is the highest in Asia with its inflation rate. But the urgent reaction of Government such as Atar III campaign, compensation on price difference, establish state reserve, soft agreement on wheat and grain import, was essential to harness soaring inflation. (more…)

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Martin Quick, President of Khan Resources: I have no doubt on the Government of Mongolia to grant approval for our operation and support us

Q: The Government has intention of owning 51% of strategic deposits. What is you opinion in this regard?
Martin Quick: I have no doubt on the Government of Mongolia to grant approval for our operation and support us. Once coalition government is established, I think it will take immediate measures in making decision. I think it is not that challenging issue to solve and I believe that we can build mutually beneficial deal and cooperation. If the Government of Mongolia is strict with their intention on acquiring 51% ownership in major mining projects, then the situation will be much difficult than we can imagine. (more…)

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А.Munkhbat, Vice President of Ivanhoe Mines: I strongly doubt about if investors will accept the demand for 51% ownership of the Government of Mongolia

Q: What is the most pick of this year’s forum?

А.Munkhbat : Participants decreased by 30%. Especially, too few delegates from junior exploration companies. It is because of the commodity price fall. Participants worry only about the reaction of the Government. Quite numerous participants commented about urgent reaction measures from the Government in this crisis time.

Q: Government has intention to acquire 51% of the investment. Recently, Rio Tinto disclosed that it will not invest in new projects. Is Mongolia facing the risk of loosing chance to exploit Oyu Tolgoi? (more…)

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E.Sodontogos, adviser to the President of Mining Association of Mongolia: All the issues will be solved during the Government hour

Q: How many delegates are attending to the forum?
E.Sodontogos: As for now, over 620 delegates from 18 countries are attending the forum. Plus, representatives of Government agencies and companies are added and around 750 people are attending the forum.

Q: Can foreign guests be understood that they are already investors or investors that are interested in Mongolia? (more…)

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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…)

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Ts.Elbegdorj: Our MPs will come back once their utilization time is over

There are three reasons to use DemParty (Excerpts of MP Ts.Elbegdorj’s interview with Zuunii Shuudan newspaper)

Q: You are experienced politician who led two Governments. Even you were the Prime Minister of the coalition Government. What is your position towards S.Bayar’s Government?
Ts.Elbegdorj: Tell you the truth. This Government has no courage to tell the real situation to its people. Once it is failed to tell the truth, everything is lie. Alos it tries to reolsve any issue with terror. It is not serving to its people but it is using tyranny. Poverty and inflation cannot be solved through jail. (more…)

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Marubeni expressed its interest in uranium exploitation

Prime Minister S.bayar received Mr. Kokubu, Vice President of Marubeni Corporation. In the last October, during the Mongolia-Japan joint consultative meeting of Government and private sector, Mr. Ishige, Vice Minister for Economy, Commerce and Industry of Japan, expressed its interest in investing and cooperating in uranium sector.
According to this proposal, Mr. Kokubu, Vice President of Marubeni Corporation is visiting to Mongolia. They expressed their interest in uranium exploration and exploitation in Gurvanbulag uranium deposit in Dornod aimag. (more…)

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Mongol Bank decides the faith of the construction industry of Mongolia

Mongol Bank pursues strict monetary policy to harness the inflation. But it is harming some businesses and private sector. It increased its principal interest rate twice since the beginning of 2008 and it was the warning for the commercial banks to limit or stop their loan granting. Housing loan was limited and apartment and housing price fell by 30-40%. Also construction companies have no fund to complete their projects. Commercial banks stopped their loan, even they wish to they have limited source. (more…)

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Mr. N.Altankhuyag, the First Deputy Premier: Government can provide “Grant of the Motherland”

First Deputy Premier N.Altankhuyag visited to MM agency evening news. During the live interview , he answered some questions regarding the coalition government action plan, changes in people’s life and economy crisis.
The Government stated GDP per capita will be 5000 US$ in next four years, but it is 1800 US$ now. He also talked about the calculation for this estimation. Also the Government will be transparent and can listen its citizens. (more…)

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