Daily Business News Mongolia

Draft 2. The resolution of the State Great Khural

To adopt main principle and guidance

Considering the current decline of some commodity price and share price of mining companies due to the world financial crisis and tendency of decreasing investment in the mining sector and with the purpose of preventing the risks and problems that can evolve in the future, to unlock the obstacles in realizing and exploiting  strategically important major mining deposits, to initiate the negotiation with the investors in order to form the opportunity and resource to provide their exploitation income to our citizens and accelerate time to sign the investment agreement, hereby the State Great Khural issues this resolution, according to the provision 43.1 of the Law on the State Great Khural of Mongolia, as follows: (more…)

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Draft 1. Resolution of the State Great Khural

To reject draft laws.

According to the provision 22.5 of the law on rule of the State Great Khural of Mongolia and provision 43.1 of the Law on the State Great Khural, The State Great Khural resolves:
1. To reject a draft law to amend the Mineral Law of Mongolia, presented by MP Ts.Damiran and Ch.Avdai and other 13 MPs on March 12 2008 and a draft law to amend the Mineral Law of Mongolia, presented by MP E.Bat-Uul and R.Erdeneburen and other 2 MPs on April 22 2008, with reason of the majority of lawmakers’ term is expired. (more…)

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The Mongolian State will own 34% of Oyu Tolgoi and 51% of Tavan Tolgoi

Yesterday, parliamentary group of MPRP and DemParty discussed the comments and conclusion of the working group of drafting amendment in the Mineral Law of Mongolia. The working group presented two draft alternatives. First alternative is to withdraw two drafts, because of the fact that the most of the lawmakers weren’t re-elected.  The second alternative is not to change the current Mineral Law of Mongolia and to sign in the investment agreement on Tavan Tolgoi and Oyu Tolgoi. (more…)

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Minister for Finance was told to finalize the price prediction of copper commodity

The Standing Committee on Budget of the State Great Khural has discussed about the budget of year 2009. MPs exchanged their opinions and discussed about the budget of the Mongolia Development Fund. As it is impossible to calculate budget revenue of year 2009, the Ministry of Finance has developed seven alternatives. Standing committee on budget has agreed to pick one of these alternatives to estimate the budget revenues and costs of year 2009. Therefore the Minister for Finance was instructed to finalize the price prediction of copper commodity by tomorrow morning.

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S.Oyun: We rely on silver and bronze opportunities

MP S.Oyun, a member of working group of drafting amendment in the Mineral Law of Mongolia, has her words regarding the current issues and mining legislation development.

Q: Working group held several meeting, but it had not that satisfactory results.
MP S.Oyun: We met several times after studying four or five drafts for the Mineral Law of Mongolia, presented since 2006. In year 2006, the Mineral Law of Mongolia has provision that the Government of Mongolia to own up to 34% in strategic deposits. After that there were talks about increasing it to 51%. Also provisions on agreement in dividing product and windfall tax change were added. Meantime, world economy is undergoing the financial crisis and the commodity price is decreasing 2 months in a row. Actually, commodity price is surging, therefore mining business is risky. Members of the working group are discussing seriously about 51% ownership of the Government. (more…)

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Dr. Graeme Hancock, senior mining specialist for the World Bank’s Oil, Gas and Mining Policy Division: Mongolian banks are potential

Dr. Graeme Hancock, senior mining specialist for the World Bank’s Oil, Gas and Mining Policy Division has his opinion towards the Mongolian economy and mining.

Q: Can you share the goal of Discover Mongolia Forum and its result?
Dr. Graeme Hancock: Forum set forth many targets. The main issue was the investors to summon in Mongolia and exchange their experiences and comment on the expecting mineral law of Mongolia. As the result, they get to know about drafting the mineral law progress and found out that the investment agreement achievements.

Q: How would you evaluate the Mongolian mining sector?
Dr. Graeme Hancock: We see copper price fall recently. There are several unclear things in the Mongolian mining sector. But they will be much clear with the expecting Mineral Law of Mongolia. As for today, it is important to reach common understanding on cooperation with the Government of Mongolia. I think it is closer now. It is hard to evaluate right at the moment. (more…)

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M.Enkhsaikhan: We should approach to IMF like others do

Foreign currency reserve was 1 billion US$ and it is decreased down to 700 million US$. Mr M.Enkhsaikhan, former Prime Minister and Deputy Prime Minister of Mongolia, has his views.

Q: You and your party warned about the world economy crisis much before the election. What was the reason of your prediction and why you warned it instead of economists?
M.Enkhsaikhan: Before the election, there were enough warnings about food crisis. When food price increased, people are getting poor. We warned about it. I also mentioned about that we Mongolians and our Government and State are not ready for the big crisis, changes and challenges. Today, the world crisis shall affect us and our economy in minor or major scale. These politicians have to worry about how to get through it easily and with less loss. I hope that the State Great Khural and Government worry about it already. (more…)

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MP Batj. Batbayar: It is time already to issue special resolution on Tavan Tolgoi and Oyu Tolgoi

MP Batj. Batbayar, a member of the working group on drafting amendment in the Mineral Law of Mongolia, shares his opinion and position.

Q: It was said that the draft amendment of Mineral Law would be adopted within this year. What is the position of the members of the working group?
MP Batj.Batbayar: I express my opinion directly. We are feeling the negative outcomes of the law that is much related with the investment and economy. If amend a lot, then the law will deteriorate. The Mineral law was changed many times in last two years. Today adopt and tomorrow amend, this is the cycle of our decision making. But investors will invest in places where the law is stable at least 10-15 years. Therefore, we shouldn’t need to touch this law that much. Investors that are interested in Mongolia is getting fewer. (more…)

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S.Enkhbat: Mongolia advanced one more step towards having own nuclear power plant.

Mr. S.Enkhbat, Chairman of the Atomic Energy Commission, a instructive agency of the Government of Mongolia, has his points on the Mongolian possibility of having nuclear power plant based on our uranium reserve.

Q: The Atomic Energy Commission seems to me quite closed place?

A: It might be because of it has certain confidentiality. Also we do not disseminate or disclose to public about our intention. People start to understand and recognize that Mongolia has such an agency, since the recent articles and news about uranium deposits and reserves. Actually, our organization was established in 1962 and it has been dealing with the issue for 45 years. Previously it was agency next to the Cbinet Ministers, but now the law stated that the head of Atomic Energy Commission is the Prime Minister of Mongolia. Just recently, Atomic Energy Commission became the instructive agency by the resolution No 263 of the Government. (more…)

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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…)

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