Centerra Gold Inc. announced earlier this week that it had won regulatory approval to resume its operations at its Boroo mine in Mongolia, prompting a Scotiabank analyst to hike his price target on the company. Craig Johnston, analyst with Scotiabank, boosted his 12-month price target to $16 from a previous target of $12. As part […]
Category: News
China, Mongolia pledge closer defense ties
Chinese Defense Minister Liang Guanglie on Friday pledged to seek stronger defense ties with Mongolia. Liang made the pledge in a meeting with Choijamts, a senior official of the Mongolian Defense Ministry, who is leading the Mongolian delegation to Beijing for the sixth defense and security consultations between the two countries. Liang reviewed China-Mongolia relations […]
Oyu Tolgoi faces power struggle
In the middle of the Gobi Desert in Mongolia, Rio Tinto’s flagship $5.2bn copper-gold mine stands nearly completed except for one thing: the mine is waiting for the power to be switched on. The Oyu Tolgoi mine, which holds the world’s largest undeveloped copper deposit, has been caught in the middle of a complex negotiation […]
MPs disagrees over Oyu Tolgoi Investment Agreement
During the final discussion of the draft program of the Government between 2012 – 2016 at the General Session of State Great Khural, MPs were in intense disagreement over the review of Investment Agreement of Oyu Tolgoi. MP Kh.Bolorchuluun said that “… recently 25 MPs signed on the petition of amending the Investment Agreement on […]
Mongolia Energy (HKG:0276) Khushuut coal mining suspended
Mongolia Energy Corporation Limited (HKG:0276) announced that MoEnCo LLC, an indirect wholly-owned operating subsidiary of the company in Mongolia, received a “first” notice yesterday from Leighton, the mining contractor responsible for coal extraction at the Khushuut Coal Mine, whereby Leighton is demanding payment of the outstanding contractor’s fees, together with a notice of suspension of […]
Development Bank will issue bond for ₮5 billion
The Cabinet Meeting was held on Saturday, September 15 2012. The meeting discussed several issues such as issuing the bond, establishment of Labour Research Institute and Employment Service Centre, decrease of Government agencies. The meeting supported the issuance of ₮5 billion by the Development Bank of Mongolia and the resolution will be proposed to the […]
N.Zoljargal is appointed as the President of Mongolbank
Mr. N.Zoljargal is nominated as the President of Mongolbank and his appointment is approved by 80% (total 55 MPs attended and 44 MPs are for and 11 are against) of vote. MPs made comments on inflation rate and loan interest rate should be under 10%. Mr. N.Zoljargal replied that inflation rate was so high for […]
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MPs do not support amendment in OT Investment Agreement
Today, Standing Committee of the State Great Khural held meeting on draft program of the Government of Mongolia in 2012-2016. During the meeting, MP O.Baasankhuu, “Justice Coalition” raised several questions and comments to his fellow MPs. One of such questions was to increase the Mongolian ownership at Oyu Tolgoi project to 51%. But the question […]
The Mongolian state budget deficit reached ₮574 billion
World Bank, Forbes magazine and the National Statistics Committee listed the key indicators of the Mongolian economy in the first half of 2012. According to the list, the Mongolian GDP is US$8.8 billion with 15.2% increase and industrial sector forms 32.6% of GDP, agriculture 15.8% and service industry 51.6% respectively. Unemployment rate is 11% of […]