Daily Business News Mongolia

Do.Ganbold, the President of the Mining Association of Mongolia: Investors will not become charity organization if they asked so.

Mr. Do.Ganbold, the President of the Mining Association of Mongolia has his views on the draft appendix on guidelines of the negotiation making on the investment agreement of Oyu Tolgoi and Tavan Tolgoi.

Q: Working group, led by MP Kh.Badamsuren, is about to present its draft resolution of instruction guideline in investment agreement. What is your position being as the President of the Mongolian Mining Association.

A: Looking at the resolution draft. It can be said that it has much more positive and progressive ideas than the voices at the State Great Khural. I understand that even it is already late, but it can show its effect immediately when I saw a provision on working within the current effective law framework. But when I have a look at there were some provisions that were in conflict. (more…)

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U.Ganzorig, the President of Financial Market Association: Made risk management calculation on Erdenet copper production.

U.Ganzorig, the President of Financial Market Association, has his word in the time of copper price prediction dilemma that can severely affect in the Mongolian budget.

Q: Copper prediction price in the budget of year 2009 was approved at 3400 US4 after long lasting discussion. If this price goes down this target, the budget will suffer deficit. What is your opinion in this regard?
A: Price rate surges. It is under the permanent changes. I remember that in year 2002, the copper price was 1570 US$ PER M/T. At that time Erdenet’s production cost was 1500 US$ per m/t. As for last year’s statistics, 45% of total export of Mongolia and 22% of GDP was formed by the copper concentrate. Therefore, it is obvious that what damage can current copper price fall bring in Mongolia. (more…)

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Deutsche Bann proposed its cooperation to Mongolia

Mr. Bernard Kraft, the representative of the German National Railway company “Deutsche Bann”, and German Ambassador Pius Fischer met with Mr. Kh.Battulga, the Minister for Roads, Transportation, Construction and Urban Development.
Deutsche Bann is planning to start its railway transportation operation between China and Europe from April 1st 2009. It discussed about it with Minister Kh.Battulga and agreed on cooperation. Minister said about the Mongolian intention of making income from the transport between China and Europe and made request from Mr. Bernard Kraft about the possibilities of having investment and loan in strengthening the Mongolian railway. (more…)

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TOP-20 index slumps sharply in Octoberby 15.9%

In October 2008, 23 trades were held at the Mongolian Stock Exchange and 4.7 million shares were sold, totaling 1 billion MNT trade. Traded share size was decreased by 1.1 times and trade size by 64.3% if compares with the previous month’s trade. (more…)

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Ivanhoe Mines Issues Financial Results and Review of Operations For the Third Quarter of 2008

Ivanhoe has financial reserves to continue to advance its flagship copper and gold development properties

SINGAPORE, SINGAPORE–(Marketwire - Nov. 14, 2008) - Ivanhoe Mines Ltd. (TSX:IVN)(NYSE:IVN)(NASDAQ:IVN) today announced its results for the third quarter that ended September 30, 2008. (Note: all figures are in U.S. dollars, unless stated in another currency.)

Summary of significant achievements and developments since July 1, 2008

- Ivanhoe Mines remains focused on opportunities to advance the company’s flagship Oyu Tolgoi copper-gold project in Mongolia’s South Gobi Region. A start on construction of the planned mine at Oyu Tolgoi has been delayed by a series of Mongolian political events during the past year, including a national general election. Ivanhoe Mines and its strategic partner, Rio Tinto, recently reiterated to the Mongolian Government their readiness to participate in a resumption of discussions to conclude an Investment Agreement for Oyu Tolgoi. The new coalition government has declared that the development of major mineral deposits, including Oyu Tolgoi, is a matter of high priority. (more…)

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About 4000 barrels of crude oil is drilled in Mongolia everyday

While Budget Plan of year is under discussion in the upcoming days, MPs discussed about the refinery that will allow us to develop oil processing industry in our homeland. Proposal of MP D.Khayanhirvaa in building a refinery in Darkhan-Uul aimag was supported by the majority of MPs. If this refinery be built, crude oil that is expected to import from Kuwait and Kazakhstan can be processed in Mongolia rather than in China. (more…)

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MP Kh.Badamsuren: Working group prepared its first draft

The position is to grant the power to the Government to sign the investment agreement on Tavan Tolgoi and Oyu Tolgoi. MP Kh.Badamsuren, Head of the working group of drafting the amendment in the Mineral Law of Mongolia, has his view regarding the current development in mining legislation.

Q: Working group on drafting the amendment in the Mineral Law of Mongolia worked on it for quite long time. What is the result of your group’s work?
MP Kh.Badamsuren: According to the resolution of the Speaker of the State Great Khural, a working group was established and started its work. The working group is paying much attention on drafting the amendment. All in all, the working group presented its first draft to the party groups of the parliament. Basically, party groups principally supported it. But there were many comments during the discussion from MPs. Therefore, the working group will discuss these comments and insert them into the draft law. One thing need to emphasize here is MPs have visionary approach. (more…)

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APU share price was increased 3 days in a row

268.6 thousand shares of 22 SHC were sold at the Mongolian Stock Exchange (MSE) totaling 43.7 million MNT trade. 100.8 thousand Remicon share and 3.1 thousand Monfresh share were sold at the primary market. 93.5 thousand shares of Hermes Center were sold and it was the most actively traded shares at the stock market. In comparison to the previous day’s trade, APU share price was increased by 14.95% and UED (State Department Store) by 14.84% but Olloo share price was decreased by 13.7%.

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Vodka factories number decreased by 60%

Cabinet Meeting discussed about the report on “canceling licenses of some vodka factories and outcome of installation of counter in vodka and spirit factories”. After the long lasting effort, the Government of Mongolia managed to install counter in vodka factories. As for today there are 94 vodka factories and 15 spirit distiller operating in Mongolia. 60 vodka factories are in countryside and 34 in Ulaanbaatar City and 7 spirit distillers are in countryside and 8 in Ulaanbaatar. (more…)

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Petrol price has reduced further

Petrol price has reduced by 60-150 MNT from yesterday. In Relation to this news petrol importing companies are urging other companies and businesses to reduce their prices of goods and services as price of petrol have become more affordable and it is looking to reduce further. The most important issue is that public expects a reduction in the cost of public transport and taxi services.
Vanchigmaa, Finance Department Director of Public Transport is investigating this matter and she has said “Due to a constant decrease in price of petrol we have started planning to reset the tariff of the transport system”.

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