Daily Business News Mongolia

365.7 thousand shares were sold at the MSE

365.7 thousand shares of 26 SHC were sold at the MSE totaling 141.2 million MNT trade. 145.2 thousand Remicon shares and 3300 Monfresh shares were sold at the primary market. 52.4 thousand shares of Anod Bank were sold and it was the most actively traded shares at the stock market.
In comparison to the previous day’s trade, Baganuur share price was increased by 15% and APU share by 14.78%, but Hermes Center share price was decreased by 9.72% and Buunii Hudaldaa (literally whole sale) share by 14.92%.

Posted in Business, Companies, News | No Comments »

Appendix 2 of the resolution of the State Great Khural: MAIN PRINCIPLE AND GUIDANCE OF MAKING THE INVESTMENT AGREEMENT ON JOINT EXPLOITATION OF OYU TOLGOI COPPER-GOLD DEPOSIT

MAIN PRINCIPLE AND GUIDANCE OF MAKING THE INVESTMENT AGREEMENT ON JOINT EXPLOITATION OF OYU TOLGOI COPPER-GOLD DEPOSIT
1. The agreement must be built in accordance with the effective law and regulations of Mongolia
2. To study the possibility of inserting the provision to allow the Mongolian side to own up to 50%, but starting from 34% and additional take over for the Mongolian side when the initial investment is compensated.
3. To study the alternatives of making the investment agreement based on the product share principle.
4. To agree upon 34% direct ownership of a stock holding company to the Mongolian side and its investment to be replaced with the taxes, payments, fees, dividend and loan types. (more…)

Posted in Companies, Economy, Government, Laws, Mining, News, Politics | 18 Comments »

Appendix 1 of the resolution of the State Great Khural: MAIN PRINCIPLE AND GUIDANCE OF MAKING THE INVESTMENT AGREEMENT ON JOINT EXPLOITATION OF TAVAN TOLGOI COAL MINE

MAIN PRINCIPLE AND GUIDANCE OF MAKING THE INVESTMENT AGREEMENT ON JOINT EXPLOITATION OF TAVAN TOLGOI COAL MINE
1. The agreement must be built in accordance with the effective law and regulations of Mongolia
2. To study the possibility of securing the Mongolian side ownership in a stock holding company which will be established on Tavan Tolgoi coal mine, not less than 51%.
3. To study the alternatives of making the investment agreement based on the product share principle.
4. To effectively implement the payment of mineral resource exploitation, its calculation and distribution in accordance with the mountain-geological condition and reserve size of the deposit, as stated in the provision 47 of the Mineral Law of Mongolia and to receive the certain portion of the payment of the mineral resource exploitation and taxes in advance. (more…)

Posted in Companies, Economy, Government, Laws, Mining, News, Politics | 1 Comment »

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…)

Posted in Companies, Economy, Government, Laws, Mining, News, Politics | No Comments »

Real estate sale have slumped by 50%.

Real estate exhibition has opened its door at the National park of IT. There are about 20 companies taking part in this exhibition. As Commercial Banks have stopped housing loan, the sales of properties have dropped by 50%.  The average price of an apartment in the market is costing around $750 per square meter and the upper class apartments are costing around $800-900 per square meter. Some companies went bankrupt as sales of properties are slumping. Generally, Construction companies are facing real survival situation. During the exhibition housing soft loan will be granted to the interested guests and visitors.

Posted in Business, Companies, Economy, News, Real Estate | 1 Comment »

736.8 thousand shares were sold at the MSE

736.8 thousand shares of 23 SHCs were sold at the MSE  totaling 147.6 million MNT trade. 338.9 thousand Remicon shares were also sold at the primary market.  270 thousand shares of ‘Hermes center’ were sold and it was most actively traded share at the stock market.
In comparison against the previous day’s trade, Anod Bank share were decreased by 14.83% and, APU, “Tavan Tolgoi” and “SBB” shares were decreased by 15% respectively.

Posted in Business, Companies, News | No Comments »

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…)

Posted in Companies, Economy, Finance, Government, Interview, Mining, Politics, Sport and Culture | No Comments »

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…)

Posted in Companies, Economy, Government, Interview, Mining, News, Politics | 2 Comments »

Passenger train Fare increased starting from November 5 2008.

Mongolia Railway increased its passegner train fare by 50% starting form November 5 2008. Accordiing to Mr. M.Gantulga, the Head of the economy department of Mongolia Railway, it loss reached to 20 billion MNT, because it compensates loss of passenger train service by transiot transport profit. Therefore it increased its passenger train fare by 15 MNT per kilometer and in doing so it can improve its employees living and housing issues and increase their salary around 500 thousand MNT. It also will by 30 new locomotives, using Millenium Challenge funding of 188 million US$.

Posted in Business, Companies, News | No Comments »

618.9 thousand shares were sold at MSE

618.9 thousand shares of 17 SHCs were sold at MSE, totaling 89.1 MNT trade. 449.9 thousand Remicon shares and 6000 Monfresh share were sold at the primary market. 102.7 thousand shares of Hermes Centre SHC were sold and was the most actively traded share in the secondary market.
In comparison against the previous day’s trade, Anod Bank share price was increased by 14.85% and Hermes Centre share by 14.58%, but Talkh Chikher share price was decreased by 8.72% and Mongolia Telecom share by 7.89%.

Posted in Business, Companies, Economy, News | No Comments »