Daily Business News Mongolia

Garrison Receives Construction Permit at Tovshiir, Announces Acquisition of New Exploration License and Termination of Third Tranche of Previously Announced Private Placement

TORONTO, ONTARIO–(Marketwire - Oct. 30, 2008) - Garrison International Ltd. (TSX VENTURE:GAU) (the “Company” or “Garrison”) is pleased to announce that, further to the Company’s plan to move the Tovshiir gold project into production at the earliest possible date, the Company confirms has received approval from the Mongolian government for construction of ore processing facilities on the Tovshiir property. The Company has also applied to the Mongolian government for a production permit, which is required prior to the commencement of production. (more…)

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O.Chuluunbat: There is nothing to fear

We got details from O.Chuluunbat, Parliament member on information related to the draft resolution on State Monetary Policy Guidelines of the year 2009 in compliance with 10.2 of the Article 10 of the Mongol bank law of Mongolia submitted to the Parliament on Oct. 29. (more…)

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The Prince Andrew, Duke of York (Andrew Albert Christian Edward) interested in mining sector.

The President of Mongolia N.Enkhbayar received the Prince Andrew, Duke of York (Andrew Albert Christian Edward). The Prince Andrew, Duke of York, interested in the mining sector of Mongolia and its legal environment in mining industry expressed interest of British mining companies. His highness expressed his opinion on developing infrastructure and containing Mongolian livelihood in order to develop mining industry in Mongolia.
Prince Andrew’s visit is just a introductory visit with the Mongolian policy on foreign investment and action plan. He also expressed his willingness to deepening Mongolia West relationship to the President of Mongolia.

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Mongols are reminded to use uranium

At the initiative of Asian foundation and with collaboration of NGO Responsible mining serial discussions on use of natural resources are held each month. Dr.David Mallighan, Ph.D. N.Norov, Director of Atomic studies center of NUM, and others attended the discussion, sharing views on how effective and useful would uranium ore mining be.  (more…)

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Attract investors using crisis

At the initiative of the World Bank organized “Economic policy” forum in Mongolia. The event coincides with discussions of important economic issues including the Cabinet action plan for four coming years, draft budget and monetary policy.

Q: How do you view the final outcome of the forum? Did you define ways to overcome Mongolia’s crisis with less loss? (more…)

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MOU was signed to import oil from Kazakhstan

Prime Minister S.Bayar exchanged points of view with Kazakhstan Prime Minister Masimov.K.K regarding the deepening of relationship of two countries and cooperation in investment, while attending the meeting of Prime Ministers of Shanghai Cooperation Organization, held at Astana Kazakhstan.
One of the main topic was to import crude oil from Kazakhstan. Prime Minister S.Bayar proposed President Nazarbayev to import up to 1.5 million tons of crude oil from Kazakhstan and Kazakh side received with great appreciation. Prime Minister held negotiation on MOU with Kazakhstan side regarding importing crude oil and oil products from Kazakhstan and General Mr. Sodbileg, the General Director of Monoilgas and Mr. Kabaldin, General Director of “Kazmunaigas” signed in the MOU. (more…)

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Mongolia, Viet Nam aim to develop economic ties

(31-10-2008)
Mongolian President Nambaryn Enkhbayar greets President Nguyen Minh Triet in the capital Ulaanbaatar. — VNA/VNS Photo Nguyen Khang
Vietnamese and Mongolian presidents witness the signing of a memorandum of undertanding on economic co-operation between Viet Nam’s Industry and Trade Ministry and Mongolia’s Ministry of Foreign Affairs and Trade. — VNA/VNS Nguyen Khang

ULAANBAATAR — Viet Nam and Mongolia have not only agreed to strengthen their traditional friendship, but also to develop economic ties, which remain modest. (more…)

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Vietnam, Mongolia to advance economic ties

The presidents of Vietnam and Mongolia Thursday agreed to strengthen their traditional friendship and develop the scope of economic ties.

During talks between visiting Vietnamese President Nguyen Minh Triet and his Mongolian counterpart Nambaryn Enkhbayar in the capital of Ulaanbaatar, the leaders agreed the relationship between the two countries was still “modest.” (more…)

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UPDATE 3-Mongolia authorises bank capital injection

By Lucy Hornby

ULAN BATOR, Oct 28 (Reuters) - Mongolia’s cabinet on Tuesday authorised a capital injection into the nation’s commercial banks but will hold off implementing it for now, government officials said on Tuesday.

Former central bank governor O Chuluunbat said earlier on Tuesday that a rescue package of around $500 million could be ready as early as next week for the country’s pressured banks, which have struggled for months with a frozen mortgage market. (more…)

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Korean investment through Anod bank

In recent years, under the joint efforts of Mongolia and the Republic of Korea, bilateral exchanges and cooperation in such fields as politics, trade, economy, culture and education have been growing continuously. On October 15-17, 2008, Mongolian Prime Minister Mr. S.Bayar paid an official visit to the Republic of Korea. Delegations from Anod bank accompanied the Prime Minister and Mr. L. Ulambayar, CEO of Anod bank, and Mr. Park Byung Sik, President of KCH Industry Development Co.,ltd, signed a Memorandum of Understanding (MOU) during the visit. (more…)

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