Mongolian laborers down to 10: CLA
TAIPEI, Taiwan — The number of Mongolian laborers in Taiwan had fallen to just 10 as of the end of July, the Council of Labor Affairs (CLA) said yesterday.
CLA officials said Taiwan included Mongolia as a source of imported foreign labor in early 2004 in an attempt to increase the diversity of labor sources, and that the number of Mongolian laborers in Taiwan that year was 59. The number increased to 79 in 2005 before declining in subsequent years to 22 last year.
The officials attributed the reasons to several factors, including the long distance between Mongolia and Taiwan, the fact that employers are unwilling to pay the high air fares and the problems Mongolian laborers have adapting to the hot and humid Taiwanese weather.
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MPRP proposes S.Bayar as prime minister to the president
As a result of last parliamentary election which held on June 29, MPRP has a majority in State Great Khural, but party refused to implement its power alone and made an agreement with opposition Democratic Party on coalition government. Yesterday, S.Bayar, 52, Chairman of MPRP and current prime minister of Mongolia, nominated by MPRP for prime minister of new cabinet. President received Yo.Otgonbayar, General Secretary of MPRP and L.Amarsanaa, Secretary of MPRP, and stated that he will make necessary steps in 5 days according to the constitution of Mongolia.
Baikal forum to deal with Europe-Russia-APR integration
IRKUTSK, September 9 (Itar-Tass) - The 5th Baikal Economic Forum (BEF) that opens here on Tuesday is held under the motto “Europe-Russia-Asia-Pacific Region: Roads of Integration and Cooperation”.
An official at the BEF organising committee has specified that the meeting of the political, business and scientific elites on the shores of Lake Baikal will be dedicated to the development of this country’s eastern territories and removal of economic development imbalances between Russia’s west and east.
It is planned to discuss the role of Siberia and the Far East in the socio-economic development of the entire country, the competitive advantages of Siberia’s potential, the development of Russia’s transportation system for eastern regions and a rise in transport accessibility to the population.
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Khan Resources makes key submission to Mongolia for uranium project
TSX-listed Khan Resources has submitted the reserve calculations for its Dornod uranium project, in Mongolia, to the country’s government for approval, the firm announced on Monday.
Khan expects to receive the green light on the reserve calculations “in the near future” from the Mineral Resource and Petroleum Authority of Mongolia, the firm said.
The approval of the reserve calculations is one of the requirements leading up to the start of negotiations with the government of Mongolia for an investment agreement on the Dornod project.
The Dornod uranium project has a NI 43-101-compliant indicated mineral resource of 64,3 million pounds of uranium oxide and Khan has an overall interest in this resource of 69%, or about 44,4-million pounds.
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FM to Visit Russia, Mongolia This Week
Foreign Minister Yu Myung-hwan will leave for Russia Tuesday to pave the way for President Lee Myung-bak’s visit to Moscow later this fall.
For the next three days, Yu will meet with Russian Foreign Minister Sergey Lavrov and other officials to discuss Lee’s itinerary.
Yu and Russian officials will also discuss ways to expand bilateral cooperation, including the development of Russia’s Far East and Siberian regions. North Korea’s nuclear issue will also be on his agenda.
On Friday, Yu will head to Mongolia for a two-day visit. He will meet with Mongolian President Nambaryn Enkhbayar and Prime Minister Sanjaa Bayar.
Yu will seek to strengthen cooperation with Mongolia’s new government and ask Mongolia to allow Korean firms to take part in its resource development projects.
SOURCE: KBS
Challenges in Gold Mining
…And some governments are either too greedy or economically inept to understand the social and economic benefits of a gold mine. They either establish taxes and royalties that are too high or flat-out nationalize a portion or all of an operation run by a private international company. This drives out foreign investment and eventually leads to failure when state-controlled companies try to profitably operate a gold mine.
Just look at some of the goings on in countries such as Venezuela, Romania, Bolivia, Uzbekistan, Turkey, and Mongolia. In some of these countries there are 10m+ ounce high-grade gold deposits that may never be brought into production thanks to an array of bureaucratic shenanigans.
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Khan Resources Announces Submission of Reserve to Mongolian Government
TORONTO, ONTARIO — (MARKET WIRE) — 09/08/08 — Khan Resources Inc. is pleased to announce that it has submitted the reserve calculation for the Dornod Uranium Project, prepared in accordance with Mongolian standards and requirements, to the Mineral Resource and Petroleum Authority of Mongolia (MRPAM). It is expected that this submission will receive approval by the MRPAM reserve committee in the near future. Approval of the reserve will facilitate the process that leads to the negotiations with the Government of Mongolia for the Investment Agreement on the Dornod Uranium Project.
The Dornod Uranium Project has a NI 43-101 compliant indicated mineral resource of 64.3 million lbs U3O8 and Khan has an overall interest in this resource of 69%, or about 44.4 million lbs U3O8. The Mongolian reserve calculation results, while very similar to the NI 43-101 results, have been calculated on different criteria established by MRPAM.
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Capital inflows to Asia slow down amid global financial turmoil - Fitch
MUMBAI (Thomson Financial) - Fitch Ratings said capital inflows to Asia have started slowing down given the heightened risk aversion of global investors and the deteriorating economic fundamentals of the region along with the global economy.
Fitch said although first quarter 2008 data suggests the region continues enjoying strong net FDI inflows and is still receiving cross-border loans from international banks, foreign purchases into local equity markets have already recorded net withdrawals, while international issuances of debt securities seem to have slowed down.
During the first quarter, among capital importers in the region, the major support came from China, India and Singapore, while net FDI inflows remained stable for Mongolia, Thailand, Indonesia and the Philippines.
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Now, the Hungarian geologists’ findings are available for Mongolia
In framework of multilateral cooperation between the People’s Republic of Mongolia and the People’s Republic of Hungary, geological cooperation launched in 1959 and has been developed until 1990. Meanwhile, Hungarian geologists alone and with Mongolian counterparts run geological explorations and prepared reports for brown coal, construction material and tungsten steel deposits, of which resources have been estimated in Gobi-Altai, Bayankhongor, Sukhbaatar and Tuv provinces.
Geological collaborations of the two have been stagnant for a while because of particular historic reasons, however bilateral geological cooperation seems to develop as some Hungarian companies completed geophysical researches at the request of Mongolian companies.
During the first meeting of the Joint Commission of Economic cooperation between Mongolian and Hungarian Governments, held in Ulaanbaatar between December 7 and 9, 2005, it was agreed to hand over reports on results of geological exploration and researches completed by Hungarian geologists to Mongolian fellows.
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Rio Tinto Sends Letter to Shareholders and Notes Negotiations with Mongolian Government on Oyutolgoi
Sydney Morning Herald has published Rio Tinto’s letter to shareholders today.
…In copper, we have announced additional resources of 628 million tonnes at Kennecott Utah Copper and substantial resources of over one billion tonnes at Resolution in the US and 2.8 billion tonnes at La Granja in Peru (refer to press releases dated 16 May 2008 and 29 May 2008). In Mongolia, we are making progress with negotiations with the new government to develop the significant Oyu Tolgoi copper/gold deposit. These substantial assets will form part of the next generation of copper mines, which will be required to meet rapid copper demand growth.
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