Daily Business News Mongolia

Mongolian international student writes poems to alleviate homesickness

Undarmaa Pirenlei writes down verses immediately whenever they come to mind. Her poems emerge from her encounters with people, the events of everyday life and her emotions. But Pirenlei’s poems capture something else: her inner struggle of her new life in the U.S.

Pirenlei came to the U.S. from Ulaanbaatar, Mongolia, in 2002. She was a high school exchange student in Phenix City, Ala. She enrolled at Johnson County Community College right after the exchange program.

She transferred to the University in 2007 and is a senior this semester. She is one of five Mongolian international students at the University. (more…)

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IMF will close its Resident Representative Office in Mongolia

The International Monetary Fund is planned to close its Resident Representative Office in Mongolia by April 1 2009. Mongolia joined in this fund in February 14 1991. The International Monetary Fund cooperated with Mongolia and implemented many programs. Here is the interview with Mr. Byung Kyoon Jang, IMF Resident Representative in Mongolia. (more…)

Posted in Economy, Government, Interview | 1 Comment »

SouthGobi Energy Resources Increases Ownership Position in the Mamahak Coal Project, Indonesia, to 85%

VANCOUVER, BRITISH COLUMBIA, Sep 05, 2008 (MARKET WIRE via COMTEX) —-Peter Meredith, Chief Executive Officer of SouthGobi Energy Resources Ltd. (TSX VENTURE: SGQ), and Gene Wusaty, Chief Operating Officer, Coal Division, announced today that the company has increased its ownership in the Mamahak Coal Project in East Kalimantan, Indonesia, from 56% to 85%. The original Joint Venture Agreement with Score Resources Ltd. included a provision allowing for SouthGobi to increase its ownership position based on a predetermined pricing mechanism. SouthGobi has elected to increase its ownership to 85% by paying Score Resources US$13.2 million, comprised of US$8,013,800 cash and 320,000 common shares of SouthGobi Energy Resources at a deemed value of US$16.15 per share. (more…)

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Mongolia’s Political Leaders Compromise, Resume Cooperation

On June 29 Mongolia held its fifth round of parliamentary elections for the Ulsyn Ikh Khural (State Great Hural, or Parliament) since the country abandoned Communism in 1990 and held its first multiparty elections. Opposition parties cried foul; two days later the country’s capital erupted in rioting, leading the president to declare four days of martial law and the opposition parties to boycott taking their seats in parliament for two months (Montsame News Agency, June 29-July 2).

The investment community watched the contest with keen interest, as political bickering had stalled legislation intended to produce a definitive national mining law, which would open the country’s vast mineralogical resources to foreign investment. (more…)

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Mongolia, Germany to boost bilateral relation

ULAN BATOR, Sept 5 (Xinhua) — Mongolian and German leaders pledged here Friday to boost bilateral relations in various fields.

After Mongolian President Nambaryn Enkhbayar’s meeting with his German counterpart Horst Koehler, the two sides issued a joint statement, vowing to boost cooperation in the fields of politics, economy, culture, education, security and science.

Enkhbayar said that Germany was “the third neighbor country” to Mongolia. Mongolia hoped that Germany would invest more in the sectors of mining, infrastructure and agriculture.

Germany is willing to assist Mongolia in personnel training and the use of regenerative energy sources, Koehler said.

Mongolian Prime Minister Sanj Bayar also met with Koehler Friday. (more…)

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Mining giant defends against BHP

RIO Tinto chief executive Tom Albanese has left open the possibility of teaming up with Chinese partners on the miner’s multi-billion dollar Simandou, Oyu Tolgoi and La Granja projects.

The three mine developments - together worth around $15 billion - are central to Rio’s defence against BHP Billiton’s $170 billion hostile takeover bid.

Mr Albanese’s comments came amid rumours Brazil’s Vale will charge Chinese steel mills more for iron ore to bring prices in line with those won by BHP and Rio earlier this year.

In an interview yesterday with BusinessDaily, Mr Albanese said Rio had been approached by “parties expressing interest” in the six months since he first flagged his desire to team up with Chinese partners on major projects. The miner is most likely to joint venture with China Inc. on remote deposits. (more…)

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Germany and Mongolia to Cooperate on UN Peacekeeping

Germany and Mongolia agreed on a comprehensive military partnership during a state visit by German President Horst Koehler to the Asian country.

Both countries said on Friday, Sept. 5, that they want to collaborate in the future on UN peacekeeping missions and agreed to regular meetings between their governments.

Mongolian President Nambaryn Enkhbayar said there would be a “new level” of relations with Germany that would further foster Mongolian-German cooperation.

Germany’s government is also interested in investing in Mongolia’s mining sector and sent a delegation there last month.

Mongolia, with a population of 2.6 million, is sandwiched between Russia and China and has large reserves of raw materials, such as copper, gold, uranium and coal.

Germany’s president is to travel next to China, where he is to take part in the opening of the Paralympics, the Olympic games for athletes with disabilities.

SOURCE: Deutsche Welle

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Economist Hashchuluun: There is no other way than accepting inflation, but controls should not be lost

INFLATION & INFLATION

Commodity goods prices go up, making people nervous and an unfamiliar word-inflation fumble their pockets. Today those officials, who previously announced economic growths loudly and tried to hide inflation rates quietly, began to stumble in front of inflation. Inflation rate that is said not exceeded 15 percent at the beginning of the year, has reached 25-33 percent now. With reference to it, we got views from economists on inflation rate and further measures.

Mr.Hashchuluun(Ph.D), Director, School of Economic Studies, NUM

What about 33% inflation?

Lately, per capita income underwent a noticeable increase. It was announced that per capita income reached USD 1000 in 2006, whilst it was USD 1400 in 2007. Also cash in hand went up slightly that wages of public servants and income of companies increased even though income of everyone didn’t go up evenly. Moreover, pension disparities have been eradicated, young family and other social care services multiplied. Plus, foreign investment increased and money transfer of Mongols in foreign countries contributed to the growth. The number of highly-waged foreign professionals went up. (more…)

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German President Pays State Visit

Horst Koehler, President of Germany, arrived in Ulaanbaatar yesterday. During the visit, German and Mongolian presidents will sign “Declaration of high level collaboration”. Mr.Koehler also plans to meet with Mongolian youths, to discuss with German activists in Mongolia, and to get acquainted Mongolian traditional lifestyle of herdsman. Apparently, his most interesting schedule should be seeing “Small Naadam” celebration.

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Mongolia launches multinational peacekeeping training exercise

ULAN BATOR, Sept. 4 (Xinhua) — Mongolia launched a multinational peacekeeping training exercise under the code name of Khaan Quest 2008 Thursday, with an opening ceremony 65 km east of the capital Ulan Bator.

Up to 360 military personnel from Mongolia, India, Thailand, Nepal and the United States are participating in the 17-day exercise, involving drillmasters’ training, field exercises and medical training.

The exercise is aimed at improving the tactics used in UN peacekeeping operations, according to the Mongolian Ministry of Defense. (more…)

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