Daily Business News Mongolia

Mongolia, China hold seminar on good-neighborly relations

ULAN BATOR, Oct.15 (Xinhua) — A seminar on the development andprospect of good-neighborly relations between China and Mongolia took place Wednesday in the Mongolian capital Ulan Bator.

In recent years, the good-neighborly relations between China and Mongolia have developed smoothly, and have featured frequent high-level visits and ever deepening cooperation in various fields, Chinese Ambassador to Mongolia Yu Hongyao said.

Yu hoped that new achievements could be made in bilateral relations with efforts from both sides. (more…)

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Korea, Mongolia to Expand Energy Ties

South Korea and Mongolia agreed Wednesday to boost cooperation in developing Mongolia’s energy and mineral resources.

The agreement was made at a meeting between Prime Minister Han Seung-soo and his Mongolian counterpart Sanjiin Bayar at Han’s office in Seoul.

`The prime ministers had fruitful discussions on ways of expanding cooperation in resource development, which will pave the way for companies to participate in Mongolia’s copper mines development,” Han’s office said.

Korean companies are interested in bituminous coal and uranium ore development in Tavan Tolgoi in the Gobi Desert, industry sources said. (more…)

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There will be two deputy ministers in some ministries

The issue of appointing deputy ministers at the ministries was to be discussed before the official visit of Prime Minister S.Bayar to South Korea. But was failed to be discussed because the tension was so high between candidates for the deputy ministers’ position from both parties. Some sources say that MPRP and Democratic parties agreed upon appointing more than  11 deputy ministers for 11 ministries. In another words, in some ministries there will be two deputy ministers. (more…)

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Draft Mineral Law must be proposed by November 15

The preparatory working group on drafting new mineral law of Mongolia started its work. The working group, consists of around 10 MPs led by MP Kh.Badamsuren, held meeting yesterday at 15.00. MP S.Oyun from Civil Will Party also included in the working group together with MPRP and Democratic Party MPs. This working group will consider previous draft laws on mineral and make research on them. There were 4 draft laws on Mineral. All in all, the working group must present its draft law by November 15 2008.

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Japan backs refinery in Mongolia

LOS ANGELES, Oct. 13 — Mongolia’s Mongolsekiu LLC and Toyo Engineering Corp. have formally submitted plans to the Mongolian mines and energy ministry for construction of the country’s first refinery, a 44,000 b/d facility to be built at Darhan near the border with Russia.

The total cost of the joint venture project, held 60% by Toyo and 40% by Mongolsekiu 40%, is estimated at more than $1.2 billion, with the costs largely to be underwritten by the Japanese government and the Japan Bank for International Cooperation.
(more…)

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“We will survive in the environment of decreasing copper price until the end of this year”

World financial market is in crisis and it surely takes effect in Mongolia as copper price decrease. As for today, people who were allured by the political promises and people who seduced electors with the subsidy money of benefit from the high price of copper, are suffering the most. Groups of MPRP and Democratic Party of Mongolia held meeting regarding the current situation. (more…)

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Prime Minister S.Bayar will visit Republic of Korea

Prime Minister S.Bayar will visit Republic of Korea, between 15-17 October 2008. During his visit, he will have netogtiation with Prime Minister Han Seung Soo and meet with the President, Speaker of Republic of Korea. Also he will meet with Mongolian citizens living and working in the Republic of korea.

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Goodbye “Grant of Motherland” or “Portion of Treasure”

Copper price is decreasing rapidly. It said that it set the record of downfall in last 22 years. According to the LME, cash buyer’s price for copper is 5030 US$. Just in month’s time, its price was decreased by almost 2000 US$. Mongolia is benefiting enormously from 68% windfall tax in last two years. As for the first 8 months, 180.6 billion MNT of the Mongolia Development Fund and its 177.2 billion came from windfall tax or copper sales.

(more…)

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117.7 thousand shares were sold at MSE

117.7 thousand shares of 16 SHCs were sold at MSE, totaling 26.4 million MNT. At the primary stock market, shares of Remicon SHC were the most actively traded, 38.9 thousand shares. 31.7 thousand shares of Khukh Gan SHC were sold at the secondary market. In comparison to the previous date’s trade, “Monnab” share was increased by 14% and “Khuvsgul Khuns” 15%, but Anod Bank share was decreased by 9.64% and “Moninjbar” share by 8.26%.

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Gobi residents are started to relieve from the shortage of water

The most critical issue in Dornogobi aimag is drinking water for people and livestock. The center of the aimag is supplying its drinking water from 10 km distance. Also there is no water or well in the areas where has good pasture. But this year, within the framework of strengthening water supply, 35 wells were built in 13 soums, funded by the state budget. Also 18 well were planned to be repaired and 14 of them were completed. The owners of the local authority received their wells. Hence, Gobi residents are relieved from water shortage.

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