Daily Business News Mongolia

Prime Minister S.Bayar received “Peabody Energy” delegates

Prime Minister S.Bayar received Mr. Gregory Boyce, Director of the Board and CEO, Mr. Richard A. Navarre, Director for Commerce and Mr. Frederic Palmer, First Deputy President, the delegates from Peabody Energy Corporation, a leading coal group of the world, according to their own request.
Mr. Gregory Boyce expressed Peabody Energy’s interest in involvement in Tavan Tolgoi project and his confidence it is mutually beneficial to the interest of both sides, because Peabody Energy has solid and proven record and experience of developing huge coal projects with higher economy effects, uses the most up-to-date equipment, technology and management that ensures security in its highest level and is expert in implementing environmentally sound production. He stated that if it involved in the project, then many American firms and companies that are well known and eminent in law, finance and infrastructure would be interested in Mongolia. He also mentioned that not only coal will be excavated within the framework of Tavan Tolgoi project, but there will also be refinery and factory to produce side products. (more…)

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81,5% of total harvesting completed

As for today, 81,5% of grain harvest is completed and 93,5-,96,1% of total potato plantation is harvested. Most of aimags completed its harvesting work, but there is 99,4 thousand tons of grain is waiting for its buyers for milling, lying at the open yard of the farmers. According to the weather forecast, weather will be clear and good, but granary issue is the most vital at the moment.

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Mongolia the Newest Flavour of the Moment

AS the United States’ financial Armageddon starts to sweep the world, it is getting tougher to find a safe haven where wealth can still be grown. That’s why when some Swiss investors saw the world’s first Mongolia-focused fund in January this year, they mopped up US$5 million (RM17.25 million) worth of units in just three hours.

Reportedly, the fund is now valued at US$20 million (RM69 million), due to the original promise of 25 to 30 per cent annual returns.

This has ignited Mongolia into the latest investment hotspot and made the country the financial version of the culinary world’s popular Mongolia hotpot. (more…)

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Re-election is inevitable in Ulaanbaatar

Mr. Ts.Boldsaikhan, the Head of the Election Committee of Capital Ulaanbaatar informed that “…according to the recent reports from the district election committees, electors activity was 51,7% in Khan-Uul district, 57,7% in Nalaikh district, 76,6% in Bagakhangai district, but other districts haven’t reported yet…” These three districts have 10% of total population of Ulaanbaatar. (more…)

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Leighton’s Russian partner snared in financial scramble

OLEG DERIPASKA, the Russian oligarch who is planning a joint venture with Leighton Holdings in Mongolia and Siberia, has been forced to sell his 10 per cent stake in Leighton’s majority shareholder, Hochtief, because of the financial crisis.

Mr Deripaska, who also controls large stakes in the Russian metal giants Rusal and Norilsk, sold the stake in the German construction company on Friday after being hit by a margin call from Commerzbank, which had lent him funds to acquire the stake. (more…)

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Eric Friedland Joins Goldsource Board

VANCOUVER, BRITISH COLUMBIA–(Marketwire - Oct. 9, 2008) - Goldsource Mines Inc. (the “Company”) (TSX VENTURE:GXS) is pleased to announce the appointment of Mr. Eric Friedland as a director of the Company.

Mr. Friedland has over 25 years of experience in mineral exploration and development and mining as well as mining finance and is currently the Chairman and CEO of Peregrine Diamonds Ltd. (TSX:PGD). Previously Mr. Friedland was the President and Director of Fairbanks Gold Ltd. and played a primary role in the creation, development and financing of the Fort Knox gold discovery in Alaska and the subsequent sale of Fairbanks Gold to Amax Gold Corp. He was formerly CEO and Director of Carson Gold Corp., which explored and developed gold mining assets in Venezuela and subsequently became DiamondWorks Ltd., which under Mr. Friedland’s direction developed two producing diamond mines in Angola and re-opened the Koidu Diamond Mine in Sierra Leone. (more…)

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Mongolia’s local parliamentary elections begin

ULAN BATOR, Oct. 12 (Xinhua) — Polling stations opened in Mongolia Sunday morning in the Asian country’s local parliamentary elections.

Voters will select representatives of local parliaments in the capital city Ulan Bator, all provinces, as well as counties and districts.

It is reported that seven political parties have presented candidates to compete for the 690 seats in all provincial and the capital’s legislative bodies. (more…)

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MP D.Zorigt: It was illegal to decrease the budget income from Erdenet Mine

MP D.Zorigt, the deputy head of the Examining sub-committee on Budget Expenditure of the State Great Khural, initiated a proposal to add on the budget income by withdrawing 25.3 billion MNT, the profit difference for the Mongolian side, from the profit of year 2007 of the Mongolain Russian Joint Enrichment Factory “Erdenet”.

Q: MPs are interested in this money. Why the budget income from Erdenet was decreased in the previous years?
MP D.Zorigt: Last year, according to the state budget approved by the State Great Khural, 109 billion MNT from Erdenet Factory was legalized as the profit share of the Mongolian 51% hold. But the Mongolian delegates discussed this issue at the Committee Meeting of Erdenet and decreased this amount by 25 billion MNT. It was illegal act. It can’t be decided like this way. Therefore, I thought that this illegal act must be stopped and the money shall go to the state budget.
Q: What is the issue of another 60 billion MNT?
MP D.Zorigt: This money is allocated for the factory as the innovation to the factory. It has been talking more than 10 years and it is still not started yet. The result of this work must be exposed to the public openly. Erdenet is the property of people of Mongolia. But it became closed factory. It must be open to public.

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D.Zorigt, the Minister for Mineral Resource and Energy, met with Mr. Kh.Ishige, the Japanese Deputy Minister for Economy, Trade and Industry.

D.Zorigt, the Minister for Mineral Resource and Energy met with Mr. Kh.Ishige, the Japanese Deputy Minister for Economy, Trade and Industry and exchanged his point of views on the cooperation in the mining and mineral sector of Mongolia. During the meeting, Japanese side expressed its opinion on the problems and challenges of Japanese investors in mining sector especially in uranium. (more…)

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Prime Minister S.Bayar received the Japanese Deputy Minister

Prime Minister S.Bayar received Mr. Kh.Ishige, the Japanese Deputy Minister for Economy, Trade and Industry. He is attending the second consultative meeting of private sector and Government of Mongolia and Japan in Ulaanbaatar. Mr. Ishige stated that over 50 institutes and organizations such as Itochu, Marubeni, Mitsubishi companies and JICA, are taking part in the consultative meeting and it is important to implement constructive works in increasing Japanese investment and improving economy and trade cooperation.
Also he mentioned that Japanese private sector is interested in mining industry, namely uranium, copper, coal and rare earth metal exploitation and seeking the support from the Government of Mongolia. “Japan focused mainly on assisting and supporting economy of Mongolia. Now, it is time to start new era of mutually beneficial cooperation based on real investment” he continued. (more…)

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