Daily Business News Mongolia

MP Sh.Saikihansambuu: State shall seek apology and stop throwing money

The draft resolution to distribute money for the goat herders as the difference of the cashmere price subsidy, during the Budget Standing Committee Meeting of the State Great Khural. But new MPs didn’t like the draft resolution of the previous MPs which was the election “show”.
As B.Dolgor, the Head of the Cabinet Secretariat, presented, 10 billion MNT from the Mongolia Development Fund to buy discounted cashmere wool from herders and select three cashmere producing factories out of 10 factories to distribute 8 billion MNT. But any factory took loan to buy cashmere. Basically, in the draft resolution, the Government of Mongolia is planned to allocate 30.5 billion MNT from the Mongolia Development Fund, literally 5000 MNT per each goat. But the situation is critical now. Price of 1 kilo dehaired cashmere was decreased from 70US$ to 60US$ in the foreign market.  (more…)

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189 billion US$ is planned to spend for the innovation of the Mongolian railway

“Mongolian Millennium Challenge Foundation” plans to spend 189 million US$ for “Mongolian Railway Innovation Project”. It is 66.3% of the total budget that was allocated for the “Millennium Challenge Foundation” from “Millennium Challenge Corporation” of USA. The main purpose of the project is to innovate the locomotive park and communication and signalization system, to purchase load carriage wagon, supply of new equipment of road repair and strengthening capacity. (more…)

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Ivanhoe Mines Issues Statement on Market Activity and Discussions on Mongolia Project

VANCOUVER, BRITISH COLUMBIA, Sep 30, 2008 (MARKET WIRE via COMTEX) — In response to queries received from investors, Ivanhoe Mines

President and CEO John Macken said today that there are no adverse material events that would account for recent selling pressure on Ivanhoe Mines’ stock in trading on the Toronto, New York and NASDAQ exchanges.
Mr. Macken said that senior management of Ivanhoe Mines and its strategic partner, Rio Tinto, met recently with Mongolian government representatives to discuss the necessary remaining steps for the negotiation and parliamentary approval of a fair and equitable Investment Agreement for the Oyu Tolgoi copper-gold project. He said the government representatives are well aware of the international financial crisis and have stated that they share the investors’ high priority for the conclusion of an acceptable agreement as soon as possible to permit full-scale construction of the project to proceed. (more…)

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President Lee: Build Refugee Camps in Mongolia

By Yang Jung A

It has been only recently been revealed that President Lee Myung Bak shortly after being inaugurated, ordered a review of possible construction of refugee camps in the regions of countries such as Thailand and Mongolia where a fair amount of defectors reside. He also ordered more effort to be put in to international negotiations in order to have defectors recognized as refugees in foreign countries.

According to “presidential order list” documents received by Assemblyman Hong Jung Wook of the Grand National Party from the Ministry of Unification on the 30th, President Lee ordered last March 26th to “negotiate with countries that defectors are residing in, such as Mongolia and Russia, regarding the possibility of constructing refugee districts if China remains unrecognizing of the defectors as political refugees”. (more…)

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V Power Plant will be built in Ulaanbaatar

The Ministry of Fuel and Energy announced tender bid of building V Power Plant in Ulaanbaatar. The officials made a preliminary plan to set the tender bid evaluation not later than February 2008. The 5th source of energy is planned to be built in a valley of Uliastai, east part of the city. The plant will cover 30 hectare area. The first part is predicted to be completed by 2012. (more…)

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To produce electricity by carbonating coal in the depth of earth

“Green Resource” company made disclosure to produce electricity and natural gas to supply Mongolia using technology of carbonating coal in the depth of earth. It prepared its feasibility study to start with Far West of Mongolia, where the electricity in high demand. As for today, this region imports its energy 100% from Russian Federation and its consumption of electricity is 50 million kilobyte/hour and pays 17.5 million US$. Moreover, projected mining projects such as Asgat silver mine, Hushuut coal mine and centers of Gobi-Altai and Zavkhan provinces.

(more…)

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Message to“ the good people”

Message to the good people who urges to increase salary

“You, good people, are demonstrating in streets and squares recently demanding increase of salary and to set the minimum salary rate 300.000 MNT and 1 million MNT for State Officials”. We hope that you “good people” profoundly understand that the issues of the minimum rate of salary and the increase of salary of state officials are closely related with the other policies of economy, especially policy harnessing inflation, private sector development policy, productivity especially labour productivity development policy, administration reform and structure change. When you were talking about these topics and dreams, the inflation of Mongolia reached over 30% and international organizations advising to take decisive measures against inflation. Moreover, the State Great Khural and the Government of Mongolia are thinking about the measures against inflation and planning certain works such as saving in the all levels of the state structure. (more…)

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Water protectionists summoned in Mongolia

Mongolia is one of the 20 countries where the drinking water reserve is low. Water consumption of Mongolia was 200 million cubic meters in 1970s, but it reached 400 million now. But 237.2 million cubic meter drinking water is used for industrial purpose and population consumption is 71.35 cubic meters. Also technical report was grated to 70 entities in 13 aimags and these entities will use 104.2 million cubic meters drinking water. 4.58% of it is surface water and 95.42% is artesian water. (more…)

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SHARES OF ERDENET, MONGOLROSTSVETMET IS TO BE TRANSFERRED.

Russian Federation sent a letter of notice to transfer its 49% of equity of Erdenet and MongolRostsvetmet to the third party. It was clarified from Mr. Ts.Nanzaddorj, Head of the Privatization Department of the State Property Committee. He said that “Russian Federation owns 49% of Erdenet and MongolRostsvetmet. The President of Russian Federation made decree to change the implementing authority of the Russian equity in Mongolian JVCs. It was informed to the Government of Mongolia and the Ministry of External Relations. It is being studied and will be replied through the Ministry of External Relations.

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Altanhuyag Norov, Cabinet Member, The 1st Deputy Prime Minister

1958 Born in Ulaangom city, Uvs aimag.
Education:
1976-1981 National University of Mongolia, occupation: bio-physician and teacher of physics.
1982-1984 Evening course of English at the National University of Mongolia
1992-1993 Administration Development Institute, majoring in State Administration.
Upgraded his education in State University of Moscow and Humboldt University in bio-physics and Germany in party leadership.
Language: Mongolian, English, Russian (more…)

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