Daily Business News Mongolia

Helicopter is to be bought

Yesterday a regular session of the Cabinet set the following issues for discussion:

Helicopter is to be bought

Last year, the Government and the Parliament set to buy 2 units of helicopters for the use of the Ministry of defense and agencies including border protection, emergency, police and other Government organizations. The first part of the helicopters-MI171E helicopter for searching and aiding was brought on the 4^th of this month. The assembly of the second helicopter which is for passenger and freight forwarding has been completed and is now under testing. It will be received next month. The remaining purchase price of the helicopters which is MNT 5.2 billion is to be provided as budget loan and the Cabinet meeting agrees that it should be repaid following the state budget determinatives. (more…)

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Chief of Armed Forces headquarters of Qatar visits Mongolia

In recent years Mongolia-Qatar relations and collaborations in military and defense sector undergo a drastic development. Chiefs of Armed Forces Headquarters of the two countries visited mutually last year, concluding an agreement on cooperating in exchanging mutual information, improving training efficiency of troops and providing assistance and support for strengthening material base. In accordance with this agreement, Qatari Chief of Armed Forces Headquarters, General Hamad Vin Ali Al-Attiah is to get acquainted with collaborative training results and exchange of experiences on days between 26 and 28 August. Yesterday he visited the President and Commander-in-Chief of the Armed Forces of Mongolia N.Enkhbayar and Prime Minister S.Bayar, sharing views on bilateral defense relations. (more…)

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This year, plantation covered over 190 hectare arable land

Mongolia has a plan to harvest over 200 thousand tons of grain and wheat. As for the spring, over 190 thousand hectare arable land was used for the plantation and “the third campaign of the arable land”, implemented by the Government boosted the plantation and agriculture. According to the plan and prognose, over 200 thousand tons of grain and wheat, over 140 thousand tons of potato, over 80 thousand tons of vegetable. (more…)

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Military officials of China, Mongolia discuss regional security, defense issues

Xinhua reports that,

ULAN BATOR, Aug. 27 (Xinhua) — Mongolian and Chinese military officials held the third Defense Security Consultation here Wednesday, discussing regional security situation, international peacekeeping, bilateral ties and other issues of common concern.

Assistant chief of the general staff of China’s People’s Liberation Army (PLA) Chen Xiaogong and state secretary of the Mongolian Defense Ministry M. Borbaatar attended the consultation.

Chen said that cooperation between the two militaries in the fields of high-level exchanges, personnel training, and frontier defense had been highly effective and helped promote bilateral relations. (more…)

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Eurasia Hedge Fund Bets on Mongolia, Plans Share Sale

Bloomberg reports that,

Aug. 28 (Bloomberg) — Eurasia Capital Management plans to increase the world’s first Mongolia-focused fund fivefold to $100 million to tap economic growth fueled by the nation’s mining industry.

Eurasia’s hedge funds, which have about $200 million of investments across Central Asia, also expect to sell shares on London’s Alternative Investment Market or Deutsche Boerse AG by next June, said Alisher Djumanov, managing partner of the Singapore-based firm. Proceeds would be used to start private- equity and property funds, and expand in Central Asia, he said.

Mining in Mongolia, which has reserves of coal, copper, gold and uranium, will spur “double-digit” economic growth rates over the next 10 years as commodity prices remain high, Djumanov said in an interview. Mining accounted for about two- thirds of Mongolia’s exports last year, and foreign direct investment in the country rose more than 33 percent. (more…)

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“ANOD BANK” SHC to introduce ESOP

Anod Bank SHC is introducing Employee Stock Ownership Plan (ESOP). It is the first exercise in Mongolia to introduce ESOP in its operation and Anod Bank SHC officially signed a cooperation agreement to jointly implement the program, which is widely used throughout the world, with the Mongolian Stock Exchange on Wednesday, August 27, 2008. (more…)

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Mongolia Opens Embassy in Australia

Mongolian Embassy officially starts its mission in Canberra. Mongolia and Australia established diplomatic relations on September 15, 1972. In recent years, bilateral trade and educational relation of 2 countries are expanding rapidly.

Embassy address:

EMBASSY OF MONGOLIA

100, Northbourne Avenue

Canberra, ACT 2601

Clifton Suites Appt-704

Phone: 02-6262 6266

Fax: 02- 62038444

E mail: sereejav_j@yahoo.com

bulgan76@yahoo.com

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Coke opens new plant in Mongolia

www.bizjournals.com writes that,

The Coca-Cola Co. opened a new $22 million bottling plant in Ulaanbaatar, Mongolia on Aug. 24.

The plant is the second in Mongolia and the largest. The first was built in 2001 by MCS Coca-Cola, which is the sole Coke products bottler in Mongolia.

“I’m delighted to see MCS Coca-Cola continue to exceed all projections in sales volume and profit,” said Muhtar Kent, president and CEO of Coca-Cola, in a prepared statement. “By posting an average annual volume growth of nearly 50 percent year on year, the Mongolian business has established itself as one of the strongest performing operations globally. I am also delighted to see that the leadership of MCS Coca-Cola has continuously demonstrated its commitment to invest in the development of its people and manufacturing facilities, critical to ensure continued future growth of the Coca-Cola business in Mongolia.”

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President N.Enkhbayar will not attend SCO meeting

President N.Enkhbayar cancelled his mission to attend SCO(Shanghai Cooperation Organization) meeting held in Tajikistan. Instead of him, foreign minister S.Oyun will lead our delegates. Official said that president cancelled his mission because of current political situation in Mongolia.

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Rio Tinto net profit up

London-based Rio Tinto group, a major shareholder of Ivanhoe Mines Inc which is holding license of Oyutolgoi, reported yesterday its first-half earnings. Net profit soared to $6.91 billion U.S., up from $3.25 billion a year earlier, and the interim dividend was increased by 31 per cent to 68 cents a share.

“We’ve achieved some outstanding results in the first six months of this year and broken many of our previous records,” the chairman, Paul Skinner, said.

See media release of Rio Tinto

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