Daily Business News Mongolia

European Bank to Boost Investments in Mongolia by Almost 50%

Sept. 13 (Bloomberg) — The European Bank for Reconstruction and Development plans to boost investment in Mongolia by almost 50 percent this year, in industries ranging from retail to mining.

The bank will increase spending in the Asian nation to 50 million euros ($70 million) this year, and forecasts another gain to 100 million euros in 2009, John Chomel-Doe, the bank’s director for Mongolia, said on Sept. 10 in Ulan Bator.

“This is a good demonstration of the potential Mongolia has for private-sector investments,” Chomel-Doe said during the Euromoney Mongolia Investment Forum. (more…)

Posted in Business, Economy | 1 Comment »

Why Mongolia wants more neighbours

At a training centre west of Ulan Bator, troops from Mongolia, the US and a host of other nations are taking part in the Khaan Quest 2008 military exercises.

Over a three-week period, almost 500 soldiers and military representatives from around the world will participate in drills aimed at improving multinational peacekeeping operations.

Two hundred and twenty of the troops are Mongolian and another 100 are from the US. Representatives from Thailand, Nepal, France and India are also taking part. (more…)

Posted in Government, Mining, Politics | 1 Comment »

Ivanhoe to develop local copper mines

Ivanhoe Australia Ltd , 83 per cent owned by Ivanhoe Mines Ltd of Canada, will develop three new copper mines in eastern Australia over the next five years, Chief Executive Peter Reeve has said.

One of the mines, the second to be developed, could yield 25,000-35,000 tonnes of cathode a year, Mr Reeve told Reuters
The properties covering 2,250 square kilometres in eastern Australia’s Cloncurry region were undergoing studies to gauge the mines’ economic feasibility, Mr Reeve said after the company filed an update on mines’ estimated reserves.
Ivanhoe of Canada is headed by mining magnate Robert Friedland and in partnership with Rio Tinto Ltd/Plc is attempting to exploit Mongolia’s Oyu Tolgoi copper mine in Mongolia, estimated to be one of the world’s largest. (more…)

Posted in Business, Companies, Government, Mining | No Comments »

Rio Tinto Sends Letter to Shareholders and Notes Negotiations with Mongolian Government on Oyutolgoi

Sydney Morning Herald has published Rio Tinto’s letter to shareholders today.

…In copper, we have announced additional resources of 628 million tonnes at Kennecott Utah Copper and substantial resources of over one billion tonnes at Resolution in the US and 2.8 billion tonnes at La Granja in Peru (refer to press releases dated 16 May 2008 and 29 May 2008). In Mongolia, we are making progress with negotiations with the new government to develop the significant Oyu Tolgoi copper/gold deposit. These substantial assets will form part of the next generation of copper mines, which will be required to meet rapid copper demand growth.

Rio Tinto’s letter to shareholders

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Australian ambassador presents his credential letters

Mr.Peter Rowe, newly appointed ambassador of Australia to Mongolia presents his credentials to the president N.Enkhbayar today. “I hope that bilateral relations between 2 countries shall be expanded during your service. We are always glad with Australia’s scholarship for Mongolian students. Economic cooperation is one of significant units in our relations, especially in mining sector. We are planning to organize international summit on climate change in North East Asia. Our neighboring countries strongly support this idea, and I believe that Australia shall take part in summit next year”, president says.

Ambassador Peter Rowe: “I am glad to visiting in Mongolia as an ambassador for a second time. Climate change is not only economically but also strategically significant issue. My gratitude to your concern on global problem.”

Posted in Economy, Government, Politics | No Comments »

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

Posted in Government, Politics | 2 Comments »

Leighton eyes Mongolia’s golden hoard

www.news.com.au writes that,

CONSTRUCTION and mining giant Leighton plans to team up with Russia’s richest man for a push into Mongolia and Siberia.

Leighton chief executive Wal King yesterday confirmed the plans after announcing a record profit of $608 million, up 35 per cent from last year.

The company is also to go to the market for $700 million through a share offer backed by its majority shareholder, German construction giant Hochtief. (more…)

Posted in Business, Companies, Mining | No Comments »

Leighton to Sell A$700 Million Shares to Expand

Bloomberg reports that,

Aug. 14 (Bloomberg) — Leighton Holdings Ltd., Australia’s largest engineering and construction company, plans to raise A$700 million ($609 million) selling shares to expand contract mining in India, Indonesia and Australia.

Leighton, which gets about a quarter of its sales operating mines for companies such as BHP Billiton Ltd., will sell stock to shareholders at A$35.35 apiece, 17 percent less than its close yesterday, the Sydney-based company said in a statement.

Chief Executive Officer Wal King, 64, forecast profit will rise at least 15 percent this year as a resources boom continues into the next decade. Demand for coal and iron ore sent prices to records this year, encouraging investment in new mines in Asia. (more…)

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Leighton looks to expand into Mongolia, Siberia

Reuters reports that,

MELBOURNE, Aug 14 (Reuters) - Leighton Holdings Ltd (LEI.AX: Quote, Profile, Research, Stock Buzz), Australia’s largest engineering contractor, said it is looking to expand into mining contract work in Mongolia and Siberia.

“We’re seriously looking at Mongolia as an area of opportunity,” Leighton Chief Executive Wal King told reporters.

“We’ve also been in engaged in discussions with the Basic Elements group in Russia, Oleg Deripaska, to look at mining opportunities in Siberia.” (Reporting by Sonali Paul)

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Mongolia celebrates judo victory, first Olympic gold medal

www.theaustralian.news.com.au writes that,

MONGOLIA has seen major celebrations after traditional wrestler Tuvshinbayar Naidan won the men’s Olympic 100kg judo gold medal.

“I can’t believe Mongolia just won a gold medal,” Baljinnyam Dashdorj, 17, said as he celebrated with three generations of relatives after Naidan defeated Askhat Zhitkeyev of Kazakhstan in the gold medal bout.

Mongolian athletes have won medals in wrestling, boxing, shooting and judo at previous Games, but never a gold. Gundegmaa Otryad won a silver medal in women’s pistol shooting on Wednesday.

“We are proud descendants of the great Ghengis Khan, and Tuvshee proved the strength of Mongolians in the Olympics,” said Boldoo, a 24-year-old student.

Posted in Sport and Culture | No Comments »