Mongolia Business and Mongolian Daily Business News

The Presidential Inauguration of Tsakhia Elbegdorj was held yesterday at the Sukhbaatar’s square in Ulaanbaatar. A series of festivities, including the Presidential Swearing-in Ceremony, Inaugural Address, Inaugural Military Parade and inaugural concerts ran in honour of the new President of Mongolia. Over 20 thousand people attended the 2009 Presidential Inauguration at the square of Sukhbaatar. Honorable envoy of guests attended the Presidential Inauguration from the Russian Federation, Republic of China, India, Japan, Republic of Korea, the USA, the Philippines and Canada. Read the rest of this entry »

Red Hill Energy of Canada will extract coals from north of Mongolia. They agreed to transport the coals with Nakhodka port in Primorks of Russia. They are planning to involve Russian and Chinese experts to decrease their costs. Minarco-Mine-Consult of Australia said that the Ulaan-Ovoo coal mine has 208 million tonnes of coal reserve. This mine is planned to be used for about 21 years and the constructions are starting to be built from this year. The coal will be ready to extract in the year 2011. Mining license given from the Mongolian government is for 30 years and can be extended up to 40 years. In order the speed up the process they are to use Russian and Chinese technology and also to hire experts. Read the rest of this entry »

VANCOUVER, BRITISH COLUMBIA, Sep 18, 2008 (MARKET WIRE via COMTEX) — Entree Gold Inc. (CA:ETG: news, chart, profile) (FRANKFURT: EKA) (”Entree” or the “Company”) announces that it has increased the exploration budget for the 100%-owned portion of its Lookout Hill property in Mongolia by $2,000,000 to further evaluate its recent coal discovery, Nomkhon Bohr.
The Nomkhon Bohr coal target is hosted by a moderate to steeply dipping folded sequence of continental Permian sediments known to host other coal deposits in Mongolia, such as QGX’s Baruun Naran, South Gobi Energy Resources’ Ovoot Tolgoi and Energy Resources LLC’s Tavan Tolgoi deposits. Read the rest of this entry »

LAS VEGAS, Sept 18, 2008 /PRNewswire-FirstCall via COMTEX/ — Uranium 308 Corp.  (URCO)
(The “Company”) is pleased to announce that Yuting Guan, a consultant with long experience in China’s mineral resources industry, has joined the Company as a consultant. Uranium 308 Corp. believes that Mr. Guan’s extensive network of contacts in the mining industry will significantly enhance the Company’s ability to secure a strategic joint venture partner to co-develop its Janchivlan property in Mongolia. Read the rest of this entry »

TORONTO, ONTARIO, Sep 18, 2008 (MARKET WIRE via COMTEX) — Khan Resources Inc. (CA:KRI: news, chart, profile) is pleased to announce that it has entered into contracts for the construction of a power line and sedimentation pond for the Dornod Uranium Project.
The electric power line will be constructed from the Xin Xin Mine to the Dornod Uranium Property, a distance of about 26 kilometres and an electrical substation will be constructed at the site. The Xin Xin Mine is connected to an electric power line from the Choilbalsan generating plant, approximately 120 kilometres to the south. Read the rest of this entry »

QGX Ltd. (TSX: QGX | Quote | Chart | News | PowerRating) (”QGX”) is pleased to announce that 50,950,885 of its common shares (”QGX Shares”) have been validly deposited pursuant to the offer by Mongolia Holdings Corp. (the “Offeror”), an indirect subsidiary of Kerry Holdings Limited, to acquire all of the outstanding QGX Shares (the “Offer”). Under the terms of the Offer, shareholders of QGX are entitled to receive Cdn$5.00 cash for each QGX Share tendered pursuant to the Offer. The Offeror has advised that, as all conditions of the Offer have been satisfied, it has taken up and accepted for payment all QGX Shares so deposited, which represent approximately 95.94% of the outstanding QGX Shares. The Offeror has deposited sufficient funds to pay for all of the common shares with the Depositary and payment will be made by the Depositary to tendering shareholders within 3 business days. Read the rest of this entry »

HALIFAX, NOVA SCOTIA, Sep 15, 2008 (MARKET WIRE via COMTEX) — Erdene Resource Development Corp. (”Erdene”) (CA:ERD: news, chart, profile) today announced it was notified that Xstrata Coal Canada (”Xstrata Coal”) has increased its ownership in the company to greater than 5% through the purchase of common shares in the open market.
As a result, Xstrata Coal retains certain rights per its Alliance Agreement with Erdene, including a first option to enter into a joint venture and earn a 75% interest in any coal opportunity in Mongolia identified by Erdene by funding all work through completion of a feasibility study. Erdene is currently conducting drill programs on three coal projects in Mongolia as part of the Erdene-Xstrata Alliance. Read the rest of this entry »

VANCOUVER, BRITISH COLUMBIA–(Marketwire – Sept. 12, 2008) – Bluerock Resources Ltd. (”Bluerock” or the “Company”) (TSX VENTURE:BRD) and Uranerz Energy Corp. (Uranerz) have closed the sale of their jointly owned Mongolian joint venture company, Rolling Hills Resources LLC (RHR), to Jindal Steel & Power (Mauritius) Limited (See News Release of June 24, 2008). The Mongolian joint venture assets had been previously deemed to be non-core to the Company’s primary focus of developing near term uranium production in Colorado and Utah, USA. Read the rest of this entry »

ULAN BATOR (AFP) — Mongolia laid to rest more than two months of political turmoil on Thursday when parliament approved Sanjaagiin Bayar as prime minister, potentially paving the way for lucrative mining deals.

Bayar, a former journalist, is the head of the ex-communist Mongolian People’s Revolutionary Party (MPRP) which emerged victorious in disputed elections held in June.

“Our coalition government with the Democratic Party has the support from the members of Parliament and the people of Mongolia,” Bayar said in an address to the Great Hural legislature. Read the rest of this entry »

Toronto’s Centerra Gold is so confident of its mining future in Kyrgyzstan and Mongolia, the company has hired new executives and plans to open an office in Beijing to explore opportunities in China.

New Centerra Gold President and CEO Steve Lang said his company and the Kyrgyz government have agreed to delay a September 29th international arbitration hearing concerning issues stemming from the taxation of the Kumtor gold mine in Kyrgyzstan.

In a presentation to the Denver Gold Group Tuesday, Lang also stressed that top Mongolian officials, including the prime minister, have stressed to Centerra that “mining law reform would be their top priority” with both major Mongolian political parties “very supportive of mining law reform.” Read the rest of this entry »