Money and Markets Forum to be organized in Mongolia

“Mongolia: Money & Markets”, the Financial Forum organised by the PrimeInfo Centre in partnership with the Mongolian Financial Regulatory Commission will take place on 5 – 6 October 2010 at the Mongolian Trade Union Cultural Palace in Ulaanbaatar, Mongolia.

This Forum is first of its kind which never has taken place in Mongolia before.

Objectives: The promotion of financial industry, especially improvement of credibility amongst investors and general public, to discuss most important issues of the industry, discover of new practices by Mongolian financial industry, adoption of best international practices and lobbying government policymakers.

Discussion topics: Banking, micro-finance, insurance, stock-exchange

Organisers: The Mongolian Financial Regulatory Commission and PrimeInfo Centre

Supporting public agencies: the Mongol Bank, the Cabinet Secretariat of Government of Mongolia, The Ministry of Finance of Mongolia

International participants: World Bank, International Monetary Fund, UNDP

Participants: Banks, Non-baking financial institutions, investment funds, Insurance companies, the Mongolian Stock Exchange, investment banking and share dealing brokerage companies, saving and lending partnerships, government representatives, general public, industry interested NGOs, market leading companies

Main three parts of the event

1. Main Conference: /2 days/

• Selected speeches by professionals

• Discussion and debates

Main topics and themes of the Conference:

• Issues of financial market

• Issues of banking market

• Issues of insurance market

• Issues of micro-finance market

• The industry’s challenges and issues

Individual sub-topics to be covered:

• The government policy and long term strategy

• The best international practices and expertise

• Challenges and red tapes facing for investors

• The business best practices

• New business ideas

2. Financial industry fair and show: /2 days/

• Participating businesses will be given an opportunity to hire a space at the venue to advertise and promote their financial products and services

3. Products and services advert show /special venue, 2 days /

• Products and services could be advertised in specially designated hall using special technologies

• Sale of products and services with the possibility of contract signings

4. Other venue

• Opening “Welcome Dinner” and “Gala Dinner” for specially invited participants

Registration for the “Mongolia: Money & Markets” Financial Forum will start at 2 pm. 4th October, 2010 on the Mongolian Trade Union Cultural Palace.

Participants will be offered wide range of choices to suit their needs. The Green Badges will be offered mainly to sponsors with the access to the Conference, Business Centre. They will be able to participate “Parliament Hour” and “Government Hour” meetings. The Green Badge holder will be invited to Welcome Reception on 5th October, 2010 and Gala Dinner on the 6th October, 2010. A wide range of facilities including communication and internet will be available free of charge at the Business Centre.

The Yellow Badge holders will be offered to Exhibitors. They would be able to access to the Conference, “Parliament Hour” “Government Hour” meetings and use the Business Centre facilities. The Yellow Badge holders will be required to pay a fee for the usage of the Business Centre facilities.

The general public will be provided free access to the Exhibition venue.

We highly recommend making arrangements for advance registration in order to minimise queue and discomfort to our participants. Thus we introduce online registration with possibility to make payments online to reduce cash transaction hassles with discount offers.

You will be also having an option for advance booking so you will be able to collect your Forum badge at the reception desk without any disruption. There will be a possibility of discount subject to completion of bank transaction and receiving funds into the Organising Committee’s account.

On-site registration facilities will be provided to participants bearing in mind that it could take considerable time and we would appreciate your patient while the dedicated members of our Organising team process your application form and finalise the transactions.

International Road Dynamics Wins C$769K Contract In Mongolia From MCS Electronics - Quick Facts

(RTTNews) - International Road Dynamics Inc. (IRD.TO: News ) said it received a new contract in Mongolia from MCS Electronics valued at C$769,000. The contract involves the supply of a toll system at 4 plazas as well as 4 pre-selection slow speed Weigh-in-Motion sorting systems to keep overloaded trucks off the road. Further, the contract involves the use of RFID tags and readers to collect tolls from the trucks using the toll way. MCS Electronics would act as the contractor for this project which is scheduled to be commissioned in early 2011.

The project involves the supply and installation of IRD's Weigh-in-Motion and toll collection systems along the Tavan Tolgoi - Gashuun Sukhait toll road, a crucial route being used to enhance mining development and expansion in the Gobi region bordering China. The toll road is built to transport coal to China from the Ukhaa Khudag coal deposit, a high quality coal deposit in Mongolia.

Click here to receive FREE breaking news email alerts for Int'l Road Dynamics and others in your portfolio

by RTT Staff Writer

For comments and feedback: contact

GEO Monitor Pre-IPO Report: Mongolian Mining Corp (Energy Resources LLC)

Mongolian Mining Corporation (MMC) is engaged in the mining of coking coal from the Ukhaa Khudag (UHG) deposit within the Tavan Tolgoi coal formation in South Gobi, Mongolia. MMC commenced mining at the UHG deposit in April 2009 and produced 1.8 mn tons (Mt) of coking coal in the year ending 2009. The UHG deposit contains 191 Mt of proven reserves and 95 Mt of probable reserves. All the coal produced by the company is transported to customers in China and accounted for 61.9% of the total coking coal exports from the country.

Given the limited coking coal resources in the country, China has to increasingly import its coking coal in order to meet its growing demand. According to Wood Mackenzie, total coking coal imports to China increased from 7 Mt in 2008 to 29 Mt in 2009, and are expected to increase by 23 Mt from 2010-2015. The increasing dependence of China on imported coking coal is expected to benefit Mongolian coal mining companies, such as MMC, due to the geographical proximity of Mongolia with China, in addition to lower prices relative to sea-borne coking coal imports. MMC has a large unexploited resource base which the company plans to exploit to increase its production from 1.8 Mt in FY 2010 to 14.7 Mt in FY 2013. Even at higher production levels of FY 2013, the company will have a mine life of approximately 20 years, thus ensuring sustained growth over the long term. Along with volume growth, the company intends to forward integrate its operations and thereby improve its profitability by constructing washing plants and transportation infrastructure.

Marubeni, Toyo in Mongolia's 1st oil refinary project

Mongolia to rely less on oil product imports from Russia

* Mongolia seeking foreign help to boost oil output, as well (Recasts lead, adds details)

TOKYO, Sept 29 (Reuters) - Marubeni Corp (8002.T) said on Wednesday it has joined a local Mongolian government-backed firm and Japan's Toyo Engineering Corp (6330.T) on a $600 million project to build the first oil refinery in Mongolia.

The refinery, slated to be up and running in autumn 2014 and located in Darkhan city about 200 km north of Ulan Bator, will help the land-locked country reduce its full dependance on imports of oil products from Russia.

Capacity is seen at an estimated 44,000 barrels of crude per day to produce 1 million tonnes of gas oil, 630,000 tonnes of gasoline and 60,000 tonnes of jet fuel, each per year, Japan's No.5 trading firm said on Wednesday.

Marubeni would work with Toyo Engineering to build, maintain and operate the facility, in the project with Mongol Sekiyu Co., headquartered in the capital of Ulan Bator.

Marubeni said it plans to deliver oil to the refinery from Russia's Irkutsk Oil Co, which signed a comprehensive business pact with Marubeni in June on supplies. [ID:nTOE65K01H] Crude supplies will also come from Kazakhstan.

"We're looking to utilise a finance instrument provided by JBIC," a Marubeni spokeswoman said, referring to the government-backed Japan Bank for International Cooperation.

Mongolia, which sits on vast quantities of untapped mineral wealth, currently produces crude oil near the border with China for export to the neighbouring nation via a pipeline.

Mongolia has previously said it was looking for foreign investors to help it boost domestic crude production tenfold in the next three years and build the country's first refinery. [ID:nSGE65E06W] (Reporting by Risa Maeda; Editing by Ed Lane)

Source:Reuters News Service



September 27, 2010
New York

Mr. President Joseph Deiss,
Mr. Secretary-General Ban Ki-moon,
Ladies and Gentlemen,

This session of the General Assembly is taking place when certain signs of recovery are being observed in the wake of the global economic and financial crisis fallen on the heels of the sharp spikes in food and energy prices. Although the world is still grappling with effects of these multiple and inter-related crises, the MDGs Summit’s call of last week for intensified collective action gives hope for optimism.
Prime Minister Batbold Sukhbaatar giving speech at the UN

As the world plunged into the worst economic crisis since the Great Depression the best minds around the globe sought to get clear answers as to what went wrong and what needs to be rectified. Many argue that the economic theories referred to as neo-liberalism or market fundamentalism that have prevailed for the past quarter century were flawed. Their main premise based on the notion, for instance, that markets are self-correcting and that regulation is accordingly unnecessary seems to be proven wrong. The experience of countries and regions that have achieved rapid growth and progress in poverty reduction has shown that the State can deliberately intervene in the economy and even correct market-based incentives in such a way as to promote inclusive growth and sustainable development. Hence, a “developmental State” concept that envisions a reversal in the thinking on the roles of the State and the market, needs closer consideration.

The United Nations, as a generator of new and innovative ideas and developmental notions, that have changed the world in the past is, in our view, the right place to intimately engage itself into the nurturing of such fundamental concepts that could have a huge impact on development policies and prospects of its Member States. This could prove to be an important aspect of deliberations that you, Mr. President, proposed as the theme for this debate - “Reaffirming the central role of the United Nations in global governance”.

It has been widely recognized that today’s global challenges require global solutions. The underlying principles and characteristics of the UN make it an indispensable part in the evolving global governance system. The UN is the world’s most universal, legitimate and authoritative organization and a political center for global cooperation. It represents a unique forum to synthesize solutions to global problems ranging from nuclear weapons to climate change, development to human rights. It is at the UN that we see world leaders commit themselves to make the world a safer, a fairer, a more prosperous and greener place to live for this and future generations.

Yet, it is a fact there are challenges that have found or are seeking to find their solutions outside the UN. The legitimate question would be why? There might be many factors at play, many facets to cover to find an easy answer to that. But what has emerged as obvious from our deliberations is the fact that for the UN to reaffirm its central role in global governance it has to be efficient, its reform has to be vigorously pursued.

Revitalization of the General Assembly must be further pursued so that our deliberations and decisions have more practical and meaningful impact on the lives of people in whose name we act here. The role of the Economic and Social Council in global economic decision-making must be enhanced. The reform of the Security Council aimed at making it more representative of the current world’s reality will certainly be a critical boost to reaffirming the central role of the UN in global governance. Mongolia stands for a just and equitable enlargement of the Security Council by increasing the number of permanent and non-permanent seats and ensuring fair representation of both developing and developed countries.
Development, peace and security, and human rights are the three main pillars of the United Nations. Mongolia welcomes the revitalization of the United Nations’ development agenda as attested by the High-Level Plenary on the Millennium Development Goals last week and, most importantly, by the vibrant international debate in the lead-up to the summit. As a result, we are, clearly, in a much better place today as regards the world leaders’ commitment to intensify the efforts towards the achievement of the MDGs by 2015.
On our part, my Government has recommitted itself, at the summit, to the acceleration of our efforts towards poverty reduction, gender equality and environmental sustainability, the three MDGs where we are lagging behind. We have committed ourselves to a multi-sectoral, participatory and people-centered approach in the MDGs implementation, to improved governance as a foundation for successful development outcomes, and to a better monitoring and evaluation of our work as we move forward.
As we intensify our poverty reduction efforts at home we plan to focus more on issues of gender equality and the empowerment of women as the critical part of success. My government is confident that the newly created UN-Women will be an important partner in this endeavor. This year, Mongolia presented its National Voluntary Presentation on gender equality and the empowerment of women at the ECOSOC and will proceed to improve the legislative framework enabling women to realize more fully their potential economically and politically, have better access to health services for themselves and their children, and participate more visibly in the democratic governance.
Attending to the needs of the most vulnerable is at the core of the UN Development agenda. As a landlocked developing country Mongolia along with other fellow members strives to advocate the interests of this group of countries. Despite the progress in implementing the priorities of the Almaty Program of Action (APA), the landlocked developing countries continue to be marginalized from international trade, they still experience higher cost of moving goods across borders which puts their products at a competitive disadvantage and discourages foreign investment.

With a view to maximizing our coordinated efforts for the full and effective implementation of the Almaty Program of Action and MDGs through enhanced analytical capability and home-grown research on our specific needs, Mongolia initiated the establishment of an International Think Tank for the Landlocked Developing Countries. I am delighted to inform you today that the Multilateral Agreement for this institution was endorsed by the Foreign Ministers of the LLDCs last week at their 9th Annual Meeting. I extend my Government’s sincere appreciation to all stakeholders, including the Secretary-General, the Office of the High Representative and our fellow members for their unwavering support.

Climate change is another critical area for global governance. Building on a progress achieved in Copenhagen in shaping a broad political consensus it is imperative now to invigorate global negotiations under the United Nations Framework Convention on Climate Change in the lead-up to COP 16 in Cancun later this year.

The impact of climate change in Mongolia is undeniable. In less than 20 years more than 70 percent of our territory has been affected by desertification. Hundreds of rivers, springs, lakes have dried up, causing water shortage and biodiversity loss. Yet, climate change adaptation and mitigation techniques suitable for scaling up to meet the country’s needs have yet to be fully identified and introduced. The strategies and programs in place have failed to yield the desired results. And the emergence of mining as a major industry has only heightened concerns over environment. Sustainable management of natural resources and addressing the country’s ecological vulnerability will need, therefore, our sustained focus in the years ahead. Four issues - enforcement, dedication, financing, and development cooperation – stand out as our priorities in addressing these challenges.
Last month my Government held a special meeting in the sands of the Gobi Desert. Desertification is an issue of vital concern for more than 1 billion people in over 100 countries. Continued land degradation – whether from climate change or unsustainable agriculture – is a serious threat to food security, and ultimately to human security of those affected. By virtue of the message from the Gobi my Government expressed its firm resolve to effectively address desertification within the framework of the UN Decade for Deserts and the Fight Against Desertification.

In 2010, we have seen renewed international optimism with regard to multilateral disarmament agenda. This shift in climate was reinforced by the new START and the outcome of the Nuclear Security Summit, both of which were welcomed by my Government and were reflected in the outcome of the NPT Review Conference. The Conference agreed on forward-looking action plans that impart a much-needed momentum to the vision of a world free of nuclear weapons. Mongolia welcomes this outcome and is proud of the contribution it made towards nuclear disarmament and nuclear non-proliferation by declaring its territory as nuclear-weapons-free. This status is fully recognized by the international community as attested by the Final Document of the Review Conference.

Mongolia welcomes the increasing role of the IAEA in contributing to the freedom from fear and freedom from want. The achievement of the MDGs depends to some extent on the contribution of nuclear applications in such areas as nuclear energy, health care as well as food and environment security. Mongolia is expanding its cooperation with the Agency, especially in human resource development, nuclear applications in health and agriculture. The 2009-2014 Country Program Framework, signed last year with the Agency, added development of nuclear energy infrastructure and the country's uranium reserves as a priority area of cooperation.

This year Mongolia has been designated as one of the eight PACT Model Demonstration Site countries. This would help Mongolia to most effectively address the increasing cancer epidemic as well as share its experience with other developing countries. I would like therefore, to take this opportunity to express my Government’s gratitude to the IAEA and its Director-General for their valuable support.

Mongolia welcomes the second review of the United Nations Global Counter-Terrorism Strategy that, while emphasizing national implementation, stressed the importance of assisting member states in this task. Mongolia takes seriously its responsibility to contribute to the global counter-terrorism endeavor and is party to all anti-terrorism instruments. Last May we hosted together with the United Nations a sub-regional workshop on the implementation of the Security Council Resolution 1373. We firmly believe in the vital importance of furthering development, democracy and respect for human rights in fighting terrorism and building states’ capacities to combat it.
Peacekeeping is an important tool for global governance in the hands of the UN. Since its inception the UN peacekeeping has contributed to preventing and managing violent conflicts, supporting nations in protecting and building peace in a post-conflict environment. Over the resent decade it has gone through important reforms to make peacekeeping stronger, more effective and comparatively cost-efficient. Mongolia wishes to see more coherent interaction between the peacekeeping and peace-building efforts of the United Nations. Over the last decade Mongolia has taken deliberate steps to enhance its participation in UN peacekeeping missions. Mongolia now participates in 6 UN mandated PKOs, including in the most challenging ones in DRC, Chad and Sudan and stands ready to its further expansion.
In the recent past Mongolia has been an active participant in international activities aimed at strengthening institutions and processes of democratic governance, protecting human rights and promoting democratic consolidation. The 1992 Constitution of Mongolia guarantees the Mongolian people the fundamental freedoms and human rights. Mongolia is party to all major international human rights instruments. An independent National Human Rights Commission was set up and the National Human Rights Action Program adopted in 2003 is being implemented.
The Program is a main policy document that aims at improving capacity and accountability of the authorities, enhancing participation of civil society, mass media and private sector, and encouraging public motivation for strengthening human rights protection and combating human rights violations. All in all, it could be summed up that political commitment to the protection and promotion of human rights along with standard-setting are in place in Mongolia.
However, no human rights record in any country is perfect. The implementation of human rights commitments in my country is hampered largely by two gaps, i.e. knowledge gap and capacity gap. Furthermore, emerging trans-boundary threats such as spread of HIV/AIDS and other infectious diseases, human trafficking, migration and others require an adequate collective response based on effective regional and international cooperation. Mongolia looks forward to a constructive engagement with the Human Rights Council as it prepares to consider our national Human Rights Report under the UPR (Universal periodic review) early November this year.
Direct civic engagement is essential to any type of governance both at national and international levels. My Government endeavors to actively engage civil society and communities in policy development and implementation. We have a partnership agreement with civil society, and through our open-government web-site citizen relay their views and comments to draft policy papers and laws prior to their consideration by Cabinet. Over the past two months I have extensively travelled across the country to see first-hand the development challenges faced in the countryside and hear the views at the grassroots. This kind of direct interaction is essential in identifying people’s both immediate and long-term needs and reflecting their concerns in Government’s activities. Earlier this year, through Mongolia Economic Forum we also had an extensive discussion on economic and development issues with businesses, civil society and media to set our priorities in the years ahead.

To have people employed, educated and healthy, in other words, human development is at the heart of the policies and activities of my Government. Towards this end my Government is pursuing policies to accelerate an inclusive economic growth through wide-scale industrialization and undertaking mega-projects in mining and infrastructure development. National wealth will be distributed to each and every citizen of Mongolia through a newly established Human Development Fund in the form of regular allowances, as well as through healthcare, education and housing benefits.
Mongolia has an honor and privilege to assume the Chairmanship of the Community of Democracies next year and looks forward to a strong collaboration with fellow members and other global stakeholders. In conclusion, may I reiterate Mongolia's strong commitment and support to the UN and close my statement by quoting your words "A strong, inclusive and open United Nations as the guarantor of global governance".
Thank you for your attention


Groundbreaking exchange program between public schools in Boston and Mongolia

Fifteen students and teachers from each country will travel abroad in 2011 to live with families and learn about free expression in civil society

Online PR News – 28-September-2010 – The Boston Public Schools will soon participate in a groundbreaking exchange project between public schools in the United States and Mongolia. The Emerging Youth Leaders program will send 15 students and teachers to Mongolia for three weeks in the summer of 2011; and 15 Mongolians will travel to Boston in the autumn. The groups will spend time visiting schools and media outlets and touring significant sites.

In addition, throughout the year, hundreds of students and teachers in both countries will participate in activities that focus on democracy and free expression in civil society. They will engage in online exchanges about the media, and will enjoy training about journalism from media experts and professionals.

“This is such a fantastic opportunity for Boston public high school students!” says Yu-Lan Lin, Director of World Languages for Boston Public Schools. “Not just for the lucky ones who get to be immersed in life in Mongolia for three weeks, but for all the students and teachers who will engage in the training about media and free expression.” All costs are covered by a grant from the U.S. Department of State, Bureau of Educational and Cultural Affairs.

Students and teachers from four Boston high schools will be invited to apply: Boston Latin School, Snowden International School at Copley, Quincy Upper School, and O'Bryant School of Math & Science.

“Living with a family in another country is the most powerful way we know to establish bonds, open minds, and deepen understanding,” says Dave Santulli, Executive Director of United Planet, the organization that is managing the travelers’ experiences in both countries. “I’m so delighted that we’re helping young people and educators to have such profound connections in Mongolia and the U.S. They will gain so much insight, wisdom, and joy in the journey.”

Another key component of the project is the online interaction that will take place among the educators and students. iEARN-USA (International Education and Resource Network) will facilitate the online exchanges between Mongolian and American participants on its multimedia collaboration center. Educators and students will gain cross-cultural perspectives, and exchange information on issues of free expression, objective reporting, critical media analysis, documenting sources and peer article editing -- all of which are responsibilities of citizen engagement and participation.

“In addition to teachers and students from Boston Public Schools, we will recruit 20 additional teachers/classes to participate in online collaboration with the Mongolian students as they learn the principles of journalism and free expression in a civil society," notes Ms. Tina Habib, Director of Government Programs at iEARN-USA. “Students will be able to become certified World Youth News (WYN) reporters by successfully completing an online certification course, designed in collaboration with journalists from the New York Times and the Columbia School of Journalism. They will post stories and photos on the WYN website ( and be eligible for further posting on the PBS News Hour’s website."

Boston, MA, incorporated as a town in 1630 and as a city in 1822, is one of America's oldest cities, with a rich economic and social history. What began as a homesteading community eventually evolved into a center for social and political change. Boston has since become the economic and cultural hub of New England.

Mongolia, a landlocked country in East and Central Asia, is bordered by Russia and the People's Republic of China. Mongolia's political system is now a parliamentary republic; during the last century, its politics were similar to those in the USSR, until a democratic revolution in 1990 led to a multi-party system, a new constitution in 1992, and transition to a market economy. Since 2006, the media environment has been improving with the government debating a new Freedom of Information Act, and the removal of any affiliation of media outlets with the government. Market reforms have led to an increasing number of people working in the media, along with students at journalism schools.

The project is a program of the U.S. Department of State, Bureau of Educational and Cultural Affairs. It is being managed and implemented by United Planet (based in Boston, MA) and iEARN (International Education and Resource Network).

About United Planet
United Planet, an international non-profit based in Boston, MA, strives to create a world in which all people understand, respect, and support one another. United Planet's global network of leaders and volunteers fosters cross-cultural understanding and addresses shared challenges to unite the world in a community beyond borders.

Over the past nine years, United Planet has worked with local communities all over the world to find meaningful work for volunteer travelers; and has placed thousands of volunteers in those communities to live and work – for periods ranging from a week to a year. United Planet is the U.S. and Canadian member of the International Cultural Youth Exchange (ICYE) Federation, founded in 1949.

About iEARN
iEARN was launched in 1988 as a pilot project between the US and former USSR to demonstrate that students could use emerging new technologies to work together on meaningful educational projects that enhance the quality of life on the planet. It is iEARN’s vision that if students start working together globally from the earliest ages (5-19), they will learn better through experiential interaction with peers in other countries and learn that the world’s issues can be resolved by collaborative solutions. iEARN has grown to become the world’s largest educational network for project-based learning, with programs in more than 130 countries.

iEARN-USA was awarded the 2003 Goldman Sachs Foundation Prize for Excellence in International Education and is a 2004 Tech Museum Laureate winner for “technology benefiting humanity.” Please visit and or e-mail: iEARN-USA is based in New York City.

Canada, Mongolia agree to deepen economic ties

OTTAWA — Canada's Prime Minister Stephen Harper and visiting Mongolian Prime Minister Sukhbaatar Batbold on Tuesday agreed to deepen their nations' economic ties, eventually opening free trade talks.

"Our countries are committed to developing our relationship," Harper said in a statement. "We look forward to further strengthening our ties, including cooperating on institutional reform and peace and security."

The two leaders signed memorandums of understanding to improve trade and market access, as well as strengthen both agricultural cooperation and Mongolia?s democratic governance and institutions.

As well, they agreed to fast-track negotiations on a deal to protect and promote foreign investment, holding a next round of talks by year end.

Ratification of the Foreign Investment Promotion and Protection Agreement "would be followed by bilateral exploratory discussions regarding a possible agreement on free trade," Harper's office said.

Canada is the second-largest overall foreign investor in Mongolia after China, with more than 600 million dollars invested in the country.

In 2009, two-way merchandise trade was valued at 164 million dollars.

On Wednesday, Batbold is to meet with Canada's treasury board and trade ministers, as well as business leaders.

Source: AFP (Agency France Presse-French News Service)

Ivanhoe Mines shares rise after new Mongolian find

SAN FRANCISCO (MarketWatch) -- Ivanhoe Mines /quotes/comstock/11t!e:ivn (CA:IVN 25.22, +1.37, +5.74%) /quotes/comstock/13*!ivn/quotes/nls/ivn (IVN 24.75, +0.30, +1.23%) shares rose 5.3% in Toronto trading Tuesday after the Canadian exploration company said it found a new mineralized zone at its $5-billion Oyu Tolgoi copper-gold project in Mongolia.

The new find, called the Heruga North deposit, suggests that the zone contains substantially more gold and copper than previously outlined, the company reported. "To intercept almost one kilometre of copper and gold mineralization in a new drill hole is a remarkable development," Executive Chairman Robert Friedland said in a statement. The project is co-developed with mining giant Rio Tinto /quotes/comstock/23s!a:rio (UK:RIO 3,753, +49.00, +1.32%) /quotes/comstock/13*!rtp/quotes/nls/rtp (RTP 59.40, -0.20, -0.34%) . Ivanhoe shares are listed at $24.60 on the Toronto Stock Exchange.

Factbox: Chinese Mid-Autumn Festival and its traditions

BEIJING, Sept. 21 (Xinhua) -- The Mid-Autumn Festival, which falls on Wednesday this year, is a traditional Chinese holiday that originates from worship of the moon.

As its name suggests, the day falls in the middle of the fall season and symbolizes harvest and family reunions.

The festival, celebrated in the 15th day of the eighth month in the Chinese calendar, has no fixed date in the Western calendar, but the day always coincides with a full moon. It is also known as the Moon Festival.

Descriptions of the "Mid-Autumn" first appeared in "Rites of the Zhou", a collection of ritual matters of the Western Zhou Dynasty some 3,000 years ago. It described the eighth lunar month, the second month of autumn, as "mid autumn."

The Chinese began celebrating the Mid-Autumn Festival in the early Tang Dynasty (618 - 907), a period of material abundance and cultural blossoming.

The Chinese worshipped the moon by offering liquor, fruit and snacks outdoors, expressing thanks for bumper harvest and praying for the god of the moon to bring good luck.

The Temple of the Moon, or Yuetan, in downtown Beijing is where emperors of the Ming (1368-1644) and Qing (1644-1911) dynasties worshipped the moon.

The festival is considered an important Chinese holiday, next only to the Spring Festival, or the Chinese New Year.

The Chinese government listed the festival as intangible cultural heritage in 2006. It was made a public holiday in 2008.

The Mid-Autumn Festival is characterized by:

-- Mooncakes: A legend goes that mooncakes were first made in the 14th Century, when people exchanged pancakes that were stuck with slips of paper reading "Kill the Mongols on the 15th day of the eighth month". It was said to be a secret message from rebel leader Zhu Yuanzhang calling on the Chinese to overthrow the Mongolian rulers of the Yuan Dynasty (1279-1368)

-- Lord Rabbit: Known as Tu'er Ye in Chinese, the Lord Rabbit is a traditional icon of the festival. It has a human body, but a rabbit's ears and mouth. This year, Beijing has combined some modern elements into the icon and reinstalled it as the city's "ambassador" of the festival.

-- Matchmaking: The Chinese believe the god of the moon is a highly efficient matchmaker. In some parts of China, masquerades are held on the Mid-Autumn Festival for young men and women to find partners. One by one, young women are encouraged to throw their handkerchiefs to the crowd. The young man who catches and returns the handkerchief has a chance of romance.

-- Lanterns and dragon dances: These are traditional activities during the holiday, but are popular mainly in south China, particularly in Guangdong Province and Hong Kong.

Editor:Xu Rui

Source:Xinhua News Agency of China

Nomadic Mongolian lifestyle fades but yurts, shepherds on motorcycles, remain

By Sisi Tang

CHIFENG, China — It's no longer about the armed warriors, Genghis Khan and the robed nomads prancing through lush greenery on horseback.

In China's barely populated Inner Mongolian grasslands, what had defined Mongolian culture for outsiders have long been swapped for leather outfits, motorbikes, cellphones and tourism.

Five hours outside Inner Mongolia's southeastern city of Chifeng and deep in the grasslands, I chanced upon a local couple riding a mule-pulled cart on a quiet road, heading toward their coal-heated yurt. The old woman said she loves watching drama shows on TV, gesturing toward the dish propped up against her roof. On the freeway nearby, cars and buses seem to be the only other form of transportation, with horse-riding existing mostly for tourists.

The old storybook nomad life has dwindled, with most nomads now farming, living in compact brick huts, tending to tourists, or working in nearby cities. Desertification, too, is real and apparent, as you drive past yellowing grass where little livestock roams and sparse green shoots struggling through dried, gritty earth. The few who have maintained a nomadic lifestyle only camp on the grass during the wetter June to September months, making those the best times for travellers seeking an authentic glimpse of the old ways.

But while nomadic pastoral life is fading, echoes of it can still be found in some of the grasslands in southeastern Inner Mongolia. Windmills and nodding sunflowers dot endless expanses of rolling green fields, and there isn't a clearer blue sky to be found in all of China — although the view is occasionally interrupted by power lines or neon-yellow tour buses that honk relentlessly to prod the cows and sheep to the side.

On my trip to the region, I saw a lanky young nomad zip up a steep grassy hill on a motorcycle to herd his sheep. Looking like James Dean in his dark shades and black leather jacket, he leaned against the squeaking door of his yurt and let me and a travelling companion crouch inside.

With luck and patience, visitors may find a nomad farther inland who has room in his yurt for crashing overnight. Real yurts are unfussy versions of tourist yurt accommodations, with dusty, unpretentious exteriors and claustrophobic interiors packed with dishes, pots, a bed, an odd chair or two, and many small furry pets (like hamsters). Other elements of this simple Mongolian home, which matches the low-key culture, might include a dangling light bulb, a communal spread for the bed, and some simple kitschy decorations, along with the quiet cold.

Those staying in tourist accommodations miss out on an integral component of the grassland: cow dung. To get from the main road to a nomad's home, we selectively tiptoed over (and sometimes into) piles of cow dung, one of two main "banks," or income generators in Inner Mongolia (the other is wind power). Dried cow dung used to be the main source of fuel and heat for the chilly climate, and the amount of cow dung in a household is a measuring stick for diligence when it comes to a female candidate for marriage, as it demonstrates her ability to bring in fuel for the family.

The ubiquitous milk ads and sheer roadside cattle count point to beef and dairy production as agricultural mainstays. Upon arriving in Chifeng on the first day, we devoured a bowl of beef (meat, marrow, or joint) noodle soup. The small alley markets on Changqing Street offer a variety of fresh and pricey Mongolian beef jerky, sampled, weighed and wrapped on the spot. After sundown, the night market in Chifeng offers a smorgasbord of knick-knacks and necessities, from beef kebabs and toys to underwear and sheets, stretching many blocks. (Chifeng is the Chinese name for the city Mongolians call Ulanhad; both mean "Red Mountain," a reference to the mountain that abuts the city.)

Sensitive palates may not love the distinct gaminess of the local beef, so some visitors may prefer Mongolian lamb, which is known for its excellent flavour. Some say it's the quality of the air and grass, while others point to the traditional slaughtering method. In light of the Mongols' emphasis on an animal's spirit, rather than slitting the throat and waiting for the animal to bleed to death, the nomad reaches inside the animal and snaps the spine, a technique that is said to kill the creature in 30 seconds. The meat comes out tender and flavourful enough that it needs no sauce or spice. Lamb-eating used to be a mark of aristocracy, unaffordable among ordinary nomads. The price of a fresh whole lamb is still hefty today, and nomads say they don't eat it too often.

Something else for visitors to experience in the region is the Arshihaty granite forest in the Hexigten Global Geopark. Temperatures plummet on the windy mountaintop, where chilly visitors will find vendors renting much-needed green military jackets reminiscent of the Red Army's Lenin coat. The Arshihaty boasts wide views of rocky green mountains and natural stone columns moulded by the wind into shapes of eagles, snakes, warriors, warrior's beds, turtles and castles — sure to inspire your imagination on the drive back.


If You Go...

INNER MONGOLIA: Two English-language websites offering information about tour groups and companies in Inner Mongolia are and Some of the best trip-planning websites are in Chinese; automated online translation services like Google Translator may be able to help you navigate them: and and For individual guides and drivers, try or

GETTING THERE: Train trips from Beijing to Chifeng take anywhere from six to 10 hours. The cheapest, slowest train costs about US$19 (124 yuan). To go from Chifeng to the grasslands, most visitors hire a driver or join a tour. Drivers run about US$30 (200 yuan) a day.

ACCOMMODATIONS: A tourist yurt costs US$7.50-$30 (50-200 yuan) nightly, depending on the time of year, with June-August more expensive then other months. If you can find a real nomad to host you, the cost might run US$7.50-$15 (50-100 yuan).


Source: The Canadian Press

Prime Minister Batbold Sukhbaatar's speech at CoD event 23 September, 2010 in New York

I would like to begin by congratulating Lithuania on her outstanding chairmanship of the Community of Democracies. Lithuania’s success in building a thriving democracy has been a source of inspiration for many.

I wish to also congratulate the Council of Women World Leaders, whose members are present here. In your many roles, you have made tremendous efforts to better the lives of millions of women and girls around the world – through your dedicated work aimed at promoting democracy, protecting human rights, expanding opportunities for all, and ending violence against women. It is indeed fitting that the theme of the event you are partnering on is Women as a Critical Force in Democratic Governance because you have proved that they are.

Mongolia is a young democracy, which, in a span of two decades, has undergone fundamental transformation in all spheres of societal life. Looking back we, Mongols, are proud of peaceful twin transition we have made to a pluralistic democracy and market economy. We have laid solid political and legal foundations for a functional democracy.

Respect for human rights and fundamental freedoms, enshrined in the new democratic Constitution of 1992, freedom of the press, thriving civil society, free and fair elections are all guarantees of our democracy. This time as we have all gathered in New York to assess the last 10 years’ implementation of MDGs, I wish to single out that in Mongolia we have added a 9th MDG on promoting human rights and democratic governance, and creating zero-tolerance to corruption as a vivid demonstration of our commitment to these values.

But as we learn from our experience, the road to democracy is neither short nor easy one. It is a process, an ardious work in the making. Here, I wish to emphasize the singular importance of learning and sharing among the members of the Community of Democracies as we all work towards advancing the values, culture and quality of democracy in our own societies.

As to the gender equality, we are rightfully proud of our progress in achieving greater equality for women in education and in workforce, in reducing maternal mortality rates, and improving health services for women and girls. In our schools – almost at all levels - we have more girls than boys; women constitute 51 percent of the workforce.

As a follow-up to the Beijing Conference on Women we have been implementing national programs on women’s empowerment and gender equality which were critical in awareness raising of gender issues, capacity-building and empowering women. The MDGs-based National Development Strategy of Mongolia has specific goals on gender equality.

Gender inequality, however, still remains a fact of life in Mongolia. More women are employed in lower-paying jobs than men; women’s access to productive assets such as land and loans needs to be further expanded; the number of women at the decision-making level leaves much to be desired. In order to redress this situation we are re-committing ourselves to the MDG Three on ensuring gender equality. We fully realize that without attaining this particular goal other MDGs, especially poverty eradication, will be out of our reach. And we cannot afford this.
It is my firm belief that women’s political inclusion and civic engagement are especially important at this point in time when Mongolia looks forward to a potential revenues surge from the mining, unprecedented in its history.
The failure to distribute wealth in an equitable manner erodes public trust in democratic institutions and weakens popular support for democracy. My government believes that reducing poverty and expanding opportunity, especially for women, and ensuring broad-based economic growth and equitable wealth distribution are essential for democratic consolidation. To this end, my Government has recently set up a Human Development Fund where revenues and royalties from the mining industry will be collected and used for investment into health and education and social services for every Mongol, especially the vulnerable, women and the youth. It is our duty to ensure that the Fund develop into an important tool for resource mobilization to combat poverty and make it possible for the entire people to benefit from economic development.

Let me conclude by saying that as a next Chair of the Community of Democracies, Mongolia will promote gender equality and empower women. We also will continue the good work that Lithuania and other CoD members have done to enhance women’s role in democratic governance.

Source:Press service of Mongolian Ministry of Foreign Affairs

Mongolian Mining ups HK IPO price range - term sheet

(Reuters) - Mongolian Mining Corp, Mongolia's largest privately held domestic producer and exporter of coking coal, raised its initial public offering price range by 3 percent, a term sheet showed on Monday.

The company now plans to raise up to $702 million from the IPO instead of an earlier plan of up to $681 million, the term sheet obtained by Reuters said.

Mongolian Mining, whose Ukhaa Khudag (UHG) mine is roughly 245 km from Mongolia's border with China, is selling 719.4 million shares or 20 percent of its enlarged share capital, at HK$6.48 to HK$7.56 each, the term sheet said.

This compared with an original range of HK$6.29 to HK$7.34 per share.

JP Morgan (JPM.N) and Citigroup (C.N) are handling the IPO. (Reporting by Kennix Chim; Editing by Chris Lewis)


20 'missing' Chinese migrant workers RoundUp found in Mongolia

By Hao Zhou

Twenty Chinese workers, previously reported missing, have been staying in Mongolia illegally, and will be repatriated soon, a Chinese diplomat told the Global Times Sunday.

"There are exactly 20 Chinese migrant workers in this case. None of them has a work visa, thus their stay in Mongolia is illegal," said Liu Jimin, consul of the Chinese embassy in Ulan Bator. "The embassy is working with Mongolian authorities on their repatriation."

According to a newspaper in Hubei Province, a total of 84 migrant workers from Huarong town, Ezhou, went to Mongolia through a Huangshi-based labor agency called the Haifa Labor Export Co.

The first group of them, holding tourist visas, departed August 17. However, after they arrived in Mongolia, their passports were "all collected and taken away."

What happened next is similar to slavery.

"Mongolians could buy anyone of us at the price of 4,000 Chinese yuan ($597)," a worker who returned to Hubei earlier this month told the newspaper. "We were treated like animals."

"There are tens of thousands of Chinese migrant workers being brought into Mongolia to work in construction and mining sectors like this," a Ulan Bator-based source who is quite familiar with the issue told the Global Times Sunday. "Those Chinese job agencies usually promise the workers a monthly salary of 5,000 to 8,000 yuan."

Those agencies usually take the Chinese to the Consulate- General of Mongolia in Erenhot, a major China-Mongolia border city in the Inner Mongolia Autonomous Region, and apply for tourism visas for them, the source added.

Calls to the Consulate-General of Mongolia in Erenhot were not answered Sunday.

Source:Global Times newspaper of China

Mongolia's new model

Ulaanbaatar, Mongolia -- Outside Mongolia’s Government Palace, a massive statue of Genghis Khan looms over the city’s central square. It is a symbol of the days in the 13th and 14th centuries when the Mongol Empire conquered its neighbours and became one of the most powerful in the history of the world.

Inside the palace today, Prime Minister Sukhbaatar Batbold is dealing with a much more modest but equally imposing challenge: raising the standard of living for his tiny population of three million people.

Unlike many of his predecessors, he is turning to the capital markets, and partners that include Canada, to do it.

In a wide-ranging interview in his office, Mr. Batbold talked about the need to introduce more tools of a market economy to his country, including a truly international stock exchange. He also sees Canada, which is the second-biggest investor in Mongolia after China, as a crucial player in the country’s development.

“I think Canada is a good example, and could even be a model for Mongolia. There are a lot of natural similarities between our two countries,” he said, pointing out that both are cold, sparsely populated and have extremely powerful neighbours on their borders.

Mr. Batbold, 47, is heading to Canada on Monday for his first official visit to the country, and the first by a Mongolian leader since 2004. He will meet with Stephen Harper, the Prime Minister, and other government officials to try to build more co-operation between the two countries. That will include a push for further trade liberalization. He goes to Ottawa after a visit this week to New York, where he addressed the United Nations and reportedly met with Wall Street investors.

Mongolia has done almost everything possible to open its doors to outside investment in recent years, but Mr. Batbold is aware that a lot more needs to be done.

The country is only 20 years removed from the days of Soviet control, and is still finding its feet as an established democracy. Relics of the Soviet era can be found everywhere, including a surreal statue of Lenin in front of Ulaanbaatar’s most famous hotel.

As Canadian mining companies in Mongolia know well, breaking free of that legacy has been a challenge, with rapid progress but occasional missteps along the way.

Like many developing nations, Mongolia is massively rich in natural resources, but does not have enough to show for it. Its unemployment rate has remained well above 30% for years, and has remained high despite the rapid development of its resources in recent years.

Mr. Batbold, an entrepreneur with a successful business background who became prime minister last year, believes that something as simple as a functioning stock market would allow Mongolians to benefit from the billions of dollars of investments being made in the country.

Mongolia has had a stock exchange since 1991, and while it lists many domestic companies, liquidity is extremely poor.

The stock exchange is open for less than two hours a day and it does not have the standards needed to attract any international companies.

“It doesn’t really operate as a capital market,” Mr. Batbold said.

By the end of the year, he hopes to open a proper international exchange managed by a leading global player. (While the choice has not been made, the London Stock Exchange Group PLC is the frontrunner.)

To help kickstart the exchange into relevancy, Mongolia is planning an initial public offering of Tavan Tolgoi, a large government-owned coal mine, as well as other state assets that should be attractive to domestic and foreign investors.

Mr. Batbold wants foreign players with Mongolian business interests to list as well, but that could be tougher: They remain wary of the lack of international standards and the general lack of demand from the Mongolian market.

But as least one Canadian company is eager to take the plunge.

SouthGobi Resources Ltd., the coal-mining spinoff of Vancouver-based Ivanhoe Mines Ltd., hopes to be the first international company with a Mongolian listing. It has already hired an armada of lawyers to help the government deal with the impediments to foreign listings, from the proper defining of a security to putting in limitations on directors’ liabilities.

“The government says it wants [foreign companies] to list on the Mongolian stock exchange. Everyone else says ‘that’s stupid, there’s no rules for foreign companies, blah blah blah,’ ” said Alex Molyneux, SouthGobi’s chief executive.

“But we want to list there because we want the Mongolian public to participate in this creation of value. And it’s much easier for them if they have a market at home for the stock.”

While it may seem far-fetched to investors today, Mr. Molyneux envisions a day when Mongolia is a source of capital along the lines of Dubai, with a powerful sovereign wealth fund and massive resource-related revenue as it realizes the wealth from its mineral deposits.

He wants to get in early.

“Maybe we can only do US$10-million [on the Mongolian exchange] at first. So what? In Kazakhstan, the stock market increased 1,000% in size in the space of about six years. It’s going to happen in Mongolia,” he said.

Of course, Mongolia’s biggest source of wealth in coming years will be Oyu Tolgoi, the massive copper-gold deposit being developed in the Gobi Desert by Ivanhoe Mines and its partner Rio Tinto Ltd. (They continue to co-operate despite an ongoing spat at the corporate level.)

After years of tense negotiations, an investment agreement on the project was reached between the government and Ivanhoe last year. Mine construction is now moving quickly, with about 4,500 people at the site. By the time full production is reached, expected by 2018, Oyu Tolgoi should make up an astonishing 30% of Mongolia’s gross domestic product on its own.

Mr. Batbold visited the site with his Cabinet last month and was amazed at what he saw. “It’s something really astonishing,” Mr. Batbold said. “I have never seen such a sophisticated underground operation. Probably this is even unique on a world scale.”

He views Oyu Tolgoi as just one example of what can happen when companies from Canada and elsewhere invest in Mongolia, and he hopes it is a catalyst for more Canadian investment in the country, and closer links between the two nations across a number of sectors.

“We see that Canada has made great success in many areas, and we think it’s interesting to learn from the Canadian experience. Free trade, technology transfer, mining, agriculture and infrastructure, are all very important,” he said.

“We need to make a more sophisticated institutionalized society here, so we need to learn from your experience.”

Financial Post


Population: three million

GDP: 2010 - 8%; 2011 - 7.1%

Deficit: Fiscal deficit is expected to fall to 2% of GDP, well below the government’s original target


Canada is the largest investor in the mineral sector in Mongolia and the second-largest investor in Mongolia after China. Canadian direct investment in Mongolia is US$252-million, 97.5% of which is solely registered in the mining sector.

Mongolia ranks 60th out of 183 economies in terms of ease of doing business, according to The World Bank report “Doing Business 2010.”

The Mongolian government declared 2010 as a “business renovation year” with the aim of improving businesses and legal environment and regulations with public participation.

Mongolia’s national development strategy, approved in 2008, defines mining and heavy industrial sectors as priority sectors.

Mongolia ranks second globally by its rare earth elements, according to the U.S. Geological Survey Bulletin. Mongolia has 16.77%, or a 31 million tonne deposit, of rare element resources.

“The outlook for Mongolia’s economy is extremely favourable. The signing of a landmark investment agreement in late 2009 to develop the Oyu Tolgoi mine in Mongolia’s South Gobi Desert — referred to by some as the biggest undeveloped copper-gold project in the world — has been a cornerstone for the development of Mongolia’s substantial mineral resources.

The development of other major projects, like the massive Tavan Tolgoi coal deposits in southern Mongolia, is also underway. The economy is growing strongly and this ongoing development of the mineral sector points to a bright future.” — International Monetary Fund, Sept. 13 report

Sources: The World Bank, “Doing Business 2010”; International Monetary Fund, CIA World Factbook

Source:National Post newspaper of Canada

Mongolia: The Saudi Arabia of Central Asia

Meeting the Mongolian PM in NYC

By Christian A. DeHaemer
Friday, September 24th, 2010

It’s a big week as UN leaders from around the world have descended on the Big Apple for the 65th United Nations General Assembly.

President Mahmoud Ahmadinejad of Iran threw rhetorical bombs at the United States.

UN Secretary-General Ban Ki-moon spoke like a beauty pageant contestant — albeit with more geographical knowledge — by talking up peace, security, and an end to poverty.

President Obama and Premier Wen Jiabao of China sat down to discuss the problem of an undervalued Chinese currency.

Former President Clinton hosted an event to bring world leaders and philanthropists together for his Global Initiative. This is an extremely pragmatic organization that seeks to accomplish all the things Ban Ki-moon talked about.

As you would expect, at a time when all the world leaders are in the same place, things happen.

I was lucky enough to attend a small gathering put on by Firebird Management, the largest investor in Mongolia, featuring Mongolian Prime Minister Sukhbaatar Batbold.

The setting was a posh Broadway condo. The food was excellent and the waitresses looked like they'd just stepped off a fashion runway. The architecture was sleek, modern, and understated.

Some of the 75 people or so where bigwigs at places you’ve heard of, like Goldman Sachs and Morgan Stanley; but most of the people I met were private bankers, worked for large foundations, or were hedge fund traders of some sort — commodity, equity, frontier markets.

Without using an interpreter, PM Batbold outlined points I’ve been writing about for a year now...

Mongolia has vast reserves of mineral wealth, including the world's largest gold mine and the fourth largest reserves of coal.

He mentioned the IMF has projected that Mongolia will be the best performing economy in terms of GDP growth over the next five years. He hammered home this point by saying that it won’t be China, India, Brazil, or any of the other countries you often hear about...

PM Batbold pointed out that Mongolia has very few restrictions on the movement of investment into and out of Mongolia. Foreigners can own 100% of a business, and the government does not prescreen; however, foreigners are not allowed to own land.

Strategic mineral and oil resources are subject to a 34% percent equity stake by the government.

The Prime Minister pointed to the October 2009 agreement between Ivanhoe Mines of Canada and Rio Tinto and the government of Mongolia to develop Oyu Tolgoi (OT). (OT is billed as the world’s largest undeveloped gold mine. It’s a copper-gold deposit located in the South Gobi desert.)

Mongolia gets 34% of the deal, which will inject $7 billion into the economy over the next few years. Considering the fact that the Mongolian GDP is somewhere between $6 billion and $9 billion, this single deal is expected to double the economy.

The PM outlined the vast mineral resources of Mongolia in terms of oil, natural gas, coal, uranium, lithium, etc... Along those lines, he pointed to the problems in transporting these natural resources to industrial markets.

His goal is to develop industries that add value to these raw materials in Mongolia, and so advance to a more modern economy.

There is a rule that all companies operating in Mongolia be listed on its exchange as well as on that of the company's home country.

The Mongolian Stock Exchange is seeking a major exchange to act as a partner and take over management. The London Stock Exchange is rumored to be battling NASDAQ. If the MSE is run by a major exchange, it will boost credibility and increase liquidity...

There are 12 suitors among major exchanges seeking this partnership. This is a huge catalyst for future share price appreciation.

The King of Cashmere

PM Batbold was the former Minister of Foreign Affairs. He studied politics in Moscow and business in London, and is rumored to be one of the richest men in Mongolia, with interests in Cashmere trading and mining.

He struck me as a smart, serious, pro-capitalist leader.

As I write this, he is making the rounds in Canada. There are some 30 Canadian companies with plans to develop mines or oil in Mongolia.

As I said, there were a lot of powerful moneymen at the reception. I spoke to the Chairman of Eurasia Capital, Alisher Djumanov, who is the second largest investor in Mongolia, who was recently on CNBC talking about investment opportunities in Mongolia.

Too big to play

One of the biggest complaints from the group was that Mongolia is so small. The MSE has a market cap of less than one billion; big investors can't put their funds to work.

Luckily for us, that’s not a problem... We are small and nimble enough to dance between the legs of the elephants.

Don’t get me wrong; they are coming — and in droves.

But right now, you can buy stocks in Mongolia with an average price to earnings around four. And I’ll tell you how to do it.

One of my recommendations is up more than 905% this year. Another one is up more than 250% in a month.

Don’t miss this bull market. It will only happen once as this little-known country in Central Asia is revalued to first-world prices.


Christian DeHaemer
Energy & Capital

P.S. PM Batbold was just on CNBC this morning. Things are really starting to heat up. Word is getting out. Mongolia is the best-performing market this year — not to mention the best performing market of the last ten years, up some 1,800%. And it's on track to be next year’s winner as well.

If I were you, I wouldn't wait another day to get in on the investment opportunity unfolding in Mongolia. This story is already on CNBC... It's only a matter of time before share prices skyrocket.

Lauderdale judge awards $67.6 million in Bank of Mongolia suit


A judge in Fort Lauderdale District Court awarded a $67.6 million judgment to Bank of Mongolia this week in a lawsuit alleging fraud, civil theft, racketeering and conspiracy.

Lauderhill-based M&P Global Financial Services, M&P Global Financial Services Europe, Burton D. Greenberg and son Joel E. Greenberg were found liable to the bank by District Judge William P. Dimitrouleas.

Bank of Mongolia, the Asian country's central bank, had been trying to build an affordable housing project and M&P and the Greenbergs had agreed to raise the funding.

``We're very pleased with the outcome,'' said David Mankuta, Fort Lauderdale-based attorney with Atkinson, Diner, Stone, Mankuta & Ploucha, who represents the Bank of Mongolia. ``The bank and the country suffered a great deal as a result of these people.''



The Mongolia Investment Summit 2010 in Hong Kong on October 14 will explore the many exciting investment opportunities on offer, as Mongolia takes advantage of its mineral-rich geology and location next to China - the world’s fastest growing consumer of natural resources.
Conference highlights include:

• A range of 10-minute company presentations showcasing major investment opportunities in Mongolia
• Insights into the investment climate in Mongolia from a range of high-level government and industry speakers including D. Zorigt, Minister of Mineral Resources and Energy
• Update on the privatization of State-owned enterprises from D. Sugar, Chairman, State Property Committee
• Insights from the leading companies in Mongolia’s banking and investment community
• Keynote from Rio Tinto on the Oyu Tolgoi project and the implications for future investment.
To view the full line up of speakers at the Summit, visit
Mongolia Investment Summit is co-organized with Foreign Investment and Foreign Trade Agency (FIFTA) ensuring the full support of the Mongolian government and key organizations within Mongolia including the Business Council of Mongolia and the Mongolia National Mining Association. The Business Council of Mongolia is a supporting association for this event and as such there is a 15% discount for their members. Please indicate your membership when registering online.
Trade and Development Bank of Mongolia is the Platinum Sponsor, and the Gold Sponsors are Khan Bank, Mongolia Development Resources, Mongolia Energy Corporation and SouthGobi Resources.
To book, please visit or call +852 2219 011.


Hogan Lovells has been appointed legal adviser to state-owned mining company Erdenes MGL – the sole owner of the mining operations for the Tavan Tolgoi project in Mongolia. As part of the appointment, Hogan Lovells will help Erdenes establish draft mining agreements which can be used for the development of the Tavan Tolgoi coal deposit area and other future coal mine developments in Mongolia. It is expected that Hogan Lovells will also assist in the negotiation and finalization of the mining agreements between Erdenes and the international private-sector participants in the project.

The Hogan Lovells team will be led by Ulaanbaatar-based Michael Aldrich and comprise Mr. John Copper in London, Mr. Joseph Bell in Washington DC, Mr. James Harris in Singapore and Mr. Jamie Barr in Hong Kong.
Mongolia’s mining industry is taking off as projects involving state-owned enterprises and corporate investments fuel market activity, according to Mr. Harris, Hogan Lovells head of infrastructure and project finance Asia. The firm has been “doing stuff with three types of clients: private sector developers, investors, buyers or sellers; lenders to these people; governments or governments assisted by a multilateral such as the World Bank, IFC or the Asian Development Bank (ADB),” he said. “The strongest countries would be – working from south to north – Indonesia, Vietnam, Philippines, China, Mongolia, and India to the east.”


Batbold Sukhbaatar, Prime Minister of Mongolia pays official visits to USA and Canada

From September 20 through October 3, Prime Minister S.Batbold pays official visits to the USA and Canada. Firstly, the Prime Minister is working in New York on September 20-27, where gave a speech at the summit meeting of the UN General
Assembly about implementation of the Millennium Development Goals (MDGs) and to express his position at a round table meeting ‘Ensuring special needs for extremely vulnerable countries’. In addition, Mr. Batbold will deliver a speech at the general
debate of the 65th session of the UN General Assembly, take part in a summit meeting ‘Innovative global management’ to be co-organized by the United Nations Fund for International Partnerships (UNFIP) and the Louise Blouin Foundation to deliver a report themed ‘Future tendency of raw materials’. Mr. Batbold met with Mr. Ban Ki-moon, the UN Secretary-General,
with chairman of the 65th session of the UN General Assembly, leaders of the United Nations Development
Program (UNDP), State Heads of some countries, and got au fait with activities of the New York Stock Exchange (NYSE).
Prime Minister S. Batbold took part in the summit meeting of the UN General Assembly at which implementations of the Millennium Development Goals (MDGs) were considered. The MDGs, determined in 2000 by state and governmental heads of
countries in New York City, are to be realized by every country by 2015 as they have obliged themselves.Thus, eight major matters are being given consideration, such as reducing a poverty by two times, making decisive steps in tackling urgent problems in poor and developing countries, and ensuring environmental stability. Moreover, this year’s summit discussed what the countries managed to accomplish in the last five years.Mongolia worked-out its third national report on the implementation of the MDGs. For the time being, it goes at 66 percent. Since it is supposed that Mongolia, despite its economic growth, has not reached significant results to reduce poverty, the Prime Minister underlined at the meeting that the government of Mongolia is focusing on a policy to create jobs, train people in vocational training centers and to provide them with jobs. Mr. Batbold emphasized that Mongolia is ensuring an allocation of benefits, developing open governance,
wants to approve a law on budgetary stability and to make investments in the health and education sectors.

Prime Minister S. Batbold will deliver a speech on September 27 at the general debate of the 65th session of the UN General Assembly to express the position of his country on urgent international issues. He is drawing the attention of attendees to the common problems landlocked developing countries are facing and to cooperate with countries in combating the consequence of global climate change. On September 20, Mr. Batbold met with Mr. Ban Ki-Moon, the Secretary-General of the United Nations (UN). At the beginning, Mr. Ban Ki- Moon emphasized that Mongolia has made big progress towards implementing the Millennium Development Goals (MDGs), and appraised the achievements gained by the joint government headedby S.Batbold to sustainably ensure economic growth, reduce mortality of mothers and infants, and involve every child in school. He thanked the Prime Minister for taking part in the summit meeting of the UN General Assembly to share experiences in successfully implementing the goals, and appreciated the service of Mongolian troops in UN peacekeeping operations.He congratulated the government of Mongolia for leading affairs for protecting the interests of landlocked developing countries. In turn, Prime Minister S. Batbold said that we are ready to work-out an intergovernmental multilateral agreement on starting activities of the International Think Tank for the Landlocked Developing Countries and endorse it by putting it in discussion of a group of landlocked developing countries. Mr. Batbold also underlined that Mongolia’s government is paying an attention to increasing the number of female peacekeepers in the peacekeeping operations in accordance with a request of the UN Secretary-General. At the end of meeting, Mr. Batbold presented the UN Secretary-General with a letter of appeal that was issued by the cabinet of Mongolia held in the sandy desert of Omnogobi Aimag.The same day, Prime Minister S. Batbold met with Mr. Tony Blair, former British Prime Minister. Now, Mr. Blair is serving as a special Envoy of the Quartet (UN, European Union, Russia and USA) on the Middle East, in frames of the UN. The sides have discussed issues of Mongolia-Britain cooperation and of international cooperation. The Prime Minister introduced Mr. Blair Mongolia’s development policy and position on international matters.
Mr. Blair said that the economy of Mongolia, a country with a good example of democracy in Asia, is developing intensively, and wished success to the coalition government of Mongolia. During the meeting, Mr. Batbold noted that Mongolia holds certain policies such as naturalizing European standards and improving the education and health sectors for citizens and it pays attention to developing good governance. Mr. Blair appreciated the reform made by the Mongolian coalition government, the policy of improving the livelihood of people, and shared
his positions and experiences. “Your government’s policy on introducing European standards has great importance, but it is critical to select the best ones from these standards and to adjust them to conditions of your country instead of copying all,” Mr. Blair emphasized. He said he appreciates the experience of Singapore in the development of education, and expressed his confidence that the Mongolian government’s effort will reach positive results in the education and health sectors in scope with the Millennium Development Goals (MDGs). Following the meeting, Prime Minister Batbold attended a meeting of member-states of the Socialist International in frames of the UN Assembly’s session, and gave a speech on climate change. He also
held meetings with influential businessmen.Mr. Batbold also met with Mr. Bill Clinton, former US President and head of Clinton’s Global Initiative in New York. Mr. Batbold underlined that the organization conducts active operation
in spheres of children, women, climate change, renewable energy, education and environment and expressed an interest of cooperation. As a result of the meeting, the sides agreed to cooperate in education, good governance, responsible mining
development and environmental conservation. Mr. Clinton said that the organization lacks experienced mining personnel and officials of the two sides need to hold contacts on this matter. After the meeting, Prime Minister S. Batbold attended the opening of the 6th conference of Clinton’s Global Initiative.On September 21, Prime Minister S.Batbold met with Jigme Yoser Thinley, Prime Minister of the Kingdom of Bhutan during his participation in the 65th session of the UN General Assembly in New York City, USA. On the occasion of the 100th anniversary of modern diplomatic service of Mongolia to be marked in 2011, the Mongolian side initiated and starts the establishing of diplomatic relations with those UN member states who have not had such relations with Mongolia. In accordance, the Presidential Office has given directives to the Minister of Foreign Affairs to create diplomatic relations with the Kingdom of Bhutan. Mongolia’s Ambassador to the Republic of India V.Enkhbold had held a meeting with the Bhutanese Ambassador to India in scope with this matter.
At the above meeting the Prime Minister said he would soon reply to the matter on Bhutan’s seeking nonpermanent membership in the UN Security Council. During his participation at the 65th session of the UN General Assembly, Prime Minister S. Batbold met with Mr. Kurt M. Campbell, the Assistant U.S Secretary of State for East Asian and Pacific Affairs, in New York.The sides discussed ways of intensifying the bilateral relations, arranging mutual visits of high level officials, widening economic cooperation, and increasing the number of Mongolian students to study in the USA with Fulbright scholarships.
Apart from the meetings, Prime Minister S. Batbold was interviewed by some well-known mass media including Bloomberg, Reuters and Wall Street Journal. During the interviews, Mr. Batbold gave accurate information about changes
and reforms in Mongolia’s business and legal environment and spheres of mining, infrastructure, banking, financing and education and about large projects under implementation. He talked about how climate change and desertification negatively affects Mongolia’s nature and the lives of people and that a recent cabinet meeting was held in the sandy valley of Omnogobi Aimag as well.
In frames of his work in New York, Mr. Batbold held a meeting with George Soros in New-York on September 21. To begin the meeting, Mr. Batbold highly appraised Soros Foundation’s significant contribution to develop democracy and human
rights institutions in Mongolia. He noted the importance of continuing cooperation between Mongolia and the Soros Foundation in strengthening humanitarian democracy and of Soros Foundation’s participation in developing civil society and free
press. Prime Minister’s visit continues. From September 27 to October 1, Prime Minister S. Batbold will continue the visit to Canada. The aims of this visit is to continue the frequency of bilateral high level political talks, to strengthen
an agreeable legal environment for bilateral ties, to widen the relations in principles of partnership cooperation, to determine the present situation of relations and their prospects, and to exchange opinions on cooperation in trade, economics, investments, infrastructure, agriculture and environment. Mr. Batbold will meet Stephen Harper, the Prime Minister of Canada, and some other Ministers. Moreover, Prime Minister will visit the Canadian Parliament and hold meetings with the Speakers of the Senate and House of Commons. Mr. Batbold will also meet with governors of Ontario and British Columbia states, and attend Mongolia-Canada business forums to run in Toronto and Vancouver cities. In line with the official visit, it is expected that the Prime Minister will sign some official documents on the development of cooperation in road, transportation, construction, urban development, civil service and standardization service. After the USA and Canada trip, Mr. Batbold will head to Japan to attend a ceremony for the retirement of Sumo Grand champion D.Dagvadorj.

Source:Mongol Messenger, Mongolian English Weekly published by Montsame News Agency

Vegetarian’s survival guide to Mongolia

By Matthew Lynch

Vegetarians beware.

There may be plenty of vegetarian dining options in Ulaanbaatar, the capital city of Mongolia, but if you are planning a trip to Outer Mongolia, make it a short one. Or bring lots and lots of your own food supplies.

Let me take you to Tosontsengel, in Northwestern Outer Mongolia, where we are treated to an old-style Mongolian barbecue – “a feast for kings”.

The sheep is slaughtered using the traditional technique – I’ll spare you the gory details here, but just picture that scene from Indiana Jones and the Temple of Doom, and you’ll get the picture.

First course

First course is a rich mutton broth made from the water in which the internal organs have been boiling away for the last three hours.

Second course, 

you guessed it, the organs are presented to the guests of honour first – slopped into a steel bowl and placed at your feet with the handle of a large, sharp knife that has been made for meat-eating pointed in your direction. Dive in and carve off a piece of lung, kidney, or heart for your dining pleasure.

The organs are the most nutritious, and therefore the most highly prized part of the animal. Mongolia freezes over during their long, harsh winters, and the nomadic herding lifestyle has evolved in response to act as a family’s energy store through the cold months; hence Mongolians’ love of meat, meat, and more meat.

Third course

Third course? Another version of mutton broth, to cleanse your palate – this one richer than the first, if that is possible, made from the water the rest of the carcass has been simmering in for the last three hours.
Don’t forget the condiments! Pickled green tomatoes, potent wild onions, zesty pickled beetroot, and perhaps some baby boiled potatoes. Mongolia’s growing season is short, and conditions harsh (you try growing vegetables in the Gobi Desert), so if you are lucky enough to be served veggies in the countryside then know that you are truly being treated as royalty.
Fourth course

Thankfully, the fourth course is not a boiled carcass – rather, more recognisable cuts of meat served up in another bowl with more knife handles pointed at your belly so that you can hack a chunk of meat from the bone you’ve picked. Wipe the grease from your hands on a leather bridle, which is passed around the yurt; clean your hands and keep your hosts’ riding equipment soft and supple at the same time!

Take another sip of the traditional, ubiquitous salty milk tea called ‘tsu te tse’, and brace yourself for the next course. Milk is another highly nutritious product of the nomads’ animal herds, and is preserved by making it into cheeses and yoghurts; diluting milk in tea is another way to stretch this precious resource further.
The fifth course you will not have seen before: the boiled sheep’s stomach, bulging with its mystery contents, is presented on a platter. Your host produces his knife with a flourish, and deftly opens the sac to reveal… the sheep’s head, whose lips have been drawn back into a macabre smile when its hair was singed off in preparation for your meal.

A couple more deft slices of his knife, and the tripe bag opens to reveal the sheep’s shins and hooves, which have also been singed, and stuffed in along with the happy head, whose jaw now drops open with a dull thud, turning its grin into a toothy guffaw.

But wait, there’s more! The fatty tail pad has been scooped out, filled with minced meat, sewn shut and boiled next to the stuffed stomach for the last three hours – it is this part that was considered to be Ghengis’s favorite meal – A Feast Fit For The Khan.

Vegetarian survival guide to Mongolia:

1. 1. Cling to the first piece of meat offered to you and nurse it through your entire meal. If you pick this bone clean your hosts will only offer you more.
2. 2. Hold your breath when sipping the organ stew. Have some bottled water or fruit juice nearby in your canteen to wash the taste out of your mouth.
3. 3. Beam with delight when offered pickled veggies or (on the very rare occasion) green salad to encourage your host to offer you more.
4. 4. Sit next to a friendly carnivore whom you can offload your meat dishes on to when nobody is looking.
5. 5. Clap your hands like a madwoman when the yoghurt appears. If you do this well, it will be lovingly prepared with clotted cream and sugar as you swallow back your drool. Your belly will thank you for this.


GE and Newcom Sign MOU for Strategic Cooperation in Mongolia

Back row, from the right:
Ch. Ganhuyag (Economic Advisor to the Prime Minister of Mongolia), D. Zorigt (Minister of Mineral Resources and Energy of Mongolia), S. Batbold (Prime Minister of Mongolia), J. Rice (Vice Chairman of GE and President and CEO of GE Technology Infrastructure), P. Morrow (Vice Chairman of Newcom Group), B. Bold (CEO of Newcom Group)
Front row, from the right:
Ts. Boldbaatar (Chairman of the Board of Directors of Newcom Group), M. Norbom (President and CEO of GE Greater China)  
New York, September 23, 2010 – General Electric Company (GE) and Newcom Group (Newcom) announced to jointly explore business opportunities in Mongolia, one of the fastest growing and resource-rich markets in Asia. Newcom is a leading privately owned investment company in Mongolia with interests in telecommunications and information technology, real estate, clean energy and aviation. GE will be the largest multi-national company to operate in the Mongolian market.
Mr. Boldbaatar Tserenpuntsag, Chairman of Newcom Group and Mr. Mark Norbom, the President and CEO of GE Greater China signed today a memorandum of understanding in New York in presence of H.E. Mr. Batbold Sukhbaatar, Prime Minister of Mongolia and Mr. John G. Rice, Vice Chairman of GE and President and CEO of GE Technology Infrastructure.
The two companies agreed on the principles and basis to explore a sustained partnership in key sectors of the economy, including power, civil aviation, healthcare, railways, water, mining, lighting and financial services.

“GE is very excited to explore growth opportunities in Mongolia with a strong partner like Newcom. Each company brings strengths that are well-aligned with Mongolia’s growth needs -- GE brings technologies and expertise in infrastructure and financial services and Newcom brings established relationships and operations in the market.” said Mr. Norbom.
“Newcom is happy to be GE’s partner of choice in Mongolia. Indeed, we are a perfect match – it is imagination and innovation that drives our two companies. As GE has stood at the forefront of imagination and progress in the world for over a century, Newcom has been a pioneer in new and innovative technologies in democratic Mongolia. Together we are set to team for growth and take on big development challenges in emerging Mongolia.” said Mr. Bold Baatar, the CEO of Newcom Group.
Mongolia is rich in energy and mining resources and is strategically located next to growing and resource hungry markets. It is home to some of the world’s largest coal and copper deposits, and vast wind energy potential. Mongolia’s GDP is expected to expand six times in the coming ten years, driven by dynamic growth in mining and infrastructure.
* * *
Newcom Group, founded in 1993, is a long term investor committed to bringing global expertise and innovation to Mongolia. Newcom Group ( employs about 1,700 people and has a successful track record and portfolio of investments across telecommunications, information technology, airline, financial services, real estate and clean energy industries. The company’s headquarters are in Ulaanbaatar, Mongolia.
GE (NYSE: GE) is a diversified infrastructure, finance and media company taking on the world’s toughest challenges. From aircraft engines and power generation to financial services, health care solutions and television programming, GE ( operates in more than 100 countries and employs about 300,000 people worldwide.
Newcom – Enerelt Batbold, (976) 99118524,
GE – Geoff LI, (86) 13918189557,

Source:NewCom Group of Mongolia

Facebook page

Powered by Blogger.


Advertising in Mongolia An Culture Editorial of the Mongolianviews education Environmental protection Famous Mongolians Foreigners in Mongolia Inner Mongolia Ivanhoe Mines Mongolia agriculture Mongolia analysis Mongolia and Australia Mongolia and Belorussia Mongolia and Cambodia Mongolia and Canada Mongolia and central Asia Mongolia and China Mongolia and Cuba Mongolia and EU Mongolia and Germany Mongolia and Hongkong Mongolia and Hungary Mongolia and India Mongolia and Inner Mongolia Mongolia and Iran Mongolia and Israel Mongolia and Italy Mongolia and Japan Mongolia and Kazakhstan Mongolia and Korea Mongolia and Kuwait Mongolia and Kyrgyzstan Mongolia and Malaysia Mongolia and Nato Mongolia and North Korean Mongolia and Poland Mongolia and Russia Mongolia and Singapore Mongolia and South Korea Mongolia and Taiwan Mongolia and the world Mongolia and Tibet Mongolia and Turkey Mongolia and UK Mongolia and Ukraine Mongolia and UN Mongolia and US Mongolia and USA Mongolia and Vietnam Mongolia Banking Mongolia civic society Mongolia crime Mongolia diplomacy Mongolia Economy Mongolia Education Mongolia Energy Mongolia Finance Mongolia Health Mongolia History Mongolia holiday Mongolia in international media Mongolia Industries Mongolia Joke Mongolia law Mongolia LGBT Mongolia medical Mongolia military Mongolia Mining Mongolia Mining Developments Mongolia Mortgage Mongolia natural disaster Mongolia Petroleum Mongolia public announcements Mongolia railways Mongolia Religion Mongolia society Mongolia Sports Mongolia Stamp Mongolia telecommunication Mongolia tourism Mongolia Urbanization Mongolia Wild Life Mongolian Agriculture Mongolian Archeology Mongolian Food Mongolian Gay Mongolian Government news Mongolian History Mongolian Military Mongolian Mining Development Mongolian Movie Mongolian News Mongolian Parliament Mongolian Political news Mongolian Press Mongolian Songs Mongolian Women Mongolian Youth Mongolians abroad Moninfo Opinion Oyu Tolgoi Investment Agreement Photo news Press Release Rio Tinto Tavan Tolgoi coal mine Ulaanbaatar development Weird expatriates in Mongolia

Blog Archive