Gold extraction banned in river basins

Mining for gold near river flows creates an environmental nightmare On November 17, Government issued a resolution to cease mining activities except for mining blockage, rehabilitation and environment monitoring at a gold deposit field permitted by a special...

Read More

The prime minister, the private investigator, the murder of a Mongolian model, and 114 million euros

The remaining loose ends are being tied off in the seemingly determined efforts to ensure Malaysia’s prime minister, Najib Tun Razak, is not embroiled in the still unresolved murder by two of his bodyguards of a Mongolian model and translator.Distancing the prime minister from the murder also creates some space between Najib and 114 million euros ($160...

Read More

Malaysian Civil Court to try Sh. Altantuya’s case

On November 10, Undesnii Shuudan Daily wrote that a case related to a Mongolian woman who was assaulted to death in Malaysia will be tried. The terrifying case is about Mongolia’s fashion model, Sh. Altantuya who was shot and then exploded with a bomb in Malaysia in October of 2006. This cruel murder was not just an ordinary crime, but had business...

Read More

Mongolia Record their Best Ever Performance in Asian Games

Written by Kh.Ganchimeg Mongolia grabbed two gold, five silver and nine bronze medals in the 16th Asian Games, held in Guangzhou, China from November 12 until 27, 2010. The 16th Asian Games officially closed on Saturday in the southern Chinese metropolis of Guangzhou with a rousing and colorful outdoor spectacular. “The 16th Asian Games, which...

Read More

Who has the real power in Mongolia?

Written by G.Chingis This is probably the most difficult question for foreign investors. There are several ways to start to think about investing in Mongolia. Sometimes, you will meet Mongolians in your country; or you might be invited to Mongolia for some reason. Of course, foreigners will think the way he/she thinks due to their national background....

Read More

Mongolia Renews Commitment to Afghanistan at Lisbon Summit

By Linda Haywood At the NATO summit in Lisbon, President Elbegdorj of Mongolia renewed his country’s commitment to the ongoing operations in Afghanistan with a pledge to send more army engineers, border patrol experts and rescue specialists. “Mongolia will contribute further to stabilize Afghan situation which has become one of the core of Eurasian...

Read More

R.S.Koppa, President of TDB: Trade and Development Bank of Mongolia successfully returns to the international debt capital markets

In October 18, 2010 TDB confirmed the successful issue of its second bond in the international debt capital markets, raising USD 150 million of 3 year Senior nsecured Notes under its Euro Medium Term Note (EMTN) USD 300 million bond programme to increase the...

Read More

Mongol Bank’s policy rate remains unchanged

On November 18, the Board of Directors of Mongol Bank met and issued a resolution to maintain its Policy Rate. At the press conference held on November 19, the Mongol Bank reported that as of the National Statistical Committee, inflation stands at 11.3 percent in October and the inflation growth had an intensive increase in first half of this year...

Read More

Americans celebrate Thanksgiving in Mongolia

The USA has a number of national holidays, Christmas, New Years, Memorial Day, Independence Day, etc., but I feel there is no better holiday than Thanksgiving. Thanksgiving is all about family, football and feasting. I have countless memories of Thanksgiving days at different homes of my family. Each was a memorable occasion. No other national holiday...

Read More

World Bank warns that the 2011 budget is risky

Parliament reviews 2011 budget in light of World Bank’s assessment The World Bank’s economist’s team made an analysis on the 2011 budget Bill of Mongolia and concluded the budget is risky, recommending adjusting to better reflect the lessons from the previous...

Read More

Mongolia celebrates Proclamation Day

Speaker D.Demberel, President Ts.Elbegdorj, and Prime Minister S.Batbold paying tribute to Chinggis Khaan statue on Mongolia’s 86th Proclamation Day This year is the 86th anniversary of Mongolia’s proclamation Day. On November 26, 1924, the first State Ikh Khural...

Read More

UNITED STATE BUDGET FOR 2011 APPROVED

Ulaanbaatar, Mongolia /MONTSAME/ At its Thursday plenary session, parliament discussed a draft amendment to the law on mineral resources and draft law on the united state budget of Mongolia for 2011. At the beginning of the session, MPs got acquainted with proposals and conclusions, drawn up by parliamentary Standing Committee on economy for the final...

Read More

Mongolia plans for renewable energy

Mongolia’s recent decision to set up its first commercial wind farm is fueling a public debate that aims to strike the right balance between Mongolia’s near-term and long-term economic development interests, says a report by Pearly Jacob for Eurasia.net. Sparsely inhabited, with vast steppes and ample wind, Mongolia’s potential for harnessing renewable...

Read More

Mongolia to provide rare-earth alternative to China

Toshiba and Mongolia have inked an agreement to cooperate on developing the latter's mineral resources. The discussion will include developing sources of uranium, rare earth and rare metals products. Many of the obscure minerals, metals and their oxides are used in electronics manufacture and have been rising in price in recent years as China has...

Read More

Mongolia's motherlode

Peter Koven in Oyu Tolgoi, Mongolia, Financial Post · Friday, Nov. 26, 2010 Oyu Tolgoi or “Turquoise Hill,” named for the colour of the copper in the rock.                 Peter Koven...

Read More

UN experts working in Mongolia

The head of the Anti- Corruption Agency (ACA) Ch.Sangaragchaa met on Monday experts from UN Convention against Corruption who arrived in Ulaanbaatar. The purpose of the visit of the expert group is to check the implementation of the UN Convention against Corruption and the evaluation of its performance. During the visit, the experts are planned to...

Read More

Mining licenses can be canceled only after compensation, say experts

Almost a year and a half after the law banning all mineral prospecting, exploration and mining in water basins and forest areas was passed, implementation began last week. The Government initiated a process of revocation of licenses in stages, beginning with 254 alluvial gold mining licenses. The law covering environmentally vulnerable areas is like...

Read More

Toshiba seeks mineral resource development in Mongolia with local firm

TOKYO, Nov. 26, 2010 (Kyodo News International) -- Toshiba Corp. (OOTC:TOSYY) said Friday it has inked a memorandum of understanding with a Mongolian consultancy for possible cooperation in developing mineral resources including uranium and rare earths, and enhancing social infrastructure in the resource-rich nation. Through the tie-up with MNFCC...

Read More

Mongolian mining bans could deter speculators -investor

BEIJING Nov 25 (Reuters) - Mongolia's decision to revoke hundreds of gold mining licenses last week has alarmed investors but the government's efforts to clean up its mining sector could have long term benefits, the head of a foreign fund said. Mongolia's energy and mining minister Dashdorj Zorigt announced late last week that 254 gold mining licenses...

Read More

Ivanhoe Mines says has strategic options

By Eric Onstad LONDON, Nov 24 (Reuters) - Ivanhoe Mines (IVN.TO: Quote) has plenty of options as it fights a possible "creeping" takeover by Rio Tinto (RIO.L: Quote), its founder said, noting sovereign wealth funds were keen on Mongolia, where Ivanhoe is developing a huge mine. Robert Friedland -- who is also executive chairman, CEO and a major shareholder...

Read More

Centerra Gold Clarifies Status of Mongolian Licenses

Centerra Gold Inc. (TSX:CG) today wishes to clarify the status of its Mongolian Licenses, in particular, the Company's principal Gatsuurt hardrock mining license which is not on a list of alluvial licenses to be revoked. In July 2009, the Mongolian Parliament enacted legislation that would prohibit mineral prospecting, exploration and mining in water...

Read More

Mongolia 2010 GDP growth seen at 7.5 pct-govt official

LONDON, Nov 24 (Reuters) - Mongolia's gross domestic product (GDP) should grow by 7.5 percent in 2010, a senior government official said on Wednesday. Ganzorig Baasankhuu, chairman of Mongolia's foreign investment and foreign trade agency, told a conference: "We project GDP growth of 7.5 percent in 2010, one of the highest in the world." Growth was...

Read More

Mongolia’s Rating Raised to B+ by Fitch on Economic Recovery

By Anil Varma Nov. 24 (Bloomberg) -- Mongolia’s long-term debt ratings were raised by Fitch Ratings after the nation’s economy returned to growth and its foreign-exchange reserves climbed to a record. Fitch increased the country’s long-term foreign- and local- currency rankings to B+ from B, reversing a January 2009 cut, and affirmed short-term ratings...

Read More