STATEMENT BY IMF DEPUTY MANAGING DIRECTOR NAOYUKI SHINOHARA AT CONCLUSION OF MONGOLIA VISIT

Press Release No. 14/311 June 27, 2014

Mr. Naoyuki Shinohara, Deputy Managing Director of the International Monetary Fund (IMF), issued the following statement today in Ulaanbaatar at the conclusion of his visit to Mongolia:

“I would like to thank the Mongolian authorities for their gracious hospitality and for the productive discussions that we have had over the past three days. In particular, I wish to thank Speaker of the State Great Hural Z. Enkhbold, Prime Minister N. Altankhuyag, Minister of the Cabinet Office Ch. Saikhanbileg, Minister of Finance Ch. Ulaan, Minister of Economic Development N. Batbayar, and Bank of Mongolia Governor N. Zoljargal, for their warm welcome and frank exchange of views.

“In my meetings, I commended the authorities for their ambitious growth and development objectives. Mongolia has a magnificent history and certainly has a promising future, given its industrious and talented people, abundant natural resources, and strategic location.

“Our discussions focused on how best to meet the challenges that Mongolia faces as it strive to realize its great potential. In recent years, Mongolia has been one of the world’s fastest-growing economies, vaulting into the ranks of middle-income countries in just a few years. This growth was earlier driven by large investments in the mining sector, spearheaded by substantial foreign direct investment. But as these have dropped, growth has been held up increasingly by fiscal and monetary stimulus. This has led to growing balance of payments pressures, the depreciation of the togrog, and higher inflation.

“I highlighted the importance of tightening macroeconomic policies to combat these pressures. Monetary policy needs to be tightened, since—as in other countries—excessive credit growth has contributed to strong imports. Moreover, the budget should include all fiscal activity, including the spending by the Development Bank, and the consolidated deficit should be brought down steadily toward the target laid out in the Fiscal Stability Law. We also discussed the importance of strengthening bank supervision and the need to maintain Mongolia’s flexible exchange rate system. While such measures might entail a somewhat slower growth path in the near term, they are critical to safeguarding domestic and external stability, and making growth—still rapid by international comparison—more sustainable.

“On a brief trip like this, it is usually difficult to see much of a country. I am thus particularly grateful to the authorities for arranging my visit to one of Ulaanbaatar’s “ger districts,” where I observed important work being done to improve living standards, and also for taking me outside the city to appreciate Mongolia’s stunning natural beauty and rich traditions. Back in the capital, I also had the opportunity to share views with leading bankers and businessmen on economic developments and the outlook for Mongolia and the world.

“The IMF will continue to work closely with the Mongolian authorities and, as always, will stand ready to assist in whatever manner is most appropriate. Once again, I would like to thank the authorities and the people of Mongolia for their warm hospitality, and I look forward to continuing our cooperation.”

Source:IMF

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Oyu Tolgoi dispute should not derail $4bn funding - director

A director for Oyu Tolgoi LLC says the tax dispute with Mongolia should not derail $4 billion of funding to expand the mine.
Author: Michael Kohn (Bloomberg)
Posted: Friday , 27 Jun 2014 

(BLOOMBERG) - 

Turquoise Hill Resources Ltd.’s tax dispute with Mongolia shouldn’t derail $4 billion of project financing to expand the Oyu Tolgoi copper mine part owned by Rio Tinto Group, a local director at the resource’s operator said.

“Don’t mix the political importance of the project with this tax audit issue,” Ganbold Davaadorj, a director for Oyu Tolgoi LLC, said yesterday by phone from Ulaanbaatar. The “tax authority report is one thing and importance of investment in the project is a completely different thing.”

Turquoise Hill, based in Vancouver, said it had filed a notice of dispute with the Mongolian government over an audit claiming unpaid taxes, penalties and disallowed entitlements. The dispute delays distribution of a feasibility study for the mine’s expansion needed for project financing, it said.

The filing is the first step in a resolution process including 60 days of negotiation, Turquoise Hill said. The dispute may move to international arbitration if a deal isn’t reached in that time, it said.

Investment in underground expansion depends on resolution of the tax claims and other shareholder issues, according to the statement from Turquoise Hill, 51 percent-held by Rio Tinto.

The Rio unit owns two-thirds of the mine operator. Ganbold said June 23 the tax claim seeks payment of about $130 million.

Tony Shaffer, a Turquoise Hill spokesman, declined to comment on the tax dispute.

State Company

The director, also chief executive officer of Erdenes Oyu Tolgoi LLC, the Mongolian state company with 34 percent of the project, said the feasibility study shouldn’t be delayed after the tax claims. “Investors should have provided the feasibility study two years ago but it was always delayed,” he said.

Mongolia will work to resolve the disagreement without resorting to international arbitration, Ganbold said.

Turquoise Hill said March 25 the study would be available in the first half. Oyu Tolgoi shareholders and the Mongolian Minerals Council need to approve the study for a project financing package with bank terms that are set to expire Sept. 30.

“If both sides have interest to move the project as quickly as possible, they could provide some general information earlier,” Ganbold said. “But we have zero information, that is the problem.”

--With assistance from Christopher Donville in Vancouver.

To contact the reporter on this story: Michael Kohn in Ulaanbaatar at mkohn5@bloomberg.net 

To contact the editors responsible for this story: Jason Rogers at jrogers73@bloomberg.net

©2014 Bloomberg News

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Mongolian govt says Oyu Tolgoi owes taxes, penalties

(Adds details on feasibility study, background)

(Reuters) - Mongolian tax authorities have sent a report to officials at the Oyu Tolgoi copper and gold mine, claiming unpaid taxes and penalties related to the development of the mine, which is operated by Rio Tinto,Turquoise Hill Resources Ltd said on Monday.

Rio-controlled Turquoise Hill, which owns 66 percent of Oyu Tolgoi, said it strongly disagrees with the claims that are contained in an audit report, and believes the mine has paid all legally required taxes and charges.

If the dispute is not resolved by June 30, the company said, the feasibility study for Oyu Tolgoi's underground expansion could be delayed. It noted that any breach of its investment agreement with Mongolia could trigger international arbitration.

Oyu Tolgoi's open pit is in production, but an underground expansion was put on hold last year after the Mongolian government became concerned that cost overruns would cut into profits.

In May, Turquoise Hill said talks with the government on restarting development had been "constructive," and the feasibility study would be finished by the end of June.

Financing commitments needed to build the underground mine are set to expire Sept. 30.

Oyu Tolgoi is expected to produce 135,000 tonnes to 160,000 tonnes of copper and 600,000 ounces to 700,000 ounces of gold in concentrates for 2014, Turquoise Hill said in May. (Reporting by Allison Martell; Editing by Jeffrey Benkoe)

Source:Reuters

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U.S. Marines renovate Mongolian kindergarten for Exercise Khaan Quest 2014

ULAANBAATAR, Mongolia - Sounds of power saws and hammers can be heard emanating from the halls of a white-bricked elementary school in Bayayngol District, Ulaanbaatar, Tov province, Mongolia, June 18 where Marines are working hard to renovate it as part of the Engineering Civic Action Program of Khaan Quest 2014.



Khaan Quest is a regularly scheduled, multinational exercise co-sponsored by the United States Marine Corps Forces Pacific and United States Army Pacific and hosted by the Mongolian Armed Forces. Khaan Quest 2014 is the latest in a continuing series of exercises designed to promote regional peace and security. This year marks the 12th iteration of this training event.

U.S. Marine Corps combat engineers are participating in the ENCAP alongside members of the Alaska National Guard and Mongolian Armed Forces.

The Marines are working in two groups. The first group of Marines can be seen digging a trench outside the perimeter of the schoolyard. This trench will help reinforce the new fence the Marines are building. The second group can be found inside the kindergarten, wearing brightly colored construction hard-hats and powder blue ventilation masks, for protective measures. These Marines are working by the natural light pouring in where windows have already been removed from their frames, waiting to be replaced. The old floors have been ripped up, and the Marines are mixing concrete in preparation for the new floors. 

U.S. Marine 1st Lt. Pierce D. Torrence, a Rockford, Illinois native and platoon commander for A Company, 9th Engineer Support Battalion, 3rd Marine Logistics Group, III Marine Expeditionary Force, supervises his platoon as the kindergarten renovations are underway.

“Right now we are putting in the fence and we will be emplacing a new playground,” explains Torrence. “We have a couple of Marines doing some floor work on the inside and tearing out some windows.” 

2nd Lt. Courtney Caimona

U.S. Marine Sgt. Ryan J. Turba from A Company, 9th Engineer Support Battalion, 3rd Marine Logistics Group, III Marine Expeditionary Force, directs Marines rebuilding a kindergarten perimeter fence June 18 in Ulaanbaatar, Mongolia, during the Engineering Civic Action Program segment of Exercise Khaan Quest 2014. Humanitarian civic action programs conducted by U.S. and Mongolian Armed Forces during KQ14 demonstrate a mutual commitment to support security and humanitarian interests of friends and partner nations. The programs will improve the quality of life, as well as the general health and welfare of civilian residents in the exercise areas.

Read more: http://www.dvidshub.net/news/133996/us-marines-renovate-mongolian-kindergarten-exercise-khaan-quest-2014#.U6giNfmSySp#ixzz35SxiyZob

Having the opportunity to contribute to the welfare of civilian residents is what many Marines consider to be the most rewarding part of the exercise experience. The Marines also relish the opportunity to strengthen the relationships with members of the Mongolian Armed Forces.

U.S. Marine Staff Sgt. Thomas L. Heinzelman, a Twin Falls, Idaho native and platoon sergeant for A Company, 9th ESB, 3rd MLG, III MEF, takes a break from cutting wood sheathing to explain his most rewarding experience of the project. 

“I consider myself very fortunate to be able to interact with the Mongolian Armed Forces and see their skillset,” expresses Heinzelman. “This is also a wonderful opportunity to experience the local culture.”

Humanitarian civic action programs conducted by U.S. and Mongolian Armed Forces during Khaan Quest 14 demonstrate a mutual commitment to support security and humanitarian interests of friends and partner nations. The programs will improve the quality of life, as well as the general health and welfare of civilian residents in the exercise areas.

The ENCAP portion of Khaan Quest 14 also includes the construction of a water distribution point and the replacement of a gymnasium lighting system at an elementary school, both in the Songinikhairkhan District. The Marines are scheduled to complete all three ENCAP initiatives by June 30, 2014.

Read more: http://www.dvidshub.net/news/133996/us-marines-renovate-mongolian-kindergarten-exercise-khaan-quest-2014#.U6gRpPmSySo#ixzz35SxXI6IM

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Russia, Mongolia to Lift Visa Regime in August

TEHRAN (FNA)- Speaker of the Mongolia's parliament (the State Great Hural) said on Monday that his country plans to sign an agreement on visa-free regime with Russia in August.

"The agreement abolishing visa regime between Russia and Mongolia might be signed as early as this August," Zandaakhuugiin Enkhbold said, the Voice of Russia reported.

"In August, we expect President Putin to visit Mongolia for the celebration of the 70th anniversary of the victory in the Battle of Khalkhin Gol. So I hope the agreement will be signed during his visit," Enkhbold added.

He stressed that visa free regime would attract more investors and tourists to Mongolia.

Visa regime between Russia and Mongolia was introduced in 1995 on the Mongolian initiative. Cancellation of the visa regime has been discussed by the heads of states for a few years.

Source:farsnews.com

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Mongolia plans anti-discrimination laws

Mongolia's government plans new hate crimes legislation in response to attacks on homosexuals and foreigners.

 

Ulaanbaatar, Mongolia - The government here has embarked on a series of sweeping reforms to the country's legal system, including provisions that aim to prevent crimes of hate, bigotry and discrimination. Hate crime has emerged as a serious issue in Mongolia, rising to international prominence in 2011 when nationalist groups - many of whom draw from neo-Nazi ideology - were found responsible for numerous attacks against the country's Lesbian Gay Bisexual and Transgender (LGBT) population, and foreign migrant communities. Though reliable statistics are hard to come by, rights groups say vicious attacks continue to mar Mongolia's human rights record. On April 10, three foreign men were physically attacked by a neo-Nazi group at a rock concert in Ulaanbaatar, the capital. In February, a homosexual man who later died was sexually assaulted by homophobic nationalists: police first refused to register his case, because male-to-male rape is not considered a crime under domestic law. A civil rights advocate, who asked not to be named, described the event as a hate crime. "We are not sure whether later [the victim] was murdered - or whether he killed himself," he says. The legal reform proposals, announced in May, include a review of anti-discrimination provisions in the country's criminal code. Civil rights groups are calling for the inclusion of hated-based motivation as an aggravating factor in criminal sentencing. "Hate-motivated acts need to be included as a crime category," says Bataa Bayaraa, head of the Mongolian National Human Rights Commission's Complaints and Inquiry Division. "That's why we proposed to include provisions … [for] those acts where perpetrators pressure, threaten and interfere with the daily lives of people out of hatred." It comes as Mongolia's Justice Minister Kh Temuujin, who has faced a series of recent scandals, embarks upon an expansive legal-reform agenda. Unclear timetable At present, no measures exist to further penalise perpetrators for suspected bias-motivated violence, nor are law enforcement agencies required to outline suspected intent. It is not yet clear what these draft measures would deploy as additional penalties for those found guilty of hate-motivated acts. As currently drafted, the law would require training of law enforcement agencies to recognise and report cases of suspected hate-based acts. This, say advocates, will prove vital in gathering reliable records. Mongolia's economy is growing quickly due to a mining boom, leading to rapid social changes [GALLO/GETTY] In late May, the ministry of justice, responsible for submission of the draft to parliament, removed hate-oriented provisions, replacing these with generalised references to "discrimination". Some argue this may lead to broader, unintended implications. "They had intended to draft hate crimes into law," explains Anaraa Nyamdorj, executive director of the country's LGBT Centre. "Instead they've codified discrimination, drafting it in such a way - so broad - that it will be very difficult to bring down to an implementation level. It means that Mongolia could very well be one of the first countries in the world to criminalise the very concept of discrimination almost entirely." The initial draft, produced by a working group made up of rights groups and justice ministry officials in January this year, had included specific provisions for crimes of "hate bias". Provisions would, in a similarly unprecedented move, establish penalties and reparations that would recognise psychological, as well as physical, damage caused by such crimes. Discrimination in Mongolia "Anti-discrimination provisions are included to some extent in the laws of every sector; for instance, under labour and family laws," explains Bayaraa, himself a member of the working group. The National Human Rights Commission lent its support to the inclusion of hate-based provisions in light of numerous complaints it received, which found that, in such circumstances, "motivations are special and not like that of any other similar crimes", says Bayaraa. Many had hoped that the country's anti-discrimination laws would be extended to include restrictions on offending, insulting or humiliating people because of their sexual orientation. As it stands, the far-reaching law risks being perceived as a threat to free speech. "It runs the risk of being seen in a negative light - people can't even say what they want to because then it will be considered discrimination," Anaraa says. "Then if it's discrimination, it's a crime, so I can't even fully express myself." Discrimination, seen as a possible precursor to hate crimes, remains prominent in Mongolia. The National Human Rights Commission said in 2012, almost 80 percent of people surveyed who identified themselves as LGBT had experienced some form of human rights abuse in the previous three-year period. Almost three-quarters had considered suicide one or more times, "due to society’s intolerance and failure to understand them", the commission reported. In September 2009, for example, three transgendered women were kidnapped at one of the city's most vibrant promenades, in broad daylight, by a local hyper-nationalist group. In a 2011 documentary titled Lies of Liberty, one of the victims said they were driven to a cemetery on the city's outskirts. "Nine men were there and were beating us in different ways," she explains. The film outlines how the women were also sexually assaulted before being forced to conduct sexual acts on the perpetrators. The women say they were targeted because of their sexual orientation, with the men describing the vicious assaults as a "warning to their kind", one victim says. Politics of justice  The country's legal reform agenda is further complicated by recent efforts to remove the minister of justice over allegations of drug-use and salacious behaviour. In early May, local MPs lodged parliamentary petitions calling for his removal. Temuujin has denied the claims and so far kept his job. We cannot wait for these constitutional amendments to be passed ... Right now lives are being affected irreversibly. - Anaraa Nyamdorj, LGBT Centre Temuujin enjoys broad, continued support among the country's civil society groups. Many fear legal reforms would be indefinitely postponed if he was ousted. "Temuujin is a young politician, and one who is trying to transform the law," says Altanchimeg Delegchoimbol, head of UNAIDS Mongolia. "Mongolia's parliament is filled with many long-standing lawyers, who feel that the original criminal code - the one that they drafted - is the best. As a result, the criminal code of Mongolia has always been a law that is extremely difficult to amend." Bayaraa says the draft law, though likely to face substantive amendments throughout the course of parliamentary sessions, is likely to be passed. Others have expressed uncertainty as to whether hate-crimes legislation should be a priority, given its provisions serve for the protection of minorities. Yet for some, the changes cannot come soon enough. "An issue like this can no longer be ignored," says Anaraa of the LGBT Centre. "We cannot wait for these constitutional amendments to be passed. We need to take whatever we can ... and run with it. Right now, lives are being affected irreversibly."

Source: Al Jazeera

 

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Three Scottish wrestlers set to travel 5000 miles to grapple with Mongolia's finest

DUBBED the Genghis McKhans, the Scots will travel 5000 miles to the eastern state - where wrestling is the national sport - and compete against the best in their kilts.

Mark Anderson

Jamie Macdonald, his brother Robert and businessman David Scott will take part in a wrestling competition in Mongolia

THREE Scottish wrestlers are set to face the challenge of a lifetime by taking on some of Mongolia’s best grapplers in their own backyard.

The intrepid Scots will travel 5000 miles to the eastern state, where wrestling is the national sport.

It was invented there more than 5000 years ago and fabled leader Genghis Khan used it to keep his mighty army – the famous Mongol hordes – fit.

Now the Mongolians have given a special invite to airline pilot Jamie MacDonald, 41, his photographer brother Robert, 36, and businessman David Scott, 40, from Clarkston, East Renfrewshire, to take on their best.

Mongolia is the top wrestling nation in the world and won a string of gold wrestling and judo medals at the last two Olympics.

Dubbed the Genghis McKhans, the three amateur wrestlers are to challenge the Mongolians at their own unique form of wrestling. They have been invited to the remote town of Bulgan in August where Mongolia’s best wrestlers will descend for their national 
competition It is the first time outsiders have been invited.

But the trio will not be wearing the traditional and distinctive Mongolian wrestling garb, which includes a jacket, small briefs and leather boots. Instead, they will compete in their kilts.

Mark Anderson

Jamie MacDoanld (top) flings brother Robert to the ground during a pratice bout.

 

David, who also runs an adventure holiday firm, said: “It is a real honour to be invited. Mongolia is to wrestling what Brazil is to football.

“The Mongolians are great admirers of the wrestling style used in Highland Games, which is different from Mongolian.

“In Mongolia, wrestlers are major celebrities. They are treated like rock stars.

“The men are more than 20st and very powerful. We are all around 16st and it will be an almost impossible task to beat them but we will do our best.”

David has been visiting Mongolia for more than 10 years on trade and cultural missions and was recently appointed an honorary consul for Scotland.

One of his adventure holidays involves a trip across the Gobi desert. He added: “Mongolia is a little-known country but there are great trading opportunities here for Scottish businesses. They are very friendly people.”

Source:http://www.scotlandnow.dailyrecord.co.uk/

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Mongolia:Dutch firms support first sustainable tannery

A new initiative has been launched to set up the first sustainable tannery in Mongolia, with the ultimate aim of producing a consumer-facing label to communicate where the leather in their shoes, bags and jackets has come from.
The plans were announced today (19 June) during a congress for the Dutch leather sector. MVO Netherland (CSR Netherlands) will work with a number of Dutch companies including chemical suppliers, brands and retailers to support the tanneries and help sell their products.
Taking part in the venture are chemical company Stahl, which produces leather dyes and coatings;Macintosh Retail Group (operator of the Manfield, Scapino and Dolcis stores); degradable footwear firm OAT Shoes; sustainable bag lable MYOMY; the DNR sustainable leather jackets brand from Donders; and the clothing label Traced Good that's strives for transparency in the chain to support the tanneries and make their production process sustainable.
Stahl has been creating closer ties with the tannery sector in Mongolia since 2013, in a collaboration with the Mongolian government and tanneries. The aim was to make the local production process more sustainable and improve the quality of the leather.
The new sustainable tannery will use technologies and products that are less harmful to the environment. At the same time, employment conditions will be assessed.
The partnership also aims to encourage other tanneries in Mongolia to follow this sustainable example.
Source:http://www.just-style.com/

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EXCLUSIVITY AGREEMENT of Kincora Copper

Vancouver, BC – June 13th, 2014 – Kincora Copper Limited (the “Company”, “Kincora”) (TSXV:KCC)

announces that it has entered into an agreement granting exclusive rights to carry out due diligence with  respect to a potential joint venture, earn-in, strategic alliance, equity investment or other transaction in  respect to Kincora’s wholly owned Bronze Fox project (“Exclusivity Agreement”).

The Exclusivity Agreement contemplates various work programs being undertaken by the third party

during a staged review period in order to advance toward a Potential Transaction, and maintain certain exclusive rights to such a Potential Transaction and access to the properties/dataroom. The Exclusivity Agreement does not impact or restrict Kincora’s ability to undertake ongoing exploration activities or other customary corporate initiatives, such as private placements, securing additional licenses etc. Neither party is obligated to proceed with a Potential Transaction.

Kincora completed one of the most active copper exploration programmes in Mongolia during 2013. The Company recently resumed drilling activities, for the first time since December 2012, at high priority copper porphyry targets, following other initial exploration activities that have already commenced (refer  to our May 27th ”Exploration Update” press release for further details).

Commenting on today’s announcement, Sam Spring, President and CEO of Kincora, said: “Kincora is the last remaining listed copper junior in Mongolia without a strategic partner. This is despite Bronze Fox being one of the more advanced copper projects, situated in the Oyu Tolgoi mineralisation structural trend, offering large scale potential supported by known widespread lower grade copper mineralization, and localized higher grades, and strategically located in one of the most rapidly developing mining centers anywhere in the globe notwithstanding being in the center one of the last underexplored frontiers.The Company has attracted interest from various existing large-scale copper producers and welcomes advancing discussions with this particular group as we continue our ongoing drilling and other exploration activities at Bronze Fox. Kincora continues to have considerable support from new and existing shareholders, as illustrated by the recent oversubscribed private placement, and is actively pursuing various avenues to advance the technical progress of Bronze Fox.” The Company is captured under certain Confidentially Agreements that are customary for such an Exclusivity Agreement and will continue to inform the market of its exploration progress and any material corporate developments.

For further information, please contact:

Sam Spring, President and Chief Executive Officer

sam.spring@kincoracopper.com

+61431 329 345

http://www.kincoracopper.com

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Scoping study identifies low capex, high return option to develop Mongolian molybdenum project

Origo Partners PLC

Portfolio Company Update - Moly World Ltd scoping study identifies low capex, high return option to develop molybdenum project

 Origo Partners Plc ("Origo") is pleased to announce the results of a scoping study on the Mandal Moly molybdenum and tungsten project ("the Project") wholly owned by its portfolio company Moly World Ltd ("Moly World").  The study has identified the potential for an initial small scale open pit operation (producing 3,000 tonnes of molybdenum and 155 tonnes of tungsten concentrate per annum) that could be brought into production  for an investment of US$43.6 million, including working capital, with the option of  further expansion,  dependent upon future molybdenum prices.

The study has estimated that the Project, which benefits from world class grades and a low strip ratio, is capable of returning an IRR of 46.8%, with a net present value of US$80.8m (at a 12% discount rate) at current molybdenum prices.

The Mandal Moly project is located in North West Mongolia and consists of a single exploration licence covering an area of 2,360 hectares. Based upon a JORC compliant resource statement issued in 2012, the Project contains 203.4 million tonnes of ore grading 0.1261% molybdenum with total contained molybdenum metal of 256,000 tonnes. The Project also benefits from high levels of associated tungsten and is strategically well placed - located close to existing water and power infrastructure.

The study identified an initial mining area with favourable conditions that could be accessed via a small scale open pit located on a shallow high grade zone of the deposit with molybdenum grades of 2,110 ppm and a strip ratio of 0.55:1. In addition, the study defined processing and infrastructure requirements to support average annual production of approximately 3,000 and 155 tonnes of molybdenum and tungsten concentrate respectively per annum. The initial pit has a 14 year operating life with an average life of mine cash cost of US$ 21.4 per tonne of ore extracted. Initial total capital for this development is estimated to be US$43.6 million, and production could start within two years of construction commencing.

Work on a detailed mining feasibility study will begin shortly and discussions with the Government around conversion of the Project's licence to a mining licence are underway.

Origo acquired a 20 per cent stake in Moly World, a holding company which owns the Mandal Moly deposit, for US$10 million in 2011. In addition, a subsidiary of Origo has an off-take agreement covering up to 20 per cent of all production from Mandal Moly while Origo holds an interest of between 5 and 20 per cent in Moly World.

Commenting on today's announcement, Chris Rynning said:

"The results of the study confirm the potential to develop an initial small scale operation at Mandal Moly with high rates of return and low initial capital investment. This approach minimizes risks whilst giving us the option to significantly expand production at a later date."

 For further information about Origo please visit www.origoplc.com

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Mongolia Business Summit GROW WITH US

Bringing together business people, entrepreneurs and investors to discuss how they can collectively take advantage of Mongolia's next phase of growth

ULAAN BATAAR, Mongolia--(BUSINESS WIRE)--Presented by the Mongolia Economic Forum, the Mongolia Business Summit will focus on global partnerships to facilitate business growth. A deal-driven approach enabling entrepreneurs, investors, bankers, both local and international, to interact directly will be used.

A huge focus of next month's summit is to introduce corporations, bankers, investors and entrepreneurs, both local and international, to discover how they can explore the untapped potential of one of the world's fastest growing economies.

International and local business people experiencing success in Mongolia will share unrivalled, first-hand experience of growing their business in this emerging market. One of the participants of the conference Mr. Robert Friedland is also expected to attend.

With one of the world's fastest growing GDP rates at 9.5% in 2014 and 10% expected in 2015 (Asia Development Bank), Mongolia is setting the foundations for a period of high and steady growth expected in 2015/2016.

Mongolia serves as a key platform for markets in China and Russia. This landlocked nation is ideally situated between two influential neighbours with large economies.

The country's target growth sectors, including agriculture, infrastructure, mining, real estate and manufacturing, will be explored at the event. Representatives from each of these sectors will also attend.

Participants have the rare opportunity of opting to visit various sites including cashmere factories, agricultural and food processing facilities, manufacturing plants and a mining site.

Join us for the Mongolian Business Summit from June 19-21, 2014 in Ulaanbaatar, Mongolia.

Grow with us.

For further information please contact or visit www.meforum.mn, www.business-in-mongolia.mn.

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