Wednesday, May 29, 2013

[KDB staying as DBM advisor as management ends, ex-GEC chairman dismissal ruled illegal, and Mongolia hosting 2013 World Environment Day]

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Overseas Market

Khan Investment Management Update (05/27/2013)

Legislative progress continues in Mongolia with the revised Securities Market Law being approved by Parliament on the 24th of May. This new legislation will completely change the face of the Mongolian capital market and drive capital flows and liquidity to the nascent securities exchange. Depository receipts and dual listings will now be possible and global custodians will be able to enter the market.  The new law which will be effective January 1, 2014 is also expected to streamline the listing process and act as a catalyst for a significant number of listings of Mongolian companies seeking expansion capital and equity to retire expensive debt funding as well as the potential dual listings of Mongolian mining companies listed abroad. 

Japan's Orix Corporation, a leading integrated financial services group with a market cap of over USD 17B, has acquired approximately 16% of the major Mongolian financial group TenGer Financial (Mogi: correct name TenGer Financial Group), the holding company of Mongolia's fourth largest commercial bank Xac Bank (Mogi: spelled XacBank). The acquisition highlight's Orix's confidence and commitment to the Mongolian capital market. 

Inflation in Mongolia has slowed below 10% for the first time in 2 years and the Bank of Mongolia recently cut interest rates for the second time in 3 months to 11.50%. 

Of the 15 positions in the portfolio, 3 gained, 2 remained unchanged, and 10 lost ground throughout April. Aspire Mining Limited (AKM:AU) lost 16% to near all-time lows of AUD 0.06, Eumeralla Resources Ltd (EUM:AU) fell 25% to AUD 0.09, and Mongolian Mining Corporation (975:HK) dropped a further 19% to HKD 2.31. Turquoise Hill Resources Ltd (TRQ:US) rose 7% to USD 6.81. TRQ has now rallied over 38% from its recent low of USD 5.03. 

Several portfolio companies have recently traded below their cash balances and it remains our strong view that current share prices are not reflective of the underlying value of our portfolio companies

The Khan Mongolia Equity Fund performance for April was -9.82%.

The Net Asset Value as at 30 April 2013 was USD 35.82

The April Factsheet can be downloaded by registered users of the Khan Investment Management website –  

Haranga Resources Ltd (HAR:AU) has significantly increased the value of its Selenge Iron Ore Project, upgrading its JORC Resource by 675% to 254 million tonnes at an average in situ grade of 17.2% Fe (44Mt of contained iron metal) with additional exploration upside. A mining licence application process is currently underway for what is Mongolia's second largest proven iron ore deposit. According to a recent independent brokerage report from Ord Minnett Australia, the Selenge project has an estimated NPV resource base of AUD 497M. At a current share price of AUD 0.09, the company has a market cap of AUD 19.34M. With AUD 7.46M cash on hand at 31 March this indicates an enterprise value of just AUD 11.88M which we view as grossly undervalued

Erdene Resource Development (ERD:CN) recently announced a new strategic partnership with Teck Resources Limited, one of Canada's largest diversified mining companies. Under the agreement, Teck will invest CAD 3M through private placements and invested an initial CAD 1M at CAD 0.20 per share – a significant premium to the last traded share price. Whilst ERD shares fell 12% in May to close at CAD 0.11, the Canadian mining giant clearly recognises the value in ERD's portfolio. 

In other news, prominent Mongolian business man, former CEO of the NewCom Group and former Chairman of the Mongolian Stock Exchange, Bold Baatar has been appointed as the global head of Rio Tinto's Copper division. Mongolia recently took delivery of the first batch of gasoline imports from China under its new agreement with China's National Petroleum Group, reducing dependence on Russia. MIAT, Mongolia's national airline, has taken delivery of its first direct purchase of a Boeing aircraft – a new 767-300ER which will expand the carrier's network and is expected to include direct flights from Ulaanbaatar to Singapore and the United States before the end of the year. Japan's Mitsubishi Corp & Chiyoda Corp have jointly won the contract to build Ulaanbaatar's new international airport which is scheduled to be operational by October 2016. Erdenes Tavan Tolgoi has restarted exports to China following several months of hiatus in production due to cost issues, SouthGobi Resources has returned to operations and Samsung C&T has won the USD 483M contract to build the 217Km rail project connecting Tavan Tolgoi to China – which will greatly increase Mongolia's coal exports. 

With the first export of copper concentrate from Oyu Tolgoi scheduled in the coming weeks and the conclusion of the Presidential election cycle on the 26th of June, we believe that these two milestone events will be a catalyst for renewed Mongolian interest and a rebound in Mongolian equities.   

I thank our investors for their continued support and I look forward to updating you further of our developments next month. 

Best regards, 

Travis Hamilton

Managing Director


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Local Market

NatSec Daily MSE Update: Top 20 +0.38%, Turnover 57 Million

May 24 (National Securities) At the Stock Exchange trades on May 24, The Index of Top-20 was 13908.96 increased by 0.38%, The total market capitalization was set at MNT one trillion 352  billion 976 million 184 thousand and 913.

A total of 16,245 shares of 15 JSCs were traded costing MNT 57 million. APU (APU) traded to MNT 3,699 per share 30m MNT or 52% of the total amount. Rates of five shares increased, of five shares decreased, of five were stable. Active and top gainers were Aduunchuluun (ADL) 1,900MNT and APU (APU) 3,699 MNT at 1.31-2.70%. Conversely, active and top losers were Remicon (RMC) 170MNT  and Tavan Tolgoi (TTL) 2,470 MNT at 1.16-2.79% All or Nothing order that 99,800 shares of Bayalag Nalaikh (BNB) sell at 665 MNT is still open in order blotter. 

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BoM issues 1-week bills

May 27 (Bank of Mongolia) BoM issues 1 week bills worth MNT 70 billion at a weighted interest rate of 11.50 percent per annum /For previous auctions click here/

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Ulaanbaatar, May 27 /MONTSAME/ At its regular meeting last Saturday, the cabinet discussed results of the official visit of Ms Yingluck Shinawatra, the Prime Minister of Thailand paid last month, and ordered L.Bold, the Foreign Minister, to submit the results to the National Security Council (NSC).

Then, in conjunction with stabilization of the Development Bank of Mongolia's (DBM) activities, the cabinet decided to establish a consulting contract between the DBM and the Korea Development Bank (KDB) after terminating a management contract among the DBM, KDB and the Management Team.

-       The cabinet backed a matter on participating in the ITB Berlin 2013 international exhibition to run March of 2015 in Germany as a partner, and decided to set up a national committee led by the PM.

-       The Minister of Environment and Green Development S.Oyun was allowed to take part in the Global Green Growth Summit 2013 that will take place June 10-11 at the Songdo Convensia, Incheon, South Korea.  Directive for her will be approved by the PM.

-       Ms Oyun spoke about her participation in United Nations Forum on Forests held April 8-9 in Turkey and in Forum of Women Leader on April 12-14 in India.

-       The Minister of Finance Ch.Ulaan presented results of his participation in the meeting of the Asian Development Bank (ADB) held May 2-5 in Delhi, India and in the Annual Meeting of the European Bank for Reconstruction and Development (EBRD) May 10-11 in Istanbul, Turkey.

-       The Minister of Industry and Agriculture Kh.Battulga gave a report on a preparation for spring.

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Unique features of the 6th Presidential Election of Mongolia

May 27 (UB Post) The 2013 Presidential Election Campaign has officially started on May 22, in which three candidates received their mandates to run for president.

They were officially registered by the General Election Commission to run in the 6th Presidential Election in Mongolia. They are Ts.Elbegdorj, the current President of Mongolia, from the Democratic Party; former wrestler, champion B.Bat-Erdene, from the Mongolian People's Party; and the Minister of Health, N.Udval, from the Mongolian People's Revolutionary Party.

The candidates will conduct their election campaigns for 34 days in compliance with the law and regulations, and Mongolian citizens who are eligible to vote can do so on June 26.

This time, Presidential Election is distinct from the previous five Presidential Elections by given the current legal environment and the candidates.

1. The ballot papers to be automatically counted

The parliamentary meeting held on December 21, 2012 came up with a decision to allow using the automated technique and device, "New ImageCast," in the operations of voter registration, poll taking, and ballot paper counting.

Accordingly, the ballot papers of the Presidential Election will be counted by an automatic device for the first time through Dominion Voting, the company that started providing the world market with election products in 2002. Mongolia introduced its ImageCast electronic voting machine in the Parliamentary Election, conducted last year. According to the local media, the ballot papers of the 2013 Presidential Election will be counted electronically by a machine.

2. First ever female candidate

The Mongolian People's Revolutionary Party assembly held its meeting on May 11 and decided to endorse its member, Minister of Health N.Udval, to the 2013 Presidential Election.

She is the first ever female incumbent in the Presidential Election in the history of Mongolia. The issues of increasing women participation in politics and providing gender equality rights in all levels of state management are on the rise. In 2012, the highest number of women representatives or nine women were elected in the Parliament in the last election.

3. Candidates running on equal footing

In 2011, the law on elections adopted the cut-off method in the election campaign of the candidates and tightened penalty measures in case of violation.

For example, the new election law placed limits on the promotion board and the length of paid TV advertising. Accordingly, the candidates will be able to equally compete with each other and promote his or her campaign based on their platforms, not on the size of their purse. In other words, the candidates are provided with the same election campaign opportunities and conditions.

Moreover, the new law created a mechanism to ensure fairness in the election and to tighten accountability in the case of the law's violation. Citizens will now supervise the election process. According to the presidential election law, if a candidate or other staff distribute money order to buy votes and a witness informs the police of this and provide evidence, he or she will receive a commission equivalent to 20 times the original amount of the vote from the General Election Commission.

4. The significance of social networks

Even though the promotion of a candidate is limited at a certain level, it is not prohibited by law to use social networks to express their views and thoughts. Thus, the main competition among candidates will be in the cyber world. Mongolians were introduced to social networks such as Facebook and Twitter relatively late. However, they are now very active users of it.

Thus, the roles of social networks will increase, as the promotion through television and usual forms of media such as the press is already capped at a certain level.

5. Mongolians residing abroad can now vote

In connection with the nationwide Presidential Election on June 26 the General Election Commission (GEC) has issued a statement on the election preparations and overseas voting.

According to the GEC, its preparations for the upcoming election will finish on time. Moreover, the electoral districts in 21 provinces, 334 soums, nine districts of Ulaanbaatar, and some 2,000 Precinct Election Commissions have already been established.

Moreover, Mongolians residing abroad and blind people will have the opportunity to vote.

Overseas Mongolians can cast their votes at the 39 Diplomatic Offices of Mongolia abroad from June 14 to 16, where about 170 personnel are in charge of the absentee poll.

Mongolians who work and live abroad should personally go to the office of their diplomatic representative of Mongolia and register via fax, email, or phone to vote in the upcoming election.

According to a study by the State General Registration Office with regard to preparing for the Presidential Election, a total of 39,800 civilians abroad have registered to vote in diplomatic representative offices of Mongolia. The Ministry of Foreign Affairs and the GEC are now cooperating to count how many civilians are actually abroad who are eligible to vote in the Presidential Election.

Election Slogans

The soul of the election campaign is the candidates' slogans. Election campaign slogans have the power to influence the psychology of society.  The business sector especially plays with these mottoes and catchy phrases. For instance, everybody is aware of "There are some things money can't buy. For everything else, there's Mastercard," by Mastercard; "Because you're worth it," by L'Oreal; and "Red Bull gives you wings," by Red Bull.

The political parties or candidates, who compete in politics, advertise and promote themselves with slogans and similar phrases that create a positive atmosphere in society, culminating in the upcoming election.

Former campaign slogans of previous candidates in the Presidential Elections of Mongolia include L.Tudev's "Mongolians will save Mongolia;" P.Ochirbat's "Will stop the transition period and will demolish the decline of the standard of living;" J.Gombojav's "For Independence, justice, and the humble poor;" M.Enkhsaikhan's "I will punish the corrupt;" B.Jargalsaikhan's "Control and responsibility to the state, work and income for the nation;" B.Erdenebat's "Nation gets along without political crisis;" and N.Enkhbayar's "Mongolians are strong when they united."

In the 2009 Presidential Election, incumbent official Ts.Elbegdorj ran with slogans such as "Let's be fair," "Let's change," and "I will be the President close to my people," while another incumbent N.Enkhbayar competed with "Will bring responsibility to the state and the state grants responsibility to the nation."

In the 2013 Presidential Election, incumbent Ts.Elbegdorj is running with his new slogan, "Let's serve together for Mongolia." Meanwhile, candidate of the Mongolian People's Party B.Bat-Erdene has decided to run with his "Will support peace and unity. Will promote the right and correct." He also started to spread the message of "My name is clean, my hand is clean, and my heart is clean" in the first phase of his campaign. So far, the election campaign slogan of the first woman candidate in the Presidential Election is not yet clear. But it is well known that she will run while introducing her action policy of "Five Policy – Five Missions."

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Mogi: can always trust the doc to make the sensible analysis

Julian Dierkes: What to look for in Mongolia's presidential candidates

May 27 (FT beyondbrics) With three candidates declared for Mongolia's presidential election a month from now, one of the issues that will be watched most closely from abroad is the candidates' positions on large-scale mining projects. Much (foreign) ink will be spilled describing all three candidates as "resource nationalists" of various stripes.

Mongolia's general election commission last week confirmed the candidacies of the incumbent, Ts Elbegdorj (Democratic Party), B Bat-Erdene (Mongolian People's Party) and N Udval (Mongolian People's Revolutionary Party) in the June 26 election.

Bat-Erdene and especially Udval are likely to make statements in the campaign that will reinforce the standard interpretation of Mongolian politics by occasional observers – that it is driven by resource nationalism. And while it initially looked as though President Elbegdorj would easily be re-elected, the credibility of Bat-Erdene as a candidate and the addition of a third candidate complicates matters.

Elbegdorj's long executive experience in parliament and the presidency has made him aware of the impact that public musings have on foreign investment and thus ultimately on the prosperity of Mongolians. So he is likely to be more circumspect not only in his statements but also in his policies. While he initiated some of the contentious discussions this year over governance and operations at Oyu Tolgoi, one of the world's largest undeveloped copper and gold deposits, he appears to be genuine in a pursuit of solutions rather than cheap political points.

Bat-Erdene does not have enough of a policy profile to allow for predictions of the directions he might pursue in the campaign or as president. He is prominently associated with the "Law on the Prohibition of Mining Operations at Headwaters of Rivers, Protected Zones of Water Reservoirs and Forested Areas" (commonly known as the "Law with the Long Name") which was intended to remove ecologically sensitive areas from the exploration and mining licensing process. While this law has been of some symbolic significance, which Bat-Erdene will certainly play up, it has been unevenly implemented. Much of the principle behind this law is laudable but it has given rise to concerns about post-hoc expropriation and the potential for corruption in its application.

Udval, on the other hand, may be most likely to actually fit in the category of "resource nationalism", though not as a coherent ideology or movement but rather for electoral expediency. Her candidacy is noticeable for representing the first nomination of a woman in a presidential election. This is also the first election to be contested among three candidates, raising the possibility of a July 10 run-off if no candidate garners more than 50 per cent of the valid votes cast by 1.9m eligible voters.

While the campaign will be watched by foreign investors, of course, it is run for the benefit of Mongolians. From a voters' perspective, the campaign will certainly bring some electioneering with revelations about the candidates' pasts, campaign finances, and shady advisors. None of this would come as a surprise to voters in any other democracy.

The likely substantive focus of the campaign will be on the resource sector and on candidates' personalities. In contrast to foreign investors, Mongolians themselves may be more concerned with the immediate benefits they are seeking from resource projects. However, the limited powers of the president under Mongolia's semi-presidential system mean that candidates will have relatively little to say about policy. Areas where the presidency does hold significant power are in security and foreign policy, as well as in making appointments to various state offices, most notably, perhaps, the judicial system.

Elbegdorj will surely emphasize judicial reform, continuing to claim "clean government" as a hallmark of the Democratic Party. He will also point to his international achievements, such as the hosting of the Community of Democracies, which bolster his claims to the leadership qualities expected of a president who serves as an important symbol of Mongolian democracy.

In early campaign events, Bat-Erdene has shown himself to be adroit on the political stage and to exude statesman-like qualities beyond his status as an epic wrestling champion. However, his main appeal will stem from his concern to uphold traditional Mongolian customs and values. He may also question the DP's use of its power now that it controls all high offices in the country, and suggest that the cohabitation of an MPP president with a DP-led coalition government will offer important checks on DP power. This balance of the distribution of power may be the most important impact the election will have on the immediate political future of Mongolia.

The fact that Udval is perceived as a surrogate for jailed ex-president N Enkhbayar which will likely attract the support of loyalists but might not draw many additional votes, nor does it make the emergence of a block of women supporters likely. She was not elected to parliament in last year's election and has not been particularly visible as health minister in the coalition government, suggesting a limited personal appeal in an election where personality will be a big factor.

Past presidential elections have been closely fought. The addition of Udval as a third candidate makes a run-off likely. Neither of the two front runners in the election, Elbegdorj still having an edge over Bat-Erdene, would bring radical change to Mongolian politics. However, the nomination of Bat-Erdene who has not been among the "usual suspects" in Mongolia politics, plus the dynamics of a three-way race, at least promise an interesting campaign and an election worth watching.

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Mogi: hmmm, interesting. Let's see if this will effect elections

Court rules GoM's dismissal of previous GEC chairman illegal

May 27 ( The Government made the decision to dismiss the Chairman of the General Election Commission, Ts.Nanzaddorj and the Deputy Head of the General Intelligence Agency, Ch.Chuluunbaatar, during a regular cabinet meeting on January 12th. 

Ts.Nanzaddorj disputed the dismissal as illegal and took the matter to Sukhbaatar District Court. 

The trial for the case was held and the Court recognized that the Prime Minister violated the law and illegally fired the official so was therefore ordered to rehire Ts.Nanzaddorj to his position. 

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Ulaanbaatar, May 27 /MONTSAME/ The 13thmeeting of the Mongolia-China intergovernmental commission of the bilateral trade, economic, scientific and technical cooperation ran May 20-23 in Beijing, China.

The meeting was co-chaired by D.Terbishdagva, the Deputy Prime Minister of Mongolia and head of the intergovernmental commission for the Mongolian side. Mr Terbishdagva held meetings with Mr Yang Jiechi, the State Councilor of the People's Republic of China (PRC), and with Mr Wang Jiarui, the director of the International Department of the Central Committee of the Communist Party of China (CPC).

The sides noted that the Mongolia-China ties have been sustainably developing in the last 20 years to become the strategic partnership relations in 2011.  They shared views on the bilateral economic and commercial cooperation, discussed an issue of long-term planning of the collaboration by establishing a protocol.

Moreover, the sides agreed to set up a sub-commission for the road and transport cooperation and to re-establish a mid-term programme on developing the Mongolia-China trade and economic cooperation. Then the sides expressed mutual willingness to resolve matters such as a connecting the two counties  infrastructure, an improvement of border checkpoints with participation of enterprisers.

The Chinese side said it is ready to support Mongolia in having more opportunities to have a sea port and in  creating good conditions of transit transport to export products.

The sides also discussed issues of co-implementing projects on constructing power stations and manufacturing factories based on the largest mineral deposits in Mongolia, and on producing gas made of coal and combustible pyrochist.

The countries raised issues of establishing a general agreement on developing the collaboration in renewable energy sector and of exporting and importing electricity, and then agreed to continue the talks on these matters in a line of professional organizations.

Underlining that the bilateral cooperation in oil sector is succeeding, the sides expressed willingness to deepen the cooperation in this area.

The both sides want to focus on beneficial exploitation of the soft loan and non-refundable aid of USD 500 million granted from China. Then Mr Terbishdagva gave China draft projects to be realized with rest of the loan's capital.

The parties reached an agreement to widen the cooperation in construction, urban development, prevention of disasters, culture, education, sciences, techniques, geology, health, social welfare, forestry and fishery. The two countries will seek an opportunity to implement between them and including Russia projects on railways, auto roads, producing natural gas, oil and electricity.

The 14th intergovernmental commission meeting will run in 2015 in Ulaanbaatar, Mongolia.  

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Bundestag Vice-President pays official visit to Mongolia

May 27 (UB Post) Speaker of the Parliament Z.Enkhbold received on Friday a German delegation headed by Vice-President of the Bundestag Eduard Oswald. They are paying an official visit to Mongolia until May 30.

Z.Enkhbold stressed during their meeting that the visit led by Vice-President Oswald proves that the mutual cooperation between the two countries' legislative bodies is at a high level. While introducing Chairwoman of the Parliamentary Standing Committee on Petitions R.Burmaa, Speaker Z.Enkhbold also mentioned that Mongolia took the Bundestag's structure as a political model, establishing this standing committee in its parliamentary structure. He then conveyed that Chairwoman R.Burmaa also chairs the Mongolia-Germany Intergovernmental Group.

Moreover, Speaker Z.Enkhbold noted that the second meeting of the Mongolia-Germany Intergovernmental Working Group in Mongolia discussed how the cooperation on minerals, industry, and technology was successfully conducted in early May; emphasizing the significance of having a vested project to produce liquid fuel from brown coal. He proposed that if Mongolia implements this project, its fuel and petrol requirements can become completely independent from foreign countries.

Recently, both sides signed an agreement to free diplomatic passport holders of the two countries from visa requirements, which has laid the foundation for citizens to visit without visas. Successful negotiations are also being made to build the "Mongolia-Germany Joint Mining Technology Institute" in Nalaikh District, Ulaanbaatar. "The Federal Chancellor of Germany supports the project," noted Speaker Z.Enkhbold.

During the reception, Vice-President Oswald said that 2013 is a distinct year in the relationship between Mongolia and Germany, as Mongolia is carrying out the Presidential Election the same year that Germany is going to have its Bundestag election. The two sides emphasized the mutual importance of elections in their democracies.

Speaker Z.Enkhbold expressed Mongolia's interest to study the Bundestag's conduction of elections using a mixed system. "Germany has great experience in conducting democratic elections," opined Vice-President Oswald. "We are glad that Mongolia studied our experience and could introduce it in the elections to be conducted here." The Vice-President of the Bundestag also emphasized the importance of the participation of voters and of all voting procedures to be open to the public in the election process to strengthen democracy.

Finally, Vice-President Oswald underlined the importance of vocational professions and the corresponding demand for highly educated and trained staff. He then expressed interest in exchanging the experience of training vocational specialists in both countries.

Mongolia and Germany first established diplomatic relations in 1974, and its 40th anniversary will be celebrated in 2014.

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GoM to submit bill to open embassies in Jakarta, Brasilia and reopen Kabul embassy

Ulaanbaatar, May 27 /MONTSAME/ The cabinet Saturday considered issues of opening embassies and consulates in some countries.

The cabinet discussed a parliamentary resolution on opening Embassies in Jakarta of Indonesia and in Brasilia of Brazil and restoring the Embassy in  Kabul of Afghanistan.

This resolution says also about opening a General Consulates in Istanbul (Turkey), in Bishkek (Kyrgyzstan), as well as Consulates in Hailaar (China) and in Pusan (S.Korea).

The resolution will be submitted to parliament soon. 

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May 27 (InfoMongolia) At the regular Cabinet meeting held on Saturday, May 25, over 20 issues were discussed and some were resolved accordingly.

As part of the discussions, Cabinet Ministers have considered the results of the VII Ministerial Conference of the Community of Democracies held last April in Ulaanbaatar and in conjunction with the Conference results, it was agreed to establish an International Convention Center that aims to grow Ulaanbaatar city as the center of international events.

Also to open an Office for Democratic Institution to exchange experiences in the preparation of international observers during the upcoming Presidential Election with the support of international communities.

Moreover, Minister of Foreign Affairs L.Bold was entrusted to open a vocational center, which will prepare professional synchronous interpreters of the five official languages of the United Nations, to release a list of upcoming international events to be organized in Ulaabaatar within 2016, and to resolve the financing issues that were discussed with the relevant state organizations.

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Social, Environmental and Other


Ulaanbaatar, May 27 /MONTSAME/ Mongolia will host the International Environment Day on June 1-5. 

It was informed by L.Bold, the Minister for Foreign affairs, and S.Ouyn, the Minister for Nature, environment and green development on May 30.

The action will be supported by the United Nations Environment Programme.

The World Environment Day is an annual event that is aimed at being the biggest and most widely celebrated global day for positive environmental action. The World Environment Day activities take place all year round and climax on 5 June every year, involving everyone from everywhere.

The World Environment Day celebration began in 1972 and has grown to become one of the main vehicles through which the United Nations stimulates worldwide awareness of the environment and encourages political attention and action.

Through this Day, the United Nations Environment Programme is able to personalize environmental issues and enable everyone to realize not only their responsibility, but also their power to become agents for change in support of sustainable and equitable development.

The event here includes also children's excursion, public marathon, national forum and opening of the first wind power plant.

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