Tuesday, May 13, 2014

[Judge throws out SouthGobi-3 case, TRQ fails to announce results, trade deficit narrows 82%, and China loan to pay for Tuul Highway]

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Tuesday, May 13, 2014

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Headlines in Italic are ones modified by Cover Mongolia from original


Overseas Market

1878 closed +2.59% to HK$4.76 Monday, SGQ closed -12.9% at C$0.54

SouthGobi Resources Announces Rescheduling of Its First Quarter 2014 Financial Results From Before TSX Market Open to After TSX Market Close on May 12, 2014 ...

...and Change in Date for Its Conference Call From May 12 to May 13, 2014

HONG KONG, CHINA--(Marketwired - May 12, 2014) - SouthGobi Resources Ltd. (TSX:SGQ)(HKSE:1878) (the "Company") announced today a rescheduling of its first quarter 2014 financial results from before TSX market open to after TSX market close on May 12, 2014 and change in date for its conference call from May 12 to May 13, 2014.

Changed date and time of the conference call for various regions will be as follows:

·         Tuesday, May 13, 2014 at 7:00 a.m. EST / 4:00 a.m. PST

·         Tuesday, May 13, 2014 at 7:00 p.m. Hong Kong Time

Link to release


Mogi: three former employees were formally charged but a judge returned the case back to the Prosecutor-General for incomplete investigation. Maybe this is how folks will save face and end the matter finally

SouthGobi Resources Announces First Quarter 2014 Financial and Operating Results

HONG KONG, CHINA--(Marketwired - May 12, 2014) - SouthGobi Resources Ltd. (TSX:SGQ)(HKSE:1878) (the "Company"). The Company today announced its financial and operating results for the three months ended March 31, 2014. All figures are in U.S. Dollars unless otherwise stated.

Significant Events and Highlights

The Company's significant events and highlights for the three months ended March 31, 2014 and subsequent period to May 12, 2014 are as follows:

·         Coal prices in China continue to adversely affect the Company's margins and liquidity. As at the date hereof, the Company expects to be able to pay the interest due under the China Investment Corporation ("CIC") convertible debenture on May 19, 2014. The Company is actively seeking additional sources of financing to maintain liquidity to fund its operations and meet its obligations. See section "Liquidity and Capital Resources" of this announcement and section 11 "Risk Factors" of the Company's Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") for the three months ended March 31, 2014 which is available at

·         Production increased to 0.64 million tonnes of raw coal in the first quarter of 2014 compared to production of 0.02 million tonnes of raw coal in the first quarter of 2013. The increase in production primarily related to the operations at the Ovoot Tolgoi Mine being fully curtailed for most of the first quarter of 2013. Operations at the Ovoot Tolgoi Mine resumed on March 22, 2013 after having been fully curtailed since the end of the second quarter of 2012. 

·         Sales volumes increased to 0.39 million tonnes in the first quarter of 2014 compared to 0.28 million tonnes in the first quarter of 2013. Revenue increased to $5.1 million in the first quarter of 2014 compared to $4.4 million in the first quarter of 2013 primarily due to higher sales volumes. 

·         Government of Mongolia changed the royalty regime effective April 1, 2014. Under the new "flexible tariff" royalty regime, the royalty per tonne for export coal sales will be calculated based on the actual contracted sales price per tonne, whereby the contracted sales price includes the costs of transporting the coal to the Mongolia-China border. The Company expects that its royalty per tonne calculated under the new "flexible tariff" royalty regime will decrease compared to the prior reference price royalty regime. 

Overview of Financial Results

The Company recorded a $16.7 million loss from operations in the first quarter of 2014 compared to a $21.3 million loss from operations in the first quarter of 2013 and a $20.8 million net loss in the first quarter of 2014 compared to a $23.7 million net loss in the first quarter of 2013. The first quarter 2014 loss from operations was negatively impacted by $7.3 million of coal stockpile impairments (2013: $1.1 million) and $3.0 million of idled mine asset costs (2013: $16.4 million). The Company's loss from operations was $6.4 million in the first quarter of 2014 excluding the impact of the above noted items (2013: $3.8 million).

Revenue was $5.1 million in the first quarter of 2014 compared to $4.4 million in the first quarter of 2013. The Company sold 0.39 million tonnes of coal in the first quarter of 2014 at an average realized selling price of $19.54 per tonne compared to sales of 0.28 million tonnes from stockpile in the first quarter of 2013 at an average realized selling price of $22.75. Revenue increased in the first quarter of 2014 compared to the first quarter of 2013 primarily due to higher sales volumes. The average realized selling price was impacted by the product mix in the first quarter of 2014. The first quarter of 2014 product mix primarily included Standard semi-soft coking coal and thermal coal compared to a mix of Premium semi- soft coking coal and thermal coal in the first quarter of 2013.


Liquidity and Capital Resources

The Company has in place a planning, budgeting and forecasting process to help determine the funds required to support the Company's normal operations on an ongoing basis and its expansionary plans.

The Company anticipates that coal prices in China will remain under pressure in 2014, which will continue to impact the Company's margins and liquidity. The Company is in discussions with various parties regarding a potential loan; however, there is no guarantee that an agreement will be reached. As of the date hereof, the Company expects to be able to secure such funding in order to pay the interest due under the CIC convertible debenture on May 19, 2014. If it does not do so, or if it fails to secure additional capital or otherwise restructure or refinance its business in order to address its cash requirements through March 31, 2015, then the Company is unlikely to have sufficient capital resources or cash flows from mining operations in order to satisfy its ongoing obligations and future contractual commitments, including cash interest payments due on the CIC convertible debenture. As a result, the Company may not be able to continue as a going concern. Therefore, the Company is actively seeking additional sources of financing to continue operating and meet its objectives.


Regulatory Issues

Governmental and Regulatory Investigations

The Company is subject to investigations by the IAAC and the SIA regarding allegations against the Company and some of its former employees. The IAAC investigation concerns possible breaches of Mongolia's anti-corruption laws, while the SIA investigation concerns possible breaches of Mongolia's money laundering and taxation laws.

While the IAAC investigation into allegations of possible breaches of Mongolian anti-corruption laws has been suspended, the Company has not received formal notice that the IAAC investigation is completed. The IAAC has not formally accused any current or former Company employees of breach of Mongolia's anti-corruption laws.

A report issued by the experts appointed by the SIA on June 30, 2013 and again in January 2014 has recommended that the accusations of money laundering as alleged against the Company's three former employees be withdrawn. However, to date, the Company has not received notice or legal document confirming such withdrawal as recommended by the experts appointed by the SIA.

A third investigation ordered by the SIA and conducted by the National Forensic Center ("NFC") into alleged violations of Mongolian taxation law was concluded at the end of January 2014. The Company has received notice that the report with conclusions of the investigations by the NFC have been provided to the Prosecutor General of Mongolia. The Company has been advised that the Prosecutor General has issued criminal charges against the three former employees and the Company's Mongolian subsidiary SouthGobi Sands LLC may be held liable as "civil defendant" for alleged violations of Mongolian taxation law. The case was transferred to a Court of Justice for review by a judge in April 2014. On May 12, 2014, the Company was advised that the appointed judge has concluded that the investigation on the case was incomplete and has ordered to return the case to the General Prosecutor for additional investigation.

The likelihood or consequences of an outcome or any action taken against SouthGobi Sands LLC as "civil defendant" are uncertain and unclear at this time but could include financial or other penalties, which could be material, and which could have a material adverse effect on the Company.

The Company, including its Mongolian subsidiary SouthGobi Sands LLC, has prepared its financial statements in compliance with IFRS, and lodged all its tax returns in the required format under Mongolian tax law. During the investigative period, which has been ongoing since May 2012, the Company devoted considerable internal resources in reviewing and responding to the allegations raised through the investigations by the relevant authorities. The Company views these allegations as unfounded and will vigorously defend itself against any potential claim.

At this point, the three former employees remain designated as "accused" in connection with the allegations of tax evasion, and continue to be subject to a travel ban. SouthGobi Sands LLC remains designated as a "civil defendant" in connection with the tax evasion allegations, and may potentially be held financially liable for the alleged criminal misconduct of its former employees under Mongolian Law.

The SIA also continues to enforce administrative restrictions, which were initially imposed by the IAAC investigation, on certain of the Company's Mongolian assets, including local bank accounts, in connection with its continuing investigation of these allegations. While the orders restrict the use of in-country funds pending the outcome of the investigation, they are not expected to have a material impact on the Company's activities in the short term, although they could create potential difficulties for the Company in the medium to long term. The Company will continue to take all appropriate steps to protect its ability to conduct its business activities in the ordinary course.

Link to release


TRQ closed flat at US$3.92 Monday

Turquoise Hill Announces Results of Voting for the Election of Directors

VANCOUVER, BC--(Marketwired - May 12, 2014) - Turquoise Hill Resources (NYSE: TRQ) (NASDAQ: TRQ) (TSX: TRQ) today announced that the nominees set forth in the company's management proxy circular dated March 26, 2014 were elected as directors of Turquoise Hill Resources. The detailed results of the vote for the election of directors held at the Annual Meeting of Shareholders, which took place on May 8, 2014 in Vancouver, are set out below.

Election of Directors

According to votes received, each of the following seven nominees proposed by management were elected as a director of Turquoise Hill Resources until the next annual shareholder meeting, or until such person's successor is elected or appointed, with the following results:

Name of Nominee


Votes For


% For


Votes Withheld


% Withheld

Rowena Albones









Jill Gardiner









R. Peter Gillin









David Klingner









Kay Priestly









Russel C. Robertson









Jeffrey Tygesen









Final results on all matters voted on at the Annual Meeting of shareholders will be filed on SEDAR.

Link to release


Turquoise Hill to Announce First Quarter Financial Results on May 12, 2014 – TRQ, May 5


Turquoise Hill Resources Short Interest Down 10.8% in April 

May 12 (American Banking & Market News) Turquoise Hill Resources (NYSE:TRQ) was the target of a significant drop in short interest during the month of April. As of April 15th, there was short interest totalling 32,361,643 shares, a drop of 10.8% from the March 31st total of 36,288,138 shares, Stock Ratings reports. Based on an average trading volume of 3,607,261 shares, the short-interest ratio is presently 9.0 days. Currently, 3.5% of the company's shares are sold short.

TRQ has been the subject of a number of recent research reports. Analysts at Zacks downgraded shares of Turquoise Hill Resources from a "neutral" rating to an "underperform" rating in a research note on Thursday, March 27th. They now have a $3.20 price target on the stock. Separately, analysts at Cowen and Company raised their price target on shares of Turquoise Hill Resources from $8.35 to $8.69 in a research note on Friday, March 21st. Finally, analysts at UBS AG initiated coverage on shares of Turquoise Hill Resources in a research note on Friday, March 7th. They set a "buy" rating on the stock. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company. The stock presently has a consensus rating of "Hold" and an average target price of $7.13.

Turquoise Hill Resources (NYSE:TRQ) opened at 3.92 on Monday. Turquoise Hill Resources has a 52-week low of $2.933 and a 52-week high of $5.9661. The stock's 50-day moving average is $3.6 and its 200-day moving average is $3.50. The company's market cap is $7.888 billion.

Turquoise Hill Resources (NYSE:TRQ) last released its earnings data on Wednesday, March 26th. The company reported $0.10 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.17. During the same quarter in the previous year, the company posted ($0.17) earnings per share. Analysts expect that Turquoise Hill Resources will post $0.08 EPS for the current fiscal year.

Turquoise Hill Resources Ltd., formerly Ivanhoe Mines Ltd. is an international mineral exploration and development company.

Link to article


FEO closed +25% to A$0.06 on the announcement with 500K shares traded

FeOre Satisfies All Conditions for Sale of Mongolia Iron Ore Assets, Receives Initial US$5.67 Million Payment

May 12 -- Reference Is made to the Company's announcement dated 22 January 2014 regarding the sale of Topone Star Investment Limited (the "22 January 2014 Announcement"), the update announcement dated 27 March 2014 (the "27 March 2014 Announcement") and the announcement regarding the condition precedents to the Transaction dated 5 May 2014 {the "5 May 2014 Announcement"). All capitalised terms used on this announcement shall have the same meaning as described in the 22 January 2014 Announcement, the 27 March 2014 Announcement and 5 May 2014 Announcement unless otherwise defined.

FeOre Limited (ASX: FEO) provides the following update regarding the Transaction:

1.    The Company has entered Into an agreement with Gleneagle Securities (Aust) Ply Ltd ("Gleneagle") in relation to the settlement or all the past service lees and the service lees and compensation relating to the Transaction from the Seller, TSI and TaiSheng, in form and substance acceptable to the Purchaser;

2.    The Company has transferred to the Bondholders the amount required to redeem the Convertible Bonds, and the securities created in relation to the Convertible Bonds has been successfully released; and

3.    All condition precedents to the Transaction have been satisfied and the Company has received the first payment or US$5.67 million relating to the Transaction.

This announcement lifts the trading halt entered on 8 May 2014.

Link to release


Announcement made after Monday close. 276 closed +6.29% to HK$0.169

MEC Requests Extension of Moratorium on Convertible Notes to 12 August, Mr. Simon Lo Accepts in Principle

May 12, Mongolia Energy Corp. (HKEx:276) -- As more time is needed for the Company to conclude a debt restructuring with the Company's noteholders and the loan provider, the Company has requested an extension of three months for the moratorium from 13 May 2014 to 12 August 2014 from the holders of the SF Convertible Note and the extension terms are under negotiation. In addition, the holder of the 3.5% GI Convertible Note and Mr. Lo have, subject to the grant of extension by holders of the SF Convertible Note, agreed in principle to extend our requests for moratorium to their respective loans to 12 August 2014.

Link to release


Newera Raises A$100,000 in Private Placement, to Offer Entitlement Issue in Coming Weeks

May 12 -- Newera Resources Limited (ASX: NRU) is pleased to announce that it has successfully agreed terms under a Capital Raising Mandate with Cygnet Capital, for a placement to sophisticated investors to initially raise $100,000.

50,000,000 shares will be placed to the investors at an issue price of $0.002 per share to raise a total of $100,000.

Further, in the coming weeks, the Company intends to make an offer to all shareholders by way of an entitlement issue. Whilst the detailed terms of the entitlement issue are currently under development it is intended that the terms of the entitlement issue offer be no less favourable to shareholders than the terms of the aforementioned placement ($0.002 per share). Full details, including the timetable, will be made available in due course.

Under the terms of the Capital Raising Mandate, the entitlement issue is to be underwritten by Cygnet Capital.

The Company also notes that this capital raising acts to set the conversion price under the terms of its existing convertible notes on issue at $0.0016.

The Company expects to issue the placement shares shortly, using the Company's available capacity under ASX Listing Rules 7.1 & 7.1A to sophisticated investors under sections 708(8), 708(10) and 708(11) of the Corporations Act 2001 (Cth) (the Act), without disclosure to investors under Part 60 .2 of the Act.

The funds will be used for working capital purposes.

Link to release


GUF +20.7% this morning on the announcement

Guildford Puts A$300-$400 Million Value on Mongolian Operations, in Final Stages for Coal Haulage Permit

May 13 -- Guildford Coal Limited (the Company) (ASX: GUF) is pleased to announce an update on company affairs.

Following an internal review of the company's corporate model, we are in a position to announce a value range of $300-$400M, derived on a pre-tax, NPV basis for our Mongolian operations. This stems from the exploration target work conducted by Terra Energy (100% subsidiary of GUF) this year. The model basically converts several highly prospective exploration areas within the BNU and Hovguun Mining Licenses to mines, utilising assumptions made and proven whilst developing our first mine – BNU North mine. 

Our BNU mine continues to receive many visits by potential customers and investors. However, bulk testing cannot be completed until the road permit is in place. Until then the mine remains in a cash preservation phase. The haulage permit to be granted to the haulage contractor is in its final stages of the government approval process.

In further news, Canaccord have been appointed as Financial Advisors in order to explore more efficient debt avenues and to provide general corporate assistance in the next phase of the company's evolution from explorer to miner. 

Link to release


Xanadu Mines Investor Presentation: Advanced Exploration in Mongolia's Copper Belts

May 13, Xanadu Mines Ltd. (ASX:XAM) -- Attached is a copy of the presentation to be made by Xanadu Mines Limited Managing Director, Mr George Lloyd, at the RIU Sydney Resources Round-Up today.

Link to preso


Consolidation Services Inc recruits former Hertz Equipment Rental operations specialist Brad Siniscalchi to its Advisory Board

Brad Siniscalchi to assist Consolidation Services in the deployment of its Hertz Equipment Rental franchise operations throughout Mongolia

ULAANBAATAR, Mongolia (PRWEB) May 12, 2014 -- Consolidation Services Inc (the "Company") (OTCQB: CNSV) and its wholly owned subsidiary, Mongolia Equipment Rental Corporation, announced that 23-year Hertz Equipment Rental Corporation veteran Brad Siniscalchi has been appointed to the Advisory Board of the Company.

Mr. Siniscalchi worked at Hertz Equipment Rental from 1990 to 2013 in a variety of roles, culminating as Division Manager of Franchise Operations from 2011-2013, where he became familiar with Consolidation Service's large equipment rental opportunity to service the next phase of growth in the construction sector of Mongolia. His career at Hertz Equipment Rental began as a sales coordinator before progressing to Branch Manager and Regional Operations Manager, a role he successfully fulfilled for 10 years.

In addition to his intimate knowledge and expertise in the deployment of Hertz Equipment Rental operations and systems, he is a highly qualified sales and operational leader with expertise in all aspects of business administration, including business development, P&L responsibility, fleet management, cost controls and LEAN practices. Mr. Siniscalchi has hands-on experience in all aspects of equipment rental and in overseeing multiple business units in seven US states.

Company Chairman and Former US Ambassador, E. Michael Ussery stated: "The extensiveness of Bradley's 23 years of experience at Hertz Equipment Rental is expected to be of immeasurable value to the Company's management and Board, as we embark on the deployment of our franchise operations throughout the rapidly developing nation of Mongolia."

Link to release

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Local Market

MSE Monthly Trading Report, April 2014: Top 20 -4.8%, Market Cap -2.5% to 1.6 Trillion, Turnover 3.2 Billion

May 8 (MSE) As of April 2014, total of 11.7 million shares of 79 Joint Stock Companies were traded through 22 trading sessions with total worth of MNT3.2 billion. Total traded value was increased of MNT2.3 billion or 3.7 times compared to the last month and increased of MNT1.5 billion or 1.9 times compared to the same period of last year. Total traded volume was increased of 10.9 million or 14.1 times compared to the last month and increased of 7.4 million or 2.7 times compared to the same period of last year. 


Link to report


MSE Weekly Review, May 5-9: Top 20 -0.75%, Turnover 1.59 Billion

Ulaanbaatar, May 12 /MONTSAME/ Five stock trades were held at Mongolia's Stock Exchange May 5-9, 2014.

In overall, 147 thousand and 262 shares were sold of 47 joint-stock companies totaling MNT one billion 588 million 773 thousand and 762.509.

"Bayanburd" /75 thousand and 109 units/, "Genco tour bureau" /27 thousand and 602 units/, "Remikon" /13 thousand and 914 units/, "Merex" /5,583 units/ and "Khokh gan" /4,520 units/ were the most actively traded in terms of trading volume, in terms of trading value--"Gutal" (MNT 14 million 968 thousand and 750), "Teever darkhan" (MNT seven million 173 thousand and 720), "Asia Pacific Properties" /MNT six million and 076 thousand/, "APU" /MNT five million 550 thousand and 220/ and "Mongol shevro" (MNT five million 118 thousand and 500).

Link to article


MSE News for May 12: Top 20 +1.46%, Turnover 45.5 Million

Ulaanbaatar, May 12 /MONTSAME/ At the Stock Exchange trades held Monday, a total of 27 thousand and 736 shares of 29 JSCs were traded costing MNT 45 million 531 thousand and 904.00.

"Merex" /10 thousand and 390 units/, "Mongolia development" /9,552 units/, "Mongol savkhi" /2,400 units/, "APU" /1,322 units/ and "Remikon" /1,190 units/ were the most actively traded in terms of trading volume, in terms of trading value--"UB hotel" (MNT nine million 930 thousand and 600), "Mongolia development" (MNT six million 681 thousand and 680), "Gutal" (MNT six million 537 thousand and 200), "APU" (MNT four million 875 thousand and 550) and "Darkhan khovon" (MNT three million and 630 thousand).

The total market capitalization was set at MNT one trillion 606 billion 213 million 870 thousand and 493. The Index of Top-20 JSCs was 15,638.10, increasing by MNT 224.31 or 1.46% against the previous day.

Link to article

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BoM MNT Rates: Monday, May 12 Close





































May MNT Chart:


Link to rates


Down 41% from just two weeks ago. Guess all the bond money tucked away in commercial banks are starting to flow out now, perhaps to the "888 export supporting/import substituting" projects?

BoM issues 404 billion 1-week bills, total outstanding -11.3% to 861.5 billion

May 12 (Bank of Mongolia) BoM issues 1 week bills worth MNT 404 billion at a weighted interest rate of 10.5 percent per annum /For previous auctions click here/

Link to release


BoM issues 200 billion 4-week bills at 10.89% p.a., total outstanding 200 billion

May 12 (Bank of Mongolia) BoM issues 4 week bills worth MNT 200 billion at a weighted interest rate of 10.89 percent per annum. /For previous auctions click here/

Link to release


Mongolia Jan.-April Trade Deficit Narrows 82% Y/y

By Michael Kohn

May 12 (Bloomberg) -- Trade deficit of $93.7m in the first four months of 2014 compares to $528.3m deficit a yr earlier, the National Statistical Office says today in a statement.

* Mongolia's exports increased 18.1% Y/y to $1.43b for the first four months of this yr, according to the agency.

* Imports decreased 12.3% to $1.52b in the first four months

* In April, CPI increased 1% compared with the previous month and 12.3% compared to the same period yr earlier

* Outstanding loans at the end of April reached 11.7t tugrik, an increase of 3.1% compared to the previous month and 51% compared to the same period yr earlier

* In April, non-performing loans in the banking sector reached 616.2b turgrik, a 98.3 percent increase from yr earlier

* In the first four months of 2014, total expenditure and net lending from general gov't budget reached 1.78t tugrik, an increase of 22.6% compared to the same period yr earlier, according to the agency.

(Bloomberg First Word)

Link to NSO Info Site (Click to Bulletin)


Mongolia Jan.-April Copper Concentrate Exports Surge 70%

By Michael Kohn

May 12 (Bloomberg) -- Mongolia's copper concentrate exports increased to 316,500 tons from 186,500 tons a year earlier, the National Statistical Office says on its website. The value of the concentrate exports rose to $530.1m from $276.6m.

* Mongolia exported 5.36m tons of coal in the first four months compared to 5m tons yr earlier, according to the agency. The value of coal exports fell to $272.8m vs $338.8m yr earlier

* Mongolia exported 1.58m tons of iron ore in the first four months compared to 1.93m tons yr earlier, according to the agency. The value of iron ore exports fell to $125.9m vs $223.3m yr earlier

* Gold exports rose to 2.5 tons in the first four months compared to 1.3 tons in the same period a year earlier, according to the statement

* Total exports reached $1.43b in the first four months compared to $1.21b yr earlier, according to the agency.

* China received 90% of Mongolia's exports in the first four months

(Bloomberg First Word)

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Minister Battulga's resignation request to be discussed Wednesday in standing committee

May 12 ( The resignation request of MP and Minister of Agriculture and Industry of Mongolia, Kh.Battulga, from his position as cabinet minister is scheduled to be discussed in Wednesday's Standing committee meeting on Environment, Food and Agriculture at 2.00 pm. 

The Government was to submit the issue to Parliament for discussion after it had discussed the matter itself. But the Agriculture Minister's resignation request has been scheduled to be first reviewed in the Standing Committee`s meeting, then to be submitted to Parliament.

MP and Minister of Agriculture Kh.Battulga has not commented on the reason why he wants to resign as Cabinet minister, but said only that he wants to continue his duty as an MP.

Link to article


Government to Take Measures to Cut Costs and Inefficiencies in Implementing 2014 Budget

May 12 ( At the Cabinet meeting of the Government held on May 10, 2014, it was resolved to carry out some measures on saving and efficient restructuring the state budget for 2014.

Due to economic complications arising out in foreign and domestic environment, Mongolian state budget's balanced income performance has been interrupted from the beginning of 2014 that might to have a potential performance problem in the annual budget income expected.

Total current expenditure growth of 50.2 percent is caused of wages, pensions, benefits, and 10.9 percent of the costs of social welfare growth; 11.7 percent of the buildings built by public investment and the newly created structure and staffing changes; 8.6 % of interest payments, and 8.4 % of the consumer dependent increase in price of goods and services, respectively. Therefore, in order to spend public funds efficiently and reduce costs through efficient use, Government approved a Decree to effectively organize the implementation of the 2014 budget relied on state budget's balanced income performance until the end of term.

By organizing the implementation of the 2014 budget, budget managers at all levels are obliged to bear on cost reduction, budgeting, saving and efficient restructuring guidelines.

Link to article


Cabinet Decides to Take Measures to Save BudgetMontsame, May 12


SMEs to Be Freed from Import Customs Duties and VAT until December 31, 2016

May 12 ( At the Cabinet meeting held on May 10, 2014, it was resolved to extend law effectiveness for imported equipment and spare parts by exempting from customs duties and value added taxes for another two years.

In 2009, the State Great Khural (Parliament) of Mongolia ratified a law to exempt small and medium enterprises (SME) from customs duties and value added taxes for imported equipment and spare parts until December 31, 2012.

At the latter Cabinet meeting, Ministers agreed to amend the law and extend the period until December 31, 2016. Also, Cabinet members backed the amendments and settlement to the law on Customs Tariff and Taxes and to submit the draft bill to the Parliament.

The draft law is directed to accelerate Government's Action Plan on construction development, where some equipment are required to import and some cannot be supplied by domestic manufacturers, thus for major development projects and programs, SMEs will be freed from Import Customs Duties and VAT for up to two years.

Link to article


SME Tax Exemption Laws to Be Submitted to ParliamentMontsame, May 12


Ministry of Mining to organize "Open Day" for citizens in Chinggis Square on Saturday, May 17

Ulaanbaatar, May 12 (MONTSAME) The Ministry of Mining is planned to organize an "Open Day" to advertise actions of geology, mining and petroleum spheres in Chinggis Square on May 17.

This measure will be attended by the state bodies operating in this field, the University of Science and Technology, the Vocational training center, professional associations and some enterprises with an aim to give information about operation to the public.

Link to article

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Cover Mongolia: on previous newswire issue, we wrongly stated the plane is MIAT's fourth, where in fact it is its 5th aircraft

Mongolia Welcomes "Guyug Khaan," Brand New Boeing 737-800, MIAT's 5th Aircraft

May 11 (UB Post) MIAT Mongolian Airlines welcomed a fresh-out of the factory Boeing 737-800 on Saturday at Chinggis Khaan International Airport. The plane was named after Guyug Khaan, third ruler of the Mongol Empire and grandson of Chinggis Khaan.

"Mongolia plans to become a leading air transportation service provider in the region in the future. To reach this goal, the new plain will serve a critical role," said a MIAT spokesperson upon welcoming the new plane.

The plane is the second of three that Mongolia is to receive from Boeing. In 2011, President of Mongolia Ts.Elbegdorj made a contract to purchase three planes from Boeing, during his visit to the USA. Mongolia's first very own Boeing 767-300ER was delivered last year in May. MIAT previously leased all four of its planes from other airlines. According to the Director of MIAT, G.Jargalsaikhan, the new plane is being leased from Air Lease Corporation for a duration of 15 years, after which, it will become the property of MIAT.

The plane has capacity for 162 passengers, can fly up to 10 hours nonstop and is the fifth plane in MIAT's fleet.

Deputy Minister of Transportation Kh.Erjan commented, "In relation to the state's policy on air travel, MIAT was given national airline status, which means the state will support the company until 2020. By this time, we expect the fruits of this support to mature and not only the company, but our nation will be able to compete in the world through this sector. The new plane will not only add new routes but also ensure the comfort and safety of passengers and help reach our eventual goal."

Currently, MIAT offers direct flights to Moscow, Beijing, Tokyo, Seoul, Berlin, Erlian and Hong Kong, and charters flights to Osaka, Jeju, Pyongyang, Singapore, Bangkok, Hanoi and Dubai. A direct flight to Frankfurt will launch from June 19 and a flight to Singapore will launch in October, according to G.Jargalsaikhan.

Link to article


Ulaanbaatar Railway Equipped with 15 New Passenger Trains as Part of Technical Renovations

May 12 ( Last week, a new page was opened in Mongolian transportation services, where a new Boeing 737-800 aircraft named after Guyug Khaan has been delivered to Ulaanbaatar by MIAT Mongolian Airlines crew on Saturday, May 10 and new 15 passenger wagons were also received by Ulaanbaatar Railway JSC on May 09, 2014.

During the welcoming ceremony of these new locomotive and passenger wagons, Minister of Roads and Transportation A.Gansukh, Deputy Minister Kh.Yerjan, MIAT JSC Executive Director, Acting Director of Ulaanbaatar Railway G.Sereenendorj, Deputy Director of State Property Committee J.Tumurbaatar and other officials were present.

The Governments of Mongolia and Russia agreed to raise the equity fund for a joint venture - Ulaanbaatar Railway (UBTZ) to allocate 125 million USD each, amounting a total of 250 million USD. In the frameworks of fund increases and as part of technical renovations for Ulaanbaatar Railway, new locomotives, passenger and freight trains, high-speed trains under "Railbus" project, and special equipment for railroad-meter and weak spot controller were decided to supply.

These inventories are biggest investment in the sector provided by the Government of Mongolia in terms of state budget purchases in its 65 years of history. These new 15 modern passenger wagons are equipped with latest technology that meet Euro standards and intend to travel between Ulaanbaatar and Moscow.

In addition, each wagon is equipped with a wheelchair lifter, also each car with a television and each wagon with a sauna room.

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Erdenes Tavan Tolgoi reports $50 million export revenue in first quarter

Ulaanbaatar, May 12 (MONTSAME) The "Erdenes Tavantolgoi" LLC has reported that it made sales of 50 million US dollars by exporting 1.3 million tons of coal in first quarter of this year.

This showed an increase of sales compared with the same period of the year 2013. In first quarter of the previous year, the company sold 100 thousand tons of coal, and it went up to one million tons in this year's first quarter. Thanks to making such amount of sales, the "Erdenes Tavantolgoi" company will get a good condition for paying off the debt to the Aluminum Corporation of China (Chalco).

In difficult times of the national economy, reviving of the coal export at Tavantolgoi mine is expected to bring a positive effect on the Mongolia's tax revenue.

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From Pennsylvania to Mongolia: More businesses exporting 'Made in USA' again

May 12 (CNBC) For now, China is a leader in lower-priced goods. But not only is China facing rising labor costs, Kerney and other entrepreneurs argue customers want more than just cheap prices. They want quality, too. The whole package.

Mark Reginelli is director of world trade for the 84 Lumber Company. With a staff of about 3,000, they're a lumber and buildings material supplier based in Eighty Four, Pennsylvania. He's traveled the world for housing projects and has experience building in emerging economies, and after natural disasters such as Hurricane Katrina.

In 2009 he traveled to Mongolia. Thanks to its mining industry, the economy was booming.

"Every person I met was interested in U.S.-style construction," Reginelli said. The appetite for cheaper options from China and Russia was waning for some builders in Mongolia.

"We wanted to introduce U.S quality housing solutions and management in construction development," said Purevjav Tsogtsaikhan, then working for the Mongolian housing authority. He met 84 Lumber in 2008 and become a local sales representative for the company in 2011.

The company erected its first town homes in Mongolia last year. "All of the products came from the United States, down to the carpeting," Reginelli said.

It has been shipping internationally since 1998. But as the economic recovery unfolded, Reginelli started to poke around for a Plan B. "The housing crisis has helped us look at other opportunities that were out there," he said.

The company pocketed about $2.2 billion in revenue last year, with international sales accounting for about 1 percent of that pie. It has sights on more international markets. "After using the least expensive product, now they're saying we need a higher quality product," Reginelli said.

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$193 Out of $500 Million Loan from China to Be Spent for "Tuul River Highway" and "Yarmag Bridge"

May 12 ( In June 2011, the Governments of Mongolia and the People's Republic of China signed a strategic partnership agreement in Beijing, in the meantime, the Government of China agreed to provide a 500 million USD loan to Mongolia.

Later, the Government of Mongolia issued a list of tasks to be financed by this fund at its Cabinet meeting held on March 30, 2013.

According to Cabinet decision from May 10, 2014, 193 million USD from total 500 million USD loan will be spent to finance the construction of "Highway along the Tuul River" and "Yarmag Bridge" as part of the "Street" projects. Minister of Economic Development N.Batbayar is obliged to establish and manage the project agreements with China side.

Also, each loan agreement for a project to establish with China will be submitted to the Government and if project finance would lack, Minister N.Batbayar is entrusted to negotiate with China part for additional fund.

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Cabinet Settles Financing of 'Street' ProjectsMontsame, May 12

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Mongolia calls on Korea to relax its visa rules, strictest one for Mongolians

May 11 (The Korea Times) To get a Korean tourist visa, Mongolians must submit a bank balance statement proving that they have Mongolian tugrig worth $10,000 or more in their bank accounts.

The financial statement is one of 10 visa documents Mongolians are required to submit to the Korean Embassy in Ulaanbaatar in order to obtain a visa that will allow them to stay here for three months. The nine other materials include a criminal record certificate and a certificate of employment.

Mongolian Ambassador to Korea Baasanjav Ganbold claimed that Korea is stricter than any other countries in terms of visa documents, calling on the government to relax its visa rules.

"Mongolians, who have invitation letters from their family members or relatives in Korea, must prove that they have bank balances of $5,000, whereas for those who have no such invitation, it is $10,000," Ganbold said during a recent interview.

"No other foreign embassies in Ulaanbaatar require Mongolians to submit such a bank balance statement to get a tourist visa. Korea is the only country requiring Mongolians to submit the financial statement."

The envoy noted that $10,000 is huge amount by an average Mongolian's living standard.

Given that the average monthly income of a Mongolian worker is $300, those who have no invitation letters, have to save all their income for nearly three years without spending a penny to have a bank balance worth $10,000.

The Korean Embassy in Ulaanbaatar added the bank balance statement to the list of supporting visa documents for Mongolians in late 2012.

"Each embassy can add or remove particular documents to issue a tourist visa. They make their own decision based on their assessment of the host country," an official from the Immigration Service of Korea said on condition of anonymity.

Mongolian Ambassador Ganbold claimed that Korea's demanding visa policy discouraged Mongolians from embarking on medical tourism in Korea.

"Sick people usually need to get a visa as soon as possible. Even though they submitted all those required documents, they have to wait two to three weeks to get their visas. Coupled with the strict document rule, the lengthy visa process makes it difficult for Mongolians to come to Korea for medical treatment," the envoy stressed.

He said Mongolians prefer Korean hospitals over those in China or Russia because Korea has Westernized, efficient and cutting-edge medical facilities.

"Plus, there are some Mongolians here who speak Korean fluently so that Mongolian medical tourists can rely on them when they meet Korean doctors."

Under tourist visas, both Mongolians and Koreans can travel to each other's nations for three months. These tourist visas are single-entry only. This means that Mongolians, for example, must go through all the hectic and lengthy visa procedure again if they want to visit Korea again.

Express visas are not available.

Tightening screw 

The way Korean tourists get a visa to Mongolia is a lot easier and simpler than their Mongolian counterparts.

Koreans are required to submit three documents only, namely a passport, a visa form and a receipt of visa fee, to get a tourist visa to Mongolia.

They can get the visa three days after submitting these materials. Express visas are also available.

Mongolian Ambassador Ganbold called on the Korean government to streamline the visa process.

Of the 10 visa documents, he suggested that the Korean government remove or reduce the amount of the bank balance statement as soon as possible.

"We also want the Korean government to ease rules for a multiple-entry visa so that medical tourists can visit Korea as many times as they want."

Under the current system, Mongolians who have ever travelled to one of the Organization for Economic Cooperation and Development (OECD) countries are allowed to get a multiple-entry visa to Korea.

Ambassador Ganbold pointed out that this rule is also unrealistic, considering that few Mongolians have ever travelled to OECD countries because they are too far from their country and too expensive to travel to.

Stricter visa documents appear to be part of the Korean government's tightening the screws on illegal immigration.

Nearly 180,000 foreigners in this country are undocumented people, according to the Ministry of Justice.

In 2008, the Immigration Service drew up a five-year plan designed to cut the number of illegal immigrants in the face of the rise of undocumented foreigners.

Ambassador Ganbold said that the rate of illegal Mongolian immigrants in Korea has sharply decreased in recent years.

In 2011, 4 percent of Mongolians who arrived in Korea that year stayed here despite their visa expired.

The figure for 2012 decreased to 2.5 percent and last year it dropped again to 1.7 percent.

Currently approximately 24,000 Mongolians are living in Korea as marriage migrants, manufacturing sector workers or students.

Link to article


Foreign Minister of Turkey to Conduct Official Visit to Mongolia on May 18-19

May 12 ( Minister for Foreign Affairs of the Republic of Turkey, Professor Ahmet Davutoglu will be conducting an official visit to Mongolia on May 18-19, 2014.

During the visit, Foreign Minister of Turkey will have bilateral talks with Mongolian authorities and during the Cabinet meeting held on May 10, 2014, the guidelines to adhere by Mongolia on this official visit was agreed to sign by Prime Minister of Mongolia.

Mongolia and the Republic of Turkey have established the diplomatic relations on June 24, 1969.

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Deputy Defense Minister Visits Hungary

Ulaanbaatar, May 12 (MONTSAME) A Mongolian delegation led by Defense Deputy Minister A.Battor met with Mr Tamash Varga, the State Secretary at the Ministry of Defence of Hungary, on May 8.

At the meeting, the parties shared views on defense policies and cooperation between the two countries. After meeting with Mr Tamash Varga, the Mongolian delegation met with Mr Zoltan Borbiro, Defense Ministry Deputy State Secretary to held negotiations.

The Mongolian delegation led by Defense Deputy Minister A.Battor visited the Defense Industry Association of Hungary and its biological laboratory, before being guided around the Defense Ministry Military Hospital to end their visit in Hungary.

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Austrade Looking for New Trade Commissioner to Mongolia

May 13 (Sydney Morning Hearald) Sick of Canberra? Tired of all the talk about the federal budget? Are the hipsters in Braddon making you feel too old?

If you're a public servant looking for a change of lifestyle there are many exotic places to head.

Some are located far enough from the Australian capital to provide safety at the moment of impact. This is when Joe Hockey and his henchmen are expected to walk through the corridors of federal departments swinging battle-axes to protect the country from lazy bureaucrats - such as those civilians in the Defence Signals Directorate who protect us against terrorism. Since when was terrorism ever a thing?

Below is top five a list of escape jobs for public servants. The benefits of moving are obvious - some of the jobs offer a 13th month's pay. But the application criteria can be very specific - you may need a Turkish driver's license and be able to show a demonstrated ability at driving an armoured car. 

4.    Ulaanbaatar, Mongolia (10,000km from Canberra)

A great place to go if you want somewhere colder than Canberra.

The temperature averages -9 degrees Celsius in winter. In even better news, Austrade is searching for a new trade commissioner to be based in the Mongolian capital, which has more than one million people.

The job is classified at executive level 2 (EL2) with a salary of up to $125,178.

Part of the role involves pushing Australia's mining interests (you can't get rid of those guys no matter how far you travel). One drawback is the pay is slightly less than the advertised post of senior trade commissioner to New Delhi, India, who will receive $145,388.

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Australia Future Unlimited Education Fair Mongolia 2014, Ulaanbaatar, September 19-20

Now in its third year, the Australia Future Unlimited: Education Fair Mongolia 2014 (AFUEF Mongolia 2014) is considered a vital education event for institutions interested in this emerging market.

In 2014 the fair will provide Australian education providers an opportunity to raise awareness of their institution's profile in Mongolia, and demonstrate the quality and innovation of the Australian education sector.

At the 2013 fair, 18 Australian institutions participated and there were more than 2000 visitors.

For event program details, costs and market insights, refer to the event brochure.

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Social, Environmental and Other

International team in Germany led by Mongolian physicist creates new element, one of heaviest yet

May 7 (Scientific American) Physicists have created one of the heaviest elements yet, an atom with 117 protons in its nucleus. This jumbo-sized atom sits on the outer reaches of the periodic table where bloated nuclei tend to become less and less stable. Element 117's existence gives scientists hope, however, that they are getting closer to discovering a rumored "island of stability" where nuclei with so-called magic numbers of protons and neutrons become long-lived.

The scientists did not observe element 117 directly. Instead, they searched for its daughter products after it radioactively decayed by emitting alpha particles—helium nuclei with two protons and two neutrons. "The heavy nuclei makes an alpha decay to produce element 115, and this also decays by alpha decay," says Jadambaa Khuyagbaatar of GSI, lead author of a paper reporting the results published May 1 in Physical Review Letters.

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Head of stolen dinosaur from Mongolia reveals weird hybrid species

May 12 (New Scientist) Palaeontologists have recovered the stolen head and feet of one of the world's weirdest dinosaurs. The fossils were somehow smuggled out of Mongolia, but have now been returned. They reveal that Deinocheirus, already known for its massive arms and the hump on its back, had a peculiar skull that looked like a cross between an ostrich and a duck.

In 1965, the first remains of Deinocheirus were found in the Gobi desert by Zofia Kielan-Jaworowska, now at the Institute of Paleobiology in Warsaw, Poland. All she found was a pair of 2.4-metre arms with fearsome claws.

These arms were unlike any seen before, and earned the fossil its name, which means "terrible hands". Kielan-Jaworowska realised the bones belonged to a two-legged theropod, the family that includes Tyrannosaurus rex and birds.

Decades of searching for the rest of the bizarre beast yielded nothing until 2006, when the Korea-Mongolia International Dinosaur Project found a 70-million-year-old skeleton in the Gobi desert. Another followed in 2009. Between them they contained most of the major bones, except the head and feet.

Last year the researchers described Deinocheirus as an ornithomimosaur, or "ostrich dinosaur", a group that includes the Gallimimus featured in Jurassic Park. But at 12 metres long, it was similar in size to T. rex, far larger than any other ornithomimosaur, and had a camel-like hump or sail on its back. However, without the head and feet they were missing key information, including what it ate – although gizzard stones in its stomach hint that it ate plants.

Fossil smugglers

Meanwhile François Escuillié, director of fossil dealership Eldonia in Gannat, France, spotted a strange skull and associated feet in a private European collection. In 2011, he asked Pascal Godefroit of the Royal Belgian Institute of Natural Sciences in Brussels to take a look. Suspecting the bones might be the missing pieces of Deinocheirus, the two checked with the Korean-Mongolian team and found that the skull fit perfectly with the body found in 2006.

It remains unknown how the fossils were smuggled out of Mongolia and made their way to Europe. The collector has not been identified.

Escuillié eventually acquired the fossil and donated it to the Royal Belgian Institute. Then, on 1 May, he and Godefroit presented it to the Mongolian government. The bones will be deposited at the Central Museum of Mongolian Dinosaurs in Ulaanbaatar, along with the rest of the Deinocheirus skeleton, and a Tarbosaurus that was also previously stolen.

The skull shows Deinocheirus was even weirder than palaeontologists had thought. "It looked to me like the product of a secret love affair between a hadrosaur and Gallimimus," says Thomas Holtz of the University of Maryland in College Park. In overall body shape, Deinocheirus was similar to ornithomimosaurs like Gallimimus. The hadrosaur link comes from its snout.

Hadrosaurs are known as "duck-billed dinosaurs" because their snouts were long and flattened. Deinocheirus's mouth has a similar duck-billed shape.

Link to article


Mongolia Gathers Young Herders for Across Nation for State Consultation

May 11 (UB Post) The first ever state consultation of young herders was held on Friday at the Government Palace, bringing together 360 young herders (between the ages of 15 and 34) from 330 soums across all 21 provinces as representatives of over 110,000 young herders nationwide.

The Mongol Herder information agency held the event under the auspices of the Prime Minister of Mongolia. Prime Minister N.Altankhuyag officiated at the consultation and shared his support stating, "Mongolia's 45 million livestock are healthily breeding thanks to the young herders."

Herders who registered 2,000 to 3,800 livestock at the end of last year were specifically invited to the consultation. A total of 68 female herders were invited as well.

The consultation aimed to find solutions for the pressing problems of young herders, promote their work, motivate them, and raise public awareness of how they are contributing to the Mongolian economy.

During the consultation, several separate discussions took place on the issues of increasing income, education and health, labor relations and social security for herders. Requests generated during the discussions will be submitted to the Prime Minister for approval.

Organizers of the consultation met representatives of the herders beforehand and received their suggestions for the consultation's agenda and future plans to keep the consultation effective as possible.

The consultation will be held once every two years, reported the Prime Minister.

The young herders also visited dairy, cashmere and leather factories, as well as an agricultural exchange.

Link to article


Mongolia Announces Its Candidacy to Host 2019 East Asian Youth Games in Ulaanbaatar

May 12 ( The East Asian Games Association (EAGA) resolved to organize the East Asian Youth Sports Festival and delivered to regional countries the proposal to host the First Games in 2019.

Accordingly, the Government of Mongolia at its Cabinet meeting held on May 10, 2014, decided to promote its name to host the 2019 East Asian Youth Games in Ulaanbaatar, Mongolia.

By issuing this decision, Cabinet members deemed the Festival would bring impetus development in the sports industry, moreover to the flourish of capital city and its constructional development.

Consequently, under the ordinance of the Prime Minister of Mongolia, an organizing committee to promote Mongolia as a candidate and other relevant preparation works to host the First Festival is established.

At the East Asian Youth Sports Festival 2019, nine countries from the regions will be participating namely China (People's Republic), Guam (by invitation), Japan, Hong Kong (China), Macau (China), Mongolia, North Korea, South Korea, and Taiwan (China).

The East Asian Games is a multi-sport event organized by the East Asian Games Association and held every four years since 1993 among athletes from East Asian countries and territories of the Olympic Council of Asia, as well as the Pacific Island of Guam, and the 6th East Asian Games was organized in Tianjin, China in 2013, where Mongolia achieved a total of 22 medals (4 Silver and 18 Bronze) standing at the 8th place by overall score.

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Mongolian girl to receive lifesaving surgery in New Orleans

NEW ORLEANS, LA (WVUE) A three year old girl arrives in New Orleans from Mongolia, for a lifesaving medical procedure not available in her home country. A group of volunteers on the North Shore are caring for the child, who will soon undergo surgery at Children's Hospital.

You'd never know looking at little Suvda's face that she is very ill. Stephanie Berault, Executive Director of the Louisiana Chapter of HeartGift, explains, "Suvda's been diagnosed with Tetralogy of Fallot. It's a heart defect that she was born with."

The defect causes low oxygenation of the blood. Living in a country where the heart surgery she needs isn't available, Suvda's family didn't know what to do. Her aunt, who traveled with her to Louis Armstrong International, explains through an interpreter, "We don't know when she dies and we don't know how long she lives."

An international organization that identifies children with congenital heart defects, called Samaritan's Purse, helped connect Suvda to HeartGift. The Louisiana Chapter of the non-profit decided to bring the little girl to New Orleans, to be operated on at Children's Hospital. Donors are paying for the surgery.

"It's very amazing to find out that all those expenses and uncountable numbers of the finances are covered," said Suvda's aunt.

Even more amazing, says Suvda's aunt, the generosity being bestowed upon them by members of the Journey Fellowship Church. About 100 people will help feed, house and take care of the duo and their interpreter for the month while they'll be in town.

Pastor Tanya Camper says, "We were just so excited, we were like let's do this thing. Let's make a difference for this little girl."

Camper says the church is used to helping others through mission trips but this experience, meeting Suvda, and bringing her to New Orleans, is so much more meaningful. "We're thinking that we're touching them but in the process we're the ones whose lives really get changed," Camper said.

Suvda's young life will also be changed in just a few short weeks, after she receives the surgery that her family hopes will give her a new start.

Link to article (includes video)


Annual Playtime Live Music Festival Sets 2014 Date on July 19-20

Ulaanbaatar, May 12 (MONTSAME) A Mongolian live music festival called "Playtime -2014" has been dated to be held at Hotel Mongolia in Gachuurt village of UB city on July 19-20.

This year, Russian rock band Mumiy Troll and Japanese hardcore band Envy will perform at this annual outdoor music event as guest bands.

The festival itself has blossomed over the years into a much anticipated event that the Mongolian public looks forward to every year.

Playtime has been a direct influence upon new and upcoming Mongolian artists, who emerged by the end of the 90's and early 2000's, and has invited artists from a vast number of different countries, including United States of America, Japan, United Kingdom, Russian Federation and Inner Mongolia.

The festival itself has been a major force in introducing now widely recognised and prominent artists to the masses, acting as a musical springboard boosting their audience range and helping the cultural and musical development of the country as a whole.

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