Tuesday, January 13, 2015

[Fair deal certain for Kincora; more gold for Erdene; MNT breaks record for 6th session; and UB housing prices down for 4th month]

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Tuesday, January 13, 2015

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Overseas Market

KCC closed flat at C$0.025 Monday. KCC now either to get them back or get compensated.

Kincora Copper's revoked gold licences go to second tender

January 12 (Proactive Investors) Kincora Copper's (CVE:KCC) gold licences revoked by the Mongolian government will be subject to another round of tenders next month to determine if it will get them back.

The two licences, owned by its Golden Grouse subsidiary, were among 106 cancelled by the Mongolian government after questions over how they were issued; Kincora has already taken a C$6.95mln impairment charge in relation to the licences.

A process has now started in Mongolia for previous owners of the 106 licences to re-tender or alternatively to get back any expenditure they had incurred from a new owner.

Kincora said its licences were part of a batch of thirteen put up for re-tender on 9 January, but will now be subject to a second and final tender on 11 February.

Overall, 23 licences with an estimated cumulative US$2.49mln of expenditure have been re-tendered so far, said Kincora, with 16 returned to the former holders, three remaining with the State following no bids and four acquired by third parties.

Last month, the company said it had agreed a figure for its exploration costs so far and these will be reimbursed if it is unsuccessful in the tender.

Kincora added today that it looked forward to the conclusion of the dispute in an equitable manner next month.

Link to article


Kincora Copper: Equitable Resolution of Dispute Due Next Month


ERD last traded C$0.125 Wedneday

Erdene Intersects 51 m of 2.5 g/t Gold Equivalent at Altan Nar Including 7 m of 7.1 g/t Gold Equivalent

HALIFAX, NOVA SCOTIA--(Marketwired - Jan. 12, 2015) -

Editors Note: There are two maps associated with this press release.

Erdene Resource Development Corp. (TSX:ERD) ("Erdene" or "Company") is pleased to provide drilling results for the first four holes of the 15-hole fourth quarter 2014 exploration program at the Company's wholly-owned Altan Nar gold-polymetallic project in southwest Mongolia.


·         Significant increase in width and grade encountered at northern edge of Discovery Zone South ("DZS") in hole TND-69, including:

o    51 m of 2.5 g/t gold equivalent ("eq.")

o    7 m and 3 m zones of greater than 7 g/t gold eq.

o    Gold values up to 11.8 g/t over 1 m

o    Strong lead and silver values, up to 6.9% lead and 196 g/t silver over 1 m

·         Strong zinc and silver mineralization in southern-most hole, TND-66, with values up to 4.5% zinc and 334 g/t silver over 1 m

·         Continuity of mineralization established over 200 m at DZS and open in all directions, and now joining Discovery Zone North ("DZN") which extends a further 300 m to the north

·         Results pending for DZN and Union North, anticipated by mid-Q1, 2015

·         Runge Minarco completed site visit and has commenced resource estimation project

·         Government of Mongolia announces World Bank funding for mining infrastructure support in Altan Nar/Zuun Mod project area

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Local Market

MSE Weekly Review, January 4-10: Top 20 -2.3%, Turnover 169.3 Million

Ulaanbaatar, January 12 (MONTSAME) Six stock trades were held at Mongolia's Stock Exchange January 5-10 of 2015. In overall, 724 thousand and 619 shares were sold of 39 joint-stock companies totaling MNT169 million341 thousandand435.00.

"Merex" /599 thousand and 060 units/, "Hermes center" /56 thousand and 319 units/, "Khokh gan" /44 thousand and 096 units/, "APU" /8,325 units/ and "Genco tour bureau" /5,766 units/ were the most actively traded in terms of trading volume, in terms of trading value--"Merex" (MNT 57 million 768 thousand and 292), "APU" (MNT 31 million 147 thousand and 232), "Suu" /MNT 14 million and 202 thousand/, "Material impex" /MNT 11 million 940 thousand and 680/ and "Darkhan nekhii" (MNT nine million 943 thousand and 990).

Link to article


MSE News for January 12: Top 20 -0.1% to 14,497.93, Turnover 18 Million

Ulaanbaatar, January 12 (MONTSAME) At the Stock Exchange trades on Monday, a total of 12 thousand and 011 units of 16 JSCs were traded costing MNT 18 million 030 thousand and 935.

"Khokh gan" /5,581 units/, "State Department Store" /1,415 units/, "Tavantolgoi" /1,267 units/, "Darkhan khuns" /970 units/ and "E-trans logistics" /970 units/ were the most actively traded in terms of trading volume, in terms of trading value were "Tavantolgoi" (MNT five million 073 thousand and 278), "Darkhan khuns" (MNT four million and 850 thousand), "Atar-Orgoo" (MNT two million and 312 thousand), "UB-BUK" (MNT two million and 150 thousand) and "Bulgan guril tejeel" (MNT one million 165 thousand and 600).

The total market capitalization was set at MNT one trillion 401 billion 770 million 925 thousand and 641. The Index of Top-20 JSCs was 14,497.93, decreasing 15.01 units or 0.10% against the previous day.

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Early morning bank rates: Khan (Buy 1,920 Sell 1,936), TDB (Buy 1,915 Sell 1,935), Golomt (Buy 1,918 Sell 1,936), XacBank (Buy 1,920 Sell 1,936), State Bank (Buy 1,920 Sell 1,936)

BoM MNT Rates: Monday, January 12 Close
























































January MNT vs USD, CNY Chart:


Link to rates


UB Housing Prices Fall for 4th Month in November, Up 0.475% Year-to-Date


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Politics & Legal

ADB Representative Briefs Construction Minister on Ongoing Projects

Ulaanbaatar, January 12 (MONTSAME) The Minister of Construction and Urban Development D.Tsogtbaatar last week received Mr Robert Schoellhammer, the Permanent Representative of the Asian Development Bank (ADB) to Mongolia.

At the meeting, Mr Schoellhammer briefed about ongoing projects being implemented in the construction and urban development fields as well as planned projects to be realized by the ADB.

"The MON-2301 project is being realized with a financing from the ADB in the urban development sector. A new project will be implemented for renovating Darkhan city's sewage plant with a soft-loan from the ADB," Mr Schoellhammer said.

The Minister asked theADB to focus attention to implementing programmes on building apartments and shelters for small and medium income people, and then talked about works to be done in the related spheres.

Link to article


Original Constitution Placed at State History Museum on 23rd Anniversary

January 12 ( To celebrate the 23rd anniversary of the drafting of the Mongolian Constitution, a ceremony for the placing of the original text of the Democratic Constitution at the State History Museum of Mongolia took place today, December 12.

Secretary General of the Office of the State Great Khural B.Boldbaatar gave a speech opening the ceremony. He introduced the public to the original text of the Mongolian Constitution. People will now be able to see the first Mongolian Constitution for themselves by visiting the State History Museum.

Also taking place today, Mongol Bank presented copies of Bogd Khan's white stone seal, together with Bogd Khan Jibzundamba's silver stamp, gold seal, and several of his other stamps, to the State History Museum's collection to make them available for public viewing.

Currently there is a total of 140 priceless exhibits, including paper documents and other artifacts, at the State History Museum.

The State History Museum will be ready to display the original text of the Democratic Constitution within one week.

Secretary of the State Great Khural reported that the head of Office of the President of Mongolia P.Tsagaan, Mongolian bankers, members of the constitutional court, key legislators, and other officials participated in today's events.

Link to article


Democratic Constitution Exalted at State History MuseumMontsame, January 12


Take a Virtual Tour of Mongolia's Government House

January 12 ( On January 12, 2015, an opening ceremony of the, a virtual tour 3600 to the Government House of Mongolia featuring all exhibition halls, meeting and conference rooms as well as portraits of all-time Prime Ministers and historical pieces stored in the state museums was held in the State Palace.

The website was developed by "Pano Interface" LLC using the latest advanced technology and most notably, visitors from anywhere around the world can view and listen to audio descriptions of 42 objects in English or Mongolian languages.

At the opening ceremony, Secretary General of the Secretariat of the State Great Khural (Parliament) B.Boldbaatar, Director of "Pano Interface" LLC B.Battulga, the company advisor D.Enkhtsogt and visitors were present and organizers pledged to broaden the tour and include more languages for foreign on-line visitors.

Link to article


State House E-tour now availableMontsame, January 12

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DBM Has Funded 116 Projects to Boost Export, Substitute Imports

Ulaanbaatar, January 12 (MONTSAME) A list of the companies that were given credits by the Development Bank of Mongolia, in light of promoting the exports through domestic import-substituting industries, was issued on January 9. Credits below the amount of two billion Togrog has been allocated to 92 companies to implement projects on light industries, food industries and construction materials' manufacturing.

Credits above the amount of two billion Togrog were issued for 24 companies that operate in sectors such as drugs, bio-preparations and land farming.

According to the report by the DB, the above allocations totaled to MNT 171.6 billion, which has financed 116 projects out of the intended 888 national projects.

Link to article


Canrim Resources December 2014 Monthly Letter

January 9 -- Reflecting on 2014, Mongolia has come far, yet still has further to go. Early in the year many structural issues loomed large. This included the moratorium on the issuance of exploration licenses, development of large scale power projects and the railroad gauge debate, all of which were recently successfully resolved. In light of these productive developments, and a change in government, we see 2014 having been a turning point from the bottom which will result in renewed economic growth going forward. The majority of this growth is projected to come from the resource, power and infrastructure sectors.

On mining, the 239th Government decree of 2014 outlines the issuance of exploration licenses covering 20.94 million hectares to be issued through the bidding process. Of this area, 6.2 million hectares are reported to contain minerals reserves which have been identified though a geological survey funded by the Government of Mongolia. This is what Canrim had predicted would happen and the timing fits with our business model.

We view such news as validation of our ongoing assessment that once the new Government has completed its streamlining of Ministries the issuance of minerals licenses will again commence, thus leading Canrim to bid for multiple properties which will become the principal assets of our project portfolio. Canrim has already selected its prospective areas and completed the necessary steps and paperwork to support our applications. Further, we are currently in discussions and undergoing due diligence on several advanced projects of which we will soon know whether or not they fit our criteria to take further action.

2014 Economic Review:

1.    July 1: Amendments made to Minerals Law, Petroleum Law passed

2.    July 1: Moratorium on issuance of exploration licenses lifted

3.    July 1: Life of exploration licenses extended from 9 to 12 years

4.    August 21-22: Chinese President Xi Jinping visits Ulaanbaatar

5.    August 22: MRAM issues first exploration licenses in five years

6.    September 03: President Vladimir Putin visits Ulaanbaatar

7.    November 21: Chimed Saikhanbileg elected as new Prime Minister

8.    December 02: MPRP joins incumbent DP to form coalition government

9.    December 22 MMC, Shenhua, Sumitomo Consortium win Tavan Tolgoi tender

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Ulaanbaatar Water Supply Authority Adopts Glass Account Reporting

January 12 ( Glass Account reporting procedure has now been implemented by the Water Supply and Sewage Authority of Ulaanbaatar, with information available to the public at

On January 1, 2015, the Glass Account law on transparent financial reporting came into force, requiring government organizations and agencies to implement new procedure on reporting their expenditures and financial data.

The purpose of this law is to make sure that the state and local budgets and property are being used and managed effectively and efficiently; that the process of decision making is transparent, open and clear; and that the public has a system to monitor all financial activities involving taxpayer dollars.

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Mongolia, India to Mark 60th Anniversary of Diplomatic Relations in 2015

January 12 ( On January 12, 2015, Minister for Foreign Affairs of Mongolia Lundeg PUREVSUREN received in his office the Ambassador Extraordinary and Plenipotentiary of Republic of India to Mongolia, Mr. Somnath Gosh.

During the meeting both sides noted content over the development of bilateral relations on the basis of Comprehensive Partnership and exchanged views on further consolidating these relations, intensifying bilateral cooperation in defense, trade, investment and other areas.

Furthermore, as this year marks the 60th anniversary of the establishment of diplomatic relations between Mongolia and India, the two sides discussed views on exchanging high level visits, holding the next consecutive meeting of the Mongolia-India Joint Committee on Cooperation and organizing other business and cultural events to commemorate this occasion.

On the same day, Vice Minister for Foreign Affairs N.Oyundari received in her office the Ambassador Extraordinary and Plenipotentiary of the Federal Republic of Germany to Mongolia, Mr. Gerhard Thiedemann at the request of His Excellency Ambassador.

During the meeting, Ambassador G.Thiedemann congratulated Vice Minister Mrs. N.Oyundari on her new appointment and they exchanged views on the current developments in bilateral cooperation between Mongolia and Germany and planned high-level visits in 2015.

Link to article


Vice Foreign Minister Meets Ambassador of Germany

Ulaanbaatar, January 12 (MONTSAME) The Vice Minister of Foreign Affairs N.Oyundari Monday met Mr Gerhard Thiedemann, the Ambassador of the Federal Republic of Germany to Mongolia.

At the meeting, the Ambassador congratulated Ms Oyundari on being appointed as the Vice Minister of Foreign Affairs; and exchanged views on a present situation of the Mongolia-Germany relations and cooperation and on high-level mutual visits to be implemented in this year.

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Social, Environmental & Other

Mongolian Academy of Sciences Appeals to Celebrate 800th Anniversary of Khubilai Khaan's Birth

January 12 ( On January 12, 2015, Mongolian Academy of Sciences (MAS) addressed the President of Mongolia Ts.Elbegdorj with an initiation to celebrate the 800th anniversary of birth of Khubilai Khaan (Kublai Khan), the fifth Khagan or Khaan (Great Khan) of the Ikh Mongol Uls (Mongol Empire), reigning from 1260 to 1294, a grandson of Chinggis Khaan and the founder of the Yuan dynasty in Mongolia and China, a division of the Mongol Empire.

In 2015, Government of the People's Republic of China decides to commemorate the anniversary in a broad ranges, thus, the MAS deems it would be appropriate to celebrate the Great Khaan's 800th Birth Anniversary in the country.

Khubilai Khaan was the second son of Tolui Noyon, the youngest son of Chinggis Khaan and it is said he was born near Khar Khorin city on September 23, 1215, the Year of Blue Pig according to lunar calendar.

Link to article


Mongolia to celebrate Khublai Khan's 800th, January 12

President to receive "Khubilai Khaan's 800th birthday" initiativeMontsame, January 12


Mystery of Siberia's strange throat singing solved: 'Human bagpipe' singers have unique vocal cords that produce eerie notes

·         People living in the Altai mountain region in southern Siberia have differently shaped vocal cords and voice boxes, a study has revealed

·         Unique physiology means they can be throat singers, and make a low hum

·         Singing technique passed down generations has featured in a Bjork song

·         It was used by Mongolian men to communicate across vast spaces

January 12 (Mail Online) If you try to emulate the strange low songs of throat singers from Siberia, you will probably be disappointed.

Scientists have discovered that the uniquely shaped vocal cords of people living in the Altai mountain region in southern Siberia means that only they can perform the eerie melodies composed centuries ago, which have been passed down generations.

The distinctive noise comprising a low hum with several higher notes sounded simultaneously, has featured in a song by Bjork, but hasn't popularly spread beyond the regions because only the people of southern Siberia and Tuva can make it.

Scientists from the Institute of Philology of the Russian Academy of Sciences have discovered that native Turks have different vocal cords so only they can master the melodies, The Siberian Times reported. 

Their cords are slightly wider, with a shorter voice box, allowing natives to make the unique noise, which comes deep within the throat.

Throat singers have been likened to 'human bagpipes' and can sing a long, low note, while making higher whistling notes and rhythm.

The study suggests that people in Europe, for example, are unable to make the noises because of their differently shaped throats.

It's believed that Mongolian men used songs to communicate across the vast, rugged landscape.

They used natural features like mountains to ensure their voices carried long distances.

Now experts think that the way the notes were sung gradually altered the structure of people's throats in the region.

The researchers also studied the speech of two residents in Kemerovo who speak Turkic Shor, which is spoken by around 2,800 people in south central Siberia and borrows many of its roots from Mongolian.

They used digital radiography and MRI scans to study the vocal apparatus and the brain.

The research took place in the laboratory of experimental phonetic studies, which, since its creation in the 1960s, has been used to describe the sound and features of more than 40 languages and dialects.


Mongolian throat singing is a particular variant of overtone singing practiced by people in Mongolia and Tuva.

It was added to the list of Intangible Cultural Heritage of Humanity of Unesco in 2009.

Throat singers make one or more pitches sounded simultaneously over a base note - producing a unique sound.

It is not known when the practice originated, but it thought to have passed down generations of male herders for hundreds of years. Now women are using the technique too.

The open landscape of Mongolia and southern Siberia allows the sounds to carry a great distance.

It's thought human mimicry of nature's sounds is also at the root of throat singing.

Link to article


Mongolian wedding is adventure for Lakeside mother


January 11 (The Daily Inter Lake) When Lakeside resident Amrita Huntington recently attended her son's wedding in Mongolia, toasting the newlyweds with a cup of fermented mare's milk wasn't something she expected.

Neither was having a boiled sheep's head — with eyes and teeth still intact — served on a platter during the reception.

Being part of a wedding ceremony rich in Mongolian tradition was the experience of a lifetime for Huntington, who works as a home-care provider in the Lakeside area.

Her son Gabriel and his bride Togtokh, the daughter of a prominent court justice in Mongolia, arrived on horseback at the wedding site in Terelj National Park. They were dressed in traditional Mongolian wedding regalia.

After dismounting their horses, the bride and groom were presented with a cup of fresh milk in a blue silk scarf. They shared the milk and passed it first to the bride's father, then to other family members.

"This welcomes each other's lives and then extends out, joining the family," Huntington explained.

Each aspect of the wedding ceremony was steeped in tradition.

"The table before us had the traditional boiled sheep parts," she said, noting how difficult it was to smell and witness this tradition because she's a vegetarian. "Ganzorig, Togtokh's dad, cut the head and passed it around. They all shared organ meat stew, another tradition.

"The wedding cake was stacked buns with curd cheese on top and you make a blessing as you touch the side of the cake, and then eat a piece of the curd."

The buns later were delivered to people who lived too far away to attend the wedding.

"There was a goat hanging upside down from a tree outside the window, being smoked," she continued, adding: "I didn't ask."

The entertainment included throat singers and a contortionist, along with traditional dancers, an opera singer and a song sung by the bride's father to his daughter.

Huntington said she learned there's an old Mongolian saying that if there is not a drunken scene, the wedding is boring. Suffice to say there was ample drinking, she said.

The following morning a tea ceremony was held, symbolizing the domesticity of the bride as she stokes the fire and makes the special butter tea.

"The father is served first, then her husband, then me, and her mother, then the gathering, and we stepped outside to pour it to the four directions," Huntington recounted.

Afterwards, as Huntington spent time among the nomads — in the "ger" — she was impressed by the sense of family among Mongolia's rural citizens.

"The families are very close," she said. "Everyone cares for the children equally; they are so cherished. Six-year-olds carry around the babies and are fully trusted. It is beautiful."

Huntington also was struck by the sense of liberation among the Mongolian people, who were freed from communist rule through a democratic revolution in early 1990, after communist regimes began breaking apart in the late 1980s. 

"There is a lot of joy there," she said.

Huntington's son met his wife while visiting Hawaii when he was a law student at Georgetown University in Washington, D.C. Togtokh had an adopted uncle who is a judge, and she was working for him in Hawaii.

The couple live in Brooklyn, N.Y., where he's a lawyer and she's attending law school.

Huntington brought a bit of Montana with her to Mongolia that was well-received.

"The Mongolians went crazy for huckleberries," she said with a laugh.

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