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Overseas Market
SGQ closed +0.53% to C$1.91 on Monday
SouthGobi Resources Announces First Quarter 2013 Financial and Operating Results
HONG KONG, CHINA--(Marketwired - May 13, 2013) - SouthGobi Resources Ltd. (TSX:SGQ)(HKSE:1878), (the "Company" or "SouthGobi") today announced its financial and operating results for the quarter ended March 31, 2013. All figures are in U.S. Dollars unless otherwise stated.
SIGNIFICANT EVENTS
The Company's significant events for the quarter ended March 31, 2013 and subsequent weeks are as follows:
<![if !supportLists]>· <![endif]>Received a pre-mining agreement ("PMA") pertaining to the Soumber Deposit;
<![if !supportLists]>· <![endif]>Provided an update on the ongoing governmental, regulatory and internal investigations;
<![if !supportLists]>· <![endif]>Announced the resumption of operations at its flagship Ovoot Tolgoi Mine on March 22, 2013. The Company plans to produce 3.2 million tonnes of semi-soft coking coal in 2013. Operations had been fully curtailed since the end of June 2012;
<![if !supportLists]>· <![endif]>Announced updated NI 43-101 compliant resource estimates for the Soumber and Zag Suuj Deposits, which increased SouthGobi's total measured and indicated resources to 533 million tonnes (8% increase) and inferred resources to 302 million tonnes (24% increase);
<![if !supportLists]>· <![endif]>Announced the appointment of Bertrand Troiano as its Chief Financial Officer, effective April 8, 2013; and
<![if !supportLists]>· <![endif]>First quarter coal sales volumes and revenue declined to 0.08 million tonnes and $3.3 million, respectively, in 2013 compared to 0.84 million tonnes and $40.2 million in 2012.
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Related:
SouthGobi Resources Announces Results of Annual and Special Meeting of Shareholders – Marketwired, May 13
TRQ closed -0.90%, -1.04% to C$7.68, US$7.60 respectively on Monday
Rio Tinto gets Australian government loan for Mongolian mine project
May 13 (Radio Australia) Mining giant Rio Tinto has secured funding support from the Australian government for its massive Oyu Tolgoi copper mine in Mongolia.
In March the United States refused to support the World Bank's involvement in the same project.
Oyu Tolgoi is Mongolia's largest investment project and is expected to boost the country's economy by about one third when in production.
The six billion dollar mine is expected to start production in June after the settling of disputes between Rio Tinto and the Mongolian government.
Correspondent: Karon Snowdon
Speaker: Carmelan Polce, executive director, Jubilee Australia (independent NGO)
SNOWDON: It’s a six billion dollar project, Mongolia's biggest. Rio Tinto went to the market to find up to a reported 4 billion dollars to keep it going.
Many big international banks, and several Australian commercial banks are on board. So is the European Bank for Reconstruction and Development, the EBRD and the World Bank's finance arm, the IFC. But in February, the US government abstained from the vote to approve the IFC's loan to Rio. While it noted the project's positive economic potential the US position paper listed a large number of concerns on environmental grounds and inadequate disclosure for when construction ends and operations begin.
US POSITION QUOTE: First, the United States believes the Environmental and Social Impact Assessment has gaps in critically important information, particularly related to the operations phase of the project and mine closure. Specifically, the Boards of the IFC and EBRD are being asked to make a decision on this project without seeing the agreed commitments contained in the forthcoming Operations Phase Environmental Management Plans.
SNOWDON: The Australian government's export investment finance corporation, EFIC has no such qualms. Its approved a loan to Rio.
EFIC won't disclose details of the loan but a spokeswoman said Mongolia is a frontier market which commercial financing lacks the capacity to service. She added that 200 smaller exporters will be supported indirectly as a result of Oyu Tolgoi's success.
The independent NGO Jubilee Australia has concerns about the impact of Oyu Tolgoi on the scarce water resources in the Gobi Desert and the on the nomadic herders who live there. Rio will divert a river away from its open pit mine.
Carmelan Polce, Jubilee's Executive Director also believes the environmental impact statements are inadequate and is critical of EFIC's involvement..
POLCE: And we think that's it premature for EFIC to signal its consent to provide funding before these important issues are resolved. There are two complaints that have been submitted to the World Bank that are still being reviewed, one has to do with water and one has to do with the relocation agreement that Rio Tinto is organising with the herders. These complaints are still outstanding, they're still being mediated by the World Bank's ombudsman. And yet Rio Tinto is putting a lot of pressure on the herders to agree to the development consents so they can move forward.
SNOWDON: So what do you think of EFIC confirming that it is ready to approve being a finance partner to this project if the other financing comes through?
POLCE: I think that EFIC has a track record of being dragged along on these projects and we think that EFIC should stand up and refuse to participate until the issues are resolved.
SNOWDON: Rio Tinto has been at odds with the Mongolian government over costs and the share of revenues to the government which has a 34% stake in the mine. At Rio Tinto's AGM last week Oyu Tolgoi wasn't a big topic of discussion. RIO's new CEO Sam Walsh only had this to say.
WALSH: And our Oyu Tolgoi project is due to start shipping to customers in the first half of this year. This will depend on the ongoing discussions with the government of Mongolia where constructive progress is being made.
SNOWDON: Its not unusual for EFIC to make loans to large corporations -- a fact that's bought it some criticism from a government review. In 2011 the construction company Leightons received an 82 million dollar facility. When fully operational, Oyu Tolgoi is expected to produce 450,000 tonnes of copper and 330,000 ounces of gold a year. It could have a mine life of between 35 and 100 years.
Mogi: Two of its biggest shareholders Metals X & AR Management have joined forces to remove these below 4 directors out on a special general meeting on 4 June, but looks like the four are taking preemptive measures
MRC: Resignation of Three Directors
May 14, Mongolian Resource Corporation Limited (ASX:MUB) --
Last evening, 13th May 2013, the Company received the resignations of 3 Directors:
Naidansuren Jargalsaikhan, former Chairman
Galsan Sereeter former Non-Executive Director
Tony Bainbridge, former Managing Director.
The resignations, received electronically, were dated 6th May 2013 and were to take effect on that date.
The sole remaining Director, Tanan Jargalsaikhan is aware of the requirement for ASX listed companies to have a minimum of 3 Directors, 2 of which must ordinarily reside in Australia.
As at today’s date, 14th May 2013, the Company is not aware of what actions, if any, Ms Jargalsaikhan has taken or plans to take to appoint Directors to meet this minimum requirement.
MRC: SUSPENSION FROM OFFICIAL QUOTATION
May 14 -- The securities of Mongolian Resource Corporation Ltd (the “Company”) will be suspended from quotation immediately under listing rule 17.3, pending the Company’s appointment of sufficient directors to comply with section 201A(2) of the Corporations Act 2001.
975 closed Monday -5.43% to HK$2.09
MMC: POLL RESULTS OF ANNUAL GENERAL MEETING HELD ON 13 MAY 2013
May 13, Mongolian Mining Corp. (HKEx:975) --
The Board is pleased to announce that all ordinary resolutions proposed at the AGM were duly passed by way of poll.
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Local Market
NatSec Daily MSE Update, May 13
May 13 (National Securities) Today was the 4,466th trading day on the MSE. Total of 13,394 shares of turnover is 21,770,444 MNT. The TOP20 Index edged down 0.02% to 13,708.87 points. Most of shares prices remain un-changed day-on-day.
Mining companies Baganuur (BAN), Shivee Ovoo (SHV), Eermel (EER), Gobi (GOV), and 55% state-owned telco company Telecom Mongolia (MCH) were gainers on the bourse, rising from 0.44% to 6%. 7,810 shares of Tavan Tolgoi (TTL) were the highest single-firm volume, they however dropped 3.67% to MNT 2,312. Jenco Tour Bureau (JTB) dipped 1.20% to close at MNT 82.
Please click here to see the detailed news.
Economy
Mogi: best lesson learned is the hard way, unless it kills you of course
Mongolia Economic Growth Slows to 7.2% as Coal Exports Decline
May 13 (Bloomberg) Mongolia’s economic growth slowed in the first quarter after coal prices fell and moderating Chinese demand reduced the nation’s exports.
Gross domestic product, as measured by production in constant prices, grew 7.2 percent from a year ago, the National Statistical Office of Mongolia said on its website today. That compares with the 16.7 percent pace of expansion for the same period last year and a 12.3 percent annual rate for 2012.
The World Bank last month cut its forecast for 2013 Mongolian economic growth to 13 percent from 16.2 percent, citing declines in exports and foreign investment. Economic growth in China, which buys more than 90 percent of Mongolian exports, slowed to 7.7 percent in the first quarter from 7.9 percent in the last three months of 2012.
Mongolia’s exports for the first four months of this year fell 5.5 percent from a year earlier, the statistics office said today. Shipments of coal, the nation’s biggest export, fell by volume to 5 million tons from 5.3 million tons in the same period in 2012, the agency said. The value of the coal exports fell to $338.9 million from $580.3 million a year ago, according to a statement.
The volume of copper concentrate exports was little changed at 186,000 tons in the first four months compared to 186,500 tons a year earlier, the statistics office said. The value of the shipments rose to $276.6 million from $269.5 million a year ago, according to the agency.
Mongolia’s trade deficit narrowed to $528.3 million, 33.7 percent smaller than a year ago, the statistics office said.
The nation’s consumer prices rose 10.4 percent in April from a year earlier and gained 1.1 percent from March, according to the agency.
Mogi: BoM is trying really hard to contain what would naturally have been a major tumble of MNT
BoM issues 4-week bills
May 13 (Bank of Mongolia) BoM issues 4 week bills worth MNT 100 billion at a weighted interest rate of 11.62 percent per annum. /For previous auctions click here/
BoM: Final 2012 Balance of Payments Report
May 13 (Bank of Mongolia) --
Construction material suppliers have receive 100 billion MNT soft loans so far
May 13 (UB Post) The government announced that the Central Bank of Mongolia has granted a soft loan of 100 billion MNT to construction cement and reinforcement suppliers, as part a government project to decrease housing prices by reducing the cost of key construction materials.
Earlier this year, the government and the Central Bank allocated 370 billion MNT for the loan granted to construction material suppliers.
Studies show that around 90 percent of construction companies operate through high interest loans from commercial banks. The expense of these interest payments often get passed on to clients. Housing construction projects also involve numerous stages of lengthy, drawn-out approvals, and often add to inflated housing prices.
The government has already initiated programs to decrease the number of approvals and signatures needed to commence and carry out operations in the construction sector. The government has designated 200 billion MNT for this year’s infrastructure development projects, some of which are believed to help alleviate housing costs upon completion.
The most costly part of construction can be connecting to critical infrastructure, such as water, sewage pipes, power lines and heating grids.
Provincial gas prices drop
May 13 (UB Post) Local newspaper, Undesnii Shuudan reported that some provinces have dropped gasoline prices by around 80 MNT per liter.
Earlier last month, the government said retail gasoline prices would be reduced by around 50-60 MNT per liter in May as new fuel suppliers from Belarus, China and South Korea were being contracted. Russia’s Rosneft was previously Mongolia’s sole supplier.
This year, the government and the Central Bank granted low interest loans to fuel suppliers to stabilize fuel prices, as part of a larger scheme to fight inflation rates.
Usually petroleum prices increase around spring each year, as the nation faces shortage due to road construction and other development projects, but this year will see a new scenario. To find out why gasoline prices are dropping in certain provinces, we spoke to Head of Supply and Management at the Department of Petroleum Authority, L.Padnaasuren.
-The government said that fuel prices will be reduced this month by around 50-60 MNT per liter. Were fuel suppliers Shunkhlai and Magnai Trade’s gasoline price reductions in the provinces related to the government’s promise?
-We have just recently received reports that fuel suppliers in Uvs and Bayan-Ulgii Province have reduced gasoline prices by 80 MNT per liter. Gasoline prices are higher in the rural areas than in Ulaanbaatar. For instance, a litre of A-80 in the provinces cost 1,580 MNT whereas it’s sold for 1,450 MNT in the capital. The fact that fuel suppliers are decreasing prices in the rural areas show that the soft loans granted to fuel importers by the Central Bank are taking affect.
-Mongolia is making fuel supply deals with South Korea, China and Belarus to decrease dependency on Russia’s Rosneft. When the supply plans are actualized, will retail fuel prices in the capital drop?
-Chinese fuel supplier, China Oil, has already made contracts with domestic fuel suppliers Shunkhlai, NIK, and Magnai Trade. The fuel has already been transported to Mongolia. It will be distributed starting next week. The Petroleum Authority is focusing on stabilizing fuel prices at the moment. We can’t say for certain that fuel prices will decrease. It can only be seen after the fuel is distributed.
GoM to own 51% or more of Darkhan Oil Refinery
Ulaanbaatar, May 13 /MONTSAME/ Financing for the project on establishing a "Darkhan" petroleum plant will be received from Japanese bank and financial organization through a loan agreement.
For this reason, the cabinet meeting on Saturday told the Minister for Mining D.Gankhuyag to solve together with the Japanese side a legal adjustment so as to Mongolian state owns 51 and more shares of the plant, and to consider giving this plant a special permission to refine an oil.
Frontier: Mongolian Investment Strategy: 2013 Forecast Revised Down to 6%
May 10 (Frontier Securities) After series of meetings with Government officials and business leaders in the last few days in UB, we have confirmed that the economic activity in Mongolia is slowing down significantly in the first quarter. Therefore, we have decided to lower our economic forecast for this year to 6% (Mogi: Woh, that’s a little pessimistic don’t you think? World Bank only just recently lowered it 13%). However, we have also confirmed that the business environment in Mongolia will not deteriorate further. That is mainly because of the anticipation that more favorable policies should be taken by the Government in a near future. Also, the implied risk premium for major Mongolia related listed companies are too high for politically stable country like Mongolia and valuations are too low.
Therefore, we have decided to increase risk weight of assets in Mongolia. However, we are not fully convinced of the friendly policies taken by the Government yet as the initiatives taken by the Government is still early stage. We wish to see more positive signs before we will be more positive on Mongolia. Please click below link to know more details.
Please click here to download full report
Politics
EIU: Rivals try to wrestle the presidency from Elbegdorj
May 13 (The Economist Intelligence Unit) --
Event
Mongolia's three leading political parties announced their candidates for the presidency on May 11th.
Analysis
Mongolia looks set for a three-way bout in the presidential election due to be held on June 26th, with the incumbent, Tsakhiagiin Elbegdorj, slated to face a former wrestler and the country's first female candidate in the race. Mr Elbegdorj officially received the nomination to seek a second term from the Democratic Party (DP, which leads the ruling coalition), to which he belongs. Two smaller political parties, the Mongolian National Democratic Party (MNDP) and the Civil Will-Green Party, also pledged support for his candidacy. The opposition Mongolian People's Party chose one of the country's most accomplished wrestling champions, Bat-Erdene, as its candidate. Bat-Erdene, who is popular among rural voters, currently serves in parliament and is known for his criticism of poorly conceived mining projects.
In a decision that is likely further to complicate its already difficult relationship with the rest of the government, one member of the ruling coalition, the Mongolian People's Revolutionary Party (MPRP), broke from its Justice Coalition partner, the MNDP, and the DP to announce that it would run its own candidate in the election. The MPRP's nominee, the health minister, Natsag Udval, is the first woman to run for Mongolia's highest office. She is also a staunch supporter of Nambaryn Enkhbayar, the previous Mongolian president who is now serving a prison sentence for corruption.
Although Mongolia's government initially weathered the controversial conviction and imprisonment of the former president, a heated presidential race could trigger deeper political fractures. The apparent split within the ruling coalition threatens to reignite controversy over Mr Enkhbayar's conviction. Nevertheless, we continue to believe that Mongolia is unlikely to witness any repeat of the social unrest and violence that followed the 2008 parliamentary elections, whatever the outcome of the presidential ballot.
Impact on the forecast
Our assumption remains that Mr Elbegdorj will win re-election. The decision by the MPRP to run a rival candidate bolsters our assessment that ideological differences and past antagonism between the DP and MPRP augurs poorly for their ability to operate together effectively and to send a coherent message to foreign investors.
Mogi: not an expert but this report looks pretty accurate
The Mongolian Presidency
May 13 (Julian Dierks, Mongolia Today) As three parties in the Ikh Khural have now nominated candidates for the presidential election to be held on June 26 (DP: Ts Elbegdorj; MPP: B Bat-Erdene; MPRP: N Udval), it might be useful to review the role of the president in Mongolia’s democracy to understand the nature of the looming campaign.
Powers of the President
When a new constitution was adopted in 1992, it set up a bit of a mixture of a presidential and a parliamentary system.
To offer some quick comparisons, the Mongolian president is less powerful than the U.S. or French president, but more powerful than the German president or the Canadian Governor General. The Mongolian prime minister is less powerful than a German chancellor, or a Canadian or British prime minister, but more powerful than the French prime minister. The Mongolian semi-presidential system is more similar to hybrid systems in Central and Eastern European, and the Baltic states.
The Mongolian presidency is endowed with a symbolic, ceremonial role as a head of state and at the same time, with ‘checks and balance’ responsibilities in legislative, executive, and judicial affairs of the state. In legislative affairs, the president has ceremonial duties (e.g. summoning the first opening session of the parliament) as well as significant powers over the legislative process. The president has the right to initiate legislation, to veto (partially and fully), to bring any issues concerning domestic and foreign policies to the parliament (at any time), and to dismiss the parliament if it fails to appoint a Prime Minister within 45 days of the initial nomination).
Although the President has a limited powers over the executive, parliament requires consent (endorsement) from the President to appoint the Prime Minister, and members of the cabinet. The President has a unique entitlement to give directions to the Prime Minister on issues pertaining to national security, foreign policies, national unity, and other areas, to require the Prime Minister’s reports on implementation of his directives, and to attend Cabinet meetings.
If the President perceives the Prime Minister and his cabinet to be pursuing policies contravening parliament-approved domestic and foreign policies, or the government action plan and/or fail to implement Presidential directive, the President has the right to introduce a motion of no confidence to the parliament.
Presidential power is most significant when it comes to the judicial system. These powers include the nomination of three out of nine members of the Constitutional Court, the Prosecutor General and Deputy Prosecutors to the Parliament, to appoint/relieve members of the General Council of the Courts as well as judges at all level.
In addition, three other domains increase the President’s responsibility significantly. The first is the position as Head of National Security Council, which is the highest consultative body of the government to discuss issues pertaining to national security matters. The President, as a head of this consultative body, which includes the Speaker of the Parliament and Prime Minister, calls for meetings and issues directives for any government entities. It also adds an institutional capacity for the President through the Office of the National Security Council and by requiring key government officials to report to the Council.
Second, the President is Commander-in-Chief of the Armed Forces. This includes the right to appoint the Chief of the General Staff of the Armed Forces (in consultation with the parliament), to maintain control of the Armed Forces during war time and national emergencies, to declare national emergencies and mobilization, and to approve key documents concerning the structure and employment of the military force.
The final area of presidential power is foreign policy. As head of state, the President represents the state in the international arena, appoints ambassadors, and recognizes foreign ambassadors.
Election Procedures
<![if !supportLists]>· <![endif]>timetable
<![if !supportLists]>· <![endif]>campaigning and voting
OSCE/ODIHR opens election observation mission for presidential election in Mongolia
ULAANBAATAR, 13 May 2013 (OSCE) – The OSCE Office for Democratic Institutions and Human Rights (ODIHR) today opened an election observation mission to monitor the 26 June presidential election in Mongolia.
ODIHR was invited by the government of Mongolia to observe the presidential election, in line with the country’s commitments as an OSCE participating State. This is the first ODIHR election observation mission deployed to Mongolia, which became an OSCE participating State at the end of 2012.
The mission is headed by Ambassador Audrey Glover and consists of 12 international experts based in Ulaanbaatar and 26 long-term observers to be deployed throughout the country. The experts and observers are drawn from 24 countries.
The mission will assess the presidential election for compliance with OSCE commitments and other international standards for democratic elections, as well as with domestic legislation. Observers will follow campaign activities, the work of the election administration and relevant state bodies, implementation of the legislative framework and the resolution of election disputes. As part of the observation, the mission will also monitor the media coverage of the campaign.
In the course of its observation, the mission will meet with representatives from relevant authorities, political parties and with candidates, as well as with representatives from civil society, the media and the international community. On election day, observers will monitor the opening of polling stations, voting, the counting of ballots and the tabulation of results at all levels.
A statement of preliminary findings and conclusions will be issued on the day after the election. A final report on the observation of the entire electoral process will be published approximately two months after the completion of the election process.
For further information please see:
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Business
Golomt Bank Studying Possible Offshore Yuan Bond Issuance
May 9 (Bloomberg) The bank is studying the offshore yuan bond market, according to Zagal Badamgerel, a vice president and director in the lender’s investment banking division. (Added May 9)
Mitsubishi Corporation and Chiyoda Reach Agreement for Construction of New Ulaanbaatar International Airport in Mongolia
May 13 (Mitsubishi Corporation) Mitsubishi Corporation (MC) and Chiyoda Corporation (Chiyoda) are pleased to announce that they have reached an agreement with the Civil Aviation Authority of Mongolia (CAAM) to construct the New Ulaanbaatar International Airport in Mongolia. The contract price is approximately 50 billion yen.
The new international airport, which meets all International Civil Aviation Organization (ICAO) standards, will be located on the plains approximately 50 km South-West of Ulaanbaatar, capital of Mongolia.
The scope of the project includes civil engineering works such as the transfer of approximately 3 million cubic meters of earth to build the foundation for a 3,600 meter runway equipped to accommodate large aircraft, and the construction of a 33,000 square meter passenger terminal with capacity for 2 million passengers per year. Securing and putting in place other special systems and equipment necessary for the airport to function effectively as an international airport, including IT systems, air traffic control systems, and aircraft fuel hydrant system, also fall within the scope of the project.
The construction period is set at 43 months (approximately 3 and half years). However, it is estimated that the actual time worked will be 28 months (approximately 2 and half years) as outside construction work is likely to be interrupted or made impossible at times due to the severity of Mongolian winters, where temperatures often drop to 40C below zero. This geographical reality will pose a major challenge for the 2 companies.
Due to its abundant mineral and livestock resources, Mongolia has enjoyed high economic growth in recent years, registering a 17.3% growth in GDP in 2011 (Mogi: revised to 17.5%). The number of incoming overseas passengers has also been increasing over the years. However, take-off and landing at the existing Chinggis Khaan International Airport, the only international airport in Mongolia at the moment, are greatly restricted due to the airport’s proximity to the mountains and to climatic conditions.
Construction of the New Ulaanbaatar International airport will vastly increase the number of passengers arriving to Mongolia, thereby contributing to Mongolia’s further economic growth. Given the importance of this new airport development, the Mongolian government has earmarked approximately 10% of its annual budget for the project. This will be complemented by technology and funding provided under the Japanese government’s Special Terms of Economic Partnership (STEP) ODA loan scheme, or international yen loan.
MC has been gaining expertise in this area of logistics and infrastructure development by working with similar airport construction projects on the basis of international yen loans in the Philippines, Indonesia and Uzbekistan. MC intends to maintain an active focus on expanding this and other related business activities, particularly in Asia.
Chiyoda also has an enviable track record in supplying aircraft fuel hydrant system to major Japanese airports, such as Narita International Airport and Tokyo International (Haneda) Airport. It has also supplied Utility Systems to Riyadh International Airport and Dammam International Airport, both located in the Kingdom of Saudi Arabia. As an integrated engineering company, this project will also be an opportunity for Chiyoda to reinforce its business in the transportation infrastructure sector, including the airport sector.
Boeing Delivers First Direct Purchase 767-300ER to MIAT Mongolian Airlines
EVERETT, Wash., May 13, 2013 /PRNewswire/ -- Boeing (NYSE: BA) delivered a 767-300ER (extended range) to MIAT Mongolian Airlines today, the first-ever direct purchase delivery to the airline.
"This is a momentous step forward for MIAT Mongolian Airlines as we continue to enhance our fleet," said Jargalsaikhan Gungaa, President and CEO of MIAT Mongolian Airlines. "We are pleased with the comfort, range and payload of the new 767-300ER and we look forward to introducing it into our long-haul fleet."
Mongolia's flag carrier completed a historic order in 2011 at the U.S. State Department in Washington, D.C., marking the first time in more than two decades that the airline extended its route network by purchasing Boeing airplanes instead of leasing them.
"We congratulate MIAT Mongolian Airlines on the delivery of their first direct purchase 767-300ER," said Ihssane Mounir , senior vice president of Sales for Northeast Asia, Boeing Commercial Airplanes. "With the new passenger-pleasing cabin interior and low operating costs, Boeing is confident that the 767-300ER will play an important role as MIAT Mongolian Airlines continues expanding into new markets."
The Boeing 767 family is a complete family of quiet, fuel-efficient airplanes that provide maximum market versatility in the 200- to 300-seat market. Boeing has delivered more than 1,000 767s that are flown by more than 120 operators worldwide.
MIAT’s brand new Boeing 767 arriving 15 May
May 13 (Business-Mongolia.com) Mongolia is set receive a Boeing 767-300ER on 15th of this month directly from the plane-maker. The plane will make a direct flight from the States to Ulaanbaatar, Mongolia. Representatives from State Property Committee, Ministry of Road and Transport, Ministry of Economic Development and MIAT’s CEO Jargalsaikhan G. will be in the States to receive the plane. This is the first time ever Mongolia is purchasing a plane.
Boeing is a mid-size jetliner that can travel up to 7000-12,000 kms in a single journey. The plane can carry up to 220 people on board. It costs around 150-180 million USD.
Prosecutors transfer MIAT money laundering case to City Court
May 13 (news.mn) The Capital City Prosecutor`s Office has completed the revision of the MIAT money laundering case.
The State Investigation Office`s Economic Crime Investigation Department arrested and detained for questioning eight individuals as suspects in the money laundering case. Suspects included former CEO of MIAT Ts.Orkon with his wife, the Vice Director of MIAT, R.Bat-Erdene and the Director of Mongolian Airlines Group. Ch.Khorolsuren. The case holds that money laundering was conducted by creating a “War Risk Insurance” in order to transfer money to their “West Wealth Al group” company bank account abroad instead of send the money to the insurance company`s bank account. It is estimated that they caused 6.9 million US dollars in damages through fraud.
The Capital City Prosecutor`s Office has revised the case and transferred it to the Capital City Court in order to determine where the case should be resolved in the scope of citizenship. The Capital Court will then decide which court the case should be held in according to citizenship.
MONGOLIAN AIRLINES GROUP REBRANDS ITSELF AS HUNNU AIR AFTER MIAT COMPLAINT
May 13 (InfoMongolia) It was previously reported that Mongolian Airlines Group LLC was criticized under breaching the Consumer Protection Law of Mongolia and was requested to change its name, so the Group authority called a press conference regarding its decision on May 13, 2013.
In the statement, “We are announcing that following the Group Board meeting, used to exist under "Mongolian Airlines Group" will now have its new name and logo under “Hunnu Airlines” (Mogi: I believe it’s just “Hunnu Air”), accordingly procedures to renew all paper works are being carried out and we are delivering notice to all our domestic and foreign partner companies.
Within this announcement, we want to ensure that all agreements established before and licenses obtained will not be changed, moreover all passenger and freight transportations are being carried at normal terms and conditions”.
Mongolia Sustainable Finance Forum, May 13-16
Theme: Moving Frontiers in Sustainable Finance
General context on sustainable finance
The well-being of people and the planet have become core to the immediate and long-term success of businesses. Declining natural resources, climate change, pollution, and lack of economic access for the poorest segments of society are tangible examples of pressures converging to affect the profitability of businesses.
As capital providers, banks are ideally placed to help businesses respond to the above environmental and social risks sooner and more effectively. By doing so, they ensure economic development does not come at the cost of society and vital ecosystems. They also protect their lending portfolios and realize new business opportunities offered by the green economy: such as renewable energy, clean technology and lending to small businesses.
FMO, Trade and Development Bank of Mongolia, IFC, Mongolia Bankers Association and the Mongolia Banking and Finance Academy have joined forces to support banks in these efforts in three important ways by:
<![if !supportLists]>· <![endif]>providing access to practical case studies and technical guidance as banks develop policies and systems to manage the environmental and social performance of projects they finance,
<![if !supportLists]>· <![endif]>facilitating multi-stakeholder dialogue and support to regulators in creating a level-playing field for bank competition, and
<![if !supportLists]>· <![endif]>supporting knowledge sharing, skills development and capacity building through relevant trainings on sustainability, environmental and social risk management and innovative business opportunities
Mongolia Sustainable Finance Forum
The Mongolia Sustainable Finance Forum is a three days event geared towards raising awareness on environmental and social (E&S) issues through financial institutions’ financing to the real economy while simultaneously drawing attention to innovative financing opportunities that exists and can be unlocked to further enhance growth and development across various sectors in the Mongolian economy.
WHO SHOULD ATTEND:
The forum has been especially designed for CEOs of banks and other financial institutions, senior management executives in the mining, construction, energy, agriculture sectors, central bank representatives, banking and risk management associations, academia and members of the general public.
FORUM COMPOSITION
The three days forum will cover the following events:
CEO Roundtable:
Participation is strictly by personal invitation and is exclusively for CEOs of commercial banks and financial sector regulators including the Central Bank
Industry Seminar:
This event welcomes participation from all sectors of the economy - private and public organizations including banking, mining, construction, agriculture, trade, and academia. Speakers are drawn both internationally and locally to share and exchange thoughts on global sustainability best practices.
Sustainability Training:
The training is exclusively for banking practitioners in risk and commercial business functions. Key focus areas will include environmental and social risk management in commercial lending, green financing and implementation of international sustainability standards in banking operations.
Energy Mongolia 2013 looks to the future
May 13 (UB Post) The Energy Mongolia 2013 exhibition and conference will take place from May 24-26. Key government officials and energy sector authorities will discuss the future prospects of Mongolia’s energy industry.
The event is being organized by the Ministry of Energy, in cooperation with the Energy Development Center, and aims to attract domestic and foreign investors, introduce environmentally friendly technology and exchange ideas.
The conference will be opened by the Prime Minister N.Altankhuyag, and Minister of Economic Development, N.Batbayar. Other participants include delegates from Mongolia’s private sector, energy sector, international banking and financial sectors, specialized unions, and international energy companies.
Conference events will take place at Blue Sky Tower and the exhibition hall at Misheel Expo Center.
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Diplomacy
REGULAR MEETING OF NAMBC HELD
Ulaanbaatar, May 13 /MONTSAME/ A regular meeting of the North America-Mongolia business council /NAMBC/ ran on May 7-8 in Washington, USA.
The meeting was opened by T.Zalaa-Uul, the Ambassador Extraordinary and Plenipotentiary of Mongolia to Canada, who gave sent a speech about problems in relations between Mongolia and Canada.
After him several officials took the floor including G.Goldhawk, the Ambassador Extraordinary and Plenipotentiary of Canada to Mongolia; Piper Anne Wind Campbell, the Ambassador of the USA to Mongolia; B.Bolormaa, the adviser to the Embassy of Mongolia in USA, and Alphonse F. La Porta and Pamela Slutz, former ambassadors of USA to Mongolia.
in his speech Mr Zalaa-Uul mentioned that the 40 anniversary of the establishment of diplomatic relations between Mongolia and Canada is being marked in 2013 and expressed opinions about problems and perspectives of the Mongolia-Canada relationship.
Present at the meeting were also Alain Gendron, the North East Asia Director of the Department of Foreign Affairs and International Trade Canada /DFAIT/; John Andersen, the Deputy Assistant Secretary for Market Access and Compliance at U.S. Department of Commerce; delegation of Rio Tinto, Peabody energy corporation, Wagner International and other companies. They shared views on the Mongolian economy, foreign investment environment and cooperation.
BELGIUM COMPANIES VISIT MONGOLIA, MAY 13-15
Ulaanbaatar, May 13 /MONTSAME/ The Embassy of the Kingdom of Belgium in Beijing, China and the Walloon economic representative office in the Baltic States /AWEX/ are jointly organizing a working tour for Belgium businessman in Mongolia.
The tour will run May 13-15. The companies' delegation will run several meetings with the Mongolian companies and will organize a seminar on May 14 at the Mongolian National Chamber of Commerce and Industry /MNCCI/.
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Social, Environmental and Other
Mongolia now 57th country Whole Planet Foundation helps fund Microcredits
Whole Planet Foundation has partnered with Vision Fund Mongolia (VFM) in Ulaanbaatar and Central Mongolia where Whole Foods Market sources camel wool. VFM provides loans utilizing both the individual and group lending methodology and has maintained a strong portfolio. VFM currently operates from 9 branches and has partnered with Khaan Bank through which the majority of client transactions take place and has established client savings accounts. As of December 2012, VFM was serving 6,734 active borrowers.
Whole Planet Foundation will support VFM with a $300,000 grant in local currency, over 3 years to support the expansion of the “starter” loan product in all 10 of VFMs planned branches. This support will serve 1,980 borrowers and leverage $552,302 in loans.
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Mogi Munkhdul Badral Bontoi
Cover Mongolia
Email: mogi@covermongolia.mn
Mobile: +976 9999 6779
Skype: mogibb
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