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Wednesday, May 14, 2014
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TRQ closed -2.04% to US$3.84
UPDATE 2-Banks to keep backing expansion of Mongolia's Oyu Tolgoi mine
(Recasts with funding commitments for Oyu Tolgoi)
May 13 (Reuters) - A group of banks has agreed to a six-month extension of a commitment to fund the underground expansion of the Oyu Tolgoi copper-gold mine in Mongolia, the chief executive of mine owner Turquoise Hill Resources Ltd said on Tuesday.
The expansion still must be approved by the company and the Mongolian government after a new feasibility study is done. Turquoise Hill CEO Kay Priestly said the study will be finished by the end of June, contrary to an assertion by a Mongolian government official earlier this month that it had already been completed.
Fourteen of 15 banks have agreed to extend their financing commitments to Sept. 30, with a response from the final bank expected shortly, Priestly said on a conference call held to discuss Turquoise Hill's first-quarter results.
"With this we now have sufficient commitments to reach our funding goal of approximately a $4 billion facility," she said.
The underground development of Oyu Tolgoi, which is one of the world's largest undeveloped copper deposits, was put on hold last year when the Mongolian government became concerned that cost overruns would delay the flow of the government's share of profits from the mine.
Oyu Tolgoi is being developed by global miner Rio Tinto Plc/Ltd , which owns 51 percent of Vancouver-based Turquoise Hill. An open pit mine at the site is in production.
Priestly said talks with the Mongolian government on restarting development of the underground expansion have been "constructive".
She also said that Turquoise Hill is considering selling its stake in Mongolian coal miner SouthGobi Resources Ltd as it focuses on Oyu Tolgoi.
Turquoise Hill owns about 58 percent of SouthGobi, which has a market value of around C$93 million ($85.29 million) and owns the Ovoot Tolgoi open pit coal mine and three coal projects in Mongolia.
Oyu Tolgoi $4b Expansion Funding Supported by 14 of 15 Banks
By Michael Kohn
May 13 (Bloomberg) -- Banks agreed to extend respective commitment letters for Oyu Tolgoi expansion, according to a Turquoise Hill Resources statement.
* Response from the remaining bank pending: statement.
* Turquoise Hill Resources has sufficient commitments to reach funding goal: statement.
* Underground development will recommence following resolution of outstanding shareholder issues, agreement on project financing, approval of underground feasibility study and acquisition of necessary permits: statement.
* Underground feasibility study is expected to be complete in the first half of 2014. Approval required by Oyu Tolgoi shareholders and Mongolian Minerals Council: statement.
* Turquoise Hill recorded a net loss of $50.6m ($0.03 per share) in Q1, vs. net loss of $50.9m ($0.04 per share) in same period yr earlier
* Co. expects production of 135,000 to 160,000 metric tons of copper and 600,000 to 700,000 ounces of gold in concentrates in 2014: statement.
(Bloomberg First Word)
UPDATE 1-Turquoise Hill says considering selling SouthGobi stake
(Adds details on SouthGobi, Oyu Tolgoi)
May 13 (Reuters) - Mining company Turquoise Hill Resources Ltd is considering selling its stake in Mongolian coal miner SouthGobi Resources Ltd, the chief executive of Turquoise Hill said on Tuesday.
"Oyu Tolgoi continues to be our material asset and our main focus. As such there is consideration being given to divesting our stake in SouthGobi," Kay Priestly said on a conference call to discuss Turquoise Hill's first-quarter results.
Turquoise Hill owns about 58 percent of SouthGobi, according to Turquoise Hill's website. SouthGobi, which has a market value of around C$93 million ($85.29 million), owns the Ovoot Tolgoi open pit coal mine and three coal projects in Mongolia.
The company, as well as some of its former employees, are the subject of a corruption investigation by Mongolian authorities. SouthGobi also faces a class action lawsuit in Canada for restating its financial statements. The company, along with other coal miners globally, has been hurt by weak coal prices.
Turquoise Hill owns 66 percent of the Oyu Tolgoi mine, one of the world's largest copper deposits. The mine in Mongolia is being developed by mining giant Rio Tinto Plc/Ltd , which owns a majority stake in Turquoise Hill.
Oyu Tolgoi draws from inventory as copper concs sales exceed production
May 13 (Metal Bulletin) Sales of copper concentrates from the Oyu Tolgoi mine in Mongolia exceeded production in April, leading to a drawdown in warehouse inventories held on the China-Mongolia border.
Oyu Tolgoi concentrates sales during the month totalled 68,000 dry metric tonnes, up from sales of just 48,000 dmt in the whole of the first quarter, mine operator Turquoise Hill said on Tuesday May 13.
Stronger sales from OT have been felt recently in the Chinese market for copper concentrates, where rival Mongolia-based miner Erdenet has been selling its feed to smelters with progressively higher treatment and refining charges (TC/RCs).
While TC/RCs for waterborne imports have held stable or in some cases dropped, the terms that Erdenet has achieved have jumped as a consequence of higher rail charges, an outage at Jinchuan's smelter in Gansu, and increased competition from Oyu Tolgoi, Metal Bulletin reported earlier this month.
Turquoise Hill has now signed sales agreements for 94% of its 2014 output, which is expected to hit 135,000 to 160,000 dmt, as well as 91% of 2015 output. The miner has also signed frame contracts for 84% of production for up to eight years.
Turquoise Hill's contracts for this year were agreed with reference to benchmark TC/RCs of $92 per dmt/9.2 per lb, Turquoise Hill, which is majority-owned byRio Tinto, said in an earlier release.
The benchmark compares to spot TC/RCs of $104.39/10.439 cents on April 30, as tracked by the Metal Bulletin Copper Concentrates index.
Market sources said delays in signing annual contracts arose partly from disagreements over the pricing of gold contained in the concentrates, which averaged around 18 grams per dmt in the first quarter.
But with the supply agreements now in place and sales accelerating, Turquoise Hill is focused on reducing concentrates inventories to six to eight weeks of production by the end of the year, it said on Tuesday.
Turquoise Hill realised a net loss of $50.6 million in the first quarter, as sales lagged output during the period.
Zacks Upgrades Turquoise Hill to "Neutral," 2 Months After Downgrading to "Underperform," Raises Price Target to US$4.00
May 13 (Analyst Ratings Network) --
Date | Firm | Action | Rating | Price Target |
5/13/2014 | Zacks | Upgrade | Underperform -> Neutral | $4.00 |
3/27/2014 | Zacks | Downgrade | Neutral -> Underperform | $3.20 |
3/21/2014 | Cowen and Company | Boost Price Target | $8.35 -> $8.69 | |
3/7/2014 | UBS AG | Initiated Coverage | Buy |
…
Gatsuurt Might Commence Production in 2014 Says Deputy Mining Minister
Ulaanbaatar, May 13 (MONTSAME) In the first quarter of 2014, gold production in Mongolia was one ton, says Mining Deputy Minister O.Erdenebulgan.
The gold production in first quarter of 2014 shows a decrease of a half ton compared to the same period of the previous year. The nation has planned to produce 31 ton of gold this year. However, the plan is still achievable, the Deputy Minister says, noting that gold production in Oyu Tolgoi mine is expected to reach 20 ton, and others are going to produce 11 ton of gold this year. Gatsuurt mine might also launch its gold production within this year, thereby contributing to the realization of the gold production plan, adds Mr Erdenebulgan amid his interview given to Khurd news agency.
Erdene Closes C$685,520 Private Placement at 16 Cents
HALIFAX, NOVA SCOTIA--(Marketwired - May 13, 2014) - Erdene Resource Development Corp. (TSX:ERD) ("Erdene" or "Company"), is pleased to announce that it has closed its non-brokered private placement financing with the issuance of 4,284,500 units ("Units") priced at $0.16 per Unit for gross proceeds of $685,520 ("Private Placement").
Each Unit consists of one common share of the Company and one-half of one common share purchase warrant, with each whole common share purchase warrant ("Warrant") entitling the holder to purchase one common share of the Company at a price of $0.24 for a 24 month period from the closing date. If the closing price of the Company's common shares trading on the Toronto Stock Exchange ("TSX") is $0.36 or higher for 30 consecutive trading days, the Company may, in its sole discretion, accelerate the expiry period of the Warrants by providing written notice of such acceleration by way of a news release ("Acceleration Notice"), such that the exercise period of the Warrants will expire on that day which is 30 days from the date of the Company's Acceleration Notice. All securities issued pursuant to the Private Placement are subject to a four month hold period. A finder's fee of $3,600 will be paid to Mongolian Investment Banking Group LLC ("MIBG") in connection with the Private Placement.
Net proceeds of the Private Placement will be used for exploration of the Company's metal projects in Mongolia, including drilling at the Company's 100% owned Altan Nar gold-polymetallic project. For more details on Erdene's projects please visit Erdene's website at www.erdene.com.
Aspire Mining Investor Presentation, Sydney Resources Round Up, May 2014
May 14, Aspire Mining Ltd. (ASX:AKM) --
EGI closed -2.49% to US$0.328, ETG closed flat at C$0.36
Entree Gold Announces First Quarter 2014 Results
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 13, 2014) - Entrée Gold Inc. (TSX:ETG)(NYSE MKT:EGI)(FRANKFURT:EKA) ("Entrée" or the "Company") has today filed its interim operational and financial results for the quarter ended March 31, 2014.
For the quarter ended March 31, 2014, the Company incurred a net loss of US$1,279,985 (US$0.01 per share) compared to a net loss of US$5,091,844 (US$0.04 per share) for the quarter ended March 31, 2013.
As at March 31, 2014, the Company had working capital of US$43,278,927, including cash of US$44,440,659.
The lower operating expenditures for the quarter ended March 31, 2014, compared to the same period last year, resulted from several factors including lower general and administrative expense, lower consultancy and advisory fees, lower exploration costs primarily due to reduced activity at Ann Mason and higher foreign exchange gains and deferred income tax recoveries.
…
The Company's Interim Financial Statements and accompanying management's discussion and analysis ("MD&A") for the quarter ended March 31, 2014 and its Annual Information Form for the year ended December 31, 2013 are available on the Company website, on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.
…
Sandstorm Gold, Rio Tinto and Turquoise Hill Resources are major shareholders of Entrée, holding approximately 12%, 11% and 9% of issued and outstanding shares, respectively.
MNP Petroleum Corp. Announces Plan to Repurchase Up to Five Percent of Outstanding Shares
BAAR, SWITZERLAND--(Marketwired - May 13, 2014) - MNP Petroleum Corp. (OTCQB:MNAP) (TSX VENTURE: MNP) (hereafter "MNP") has announced that, subject to regulatory approval, it intends to repurchase up to 8,296,614 of its common shares, or up to five percent of the 172,592,292 common shares that are currently issued and outstanding, in a normal course issuer bid to be conducted by Jennings Capital Inc. All purchases of common shares under the bid will be effected on the TSX Venture Exchange or the OTCQB in the United States (or such other stock exchange or quotation system upon which the company's shares may then be listed or quoted) and, in any event, in accordance with the rules and policies of the TSX Venture Exchange and applicable securities laws. The shares are being purchased because MNP believes that its common shares currently trade in a price range that does not adequately reflect their underlying value, based on its business prospects, assets and financial position.
Under the normal course issuer bid, MNP will not repurchase any securities when it is in possession of undisclosed material information or during any 'blackout' periods imposed by its Insider Trading Policy.
Subject to approval by the TSX Venture Exchange, MNP plans to repurchase common shares under the normal course issuer bid during the period beginning May 19, 2014, and ending 12 months thereafter.
About MNP Petroleum Corp.
MNP is an international oil and gas company with primary focus on exploration and development in Central Asia and Mongolia. Through its 1.2 % equity interest in Petromanas Energy Inc., a Canadian public company, MNP participates in exploration projects in Albania, France and Australia. In Tajikistan MNP owns 90% working interest in a Production Sharing Agreement covering the license areas Zapadnyi and Severo-Zapadnyi in the Soughd region through its wholly-owned subsidiary DWM Petroleum AG. In Mongolia, MNP owns 74% working interest in two Production Sharing Contracts covering Blocks XIII and XIV through its wholly-owned subsidiary DWM Petroleum AG.
MSE News for May 13: Top 20 +0.15%, Turnover ₮34.4 Million
Ulaanbaatar, May 13 (MONTSAME) At the Stock Exchange trades held Tuesday, a total of 35 thousand and 893 shares of 26 JSCs were traded costing MNT 34 million 442 thousand and 835.60.
"Bayanbogd" /12 thousand and 918 units/, "Merex" /10 thousand units/, "Hermes center" /6,210 units/, "Mongolia development" /3,000 units/ and "Mongol savkhi" /1,369 units/ were the most actively traded in terms of trading volume, in terms of trading value--"Bayangol hotel" (MNT 16 million and 682 thousand), "Gutal" (MNT two million 891 thousand and 880), "Mongolia development" (MNT two million 099 thousand and 980), "Darkhan khovon" (MNT two million 003 thousand and 400) and "Gobi" (MNT one million 881 thousand and 600).
The total market capitalization was set at MNT one trillion 613 billion 074 million 422 thousand and 913. The Index of Top-20 JSCs was 15,661.35, increasing by MNT 23.25 or 0.15% against the previous day.
Agriculture Exchange Trades ₮120 Billion in First Quarter, ₮430 Billion Since Establishment
Ulaanbaatar, May 13 (MONTSAME) In the first quarter of 2014, the Agricultural Commodities Exchange conducted trades of 120 billion togrog, says an officer.
The exchange held trades of cashmere, sheep and camel wool and vegetable oil totaling 403 billion togrog, since approval of relevant laws, last year. The establishment of the Agricultural Commodity Exchange greatly contributes to keeping of the purchasing price of cashmere high in the country, says an officer, citing that last year the price had not gone under 60 thousand togrog per kg.
BoM MNT Rates: Tuesday, May 13 Close
| 5/13 | 5/12 | 5/9 | 5/8 | 5/7 |
USD | 1,810.68 | 1,808.13 | 1,808.90 | 1,806.72 | 1,801.97 |
EUR | 2,493.22 | 2,489.70 | 2,502.79 | 2,515.77 | 2,510.23 |
CNY | 290.64 | 289.99 | 290.49 | 290.08 | 289.09 |
GBP | 3,052.35 | 3,051.04 | 3,063.01 | 3,063.75 | 3,059.29 |
RUB | 51.96 | 51.40 | 51.50 | 51.66 | 50.75 |
May MNT Chart:
BoM FX auction: US$16 million sold at ₮1,811, CNY28 million at ₮290.31, US$58 million MNT swap offers accepted
May 13 (Bank of Mongolia) On the Foreign Exchange Auction held on May 13th, 2014 the BOM has received from local commercial banks bid offer of USD and CNY. The BOM has sold 16.0 million USD as closing rate of MNT 1811.0 and 28.0 million CNY as closing rate of MNT 290.31.
On May 13th, 2014, The BOM has received MNT Swap agreement bid offer in equivalent to 58.0 million USD from local commercial banks and accepted the offer.
See also:
BCM Chairman Byambasaikhan Appointed Head of Newly Established Economic Stimulus Council
Ulaanbaatar, May 13 (MONTSAME) A council for stimulating economy created at the Prime Minister to implement related resolution approved by the parliament, last Thursday.
A Chairman of the Business Council of Mongolia B.Byambasaikhan has been appointed as a Secretary for the Council.
According to the approved resolution, measures to intensify the economy of the country are supposed to be taken within a hundred days.
A hundred days started to be counted from last Friday.
President tells Prosecutor General to support legal reforms or face dismissal in secret meeting – local report
May 13 (news.mn) Local press have reported that President Ts.Elbegdorj had an individual meeting with the State Prosecutor General D.Dorligjav urging him to strongly persue a certain course of action and possibly even issued a warning of resignation if the demand is not accepted.
The call for the resignation of MP and Minister of Justice Kh.Temuujin is scheduled to be under discussion in the plenary session meeting of Parliament this week. When the matter was entered for discussion in last week's plenary session meeting of parliament, the State Prosecutor General of Mongolia, D.Dorligjav, the Head of General Police Agency, T.Biligt and the Head of the General Intelligence Agency, B.Ariunsan were present. Confirmed sources say that the Justice Minister urged their presence for their testimony on several issues.
DP members and the DP caucus said that they have no information on the report regarding the secret meeting between the President and the State Prosecutor General. The meeting was supposed to have been held last Friday or Saturday.
Local sources speculate that President Ts.Elbegdorj asked the State Prosecutor General D.Dorligjav to strongly support the legal reform launched by the Justice Minister.
An unconfirmed source also said that President Ts.Elbegdorj asked the State Prosecutor General to consider public expectations on certain controversial cases including the cases of former senior police colonels who allegedly became wealthy although their income is certain. It is thought that the President prompted the need for legal reforms. However, the specifics of the meeting are still being kept secret.
Mongolia's connectivity and trade to benefit from transport sector development
April 2014 (Worldfolio) In an interview with United World, Mr. Batkhuu from the Parliamentary Working Group on Transport at Mongolia's Ministry of Transport discusses the current developments ongoing in Mongolia's transport sector as well the country's vision to build an integrated network of infrastructure in order to boost connectivity and trade
The first thing we would like to know is how you are contributing to the development of infrastructure and logistics here in Mongolia and what is your vision for the future?
Mongolia is located at the intersection between Asia and Europe. Using this geographical advantage, we are planning to become the shortest transit line country that connects Asia and Europe. In terms of track, the distance of the railway connecting Asia and Europe through Mongolia is 765 km shorter than any other railway.
Mongolia has a geographical advantage to build this railway; it has very few mountains, lakes or rivers that would become obstacles to railway construction. Generally, according to our estimates, if an express train railway connecting the south of Asia to the north of Europe is constructed, it would take only 7 days to travel from one point to the other. Currently, it takes more than 45 days. From an economic point of view, it is also beneficial to international trade since cargo can be transferred quickly between the producer and the customer. This would be beneficial to both world and regional trade. Furthermore, these improvements would bring huge profits to Mongolia.
Additionally, there are two huge markets surrounding us, Russia and China. There is a need to transport petroleum, fuel, mining commodities and lumber from Siberia to the mid, south, and east coast of China. Thus, we are not limiting ourselves only to railway transport. It is possible to transport natural gas and petroleum products through pipes. Vegetable and short-life foodstuffs can be transported through special trucks to be delivered door to door, however, transporting thermal coal by trucks is expensive.
Thus, it is possible, and more ideal, to process raw coal at the mining gates and construct transit lines for coal through Mongolia. From there, these lines can be used to transport coal from Russian or Mongolian markets to the Chinese market.
The shortest air route connecting the two countries passes through Mongolia. Using this route, total hours of flight can be shortened by 3.5 to 7 hours. You must be well aware of the fact that this makes sense economically. Also, because the country is uniquely located, an air hub can be built. There are world-class technologies that gather all the cargo from a region and distribute the cargos to provinces after sorting them out. So we have a logistics plant to integrate the air hub with road and railway transportation. Another advantage of the hub is that it could also be used by airlines as a transit stop; instead of carrying 3 tons of fuel as is required in a Europe to Asia flight, airlines could stop to refuel at the hub. Still, there is an opportunity to develop the region using this infrastructure and organize a comfortable train trip between Europe and Asian countries. A tourist starting in Russian Siberia could be passing the Chinese border at Erlian to visit China in a day.
An improved road infrastructure line also enables car tourism. It is beneficial to Mongolia to distribute its mining resources through both road and railway infrastructures that connect Mongolian regions. Using this transit network, mining resources in Mongolia can be delivered to any other world market in a short time at a cheap price, with a competitive advantage. This is the vision I have for the transportation sector.
One of the main challenges we have found so far while interviewing the sector, specifically the road and railway companies, is to get the financing to develop what the government is planning. We would like to know what is the government's strategy to attract all those foreign investors?
For sure, favorable investment and a sound legal environment must be created. We are solving this matter in a general sense. We are working to create an environment that encourages foreign investors and at the same time offers legal and regulation stability. Investors can sign a guaranteed agreement with the government in certain large-amount investments. In addition to that, we are giving an equal opportunity in terms of rights and obligations to both local and foreign investors. Legal and economic environment shall be open, clear and transparent.
Related to how the investors shall trust the policy of the government credibility, stability and openness, we have also heard some concerns. Specifically, despite the fact that Mongolia is a brilliant example of a successful transition to democracy, there are still some services that are centralized, especially in the airlines. We have heard that MIAT is enjoying some beneficial treatment, being the only airline allowed to fly to certain destinations. So I would like to know from this institution, what is his role in allowing the same possibilities of exploiting the same services, regardless of whether the company is public or private.
Minister: The policy to encourage private entities is in implementation. As per MIAT, this is the state company with the longest history. This is the airline company chosen to represent Mongolia pursuant to the inter-government agreements. There is an opportunity to amend inter-government agreements in case there is enough market for more than one airline company. Airline transportation policies are strong for countries with no access to the sea as air travel is the only option for Mongolia to reach destinations worldwide. Due to the limited number of passengers, the market is also limited. Thus, giving permission to certain destinations to too many companies will hurt the sector. Thus the government regulation is necessary in order to balance the routes between profitable and nonprofitable.
I will give you one example. Airline companies conducting a flight from Ulaanbaatar to Europe realize a 20 percent loss. MIAT compensates this loss through the profitable routes to Asia. However, new airline companies only want to take a flight to the destinations that are profitable. If companies would like to get permission on routes, both profitable and unprofitable routes shall be included in it.
Because of our nomadic culture, Mongolians give high importance to their own transportation means. We simply have to create an environment that gives opportunties to airline companies to grow and stregthen their businesses and operations. I am about to make a law proposal to introduce economic regulation to the Law of Logistics. By introducing such economic regulation, we can encourage fair competition among airline companies – not letting some to only take profitable trip routes whilst others suffer losses from unprofitable routes.
It is our first time being here. I would like to know your evaluation of the relations between the USA and Mongolia. Also, in reference to the Millennium Challenge Corporation, please share some insight about the government's development of infrastructure projects.
The projects being financed by the Millennium Challenge Fund are being successfully implemented in Mongolia. Midterm cooperation between Mongolia and the Fund is strong. Mongolia cooperates with the US in terms of a third neighbor policy. There are many things we have learned, and we continue to receive help from the US. A high number of people are also receiving education in the USA. There is an aphorism that the wheel doesn't need to be reinvented, it only needs to be modified or improved. The same is true for us—Mongolia doesn't need to go through all the mistakes the US did, but rather, to implement the right things the US did well.
We were discussing before that we had a chance to interview President Elbegdorj. He spoke how the government can be helpful to serve the country and has to be a smart government in terms of efficiency. So we would like to know, since the ministry is not that promoted or well known to the public audience, what is the purpose of the ministry? What is the purpose or the aim of the institution that you are presenting?
I have been elected as a minister of this sector for the third time. There is a necessity to implement a true market mechanism in this sector. We have to stop certain cases of monopoly. We have to develop this sector to enable the most accessible, affordable and quality service using technology for both local and foreign companies. We can strengthen our economy by doing this. At the same time, it enables us to conduct a business that is profitable and beneficial to the region and to the world. The fact that Mongolia is located in a unique "shortest route" should not be exclusive to Mongolia, it should also be beneficial to the region and to the world.
As you know, we are naming this report the Return of the Empire. We believe the best of Mongolia is still to come. Are there plans to connect Mongolia to the world and not simply Russia and China?
Ministry: As we are a landlocked country, railway transportation is limited to land. As for air transportation, we have joined the Open Sky Civil Aviation convention. As a result, I think Mongolia will be open for the world wide airline network.
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Concession Agreement to Be Signed for Tavantolgoi-Khanbogd-Khangi Port Road Project
Ulaanbaatar, May 13 (MONTSAME) The Cabinet meeting on last Saturday permitted Economic Development Minister N.Batbayar to establish a concession contract with Nano LLC for road building linking Tavantolgoi mine to Khangi port in eastern Dornogovi province over Khanbogd in Omnogovi province.
The concessionaire Nano LLC is a project company founded within a partnership of 'Union of Mongolian Auto-road Companies' Consortium and MCCC LCC, who were awarded with rights to cooperate with the Mongolian Government in this concession agreement.
The Cabinet assigned Transport Minister A.Gansukh, Environment and Green Development Minister S.Oyun and Construction and Urban Development Minister Ts.Bayarsaikhan to provide relevant accession and authorities to the concessionaires for preliminary and feasibility studies and road building.
8.4MW Thermal Power Station to Be Built in Sainshand with ADB Grant
Ulaanbaatar, May 13 (MONTSAME) With a grant aid of the Asian Development Bank, a thermal power station with a capacity of 8.4MB will be erected in an eastern Dornogobi province.
This is a part of action being carried out by the Government for Reforms to build a thousand family apartments in all provincial centers.
Commencing from last week, construction work is expected to be completed by a tender-winner Chinese "Taishin" construction group and put into operation within this November. (Mogi: huh? This quick?)
Golomt Bank Holds "International Trade Finance" Workshop with Global Law Firm Clyde & Co
May 12 (Golomt Bank) Foreign trade volume is increasing due to the continuous growth of Mongolian economy. Hence, Golomt bank held "International Trade Finance" workshop with worldwide renowned law firm, Clyde & Co, to provide information on how to enter international trade without risk for Mongolian business owners. The business partners and the customers of Golomt bank have participated in the workshop.
Clyde & Co, the largest global law firm (Mogi: largest? true?), is known to the world by its heritage and a resolute focus on its clients' business interests. With over 1,500 lawyers operating from 37 offices and associated offices in six continents, the firm advises and provides consulting services to financial institutions, infrastructure, energy, insurance, mineral resources and governments.
Clyde & Co Mongolia not only provides legal consulting to companies and individuals who are interested to start a business or to invest in Mongolia but also provides an information on how to expand your business, how to evaluate your asset, and how to do IPO in international treasury market. The workshop was led and lectured by Mr. Stephen Tricks of Clyde & Co, a highly professional lawyer for 25 years specialized in international trade and commodity finance.
"Mongolia Trade and Commodity Finance" international forum will be held in Mongolia on May 13th. Golomt bank is participating to the forum as Platinum sponsor and because the workshop has been held just before the forum, it is bringing high value to the Mongolian business owners regarding the international trade environment, expansion of their business scope internationally as well as prevention from possible risks.
Golomt Bank registers with IRS, becomes first FATCA compliant bank in Mongolia
May 13 (Golomt Bank) We are pleased to inform that Golomt Bank became the first Mongolian bank to be compliant with the Foreign Account Tax Compliance Act (FATCA) and the relevant mandatory implementing regulations and agreements in line with all major banking institutions worldwide.
Please be advised that Golomt Bank has been registered with the US Internal Revenue Service (IRS) as a Participating Foreign Financial Institution (PFFI) and obtained its Global Intermediary Identification Number (GIIN). Golomt Bank will be included in the first list of registered entities to be published on June 2nd 2014.
Mongolia-Austria Business Meeting Scheduled in Ulaanbaatar on May 26
May 13 (infomongolia.com) Mongolian National Chamber of Commerce and Industry (MNCCI) in association with Advantage Austria are organizing the Mongolia-Austria Business Meeting in Ulaanbaatar at 09:00 am in MNCCI building on May 26, 2014.
At the meeting, following companies representing Austria will attend:
- AME International GmbH, a global healthcare technology solution provider based in Vienna, with extensive know how in developing, implementing, operating and financing international health care projects to cooperate and seek partners in Mongolia;
- Plasser & Theurer, an Austrian manufacturer of rail track maintenance and track laying machines, to propose its products and services;
- Norbert Schaller GmbH, a one-stop planning, project development and construction management services provider, equipment supplier and technological consultant, cooperate and seek partners in Mongolia;
- Hoffinger Solutions GmbH, strategy consulting, development and strategic planning evaluation for company or organization, to establish a joint venture in Mongolia;
- EOSS Industries GmbH, provides funding, management know-how, strategic exchanges and opportunities, to establish a joint venture in Mongolia;
- UniCredit Bank Austria AG, better known as Bank Austria, is a Central and Eastern European bank;
- Rosenbauer International AG, one of the world's three largest manufacturers of fire-service vehicles, based in Leonding, Austria, to cooperate and seek partners in Mongolia;
- Bilfinger VAM Anlagentechnik GmbH, a leading edge company in industrial plant engineering and pipework construction as well as apparatuses, vessels and tanks for many decades, to cooperate and seek partners in Mongolia;
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MPs Look to Replicate Model Childcare Center Across Ulaanbaatar
Ulaanbaatar, May 13 (MONTSAME) Head of the Standing committee on social policy, education, culture and science D.Battsogt; D.Sarangerel and L.Erdenechimeg MPs Monday got acquainted with activities of Songinokhairkhan district-based childcare center.
Opened in March of this year, the model childcare center receives everyday 15 children, and employs chief and assistant teachers as well as a chef. The children have up to five-fold meals, said D.Olziikhishig, a manager of the center. "In order to focus on food safety, parents of the children and the teachers participate every week in purchasing of foods from markets," she said.
D.Battsogt MP emphasized an importance of providing a condition for children, who stayed at home out of kindergartens, to be involved in childcare centers by accelerating an adoption of a draft law on pre-school education. Moreover, Erdenechimeg MP believes that founding a number of such childcare centers in the city will create 5,000 job places in the capital city, and 15 thousand vacancies across the country, and then underlined a requirement to urgently discuss the draft amendment at parliament.
Meet the brave young volunteer from America cleaning the streets of Ulaanbaatar
May 13 (news.mn) A brave volunteer who helps the hard working street cleaning service workers has been spotted on the streets of Ulaanbaatar. She is Jesse Bercaw, an American student of World Learning SIT Mongolia program. Jesse Bercaw applied for work as a volunteer in the Public Services Ulaanbaatar brigade like a real street cleaning service worker. A brave, young lady who sweeps the streets is admired by everyone passing.
-I found a picture of you on Facebook and decided to meet you. I appreciate that you help the busiest people of Ulaanbaatar City. Why did you decide to do this as a volunteer?
-In the USA, where I come from there are no street cleaners. I was fascinated about what the street cleaner do when I came to Mongolia. Then I wanted to experience and learn about the street cleaners working conditions, how they see their work, and if they are satisfied with their work.
-How is the work?
-It is fascinating but really hard work. These people are very hard-working. And they do it honestly. It is hard to imagine how they do it outside for hours in the long winter.
-What time to you start and finish?
-We start at 7.00 in the morning and have a break for lunch around 12 - 2.00 pm and finish at 6.00 pm.
-What about weekends?
-One of the days is a day off. Last Saturday my teacher Tumuruu (one of the experienced workers of the brigade) and I were on duty.
-What makes you disappointed the most when you clean the streets?
-What makes me disappointed was we clean all around and when we came back everything is dirty all over again.
-Do people seem surprised seeing a foreigner who sweeps the streets?
-Yeah, Mongolians are friendly, open people. Since I worked here for four days, a lot of people came to me to say hello and kept asking why I was doing this. Another one even suggested me another job.
-What is your business here in Mongolia?
-I am studying here for the World Learning SIT Mongolia program.
-A photo of you on facebook got a lot of shares and likes.
-Oh yeah? I'm today`s big star.
-Why are your colleagues laughing at you?
-Today I broke my broom. I am very embarrassed about it. That`s why they are laughing at me.
Her colleagues of the Public services Ulaanbaatar brigade are very proud of the young, brave volunteer. She is being supervised by one of the best workers L.Tumuruu.
The road and field master, O.Erdenebayar, spoke about the volunteer saying that she is easygoing so there is no problem. The busiest, most hard-working people in Ulaanbaatar city called the free give-away of garbage bags from the City Mayor as litter. But the City Administration has already spent billions on the free give-away of garbage bags.
These street cleaners also complain about the multitude of cigarette ends that are thrown out from vehicle windows that are littering the streets of the city.
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Diplomacy
Non-Resident Ambassador of Israel Visits Ulaanbaatar
Ulaanbaatar, May 13 (MONTSAME) The Minister of Foreign Affairs L.Bold Tuesday received Mr Matan Vilnai, Concurrent Non-Resident Ambassador of Israel to Mongolia.
Minister for Foreign Affairs of Mongolia Mr. Luvsanvandan BOLD received in his office a non-resident Ambassador of the State of Israel to Mongolia Mr. Matan Vilnai in Ulaanbaatar on May 13, 2014.
During the meeting, Minister L.Bold expressed his satisfaction with strengthening Mongolia-Israel friendly relations and cooperation, and offered to host a regular consultative meeting between the Foreign Ministries of the two countries in the second half of this year.
Minister L.Bold extended congratulations on the Israeli Declaration of Independence that marks annually on May 14 since 1948. The sides also exchanged views on issues pertaining to bilateral cooperation in the political, economic, health and agricultural spheres.
Mongolia and the State of Israel have established the diplomatic relations on October 02, 1991.
Israel Seeks to Enter Mongolia's Medical Industry
Ulaanbaatar, May 13 (MONTSAME) Israel has a willingness to cooperate with Mongolia in the health sector.
The Concurrent Non-Resident Ambassador of Israel Mr Matan Vilnai said it at a meeting when he and accompanied him official were received Tuesday by N.Udval, the Mongolia's Minister of Health.
First, Israel's side put forward a proposal to Mongolia to cooperate in introducing a new technology for accelerating healing of big wounds caused by trauma and diabetics. Combined oxygen and vacuum treatments, this technology has been invented by Professor M.Topaz, an Israeli rehabilitation surgeon, Mr Vilnai mentioned.
Moreover, the Ambassador said a team of eye surgeons of his country wants to work in Mongolia.
In response, Ms Udval mentioned that medical doctors and surgeons from the National Center for Traumatology and Rehabilitation (NSTR) and the 1st Central Clinical Hospital have been involved in training to get familiarized with the new technology of Israel, and then said it necessary to develop the collaboration between the Israeli doctors and the NSTR. She appreciated the proposal for collaborating with eye surgeons of the country, and said it is possible to collaborate in holding training-seminar regarding the eye medical treatment.
Shizuoka Prefecture Donates Fire, Medical Equipment to Dornogobi Province
Ulaanbaatar, May 13 (MONTSAME) Japanese firefighting and medical equipments were given to related organizations of Dornogobi province, last week.
In frames of the cooperation, Japanese Shizuoka prefecture presented these equipments to the province, including three fire fighting vehicles, an emergency ambulance car and other necessary things such as 22 beds, 16 medical exam tables, 13 drop shelves, three tables for inpatients and 81 mattresses.
Apart from this, the sides are running a student exchange program called "Dornogobi children in Japan" which has been involved a total of 103 pupils and six teachers, relevant officials said.
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Social, Environmental and Other
Here Are The Drunkest Countries In The World
May 12 (Business Insider) Alcohol consumption varies widely across the globe, and the U.S. stacks up pretty well compared to some other countries.
As the map below from the World Health Organization shows, Russians and their neighbors drink more than almost everyone else in the world.
Portugal, Grenada, and Andorra are also ranked in the highest category at more than 12.5 liters per person over the age of 15 in 2010.
WHO notes in its report that 48% of those included in this data abstain from drinking altogether. So if those people were excluded, per capita consumption among those who do drink would be even higher than what's shown on this map.
Check it out:
Canadians drink more than Americans, keeping pace with most European countries. Alcohol consumption is low in northern Africa, but the southern half of the continent sees higher drinking rates, especially South Africa and Namibia.
Alcohol consumption in Russia is a major concern. A recent study found that the high number of early deaths in Russia could be attributed to people drinking too much. Commons causes of early deaths include liver disease, alcohol poisoning, and getting into accidents or fights while drunk.
Other countries near Russia, including Ukraine and Belarus, have similar levels of alcohol consumption.
WHO's report notes that the European region contains just 14.7% of the world's population above the age of 15, but accounts for 25.7% of the total alcohol consumed worldwide. The report uses the most recent data for alcohol consumption around the world.
In addition to having some of the highest alcohol consumption rates in the world, Russia and Ukraine also have the most risky patterns of drinking, according to WHO:
To determine which countries have the riskiest drinking patterns, WHO considers the usual quantity of alcohol consumed per occasion, proportion of drinking events when drinkers get drunk, proportion of drinkers who drink daily or nearly daily, festive drinking, drinking with meals, and drinking in public places.
Singapore Tops Pew Research's Religious Diversity Index, Mongolia at #16
April 4 (Pew Research Center) The Religious Diversity Index (RDI) Table is based on the index scores in Global Religious Diversity. For more information on how we calculated these scores, see the Methodology.
Click on the column header to resort the column. Percentages represent the share of each country's 2010 population that belongs to each religious group.
The Religious Diversity Index (RDI) Table is based on the index scores in Global Religious Diversity. For more information on how we calculated these scores, see the Methodology.
Click on the column header to resort the column. Percentages represent the share of each country's 2010 population that belongs to each religious group.
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