Wednesday, June 18, 2014

[Chow Tai Fook grants MEC extension, TTL announces ₮40B dividend, TDB looks to issue new bonds, and Mongolia is visa-free for 42 countries]

Please click Display Images or Download Pictures to properly view this newswire
Wednesday, June 18, 2014
Follow the news on Facebook, Twitter and view archive here
Headlines in Italic are ones modified by Cover Mongolia from original

Overseas Market
TRQ closed +1.92% to US$3.71 Tuesday, -2.88% MoM, +14.15% YTD

Viking Mines Chairman Continues On-Market Purchases as Auminco Takeover Continues to Stall
June 16 (Cover Mongolia) Change of Director's Interest Notice filed today reveals Viking Mines Ltd. (ASX:VKA) Non-Executive Chairman Mr. John William Gardner has bought a further 38,333 shares at A$0.04 a share on 12 June, on top of the 26,333 shares bought on 5 June at the same price.
These purchases come amidst Viking Mines' ongoing takeover bid to acquire unlisted Auminco Mines, a Mongolia-focused exploration company, in a share deal. The deal will make Auminco shareholders ending with 58% of the enlarged company. Takeover acceptance has surpassed 97% level as of May 15 but Viking has still not declared the offer final as the Offer Conditions has not been unfilled as of May 28, and therefore can still rescind the offer, according to a filing.
VKA last traded at 4 cents on Friday.

Announcement made after market close, 276 closed -3.77% to HK$0.23
The 3% CTF Convertible Note in the principal amount of HK$2,000,000,000 was expired on 16 June 2014. The holder of the 3% CTF Convertible Note has agreed to grant us a moratorium on repayment of the outstanding principal and interest under the expired note to 12 August 2014 for the purpose of negotiation and conclusion of a debt restructuring acceptable to all holders of other expired convertible notes.
June 16 -- This announcement is made by Mongolia Energy Corporation Limited (HKEx:276, the ''Company'' and together with its subsidiaries, the ''Group'') pursuant to the provisions of inside information under Part XIVA of the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong) and Rule 13.09(2) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.  
The Company refers to its announcements on 12 May 2011 and 14 May 2014 (the "Announcements"). Capitalized terms in this announcement have the same meaning as those defined in the Announcements, unless otherwise stated.  
The 3% convertible note in the principal amount of HK$2,000,000,000 issued to Chow Tai Fook Nominee Limited in 2011 (the "3% CTF Convertible Note") was expired on 16 June 2014. The holder of the 3% CTF Convertible Note has agreed to grant us a moratorium on repayment of the outstanding principal and interest under the expired note to 12 August 2014 subject to the validity of the similar moratorium granted by the holders of the SF Convertible Note and GI Convertible Note. We will exercise our best endeavour to reach a mutually acceptable debt restructuring plan with all holders of the expired convertible notes during the moratorium period.  
Shareholders and potential investors of the Company are urged to exercise caution when dealing in the shares of the Company.

June 16 -- The board of directors (the "Board") of Mongolia Energy Corporation Limited (the "Company") announces that a meeting of the Board of the Company will be held on Friday, 27 June 2014 for the purpose of, among others, approving the announcement of the final results of the Company and its subsidiaries for the year ended 31 March 2014 for publication and considering the payment of final dividend, if any.

Origo Partners: Moly World Ltd scoping study identifies low capex, high return option to develop molybdenum project 
June 17 -- Origo Partners Plc (AIM:OPP, "Origo") is pleased to announce the results of a scoping study on the Mandal Moly molybdenum and tungsten project ("the Project") wholly owned by its portfolio company Moly World Ltd ("Moly World").  The study has identified the potential for an initial small scale open pit operation (producing 3,000 tonnes of molybdenum and 155 tonnes of tungsten concentrate per annum) that could be brought into production for an investment of US$43.6 million, including working capital, with the option of  further expansion, dependent upon future molybdenum prices. 
The study has estimated that the Project, which benefits from world class grades and a low strip ratio, is capable of returning an IRR of 46.8%, with a net present value of US$80.8m (at a 12% discount rate) at current molybdenum prices. 
The Mandal Moly project is located in North West Mongolia and consists of a single exploration licence covering an area of 2,360 hectares. Based upon a JORC compliant resource statement issued in 2012, the Project contains 203.4 million tonnes of ore grading 0.1261% molybdenum with total contained molybdenum metal of 256,000 tonnes. The Project also benefits from high levels of associated tungsten and is strategically well placed - located close to existing water and power infrastructure. 
The study identified an initial mining area with favourable conditions that could be accessed via a small scale open pit located on a shallow high grade zone of the deposit with molybdenum grades of 2,110 ppm and a strip ratio of 0.55:1. In addition, the study defined processing and infrastructure requirements to support average annual production of approximately 3,000 and 155 tonnes of molybdenum and tungsten concentrate respectively per annum. The initial pit has a 14 year operating life with an average life of mine cash cost of US$ 21.4 per tonne of ore extracted. Initial total capital for this development is estimated to be US$43.6 million, and production could start within two years of construction commencing. 
Work on a detailed mining feasibility study will begin shortly and discussions with the Government around conversion of the Project's licence to a mining licence are underway. 
Origo acquired a 20 per cent stake in Moly World, a holding company which owns the Mandal Moly deposit, for US$10 million in 2011. In addition, a subsidiary of Origo has an off-take agreement covering up to 20 per cent of all production from Mandal Moly while Origo holds an interest of between 5 and 20 per cent in Moly World. 
Commenting on today's announcement, Chris Rynning said: 
"The results of the study confirm the potential to develop an initial small scale operation at Mandal Moly with high rates of return and low initial capital investment. This approach minimizes risks whilst giving us the option to significantly expand production at a later date."

Origo Partners: Interim Management Statement for Q1
June 17 -- This Interim Management Statement by Origo Partners Plc ("Origo" or "the Company") and its subsidiaries ("the Group") relates to the three month period from January 1, 2014 to March 31, 2014 ("the Period"). 
Highlights from the Period: 
<![if !supportLists]>·          <![endif]>Unaudited net asset value as at March 31, 2014 of US$115.8 million compared to US$135.0 million as at December 31, 2013
<![if !supportLists]>·          <![endif]>Unaudited net asset value per share of US$0.33 at the end of the Period compared to US$0.39 per share as at December 31, 2013
<![if !supportLists]>·          <![endif]>Total investments in existing investee companies during the Period of US$1,150,000
<![if !supportLists]>·          <![endif]>Cash position as at March 31, 2014 of US$19.9 million
3.   Portfolio Composition 
In line with the Group's strategy, investments are made predominately in privately held companies across various sectors of China's economy, and in companies and assets with exposure to the Chinese market, with the objective of providing shareholders with above market returns, primarily through capital appreciation. Currently, the Group focuses on the following sectors: metals & mining, agriculture and cleantech. 
As at March 31, 2014, the portfolio was carried at the aggregate value (excluding revaluations of unquoted portfolios) of US$157.8 million compared to US$153.8 million for the period ending December 31, 2013. The top ten investments represented 95 per cent of the fair value of the portfolio, with the top five investments accounting for 74 per cent. 
Top 10 Investments (US$ million) 
Fair value
% of NAV
 China Rice Ltd
 Preferred Stock & Loan
 Gobi Coal & Energy Ltd
 Metals & Mining
 Common Stock
 Celadon Mining Ltd
 Metals & Mining
 Common Stock 
 Unipower Battery Ltd
 Clean tech
 Preferred Stock & Loan
 Niutech Energy Ltd
 Clean tech
 Preferred Stock
 Moly World Ltd
 Metals & Mining
 Common Stock 
 IRCA Holdings Ltd.
 Metals & Mining
 Common Stock & Loan
 Kincora Copper Ltd
 Metals & Mining
 Common Stock & Loan
Clean tech
Common Stock & Loan
 Rising Technology Corporation Ltd
 Common Stock

NRU closed +100% to A$0.004 Tuesday
Newera Completes Ground Magnetic Survey At Ulaan Tolgoi
June 18 -- Newera Resources Limited (ASX:NRU) ("Newera") is pleased to advise that it has completed a +700 line kilometre ground magnetic survey covering the northern sector of the Ulaan Tolgoi licence area. The Ulaan Tolgoi licence is located in the South Gobi basin in Southern Mongolia.
The survey lines ran north to south in the survey area and were at an east west line spacing of 200 metres. The survey commenced on 25th May and was completed on time and within budget.
Mongolian registered geophysical contracting company Geo-Oron LLC has now completed the modelling of the data collected and presented Newera with the final images and analysis of the most coal prospective areas.
<![if !supportLists]>·          <![endif]>Two substantial, interpreted sedimentary sub-basins identified.
<![if !supportLists]>·          <![endif]>Six interpreted coal prospective areas (CPA's) identified within the two sub-basins – designated 4/1, 4/2, 4/3, 4/4, 4/5 and 4/6 in Figure 3.
<![if !supportLists]>·          <![endif]>The interpreted limit of depth of sediments within the sub-basins placed at 250 metres.
<![if !supportLists]>·          <![endif]>The sub-basin containing CPA's 4/1, 4/2, 4/3, 4/5 and 4/6 estimated to be up to 9kms in length and up to 7kms in width.
<![if !supportLists]>·          <![endif]>The sub-basin containing CPA 4/4 estimated to be approximately 9 kms in length and up to1.8 kms wide.
<![if !supportLists]>·          <![endif]>Drill hole collar locations currently being determined for a future, limited, prospect testing exploration program.
<![if !supportLists]>·          <![endif]>Bright black coal discovered within a newly identified sub-basin within a third party licence immediately north of Newera's Ulaan Tolgoi and interpreted to be inplaces, overlapping the Ulaan Tolgoi licence's northern boundary.

PML last traded 2.1c on Monday
June 19 -- Further to the Company's announcements to the market dated 17 June, Parmelia Resources Limited (ASX:PML) (Parmelia or Company) is pleased to provide an updated timetable for the rights issue announced on 6 June 2014 (Rights Issue).
The Company confirms that the new timetable for the Rights Issue, as set out in this announcement, replaces any previous timetable and is as follows:
Announcement of rights issue and Appendix 3B lodged
6 June 2014
Prospectus lodged with ASIC and ASX
18 June 2014
Notice sent to Shareholders containing information required for Appendix 3B in relation to the Rights Issue
19 June 2014
"Ex" date
20 June 2014
Record date to determine Entitlements under the Rights Issue
24 June 2014
Opening date of Rights Issue
27 June 2014
Despatch prospectuses and application forms
27 June 2014
Closing date for acceptances under the Rights Issue
18 July 2014
Options quoted on a deferred settlement basis
21 July 2014
Company notifies ASX of under-subscription
23 July 2014
Issue date
25 July 2014
Trading of New Options expected to commence
28 July 2014
*Note: this timetable is indicative only and may change, subject to the ASX Listing Rules.
Local Market

MSE News for June 16: Top 20 +0.29% to 15,210.38, Turnover 27 Million

Ulaanbaatar, June 16 (MONTSAME) At the Stock Exchange trades held Monday, a total of  29 thousand and 629 shares of 18 JSCs were traded costing MNT 26 million 973 thousand and 823.00.
"Hermes center" /16 thousand units/, "Remikon" /5,060 units/, "Mongolia Development" /5,000 units/, "APU" /1,603 units/ and "Gobi" /693 units/ were the most actively traded in terms of trading volume, in terms of trading value--"APU" (MNT five million 770 thousand and 980), "Gobi" (MNT five million 232 thousand and 325), "UB-BUK" (MNT three million and 983 thousand), "Mongolia Development" (MNT three million 499 thousand and 980) and "Hermes center" (MNT two million and 480 thousand).
The total market capitalization was set at MNT one trillion 547 billion 717 million 460 thousand and 872. The Index of Top-20 JSCs was 15,210.38, increasing by MNT 43.88 or 0.29% against the previous day.

MSE News for June 17: Top 20 -0.29% to 15,165.69, Turnover 5.5 Million
Ulaanbaatar, June 17 /MONTSAME/ At the Stock Exchange trades held Tuesday, a total of 6,746 shares of 15 JSCs were traded costing MNT five million 541 thousand and 763.00.
"Khokh gan" /5,000 units/, "APU" /854 units/, "Genco tour bureau" /669 units/, "Baganuur" /105 units/ and "Tavantolgoi" /25 units/ were the most actively traded in terms of trading volume, in terms of trading value--"APU" (MNT three million 098 thousand and 890), "Bayangol hotel" (MNT 624 thousand), "Khokh gan" (MNT 550 thousand), "UB-BUK" (MNT 440 thousand) and "Baganuur" (MNT 366 thousand and 750).
The total market capitalization was set at MNT one trillion 533 billion 999 million 531 thousand and 177. The Index of Top-20 JSCs was 15,165.69, decreasing by MNT 44.69 or 0.29% against the previous day.

Agricultural Exchange Trades 31.6 Billion Worth of Commodities in Last 55 Weeks

Ulaanbaatar, June16 (MONTSAME) In the last 55 weeks, the Agricultural Commodities Exchange of Mongolia conducted trades totaling 31.6 billion togrog.
During the period, the exchange conducted trades of three types of animal-origin commodities. It traded 402.7 ton of cashmere and 250 ton of fiber mill wool. The price of unprocessed, non-white cashmere stood at 762 thousand togrog per unit at the end of the last week, while white cashmere was traded at a price of 782 thousand togrog per unit.
The last week, the exchange ran one-time trade of fiber mill wool, with a comparably constant price, says an officer.

TTL last traded at 4,970 on Friday
Tavan Tolgoi JSC Announces 40.3 Billion in Dividends, 766 a share
June 16 (MSE) To Mongolian Stock Exchange, "Barilga corporation (MSE:BRC)", "Bayanteeg (MSE:BTG)" and "Tavan tolgoi (MSE:TTL)" joint stock companies were submitted their decision of dividends. As of June 12, 2014, 26 joint stock companies declared to distribute dividends total of 51.73 billion MNT.
JSC's name
Dividend per share /MNT/
 Sum of dividend /MNT/
Barilga corporation
Tavan tolgoi
BoM MNT Rates: Tuesday, June 17 Close

June MNT vs USD, CNY Chart:

Mongolia FX Reserves Decline to 'Worrying' Level: Morgan Stanley
By Michael Kohn
June 17 (Bloomberg) -- Mongolia's foreign exchange reserves may have fallen to an estimated $1.7b at the end of April, according to June 16 report by Morgan Stanley analysts Desmond Lee and Gaurav Singhal.
* Mongolia's fx reserves were at $2.195b at the end of Feb., according to the nation's central bank
* A "few more months" of FX outflow will bring Mongolia closer to the two-month import cover, the same point where Mongolia received IMF assistance in 2009: analysts
* Morgan Stanley remains underweight on Mongolian sovereign credit due to 'low headroom' on fx reserves and lack of clarity on Oyu Tolgoi Phase 2 dispute: analysts

BoM FX auction: US$11.5 million sold at 1823.15, CNY19 million at 293.60, accepts US$74 million MNT swap bids
June 17 (Bank of Mongolia) On the Foreign Exchange Auction held on June 17th, 2014 the BOM has received bid offer of CNY and 11.5 million USD from local commercial banks. The BOM has sold 11.5 million USD as closing rate of MNT 1823.15 and 19.0 million CNY as closing rate of MNT 293.60.
On June 17th, 2014, The BOM has received MNT Swap agreement bid offer in equivalent to 74.0 million USD from local commercial banks and accepted the offer.
See also:
<![if !supportLists]>·         <![endif]>FX Auction Statistics

June 16 (Bank of Mongolia) --
/In million of togrogs/
Bank reservers
Central bank bills
Foreign assets
Government securities
Other securities
     In domestic currency
     In foreign currency
     Non-performing loans
Total Assets

Current Accounts
     In domestic currency
     In foreign currency
     In domestic currency
     In foreign currency
Foreign liabilities
Government deposits
    Profit/loss of current year

BoM Monthly Statistical Bulletin, May 2014
June 16 (Bank of Mongolia) --

This week: Mongolian Economy Headlines
June 13 (Mongolian Economy) --

Invest Pro Mongolia Magazine №2, May 2014
(Mongolian National Chamber of Commerce and Industry)

100-Day Economic Stimulus Plan Garners Momentum

June 16 (Mongolian Economy) The 100 Day Stimulus Plan has garnered momentum as more pressing issues have risen to the top of the agenda. As the plan moves forward, people are currently looking forward to the Investment Summit that will be held from June 19-21 at Ikh Tenger, the same complex where the president resides in. Presently, over 80 foreigners from 22 different countries registered to participate in this Investment Summit that hopes to discuss various issues. 
From last week, the stimulus plan delved into the issue of taxes relating to the selling process of bank collaterals. Banks run the risk of losing money from borrowers who do not have the means to pay back their loans, thus a framework was established. This framework negotiated funds including a tax deduction value of 10%, fund expenditure reduction of 25%, and court service reduction between 0.5% and 10%. Also on the agenda, is the possible designation of 100 million USD from JICA to promote small- and medium-sized businesses.
The director of the Invest Mongolia Agency, S. Javkhlanbaatar said that within the plan, they are going to introduce the business friendly environment of Mongolia as well as how the government is dealing with issues regarding barriers to the investment environment of the nation. The main goal is to attract foreign investment and widen partnerships. 
According to data from the Invest Mongolia Agency, 12,000 foreign investment companies have operated in Mongolia since 1990. As of October of last year, there were 8,300 foreign investment businesses that were actively in service. Since the beginning of this year, another 140 foreign investment companies registered with the Invest Mongolia Agency to begin operations. 

Mongolia Parliament Passes Law on Index-Based Livestock Insurance

Ulaanbaatar, June 15 (MONTSAME) The parliamentary session passed a bill on index-based livestock insurance and related to it drafts to laws on Friday.
The same day, the session adopted a draft resolution of parliament on adopting a middle-term programme on a green development concept after a final discussion at the Standing committee on environment, food and agriculture. A presentation of the draft resolution was made by S.Demberel MP.

Mogi: can't imagine why these guys would wanna do this except to give themselves a longer Naadam break than they already do. Instead of this, it would at least make sense if Naadam falls on a weekend, the next weekday declared a holiday. Making all holidays like this could take businesses some adjusting, so perhaps just Tsagaan Sar and Naadam.

Mongolia Government Proposes Extending Naadam Festival to Five Days from Current Three

Ulaanbaatar, June 15 (MONTSAME) The cabinet Saturday decided to submit to parliament a draft amendment to the law on public celebrations and remarkable days.
The draft amendment reflects a clause on prolonging the Naadam holidays from three to five days so that people can simultaneously celebrate the anniversaries of the Great Mongol Empire and People's Revolution of Mongolia. 

Draft Amendments to Laws on Social Insurance, Pension, Welfare to Be Submitted

Ulaanbaatar, June 15 (MONTSAME) The cabinet meeting on Saturday backed draft amendments to the laws on social insurance, on pension and allowance, on pension and allowance payment for people and the disabled with vocationally-caused illness and accidents, and on allowance for the unemployed, all to be granted from the social insurance fund.
These draft amendments will be submitted to parliament, reflecting proposals from the amendment initiators.
Since its adoption in 1994, the law on social insurance has been altered ten times, now it required to be amended again due to out dating.   

Infamous "Gants Khudag" detention center closed down and auctioned

June 16 ( Gants Khudag, the sole pretrial criminal detention facility serving Ulaanbaatar in Gants-Khudag, has been closed down as called for by MP J.Batzandan.
Gants Khudag detention facility, established in 1920, has been associated with overcrowding, low-quality medical care and poor conditions and standards.
Prominent intellectuals including poets and scholars have been detained at the detention facility in the past.
The government confirmed the decision to close down the out-dated detention facility.
This dark and old building is set to be auctioned and the land will be open to civilians.

MP D.Ganbat (DP) Nominated to Chair Standing Committee on Justice

Ulaanbaatar, June 17 (MONTSAME) A meeting of parliamentary caucus of the Democratic Party agreed Monday to nominate D.Ganbat MP as their candidate for the highest post of justice Standing committee.
At a poll conducted amid the meeting, D.Ganbat defeated other candidates J.Batzandan and M.Zorigt to become the candidate of the party faction. The appointment is expected at a parliamentary meeting within this week.
The office has been vacated by Sh.Tuvdendorj, who recently was appointed the Minister for Industry and Agriculture.

The Asia Foundation Releases USAID-Funded Survey on Perceptions and Knowledge of Corruption (SPEAK IV)
Ulaanbaatar, June 13, 2014 — The Asia Foundation, the Sant Maral Foundation, and  Mercy Corps Mongolia (MCM) released the fourth Survey on Perceptions and Knowledge of Corruption (SPEAK) under the United States Agency for International Development (USAID)-funded Strengthening Transparency and Governance in Mongolia (STAGE) project. The project aims to strengthen democratic governance by building a more transparent and accountable regulatory and legislative environment while promoting principles of checks and balances.
Conducted in March 2014, the survey presents important nationwide perceptions of corruption at the household level. By providing information on long-term trends in every day corruption and new information on citizen views on grand corruption, the Foundation believes that the surveys will trigger invigorated and critical dialogues on issues of transparency, accountability, and corruption in Mongolia.
SPEAK builds on the semi-annual corruption benchmarking survey conducted under the USAID-funded Mongolian Anti-corruption Support (MACS) project, implemented from 2006 – 2011 by the Foundation.
Survey methodology and scope
<![if !supportLists]>·         <![endif]>Surveyed 1,360 households in seven districts in Ulaanbaatar and 21 soums in sixaimags in March 2014;
<![if !supportLists]>·         <![endif]>Conducted a total of 12 surveys thus far, allowing for data comparison over time;
<![if !supportLists]>·         <![endif]>Presents nationwide data on perceptions of corruption and actual incidences of corruption at the household level.
<![if !supportLists]>·         <![endif]>Face-to-face random interviews conducted.
Survey findings
<![if !supportLists]>·         <![endif]>As in the three earlier surveys, corruption was named the third most critical problem in the country; over 8 percent of respondents believed corruption to be the most important problem in the country.
<![if !supportLists]>·         <![endif]>In March 2014, "corruption in law enforcement bodies" was the most commonly cited obstacle to the fight against corruption. In earlier surveys, "the habit of solving problems through corrupt practices" was the most commonly cited obstacle.
<![if !supportLists]>·         <![endif]>Land utilization, local procurement tenders, and mining continued to be considered the three most corrupt agencies or sectors. Political parties fell from the top five.
<![if !supportLists]>·         <![endif]>The public's expectation of fair treatment from law enforcement and the judiciary was significantly low. Respondents, in general, are not satisfied with the actions against corruption, but long-term observation since 2006 shows perceptions have improved.
<![if !supportLists]>·         <![endif]>The incidence of reported cases of corruption significantly decreased.
<![if !supportLists]>·         <![endif]>Men were consistently found to be more aware of public affairs, while women were found to be more concerned with household or private affairs.
<![if !supportLists]>·         <![endif]>Urban respondents had stronger opinions on corruption than rural respondents.
Read more about the Foundation and its work in Mongolia.

Cabinet Approves Signing Concession Agreement for $1.2 Billion CHP5 Project

Ulaanbaatar, June 15 (MONTSAME) At its meeting on Friday, the cabinet made a decision on realizing a project on building the 5th thermal power station with 450 Megawatt to increase the UB city's utilization.
A tender for selecting an executor to draw up the station's blueprint, to finance, build and run repair services launched in 2011 through a concession deal. In accordance with the cabinet decision, the Minister of Economic Development N.Batbayar was allowed to establish the concession contract with the "Fifth Combined Heat & Power Plant" LLC with a transferring term.
Following the decision, obligations were given to A.Gansukh, the Minister of Road and Transportation; M.Sonompil, the Minister of Energy; S.Oyun, the Minister of Environment and Green Development; and Ts.Bayarsaikhan, the Minister of Construction and Urban Development, to grant a permission to relevant subjects to connect coal and water supply with drainage and electric lines and to construct railways, roads and buildings. The Mayor of Ulaanbaatar E.Bat-Uul was ordered to give a land to the concession owner for building the power plant.
The total investment for the project is USD 1.2 billion, the concession contract term is 25 years, and the construction is projected to be completed in three years.

Moody's assigns (P)B1 ratings to TDBM's GMTN program and B1 to TDBM's proposed drawdown
Hong Kong, June 16, 2014 -- Moody's Investors Service has assigned a (P)B1 rating on the long-term senior unsecured debt under the Trade and Development Bank of Mongolia LLC's (TDBM) $1 billion Global Medium Term Notes (GMTN) Program.
The program carries a letter of support from the Ministry of Finance on behalf of the Government of Mongolia (B1, negative).
At the same time, Moody's has assigned a B1 rating to TDBM's proposed senior unsecured notes, which will be drawn from the GMTN program.
All ratings have a negative outlook.
The program's ratings do not immediately apply to any individual notes issued under the program.
Ratings on individual notes issued under the program will be subject to Moody's satisfactory review of the terms and conditions set forth in the final base and supplemental offering circular and pricing supplements of the notes to be issued.

Cabinet Approves List of Facilities and Equipment Exempt from Customs, VAT

Ulaanbaatar, June 15 (MONTSAME) At its regular meeting on Saturday, the cabinet approved a resolution to update the list of facilities and equipment for small- and medium-sized productions to be exempted from the customs excise tax and VAT.
The resolution is adopted in conjunction with passing of the laws on exemption from customs tax and from VAT at parliament this June 6.
By the altered resolution, some facilities and tools of IT such as TV set, computer monitors, printer ink cartridges and Ipads are not included in this list because they are assembled and sold in Mongolia.

German-Mongolian Corporate Days Taking Place Under "Made In Germany" Theme, June 17-18

June 16 ( The "Made in Germany" Conference and Exhibition under German-Mongolian Corporate Days 2014 are taking place in Ulaanbaatar at the Blue Sky Tower on June 17-18, 2014.
At the two-day Conference, Minister for Finance of Mongolia Mr. Chultem ULAAN, Ambassador Extraordinary and Plenipotentiary of the Federal Republic of Germany to Mongolia Mr. Gerhard Thiedemann, and Deputy Prime Minister of the State of Baden-Wurttemberg and Minister of Financial and Economic Affairs Dr. Nils Schmid are attending as guests of honor.
Moreover, Germany-based Horvath & Partners Management Consultants will offer a three-hour professional master class for top managers and functional specialists. Also, this session will look at the management of large scale projects, particularly at Engineering, Procurement and Construction. Besides, a panel discussion with Mongolian business representatives will be held on Corporate Governance in Family-owned Businesses, Lessons Learnt from the German Mittelstand.
The second part of the event is an Exhibition, where German tools and service providers from over 40 companies will introduce their services and display products such as crane motors, industrial equipment, construction materials, and quality goods for hotel industry.
The "Made in Germany" Conference and Exhibition is open for businesses and public and co-organized by German Agency for International Cooperation (GIZ), German-Mongolian Business Association (DMUV) and the Embassy of the Federal Republic of Germany in Ulaanbaatar.
The previous German-Mongolian Corporate Days was held in Ulaanbaatar themed "Integrated Mineral Resource Initiative" in October 2012.

84 Lumber preps for 'blitz build' in Mongolia
<![if !vml]><![endif]>(84 Lumber's 20x20 home package includes the materials to construct two houses and start under $12,000.)
June 16 (Pittsburgh Business Times) Mark Reginelli, director of world trade for 84 Lumber, and two contractors are preparing to travel to Mongolia with the mission of building three model homes in three days.
It takes 75 days for the building materials to reach the country, but Reginelli and 84 Lumber have been asked by the Mongolian prime minister and government to demonstrate how quickly the U.S. style of home construction can be done and the quality of the methods.
"We call it a blitz build," Reginelli said.
84 Lumber's materials are being used to construct the first U.S.-framed subdivision in the country and if things go well with blitz build, the potential for future business could be huge. Reginelli said Mongolia is a big target for 84 Lumber and as it's been the fastest-growing economy in two of the last three years.
In Mongolia's Ger District alone there are 700,000 people living in shanty towns that can be replaced with small social housing, Reginelli said.
The company started its international department in 1998, but since the Chilean earthquake in 2010, 84 Lumber has been placing a greater focus on growing international sales in recent years.
"Following the earthquake we sent 200 homes that were given away to people in need,"Reginelli said. "After we saw the impact and demand that was out there we thought we should get more involved and expand."
With its international business, Reginelli said 84 Lumber mostly ships complete house packages for the construction of small homes in the 400- to 800-square-feet range.
In 2013, he said the company's international sales were up about 20 percent from the year prior and have the potential to grow even more this year. The company has just hired a bilingual employee in the department and he said he expects to hire an additional two to three employees in the next six to nine months.
And while there are challenges with language barriers, time differences and differences in customs, Reginelli said at its core 84 Lumber is building its international business the way founder Joe Hardy and company President Maggie Hardy Magerko built its business locally.
"Whether it's national or international, creating relationships and gaining customer trust is what 84 Lumber does," he said.

PM Altankhuyag attends opening 50mW CHP3 upgrade

Ulaanbaatar, June 16 (MONTSAME) The Prime Minister N.Altankhuyag attended Monday an opening ceremony of the annexe of the city's Third Thermal Power Station, while running a weekly "Hours of great construction" meeting.
The annexe with its 50 Megawatt is the largest work been done in the last 25 years in the country's energy sector. It has been erected by China's "Human Industrial Equipment Installation" company under 35 million US dollars from the "Chingis" bonds revenue, he noted and thanked the company's officials and workers for the work.
Setting up the Ministry of Energy at the cabinet for reforms "gave a big impetus to raising big  investments and to starting the great construction in the energy sphere, which had been unsuccessful many years, the Minister of Energy M.Sonompil stressed.
An annexe of the fourth thermal power station with 120 Megawatt is expected to be put into use in October this year, the "Amgalan" thermal power station of 300 Megawatt will open this November, Mr Sonompil went on. A construction of the fifth power station will launch soon, after signing a related deal this month, moreover, the biggest projects are being realized to erect power stations in   Omnogobi aimag and on the Eg river, he said. 

Ulaanbaatar Naadam Complex to Be Completed by July 5

Ulaanbaatar, June 16 (MONTSAME) Ulaanbaatar Mayor E.Bat-Uul visited last Sunday the Khui Doloon Khudag (Naadam festival horse-race area) to see an ongoing construction.
This year, construction jobs including road paving of 2.7km of auto road, 0.8km of sidewalk and building of parking areas for 500 cars will be done, ahead of the Naadam Festival (July 11), said the contractor.
During this year's festival, rail buses will be on route to the horse-racing area to have a last station in 2.3km distance from it, which will be paved with a temporary macadam road of broken stones. Five so-called "City Cars", Mongolia-made eco buses will serve festival goers, accompanying the rail buses in public transport.
The Naadam complex will be used not only for the festival, but also for winter sport events.

74 Venues Obtain Permits to Sell Beer Until 8am While Showing the World Cup

June 17 ( The 20th FIFA World Cup that taking place in the Federative Republic of Brazil is ongoing on its fifth day, where winner of the world championship will be determined on July 13 or July 14, 2014 by Ulaanbaatar time.
Due to world celebration of football, thousands of Mongolian fans are prefer to gather at outdoor places to watch a live transmission and with growing demand, 74 entities are providing their services featuring big screen, live music and beer stands with extended hours until 8 o'clock in the morning permitted by Ulaanbaatar City Administration.
Accordingly, the Capital City officials allowed these service providers to serve with only low grade of alcoholic beverages after midnight and in order to ensure safety for clients and prevent disorder, City authorities obliged the Metropolitan Police Department to work with extended hours as well as regularly conduct patrols at all spots showing the games in order to provide comfort of residents living nearby.

Mongolia-Japan 7th Meeting on Establishing Economic Partnership Agreement Ongoing in Ulaanbaatar

June 16 ( The 7th phase of negotiation to establish Economic Partnership Agreement between the Governments of Mongolia and Japan is ongoing at the Ministry of Economic Development in Ulaanbaatar on June 12-27, 2014.
Mongolian side is chaired the intergovernmental meeting by Deputy Minister of Economic Development O.Chuluunbat and the Japanese Government by Deputy Minister of Foreign Affairs Seiji Kihara.
At the opening of the 7th negotiation, leaders of the two parties exchanged views on topics to discuss and this time meeting is focused on market access, trade in goods, trade in services, rules of origin, customs procedures, investment, intellectual property and cooperation in trade, technical barriers and to discuss issues of quarantine measures.

Citizens of 42 Countries Can Now Visit Mongolia Visa-Free 2014-2015

Ulaanbaatar, June 15 (MONTSAME) The cabinet Friday considered as necessity to allow citizens of 42 countries with the highest rates of GDP and human development index to visit Mongolia without visas in the years 2014-2015.
This is one of the measures for developing the tourism sector.
The list of the countries includes Luxembourg, Norway, Switzerland, Austria, the Netherlands, Ireland, Sweden, Iceland, Belgium, Denmark, Finland, France, Italy, Malt, Slovenia, the Czech Republic, Slovakia, Estonia, Greece, Spain, Portugal, Lithuania, Latvia, Poland, Hungary, Bulgaria, Romania, Lichtenstein, Monaco, Andorra, Gibraltar, Vatican, the Bahamas Iceland, Trinidad and Tobago, Argentina, Uruguay, Panama, Chile, Grenada, Costa Rica and the Republic of Seychelles.
As of present, all kinds of passport holders of the USA, Japan and Germany, and diplomatic passport holders of the United Kingdom are visiting Mongolia without visas.
In conjunction with the governmental resolution, obligations were given to L.Bold, the Minister of Foreign Affairs, and to Ch.Ulaan, the Minister of Finance, to recover the budget margin of Mongolia's diplomatic missions abroad. 

Latvia Offers Help in Training Mongolia Against Livestock Diseases

Ulaanbaatar, June 15 (MONTSAME) The Republic of Latvia is ready to assist Mongolia in improving skills of trained staffers to combat highly-infectious diseases of livestock and to ensure food quality and standards.
The Latvian Minister of Agriculture Mr Janis Duklavs said it during a meeting with Ts.Tuvaan, the Vice Minister of Industry and Agriculture on Saturday, within the official visit of the Latvian President Andris Berzins to Mongolia.
Mr Tuvaan said Mongolia wants to learn experiences of Latvia in developing intensified farms for meat and dairy products, and expresses a willingness to have a technical assistance from Latvia for introducing European standards in order to create a Mongolian food brand and to export it to Europe, keeping our traditional methods of animal husbandry. He also emphasized that the two countries can cooperate in a proper exploitation of forest and in recycling forest waste.
The Latvian Minister said he is expecting a successful cooperation between the two countries in the agricultural sector, and invited Mr Tuvaan to his country.

Mongolia Signs MOU with Argentina on Agricultural Cooperation

Ulaanbaatar, June 16 (MONTSAME) A memorandum of understanding (MoU) on agricultural cooperation between Mongolia and Argentina was signed in the Embassy of Mongolia in Beijing on June 16.
Representing the governments, Mongolia's Deputy Minister for Industry and Agriculture Ts.Tuvaan and Secretary of Political and Institutional Coordination and Agricultural Emergency of Argentina Javier Leonel Rodriguez inked the document that aims at joint researches, increased yield of animal products and quality of exports, introduction of a cattle feeding technology, promoting public and private partnership in meat cattle farming, and vaccine production.
The MoU was agreed upon during a visit of a Mongolian working group led by a head of the Standing Committee on budget Ts.Davaasuren MP to Brazil, Argentina and Uruguay this March.
Ts.Tuvaan is attending these days the 20th World Meat Congress, biennial event hosted in Beijing by the International Meat Secretariat.

Mongolia and Turkey celebrate 45 years of diplomatic relations

June 17 ( A number of cultural events to celebrate the 45thanniversary of diplomatic relations between Mongolia and Turkey are scheduled between June 17th and 23rd.
At the same time as the celebration several high ranking visits are scheduled. The Turkish Parliamentary Speaker, Cemil Cicek, will pay an official visit to Mongolia on the invitation of the Mongolian Speaker Z.Enkhbold between June 23rd and 26th.
On June 25th, 20-25 representatives from the Istanbul Entrepreneurs Association, investors and businessmen will visit to Mongolia. The visit will be significant for boosting bilateral economic relations between the two countries.
There will be another wave of visits by representatives of the Turkish scientific studies from 70 Turkish universities.
The National University of Mongolia, a member of the International Association of Silk Road Universities (iaSU) is organizing the event.
The Turkish Ambassador to Mongolia, Murat Karagoz, said that "I give great importance to bilateral relations, in particular to cultural relations between the two countries. So a week-long cultural event on the occasion of the 45th anniversary of diplomatic relations will take place. The purpose is to promote Turkish culture and diversity."
Mongolia and the Republic of Turkey established diplomatic relations on June 24th, 1969. The Republic of Turkey opened its Embassy in Mongolia in 1996.
Turkish Ambassador Murat Karagoz said that "Bilateral relations between Mongolia and Turkey are not limited to only the 45th anniversary. People of the two countries have had good historic relations. Both countries declared their independence in the early 1920's. Mongolia and Turkey have seen successful development in the education with diplomatic relations. We aim to expand bilateral cultural and economic relations."

Kyrgyz Ambassador Meets Head of Mongolia's Election Committee

Ulaanbaatar, June 17 (MONTSAME) Chairman of the General Election Commission (GEC) Ch.Sodnomtseren Tuesday received Ms K.Baktigulova, the Concurrent Non-Resident Ambassador of the Republic of Kyrgyzstan to Mongolia.
The GEC head congratulated Ms Baktigulova on being appointed the Ambassador to Mongolia and spoke about his organization. He said the ties and collaboration between the election bodies of the two countries have been boosting, and mutual visits within them have been regularizing.
He said the GEC wants to share information and experiences with Kyrgyzstan on organizing elections, adding that the two countries' election bodies agreed to establish a memorandum of mutual understanding.
In turn, Ms Baktigulova said Mongolia's experience in running elections is attracting her country because foreign observers and experts highly spoke he latest elections held in Mongolia. Kyrgyzstan wants to learn methods and experiences in refining the election system and in introducing the newest technology, she added. The Mongolian experience will contribute to making elections in Kyrgyzstan fair, open and transparent, she hoped.  

Ulaanbaatar Dialogue on Northeast Asian Security launches in Ulaanbaatar

Ulaanbaatar, June 17 (MONTSAME) An international conference of the Ulaanbaatar Dialogue on Northeast Asian security kicked off Tuesday in Ulaanbaatar.
This is the first international conference held within the Mongolian President's initiative on Ulaanbaatar Dialogue for Northeast Asian security. It has brought together scholars majoring in Northeast Asian security from nine countries. Four penal meetings have attracted representatives of Mongolia, North Korea, South Korea, China, Russia, Japan, the USA, the Netherlands, Germany and the UK.
A member of the policy council at the Institute of Strategic Studies M.Batchimeg MP addressed the conference's opening. The participants shared views on security risks in Northeast Asia, economic and infrastructure cooperation and fortifying the regional trust.
"Mongolia has friendly ties with all countries of Northeast Asia, so it is considered that Mongolia is fully possible to contribute tackling the region's urgent problems in security matters through talks," Batchimeg said, adding that the conference will run regularly.

Mongolia Participates in Summit of G77+China Leaders

June 16 ( On June 14-15, 2014, the Summit of G77 Leaders plus China was organized in Santa Cruz de la Sierra, the Plurinational State of Bolivia, in the scope of the 50th anniversary of the Group, where Mongolian delegated headed by Deputy Minister of Foreign Affairs D.Gankhuyag have participated.
In the opening of the Summit, UN Secretary General Ban Ki-moon and President of the General Assembly's 68th Session John W. Ashe have attended as guests of honor, besides top and high-level delegates from 133 countries were present.
During the Summit, Deputy Minister D.Gankhuyag read a message of President of Mongolia Ts.Elbegdorj to the participants and handed over the Letter to the Chairperson of the Summit and held meetings with Foreign Ministers, Deputy Ministers and Ambassadors of more than 20 countries to share views on issues concerning bilateral relations and cooperation.
The Summit was resulted in issuing Santa Cruz Declaration.
The Group of 77 (G-77) was established on June 15, 1964 by seventy-seven developing countries signatories of the "Joint Declaration of the Seventy-Seven Developing Countries" issued at the end of the first session of the United Nations Conference on Trade and Development (UNCTAD) in Geneva.
The Group of 77 is the largest intergovernmental organization of developing countries in the United Nations, which provides the means for the countries of the South to articulate and promote their collective economic interests and enhance their joint negotiating capacity on all major international economic issues within the United Nations system, and promote South-South cooperation for development.
Social, Environmental and Other
Open Society: Disability Is No Longer Invisible in Mongolia
<![if !vml]><![endif]>by Gerelmaa Amgaabazar & Kate Lapham
June 16 (Open Society Foundations) Advocacy groups and nongovernmental organizations in Mongolia have been working for many years to raise awareness about the challenges people with disabilities face participating in their communities. One of the results of this work is a push by policymakers to gather better data about disability in Mongolia so that policies and programs can become more effective.
For the first time, the state census in 2010 included specific questions related to disability, which supported comparisons of access to public services, like education and health care, for people with disabilities and the nondisabled population. Any statistical information about people with disabilities before that had relied on one-time study, or education or health sector databases, each of which employed different methodology. The census runs every 10 years and will repeat these questions.   
The findings paint a bleak picture. The 2010 census data reports that 9,500 children below age 15 have disabilities, which constitutes 1.3 percent of all children under 15 years of age. This is consistent with demographic statistics internationally. However, half the people with disabilities from birth have no access to education, and most who have obtained educational credentials have completed primary education only.
There is also a clear disparity in education access even among people with disabilities, which affects most negatively the 40 percent of people with disabilities from birth. Finally, out of about 20,000 people with disabilities aged over 15, less than 20 percent are engaged in income-generating activity, which is 2.4 times lower than the overall Mongolian population.
Despite absence of a media interest, NGOs, human rights groups, provincial governments and Ministries are using the census data in public discussions and for planning, especially because there is a designated Department for People with Disabilities at the Ministry of Population Development and Social Protection, created in 2012.
The Open Society Forum in Mongolia is working to advance the inclusive education agenda. When we started working in this field, we realized that there were multiple sources of information about children and youth with disabilities, and they were all separate, stand-alone pieces. For the factsheet above, we looked at three different sources, including the thematic reports Children and Youth and People with Disabilities, released by the National Statistical Office after the 2010 census, and the statistical data available publicly on the Ministry of Education's official website. We wanted to make these stats easily accessible and understandable, so that we and others can use it.
Long-term goals in addressing education and health policy for children with disabilities include improved and coordinated early intervention as key reforms. This requires development of classification, screening, and service referral for children with disabilities or potential delays in development based on a social approach to disability. The current medical approach sees disability as a condition that prevents participation in society that should be treated. By contrast, a social approach identifies barriers to participation that can be changed or adapted to meet the needs of the entire community.
We also hope to redeploy the resources and expertise from the small number of segregated, special schools based in the capital to support meaningful integration of children with special needs in the mainstream school system through flexible provision of services based on needs and interests of the child/ his family.

UQ research helps Mongolia tackle gender violence stemming from mining boom
June 16 (UQ News) New research from The University of Queensland has helped find practical solutions to gender-based violence issues stemming from Mongolia's mining boom.
A UQ Centre for Social Responsibility in Mining research project has helped prompt a $280,000 Memorandum of Understanding between Mongolia's National Committee on Gender Equality and the Erdenes Tavan Tolgoi mining company.
Research manager Isabel Cane said her research had identified connections between mining activities and gender-based violence in the South Gobi region of Mongolia.
"Domestic violence, sexual assault and alcohol-fuelled violence have increased, causing a rise in personal traumas, family break-ups, health-related issues and broader community insecurity," Ms Cane said.
"This MOU is a positive start, but stronger legislative and social awareness will be required to prevent the potential growth of gender-based violence in a nation undergoing a minerals boom.
"The MOU is focussed on practical solutions such as installing street lighting to improve visibility and safety; building a health centre to support women and girls; establishing alternative activities for girls by building a green park; and countering the environmental impacts of mining to foster a more family friendly community."
Ms Cane said the MOU, developed after a roundtable discussion about the findings of her research, provided recommendations to policy makers.
"In an industry where gender issues are not at the forefront, an MOU between a government body and a mining company is a very positive step and demonstrates commitment to gender issues and responsible mining more broadly," she said
Ms Cane said her research in Mongolia could be applied in other developing countries where mining was affecting gender relations.

Mongolia to Discuss Gobi Bear on World Day to Combat Desertification

Ulaanbaatar, June 16 (MONTSAME) This June 17, the World Day to Combat Desertification will be celebrated here under a theme of "Desertification and Mazaalai (Gobi bear)".
Targeted at perfection of the "Mazaalai bear conservation program" and opinion-sharing about saving of the endangered animal from going extinct, the event will take place in the conference hall of the United Nations (UN) Resident Representative Office, under collaboration of the Ministry of Environment and Green Development and the UN Development Program in Mongolia.
In 1994, the United Nations General Assembly declared June 17 the "World Day to Combat Desertification and Drought" to promote public awareness of the issue. The implementation of the United Nations Convention to Combat Desertification in those countries experiencing serious drought and/or desertification, particularly in Africa.
Mongolia has been observing the Day since 2007.

American Corner Uses Movies and Music to Celebrate LGBT Pride Month

June 7 (US Embassy) "Rainbow Music Day" was held for LGBT Pride Month on June 7 at the program room of the American Cultural and Information Center.  The event was organized by the American Cultural and Information Center jointly with Mongolian LGBT Human Right Center, and it included 38 people who are activists, promoters, and facilitators to LGBT people rights in Mongolia.
The event started with LGBT Center's informational video.  Mr. Batzorig, Youth Program Manager of the Center, gave an opening speech and talked about upcoming events for LGBT Pride Month.  The American Corner staff showed American gay rights activist Andrew Solomon's TED Talk titled "Forge Meaning, Build Identity."  The event showcased young folk rock acoustic band Socrates, who told their story about how they became LGBT allies.  Guest artist Mr. Clifton Hurt performed John Legend songs.  Batzorig closed the event recognizing the American Corner and the U.S. Embassy, and he encouraged people to talk more about LGBT rights in Mongolia.
The American Corner has also tailored standard events taking place in June to promote LGBT rights and awareness, in honor of LGBT month.  On June 4, the American Corner screened "Philadelphia" for Movie Night, and at the screening distributed information about our special programs taking place for the month of June, including the opening of the Rainbow corner to take place later in the month.

Another status symbol? Mario Balotelli gets Genghis Khan quote tattooed on his chest to celebrate his first goal of the season
November 29, 2012 (The Daily Mail) He's not exactly known for his understated look.
So it's no surprise that the 22-year-old footballer's latest ostentatious show of arrogance came in the form of his new tattoo, on his chest.
The Manchester City striker and self-confessed lothario Mario Balotelli went all out with his latest inking, perhaps to mark his first Barclays Premier League goal of the season on Wednesday.
Instead of celebrating with a night out, the sportsman decided that the best way to show how proud of himself he was, was to ink a Genghis Khan quote on his torso.
'I am the punishment of God,' reads the artwork. 'If you had not committed great sins, God would not have sent a punishment like me upon you.'

P Please consider the environment before printing this e-mail.

No comments:

Post a Comment