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Wednesday, August 27, 2014
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Headlines in Italic are ones modified by Cover Mongolia from original
Announcement made after HKEx close, before TSX open Tuesday. 1878 closed -3.69% to HK$4.44
Court of Justice in Mongolia Returns the Tax Investigation Case Against SouthGobi Sands and Three of Its Former Employees to the Prosecutor General for Further Investigations
HONG KONG, CHINA--(Marketwired - Aug. 26, 2014) - SouthGobi Resources Ltd. (TSX:SGQ)(HKSE:1878) (the "Company"). The Company announced on August 11, 2014, the trial date for the tax investigation case against the Company's Mongolian subsidiary SouthGobi Sands LLC ("SGS") and three of its former employees was set for August 25, 2014.
The trial commenced on August 25, 2014 and on August 26, 2014, the panel of three appointed judges to the case ordered the matter be returned to the Prosecutor General for further investigation due to insufficient evidence presented by the prosecutor. The Company is still awaiting a written decision by the judges and will update the market accordingly.
The Company, including its Mongolian subsidiary SGS, has prepared its financial statements in compliance with International Financial Reporting Standards, and lodged all its tax returns as required under Mongolian tax law. During the investigative period, which has been ongoing since May 2012, the Company has been fully cooperative with the relevant authorities of Mongolia and devoted considerable internal resources in reviewing and responding to the allegations raised through the investigations by those authorities. The Company disputes these accusations and the procedures and conclusions of the investigations that led to these accusations and will continue to vigorously defend itself and its former three (3) employees against these charges.
Erdene Provides Exploration and Corporate Update : Commences Trenching Program at Khuvyn Khar Copper Project and Altan Nar Gold Project
HALIFAX, NOVA SCOTIA--(Marketwired - Aug. 25, 2014) - Erdene Resource Development Corp. (TSX:ERD) ("Erdene" or "Company") is pleased to provide an update on the Company's principal metals projects in Mongolia and a corporate review.
Highlights
Altan Nar Gold Base Metal Project
• Q2 drilling at the Discovery Zone resulted in highest grade gold interval intersected to date at Altan Nar; 17.7 g/t gold over 5 m, within 19 m of 5.8 g/t gold, 37 g/t silver and 2.6% combined lead and zinc within 60 m of surface
• Q2 drilling at Union North, 1.3 km northwest of the Discovery Zone, returned 22 m of 2.1 g/t gold and below that 12 m of 4.0 g/t gold, 10 g/t silver and 2.5% combined lead and zinc within 35 m of surface
• Twenty individual targets, all exhibiting gold and base metal mineralization at surface, have been established and prioritized for additional evaluation
• Trenching program to commence in September to better assess potential of new targets and increase confidence in areas planned for resource definition drilling
Khuvyn Khar Copper Porphyry Project
• Geochemical rock chip sampling, vein density mapping, and geophysical modeling completed during Q2 has resulted in the identification of new targets
• Trenching program, testing both the western targets as well as the main Khuvyn Khar copper prospect, commenced on August 18th as part of the Company's alliance with Teck Resources
Financial Results
• Corporate & administrative expenses continue to decrease as a percentage of exploration costs
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AKM closed -3.64% to A$0.053 Tuesday
Aspire Mining closer to developing Ovoot with China-Mongolia ties
August 26 (Proactive Investors) Aspire Mining (ASX:AKM) is a step closer towards developing its Ovoot Coking Coal Project in Mongolia after Chinese President Xi Jinping's official visit to Ulaanbaatar last week upgraded ties between the two countries to a comprehensive strategic partnership.
For Ovoot, the agreements reached between the two countries will provide:
- More efficient transport across border points on the Mongolian-Chinese border;
- Ability to negotiate rail access to a number of Chinese North-Eastern seaports; and
- Potential access to Chinese financing set aside specifically for mineral resource and infrastructure development in Mongolia.
President Xi's visit to Mongolia was the first by a Chinese head of state in 11 years and comes on the 65th anniversary of the establishment of diplomatic relations between two countries.
His trip was intended to support Mongolia's bid to export its goods via a trans-shipment route through China, enhancing trade and economic cooperation between the two countries.
"This state visit by the Chinese President is an important milestone in Sino-Mongolian relations and should lead to the significant increase in trade sought through to 2020," managing director David Paull said.
"Coal exports will be a leading contributor to this increase in trade.
"The agreements for access to a number of seaport options for Mongolian coal will also assist in attracting investment into the sector."
China/Mongolia Ties
During President Xi's visit, 24 Memoranda of Understanding and Agreements were signed outlining strategic cooperation initiatives between the two countries in sectors including infrastructure development, financing, education, trade, and tourism.
Many of the Agreements were related to infrastructure development within Mongolia, and access to both rail and north-eastern sea ports in China to not only facilitate increased levels of trade bilaterally but also internationally.
Six seaports, including the major ports of Tianjin, Dalian, and Jinzhou were named to enable Mongolian exports to seaborne markets. Border crossing co-operation and access to rail capacity within China was also covered.
China also agreed to participate in a trilateral summit between Russia, Mongolia and China with trade and security interests being high priorities. A date for the summit is to be agreed.
Mongolia is also set to host an official visit from the Russian President Vladimir Putin during the first week of September, where it is expected a number of similar agreements between Russia and Mongolia will be signed.
The visits to Mongolia by both Heads of State from China and Russia signify the importance of Mongolia to its closest neighbours and the beginning of long term trilateral cooperation.
Ovoot Coking Coal Project
The agreements add to the progress that Aspire has achieved for the wholly-owned Ovoot project in northwestern Mongolia as well as the key Northern Line Rail Line (NRL).
Current offtake interest in Ovoot coking coal exceeds targeted production with MoUs signed for up to 7.4 million tonnes per annum, or 148% of planned initial production.
The project – along with the Tavan Tolgoi Coal operation – has also been recognised as one of the key potential coal suppliers to Mongolia's Sainshand Industrial Park.
It has also signed a non-binding MoU to sell up to 250,000 tonnes of oxidised coal per annum to Zavkhan Power Station about 70 kilometres south of Ovoot.
This provides a potential revenue stream from a product that would otherwise have been considered a waste material.
The MoU includes the construction of transmission infrastructure that will allow the supply of 35 megawatts of power per year to Ovoot.
Aspire is also focused on progressing the 547 kilometre NRL that will extend a multiuse railway from Erdenet towards western Mongolia.
It continues to reduce overhead expenditure while waiting on approval to begin construction.
SMEC International has also been commissioned to prepare an updated rail operating cost model.
Non-binding expressions of interest have been received from a number of financial institutions that include the Noble Group for provision of a total US$1.3 billion to construct the railway based on the 2013 Rail Pre-Feasibility Study.
The line has previously been forecasted to be completed in 2018 and will have capacity to carry up to 22 million tonnes per annum of multi-user capacity that includes commodities, goods, and passengers.
Notably, a Mongolian Parliamentary Standing Committee has approved draft amendments to Mongolia's 2010 National Rail Policy.
The amendments include the extension of the Trans-Mongolian Railway from Erdenet to Mogoin Gol (near Ovoot), and to the Russian border at Arts Suuri.
These amendments were debated in Parliament on 1 July 2014 and are expected to continue to be debated when Parliament resumes.
The extension of rail to Arts Suuri and the Russian border has potential long term transport benefits for the Ulug Khem Coal Basin (also known as the Elegest Coal Basin) in Russia's Tuva province.
Aspire recently met with a number of holders of coal deposits in this region and there is scope for cooperation on infrastructure and marketing with Aspire over the medium to long term.
Separately, the company has started a Scoping Study with Tak-Raf to assess feasibility of a 10 million tonne per annum coal blending operation at the planned Sainshand Industrial Park.
Analysis
The agreements between China and Mongolia will benefit Aspire Mining by providing boosting trade, particularly of coal exports.
More specifically, it will provide the Ovoot Coking Coal Project more efficient transport across border points; allow negotiations for rail access to a number of Chinese North-Eastern seaports; and potentially access Chinese financing.
Access to seaports will also assist in attracting investment.
Proactive Investors continues to maintain a 6 – 9 months share price target of $0.125 per share subject to the rail concession being granted for NRL.
The rail concession will be a catalyst for a major re-rating of Aspire's share price.
Aspire had $3.5 million in cash as of 30 June 2014.
1733 closed -2.25% to HK$0.435 Tuesday. Results announced after close
Winsway: Interim Results 2014
August 26 -- The board of directors (the "Board") of Winsway Enterprises Holdings Limited (the "Company," HKEx:1733) hereby announces the unaudited condensed consolidated results of the Company and its subsidiaries (including Grande Cache Coal LP ("GCC LP"), collectively referred to the "Group") for the six months ended 30 June 2014 together with comparative figures for the corresponding period ended 30 June 2013.
FINANCIAL HIGHLIGHTS
• Turnover of the Group from continuing operations in the first half of 2014 was HK$3,246 million.
• Loss for the six months ended 30 June 2014 was HK$4,728 million, out of which, HK$421 million is generated from the continuing operations. During the first half of 2014, the pre-tax impairment losses without cash flow impact were HK$130 million and HK$59 million for inventory and property, plant and equipment respectively under continuing operations.
• The major subsidiary GCC LP was classified as disposal group held for sale as of 27 June 2014. Loss for the six months ended 30 June 2014 from discontinued operation (GCC LP) was HK$4,307 million, including HK$3,994 million impairment (net of income tax) on the carrying value.
• Loss attributable to equity shareholders of the Company amounted to HK$2,740 million, out of which, HK$413 million is from continuing operations, and HK$2,327 million is from discontinued operations.
• Basic and diluted loss per share was HK$0.727. Loss per share from continuing operations was HK$0.110.
• The Board does not recommend the payment of an interim dividend for the six months ended 30 June 2014.
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Mogi: Looks like their GCC JV with Marubeni is falling through
Winsway: APPOINTMENT OF CEO DESIGNATE, APPOINTMENT OF EXECUTIVE DIRECTOR, RESIGNATION OF EXECUTIVE DIRECTOR AND CHANGE IN COMPOSITION OF BOARD COMMITTEES
August 26, Winsway Enterprises Holdings Limited --
The Board announces that with effect from 26 August 2014:
(1) Mr. Andreas Werner has been appointed as an executive director of the Company and the CEO Designate of the Company;
(2) Mr. Yasuhisa Yamamoto resigned as an executive director of the Company, and ceased to be a member of the Nomination Committee and the HSE Committee; and
(3) Mr. George Jay Hambro has been appointed as member of the Nomination Committee.
…
LIST OF DIRECTORS AND THEIR ROLE AND FUNCTION
Peace Map Holding: Interim Results 2014
August 26, Peace Map Holding Limited (HKEx:402) --
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Mining Business in Mongolia
The Group currently holds four coal mining licences covering a total mining area of 1,114 hectares at Tugrug Valley (the "TNE Mine"). Based on a report prepared by an independent technical advisor in 2010, the TNE Mine has approximately 64.0 million tonnes of measured and inferred resources and an additional 27.9 million tonnes of inferred resources. During the Period under Review, there was no material change in the amount of the resources in the TNE Mine, compared with that in the six months ended 30 September 2013. Besides, the Group also holds three exploration licences in respect of coal deposits in DundGobi (with an area of 14,087 hectares) located in Mongolia.
Pursuant to the announcement issued by the Company on 4 November 2013, the Group considered a report prepared by an independent mining expert. It recommended in the report that a further review should be conducted within the licensed area in order to prepare a plan for improving the production of the TNE Mine.
After discussion, the Group resolved to engage an independent mining expert to conduct a further review as set out in the report, therefore further postponing the production schedule by one year.
Taking into account the market selling price and the additional risks arising from the Mongolian laws and regulations relating to the mining industry, the Group provided an impairment loss of approximately HK$48.0 million in respect of the mining licences for the Period under Review.
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CNNC International: Interim Results 2014
August 26, CNNC International Ltd. (HKEx:2302) --
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The Group has made significant progress in the application of mining license for its Mongolian uranium mining project. During the Period, the Mongolian project obtained the approval of the relevant department of the Mongolian Government on the feasibility study report of the project.
Negotiations with the Mongolian Government to develop the Mongolian project have been taken place so as to form a joint venture company for developing the project together according to the law of Mongolia. Currently, all the conditions precedent for the application of the mining license will be fulfilled upon the approval of updated revision of environmental assessment reports of the Mongolian project by the Mongolian authority.
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VKA last traded A$0.042 on August 11
Viking Mines investors snap up shares in capital raising
August 25 (Proactive Investors) Viking Mines (ASX:VKA) has received a strong show of support from investors with applications for its offer of shares and options having exceeded its minimum level of $2,090,000.
This is expected to swell further before it closes on Friday, 29 August 2014.
Proceeds from the offer will complete the Auminco takeover, fund exploration and development of its gold and coal assets as well as for general working capital.
The company is looking to raise up to $3,040,000 by the issue of up to 80 million shares priced at $0.038 each with 1 free attaching option for every four shares subscribed. These are exercisable at $0.09 at any time on or before 30 April 2017.
Auminco, an unlisted public coal development company that holds the Berkh Uul Bituminous Coal Project in northern Mongolia, is currently the subject of a takeover offer by Viking. To date, more than 97% of Auminco's shareholder base has accepted the offer.
The only remaining defeating condition to the takeover is Viking making this capital raising offer.
Berkh Uul Project
The Berkh Uul bituminous coal project is located in the Orkhon-Selenge coal district in Selenge Province, Northern Mongolia, approximately 40 kilometres from the Russian border.
It has an Inferred and Indicated Resource of 38.3 million tonnes of high quality bituminous thermal coal.
Notably, the project has already signed four non-binding memoranda of understanding with Mongolian industrial users relating to future potential coal supply.
The most recent was signed earlier this month with Khutul Cement and Lime JSC, Mongolia's largest cement manufacturer.
The earlier MOU's are with Darkhan Metallurgical Plant, Darkhan Power Station and Erdenet Power Plant, where it has also established testing of a bulk sample as a basis for technical evaluation of the coal.
Berkh Uul occurs in the Upper Jurassic - Lower Cretaceous age Sharin Gol Formation within the Orkhon-Selenge Coal Basin, which also hosts a number of large hard coal deposits including the Mongoin Gol, Shariin Gol and Ulaan Ovoot deposits.
The two main seams typically average greater than 1.5 metres in thickness, however average seam thicknesses are typically variable, ranging from 0.6 metres to 4.5 metres, with splitting common.
The deposit is a multi-seam deposit lying on the flanks of a broad synclinal structure with NE-SW axis trend. Current exploration has been carried out on the eastern flank of the syncline and coal of exploitable thickness has been identified. Seams dip gently at up to 11 degrees.
Berkh Uul coal is of sales quality without washing. There is potential to further value add to the resource by washing and producing a high quality, high energy thermal coal suitable for export markets.
The project is strategically located; approximately 40km to rail facilities with access to China and Russia, plus a strong local domestic demand.
There is potential for rapid development of the project, with its shallow, flat lying coal seams amenable to open cut mining. Mining studies are planned for 2014 to accompany a Mining Licence Application to be lodged during 2014.
Other Auminco Projects
Auminco also holds:
- The Khonkhor Zag anthracitic coal project in the Trans-Altai Coal Basin in Govi-Altai Province, South West Mongolia;
- The early stage Buduun Project in a proven hard coal region in Khovd Province, Western Mongolia;
- The Dalt and Budargana coal projects in Dundgovi Province, Central Mongolia; and
- The Tsairt Zinc joint venture project in Sukhbaatar province in eastern Mongolia.
Previous Russian and Mongolian technical work on Khonkhor Zag has delineated high quality anthracite coal.
This outcrops at surface and has also been exposed in a small historical open pit.
Significant upside potential is considered to exist as only 30% of the licence has been explored, with 1 strike kilometre of a potential 4 kilometre strike length of the coal deposit tested to date.
Further potential exists for value adding by washing, and producing a premium, low ash anthracitic metallurgical coal.
Further exploration and mining studies are planned for 2014, initially focussed on increasing the resource potential of the project.
Auminco is currently in discussion with several groups in regards to Auminco selling the Tsairt Zinc project or a third party joint venturing into the project.
Ghana Gold Projects
Viking will also use proceeds from the capital raising to fund exploration and development of its gold assets in Ghana.
The company had on 2 July 2014 announced that it had entered into a 3 month Exclusivity Agreement with Ghanaian company Akroma Gold that could lead to Akroma acquiring the Akoase gold project in southern Ghana.
Akoase has an Inferred resource of 790,000 ounces of contained gold and is located 150 kilometres north of Accra, and 25km from Newmont's Akyem gold mine.
Analysis
That Viking Mines has already exceeded the minimum subscription level of $2,090,000 just a week after launching its capital raising clearly demonstrates the support investors have in the company, its acquisition of Auminco and the cash flow generating capacity of its Berkh Uul project.
Auminco's Berkh Uul project has already drawn considerable interest for its high quality bituminous thermal coal with four Mongolian industrial users having already signed non-binding memoranda of understanding for future potential coal supply.
Mogi: sad story really, more sad that Voyage is not the only one. VOR jumped 150% to 2.5c in early trading
Voyager Acquires Brazil Copper Project, Proposes Name Change to Carajas Copper
August 27, Voyager Resources Limited (VOR or the Company) is very pleased to announce some exciting developments:
• Company has acquired 100% of the Salobo South Copper Project in the Carajas Province of Brazil
• A focus on exploring for and developing copper projects in the Carajas with over 1,203 km2 now under granted title or application
• One of the largest holdings in the Carajas along with Vale, Codelco and Avanco Resources
• Proposed name change to THE CARAJAS COPPER COMPANY
• Appointment of Mr Luis Azevedo and Mr Brian McMaster as Non-Executive Directors.
• Appointment of Mr Paulo Brito as Exploration Manager
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APS MSE Weekly Review, August 18-22: Top 20 -0.18%, Turnover ₮593.55 Million
August 26 (Asia Pacific Securities) --
Executive Summary
The MSE benchmark Top 20 index fell slightly last week and closed at 16,000.22, down 28.77 units (0.18%) from the previous week.
A total of 3,975,416 shares with value of MNT 593.55 million were traded during the week, which represents volume increase of 3,903,508 shares as well as a value increase of MNT 463.86 million from the previous week. There were a total of 151 transactions.
Most Traded Shares by Volume and Value
There was a large transaction made on Genco Tour Bureau ("JTB")'s 3,515,540 shares with value of MNT 316.40 million. Genco Tour Bureau is the largest market shareholder in Mongolian tourism sector, and this transaction was block trade, hence there are two different JTB's share volume figures on the table. Property development and asset management company, the Mongolian Development Resources ("MDR") was second highest traded stock, in terms of volume and value as 221,381 shares were exchanged with value worth of MNT 132.90 million.
Biggest Winners
Groceries producer, the Darkhan Khuns ("DHU"), was the biggest gainer and traded at MNT 4,475.00, a 20.95% increase from the previous week. Auto Impex ("AOI") and Shivee Ovoo ("SHV") also showed strong advances with shares increasing by 15.00% and 10.91% respectively.
Biggest Losers
Shoe maker the Gutal ("GTL") has declined by 1,000 MNT or 8.33% to trade at MNT 11,000.00. Mongolian Development Resources ("MDR") faced the second most significant loss with its share price dropping by 7.81% (MNT 51.00).
APS Analysis & Review
Trading value of the MSE Top 20 index slightly decreased this week. Majority of trade was made on the Genco Tour Bureau ("JTB") in terms of value, which was 53.96% of total trade.
On August 18, the MSE reported that the Hai Bi Oil ("HBO") has sent a request to issue additional shares. The company has MNT 8.98 billion convertible debt, and by the shareholders meeting they have decided to issue 45 million additional shares at 200 MNT. MSE will decide and give formal notice by regulated time. Asia Pacific Securities's rating on HBO's stock is a "BUY".
On August 19, Davaanbulag ("DBL") has made a change on its listing rules and reduced their ordinary shares to 34,637 from 103,703.
BDSec JSC has requested to issue 6 million additional shares, and MSE has approved this request on August 19. Therefore, after the issuance the company will have 17,000,000 ordinary shares. According to their report, the rights holders can buy the shares at 1,931 MNT, and new investors can buy the shares at least 2,146 MNT. APS has made stock recommendation on BDSec after this announcement, and the rates the stock as "SELL".
On August 22, the interim CEO of MSE Angar. D has received the visit of the officials from "Khan Investment Management" and "Asia Capital & Advisors". They have exchanged views on Mongolian capital market's prospect and the new financial instruments that will be introduced soon.
By resolution No.178 of 2014 of Minister of Finance, a working group was established to develop Government securities domestic market, to increase competition and transparency for participation of foreign and domestic investors, to develop and to improve securities trading, clearing and settlement systems. On August 21, the working group made recommendations that are related to governments securities are supposed to conducting through Stock Exchange.
MSE News for August 25: Top 20 -0.11% to 15,983.14, Turnover ₮26.5 Million
By B. Khuder
Ulaanbaatar, August 25 (MONTSAME) At the Stock Exchange trades on Monday, a total of 6,106 shares of 18 JSCs were traded costing 26 million 518 thousand and 449.00 Togrog.
"Tavantolgoi" /4,319 units/, "Mongol savkhi" /479 units/, "Noyot khairkhan" /360/, "E-trans logistics" /200/ and "Genco tour bureau" /200 units/ were the most actively traded in terms of trading volume, in terms of trading value were "Tavantolgoi" (MNT 21 million 685 thousand and 610), "Gutal" (MNT one million and 540 thousand), "Darkhan nekhii" (MNT 828 thousand), "Mongol savkhi" (MNT622 thousand and 700) and "Noyot khairkhan" (MNT 539 thousand and 640).
The total market capitalization was set at MNT one trillion 623 billion 671 million 870 thousand and 288. The Index of Top-20 JSCs was 15,983.14, decreasing 0.11% against the previous day.
MSE News for August 26: Top 20 -1.28% to 15,778.17, Turnover ₮8.8 Million
By B. Khuder
Ulaanbaatar, August 26 (MONTSAME) At the Stock Exchange trades on Tuesday, a total of 3,178 shares of 18 JSCs were traded costing eight million 770 thousand and 676.00 Togrog.
"Mongolia Telecom" /1,050 units/, "Genco tour bureau" /412 units/, "State Department Store" /349/, "Mongol savkhi" /253/ and "Sharyn gol" /250 units/ were the most actively traded in terms of trading volume, in terms of trading value were "Sharyn gol" (MNT one million and 850 thousand), "Mongolia Telecom" (MNT one million 522 thousand and 500), "Material impex" (MNT one million and 072 thousand), "Darkhan nekhii" (MNT one million 070 thousand and 500) and "Baganuur" (MNT 870 thousand and 200).
The total market capitalization was set at MNT one trillion 615 billion 765 million 901 thousand and 500. The Index of Top-20 JSCs was 15,778.17, decreasing 1.28% against the previous day.
APS Recommendation: BDSec JSC - SELL
August 25 (Asia Pacific Securities) --
Executive Summary
BDSec ("MSE: BDS") has been established in 1991 as a part of the Mongolian Stock Exchange ("MSE") in Tuv aimag province. Their operation is to provide brokerage, dealing, underwriting, and investment advisory services and the original name was Bayan Dukhum Securities. Now they have offices in Orkhon, Darkhan-Uul, and Darkhan aimag provinces with headquarters in Ulaanbaatar.
BDSec is Mongolian first independent underwriter firm and became the largest dealer of the government bonds. Furthermore, they have high market share in the equity market , and well known to the public.
The company turned into "Joint Stock Company" and got listed on MSE in 2005. BDSec employs over 35 professionals and has 9 departments. In 2013, they have accommodated 26.8% of MSE's total trade and their latest underwriting was IPO of Merex ("MRX").
Ownership
According to the information of Mongolian Securities Clearing House and Central Depository (SCHCD), 67.41% ownership of the company kept with 4 block shareholders, and remaining 6.19% or 32,59 are held by 413 small shareholders.
• Alexandr Zwahr – 28.0% or 3,080,500 shares
• Dayanbilguun Danzan – 24.6% (2,704,251)
• Firebird Global Master Fund, Ltd – 9.6% (1,054,301 shares)
• Firebird Master Fund Holdings – 5.2% or 7,415,087 shares
Financial Review
At the end of the 2013, "BDSec's revenue reached MNT 2.57 billion, which was a 56.44% decrease from previous year. As well as the net profit has decreased 80.53% to MNT 0.29 billion. MSE's annual trading volume and value has decreased enormously during this period (approx. 85%) and it certainly affected the financial performance of the company.
This year, the trading volume and value increasing gradually and BDSec is expecting to earn 7.96 billion tugrik's in revenue.
Business Development
Their latest major work was issuing the Initial Public Offering of Merex, the concrete mix producing company. They have successfully raised 2.6 billion MNT or 40% of total shares by this IPO. However, its good to note that this IPO took long time to go public.
This year BDSec is working to issue additional shares. They have announced to release 6 million additional shares, which is 39.7% of total shares. The rights holders can buy the shares at 1,931 MNT, and new investors can buy the shares at least 2,146 MNT. According to their prospectus, they are going to invest money they raised for two different directions; Investment and underwriting services – 94% and the "ESOP" human resources development program – 6%.
Share Price Performance
BDSec JSC is a component of the MSE's benchmark Top-20 index. The minimum price of the stock was MNT 1,600.00 and the maximum was MNT 5,900.00, which is recorded on 24 February 2011. The 52 week range standard deviation of the stock is 253.74. One important thing to note is that BDSec's share price performance is very much correlated with how Mongolian Stock Exchange performs and tied to the Mongolian capital markets. We believe BDsec needs to diversify their services in order to hedge against possible macroeconomic risks.
Asia Pacific Securities Recommendation
Asia Pacific Securities currently rates "BDS" as "SELL". They may hold over 50% of the daily trading volume on the Mongolian Stock Exchange but APS believes BDSec has other major problems.
Their main source of revenue comes from their underwriting and brokerage services, and at the moment this type of business is not doing very well. APS believes that they cannot reach the expected 7.96 billion tugrik's revenue this year as well as 12.6 billion next year. According to their financial report of second quarter, they have earned 1.12 billion MNT so far. We believe their expected revenue will come much shorter due to falling foreign investment coming into Mongolia and weak Mongolian currency.
We also believe raising cash through additional shares is a major concern. It will result a change in stock ownership, value per share, voting control, and earnings per share. Therefore, the current smaller stockholders will lose substantial value of their holdings after this process. Even though BDSec will re-invest the cash, we believe it would've been far cheaper to raise debt.
The company is planning to spend only 6% of total capital raised by additional share issuance to human resource development. Their lack of investing in their human capital might lead to other consequences to lose their competitive edge.
Just like other joint stock companies, stock concentration is very high for BDSec. However, issuing additional shares might increase their liquidity.
We value "BDS"'s per share at MNT 2,115.93, and the valuation is based on WACC of 4.50%, 3.85% of terminal growth rate, and regression analysis correlation of 0.33. The stock beta is 0.26%, which is somewhat weakly correlated with the MSE Top 20 index.
Mongolia Adjusted 1H FDI Shows 62% Drop Y/y, Central Bank Says
By Michael Kohn
Aug. 26 (Bloomberg) -- Mongolia FDI fell to $480m from $1.26b yr earlier, central bank says in statement, citing adjusted balance of payment data for first two quarters
* 2014 current account deficit at the end of June was $794.7m vs $1.6b yr ago: statement
* Capital & financial accounts showed surplus of $3.7m, from $914.7m yr earlier statement
(BFW)
Khan (Non-Cash Buy ₮1,825 Sell ₮1,845), TDB (Non-Cash Buy ₮1,825 Sell ₮1,845), Golomt (Non-Cash Buy ₮1,825 Sell ₮1,848), XacBank (Non-Cash Buy ₮1,826 Sell ₮1,850), State Bank (Non-Cash Buy ₮1,813 Sell ₮1,848) FX rates
BoM MNT Rates: Tuesday, August 26 Close
| 8/26 | 8/25 | 8/22 | 8/21 | 8/20 | 8/19 | 8/18 |
USD | 1,829.01 | 1,835.86 | 1,847.70 | 1,855.58 | 1,858.68 | 1,859.45 | 1,871.57 |
EUR | 2,413.01 | 2,421.41 | 2,455.13 | 2,463.19 | 2,470.84 | 2,482.46 | 2,505.75 |
CNY | 297.26 | 298.45 | 300.25 | 301.63 | 302.58 | 302.68 | 304.55 |
GBP | 3,032.50 | 3,041.74 | 3,065.61 | 3,078.69 | 3,089.87 | 3,105.47 | 3,131.98 |
RUB | 50.59 | 50.73 | 51.22 | 51.11 | 51.27 | 51.44 | 51.98 |
August MNT vs USD, CNY Chart:
BoM FX auction: US$0.4m bid, $10.2m ask offers declined, accepts swap $24m bid offers
August 26 (Bank of Mongolia) On the Foreign Exchange Auction held on August 26th, 2014 the BOM has received bid offer of 0.4 million USD as closing rate of MNT 1825.5-1826.0 and ask offer of 10.2 million USD as closing rate of MNT 1830.0-1838.0 from local commercial banks. The BOM has not accepted any offer.
On August 26th, 2014, The BOM has received MNT Swap agreement bid offer in equivalent to 24.0 million USD from local commercial banks and the BOM has accepted all offer.
See also:
BoM issues ₮227 billion 1-week bills, total outstanding +145.7% to ₮366 billion
August 25 (Bank of Mongolia) BoM issues 1 week bills worth MNT 227 billion at a weighted interest rate of 12.0 percent per annum /For previous auctions click here/
Mogi: subsidized 8% loans make 69.3% of all outstanding mortgages, as of July
8% Mortgage Program Update: ₮539.1 Billion Refinanced, ₮1.3 Trillion Newly Issued
August 26 (Cover Mongolia) As of August 22, ₮539.1 billion (₮539 billion as of August 14) existing mortgages of 18,644 citizens (18,641 as of August 14) were refinanced at 8% out of ₮853.3 billion (₮853 billion as of August 14) worth requests.
Also, ₮1,298.9 billion (₮1,286.7 billion as of August 14) new mortgages of 22,919 citizens (21,962 citizens as of August 14) were issued at new rates out of ₮1.3 trillion (₮1.3 trillion as of August 14) worth requests.
Link to release (in Mongolian)
Mogi: looks like principal in arrears double just in July, perhaps a signal of worst to come
Mortgage Loan Report, July 2014
August 26 (Bank of Mongolia) ---
For the July 2014 total of MNT 77.4 billion mortgage loan was issued to 1440 borrowers, with total outstanding mortgage loan reaching MNT 2492.11 billion and total number of borrowers reaching 59756. Growth rate of total outstanding mortgage loan has accelerated since June 2013 as government launched "Housing Mortgage Program" with an interest rate of 8 percent per annum. Year-on-year growth rate of total mortgage loan outstanding decreased by 40.6 percentage point compared to the previous month. Among the outstanding mortgage loan, 69.3 percent or MNT 1728.2 billion was issued by "Housing Mortgage Program" (including refinanced mortgage loan with reduced interest rate of 8 percent per annum), 27.8 percent or MNT 692.1 billion was financed by commercial banks' own capital and 2.9 percent or MNT 71.8 billion was issued from other sources. By the end of the reporting month, domestic currency mortgage loan made up to 97.7 percent of total outstanding mortgage loan. Comparative share of past due in arrears and non-performing loan in total outstanding mortgage loan is stable. By the end of July 2014, share of non-performing loan in total outstanding mortgage loan was 0.4 percent. Mortgage loan issued in the reporting month Mortgage loan issued in the reporting month has decreased by 21.4 percent from the previous month. Major amount (MNT 52.2 billion, which was made up of 67.5 percent of mortgage loan issued in the reporting month) was issued by "Housing Mortgage Program" with an interest rate of 8 percent per annum. From the midterm of 2010, amount of issued loan per borrower has been constantly increasing and reached MNT 53.7 million by the end of July 2014. In the reporting month, MNT 26.6 billion mortgage loan has been repaid, which is lower by 21.5 percent compared to the beginning of year. Number of borrowers In the reporting month, mortgage loan by "Housing Mortgage Program" was issued to 878 borrowers, mortgage loan from commercial banks' own capital was issued to 561 borrowers. By the end of July 2014, total number of borrowers has reached 59756. Term and interest rate of mortgage loan Term of mortgage loan issued in the reporting month ranges between 0.5 to 20 years and has weighted average term of 15.7 years. Weighted average term of total outstanding mortgage loan is 15.0 years. Weighted average interest rate of issued mortgage loan stood at 10.7 percent. Weighted average interest rate of mortgage loan issued in the reporting month by commercial banks' own capital by domestic currency was 16.6 percent, while by foreign currency was 10.5 percent per annum. |
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Appendix 1. Consolidated mortgage loan report of commercial banks. |
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Year | Month | Outstanding mortgage loan (MNT million) | From which: | Weighted average term of loan (month) | Weighted average interest rate (in annual basis) | Total number of borrowers | |
By "Housing Mortgage Program" | |||||||
2008 | 12 | 217,977.50 | | 100.7 | 19.8 | 16,522 | |
2009 | 12 | 226,040.60 | | 103.4 | 18.7 | 16,784 | |
2010 | 12 | 333,776.60 | | 115 | 16 | 16,700 | |
2011 | 12 | 669,662.80 | | 154.3 | 14.8 | 26,869 | |
2012 | 12 | 845,204.40 | | 155.5 | 15.3 | 29,887 | |
2013 | 1 | 856,633.60 | | 149.1 | 17 | 29,683 | |
2 | 873,666.40 | | 156.1 | 16.8 | 29,946 | ||
3 | 903,557.50 | | 158.6 | 15.7 | 30,419 | ||
4 | 944,516.80 | | 155.4 | 15.8 | 31,412 | ||
5 | 986,182.20 | | 147.8 | 16.6 | 32,247 | ||
6 | 1,032,156.70 | 276,328.40 | 168.3 | 12.9 | 33,028 | ||
7 | 1,273,003.60 | 553,346.90 | 202.4 | 9.2 | 37,751 | ||
8 | 1,461,753.40 | 781,483.20 | 207.6 | 8.9 | 40,596 | ||
9 | 1,611,383.80 | 943,976.70 | 206 | 9.1 | 42,968 | ||
10 | 1,750,781.60 | 1,076,924.50 | 193.9 | 9.6 | 45,138 | ||
11 | 1,834,042.70 | 1,155,409.20 | 192.8 | 9.7 | 46,482 | ||
12 | 1,938,945.30 | 1,248,633.80 | 192.8 | 9.9 | 48,320 | ||
2014 | 1 | 2,021,424.90 | 1,324,898.90 | 194.4 | 9.8 | 49,731 | |
2 | 2,121,802.60 | 1,382,084.10 | 193.2 | 9.9 | 53,611 | ||
3 | 2,193,368.60 | 1,451,938.10 | 190.7 | 9.9 | 54,787 | ||
4 | 2,280,503.50 | 1,538,506.80 | 192.1 | 9.8 | 56,137 | ||
5 | 2,365,349.50 | 1,618,127.20 | 189.3 | 10 | 57,579 | ||
6 | 2,440,007.10 | 1,684,583.90 | 182.3 | 10.5 | 58,793 | ||
7 | 2,492,105.20 | 1,728,222.80 | 187.9 | 10.7 | 59,756 | ||
Mongolia becomes third largest copper concentrate exporter to China
By B. Amarsaikhan
Ulaanbaatar, August 26 (MONTSAME) According to official reports from Custom Authority of China, Mongolia's exports of copper concentrates to it reached 108.2 tonnes, increasing 124.17 percent, and supplied 12 percent of China's total copper concentrate last year, thus ranking the 3rd biggest exporter.
This August, a size of the copper concentrate export reaches 461.36 thousand tonnes, showing 56.5 percent increase, which puts Mongolia as the fifth largest supplier of copper concentrate to China.
Zinc concentrate exports to China covers large amount as well. By the seventh month of 2014, our mining companies exported 13.9 thousand tonnes of zinc concentrate to China. Shanghai Metal Exchange assumes that the supply of copper concentrate will increase significantly as a result of the Agreement on Comprehensive Strategic Partnership, signed during the last week's state visit of Xi Jinping to Mongolia.
Hogan Lovells: Note on the Amendment to the Law of Mongolia on Minerals dated 1 July 2014
August 26 (Hogan Lovells) On 18 August 2014, the Government of Mongolia brought to a close its campaign for 100 days of reform in order to kick-start the domestic economy and reverse the sharp decline in foreign direct investment. During that time, the government looked to reverse certain legislative enactments that had dampened foreign investor activity. The centrepiece of this campaign, naturally, was the mining sector.
To this end, the Parliament of Mongolia passed the Law of Mongolia on Amending the Minerals Law (the "Amendment") on 1 July 2014, amending the 2006 Law of Mongolia on Minerals (the "Minerals Law"). The Amendment introduces 13 new provisions and alters a number of existing provisions of the Minerals Law with the aim of improving the existing legal framework relating to mining. The Amendment became effective on 1 July 2014.
Simultaneously with the Amendment, the Parliament of Mongolia enacted the long-anticipated Law of Mongolia on the Repeal of the Law on Prohibition of Granting Exploration Licences (the "Prohibition Repeal Law"). The Law on Prohibition of Granting Exploration Licences (the "Prohibition Law"), which had been in effect since 12 January 2012, imposed a moratorium on the issuance of exploration licences. The Prohibition Law itself was the last in a long series of interim moratoria that the Parliament of Mongolia had been issuing since 17 June 2010. The Prohibition Repeal Law sent a welcome message to the business community that the Government of Mongolia had begun to adopt progressive measures to use the country's latent natural resources to reverse the troubled economy.
The Amendment and the resulting revised Minerals Law are expected to bring certain changes in the minerals sector of Mongolia. We highlight below the principal amendments to the Minerals Law:
• The exploration and mining of common (which includes gravel, sand and clay) minerals are no longer regulated by the Minerals Law.
• New stakeholders are brought into the licence regime such as the National Geological Office, an ad hoc policy council, and accredited technical experts and specialists.
• The preparation of exploration reports and feasibility studies and the independent evaluation of the same are to be carried out by accredited technical experts and specialists.
• The Mineral Council under the Minerals Resources Authority of Mongolia ("MRAM") is to review and issue recommendations on feasibility studies relating to mining and concentrating plants.
• The Amendment provides for the establishment of an integrated national database on geological studies and mineral resources.
• Licence holders should give preference to domestic suppliers and service providers in the procurement of goods and services and in the supply of their products to Mongolian entities.
…
6. Conclusion
Mongolia has recently effected several important changes to its minerals regime, such as the adoption of the State Policy on Minerals, the enactment of the Law of Mongolia on Common Minerals and the Amendment to the Minerals Law, all in an effort to resuscitate the mining sector and ensure continued economic growth.
There is no doubt that the Amendment brings certain positive changes. The repeal of the moratorium on granting exploration licences and the extension of the exploration licence period are expected to encourage foreign and domestic investment. The Amendment (to some extent) also clarifies certain issues such as the roles and responsibilities of government agencies and licence holders.
However, the Amendment does not fully achieve the widely-held hope for a radical improvement of the legal framework for Mongolia's mining sector. Without detailed regulations, it is unclear how certain provisions of the Amendment will be implemented in practice.
For example, the provisions requiring licence holders to engage with business entities registered in Mongolia and to supply its products to entities operating in Mongolia on a priority basis lacks clarity and may prevent licence holders from entering into contracts with non-Mongolian entities that provide a better and more rational economic basis for a transaction. Further, it is not clear whether foreign-invested Mongolian companies and concentrator plants might be regarded as Mongolian entities that would qualify for such preferential treatment.
It is also unclear whether the reduction of exploration areas from 400,000 hectares to 150,000 hectares will affect existing licences.
In addition, the re-tendering of the 106 licences has initially been unfavourably received by businesses that made substantial investment in these areas, and may further discourage investors with less appetite for risk to enter the Mongolian market.
The Amendment leaves many important implementing regulations and rules to be approved and issued by the Ministry of Mining at a later date. It would be even more encouraging to investors if sector participants were able to enter into a dialogue with the regulators in their adoption of these implementing regulations, but this may be unrealistic.
Accordingly, at this stage, it remains to be seen to what extent the new regulatory environment will reinvigorate the Mongolian mining industry. Certainly, the business community would welcome a vigorous and expedient implementation of the Amendment.
State Housing Corporation Reports at "Hours of Great Construction"
By B. Khuder
Ulaanbaatar, August 26 (MONTSAME) The State Housing Corporation (SHC) gave a report at the "Hours of construction" weekly meeting held Monday.
Some 1,500 people have signed deals to receive 1,764 flats in the "Buyant-Ukhaa-1" town, and there are 62 families that bought flats in the town out of the governmental quotas. For the time being, 140 families have taken the keys to apartments, and 52 of them already have resided in their flats, said A.Gantulga, the SHC director-general.
"168 flats are left today, and these will be purchased by cash. About half of 48 apartments of the "Buyant-Ukhaa-2" town are expected to be put into use in this year, and the construction works are running with about 50%," Gantulga reported.
Some apartments are projected to come to use in this year in Arkhangai, Uvs, Khentii, Selenge, Darkhan-Uul, Orkhon, Khovd and Dornod aimags in frames of the "1,000 flats for every province" programme. General planning for apartment constructions is running in the rests of the provinces, and the construction works will start from March of 2015, Gantulga said.
Within the state visit of the China's President Xi Jinping to Mongolia, the SHC established a general contract with the Exim Bank of China to build the "G" part of the 7th sub-district in the Songinokhairkhan district. The construction works will be co-performed by the China's Beijing Uni-Construction Group, Gantulga reported.
FM L.Bold meets Freedom Online Coalition delegation
By B. Khuder
Ulaanbaatar, August 26 (MONTSAME) The Minister of Foreign Affairs of Mongolia Mr Bold Monday met a delegation headed by Ms Piret Urb, an Estonian diplomat and a member of the joint group of the Freedom Online Coalition (FOC) which is being chaired by Estonia.
The delegation also included officials from the Netherlands and the Great Britain.
Founded in 2004, the FOC is an intergovernmental coalition committed to advancing Internet freedom worldwide, including aim to deepen the discussion on how freedom of Expression on the Internet is helping to promote democracy and development.
Mongolia is one of the founders of the FOC, and has been elected as the chair of the organization for 2014-2015. Within the presidency, Mongolia plans to host the Ministerial meeting of the FOC members in 2015.
The FOC's delegation is visiting Mongolia to give advice for ensuring the preparation.
Miners seek reset in Mongolia
August 26 (Australian Financial Review) Chinese president Xi Jinping's visit to Mongolia last week was a timely reminder of why foreign investors have poured money into the country over the past five years.
While the two neighbours share a difficult history, relations appear to be warming, and the geography is hard to ignore.
Resource-rich Mongolia, which is sitting on top of huge reserves of copper, gold and coal is right next door to the world's biggest market for minerals. That combination prompted Rio Tinto to sink billions of dollars into the Oyu Tolgoi gold and copper mine and attracted dozens more resources companies, including a handful of ASX-listed explorers, to try their luck in the mining frontier.
But Mongolia has had a tough few years.
Many of the investors, who flocked to the country in the euphoria which followed the 2009 signing of Rio's investment agreement with the government, have lost faith.
Foreign investment in Mongolia slumped 70 per cent in the first half of this year and economic growth slowed to just 5.3 per cent, from as high as 17.5 per cent for the full year in 2011.
Confusing legislation, over-the-top regulation and the scarcity of exploration licences have frustrated the ambitions of many a foreign miner who set up shop in the capital, Ulan Bator.
MONGOLIA-RIO TINTO TIES STRAINED
Relations between the Mongolian government and Rio have been strained, putting the $6 billion second-stage underground project at Oyu Tolgoi under a cloud.
And some companies are reluctant to base staff in the country, fearing they will become targets for regulators, which appear hostile to foreign operators.
All of this is contributing to Mongolia's deteriorating economic outlook with investment plunging, the currency sliding and inflation running at just under 15 per cent. That has pushed up living and production costs and made it hard for businesses to operate.
"The business environment has been pretty stagnant," says Minter Ellison partner Elisabeth Ellis, who is based in Ulan Bator.
"While we've actually had a busy six months, it's been advising on redundancies, potential enforcement, insolvency and, unfortunately, helping a few companies leave the country."
However, Ellis says there is "absolutely no doubt" about Mongolia's potential and there has been an increase in investor enquiries over the past month. Part of that is related to the improving relationship with China.
Xi's visit to Mongolia – the first by a Chinese president in 11 years – is significant. Mongolia, sandwiched between Russia and China, has been wary of its neighbours and in the past, adopted a foreign policy aimed at bolstering relations with third party countries. But in recent months the government has reached out to both Beijing and Moscow as it looks to boost its flagging economy.
China and Mongolia signed more than 20 infrastructure and investment deals while Xi was in town and set a target to boost annual trade between the two countries to US$10 billion by 2020 from just over US$6 billion currently. China has also agreed to give Mongolia better access to its ports and railways and upgrade diplomatic ties.
A NATION WELL-RESOURCED
"The country has huge reserves of resources and is improving ties with China," Ellis says.
"Mining majors, investment funds and commodities traders still see the inevitable growth potential and want to invest in Mongolia – they're just looking for the right time. What's needed is more clarity around the legislation and regulations," Ellis says.
Some progress is already being made. The government has repealed its unpopular foreign investment law and last month, it revoked a four-year suspension on the granting of new exploration licences in a bid to boost investment. But it still needs to set the rules for how the application process will work.
Investors will be watching closely to see whether the government reaches an agreement with Rio on the Oyu Tolgoi project's second stage before its financing deadline at the end of next month. The government owns 34 per cent of Oyu Tolgoi but can lift its stake after 30 years. The rest is owned by Rio-controlled and Canadian-listed Turquoise Hill, formerly Ivanhoe Mines. Funding commitments from a raft of global banks for the project's second stage expire on September 30, a deadline that had already been extended by six months.
If it goes ahead, that project would create one of the biggest, deepest mining facilities anywhere in the world. While the returns from the existing open pit mine are significant, it is believed that 80 per cent of the project's value lies underground.
In a positive sign, Rio secured an agreement with the government earlier this month for the construction of a power generation plant to feed the project. But one of the remaining sticking points is an outstanding $127 million tax bill, which the company believes it shouldn't have to pay.
POSITIVE STORIES EMERGING
Travis Hamilton, chairman of Khan Investment Management, is optimistic. He believes an agreement will be reached before the deadline and that, combined with the improving Beijing-Ulan Bator relationship, will serve as a "positive catalyst" for a resurgence in foreign investment.
While many of the ASX-listed exploration companies focused on Mongolia have struggled in line with the country's deteriorating economic outlook and complex regulatory issues, there are some positive stories emerging.
Shares in Xanadu Mines, which switched its focus from coal to copper and gold, have quadrupled to 16¢ over the past two months on the back of positive drilling results at its flagship Kharmagtai project.
Chief executive George Lloyd says the company has "a high level of conviction about the value of our copper-gold projects and the development potential of the south gobi region."
He believes some of the difficulties facing companies in Mongolia have been caused by unrealistic investment expectations three to five years ago. These days, a lot of the "hot" money has gone, and remaining companies are taking a more sustainable approach.
"The issues at Oyu Tolgoi say more about the technical and commercial challenges of building a complex $10 billion project – anywhere in the world – than they do about the business environment in Mongolia," he says.
Gashuunsukhait Border Checkpoint Adopts New Technology to Increase Coal Export Capacity
By B. Amarsaikhan
Ulaanbaatar, August 26 (MONTSAME) A Mongolian "Saikhan Ordos Tuuri" LLC has made an important change at Gashuunsukhait border checkpoint, our main export gateway to China.
The company has installed belt transporter and detector at the Gashuunsukhait-Gantsmod border checkpoint. Before this, a dust, following coal transportation, used to pollute air and cause lung diseases to the locals.
Thanks to these changes, an export of coal--Mongolia's main export product–will significantly increase, say specialists who also emphasize that this technology is nature-friendly and is not harmful to people's health.
Mongolia, in 2014, has set a goal to export twice the size of coal that was exported last year. The border point is often overloaded, 60 percent of the last year's total export of 18 million tonnes of coal, as well as 65 thousand tonnes of copper concentrate were transmitted through Gashuunsukhait.
The officials stated that the effort made by Saikhan Ordos Tuuri LLC is a solution to the usual traffic jam at this border point.
12th International Discover Mongolia Mining Investors Forum Approaches
By B. Amarsaikhan
Ulaanbaatar, August 26 (MONTSAME) The 12th "Discover Mongolia" international mining investors forum (IMIF) will be held in Ulaanbaatar this September 4-5.
The conference venue will again be the Children"s Palace--the location of the conference for the past 11 years. The Forum shall comprise of the Mining Conference - a two-day intensive minerals and mining discourse, a two-day Investors Exchange Exhibition. Additional social events will take place including "Technical sessions", "New investment project presentations" and a "Mine site visit".
Business council of Mongolia is supporting this action, its members will have early bird rate to attend the forum. The action's "platinum" sponsors are to be Xanadu Mines, Mongol Metals and others.
This year, the forum will consist of panels and sessions to address core issues that are essential for the development of a robust and effective minerals industry--keynote session, legal environment in minerals industry, coal export of Mongolia, overview of geological exploration, mining project finance, mining project and Government participation, local government and citizen participation, mining investment project, gold mining of Mongolia.
To discuss the realities, to address and to offer shared solutions to existing challenges and to continue minerals operations in a stable and predictable environment, the "Discover Mongolia-2014" will do its best to ensure that it marks a success.
Darkhan Nekhii leather garment producer receives MNT 3 billion financing from DBM
August 26 (Mongolian Economy) Leather garment producer Darkhan Nekhii receives MNT 3 billion as part of the Ministry of Manufacturing and Agriculture's loan scheme planned for several of its sectors.
Darkhan Nekhii was selected from 888 projects submitted to replace import products and increase imports. This forms part of the Governments 100 Day Action Plan, which finished earlier this month.
About MNT 5 billion will finance milk and dairy production, while MNT 15 billion will be given to wool manufacturers and MNT 10 billion for knit products. In addition, the Ministry will, via commercial banks, grant loans for projects for hide production.
Darkhan Nekhii has received MNT 3 billion for now. The remaining MNT 14 billion will be given within a month. According to Darkhan Nekhii representative, the criteria for the selection was strict as the number of exports, amount of production growth and contribution factors to the economy were major factors of the selection process.
Darkhan Nekhii, which recently underwent a full technical renovation, will build up its working assets with its loan. Currently, the company is one of the country's leading producers of leather garments and already exports goods to Italy, Spain, the Netherlands and Russia. China is next on the list for Darkhan Nekhii.
For the first six months the repayment schedule is up to the Darkhan Nekhii. However, after this initial phase, the company will repay the loan according to the fixed schedule in the five-year arrangement.
The Development Bank of Mongolia approved the lending worth MNT 42.5 billion for 14 projects. Others projects include "Khaitan" shoes salon that received MNT 500 million.
Khuvchit Num: Mongolia's Only One Bow and Arrow Factory
By B. Amarsaikhan
Ulaanbaatar, August 26 (MONTSAME) The only in Mongolia bow and arrow "Khuvchit Num" (String Bow) LLC is working in Dulaankhaan village of Selenge aimag, some 270 km north from Ulaanbaatar.
Located in a beautiful place--bank of Yuruu and Orkhon rivers--the factory makes bows with leather lap and fibril back, in traditional pasted and glued style. Their bows and arrows are in all categories such as sports, adults, children, and souvenir. The factory workers are trained in each specialty, so that the factory works in a conveyer production. The materials used in the production are of natural and animal origin, including ox and ibex horn, bird feathers, birchwood and ebony, large cattle fibre, camel rawhide and many kinds of glue.
The factory receives orders from Mongolian nationals as well as tourists, on their comprehensive products of bow, arrow, scald, strings, chip, leather straps, bow and arrow cases.
2014 Mongolia-Hungary Business Forum Announced for UB, September 5
August 26 (infomongolia.com) Mongolian National Chamber of Commerce and Industry (MNCCI) in collaboration with the Hungarian Chamber of Commerce and Industry (HCCI) are organizing Mongolia-Hungary Business Forum in Ulaanbaatar on September 05, 2014.
The Forum will be started at 09:30 am at the MNCCI building, where Hungarian delegates will be participating from infrastructure, logistics, defense, IT, energy, agriculture, and wood manufactory & construction sectors.
In July 2013, the Golomt Bank of Mongolia had established a Medium Term Credit Facility Agreement with Hungarian Export Import Bank (Exim Bank) and according to this Agreement, Exim Bank provides with opportunities to finance procurement projects and investment programs from Hungary.
Hungarian firms to participate in the 2014 Mongolia-Hungary Business Forum
- Road Master Group Ltd.
- HM Electronics, Logistical and Property Management Limited Company
- Aqua Profit Co.
- Envirosan DC
- Vikuz Zrt
- Agrint International Agriculture, Trading and Consulting Ltd. Co.
- Herczeg and Partner Ltd.
- Innober - Wave Ltd.
- Perfekt Motor Ltd.
- Mega Logistic Investment and operating Inc.
IAEA holds international training on use of IT in nuclear energy for Mongolia
By B. Amarsaikhan
Ulaanbaatar, August 25 (MONTSAME) Nuclear Energy Authority (NEA) and International Agency of Atomic Energy (IAAE) are jointly organizing advanced training themed "The Use of Information technology in Research and Evaluation", with an initiative of IAAE and the EU on August 18-22 in Ulaanbaatar.
The training has involved 24 IT professionals from R&E institutions of Mongolia, Myanmar, Laos, Indonesia, Pakistan, Palestine, Yemen, Syria, Iraq, Thailand and Philippines. The main purpose of the training is to introduce the latest information system of accounting software (RAIS 3.3 Web) into R&D institutions' use.
During the training, the analysts gave information on efficient use of R&D information system, management networks in standard of IAAE, and security of online information.
Khan Bank named Best Bank in Mongolia by Euromoney
August 25 (Khan Bank) The international 'Euromoney Awards for Excellence 2014' event has been organized in Hong Kong awarding the best banks from around the world. At the ceremony, Khan Bank was named the 'Best Bank in Mongolia' for the seventh time, the bank's website reported Monday.
Khan Bank was given this prestigious award for its solid and strong financial performance, continued efforts in implementing large scale projects, bringing innovative banking products and services - such as the bancassurance, smart phone banking, and the latest transactional technology contactless card - to the Mongolian market, enhancing access and availability of E-banking services, as well as commitment to transparency, openness and fairness, which serves as the foundation to Khan Bank's success.
Since its creation in 1992, Euromoney magazine has been awarding the best performing banks over the last 23 years. Euromoney reported on, and championed, this market and its growth, in the process becoming the principal magazine of the wholesale financial world, its institutions and its users.
Throughout the years, the magazine has picked the best performing banks in the categories of the 'Best Global Bank', 'Best Regional Bank' and 'Country Awards for Excellence' based on the careful analysis of each bank's financial strength, scope of operations, acquired market share and sustainability.
7.8% Less Foreigners Visit Mongolia in First Seven Months of 2014
August 25 (infomongolia.com) The Ministry of Culture, Sports and Tourism of Mongolia has introduced a report of foreign and domestic travelers visited Mongolia in the first seven months of 2014.
According to statistics, a total of 210,587 foreign travelers visited Mongolia this year and compare to last year, the performance showed a decreased number of 17,959 or 7.8%.
If to compare the tourists visited Mongolia by regions, a total of 127,549 travelers arrived from Asia and Pacific countries but declined by 11.3% y-o-y; 79,955 from Europe that declined by 0.2%; 2,017 visitors from America but declined by 42.8%; 644 from Middle East increased by 71.2%, and 421 travelers from Africa but decreased by 32.4% compare the same period of last year.
The most tourists visited Mongolia were from China - 84,248, Russia - 38,469, South Korea - 24,074, Japan - 8,579, USA - 8,537, Kazakhstan - 7,794, Germany - 5,180, France - 4,205, UK - 3,084 and Australia - 2,998 respectively.
In the first 7 months, the total revenue from tourist sector reached 131,357,327 USD, and it is declined by 14,036,070 USD or 9.6% compare to same period of last year.
Also, the Ministry presents a report of foreign and domestic tourists visited Mongolian provincial regions and the most number of travelers received are Tuv, Khuvsgul and Selenge Aimags of Mongolia.
Foreign Minister of Republic of Korea Pays Official Visit to Mongolia
August 26 (infomongolia.com) At the invitation of Minister for Foreign Affairs of Mongolia Mr. Luvsanvandan BOLD, the Minister for Foreign Affairs of the Republic of Korea Mr. Yun Byung-se is paying an official visit to Mongolia on August 26-27, 2014.
On August 26, the two counterparts held an official talk at the Ministry of Foreign Affairs and during the meeting Minister L.Bold expressed Mongolia's interest to boost Comprehensive Partnership relation with the Republic of Korea in the frames of economic and investment collaboration, moreover, to celebrate at high-level the 25th anniversary of the establishment of diplomatic ties marking next year and to develop the bilateral cooperation into a new step forward.
In response, Foreign Minister Yun Byung-se noted, "The Republic of Korea seeks to forward mutual cooperation with Mongolia in the railway and sea transportation sectors as the country considered with strategically important location connecting European and Asian regions in the frameworks of "Eurasia Initiative" proposed by the President of Korea, Mrs. Park Geun-hye and to foster bilateral relations and cooperation at all potential spheres".
Moreover, the sides shared views on issues relevant to facilitate travel conditions between citizens of the two countries and some regional issues of mutual concerns.
On the same day, Foreign Minister Yun Byung-se was received by Prime Minister of Mongolia N.Altankhuyag and during the meeting Premier expressed his satisfaction on broadening Comprehensive Partnership and conferred an official invitation to the Prime Minister of the country to visit Mongolia.
The same day afternoon, Foreign Minister Yun Byung-se also paid a courtesy call on the President of Mongolia Ts.Elbegdorj and during the meeting Mr. Yun Byung-se invited the President to pay a state visit to Korea in 2015 in the scope of commemorating the 25th anniversary of diplomatic relations
Related:
South Korean Foreign Affairs Minister on a visit to Mongolia – news.mn, August 26
Foreign Minister of South Korea Starts Visit Here – Montsame, August 26
N.Altankhuyag meets with South Korean Foreign Affairs Minister – news.mn, August 26
President Receives Foreign Minister of South Korea – Montsame, August 26
Mongolia, S.Korea agree to launch ministerial-level consultative channel
ULAN BATOR, Aug. 26 (Xinhua) -- The foreign ministers of Mongolia and South Korea on Tuesday agreed to launch a ministerial-level consultative channel within this year to discuss trade, economic and other bilateral issues.
South Korean Foreign Minister Yun Byung-se, who is on an official visit to Mongolia, said his country is also ready to advance bilateral cooperation with Mongolia in railway and sea transportation.
His Mongolian counterpart, Luvsanvandan Bold, said Mongolia stands ready to enrich the Mongolia-South Korea comprehensive relations.
Next year marks the 25th anniversary of the establishment of diplomatic ties between the two countries.
Bold said the celebrations will be held at high levels as part of the efforts to bring the bilateral ties to a new stage.
The two also exchanged views on facilitating visa terms.
On Tuesday, Yun also met Mongolian President Tsakhiagiin Elbegdorj, and the two discussed Northeast Asia's nuclear security among other topics.
Elbegdorj emphasized that Mongolia will never allow nuclear waste dumped on its territory and will never allow nuclear materials transported through its soil.
China-Mongolia co-op goes beyond resources exploration
August 26 (Xinhua) The economic and trade cooperation between China and Mongolia has gone well beyond natural resources, and is extending to the fields of infrastructure and finance.
During Chinese President Xi Jinping's state visit to Mongolia on Thursday and Friday, the two countries signed a host of cooperation documents, covering mainly three fields -- mineral resources exploration, infrastructure construction and finance.
In infrastructure, China agreed to help Mongolia finance a number of projects in medical care, education, railroad and housing.
In finance, the two sides inked a memorandum of understanding on setting up an economic cooperation zone and a deal on currency swap.
China also promised to support Mongolia in the creation of a better environment for foreign investment and help it join the Asia-Pacific Economic Cooperation mechanism.
Those agreements came at a time when Mongolia is seeking to diversify its cooperation with other countries as its mining-driven economy is facing a slowdown.
A 2012 law aimed at restricting foreign ownership in "strategic" sectors, which was later reversed, has slowed foreign investment, which fell 70 percent in the first half of 2014.
In the first half of this year, Mongolia's economy grew 5.3 percent, compared with 11.7 percent in 2013, official data showed.
Faced with declining foreign investment and higher inflation, Mongolia is eager to change its natural resources-reliant economic mode and seek international cooperation in other fields.
Meanwhile, China, the world's second largest economy and Mongolia's biggest trading partner, could help to contribute to Mongolia's economic restructuring.
China and Mongolia have huge cooperation prospects, said Chinese Foreign Minister Wang Yi, who accompanied Xi during the visit.
Wang said that Mongolia boasts natural resources while China have ample capital and advanced technology. The two neighboring countries are economically complementary, he said.
China has been Mongolia's largest trading partner and largest source of foreign investment over the past 10-plus years.
Between 1990 and 2012, about half of the 11,642 foreign enterprises registered in Mongolia were Chinese. Of the 9.83 billion dollars of foreign direct investment absorbed by Mongolia during the same period, 3.48 billion dollars came from Chinese companies.
Also, trade with China in 2013 accounted for more than half of Mongolia's total foreign trade. The two countries are hoping that bilateral trade could reach 10 billion dollars by 2020.
In its cooperation with Mongolia, China will always strive for win-win outcomes and will never attempt to seek gains for itself at the expense of the other side, Xi said in a signed article titled "Galloping Toward a Better Tomorrow for China-Mongolia Relations."
"Mutual benefit is precisely where the strength of their cooperation lies," Xi said.
Related:
China pitches for closer neighbor ties for growth, stability – Xinhua, August 25
Xi's visit aimed at boosting strategic partnership with Mongolia
(China's president Xi Jinping, center, and Mongolia's president Tsakhia Elbegdorj during their meeting at Mongolia's presidential residence in Ulan Bator, Aug. 22. (Photo/Xinhua))
August 25 (Want China Times) China and Mongolia signed more than a dozen key infrastructure and energy cooperation agreements during Chinese president Xi Jinping's visit to the country last week, reflecting China's efforts to expand overall diplomacy in the landlocked country located in east-central Asia.
In other words, if China can include Mongolia in the greater Chinese economic circle and maintain security on its northern border, this will allow it to step up its strategic leverage in dealings on East and South China Sea issues.
After Mongolia declared itself an independent country in 1924, it has often been wary of domination by China. During recent years, it has been seeking to expand multiple diplomatic ties with other countries and maintaining a balanced relationship with both China and Russia.
Meanwhile, Mongolia has been increasingly engaging with Canada, the United States, the European Union, and even South Korea and Japan through the Third Neighbor policy — Mongolia's new foreign affairs guideline designed to diversify its diplomatic partnerships.
The relationship between China and Mongolia gradually became normal after the two countries signed a treaty of friendship and cooperation in 1994.
Mongolians have had complicated feelings towards China. A BBC News report citing The UB Post, a Mongolian newspaper, showed that nearly 60% of Mongolians think Chinese enterprises have plundered their natural resources, while Chinese nationals have taken their jobs.
On the other hand, about 80% of daily supplies in Mongolia come from China and the landlocked country's economy is heavily reliant on its southern neighbor.
Xi said during his recent visit that China is willing to provide opportunities for joint development with neighboring countries and happy to see these countries take advantage of China's rapidly developing economy.
Last year, Xi had proposed building a Silk Road economic belt to enhance connectivity with Central Asia; and a 21st Century Maritime Silk Road, which will also be developed to connect China with ASEAN countries initially and ultimately with South Asia as well.
On the back of its abundant natural resources, Mongolia' economic growth touched 17.5% in 2011, but fell to 5.3 percent during the first half of this year mainly due to declining foreign investment, soaring inflation and growing unemployment.
China deems Mongolia's energy and railway segments as an important part of its global energy strategy. During Xi's visit, China and Mongolia signed more than a dozen cooperative agreements covering mineral extraction, infrastructure building, finance and diplomatic relations.
Four of these 11 agreements under discussion have to do with ground transportation to Chinese ports.
Situated in a geographically strategic location between Russia and China, Mongolia has during recent years sought to establish military cooperation ties with the United States, Japan and Europe to enhance its status in the international community.
Meanwhile, Japan has been stepping up diplomatic efforts to strengthen its ties with Mongolia in a bid to curb China's clout in Mongolia and elsewhere.
Under such circumstances, China's inking of a number of agreements with Mongolia is being seen as a bid to reduce its reliance on Vietnam and Australia for coal and iron imports, indirectly challenging the US strategic rebalancing towards the Asia-Pacific region, while simultaneously preventing the United States from inciting anti-Chinese sentiment in Mongolia.
China Exim Bank to Finance Buyant-Ukhaa II Housing Project in Ulaanbaatar
By B. Az
August 26 (Mongolian Economy) State Housing Corporation of Mongolia and the Export and Import Bank of China signed a deal to finance housing projects in rural areas during the President of China Xi Jinping's visit to Mongolia last week. The Chinese bank granted USD 150 million with annual interest of 2 percent for15 years. In addition to this, the corporation will also receive a loan worth USD 120 million to finance Buyant-Ukhaa II or 4323 apartments in Ulaanbaatar.
This forms part of the Government's plan to build 1000 housing projects in every province from Dornod, Sukhbaatar, Omnogovi, Hovsgol, Gobi-Altai, Zavkhan to Ulaanbaatar.
According to the State Housing Corporation of Mongolia, Buyant-Ukhaa I was commissioned and its first residents have moved in. Out of the total 1764 apartments, 1534 have been sold, while 228 signed contracts will be allocated to employees of the government's Cabinet Office to reach government quota. There are 62 residents, who have not yet chosen their apartment. All residents are expected to move in this November, however.
Currently, 168 apartments will be sold to those selected who currently have funds available. "This housing project is projected to generate MNT 84 billion. At the moment, we have earned MNT 25.2 billion. There are 400 families who are waiting for their bank loan," said N.Gantulga, the director of the corporation. Buyant-Ukhaa II – a 48-buildingproject near Ulaanbaatar's sport complex. This November, 1000 houses are expected for commission from Buyant-Ukhaa II.
The State Housing Corporation also implemented similar projects in rural areas. Further, the corporation has started the 1000 Housing Project in Arkhangai province last month. In Uvs province, implementation is almost half way through with commissioning of the apartments expected to take place in November, 2014. In this province, 228 houses are completed.
In Darkhan-Uul province, 180 residences for public housing and 60 private residences for private housing in Bor-Undur, Khentii will be completed by the end of this year. As for Orkhon, Khovd and Khuvsgul provinces a construction tender was announced. The 1000 Housing Project construction tender will be released next year in Bulgan, Tuv, Sukhbaatar, Govi-Altai provinces.
Mongolia Attends APEC Senior Officials' Meeting as Observer for First Time
By B. Khuder
Ulaanbaatar, August 25 (MONTSAME) A Mongolia delegation led by Mr Ts.Batbayar, a head of the Policy, Planning and Research Department of the Foreign Ministry, has participated in the 2014 APEC Third Senior Officials' Meeting (SOM3) which ran August 20-21 in Beijing, China.
This is the first time for Mongolia to take part in the APEC SOM, as the observer, representing a national committee of the Pacific Economic Cooperation Council (PECC). During the meeting, the Mongolians held working meetings with Mr Mr Li Baodong, the SOM chairman and Vice Minister of Foreign Affairs of China, and with delegates of the APEC members.
It was the last plenary gathering of Senior Officials before this year's Leaders' Week. Its main objective was to make a comprehensive preparation for the APEC Economic Leaders' Meeting (AELM) in November.
During the two-day meeting, Senior Officials from 21 APEC member economies held in-depth discussions, centered around a "Shaping the Future through Asia-Pacific Partnership" theme and three priority areas such as regional economic integration, innovative development, economic reform and growth, and comprehensive connectivity and infrastructure development. The discussions allowed APEC members to build more consensuses and implement cooperation initiatives, making sound preparations for the outcomes of the Leaders' Meeting.
APEC members reached extensive consensus on the outcomes of the Leaders' Meeting. Member economies agreed to promote the spirit of mutual trust, inclusiveness, innovation, and win-win, to strengthen Asia-Pacific Partnership, and to work together to plan for a long-term Asia-Pacific development vision. Through this meeting, member economies have carried out in-depth exchange and expanded common ground on the basis of the two previous Senior Officials' Meetings. There has been extensive agreement that APEC should continue to promote Asia-Pacific regional economic integration, kick off the process for the Free Trade Area of the Asia-Pacific (FTAAP), further promote APEC members economic structural reform, promote innovative development, explore new economic growth drive and highlights, actively facilitate the formulation of the APEC Blueprint on Connectivity, and ensure high level design and solid support for stronger regional connectivity.
Related:
Mongolia attends APEC Third Senior Officials' Meeting – news.mn, August 25
Mongolian and Russian Troops Join in Field Exercises
By B. Amarsaikhan
Ulaanbaatar, August 26 (MONTSAME) The "Selenge-2014", international field exercises are running tenth day in a scope of the Khalkh River Battles' 75th anniversary on a site of 327th military unit in Dornod aimag.
The actions will complete on August 27. Yesterday, the Mongolian-Russian moto gun battalion and air unit with 500 troops from both sides presented the combat mission co-exercises.
The Russian Eastern Military district are taking part with their advanced military hi tech such as 152mm automotive cannon "Akatsiya", thermo jet system "Grad", automotive aerogun "Shilka", MI-24 helicopters.
In all the exercises, the Russians have exploited some 60 units of weaponry and military equipment. The 7th joint field exercises have become one of the biggest actions in terms of armory and participants.
Today, a meeting of honor and grand march are expected.
Related:
Prime Minister of Mongolia Pays Respect to Veterans of Battles of Khalkhyn Gol – InfoMongolia, August 25
State Prosecutor-General Heads to Irkutsk for East Asia Forum
By B. Amarsaikhan
Ulaanbaatar, August 26 (MONTSAME) The State Prosecutor-General of Mongolia D.Dorligjav headed to Russia on August 26.
He has been invited by Mr Yurii Chaika, the Prosecutor-General of the Russian Federation, to the Consulting Conference of General Prosecutors of East Asia. The invitation was handed over by Ambassador of Russia to Mongolia Mr Azizov. The conference will run in Irkutsk themed "Anti-transnational organized crimes".
The conference will end on August 28.
Kazakhstan Gov't Scholarship Program Begins from 2014
By B. Amarsaikhan
Ulaanbaatar, August 26 (MONTSAME) The winners of these scholarships will study in universities of Kazakhstan from 2014.
The scholarship programme is organized in frames of an agreement established in on August 6, 2008 between the Kazakhstan's Ministry of Education and Science of the Republic and the Mongolia's Ministry of Education and Science on cooperation in the education field.
In accordance with the document, two students will study in the Kazakh National Technical University named after K.Satpaev majoring in mining for a bachelor's degree, the five students--majoring in translation and international relations for a master degree, one -- in the Kazakhstan National University named after Al-Farabi majoring in chemistry for PhD degree.
Mongolia Flagged Ship Seized Over Illegal Fuel Transfer Off Malaysia
August 25 (Ship & Bunker) Two vessels were seized and their crews arrested over an alleged illegal fuel transfer off the coast of Malaysia last week, Malaysian newspaper the Star reports.
The Malaysian Maritime Enforcement Agency (MMEA) said enforcement officers found the ships in the midst of a transfer of 50,000 litres of diesel on Tuesday near George Town in northwestern Malaysia.
One of the ships involved was the Honduras-registered MT Moresby 9, the same ship that was reported attacked by pirates on July 4.
The other vessel was the MT Victory Star, registered in Mongolia.
The MMEA said there were 25 crew members on the ships, all from Indonesia or Thailand.
In the July 4 incident, authorities reported that pirates stole about 2.4 million litres of marine gas oil (MGO), as well as navigation and communications equipment and crew belongings, after tying up the crew.
The Moresby 9 had also allegedly been attacked by pirates two previous times this year, industry news site Seatrade Global reported last month.
Hospital for National University of Medical Sciences to Be Built with Japanese Government Aid
August 26 (news.mn) A new comprehensive hospital, not just a clinical laboratory, will be built for National University of Medical Sciences with free grants from the Government of Japan.
This will be the first university hospital in Mongolia to provide medical specialists and staff with practical experience under the university. Director of the National University of Medical Sciences G.Batbaatar reported that the construction of the hospital will be funded by the Japanese government's free grants and the project will be developed by Japan International Cooperation Agency (JICA). The project will be launched in 2015 and will operation in 2017.
It is expected that the medical treatment courses will be certified for better and new technology for diagnostics, and treatment will be available when the hospital opens.
Two hundred new jobs will be created for the hospital in the Bayanzurkh district.
Kuwait Embassy Wins Basketball Match Between Diplomatic Missions in Mongolia
By B. Amarsaikhan
Ulaanbaatar, August 25 (MONTSAME) Last Saturday, the staffers of the UB-based diplomatic missions and Embassies competed in a friendly basketball match.
Seven male and four female teams of 100 players, consisting of diplomats from the US, Canada, UK, Kuwait, and Japan Embassies, as well as the Ministry of foreign affairs, took part in the events.
This year's winners became Kuwait Embassy team–third place, a team of the US Embassy--the second, and the Mongolian "Golomt" Bank--the first.
In the female category, the winners became the "Golomt" bank, followed by the US and Japanese teams.
The "Golomt" bank, a trusted financial partner of international organizations, has been organizing this l match among diplomat missions in a good management, thus the match has become a yearly event of diplomats, at which they eye with longing.
Social, Environmental and Other
3rd Asian Forum on Children's Rights Held in Ulaanbaatar
By B. Khuder
Ulaanbaatar, August 25 (MONTSAME) The 3rd Asian Forum on the children's rights took place August 23-24 in Ulaanbaatar.
Co-organized by the National Department for Children, the National Commission for Human Rights, the Permanent Representative Office of the UNICEF and Japan's Institute for Convention on the Rights of the Child, the forum brought together 160 delegates of Mongolia, Japan, South Korea, India, Cambodia and Indonesia to have them discussed issues of children's rights.
They also exchanged experiences, efforts and achievements in ensuring of the implementation of the Convention on the Rights of the Child and in protecting the children's rights at Asian and local levels.
The National Department for Children (NDC) chairwoman I.Narantuya delivered a report about a realization of the Children's Rights Convention in Mongolia and on measures being taken by the government. A department head of the NDC B.Javzankhuu gave a "Protection of children's rights in Mongolia and supporting children's rights" report.
At the end of the forum, the participants approved a declaration with a purpose of fortifying the international cooperation in realizing future measures for children's rights and the Children's Rights Convention.
Brave young 9-year old girl heavily burned saving eight from fire
August 25 (news.mn) Nine year-old N.Azjargal is young, brave hero who saved eight children, including her sisters, from a fire.
The terrible fire occurred in Khuder sum in Selenge aimag, on August 9th. N.Azjargal had burns covering 40 percent of the body, but the brave girl carried eight children through a window of the home that caught fire and saved them. The brave girl has now recovered from her injuries and will leave the hospital where she received treatment for her burns.
The girl's family has been left homeless since their home was destroyed. Mongolian Youth Federation has announced that they will award the young girl with a medal for her bravery. The prize will be given during a ceremony at Kempinski Hotel at 2:00 pm today. N.Azjargal is the youngest Mongolian to be awarded with the medal for bravery.
G.Boldbaatar Becomes Mongolia's Third World Champion from 2014 Judo Championships
August 26 (infomongolia.com) The 2014 World Judo Championships started at the Traktor Ice Arena in Chelyabinsk, the Russian Federation on August 25 to continue until August 31, 2014.
At this edition, 751 judokas from 120 countries are competing and the first day event started as customary with lightest weight of Men's 60 kg and Women's 48 kg respectively.
In the Men's 60 kg, Mongolian National Team were represented with IMS D.Amartuvshin, the 2013 Judo Championships Silver medalist and IMS G.Boldbaatar, where the Women's 48 kg with Merit Athlete M.Urantsetseg, who became Mongolia's first female World Judo Champion and IMS G.Otgontsetseg.
IMS D.Amartuvshin finished his division by defeating to French judoka Sofiane Milous in the first round, but the Men's 60 kg brought a Gold medal by Ganbat BOLDBAATAR, who becomes the third World Champion from Mongolia. As of female wrestlers, G.Otgontsetseg finished the Women's 48 kg in the 1/32 and Merit Athlete M.Urantsetseg in the 1/16 round.
The 2014 World Judo Champion G.Boldbaatar, Men's 60 kg, won over Turkish, Taiwanese, Kazakhstani and Georgian judokas in the preliminary rounds and in the Gold medal contest matched against Russian wrestler Beslan Murdanov.
As of today, Mongolia achieved a total of 3 Gold medals by Kh.Tsagaanbaatar, Men's 66 kg in 2009, M.Urantsetseg (Women's 48kg, 2013) and G.Boldbaatar (Men's 60 kg, 2014), two Silvers by O.Baljinnyam in the Men's division in 1985 and D.Amartuvshin (Men's 60kg, 2013), 4 Bronze medals by D.Battulga (Men, 1989), Kh.Erdenet-Od (Women, 2005), Kh.Tsagaanbaatar (Men, 2010) and M.Bundmaa (Women, 2010) respectively.
The 2014 World Judo Championships, Chelyabinsk, Russia
Final Results for Men's 60 kg
1. Ganbat BOLDBAATAR (MGL)
2. MUDRANOV, Beslan (RUS)
3. PAPINASHVILI, Amiran (GEO)
3. TAKATO, Naohisa (JPN)
5. ARSHANSKI, Artiom (ISR)
5. IMASHEV, Aibek (KAZ)
7. CHOI, In Hyuk (KOR)
7. MILOUS, Sofiane (FRA)
Final Results for Women's 48 kg
1. KONDO Ami (JPN)
2. PARETO, Paula (ARG)
3. BUCHARD, Amandine (FRA)
3. LABORDE, Maria Celia (CUB)
5. KUZNETSOVA, Alesya (RUS)
5. MESTRE ALVAREZ, Dayaris (CUB)
7. CSERNOVICZKI, Eva (HUN)
7. CHERNIAK, Maryna (UKR)
Related:
G.Boldbaatar wins the 2014 World Judo Championships – news.mn, August 26
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