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Friday, October 31, 2014
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Mogi: rights issue at HK$0.25, while MMC currently trading at HK$0.71 down 31% today on the announcement
Mongolian Mining considers bidding for Tavan Tolgoi, announces HK$1.57 billion rights issue
Miner says it has been approached by other firms over joint ventures
October 31 (South China Morning Post) Mongolian Mining Corp has been approached by independent parties to explore joint bids for coal projects in Mongolia, the Hong Kong-listed firm said on Friday.
The Mongolian government is inviting bids for coal projects in the eastern and western parts of the country's Tsankhi region (Mogi: TT) and has extended the initial deadline of October 31 to December 1, it said in a statement to the Hong Kong stock exchange.
An investment and cooperation agreement on these coal projects is expected to be signed between the winning bidder and a Mongolian state-owned enterprise by December 15. The bidder must be at least 51 per cent privately owned by a private operator or consortium with at least five years' experience in coal mining. (Mogi: and such bidder must be controlled by a Mongolian citizen for the past 5 years, which really leaves just MMC to fit that profile, which makes you think this tender was designed specifically for MMC)
Mongolian Mining said it is actively looking for long-term partners to expand to expand its business in China.
The company also plans to raise between HK$1.56 billion and HK$1.57 billion from a rights issue, the firm announced on Friday. It plans to issue between 5.56 billion and 5.60 billion rights shares, with three rights shares offered for every two shares held at 28 HK cents per share. The joint underwriters are JP Morgan and BNP Paribas.
"The rights issue is the preferred means for the company to improve liquidity and finance its general working capital," the statement said.
Proceeds of the rights issue will be used to strengthen the mining firm's capital base, expand the company's load-out facility for railway, and increase the feed volume of its coal feed facility. Some of the funds will also be used to repay debt and replenish general working capital.
The first day of dealings in fully paid rights shares is on December 30.
MONGOLIA DELAYS TAVAN TOLGOI TENDER BY ANOTHER MONTH TO DECEMBER 1
October 31 (InfoMongolia) At the Cabinet meeting held last August, the Tavan Tolgoi deposit development issue was revised and agreed to select investors by November 01 and establish contracts with winning entities by December 15, 2014.
Although the deadline is running out tomorrow and entities interested to participate have not submitted relevant documents on time, therefore, Government decides to delay the selection process for another month on December 01, 2014.
To recall, the preliminary selection of companies to invest and cooperate in Tavan Tolgoi deposit was announced in December 2010, where out of 15 companies forwarded their bids 6 firms were selected and after considering, Mongolia-Russian Railways Consortium, Chinese Shenhua Energy Group and US Peabody Energy Corporation were picked to develop Tavan Tolgoi's west block and were introduced to the National Security Council of Mongolia, but the Security Council rejected the proposals and delivered back to the Government.
NUR closed -1.3% to HK$0.225 Wednesday
NUR Holdings to Raise Nearly HK$120m in Shares, Convertible Bonds
October 29 -- NUR HOLDINGS (00254.HK) announced that the company placed 389 million new shares to an independent third party, representing 13.02% of issued share capital after enlargement. The net proceeds amounted to $89.4 million.
Meanwhile, the company placed convertible bonds through a placing agent at a maximum amount of $30.13 million. The net proceeds are expected to be $28.8 million and intended to be used as general working capital.
ISSUE OF NEW SHARES UNDER GENERAL MANDATE – NUR, October 29
PLACING OF CONVERTIBLE BONDS UNDER GENERAL MANDATE – NUR, October 29
Maiora to Exercise Unlisted Options, Guildford to Receive A$4.4 Million in Proceeds
October 31 -- Guildford Coal Limited (Guildford or the Company) (ASX: GUF) is pleased to announce it has received confirmation from Maiora Asset Management Pte Ltd (Maiora) that Maiora intends to exercise 73,500,000 of the 77,300,446 unlisted options issued to Maiora on 7 August 2014 at $0.06.
This will result in Guildford receiving $4,410,000 from Maiora by 7 November 2014.
Guildford's Managing Director, Peter Kane, said the ongoing commitment shown by Maiora was welcome news for the Company. "We are excited by Maiora's decision. The funds will support the Company's continued ramp-up of production at the BNU Mine."
Cash at end of quarter A$1.2m
Viking Mines Quarterly Report
October 29, Viking Mines Ltd. (ASX:VKA) --
Summary
During the three months to 30 September, 2014, Perth-based Viking Mines Ltd (Viking or the Company) completed its off market takeover of emerging coal producer, Auminco Mines Limited (Auminco).
A further two Memoranda of Understandings (MOU's) (making a total to four MOU's) were signed by Auminco with Mongolian government entities for potential coal supply from the Berkh Uul project, the latest with Khutul cement and Lime Plant, Mongolia's largest cement manufacturer.
An Exclusivity Agreement was signed with Akroma Gold Co Ltd, owner of the neighbouring Sian gold project, to allow Akroma to mature discussions with Viking in relation to the Akoase gold project in Ghana.
In August 2014 the Company issued a prospectus to fund exploration of both its Ghanaian and Mongolian projects. At the date of this report $2.1 million has been raised by the issue of 55,285,849 shares at an issue price of $0.038, together with a free option exercisable at $0.09 at any time before 30 April 2017, for every 4 shares subscribed for. Subscriptions for a further $76,000 require shareholder approval which will be sought at the forthcoming AGM.
An environmental baseline study was commenced on the Berkh Uul coal project during the quarter.
1. Auminco Merger
During the quarter the Company issued a prospectus for the issue of Shares at an issue price of $0.038 per share, together with a free option exercisable at $0.09 at any time before 30 April 2017, for every 4 shares subscribed for. Upon reaching the minimum subscription level of $2.09 million Viking announced that its takeover of Auminco Mines Limited was unconditional. At this point Viking had received acceptances from97.93% of Auminco shareholders and Viking has since compulsory acquired the remaining Auminco shares.
…
Viking Mines Appoints Raymond Whitten as Non-Executive Director Following Auminco Takeover
October 29, Viking Mines Ltd. (ASX:VKA) -- Viking Mines Limited ("Viking" or "Company") advises that following the completion of the takeover of Auminco Mines Limited Mr Raymond Whitten has been appointed as a non-executive director, and Deputy Chairman.
Mr Whitten, through his various family interests, was the largest shareholder of Auminco Mines Limited.
Mr Whitten is an admitted solicitor with over 40 years' experience having previously acted as President of the City of Sydney Law Society and has served as a Director of many private and public companies.
In 2005 as Chairman of the National Stock Exchange of Australia Limited (NSX) he was responsible for its successful IPO on the ASX in 2005.
His current roles include serving as Chairman of Whittens & McKeough, a boutique Sydney law firm specialising in mergers and acquisitions and corporate law and as Deputy Chairman of the Safety, Return to Work and Support Board (a board formed under statute responsible for determining the general policies and direction for the following agencies: Workcover NSW, Motor Accidents Authority NSW and Lifetime Care and Support Authority NSW). The Board is also responsible for determining the investment policies of a number of funds, which include those of the Workers' Compensation (Dust Diseases) Fund.
Mr Whitten holds a Bachelor of Arts and Bachelor of Laws from the University of Sydney, a Masters of Laws from the University of Technology, Sydney, is an accredited specialist in business law and is a Notary Public.
An Appendix 3X and Form 603 for Mr Whitten are attached.
As noted in the Company's Bidders Statement Mr Trygve Kroepelien, a founding director has resigned as a director of the Company forthwith. The Board thanks Mr Kroepelien for his contribution to the Company since its inception. Mr Kroepelien's Appendix 3Z is attached.
Petro Matad: Notice of Annual General Meeting, 21 November
October 29 -- Petro Matad (AIM:MATD) advises that the Annual General Meeting ("AGM") of the Company will be held at 4 p.m. local time (8 a.m. GMT) on 21 November 2014 at Petrovis Building, Amar Street 8, Sukhbaatar District, Ulaanbaatar, Mongolia.
The notice and form of proxy of the AGM are today being posted to shareholders who have opted for hard copy communications and shareholders who have signed up to the Company's electronic communications service will receive notification by email. A notice of availability and proxy form has today been posted to Deemed Shareholders, being those Petro Matad shareholders that have neither opted for hard copy communications nor provided the Company with an email address to facilitate electronic communications.
A copy of the notice will also be available on the Company's website, www.petromatad.com, and requests for additional proxy forms should be made to Petro Matad's Registrar, Computershare, via its helpline number of +44 (0)870 707 4040.
SouthGobi Resources to Announce Third Quarter 2014 Financial Results on November 10, 2014
Conference Call to Discuss Results
HONG KONG, CHINA--(Marketwired - Oct. 29, 2014) - The board of directors of SouthGobi Resources Ltd. (TSX:SGQ)(HK:1878) (the "Company") will meet on Monday, November 10, 2014 to consider and approve the third quarter 2014 financial results of the Company and its subsidiaries. These financial results will be released before TSX market open.
The Company will host a conference call and audio webcast to discuss third quarter 2014 financial results and provide an update on the Company's operations. Date and time of the call for various regions will be as follows:
· Monday, November 10, 2014 at 6:00 p.m. EST / 3:00 p.m. PST
· Tuesday, November 11, 2014 at 7:00 a.m. Hong Kong Time
…
MSE News for October 29: Top 20 -0.19% to 15,460.67, Turnover ₮7 Million
Ulaanbaatar, October 29 (MONTSAME) At the Stock Exchange trades on Wednesday, a total of 5,493 shares of 19 JSCs were traded costing MNT six million 978 thousand and 272.96.
"HBOil" /2,080 units/, "Mongolia Development" /1,000 units/, "State Department Store" /749 units/, "Arig Gal" /500 units/ and "Telecom Mongolia" /490 units/ were the most actively traded in terms of trading volume, in terms of trading value were "Arig Gal" (MNT one million and 175 thousand), "UB-BUK" (MNT one million and 71 thousand), "HBOil" (MNT 813 thousand and 280), "Telecom Mongolia" (MNT 622 thousand and 300) and "APU" (MNT 538 thousand).
The total market capitalization was set at MNT one trillion 553 billion 906 million 354 thousand and 975. The Index of Top-20 JSCs was 15,460.67, decreasing 30.06 units or 0.19% against the previous day.
MSE News for October 30: Top 20 +0.85% to 15,591.81, Turnover ₮4.2 Million
Ulaanbaatar, October 30 (MONTSAME) At the Stock Exchange trades on Thursday, a total of 11,259 shares of 13 JSCs were traded costing MNT four million 237 thousand and 770.00.
"Remicon" /8,350 units/, "Hermes Center" /2,135 units/, "Merex" /200 units/, "Olloo" /200 units/ and "Material Impex" /85 units/ were the most actively traded in terms of trading volume, in terms of trading value were "Material Impex" (MNT one million and 411 thousand), "Remicon" (MNT 951 thousand 900), "Darkhan Foods" (MNT 380 thousand), "Hermes Center" (MNT 352 thousand and 275) and "Makh Impex" (MNT 241 thousand 750).
The total market capitalization was set at MNT one trillion 558 billion 458 million 886 thousand and 902. The Index of Top-20 JSCs was 15,591.81, increasing 131.14 units or 0.85% against the previous day.
BDSec: Short term Mongolian government bonds offer an unique opportunity
October 27 (BDSec) The government bond of Mongolia is set to be traded through Mongolian Stock Exchange (MSE) for the first time in nearly 3 years starting November 4th, 2014. The local currency denominated government bond has been traded through the Central Bank's trading platform since 2012.
Mongolia's Ministry of Finance (MoF) has decided to issue up to MNT 100 billion worth of short term bond (12, 28 and 52-week maturity) through MSE to finance the state budget deficit. The decision is directed to attract more participants to the government bond trading as its interest rate has gone up quite significantly of late, and while being traded through the Central Bank, the primary market participation was only limited to commercial banks. The annual interest rate of the government bond has increased by as much as 662bps from 9.45% to 16.07% in less than 6 months.
Details of the government bond trading on the MSE:
The issuer: The Ministry of Finance
Use of proceeds: To finance the budget deficit
Unit price: MNT 100,000
Total units: 1 million
Total amount offered: MNT 100 billion
Maturity (year=365 days)
12 week: zero coupon
52 week: monthly coupon
28 week: zero coupon
We think this government bond is quite attractive for both foreign and local investors given there is a strong sign of improvements of the economy that's been struggling with substantial current account deficits due to a hefty decline in FDI and weak export revenues.
Catalysts
The key factor is obviously resolving the OT Phase 2 dispute which will boost the economy massively and the total US$5 billion expansion project could see the FDI increases immediately by US$1 billion plus creating numerous jobs.
We believe the dispute will be sorted out sooner rather than later as there was a significant progress in the past 2 months especially in relation to the tax issue despite missing the September financing deadline. Rio's head of copper division, Jean-Sebastien Jacques has recently indicated that everything is now up to Mongolian government to proceed with the Phase 2 and should that be the case, the issue will be resolved without any more delays because of its importance.
The OT Phase 1 commencement has also contributed hugely to the economy this year as the total export revenues grew 30% as of September in which the copper export was a main contributor.
Another important factor is the soft lending by the Chinese government. China's president Xi Jingping promised to lend up to US$1.7 billion as well as to increase the existing RMB swap line between the countries' central banks to RMB15 billion during his latest visit in last August. Without this financing, it would have been very challenging for the country to seek external financing amid the current condition. This will also help the FX reserve burn rate to slowdown in the near future.
Moreover, trades with the 2 neighboring countries should accelerate in the coming years following the visits of their leaders, and thanks to its strategic location sitting between China and Russia, there is a big opportunity for Mongolia to be a transit route between the 2 countries' future trades as the infrastructure developments further progress.
Mongolian parliament has just approved the narrow rail gauge construction connecting the country's biggest cocking coal deposit, Tavan Tolgoi to the Chinese border and once completed (partially funded by the sovereign bond proceeds and potentially by a Chinese soft financing) it will give a significant pricing advantage to local exporters of mineral products.
Thesis
Given the 2 key factors mentioned above, we strongly believe that the country can escape a further current account crisis and with potential stability in global commodities prices followed by improved foreign and investment and fiscal policy of the country, the economy can be successfully transformed. A continued copper export growth thanks to the OT Phase 1 could spur export revenues while a prospect of a large coal-to-gas project funded by Chinese government will add to the Phase 2 investments to give the FDI a timely boost.
In this scenario, a MNT denominated bond holder of Mongolian government will benefit from a potential rally in MNT which is at historic lows at the moment as well as from the bond's attractive yield.
If the MNT 100 billion can be successfully raised, the MoF is preparing another tranche of the government bond issue with lengthened maturity through MSE.
We also believe that a successful trading of government bonds on the MSE will attract corporate bonds with even higher yields in the near future.
Early morning non-cash USD rates: Khan (Buy ₮1,850 Sell ₮1,860), TDB (Buy ₮1,852 Sell ₮1,864), Golomt (Buy ₮1,855 Sell ₮1,864), XacBank (Buy ₮1,850 Sell ₮1,861), State Bank (Buy ₮1,850 Sell ₮1,861)
BoM MNT Rates: Thursday, October 30 Close
| | 10/30 | 10/29 | 10/28 | 10/27 | 10/24 | 10/23 | 10/22 |
| USD | 1,861.20 | 1,857.30 | 1,856.44 | 1,854.56 | 1,853.21 | 1,853.30 | 1,852.67 |
| EUR | 2,343.06 | 2,365.74 | 2,360.28 | 2,353.71 | 2,342.74 | 2,342.48 | 2,355.76 |
| CNY | 304.35 | 303.91 | 303.67 | 303.28 | 302.92 | 302.88 | 302.85 |
| GBP | 2,974.38 | 2,996.94 | 2,992.58 | 2,985.66 | 2,970.97 | 2,971.58 | 2,979.19 |
| RUB | 42.81 | 43.49 | 43.72 | 44.21 | 44.17 | 44.59 | 45.23 |
October MNT vs USD, CNY Chart:
Preliminary BoP Report for First 9 months of 2014: FDI -59% to $969.1 million, Current Account Deficit -63% to $905.7 million
October 31 (Bank of Mongolia)
Main indicators:
Current account deficit stands at US$ 905.7 million which is decrease of 63 percent from the previous year. This is due to US$ 1475.0 million or 129 percent decrease in deficit of international trade accounts of goods, thus showed surplus of US$ 335.6 million.
Capital and financial accounts showed surplus of US$ 213.2 million which is decrease of 78 percent or US$ 747.2 million from 2013. This is caused by 59 percent decline of foreign direct investment to Mongolia which equals to US$ 969.1 million.
Hence, surplus of portfolio investment had financed the deficit of other investment. Deficit of US$ 133.8 million were caused by following factors (i) US$ 171.8 million increase of trade credit receivables, (ii) decrease of US$ 135.1 million on net external loans.
· Balance of Payment for the First 9 Months of 2014
BoM FX auction: US$14m sold at ₮1,861.59, CNY81m at ₮304.40, accepts $116m USD, $9m MNT swap offers
October 30 (Bank of Mongolia) On the Foreign Exchange Auction held on October 30th, 2014 the BOM has received bid offer of USD and CNY from local commercial banks. The BOM has sold 14.0 million USD as closing rate of MNT 1861.59 and 81.0 million CNY as closing rate of MNT 304.40.
On October 30th, 2014, The BOM has received USD SWAP agreement ask offer of 116.0 million USD and MNT Swap agreement bid offer in equivalent to 9.0 million USD from local commercial banks and accepted all offer.
See also:
BoM issues ₮198.9 billion 1-week bills, total outstanding +2.2% to ₮696 billion
October 29 (Bank of Mongolia) BoM issues 1 week bills worth MNT 198.9 billion at a weighted interest rate of 12.0 percent per annum /For previous auctions click here/
GoM Treasury Auction: Announced ₮40 Billion 12-Week Bills Sold at Average 15.795%
October 29 (Bank of Mongolia) Auction for 12 weeks maturity Government Treasury bill was announced at face value of 40.0 billion MNT. Face value of 40.0 billion /out of 45.1 billion bid/ Government Treasury bill was sold at discounted price and with weighted average yield of 15.795%.
Mogi: the Doing Business site says 2014 rank was 70, which I've confirmed with World Bank Mongolia office that it's an error, and was #76 in 2014 rankings.
Mongolia Gains 4 Spots to #72 in Ease of Doing Business Rankings
October 30 (infomongolia.com) Doing Business 2015: Mongolia
Doing Business 2015: Going Beyond Efficiency, a World Bank Group flagship publication, is the 12th in a series of annual reports measuring the regulations that enhance business activity and those that constrain it. Doing Business presents quantitative indicators on business regulations and the protection of property rights that can be compared across 189 economies - from Afghanistan to Zimbabwe - and over time.
Doing Business measures regulations affecting 11 areas of the life of a business. Ten of these areas are included in this year's ranking on the ease of doing business: starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency. Doing Business also measures labor market regulation, which is not included in this year's ranking.
The Tope 5 Ease of Doing Business 2015 Rank was led by Singapore, New Zealand, Hong Kong SAR (China), Denmark and Korea Rep., and Mongolia is listed at 72nd place out of 189 economies, in 2014 was listed at 76th as same as 2013 report, in 2012 and 2011 at the 88th, in 2010 at 60th out of 183, and in 2009 at 58th out of 181 economies.
Doing Business 2015 Report for Mongolia
Starting a business in Mongolia
Globally, Mongolia stands at 42 in the ranking of 189 economies on the ease of starting a business. According to data collected by Doing Business, starting a business there requires 5.0 procedures, takes 11.0 days, costs 1.2% of income per capita and requires paid-in minimum capital of 0.0%of income per capita.
In 2014 report, Mongolia made starting a business easier by eliminating the requirement to get company statutes and charters notarized as well as the requirement to register a new company with the local tax office.
Dealing with construction permits
Globally, Mongolia stands at 74 in the ranking of 189 economies on the ease of dealing with construction permits. In Mongolia, dealing with construction permits there requires 16.0 procedures, takes 137.0 days and costs 0.0%of the warehouse value.
In 2014 Report, Mongolia made dealing with construction permits easier by eliminating the requirement for a technical review of the building plans bythe state for low- and medium-risk construction projects.
Getting electricity
Globally, Mongolia stands at 142 in the ranking of 189 economies on the ease of getting electricity. According to data collected by Doing Business, getting electricity there requires 8.0 procedures, takes 79.0 days and costs 600.6%of income per capita.
In 2014 Report, Mongolia made getting electricity easier by increasing the efficiency of the utility's internal processes, enforcing time limits at different stages of the connection process and eliminating the fees for testing the installation.
Registering property
Globally, Mongolia stands at 30 in the ranking of 189 economies on the ease of registering property. According to data, registering property there requires 5.0 procedures, takes 10.5 days and costs 2.1%of the property value.
Getting credit
Globally, Mongolia stands at 61 in the ranking of 189 economies on the ease of getting credit. In 2013 Report, Mongolia improved access to credit information by adopting a law that provides for licensing of credit reference bureaus and guarantees borrowers' right to inspect their personal data.
Protecting minority investors
Globally, Mongolia stands at 17 in the ranking of 189 economies on the strength of minority investor protection index. In 2015, Mongolia strengthened minority investor protections by introducing a requirement for public joint stock companies to publicly disclose related-party transactions within 2 business days.
Paying taxes
Globally, Mongolia stands at 84 in the ranking of 189 economies on the ease of paying taxes.On average, firms make 41.0 tax payments a year, spend 148.0 hours a year filing, preparing and paying taxes and pay total taxes amounting to 24.4%of profit.
In 2015 Report, Mongolia made paying taxes easier for companies by introducing an electronic system for filing corporate income tax, VAT and social security contributions.
Trading across borders
Globally, Mongolia stands at 173 in the ranking of 189 economies on the ease of trading across borders. According to data, exporting a standard container of goods requires 11 documents, takes 44.0 days and costs 2,745.0 USD. Importing the same container of goods requires 12 documents, takes 45.0 days and costs 2,950.0 USD.
Enforcing contracts
Globally, Mongolia stands at 24 in the ranking of 189 economies on the ease of enforcing contracts. According to data, contract enforcement takes 374.0 days, costs 30.6%of the value of the claim and requires 32.0 procedures.
Resolving insolvency
Globally, Mongolia stands at 90 in the ranking of 189 economies on the ease of resolving insolvency. According to data collected by Doing Business, resolving insolvency takes 4.0 years on average and costs 15.0% of the debtor's estate, with the most likely outcome being that the company will be sold as piecemeal sale. Mongolia scores 2.5 out of 3 points on the commencement of proceedings index, 6.0 out of 6 points on the management of debtor's assets index, 0.5 out of 3 points on the reorganization proceedings index, and 2.0 out of 4 points on the creditor participation index. Mongolia's total score on the strength of insolvency framework index is 11.0 out of 16.
China-Russia-Mongolia dialogue eyes closer trilateral relations
ULAN BATOR, Oct. 30 (Xinhua) -- Chinese, Russian and Mongolian deputy foreign ministers pledged on Thursday to boost trilateral cooperation and exchanges of views to maintain the strategic relations among the three countries at a high level.
Delegates led by Mongolian Deputy Foreign Minister D. Gankhuyag, his Chinese counterpart Cheng Guoping and his Russian counterpart I. V. Morgulov participated in the first deputy foreign minister-level consultative meeting of Mongolia, Russian Federation and People's Republic of China, held in Mongolian capital city of Ulan Bator.
During the meeting, the deputy ministers exchanged views on boosting bilateral relations and trilateral cooperation as well as on organizing the next high-level meeting among the three heads of state.
The three parties agreed to develop and boost trilateral cooperation and exchanges of views in various sectors including trade, economy, transportation, infrastructure construction, mining, tourism, humanitarian work and environmental protection.
Also, the deputy ministers expressed their commitment to rendering supports on the issues concerning each other's sovereignty, security and fundamental interests.
To prepare for the next high-level meeting of the three presidents, scheduled in July, 2015, the second deputy foreign minister-level consultative meeting will be held in next February in Beijing, China, according to the three sides.
Russia hails ties with China, Mongolia as trilateral consultations open
Russia sees China and Mongolia not only as close neighbors, but also as time-tested and reliable friends, Russian Deputy Foreign Minister Igor Morgulov says
ULAN-BATOR, October 30. /TASS/. Russia is satisfied with a dynamic pace of ties with China and Mongolia, Deputy Foreign Minister Igor Morgulov said in his opening remarks at the first Russian-Mongolian-Chinese consultations at the deputy foreign ministerial level.
Russia, Mongolia and China share "vast borders, rich historic traditions, firm friendship of peoples, huge potential and vast prospects for practical cooperation, as well as closeness of approaches to international affairs," Morgulov said.
Russia sees China and Mongolia "not only as close neighbors, but also as time-tested and reliable friends," he said.
Consultations would focus on cooperation in trade-economic, humanitarian and foreign policy sectors, he said, adding that they were expected to become a basis for future concrete projects.
Mongolia's Deputy Foreign Minister Dambyn Gankhuyag said, "Mongolia is actively cooperating with its neighbors — the Russian Federation and the Chinese People's Republic — to deepen the existing strategic partnership relations, as well as to give concrete substance to them".
Chinese' Deputy Foreign Minister Chen Gopin expressed readiness to join efforts with his counterparts at consultations towards the implementation of the already signed agreements.
The parties are expected to discuss the idea of transit corridors between Russia and China, notably rail and motor roads, a gas pipeline and energy supplies. The agenda will also include steps to invigorate political dialogue in the tripartite format.
As for gas cooperation, the Mongolian side is expected to offer Russia to build a section of the so-called western route pipeline not via the Altai mountains but across its steppe territories. Mongolia's government says it would help spare large funds. The western route provides for gas supplies to China from West Siberian gas fields. Direct gas supplies are planned to be launched in 2019.
The Ulan-Bator-based newspaper UB Post reminded that earlier in 2014, on September 11, the first meeting of the leaders of Russia, Mongolia and China was held at the initiative of the Mongolian side on the sidelines of the Shanghai Cooperation Organization (SCO) summit in Dushanbe. The leaders then reached an agreement to continue cooperation between the foreign ministries of the three countries.
The parties are expected to discuss the idea of transit corridors between Russia and China, notably rail and motor roads, a gas pipeline and energy supplies. The agenda will also include steps to invigorate political dialogue in the tripartite format.
As for gas cooperation, the Mongolian side is expected to offer Russia to build a section of the so-called western route pipeline not via the Altai mountains but across its steppe territories. Mongolia's government says it would help spare large funds. The western route provides for gas supplies to China from West Siberian gas fields. Direct gas supplies are planned to be launched in 2019.
The Ulan-Bator-based newspaper UB Post reminded that earlier in 2014, on September 11, the first meeting of the leaders of Russia, Mongolia and China was held at the initiative of the Mongolian side on the sidelines of the Shanghai Cooperation Organization (SCO) summit in Dushanbe. The leaders then reached an agreement to continue cooperation between the foreign ministries of the three countries.
Mongolia gays face stigma and violence despite policy changes
Report finds 87 per cent of the country's LGBTI people are not out
October 27 (Gay Star News) LGBTI Mongolians face social stigma and violence despite living in the first Asian country to teach LGBTI issues in schools, according to a new report.
The report was conducted by the United Nations Development Program and US Aid and is the first comprehensive review of LGBTI rights in the north Asian country.
It highlighted the lack of published records of LGBTI before the transition to democracy in 1992 and until recently, there was no word in the Mongolian language for gay or transgender.
Mongolia was the first country in Asia to teach about LGBTI issues in sex education in 2008 but one quarter of students experience social stigma and discrimination and seven percent reported physical assaults.
There is strong pressure to marry and have children and those who do not are ostracized and can face discrimination at work.
The report found that the vast majority of LGBTI people remained in the closet, fearful of social stigma and discrimination; 87 per cent of LGBTI Mongolians are not out to their family.
Of those who are out, 32 per cent are estranged from their families and 43 per cent are excluded from family gatherings. Many have been accused of ruining their family's reputation.
An alarming 73 percent have considered suicide 'due to society's intolerance and failure to understand them.'
Since June 2009, transgender people can change their sex on birth certificates or citizen identification cards with medical certification and there are legal protections for people living with HIV.
A draft revision of the Criminal Code bans discrimination against LGBTI people.
However, marriage is still defined as between man and woman and most LGBTI have experienced abuse from law enforcement personnel including blackmail and violence. Instances of severe violence towards LGBT people from ultra-nationalist groups.
The report was produced as part of the Being LGBT in Asia initiative, which is also being implemented in Cambodia, China, Indonesia, Thailand, Nepal, the Philippines and Vietnam.
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