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Geology, mining and petroleum activities updates

oyu hartsaga (1)

Trans. by B.MENDBAYAR The Ministry of Mining held the monthly Transparent Mining press conference on August 27, and provided updates on the nation’s large scale geology, mining and petroleum activities. Below are some highlights from the conference. Oyu Tolgoi’s unresolved issues Oyu Tolgoi LLC’s mining and marketing activities are advancing normally, but there are two [...]

August 28th, 2014 | Posted in Business & Economics | Read More »

Tendering for 14 previously revoked exploration license areas announced

uurhai hartsaga1

Trans. by B.MENDBAYAR Last year, 106 mineral exploration licenses were found to be granted without tendering and were revoked following a court decision. On July 4, in order to compensate losses that former license holders faced, the Government approved Resolution No. 216 and a tendering regulation for granting licenses for the areas revoked. Under the [...]

August 28th, 2014 | Posted in Business & Economics | Read More »

Mongol Bank signs new agreement with the People’s Bank of China

Governor of Mongol Bank N.Zoljargal and Governor of the People’s Bank of China Zhou Xiaochuan signed a new agreement to expand bilateral currency swap facilities from 10 billion CNY to 15 billion CNY, on August 21. The new agreement will take immediate effect and will be effective for three years. Establishment of the new agreement [...]

August 24th, 2014 | Posted in Business & Economics | Read More »

Financial losses from 106 revoked mining licenses to be estimated

Last year, 106 mineral exploration licenses determined to be improperly granted by authorities, including former chairman of the Mineral Resource Authority D. Batkhuyag, were revoked. Companies claiming to have lost huge amounts of money in these projects due to the mistakes of state officials have been asking the government, Parliament and relevant authorities to pay [...]

August 24th, 2014 | Posted in Business & Economics | Read More »

Berkh Uul Coal Mine to supply coal to Khutul Cement and Lime

Viking Mines, registered at the Australian Securities Exchange, announced that Khutul Cement and Lime JSC (KCLC), a Mongolian cement manufacturing company, signed an initial non-binding memorandum of understanding (MoU) relating to future potential coal supply, with Auminco Mines, on August 15. Viking Chairman Jack Gardner said, “The MoU, signed with Khutul Cement and Lime was a [...]

August 20th, 2014 | Posted in Business & Economics | Read More »

Mongolia’s foreign debt reaches 19.88 billion USD

Debtless Mongolia non-government organization (NGO) warned that the total foreign debt of Mongolia has reached 19.88 billion USD, or 37.7 trillion MNT, and accordingly, each citizen carries debt of 12.89 million MNT, according to the USD exchange rate on August 18. The national debt amounts to 215 percent of 2013′s GDP and 184 percent of [...]

August 20th, 2014 | Posted in Business & Economics | Read More »

OYU TOLGOI AND MONGOLIA TO TACKLE POWER ISSUES IN SOUTH GOBI

Oyu Tolgoi LLC signed a power sector cooperation agreement (PSCA) with the government for energy supply in the southern region of the country last week. The agreement lays out a framework for long-term strategic cooperation between the Mongolian government and Oyu Tolgoi to deliver a comprehensive energy plan for the South Gobi region. The main [...]

August 19th, 2014 | Posted in Arts & Culture,Business & Economics,Politics,Онцлох мэдээлэл,Топ мэдээ | Read More »

Oyu Tolgoi’s concentrate sales nearly quadruple

Turquoise Hill Resources announced financial results and its review of operations for the second quarter of 2014, on August 12. The company reported revenue of 436 million USD on sales of approximately 202,500 tons of copper-gold concentrates in the second quarter of 2014. Breakdown of the revenue by metals in concentrates is as follows: approximately [...]

August 17th, 2014 | Posted in Business & Economics | Read More »

Private sector calls for action from Mongol Bank

Representatives of several private sector organizations, including the Con-federation of Mongolian Trade Unions, Mongolian Employers Federation, Mon-golia Energy Association, CEO Club of Mongolia and the Mongolian National Mining Association, urged Mongol Bank to intensify the implementation of mon-etary policy to stabilize foreign currency exchange rates. The private sector organizations said, “The private sector is facing [...]

August 17th, 2014 | Posted in Business & Economics | Read More »

NSO Reports on Social, Economic Conditions for 2014

The National Statistical Office of Mongolia released its Social and Economic Report for the first seven months of 2014. According to its macroeconomic indicators, GDP by production reached 9,856.9 billion MNT at current price and 6,634.8 billion MNT at 2010 constant price in the first half of 2014, up 14.6 percent at current price and [...]

August 13th, 2014 | Posted in Business & Economics | Read More »

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