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Darkhan Metallurgical Plant to launch its wet processing plant

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By B.MENDBAYAR Darkhan Metallurgical Plant JSC is working toward the launch of its iron ore wet magnetic processing plant this year. The wet processing plant is being constructed within the framework of a plan to develop Darkhan Metallurgical Plantinto a mining and metallurgical industrial complex. Construction of the wet processing plant is completed. Currently, electricial [...]

October 5th, 2014 | Posted in Business & Economics | Read More »

Mongolia to export coal by new railway next year


By B.MENDBAYAR Prime Minister N.Altankhuyag visited the embankment construction site for the 267 kilometer railway being built between Tavan Tolgoi and Gashuun Sukhait. The Tavan Tolgoi-Gashuun Sukhait Railway is being constructed under the New Railway Project being implemented by the Mongolian Railway state-owned stock company. Funding of 200 million USD from the Chinggis Bond has [...]

October 2nd, 2014 | Posted in Business & Economics | Read More »

Viking Mines to wholly own Berkh Uul Mine and complete acquisition of Auminco Mines


By B.MENDBAYAR Viking Mines Ltd announced on September 26 that it has secured acceptances in respect to 97.93 percent of Auminco Mines Ltd shares at the close of its off-market takeover bid. The company is proceeding to compulsorily acquire the remaining shares in Auminco Mines. Auminco Mines is known to Mongolians primarily for its Berkh [...]

October 2nd, 2014 | Posted in Business & Economics | Read More »

MED partners with JICA to develop state-private sector partnership policy


By B.MENDBAYAR The Ministry of Economic Development organized the “Mongolian State-Private Sector Partnership, Today and Future” conference in association with a team of experts from the Japanese International Cooperation Agency (JICA), on September 16. Principles of state-private partnership and the Law on Concession were introduced at the conference. Over 50 delegates from the Ministry of [...]

September 18th, 2014 | Posted in Business & Economics | Read More »

Increase to electricity rates cancelled

shudarga ursulduun TUYA1

By B.MENDBAYAR The Authority for Fair Competition and Consumer Protection Mongolia (AFCCP) and Financial Regulatory Commission have stopped the Energy Regulatory Commission’s (ERC) move to raise residential and commercial electricity fees following the discovery of industry violations and lack of AFCCP approval for the price increase. The Energy Regulatory Commission approved a resolution to increase [...]

September 11th, 2014 | Posted in Business & Economics | Read More »

Hydroelectric power plant coming to Khovd River


By B.MENDBAYAR The Ambassador Extraordinary and Plenipotentiary of Mongolia to Turkey, B.Batkhishig, had a meeting in the Mongolian Embassy in Turkey with General Manager of ZTM Engineering and Consulting Co. Inc. Muslum Gunduz to discuss the hydroelectric power plant that will be constructed on the Khovd River. During the meeting, Muslum Gunduz noted that the [...]

September 9th, 2014 | Posted in Business & Economics | Read More »

Overview of Invest Mongolia conference

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By B.MENDBAYAR “Friends of Mongolia have gathered here in this hall…” said CEO of the Representative Office of Standard Chartered international bank in Mongolia, Shin Bonggun on stage at the two-day Invest Mongolia conference held at Blue Sky Tower. As of the first half of this year, foreign direct investment to Mongolia has decreased by [...]

September 5th, 2014 | Posted in Business & Economics | Read More »

Foreigners interested in investing in Mongolia investment fund

By B.MENDBAYAR Below is an interview with B.Dolgorsuren, director of the New Financial Products and Services Division at the Financial Regulatory Commission, about investment funds. How many regulations following the Investment Fund Law will be approved? Are there any regulations already approved and started taking effect? Nearly twenty regulations following the Investment Fund Law are [...]

September 2nd, 2014 | Posted in Business & Economics | Read More »

Trial of Altanbulag FTZ extended

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253 million MNT in goods traded By B.MENDBAYAR The Ministry of Economic Development (MED) held a press conference on August 29, and stated its decision to extend the trial period of Altanbulag free trade zone (FTZ). A two-month trial of Altanbulag FTZ, bordering Russia in Selenge Province at Altanbulag-Khiagt border point, was launched in June. [...]

August 31st, 2014 | Posted in Business & Economics | Read More »

Geology, mining and petroleum activities updates

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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 »

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