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Oyu Tolgoi produces 140,000 tons of copper in Q2

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Trans. by B.MENDBAYAR Registered at the New York Stock Exchange, Turquoise Hill Resources Ltd released the second quarter production report for Oyu Tolgoi on its website on June 15. According to the report, Oyu Tolgoi treated 7.77 million tons of ore and produced 140,000 tons of copper concentrates with 25.8 percent copper concentration. Oyu Tolgoi’s [...]

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

Central Bank releases report on Mongolian travel expenditures

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Trans. by M.ZOLJARGAL The Central Bank of Mongolia, Mongolian National Tourism Center and Ulaanbaatar City Tourism Department have completed and released the “Study on Foreign Trip Spending Report of Mongolians” with statistics covering the first half of 2014. The study was conducted as part of a project to improve the quality of data about Mongolians’ [...]

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

Project to improve TVET system in Mongolia presented to Chairman of Standing Committee on Budget

A project to improve the technical and vocational education and training (TVET) system in Mongolia was presented to MP Ts.Davaasuren, Chairman of the Standing Committee on Budget, by Asako Maruyama, Education Specialist of Asian Development Bank, on July 7. The proposed project seeks to create a better transition from secondary school to the workplace to [...]

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

Business owners grateful for financial support from their district

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Trans. by B.MENDBAYAR Last year, the Sukhbaatar District Labor Department helped create jobs for residents of Suhkbataar district through several projects that provided extensive financial assistance to small business owners. The aid the programs provided included granting 44 residents low-interest “Small Loans to Increase Jobs,” totalling 179 million MNT and creating 180 jobs; and granted [...]

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

New report highlights Mongolia’s untapped potential

Oxford Business Group (OBG)’s new report, which marked OBG’s third analysis of Mongolia’s economy, was launched at Best Western Premier Tuushin Hotel, Ulaanbaatar, on July 1st. The Report: Mongolia 2014 charts the country’s new infrastructural development, which, together with new legislation governing foreign direct investment and a regulatory overhaul, is expected to be instrumental in [...]

July 6th, 2014 | Posted in Business & Economics | Read More »

Petro Matad narrows its pre-tax loss

Alliance News reported that Petro Matad Ltd. narrowed its pre-tax loss in 2013. The multinational oil exploration company, which operates in Mongolia, said its pre-tax loss narrowed to 7.5 million USD from 12.2 million USD the previous year. Alliance News noted that the company, which is yet to produce any revenue, reduced its losses through [...]

July 6th, 2014 | Posted in Business & Economics | Read More »

Guildford Coal LLC acquires license to transport coal from its Baruun Noyon Uul mine

Guildford Coal LLC, registered at the Australian Stock Exchange, announced its acquisition of a coal transportation license from the Ministry of Roads and Transportation. According to its terms, the company would transport coal from its Baruun Noyon Uul mine to Shiveekhuren port, which borders Ceke port in China. The Managing Director of the company, Peter [...]

July 6th, 2014 | Posted in Business & Economics | Read More »

Shares of Gobi Corp. and Atar Urguu JSC reach an all-time high

On July 1, shares of cashmere manufacturer Gobi Corp. (GOV), registered with the Mongolian Stock Exchange, grew to an all-time high. One hundred and thirty-four shares of Gobi were sold at the unit price of 8,400 MNT, which was an increase of 7.01 percent from the previous day. As a result, the market value of [...]

July 6th, 2014 | Posted in Business & Economics | Read More »

Cooperation agreement on energy to be signed by GoM and Oyu Tolgoi

The Government of Mongolia established an agreement of cooperation, entitled “Cooperation in Energy Sector in Southern Region”, between the Government of Mongolia and Oyu Tolgoi LLC, and entrusted Minister of Energy M.Sodnompil and Chairman of the Energy Regulation Committee S.Otgonbayar with signing the agreement. In constructing the Tavan Tolgoi Power Plant, strategically important to establishing [...]

July 6th, 2014 | Posted in Business & Economics | Read More »

Mongolian foreign exchange reserves decline to 1.6 billion USD

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Trans. by B.MENDBAYAR On July 2, Mongolbank reported on its website that as of May, Mongolian foreign exchange reserves reached 1.6 billion USD, which is a decrease of 52.6 percent from the previous year. As of May 2013, the Mongolian Treasury Fund had reserves of 3.38 billion USD. International analysts have warned that the Mongolian [...]

July 3rd, 2014 | Posted in Business & Economics | Read More »

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