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Turquoise Hill announces first quarter 2014 production and update on project financing

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By B.KHASH-ERDENE Canadian miner Turquoise Hill Resources on Monday announced its first quarter 2014 production for Oyu Tolgoi and provided an update on project financing. Turquoise reported that production at Oyu Tolgoi in the first quarter of this year was heavily impacted by post commissioning issues, including rake blade failure in both of the tailings [...]

April 16th, 2014 | Posted in Business & Economics | Read More »

Aspire signs MoU with Sainshand Industrial Park regarding Ovoot coking coal

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By B.KHASH-ERDENE Aspire Mining Limited announced this week that its Mongolian subsidiary has signed a non-binding memorandum of understanding (MoU) with Sainshand Industrial Complex SOE relating to the future potential supply of coking coal produced at the company’s wholly owned northern Mongolian Ovoot Coking Coal Project. The Sainshand Industrial Complex is a Mongolian government entity [...]

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

Prophecy updates on Chandgana preliminary economic assessment

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By B.KHASH-ERDENE Canadian coal miner Prophecy Coal Corporation announced last week that the company has filed a revised technical report on its Chandgana Tal coal mining licenses in central Mongolia, titled “Technical Report, Coal Resources and Preliminary Economic Assessment, Coal Mine Component, Chandgana Tal Coal Project” (PEA). The PEA examines the economics of coal production [...]

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

ADB warns Mongolia of external imbalances

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By B.KHASH-ERDENBE A new report by Asian Development Bank (ADB) forecasts Mongolia’s economic growth to reach 9.5 percent in 2014, driven by the start of copper production at the Oyu Tolgoi open pit mine last year and 10 percent in 2015. “Rapidly declining foreign direct investment, falling coal exports, compounded by highly expansionary fiscal and [...]

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

Mongolia Mining 2014 launches this month

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By K.TUGCHIN The 4th edition of Mongolia Mining 2014 International Mining and Oil/Gas Exhibition will be held for three days from April 10 to 12. In addition to the traditional mining industry, this year’s expo adds the oil industry to its profile. This year’s expo will be larger than all previous editions. To accommodate the [...]

April 1st, 2014 | Posted in Business & Economics | Read More »

Entree Gold announces fiscal year 2013 results

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By K.TUGCHIN Canadian miner Entree Gold Inc. filed its annual operational and financial results last week for the year ended December 31, 2013. Greg Crowe, president and CEO commented, “With the completion of our financing in early 2013, Entree substantially added to its treasury, thus enabling us to focus on growth, rather than simply surviving. [...]

March 30th, 2014 | Posted in Business & Economics | Read More »

Mongolian and Chinese business operators meet

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By B.KHASH-ERDENE Mongolian and Chinese business operators and investors met on Thursday at the Foreign Affairs Ministry. The event, organized by the Mongolian Job Provider’s Union, was attended by more than 120 Mongolian and Chinese business delegates. At the event, Prime Minister N.Altankhuyag remarked, “The recent changes made to the investment legal environment of Mongolia [...]

March 27th, 2014 | Posted in Business & Economics | Read More »

Mongolia to modernize payment systems through a 20 million USD loan from ADB

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By B.KHASH-ERDENE The Ministry of Economic Development and the Asian Development Bank (ADB) have agreed to implement a “Payment System Modernization” project in Mongolia, after signing an agreement for a 20 million USD loan for the project last week. The project will run for two years to address issues such as the development of a [...]

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

Russia ready to draw up long-term oil supply agreement

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By B.KHASH-ERDENE On Monday, Minister of Mining D.Gankhuyag received a Russian delegation led by Igor Sechin, president and chairman of state-owned oil explorer and distributer, Rosneft. At the beginning of the meeting, Minister D.Gankhyag expressed his gratitude to the Russian delegates for providing petroleum to Mongolia for many years, and noted that Russia agreed to [...]

March 19th, 2014 | Posted in Business & Economics | Read More »

Mining Minister emphasizes cooperation at PDAC Convention

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By B.KHASH-ERDENE Minister of Mining D.Gankhuyag led a group of Mongolian officials to the Prospectors & Developers Association of Canada (PDAC) International Convention 2014, which took place from March 2 to 5 in Toronto, Canada. A speech emphasizing Mongolia’s focus on sustainable development and a stable legal environment was made by Minister D.Gankhuyag. “Mongolia provides [...]

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

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