Recent news
Erdene Resource reports “solid progress”
In a recent update on corporate and project activities, Canada-listed Erdene Resource Development Corp. says it had an active and successful second quarter, where it reported some of the highest grade drill results to date from its flagship gold project Bayan Khundii,
Parliament approves two new railway routes
On June 29 Parliament approved amendments to the State policy on railway to provide for two new rail routes -- Erdenet-Artssuuri and Zuunbayan-Khangi. This means a total of 1,900 km of railway will be built in the second stage of implementation of the policy, including the following previously approved routes: Nariinsukhait-Shiveekhuren (45.5 km), Tavantolgoi-Gashuunsukhait (267 km), Khuut-Tamsagbulag-Numrug (380 km), and Khuut-Bichigt (200 km).
Coking coal prices to keep low in the long term
The US-China “trade war” has hurt Mongolia, too, in that our southern neighbour’s demand for coking coal has fallen. However, many analysts feel China will not have to reduce its steel output drastically, and based on that optimism, the market has been showing some positive signs, though this maybe more short-term than is good for Mongolian exports.
Time to generate optimism
A German journalist, Dr Dirk Asendorpf, once wrote that the interest of international media in Mongolian mining rose and fell according to the state of the relations between Oyu Tolgoi and the Mongolian government.
Developing costly infrastructure is a big gamble, but one worth taking
Parliament’s approval of a resolution supporting steps to get the Tavan Tolgoi deposit into economic circulation was a tribute to the persuasive skills of the sector minister, D.Sumiyabazar, though the tacit backing of the Prime Minister and the absence of opposition from the President also played a part.
Consulting firm will run the oil refinery
Following the laying of its foundation stone on 22 June, hopes are high that Mongolia will finally have the long-talked-about oil refinery. The investment of $1 billion is assured, and work should soon begin on the planned two-stage construction. G.Ider asks B.Ankhbayar, Head of the Division of Non-metallic Mineral Production at the Ministry of Mining and Heavy Industry, how things are at the moment.
Foreign trade turnover up in H1, surplus down
Foreign trade turnover reached $6.3 billion at the half-year mark, according to the National Statistics Office, with exports of $3.6 billion and imports of $2.7 billion. The three figures show a 26%, 15.3% and 43.4% YoY increase respectively. Foreign trade surplus fell 30.4% YoY to stand at $822.2 million.
Better to earn profits, than being mega for the sake of it
The spring session of Parliament ended on a high note of hope, as on the closing day it approved the resolution to begin work on putting Tavan Tolgoi (TT) into economic circulation, thus giving the Government the formal green signal to realise a long-cherished dream.
Zoovch-Ovoo to start trial uranium mining in October
A pilot production programme at the Zoovch-Ovoo uranium deposit at Zuunbayan Bag, Dornogovi aimag will begin in October 2018, according to Terry Pleasant, Executive Director of Badrakh Energy, the name under which Areva Mines has been operating since January 2018.
113 projects make it to national programme list
E.Odjargal finds out from B.Bayarsaikhan, head of the National Development Agency, how projects are selected for inclusion in the national investment programme and the strategic goals of the “Three pillar development policy”.
Be anti-mining, win votes
Khuvsgul is now officially a non-mining aimag, following a decision taken by the 7th Citizens’ Representative Khural (CRK) on April 20 to bring the area south of the 50th latitude under special local protection. Earlier, in 2009 the Khural had kept apart the area north of that latitude for the aimag’s special needs for a period of 5 years, a period that was extended by 25 years in 2014.
Hasu Megawatt: a pioneer company growing bigger, better, and stronger
Hasu Megawatt LLC is one of the Mongolian companies that are growing together with the Oyu Tolgoi project, bringing in international expertise, cutting edge technology and sophisticated know-how, and thus preparing a new generation of high-skill local professionals for the mineral sector.
Madness
As we near the halfway mark of the year, the commodity market continues to be good, bringing hope that the country’s economy will soon be restored to health.
World Bank to Join the Mongolia Economic Forum
Ulaanbaatar, Mongolia, May 17, 2018—Christine Zhenwei Qiang, PhD, Practice Manager for the Global Investment and Competition Unit of the World Bank Group’s Macroeconomics, Trade and Investment Global Practice, will attend the Mongolia Economic Forum (MEF) in Ulaanbaatar on May 21 and 22.
Bilateral ties through Russian envoy’s eyes
The Russia-Mongolia intergovernmental commission recently held its 21st meeting, where important issues were raised, as between two old friends, and important decisions taken, as would take the partnership forward in challenging times. E.Odjargal talks to long-time Russian Ambassador to Mongolia.
Coal export rises in March after big dip
The 7.9 million tonnes of coal exported in the first quarter was 2.62% less than in the corresponding period last year, but things have begun to look up as exports for March, the last month in that quarter, showed an increase of 7.8% YoY.
Fate of TT power plant hinges on RIO TINTO decision
How Oyu Tolgoi LLC decides to source the electricity to meet the needs of its mine will also decide the fate of the Tavan Tolgoi power plant, a proposed mega project that would meet the power needs of both industrial and domestic users across a large swathe of the country.
Big fall in trade surplus, coal main culprit
According to data revealed by the National Statistics Office, Mongolia’s exports in the first two months of 2018 were valued at $838.4 million, while imports stood at $726 million, taking total trade turnover to $1.6 billion, which is 18.9% or $248.1 million more than the corresponding figure in the previous year.
