News briefs
AUSTRALIA’S NATIONAL DAY CELEBRATED IN MONGOLIA
Ulaanbaatar. Australia Day is the official National Day of Australia. Celebrated annually on the 26th of January it symbolises an Australia that reflects the nation’s diversity. For Australians at home and abroad, it is a day to celebrate coming together and connecting with family, friends, and community to 'Reflect. Respect. Celebrate'.
Committee set up to help MONVAL Code secure international approval
Given that revenue from mining is the mainstay of the Mongolian economy, it is important to create conditions that would help bring more investment in our exploration and extraction sectors, so that in time we have more mineral resources to export. One way to do this is to follow methods and processes consistent with the global best practice when putting a value on mineral deposits and mining operations. Investment in both exploration and extraction will come only when potential investors can be sure that the object of their interest has been reliably valuated, using internationally accepted methods and codes. Apart from bringing foreign investors into Mongolia, this would also help domestic companies place their assets in stock markets, both international and local.
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).
Coal export earned almost $1 billion
The full-year report for 2016 recently released by the National Statistics Office says the foreign trade turnover was $8.275 billion, 2.3% less than in 2015. Exports rose 5.3% year-on-year to reach $4.917 billion but imports fell 11.6% to $3.358 billion. The trade surplus of $1.559 billion was 1.8% higher than in the previous year.
4 companies express interest in oil refinery
Four international companies – CPP-MAX (Mongolia-China consortium), ISN (Mongolia-UK JV), a Mongolia-Canada consortium, and a Mongolia-China consortium – have so far expressed their interest in building the proposed oil refinery in Bor-Undur soum in Khentii aimag, according to Industry Minister D. Erdenebat.
XAMODX awarded Mongolia’s first Fairmined Certificate
The NGO XAMODX is the first Mongolian organization, only the fourth in the world, and the only one outside South America to have been awarded the Fairmined Certification by the Alliance for Responsible Mining recognizing that the gold it produces is without the use of mercury or cyanide.
China approves opening-up of Erenhot border areas
A new experimental area for development and opening up at the border of north China’s Inner Mongolia Autonomous Region has been approved. It is a breakthrough for Erenhot, an inland port city which borders Mongolia, coming after two years of preparations.
Mongolian team visits multi commodity exchange in Mumbai
A high level 5-member delegation from Mongolia recently visited the Multi Commodity Exchange of India in Mumbai to get familiar with the various operational, economic and self-regulatory aspects linked to successfully operating a commodity exchange. The delegation was led by O. Erdenebulgan, Vice Minister, Ministry of Mining.