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Standard Chartered Opens First Village Bank In Inner Mongolia

Standard Chartered PLC (STAN.LN) said it opened its first village bank Wednesday in north China's Inner Mongolia Autonomous Region.

Standard Chartered said in a statement Wednesday it chose to open its first village bank in Inner Mongolia due to the region's significant number of farmers and businesses engaged in agriculture and farming. The bank, Inner Mongolia Helingeer Standard Chartered Village Bank Ltd., will offer financial services directly to farmers in the region, said Jaspal Bindra, Asia chief executive of Standard Chartered Bank and chairman of Standard Chartered Bank (China) Ltd.

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Shenhua Energy Gets Approval for Railway Project

China's Shenhua Energy Co., nation's biggest coal supplier, received approval for $725 million railway project that would ameliorate transportation bottlenecks and help ensure adequate supplies.

China's Shenhua Energy Co., nation's biggest coal supplier, received approval for $725 million railway project that would ameliorate transportation bottlenecks and help ensure adequate supplies. The coal producer will have majority stake in the 128 kilometer railway track in the Inner Mongolia Region. In July, coal prices at China's Qinghuandao port reached a record high because of transportation issues in the Mongolian region. The construction of the rail tracks would be in addition to the already pre-existing 1,400 kilometers of tracks operated by Shenhua. Coal is projected to be China's primary source of energy, which bodes well for the world's largest coal producer and user.

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Sedgman secures Energy Resources Mine Contract in Mongolia

Sedgman, a mineral processing solutions provider, has won a $20 million contract from Mongolia's Energy Resources.

Sedgman, a mineral processing solutions provider, has won a $20 million contract from Mongolia's Energy Resources. Sedgman is said to provide design, procurement and construction management services for a coal handling and processing plant in the South Gobi region. This is the company's first win since operations began in Beijing. The win marks Sedgman's the success of Sedgman's international expansion strategy. The region is said to have full of future development potential. The coal processing plant shall be first of its kind in Mongolia and will hence set forth future mine development standards. Due to the South Gobi region's proximity to China's major steel makers, it is believed that production growth to expand at a rapid rate.

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Standard Chartered Opens First Village Bank In Inner Mongolia

Standard Chartered PLC (STAN.LN) said it opened its first village bank Wednesday in north China's Inner Mongolia Autonomous Region.

Standard Chartered said in a statement Wednesday it chose to open its first village bank in Inner Mongolia due to the region's significant number of farmers and businesses engaged in agriculture and farming. The bank, Inner Mongolia Helingeer Standard Chartered Village Bank Ltd., will offer financial services directly to farmers in the region, said Jaspal Bindra, Asia chief executive of Standard Chartered Bank and chairman of Standard Chartered Bank (China) Ltd.

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Over 60,000 Livestock Die In Hard Winter In Mongolia

More than 60,000 livestock have died from hunger and cold in Mongolia's western provinces this winter, local media said Monday.

More than 60,000 livestock have died from hunger and cold in Mongolia's western provinces this winter, local media said Monday. The Mongolian government has begun to help provide herders in the disaster-hit areas with cheaper fodder grass. Stock raising, one of Mongolia's key industries, has developed smoothly in recent years but has been suffering from poor weather conditions in the country.

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Mongolia Expects Economic Success With Mineral Exploitation

In southern Mongolia, a large mine in Oyutolgoi is believed to have copper reserves worth about170 billion U.S. dollars and a coal mine in Tavantolgoi has reserves of more than 6.4 billion tons. Both are awaiting exploitation.

In southern Mongolia, a large mine in Oyutolgoi is believed to have copper reserves worth about170 billion U.S. dollars and a coal mine in Tavantolgoi has reserves of more than 6.4 billion tons. Both are awaiting exploitation. after taking office in Sept. 2008, Prime Minister Sanj Bayar expressed his desire to speed up the exploitation of mineral resources to boost the economy and lead Mongolia into becoming one of Asia's developed countries. Officials said the government will map out and submit schemes regarding the exploitation of Oyutolgoi and Tavantolgoi by the end of February 2009 before the amendment of the mineral law so as to tap the resources as soon as possible. Analysts said Mongolia's mineral strategy depends on the country choosing proper foreign investors. Its future looks bright once reasonable and stable mineral exploitation schemes and investment policies are established.

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Mongolia Pushes For First Sovereign Bond

Mongolia has renewed efforts to issue its first sovereign global bond by asking investment banks for bids to underwrite a benchmark issue that could be as much as $500m, people in the industry say.

Mongolia has renewed efforts to issue its first sovereign global bond by asking investment banks for bids to underwrite a benchmark issue that could be as much as $500m, people in the industry say. The Trade and Development Bank of Mongolia sold $75m of bonds in January 2007 but there has been little or no demand for further issues. The currency depreciated by 7 per cent so far this month against the dollar, which added to an earlier 11 per cent drop in value in the last two months of 2008.

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Mongolia Deficit Rating Downgraded, Outlook Remains "Negative"

Mongolia's long-term deficit to "B" from "B-Plus." by Fitch Ratings on Monday downgraded. Fitch also downgraded the country's ceiling to "B" from "B-Plus." The agency also said its outlook for the Mongolian finances remains "negative."

Mongolia's long-term deficit was downgraded to "B" from "B-Plus." by Fitch Ratings on Monday. Fitch also downgraded the country's ceiling to "B" from "B-Plus." The agency also said its outlook for the Mongolian finances remains "negative." In a release, Fitch said the action was based on combined pressures on Mongolia's external finances and ongoing problems with respect to its economic policy continuity. Fitch also said it expects continued pressure" on Mongolia's currency exchange rate vs. the US Dollar, which fell 11 percent in the last two months of 2008 and another 7 percent since then. It said it also believes the ability of the Mongolian central bank to manage the value of its currency has been diminished.

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Mongolia Asks China For US$3 Billion Crisis Loan

Mongolia is asking China for a $3 billion loan to help shore up troubled banks and develop trade as global economic turmoil drives down prices for its exports of coal, copper and cashmere, the government said Friday.

Mongolia is asking China for a $3 billion loan to help shore up troubled banks and develop trade as global economic turmoil drives down prices for its exports of coal, copper and cashmere, the government said Friday. The request includes US$1 billion to stabilize Mongolian banks and US$2 billion to finance road building, industrial and agriculture projects to expand trade with China, according to a government statement. The appeal reflects China's evolution from the Cold War adversary of this former Soviet satellite into its most important export market.

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Mongolia To Boost Ties With China

Gava Batkhuu, the vice chairman of the Mongolian Parliament, said on Wednesday that the his country will resume boosting bilateral cooperation with China.

Gava Batkhuu, the vice chairman of the Mongolian Parliament, said on Wednesday that the his country will resume boosting bilateral cooperation with China. Bakhtu elaborated, during a meeting with the Chinese Ambassador to Mongolia, the importance of a strategic partnership between the two neighboring countries in these rigid times of global financial disaster. Mongolia is amending its law on mineral resources to boost its economy and to protect the interests of foreign investors to encourage investments. 2009 marks the 60th anniversary of the establishment of diplomatic relations between China and Mongolia, and the two countries will organize a series of celebrative events.

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President of Poland to Visit Mongolia

Polish President Lech Kaczynski, will be visiting Mongolia at the end of the month in an effort to strengthen bilateral relations between the countries.

Polish President Lech Kaczynski, will be visiting Mongolia at the end of the month in an effort to strengthen bilateral relations between the countries. Mongolia's Prime Minister S.Bayar expects to boost bilateral cooperation in education, health, agricultural, food safety and defense sectors. Both leaders are also expected to sign several documents including a Cooperation Program allowing for the freer flow and exchange of science, culture and education.

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