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Rosatom Inks Peaceful Atom Accord with Mongolia

Russia's atomic energy state corporation, Rosatom, and the Mongolian Nuclear Regulatory Authority have agreed to increase cooperation.

Russia's atomic energy state corporation, Rosatom, and the Mongolian Nuclear Regulatory Authority have agreed to increase cooperation. The agreement was signed after talks were held between Russia and Mongolia's prime ministers. The purpose of the document is to provide an impetus for developing interaction in the peaceful use of atomic energy. Talks began in April 2008, where the chief of Rosatom held talks with Mongolian Prime Minister Sanjaa Bayar that led to drafts for the designs of small and medium capacity nuclear power plants in Mongolia with the potential to further explore the nation's uranium fields.

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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

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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Japan Courts Mongolia and Its Uranium

Japan and Mongolia expressed the need to expand cooperation in the area of uranium resource developments.

Japan and Mongolia expressed the need to expand cooperation in the area of uranium resource developments. The Mongolian government is willing to allow Japan's proposal to explore uranium resources in Mongolia's eastern provinces as long as it remains within the nation's legal framework.

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Mongolia Faces Dire Economic Situation in 2008

According to the National Statistics Committee, the Mongolian economy is facing new challenges due to several new government tax breaks which are designed to help the state budget income but will place the country in a very weak economic position.

According to the National Statistics Committee, the Mongolian economy is facing new challenges due to several new government tax breaks which are designed to help the state budget income but will place the country in a very weak economic position. These new tax breaks make Mongolia one of the lowest taxing nations in Asia. Adding to the situation, B.Badamtsetseg, Head of the Macro Economic Department of the National Statistics' Committee, said that for the first two months of this year the exports benefit reached USD 36.4 million, down more than USD 20 million compared to the previous years.

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Mongolia: USD 37 Million from Worldbank

According to an official announcement by the World Bank, Mongolia will receive USD 37 million of aid for 2008. Focus areas to spent the money will be projects in regards to ease poverty, address climate change problems and the development of "clean" sources of energy.

According to an official announcement by the World Bank, Mongolia will receive USD 37 million of aid for 2008. Focus areas to spent the money will be projects in regards to ease poverty, address climate change problems and the development of "clean" sources of energy.

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Japan, North Korea Envoys Mitigate Tensions on Mongolian Soil

The tense relationship of Japan and North Korea will hopefully begin to mollify as representatives from both nations have initiated talks in Ulan Bator concerning North Korea's nuclear program and past abductions of Japanese civilians by North Korean agents. This meeting is one of many working sessions established following the six nation deal agreed upon in February at Beijing that aimed to disarm and dismantle Pyongyang's nuclear programs. Japan is expected to take a hard stance on the kidnappings, where a resolution is imperative in order for both nations to consider normalized relations. North Korea is expected to seek a settlement for the Japanese occupation of the Korean peninsula from 1910 to 1945.

The tense relationship of Japan and North Korea will hopefully begin to mollify as representatives from both nations have initiated talks in Ulan Bator concerning North Korea's nuclear program and past abductions of Japanese civilians by North Korean agents. This meeting is one of many working sessions established following the six nation deal agreed upon in February that aimed to disarm and dismantle Pyongyang's nuclear programs. Japan is expected to take a hard stance on the kidnappings, where a resolution is imperative in order for both nations to consider normalized relations. North Korea is expected to seek a settlement for the Japanese occupation of the Korean peninsula from 1910 to 1945.

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Mongolia: Bankrupt Yukos Oil Could Be Blamed for Higher Train Ticket Prices

Ulaanbaatar Railway, jointly owned and operated by Mongolia and Russia interests, has raised hard seat and premium deluxe prices by 25 percent and grand deluxe cabin prices by 50 percent in an effort to quell operating losses on passenger travel. According to reports from the UB Post, the loss was explored to be offset by revenue generated through transporting oil from Russia to China. Unfortunately, the recent bankruptcy of Russian-based Yukos Oil has terminated any possibilities at this moment. Shipping prices for cargo freight has not been changed.

Ulaanbaatar Railway, jointly owned and operated by Mongolia and Russia interests, has raised hard seat and premium deluxe prices by 25 percent and grand deluxe cabin prices by 50 percent in an effort to quell operating losses on passenger travel. According to reports from the UB Post, the loss was explored to be offset by revenue generated through transporting oil from Russia to China. Unfortunately, the recent bankruptcy of Russian-based Yukos Oil has terminated any possibilities at this moment. Shipping prices for cargo freight have not been changed.

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Rio Tinto Director Meets Protest in Mongolia Over Oyu Tolgoi Mine

The Director of Rio Tinto Group, the mining group working in conjunction with the Canadian firm Ivanhoe Inc. to implement the Oyu Tolgoi gold and copper mine project, met substantial protest while convening with members of the Mongolian government. Director Tom Albanese held meetings with the President of Mongolia, the Prime Minister, and the Speaker, and also spoke with members of a working group set up by Parliament to review the provisions of the draft investment agreement on the Oyu Tolgoi project. Currently, the government has submitted the draft agreement to Parliament and it is now for Parliament and its committees to decide when or how it will be discussed. The Resolute Reform Party and the Green Party of Mongolia held protests against the visit of Albanese and his meetings with the country's leaders and Parliament members, as they perceived the encounter as a method to expedite the ratification of the stability agreement.

The Director of Rio Tinto Group, the mining group working in conjunction with the Canadian firm Ivanhoe Inc. to implement the Oyu Tolgoi gold and copper mine project, met substantial protest while convening with members of the Mongolian government. Director Tom Albanese held meetings with the President of Mongolia, the Prime Minister, and the Speaker, and also spoke with members of a working group set up by Parliament to review the provisions of the draft investment agreement on the Oyu Tolgoi project. Currently, the government has submitted the draft agreement to Parliament and it is now for Parliament and its committees to decide when or how it will be discussed. The Resolute Reform Party and the Green Party of Mongolia held protests against the visit of Albanese and his meetings with the country's leaders and Parliament members, as they perceived the encounter as a method to expedite the ratification of the stability agreement.

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Mongolian Fears Stall Development of Ivanhoe Mine

The desire to safeguard Mongolian interests has sent the drafted investment agreement between the Mongolian government and Ivanhoe Mongolia Inc. from the Committee of Finance to a Parliamentary Working Group. N.Bayartsaikhan, Minister of Finance, said that once Parliament approved the draft and work on the projects commenced, Mongolia's share of the profits will be more than the company's. Ivanhoe Mines has already been specifically exempted from paying the Mongolian government's windfall tax law, on the grounds that Ivanhoe would be unable to run their operations on the project.

The desire to safeguard Mongolian interests has sent the drafted investment agreement between the Mongolian government and Ivanhoe Mongolia Inc. from the Committee of Finance to a Parliamentary Working Group. N.Bayartsaikhan, Minister of Finance, said that once Parliament approved the draft and work on the projects commenced, Mongolia's share of the profits will be more than the company's. Ivanhoe Mines has already been specifically exempted from paying the Mongolian government's windfall tax law, on the grounds that Ivanhoe would be unable to run their operations on the project.

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Mongolia: Government Officials Draft Terms to Copper-Gold Mine

The Standing Committee on Economics of the State Great Hural (Parliament) of Mongolia convened to discuss and draft the agreement setting out the terms of the country's investment in Ivanhoe Mine's Oyu Tolgoi copper and gold project, a world scale copper-gold mine located in Omnogobi province. According to government sources, the mining company Ivanhoe would make USD 47.7 billion in profits from the project, 22 times more than the USD 2.7 billion that it is expected to invest in it. Based off the terms agreed to by the parties involved, open-pit mining operation would start in 2010 and sub-surface mining in 2014.

The Standing Committee on Economics of the State Great Hural (Parliament) of Mongolia convened to discuss and draft the agreement setting out the terms of the country's investment in Ivanhoe Mine's Oyu Tolgoi copper and gold project, a world scale copper-gold mine located in Omnogobi province. According to government sources, the mining company Ivanhoe would make USD 47.7 billion in profits from the project, 22 times more than the USD 2.7 billion that it is expected to invest in it. Based off the terms agreed to by the parties involved, open-pit mining operation would start in 2010 and sub-surface mining in 2014.

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Mongolian President Hopeful about Future with Russia

Mongolian President Nambaryn Enkhbayar said that he expects Mongolia and Russia to reach an annual trade level of around USD 1 billion. President Enkhbayar went on to say that he would seek investment from Russia that could benefit both nations. President Enkhbayar made these comments in anticipation of a December meeting with Russian President Vladimir Putin that will take place in Russia.

Mongolian President Nambaryn Enkhbayar said that he expects Mongolia and Russia to reach an annual trade level of around USD 1 billion. President Enkhbayar went on to say that he would seek investment from Russia that could benefit both nations. President Enkhbayar made these comments in anticipation of a December meeting with Russian President Vladimir Putin that will take place in Russia.

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Mongolia and North Korea Governments Foster Trade Ties in Bilateral Agreement

The President of Mongolia N. Enkhbayar and North Korea's Kim Yong Nam met in Mongolia to discuss diplomatic relations on July 20. Kim and President Enkhbayar signed bilateral cooperation agreements on trade, health, marine transport, and labor force exchange. Kim's trip represented the first high profile state visit from North Korea to Mongolia since 1988 when North Korea's President at the time, Kim Il Sung, visited.

The President of Mongolia N. Enkhbayar and North Korea's Kim Yong Nam met in Mongolia to discuss diplomatic relations on July 20. Kim and President Enkhbayar signed bilateral cooperation agreements on trade, health, marine transport, and labor force exchange. Kim's trip represented the first high profile state visit from North Korea to Mongolia since 1988 when North Korea's President at the time, Kim Il Sung, visited.

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With Lower Costs, Russian Oil Again Going to China through Mongolia

On May 30, Russian oil company Rosneft had declared it would not be able to continue to send oil to China through Mongolia due to the high transportation cost. However, after Russian Railways granted a 22 percent tariff discount and China's UNIPEC settled for price changes, Rosneft has agreed to transport 200,000 metric tons of oil monthly to China via rail through Mongolia. The Russian-Mongolian company Ulan-Bator Railway is expected to reduce its tariff in the coming days as well, allowing Rosneft to finalize the deal.

On May 30, Russian oil company Rosneft had declared it would not be able to continue to send oil to China through Mongolia due to the high transportation cost. However, after Russian Railways granted a 22 percent tariff discount and China's UNIPEC settled for price changes, Rosneft has agreed to transport 200,000 metric tons of oil monthly to China via rail through Mongolia. The Russian-Mongolian company Ulan-Bator Railway is expected to reduce its tariff in the coming days as well, allowing Rosneft to finalize the deal.

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Cost of Mongolia's Largest Mining Project Now Even Greater

While many investors were happy to hear that developers Rio Tinto and Ivanhoe Mines Ltd. had finally reached an agreement with the Mongolian government to develop the Oyu Tolgoi copper and gold mine, the same investors may be a bit concerned about the increased cost of development. After five years of negotiations, last Tuesday's agreement showed that the government and developers decided to increase the amount of minerals to be extracted by 30 percent. The resulting increase in the project's budget pushed the price of the project up to just under USD 3 billion.

While many investors were happy to hear that developers Rio Tinto and Ivanhoe Mines Ltd. had finally reached an agreement with the Mongolian government to develop the Oyu Tolgoi copper and gold mine, the same investors may be a bit concerned about the increased cost of development. After five years of negotiations, last Tuesday's agreement showed that the government and developers decided to increase the amount of minerals to be extracted by 30 percent. The resulting increase in the project's budget pushed the price of the project up to just under USD 3 billion.

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China Gas Distributor to Invest in Monglian Gas Companies

Mainland piped-gas distributor China Gas Holdings announced it will spend 179 million CNY to gain a majority share of three gas companies in Baotao, Mongolia. After the transactions are completed, China Gas will own 80 percent shares of Baotao Gas, Shenyin Engineering, and Shenyin Natural Gas Station.

Mainland piped-gas distributor China Gas Holdings announced it will spend 179 million CNY to gain a majority share of three gas companies in Baotao, Mongolia. After the transactions are completed, China Gas will own 80 percent shares of Baotao Gas, Shenyin Engineering, and Shenyin Natural Gas Station.

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Red Hill Energy Finds Second Mongolian Coal Mine is Better than Expected

After recent exploration and drilling, Red Hill Energy announced Tuesday the discovery of a 30-50 meter coal seam over almost the entire deposit at its Chandgana Tal site. Located in mid-eastern Mongolia, the Chandgana Tal project is now believed to have a significantly larger amount of extractable coal. This news comes shortly after Red Hill's announcement that it had raised USD 2.3 million for pre-production procedures at Ulaan Ovoo, its other coal mine in Mongolia.

After recent exploration and drilling, Red Hill Energy announced Tuesday the discovery of a 30-50 meter coal seam over almost the entire deposit at its Chandgana Tal site. Located in mid-eastern Mongolia, the Chandgana Tal project is now believed to have a significantly larger amount of extractable coal. This news comes shortly after Red Hill's announcement that it had raised USD 2.3 million for pre-production procedures at Ulaan Ovoo, its other coal mine in Mongolia.

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Red Hill Energy Raises USD 2.3 Million for its Mongolian Mine

Red Hill Energy sold off 2.4 million shares of its stock at USD 0.94 per share in order to help fund pre-production procedures at its Ulaan Ovo mine in north central Mongolia. The mine is expected to yield over 200 million tons of coal. Along with Ulaan Ovo, Red Hill Energy has plans to move forward with its Chandgana Tal Coal mine in eastern Mongolia.

Red Hill Energy sold off 2.4 million shares of its stock at USD 0.94 per share in order to help fund pre-production procedures at its Ulaan Ovo mine in north central Mongolia. The mine is expected to yield over 200 million tons of coal. Along with Ulaan Ovo, Red Hill Energy has plans to move forward with its Chandgana Tal Coal mine in eastern Mongolia.

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Mongolian Rural Development Gets Boost from EU

The European Union has announced that it plans to increase its aid package to Mongolia by 17 percent, resulting in a total 2007-2010 package of USD18.7 million. Mongolian rural development will be the chief beneficiary of the aid allocation.

The European Union has announced that it plans to increase its aid package to Mongolia by 17 percent, resulting in a total 2007-2010 package of USD18.7 million. Mongolian rural development will be the chief beneficiary of the aid allocation.

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Mongolian Rail Costs Hindering Russian-Chinese Oil Trade

Another major Russian oil company has announced it is unable to continue providing oil to China, as Rosneft reported that the rail costs of shipping through Mongolia are simply too high. Despite a newly imposed railway fee discount and the 22 percent slashing of Russian rail tariffs on the Mongolia route, Rosneft's Vice President for Exports says their Chinese partners must absorb the pricing difference or contractual negotiations will cease.

Another major Russian oil company has announced it is unable to continue providing oil to China, as Rosneft reported that the rail costs of shipping through Mongolia are simply too high. Despite a newly imposed railway fee discount and the 22 percent slashing of Russian rail tariffs on the Mongolia route, Rosneft's Vice President for Exports says their Chinese partners must absorb the pricing difference or contractual negotiations will cease.

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Mongolian Hydropower Plant Sparks Eco-Debate

Despite strongly supporting environmental protection, the Mongolian government has come under fire for failing to protect the eco-region where a new hyrdropower plant is currently under construction. The government had estimated that it would need MNT103 million to counter the negative impact of the plant, but is yet to release any of the funds. When completed, the plant will significantly reduce Mongolian dependence on Russian power.

Despite strongly supporting environmental protection, the Mongolian government has come under fire for failing to protect the eco-region where a new hyrdropower plant is currently under construction. The government had estimated that it would need MNT103 million to counter the negative impact of the plant, but is yet to release any of the funds. When completed, the plant will significantly reduce Mongolian dependence on Russian power.

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Mongolian Properties Attract British Investors

British investors are speculating high property returns in Mongolia's newly evolving economy due to the mining boom. Recently, demand from British speculators saw a 52-apartment building in Ulaanbaatur sell all of its units before construction was even completed.

British investors are speculating high property returns in Mongolia's newly evolving economy due to the mining boom. Recently, demand from British speculators saw a 52-apartment building in Ulaanbaatur sell all of its units before construction was even completed.

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Mongolia's Growth Rate Hits 7.5 Percent

According to the European Bank for Reconstruction and Development, Mongolia's 2006 growth rate was put at 7.5 percent, up from 6.8 percent in 2005. The bank stated that this was largely due to continually high commodity prices and strong domestic demand. Moreover, strong investment from Russia, the region's largest economy, has also contributed to Mongolia's high economic growth.

According to the European Bank for Reconstruction and Development, Mongolia's 2006 growth rate was put at 7.5 percent, up from 6.8 percent in 2005. The bank stated that this was largely due to continually high commodity prices and strong domestic demand. Moreover, strong investment from Russia, the region's largest economy, has also contributed to Mongolia's high economic growth.

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Russia Interested in Investing in Mongolia's Mines

Talks between Mongolia's President Enkhbayar and a Speaker of the Federation Council of Russia, Sergei Mironov, have pointed out, that both Russia and Mongolia are interested in a cooperation to tap Mongolia's coal reserves. As Mongolia depends on investments in its mining sector, the President stated that it welcomes all mutually beneficial investments within the boundaries of Mongolian law and regulations.

Talks between Mongolia's President Enkhbayar and a Speaker of the Federation Council of Russia, Sergei Mironov, have pointed out, that both Russia and Mongolia are interested in a cooperation to tap Mongolia's coal reserves. As Mongolia depends on investments in its mining sector, the President stated that it welcomes all mutually beneficial investments within the boundaries of Mongolian law and regulations.

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Mongolian Government's Initiative to Support SMEs

The Mongolian Government has launched the "One Village, One Product" Initiative with the support of the United Nations Development Program (UNDP) to support micro, small and medium sized enterprises. This includes the provision of loans with a monthly reimbursable interest rate of 1.2 to 1.5 percent.

The Mongolian Government has launched the "One Village, One Product" Initiative with the support of the United Nations Development Program (UNDP) to support micro, small and medium sized enterprises. This includes the provision of loans with a monthly reimbursable interest rate of 1.2 to 1.5 percent.

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Other Important News In Mongolia


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.

read source article

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.

read source article

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.

read source article

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.

read source article

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.

read source article

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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