- Wednesday, 12 March 2014 10:22
Source: Daily Mail
Canada has not been a happy hunting ground for mining giant Rio Tinto PLC. Investors must still remember its disastrous GBP 23 billion (USD 38 billion) acquisition of aluminum giant Alcan in 2007, a bruising top-of-the-market deal when Rio Tinto itself was under pressure from industry rivals to either get bigger or be bought. It effectively led to the sacking of boss Tom Albanese, who made way for Sam Walsh. He has bided his time before considering venturing back into the country, but apparently is now lining up a bid for the outstanding 49.2 per cent stake in Vancouver-based mineral exploration and development company Turquoise Hill Resources Ltd., formally known as Ivanhoe Mines, it does not already own.
- Wednesday, 12 March 2014 10:19
Source: Mongolia Mining Corp.
Mongolian Mining Corp. (MMC) reported a 40.3 percent profit growth for 2013 compared with the year before, despite tough market conditions that saw shareholder losses 23 times greater in 2013 from the year before.
MMC’s production increased to record levels of output in its mining, processing, transportation and sales activities for the year ended 31 December 2013. Key highlights being that its total processed run-of-mine coal volume reached 10.7 million tons representing an increase of 44.5 percent year-on-year, and export of 4.3 million tons of washed hard coking coal products in 2013, up by 26.5 percent year-on-year.
- Wednesday, 12 March 2014 10:16
Source: Zuunii Medee
The Cabinet of Ministers has established a working group at the Mining Ministry for the establishment of a coal to liquid (CTL) fuel plant expected for commissioning in 2018.
The construction of four production plants with the capacity to produce 16 billion cubic meters of gasoline will require USD 30 billion. The government ordered that a feasibility study be ready by September, which would be followed by negotiations between China and Mongolia. Construction is planned to begin in 2015 and complete in 2018. Project preparation and building will require a temporary workforce of 40,000, and the plant is expected to provide 10,000 permanent positions. Training must begin soon, ordered the Cabinet.
- Wednesday, 12 March 2014 10:13
Source: International Monetary Fund
Mongolia has made impressive progress in developing its economy over the past decade but has serious issues to address to maintain the trajectory, said the International Monetary Fund (IMF) in its latest country report.
“Medium-term prospects remain promising given Mongolia’s large natural resource endowment,” said the Source, “but macroeconomic policies have become unsustainably loose. The resulting balance of payments (BOP) pressures have been compounded by negative shocks to FDI [foreign direct investment] and coal exports. While the Source reported expected growth of 12 percent in 2013 and 9.5 percent in 2014, it noted uncertain external environment. While international reserves remain adequate, the government has done so through external borrowing. Declining net international reserves this year is not sustainable.
- Thursday, 06 March 2014 12:21
Source: Khan Bank LLC
Khan Bank LLC is introducing the “contactless payment card,” for the first time in Mongolia, which it says will make purchases quicker and more convenient for consumers.
The contactless card, named “Kiss”, features a chip which emits radio waves and communicates with the card reader through induction technology and requires only close proximity to an antenna to complete a transaction. They are often used when transactions need to be processed quickly or hands-free such as on mass transit systems, where a smart card can be used without even removing it from a wallet and payments can go through at very close distances. So far, a total of 1,400 Point-of-Sale terminals have been installed in merchants.
- Thursday, 06 March 2014 12:19
Source: Udriin Sonin
A government working group has predicted that the exchange rate for the tugrug will hold steady before possibly appreciating in July, but warned the economic conditions will not improve unless the government is able to address issues related to Oyu Tolgoi and bring in investment.
The working group, which was established by the Economic Standing Committee to monitor the economy, found that the fall in the exchange rate was largely due to stagnating business activity in recent months, a low flow of foreign investment, and the dwindling supply of foreign currencies circulating in the market, said working group head B. Garamgaibaatar.
- Thursday, 06 March 2014 12:18
Source: The Guardian
Impinging on the rapid economic growth of Mongolia is the tricky question of water availability, as Mongolia suffers from extremes in seasonal runoff, local water stress and chronic deficits.
"In the coming two decades, water demand is expected to triple even as water suppliers are shrinking," states 2030 Waterway Recovery Group (WRG) report, which predicts a 244,000 cubic meter per day water deficit by the end of the next decade. The link between water stress and mineral exploitation is where much of the concern currently lies. A substantial proportion of Mongolia's copper and gold reserves are in the south Gobi where rainfall ranges between zero and a measly 50 millimeters per year.
- Wednesday, 05 March 2014 13:51
Source: Moody’s Investors Services
Moody's Investors Service has changed to negative from stable the outlook on the B1 corporate family and senior unsecured ratings of Mongolian Mining Corporation (MMC).
"The negative outlook reflects the breach of financial covenants by MMC on its bank loans, as well as its weakened profitability and rising leverage," said Simon Wong, a vice president and senior analyst at Moody's.
- MNT 1,700 is “appropriate” exchange rate, says Zoljargal
- Minister Oyun ranks among world’s top performing females in mining
- Former President and CEO of Oyu Tolgoi and Rio Tinto’s Country Director for Mongolia Cameron McRae appointed Executive Chairman of SkyPath Partners LLC
- SAINSHAND, ZAMYN UUD QUARANTINED FOR FOOT AND MOUTH
- Miners need to design projects with financing in mind
- Mongolia Economic Forum to be held in March
- Trafigura buys into China copper smelter Jinchuan Group
- FDI declines 36% in January y-o-y