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BCM HIGHLIGHT
ANNUAL INVESTMENT MEETING 2023 (AIM), 8-10 MAY 2023 AT ADNEC IN ABU DHABI, UNITED ARAB EMIRATES
Dear BCM members and partners,
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BCM NEWSWIRE SURVEY
Dear valued members,
The Business Council of Mongolia sincerely appreciates its members and always tries to progressively improve the services it provides. With that being said, we would appreciate it dearly if you could kindly take 2-3 minutes of your day to fill out the following survey on our Weekly Friday Newswire. We would like to receive your feedback to ameliorate the content of our newswire.
Please find the questionnaire here.
Thank you in advance for your kind participation. Your contribution is highly valuable to us.
ECONOMY
MONGOLIA TO PRESENT CRITICAL MINERALS PROJECT AT PDAC 2023
The world’s largest mining event is set to take place in Toronto, Canada. In the 91st Prospectors and Developers Association of Canada (PDAC) conference, Mongolia will participate with a larger delegation than usual, consisting of approximately 50 representatives, led by the Minister of Mining and Heavy Industry, parliament members, state-owned enterprises, and project implementers. Mongolia has established a tradition of participating in the PDAC conference and organizing the Mongolia@PDAC event.
This year, the Mongolia@PDAC event will take place during the PDAC conference as usual to introduce Mongolia’s mining sector to investors, highlight recent changes and developments in the sector, and provide information on new projects. “Compared to past events, Mongolia has several updates to offer to investors.
The Oyu Tolgoi underground mine, the country’s largest foreign-invested project, is moving to sustainable operations in March as announced by Rio Tinto Group. The government of Mongolia successfully negotiated with Rio Tinto over the last year, resulting in the underground mine becoming operational.
Source: Mining Insight
MOODY'S AFFIRMS MONGOLIA'S B3 RATING, MAINTAINS STABLE OUTLOOK
Moody's Investors Service has today affirmed the Government of Mongolia's long-term B3 issuer and foreign currency senior unsecured bond ratings and maintained the stable outlook. The short-term issuer ratings are affirmed at Not Prime.
Mongolia's B3 rating balances elevated liquidity and external risks against strong growth prospects, as well as a debt repayment profile that has settled at more sustainable levels compared to the past. Following a recent sovereign debt refinancing transaction, Mongolia's financing needs for the next few years have diminished to more manageable, albeit still high, levels. Moreover, the recent relaxation in China's COVID policies, coupled with continued progress on Mongolia's infrastructure and logistics networks and the development of major mining projects will support a gradual recovery in foreign currency revenue and allow GDP growth to rise to potential rates over the next few years. At B3, the credit profile also incorporates institutional weaknesses and a lack of economic diversity that raises volatility in growth and fiscal outcomes.
Source: Moody's
MONGOLIA JAN COAL EXPORTS RETREAT 22.9 PCT MOM
Mongolia's coal exports came in at 3.53 million tonnes in January 2023, up 2.91 million tonnes or 466.78% year on year but declining 1.05 million tonnes or 22.85% from the preceding month, showed data from the Mongolian Customs General Administration (MCGA).
In January, the export amounts totaled $565 million, with the average price calculated at $160.00/t, down $70.47/t year on year and $5.13/t month on month.
Mongolia exported 3.47 million tonnes of coal to China in January, soaring 497.74% year on year and falling 21.32% from a month ago, taking up 98% of the total.
The China-bound shipments were worth $553 million, with an average price of $159.63/t, down $70.82/t and $4.61/t respectively from a year ago and the preceding month.
Mongolia's exports of bituminous coal rose 464.24% year on year yet fell 22.81% from a month ago to 3.48 million tonnes in January.
Source: sxcoal.com
ACROSS CHINA: BOOMING BUSINESS RETURNS TO CHINA-MONGOLIA BORDER AREAS
With unbridled excitement, Ulantuya, who hails from Mongolia, indulged in a shopping spree at a bustling mall in Erenhot, a major city on the China-Mongolia border.
"There is a great variety of products here. I will surely take many of them home," said Ulantuya, surrounded by a swarm of Mongolian merchants and customers.
Border cities like Erenhot have seen booming business and greater people-to-people exchanges since cross-border travel resumed between China and its neighbors on Jan. 8, as part of the country's optimized COVID-19 response.
Zhang Yuan, who has been running a leather goods shop at the mall for 12 years, was delighted to have Mongolian merchants back. "As I reconnected with old friends, warm greetings were exchanged, and our handshakes lingered just a tad longer than usual," Zhang said.
Statistics from the commerce department of China's Inner Mongolia Autonomous Region showed the Erenhot highway port has recorded a daily average of about 600 passenger trips since Jan. 8.
Source: Xinhua
See also: Zamiin-Uud port renovated and passengers traffic increased by 7 times
SOME BANKS ARE NOT DEALING WITH USD
Some people reported that banks are not trading USD, and limits on spending from currency accounts have been set on accounts of citizens and enterprises. In clarifying this, the Trade and Development Bank mentioned that they are not trading in USD in all branches. Also, the service worker said that the maximum spending limit for the currency account is 50 million MNT, and the number of USD to be withdrawn must be declared one day in advance. However, Khan Bank and Golomt Bank did not limit the trading of MNT into USD. In addition, they said, when receiving USD equivalent to more than 50 million MNT, it must be reported one day in advance. A currency dealer said that as of Wednesday, there was no shortage of USD at the “Naiman Sharga” currency trading market, and it was trading normally. Moreover, from the beginning of 2023 until the 7th of this month, the Mongol Bank supplied 325 million USD in foreign currency auctions.
Source: The UB Post
MONGOLIAN IRON ORE EXPORTS SURGE 757 PCT IN JAN Y/Y
Mongolia exported 360,600 tonnes of iron ore in January 2023, surging 757.86% or 318,500 tonnes from a year ago, showed latest data from the Mongolian Customs General Administration (MCGA).
The exports were also 4.90% or 16,800 tonnes higher compared with December 2022.
The total export value climbed 776.30% on the year and 22.38% month on month to $25.92 million in January, data showed.
Mongolia's iron ore exports were 4.73 million tonnes in 2022, down 33.41% year on year. Export amounts were $391.05 million, down 58.93% from a year ago, data showed.
Source: sxcoal.com
NO CAR PLATE RESTRICTION DURING TSAGAAN SAR HOLIDAY
A traffic control center has provided information on the road conditions during Tsagaan Sar Holiday /Lunar New Year/.
On January 21, road organizations were made in Dunjingarav, Zaisan and the northern intersection of the University of Agriculture. As a result, citizens are able to drive with constant speed.
During Tsagaan Sar, February 21-23, car license plate restrictions will not apply. Plate restrictions apply on Monday and Friday.
Experts believe it is possible to manage traffic this year without license plate restrictions. Traffic loads are balanced these days. In some areas, the roads are loaded due to nearby markets and malls.
Source: GoGo News
THE NEED FOR DISASTER PREPAREDNESS AND RESPONSE IS CONTINUOUSLY INCREASING
Disasters and crises caused by global warming and environmental problems have had a negative impact on people's well-being and living conditions. In recent years, the people of Ulaanbaatar city and rural areas have faced difficulties due to the disasters such as the COVID-19 pandemic and dzud. Regarding this matter, the Mongolian Red Cross Society (MRCS) has played an auxiliary role to the Government of Mongolia in disaster risk reduction and disaster preparedness, and response measures in Mongolia.
IRIM has implemented a mid-term review of the implementation of this five-year program in Mongolia within three months and developed evidence-based recommendations.
The results of the review show that the strong leadership, management, and effective operations of the MRCS make them trustworthy and strong partner for their domestic and international partners and stakeholders. However, since the organization is heavily dependent on international funding, they need to focus on raising donations and fundings from local entities and individuals by increasing nationwide awareness of the organization.
Source: IRIM
WORLD EXPORT DEVELOPMENT FORUM 2023 TO SPOTLIGHT GREEN, DIGITAL TRADE
The flagship event of the International Trade Centre (ITC), to be hosted this year by the Government of Mongolia, takes place on 26-29 June 2023 in Ulaanbaatar, Mongolia.
(Geneva/Ulaanbaatar) – Invest in diversifying sectors and markets through green and digital trade - that is the focus of the 2023 edition of the World Export Development Forum (WEDF), the flagship event of the Geneva-based International Trade Centre (ITC).
ITC is the joint agency of the United Nations and the World Trade Organization and focuses on connecting small businesses to global markets. In Mongolia, the Ministry of Economy and Development, the Ministry of Foreign Affairs and the Office of the President are leading the Mongolian Task Force for this event. The United Nations Country Team of Mongolia is also a partner on this event.
This year’s conference, under the theme ‘Diversify with Green Trade’, explores organic, digital and sustainable solutions to multiple crises.
Source: UN Mongolia, Montsame
‘DONATING GERS TO TURKEY AND SYRIA WILL BE A GREAT SUPPORT’
February 13, information was provided about Mongolians collecting donations to send aid to Turkey and Syria. The organizers of the donation campaign said, “Donating gers to Turkey and Syria, where natural disasters have occurred, will be appropriate support of the Mongolian people. Instead of collecting various products, we need to focus on donating and transporting gers. Many organizations are joining us and donating. Many organizations, including our One Team NGO, are cooperating. We are organizing a donation campaign because we live in the same world regardless of territory, religion, and state. This donation campaign will be held from February 12 to 19.”
Campaign organizers then continued, “A ger manufacturing companies, district enterprises, and business organizations are donating gers. On the last day of the donation, the Ambassador of Turkey will be invited to the Sukhbaatar Square and we will give the donation. Right now, 17 gers have been built on the Sukhbaatar Square…
Source: The UB Post
See also: 35 gers and 15 tents donated to the people of Türkiye
Mongolian Rescue Team Saves Five People
THE BANK OF MONGOLIA INTRODUCES NEW BANKNOTES SAFETY APPLICATION
The Bank of Mongolia launched a new smartphone application to prevent forgery of national currency banknotes and to provide awareness and information to citizens and children. The easy-to-use application, which includes Mongolian and English versions, can be downloaded from iOS and Android operating systems, and includes interesting cognitive information about security elements of the banknotes.
There are three sections where you learn, put what you learn to use, and test your knowledge. When using this cognitive app, you can tilt your phone from side to side, move it up and down against the light and use the UV light on screen to see, recognize and learn about security elements in an interesting way.
In recent years, the Bank of Mongolia has improved its security elements using the highest technology in order to prevent counterfeiting of currency notes and to distinguish them. Thus, the application provides the public with the necessary information on the various elements of the banknote.
Source: Bank of Mongolia
MONGOLIA WALKED ONE STEP BACK FROM ADVANCING CASHMERE INDUSTRY DEVELOPMENT - EDITORIAL
Our country is a major player that produces about 10,000 tons of cashmere per year and supplies about 48 percent of the raw cashmere in the world market. However, preparing raw materials is one thing, offering ready-made products made from raw materials, and comprehensively developing the cashew industry is another matter. Specifically, if 10,000 tons of cashmere are sold at 100,000 MNT per kg per year, the herdsmen earn about one trillion MNT. On the other hand, the Ministry of Food, Agriculture and Light Industry (MFALI) reported that the export of washed, combed, and cashmere products will earn about 445 million USD or 1.5 trillion MNT at the current exchange rate in 2022. About 80 percent of it was made from the sale of washed cashmere, 10 percent from combed cashmere, and the rest was found in final products. It is estimated that the world’s cashmere clothing market is worth about 2.5 billion USD a year.
Source: The UB Post
THE IMPACTS OF MINING ON SOIL POLLUTION WITH METAL(LOID)S IN RESOURCE-RICH MONGOLIA - PAPER
As Mongolia is considered one of the most resource extraction-dependent countries globally, significant mining-related environmental and human health risks are expected. The aim of this study was to (I) assess the impacts of mining on soil pollution with metals in Mongolia's key coal mining towns (Baganuur, Nalaikh and Sharyn Gol) and (II) review the current knowledge on soil pollution with metal(loid)s and related health risks in Mongolia. The results showed predominantly low soil contents of Cd, Cu, Pb and Zn and a related absence of severe pollution and potential health risk in the coal mining towns. Urban design, rather than the presence of mines, controlled the pollution distribution. Despite the methodological shortcomings of several studies on soil pollution in Mongolia, their results suggest a similarly low threat in the three largest cities (Ulaanbaatar, Darkhan, Erdenet) and several mining areas.
Source: Nature
MONGOLIA IS AN EMERGING ECONOMIC PLAYER WITH ENORMOUS POTENTIAL FOR UK BUSINESSES - EDITORIAL
Ask a friend to summon Mongolia to mind and it is likely that the vast plain of the central Asian steppe will be the image that appears, perhaps populated by traditional, nomadic people living in sturdy tents (known as gers) that have not changed in hundreds of years. A land of wide open spaces, natural beauty and isolation far from the concerns of modern economies.
Your friend would be partly right. Mongolia is the least densely-populated sovereign nation, with just six people per square mile. Its 3.3 million people are spread across the 18th-largest country in the world, with roughly half of them in the central capital, Ulaanbaatar. Nearly a third of the population still lives a nomadic or semi-nomadic lifestyle. But since it was called out as a ‘global growth generator’ in a 2011 report by Citibank economists, the eyes of the world have been on Mongolia as a largely untapped, emerging economic power with enormous potential.
Source: The Telegraph
POLITICS
S. KOREAN, MONGOLIAN PMS HOLD TALKS ON RARE EARTHS, INFRASTRUCTURE
South Korean Prime Minister Han Duck-soo and Mongolian Prime Minister Luvsannamsrai Oyun-Erdene held talks on Wednesday and agreed to boost cooperation in rare earth minerals, infrastructure development and climate change responses.
Luvsannamsrai, who is on a five-day official visit to South Korea, also threw Mongolia's official support behind Seoul's bid to bring the 2030 World Expo to the southeastern port city of Busan, Han's office said in a statement.
During the talks, Han told Luvsannamsrai that South Korea and Mongolia are "strategic partners who share universal values and have mutually complementary advantages in many areas."
"We expect to actively discover and promote cooperative measures in areas such as climate change response and infrastructure development," Han said.
Luvsannamsrai told Han that "Mongolian people highly appreciate that Korean people contribute greatly to all changes in Mongolian society."
Under a preliminary agreement signed after the talks, South Korea and Mongolia will hold an annual meeting on rare earth minerals and other rare metals.
Source: Yonhap News Agency, Montsame, The Korea Times
See also: Korea, Mongolia pledge rare earths cooperation
KT, Mongolia to bolster ties on resource development, IT
Mongolia-Korea Business Forum was Held
Mongolia endorses S. Korea's World Expo bid
Minister of Foreign Affairs Meets her Korean Counterpart
Prime Minister’s Visit: Official Documents Signed During the Visit
The Program "Welcome to Mongolia" Announced in South Korea
Mongolia and Korea to Cooperate in Combatting Corruption
MONGOLIA TO HOLD ONLINE DISCUSSION FOR COAL EXPORT TRADE ON FEB 27
Mongolian authorities are planning to hold a discussion on online trading for coal export on February 27, in order to help better understand details of coal auction process launched early this month.
The meeting, initiated by the Ministry of Mining and Heavy Industry of Mongolia, is also supported by the Ministry of Economy and Development, Mongolian Stock Exchange, Erdenes Tavantolgoi JSC, Energy Resource LLC and Tavantolgoi company.
During the discussion, participants will be introduced to the rules and instructions related to stock exchange and coal trading, and detailed information how to participate auction, how to enter into contracts, payments and provided with the knowledge to use the trading system correctly, according to a document released by the Ministry of Mining and Heavy Industry.
Check more details on the Agenda.
If you are interested in the meeting, Click HERE for registration.
Source: sxcoal.com
WE ARE AWAITING WHAT POLITICAL AND SOCIAL QUESTIONS WILL BE ANSWERED BY THE RECOMMENDATIONS OF THE DELIBERATIVE POLLING
807 people from all over Mongolia gathered at the State Palace to participate in the “Deliberate and Resolve” Deliberative Polling.
To have been chosen as a citizen of Mongolia and not because of differences such as knowledge or education, age, gender, occupation, is something to be proud of and considered lucky. Respondents discussed state affairs. There weren’t any interruptions or any gaps during the polling. Each and every respondent gathered on time and freely expressed their opinions and thoughts.
The Demographic of Repondents
Out of the 801 respondents of the Stage 2 of the Deliberative polling were composed of 374 people from Ulaanbaatar and 247 people from the aimags.
Gender: 54 percent of respondents were female, with 46 percent being male.
Age: In terms of age, the average was 37, the youngest 20, and the most senior 89 years of age. Respondents aged 20-29 made up 12.5 percent of all respondents.
…
Source: Parliament.mn
See also: Commencement of the Deliberative Meetings
"National Deliberative Polling - Stage 2" Programme (2023.02.14-02.15)
SAINSHAND INDUSTRIAL COMPLEX WAS INEFFECTIVE, EXPERT CONCLUDES
The ad hoc committee responsible for reviewing the implementation of projects and programs financed by Development Bank of Mongolia, results, loan issuance and repayment progress organized the second evidence analysis public hearing from February 6 to 8 at the State Palace.
In the evidence analysis hearing, the utilization, expenditure and results of loans granted to 355 projects and measures with the condition of repayment from the state budget were reviewed.
A total of 134 witnesses were called at this stage of the hearing, 81 of them participated, while 27 witnesses expressed their inability to participate through official letters, petitions and requests. Law enforcement agencies, the officials of the Development Bank and representatives of non-governmental organizations participated as observers.
During the hearing on February 8, in particular, information was heard on issues related to the 8.1 billion MNT loan provided by the Development Bank for the construction of Sainshand Industrial Complex.
Source: The UB Post
UB MAYOR WORKING IN TIANJIN
Mayor of Ulaanbaatar D.Sumiyabazar is working in Beijing, Tianjin and Chongqing cities of China. He got acquainted with the port of Tianjin, which is the shipping and logistics center of the Northern region of China and being developed as a modern production base.
By developing into an industrial and commercial port city in the middle of the 19th century, the port of Tianjin has become the largest financial, economic, trade and business center in the northern region of China. It is capable to ship 500 million containers and the third largest in China. The port, which occupies an area of 170 kilometers in the eastern part of the city, has transport routes connecting with more than 500 ports in about 180 countries and regions of the world, and is also the main sea gateway for our country.
Source: The UB Post
See also: Ulaanbaatar and Tianjin to cooperate in education, trade and business
Conference held to support investment and economic cooperation between Ulaanbaatar and Chongqing
Discussion took place on purchasing LRT from Chongqing at factory price
Experience of Chongqing city traffic control and regulation management studied
DIRECT FLIGHTS TO BE CARRIED OUT WITH QATAR
February 12, the representatives of the Ministry of Roads and Transport Development and the General Directorate of Civil Aviation met with the President of the General Directorate of Civil Aviation of Qatar, Muhammad Fale Al Hajri, and exchanged views on the issue of air communication, and signed the “Memorandum of Understanding” appointing the national air carriers of the two countries. “MIAT” JSC was appointed as the air carrier for the Ulaanbaatar-Doha route by order A/22 of the Minister of Roads and Transport Development dated February 7, 2023.
The meeting also discussed the expansion of cooperation in the aviation industry between the two countries. The Civil Aviation Organizations of Mongolia and Qatar agreed on the draft agreement on air traffic in 2014 and agreed to finalize the agreement shortly. With the entry into force of the agreement, the air carriers of the two countries will have the opportunity to operate flights within the framework of direct and commercial cooperation.
Source: The UB Post
MONGOLIA SEEKS FOREIGN HELP TO PRODUCE MINERALS USED FOR EVS - EDITORIAL
Resource-rich Mongolia is positioning itself as an alternative to China in supplying minerals used in the renewable energy sector but needs help from foreign investors to develop the necessary mining infrastructure, its deputy prime minster says.
"We will be one of the main players [in critical minerals], I'm sure, but it will take time," Amarsaikhan Sainbuyan told Nikkei Asia while in London to celebrate 60 years of U.K.-Mongolian diplomatic relations. "The Mongolian government is open for all kinds of investments and partnerships."
Minerals such as copper, nickel, lithium and cobalt are crucial for manufacturing battery-powered electric vehicles, as are rare-earth metals that largely come from China.
The National Geological Office of Mongolia had registered reserves of 61.4 million tons of copper and 3.1 million tons of rare-earth minerals as of July 2022. Last year, Southern Mongolia's Oyu Tolgoi mine -- one of the world's largest known copper reserves -- received approval to begin underground operations.
Source: Nikkei Asia
DEFACTO REVIEW, FEB. 12 - VIDEO
Highlights of the week:
1. Second evidence analysis hearing held for Development Bank cases
2. The government declares the year 2023 as the "Year of fighting against corruption"
3. The exchange rate between the US Dollar and MNT
Source: Jargal Defacto
LAWS WORK ONLY ON PAPER AND CHILDREN ARE PAYING FOR IT - EDITORIAL
According to the laws and regulations written in black on white, all opportunities are open for children with disabilities to learn and develop in our country. In particular, numerous orders, decisions, and regulations have been issued on inclusive education of children. Specifically, in 2019, there was a procedure for creating materials and learning environments suitable for students with disabilities in educational institutions of all levels, and procedures for the equal inclusion of disabled children in general education schools. Before that, in 2016, the Law on the Rights of Persons with Disabilities was passed. Article 15 of that law contains provisions to create conditions suitable for people with disabilities in all levels of educational institutions and vocational training centers. However, the results of the research conducted by the Research Institute of Labor and Social Protection have proven that the implementation of these laws and regulations is not sufficient in reality.
Source: The UB Post
B.PUREVSUREN: THERE IS NO REGULATION THAT INFORMATION MUST BE GIVEN WITH THE APPROVAL OF THE DIRECTOR - INTERVIEW
I talked to B.Purevsuren, a lawyer from the Globe International Center NGO, about the implementation of the Law on Public Information.
-Globe International Center NGO monitored the Law on Public Information. How wide is the coverage? What was the result?
-The law was approved on December 17, 2021. At that time, in the fall session of the Parliament in 2021, 137 laws were approved and amended. Among them is a set of e-development laws. It includes four laws: Public Information Transparency, Electronic Signature, Protection of Personal Information, and Cyber Security. These laws came into effect on May 1, 2022. Since then, our organization has been monitoring the Law on Public Information and presented the results of the first phase on August 29, 2022. The next round of monitoring was completed on December 31, 2022, and the consolidated results were released.
Source: The UB Post
BUSINESS
PARABELLUM DELIVERS MAIDEN MONGOLIAN REE RESOURCE
Khotgor is now estimated to host 275Mt at 0.91% total rare earth oxides plus yttrium oxide, based on a 0.4% TREO-Y cut-off, compared with an earlier JORC 2004 resource of 350Mt grading 0.96%.
With 2.2Mt of contained TREO, and average neodymium-praseodymium grades comprising 20% of the resource, the company is considering a starter project based on the higher grade 17Mt at 1.92% for 328,200t REO-Y higher-grade areas using a 1.5% cut-off.
In December, PAC Partners issued a note suggesting it expected the higher-grade resource to be in the order of 40-50mt at 2% TREO based on prior work.
At that level, it would have been comparable to ASX-listed peers, such as Arafura Rare Earths and Hastings Technology Metals, but with a lower NdPr endowment.
While the resource is smaller than some may have hoped, Parabellum is finalising a scoping study that is due by mid-year.
Infill drilling and trenching programs will follow to support a definitive feasibility study targeted for release in 2024.
Source: MiningNews.net, Proactive Investors
See also: With tonnes of REEs in Mongolia, here are the next steps for Parabellum
CHINA’S TOP COAL SUPPLIER MONGOLIA SWITCHES TO AUCTIONS TO FETCH TOP DOLLAR FROM ITS EXPORTS
Mongolia, the biggest supplier of coal to China’s steel industry, is changing the way it sells its product in a bid to improve transparency and reap better returns from its top export earner.
Stung by a scandal last year that saw hundreds of thousands of tons pilfered from state stockpiles on the border, the government is moving to an auction system that will replace the long-term contracts favoured by Chinese buyers and impose additional transport costs on customers. Beijing has sought to expand its coal trade with Mongolia in recent years, particularly after halting shipments from Australia, formerly its No. 1 supplier of the higher-grade mineral required for blast furnaces.
Mongolia’s mining minister, Ganbaatar Jambal, told local media last week that the goal is to sell 12 million tons via auction by July. The government intends to use auctions for all its coal sales in 2024 and 2025, according to an emailed response to questions.
Source: South China Morning Post
FRC: INSURANCE COMPANIES NOW ABLE TO ISSUE MNT 70 BILLION GUARANTEES
Parliament approved amendments to the Law on Insurance and Procurement law of goods, works and services with state and local funds. These enable insurers to issue guarantees to persons other than the related party, and to accept guarantees in government procurements. In connection with these amendments, the regular meeting of the Financial Regulatory Commission (FRC) discussed and approved the Operational Procedures for Insurer's Guarantee. By using insurers’ guarantee’ in the bidding process - for the state and local-owned organizations - the private sector and international projects benefit from the following:
- financial difficulties faced by citizens and enterprises will be solved in a more economically beneficial way;
- fairer competition will be created in the financial sector, along with increased cash flow circulation;
- supply and demand in the insurance industry will be increased; and
- insurance coverage and availability will be increased.
Source: FRC
50 TO 60 PERCENT OF COAL PLANNED TO BE TRADED THROUGH STOCK EXCHANGE BY 2024
The first coal exchange of Erdenes Tavan Tolgoi, a subsidiary of Erdenes Mongol Company, was held on Wednesday at 10:00 a.m. The company sold 5 packages of hard coking coal or 32,000 tons. During the exchange, the price of coal rose by 0.28 percent reaching 179.1 USD per ton from 178.6 USD per ton. In total, the company sold the coal for 5.7 million USD.
The next coal exchange event is planned to occur today at 10:00 a.m. In relation to the exchange, the draft of the government’s resolution on the execution of mining products exchange trading by the Mongolian Stock Exchange JSC was discussed.
At Wednesday's regular meeting of the Cabinet, the draft resolution on the execution of mining products exchange trading by the Mongolian Stock Exchange JSC was discussed.
Minister of Mining and Heavy Industry J.Ganbaatar, presented the decision and said, “The Law on Mining Exchange has been approved…
Source: The UB Post
LEHMANLAW: OBTAINING INVESTMENT VISAS IN MONGOLIA
Recently, one of our clients had been seeking our advice on how to obtain private purpose permanent residency in Mongolia. Our Mongolian lawyers and visa specialists are able to assist in obtaining permanent residency permits and visas for Mongolia. The residence permit for personal purposes shall be granted for up to 5 years. This type of residence permit may be issued for family reasons, employment, investment, study and academic research, or immigration. There are several sub-classes of investment related visas.
- B1 Investor of foreign-invested enterprises;
- B1-1 Family member of an investor of foreign-invested enterprises;
- B2 Foreign national appointed as an investor’s representative or executive management of a foreign-invested enterprises;
- B3 Foreign national working as an executive or a representative of a foreign legal entity.
Visa grant processing time is 5 working days for standard and may be expedited to 3 working days. A Visitor must apply for residency permit at the Immigration agency for Mongolia within 21 days after entry. Source: LehmanLaw Mongolia
MIAT MONGOLIAN AIRLINES MOVING CLOSER TO LAUNCHING US PASSENGER FLIGHTS
Mongolia’s flag carrier MIAT Mongolian Airlines seems to be in the process of preparing to launch passenger flights to the United States. This month, the airline filed a document with the Department of Transportation (DOT) to get this service started.
Is MIAT coming to the United States?
This week, Ishrion Aviation tweeted that MIAT Mongolian Airlines appeared to move closer to its plans to launch flights from Ulaanbaatar International Airport (UBN) to the United States. The flag carrier would most likely use its future Boeing 787-9 aircraft to operate these possible future new routes.
The process is still in an early stage. Before MIAT can launch flights to the United States, the Mongolian and US governments must finalize an Air Transport Agreement. Last month, both parties signed a Memorandum of Consultation (MOC), finalizing the first bilateral air transport agreement negotiated by the two countries.
Source: SimpleFlying.com
TALON ENERGY FARM-IN PARTNER TMK ENERGY SECURES DRILL RIG FOR PILOT WELL PROGRAM IN MONGOLIA
Talon Energy Ltd welcomes farm-in partner TMK Energy Limited executing a contract with the Mongolian operating subsidiary of Major Drilling Group – a large international Canadian-based drilling company – for a maiden pilot well program at Gurvantes XXXV Coal Seam Gas (CSG) Project joint venture.
The deal means Major Drilling Group will drill and complete three production wells for the program at the Gurvantes Project, in close proximity to the successful Snow Leopard-02 exploration well.
Drilling is expected to commence in April, after completion of site works and import of long lead items which have been ordered and are in transit to southern Mongolia.
The results from SL-02 have been integrated into modelling work undertaken by SLB (previously named Schlumberger) which has shown positive indications on both early gas breakthrough and production rates compared to CSG wells globally.
Source: Proactive Investors, The Market Herald
PETRO MATAD BEMOANS SLOWER THAN ANTICIPATED CERTIFICATION OF BLOCK XX
Petro Matad Ltd on Tuesday said that while it was pleased to see progress towards certifying one of its licences in Mongolia, the process was still proving much slower than initially advised.
Petro Matad is the Isle of Man-based, Mongolia-focused parent company of a group focussed on oil exploration. It owns and operates two production sharing contracts with the Mongolian government: Block XX, located in the far eastern part of the country; and Block V in the central-west.
For the past year, the company has struggled to certify its flagship licence in the east, due to local opposition. Most recently, meetings held on a provincial level in the Matad district saw citizens committees vote against the central government's certification proposal.
In December, Petro Matad said that the Mineral Resources & Petroleum Authority of Mongolia had written to the Ministry of Mining & Heavy Industry in spite of local views, recommending certification of the Block XX Exploitation Licence.
Source: Morningstar.co.uk, ShareCast.com
See also: Mongolian oil developer Petro Matad raises $6.6M to fund 2023 activities: we speak to CEO Mike Buck
Why Petro Matad shares plunged 11% on operations update
"ENERGY RESOURCES" LLC’S COAL TRADE ORGANIZED
The trading of export coal of 'Energy Resources' LLC has been successfully organized by the MSE. During the trading, 5 lots or a total of 32,000 tons of washed hard coking coal have been traded and the price has increased by 11.66 percent by an auction. A total of 7 companies participated in today's auction, out of which 4 companies submitted bids.
The next coal trading of the MSE will be organized on February 17, 2023, at 11:00 am and a total of 96,000 tons of hard coking coal will be traded.
Click here for more details
Source: MSE
See also: Mongolian miner Energy Resources' coal auction closed 11.66% higher
"Erdenes Tavantolgoi" JSC's second coal trade organized successfully
XANADU ON THE EDGE OF NEW COPPER-GOLD FRONTIER IN MONGOLIA
Geologist and mining entrepreneur Robert Friedland has a reputation for going where no man would go in search of mineral riches – a strategy that has paid off in the billions for him over the years. In the early 2000s his team discovered the Oyu Tolgoi copper-gold deposit in the Gobi Desert of Mongolia that is of biblical proportions. The discovery would eventually lead to the largest financial undertaking ever contemplated in Mongolia’s history and some projections have it producing over half a billion tonnes of copper annually by the middle of the decade.
Now owned and operated by mining giant Rio Tinto, the Oyu Tolgoi mine has become a symbol of Mongolia’s potential as a mineral-rich province and just like the proverbial light globe that attracts the moths, Oyu Tolgoi has attracted a band of smaller capped hopefuls to the region in search of its sister deposit that many believe may still be lurking out in the Mongolian desert somewhere.
Source: The West Australian
SINOMINE TO BUY MAJORITY STAKE IN MONGOLIAN LITHIUM ORE PROJECT FOR USD20 MILLION
Sinomine Resources Group, a leading Chinese supplier of battery-grade lithium fluoride, plans to pay USD20 million for a majority stake in a lithium ore mine in Mongolia to further expand the firm’s resources of the metal.
Sinomine will buy 51 percent of a universal recycling technology lithium ore project in Mongolia’s Tsagan Chuluut region from Lithium Century, which owns the project’s three shareholders, the Beijing-based miner said yesterday.
The project is still in the primary exploration stage, and the exact lithium reserves are uncertain, Sinomine added, noting that the project’s prospecting rights covers an area of more than 332 hectares, and its reserves may exceed 1.7 million tons of lithium ore. Only 10.5 percent of the area has been explored so far, the firm said.
After the acquisition, Sinomine will issue a loan of up to USD20 million for the geological exploration of the project, it added.
Source: YiCaiGlobal.com
MSE-LISTED COMPANIES ANNOUNCE DIVIDENDS
The following companies announced dividends:
Source: MSE
B. DULGUUN: ELECTRONIC COAL TRADING IS PILOTED SUCCESSFULLY - INTERVIEW
The government has approved a temporary regulation for the open electronic trade of coal for export. This will be effective until the “Law on Mineral Commodity Exchange” comes into force, i.e. until the end of June of this year. During this period, the government has assigned the electronic trading of coal through the Mongolian Stock Exchange, and the Financial Regulatory Commission has been tasked with overseeing electronic trading. The first experimental electronic trading was done on the 12th January, and the seller, Energy Resources, submitted a proposal to sell 12,800 tons of coal. The auction price rose from 1250 yuan to 1290 yuan ($187 per tonne), an increase of 12.2%, and the trade was successful. The head of the Securities Department of the Financial Regulatory Commission, B. Dulguun answered some questions about how to conduct open electronic trading of coal through the exchange and whether there have been any changes in the regulation.
Source: Mongolian Mining Journal
GLOBAL AND REGIONAL NEWS
MAERSK, A GLOBAL BAROMETER FOR TRADE, POSTS RECORD 2022 EARNINGS BUT WARNS OF A TOUGH YEAR AHEAD
Maersk, one of the world’s largest container shipping firms, on Wednesday reported a fall in fourth-quarter earnings but posted the best full-year result in its history. The Danish giant, widely seen as a barometer for global trade, said its earnings before interest, taxes, depreciation and amortization (EBITDA) reached $6.5 billion in the fourth quarter, below a Refinitiv consensus analyst forecast of $6.77 billion and down from $8 billion for the same quarter of 2021. This took the full-year underlying EBITDA figure to $36.84 billion, fractionally below the company’s forward guidance of $37 billion but its strongest-ever full-year result. Maersk experienced an “exceptional” year in 2022 on the back of a continued rise in ocean freight rates, but flagged in its record-breaking third-quarter earnings report that these rates had peaked and a normalization would negatively impact earnings, with former CEO Søren Skou warning of “dark clouds on the horizon.” Source: CNBC
GLOBAL REPORTING INITIATIVE PRESENTS SUSTAINABILITY REPORTING STANDARD FOR MINING COMPANIES
The Global Reporting Initiative (GRI), an international independent organization for impact reporting across sectors has proposed a new sustainability reporting standard for mining companies. KPMG confirmed last year the GRI Standards are the most widely used sustainability reporting standards globally. Mining was identified by the Global Sustainability Standards Board (GSSB) in 2020 for prioritization, and the Standard would apply to all organizations engaged in mining and quarrying – with the exception of coal, and oil and gas, for which GRI sector Standards are already available. GRI presented a draft Standard last week at Alternative Mining Indaba in South Africa, which identifies 25 environmental, social and economic topics. The exposure draft, open for consultation until April, includes topics that are new to the GRI Standards: tailings facilities and hazardous waste streams, artisanal and small-scale mining, and operating in conflict zones. Source: Mining.com
UK INFLATION RATE DIPS FOR THIRD STRAIGHT MONTH TO HIT 10.1 PCT
The U.K. inflation rate fell for the third month in a row in January to hit 10.1%, below economists’ expectations, but high food and energy prices continued to put the pressure on British households. Economists polled by Reuters had forecast inflation would drop to 10.3% after the rate fell to 10.5% for December. Inflation has fallen consistently since hitting a 41-year-high of 11.1% in October. Core CPI, which doesn’t include food, energy, alcohol or tobacco, was 5.3% compared to 5.8% in December, according to the ONS. The agency said the largest upward contribution came from housing, gas and electricity, food and non-alcoholic beverages, while the biggest price drops were in transport and restaurants and hotels. While the inflation rate has dropped, it’s important to remember prices aren’t necessarily going to start falling, according to Richard Ollive, senior advisor at financial services firm Wesleyan. Source: CNBC
COPPER EXPLORATION BUDGETS JUMP, BUT MAJOR DISCOVERIES ELUSIVE
According to a report by S&P Global Market Intelligence, copper exploration’s total budgets increased 21% to just shy of $2.8 billion in 2022, the highest level since 2014. The increase was driven by a strong recovery for the price of copper since hitting multi-year lows at the outset of the global pandemic. The copper price has doubled from March 2020 when the bellwether metal briefly fell below $2/lbs ($4,400 a tonne) and prices are set to stay elevated given the rosy demand outlook through the end of the decade. Last year saw two large copper mines start up operations – Anglo American’s 60%-owned Quellaveco in Peru and Cukaru Peki (Timok) in Serbia, which is wholly-owned by China’s Zijin Mining. Teck Resources’ Quebrada Blanca in Chile will follow this year, while two other major projects, Udokan’s eponymous mine in Russia and Rio Tinto’s Oyu Tolgoi underground expansion, are currently under construction. Source: Mining.com
See also: Analysts see short-term strength, long-term ‘generational shift’ in copper prices
JAPAN GDP UP 0.6 PCT IN OCT.-DEC. ON PENT-UP DEMAND BUT INFLATION BITES
Japan's economy grew at an annualized real 0.6 percent in October-December, helped by a sustained recovery in private consumption in the aftermath of antivirus curbs, but the first expansion in two quarters was far weaker than expected, government data showed Tuesday.
Adjusted for inflation, real gross domestic product increased 0.2 percent from the previous quarter, according to the Cabinet Office's preliminary data.
The average market forecast was for a 1.7 percent annualized expansion in a Kyodo News survey.
Japan's economic growth was also limited by a drop in private inventories, a negative for GDP which is the measure of the total value of goods and services produced in a country.
Accelerating inflation in Japan has already begun to dent consumer sentiment with more price hikes expected in the current quarter to March. But pent-up demand for services has supported consumption as the economy has emerged from coronavirus restrictions.
Source: Kyodo News
See also: Japan's weak Q4 GDP rebound poses challenge for BOJ's exit path
Japan’s next central bank governor is set to be Kazuo Ueda. Here’s what it means
OIL AND GAS INDUSTRY EARNED USD 4 TRILLION LAST YEAR, SAYS IEA CHIEF
The global oil and gas industry's profits in 2022 jumped to some $4 trillion from an average of $1.5 trillion in recent years, the head of the International Energy Agency (IEA), Fatih Birol, said on Tuesday.
Despite those profits, countries depending on oil and gas revenue should prepare to reduce their reliance on petroleum as demand is going to fall in the longer term, Birol told a conference in Oslo while speaking via video link.
"Especially the countries in the Middle East have to diversify the their economies. In my view, the COP28 (climate summit) could be an excellent milestone to change the destiny of the Middle East countries," Birol said.
"You cannot anymore run a country whose economy is 90% reliant on oil and gas revenues because oil demand will go down," he added.
This year's United Nations climate talks will be hosted by the United Arab Emirates, a members of the OPEC group of oil producing countries.
Source: Reuters
GOLD MINERS MAY SEE MARGINS SHINE AS ENERGY, LABOR COSTS EDGE LOWER
Gold miners are set to report healthier margins for the fourth quarter as higher energy and labor costs, which dented bottom-lines for much of 2022, are expected to ease.
All-in sustaining costs (AISC), an industry metric that reflects total expenses, jumped by a third in the last four quarters at top miners Barrick Gold Corp and Newmont Corp, but they are now projected to fall.
"Costs on the gold side are down a little bit, so we should see better margins in Q4," said Carey MacRury, analyst at Canaccord Genuity.
"So, it's really just higher production, slightly lower cost and the flat gold price," he said, adding he expects margins to have improved in the October-December period compared to the previous quarter.
Miners also grappled with wet weather, COVID disruptions, labor shortages that were sometimes linked to the pandemic, and supply chain constraints, Bernstein analysts said, adding firms should have good visibility on labor shortages in 2023.
Source: Reuters
SINGAPORE DOWNGRADES Q4 GDP, KEEPS 2023 FORECAST
Singapore's economy grew slightly less than initially estimated in the fourth quarter from a year ago, official data showed on Monday, and the government kept its forecast for annual growth to come in at 0.5% - 2.5% this year.
Gross domestic product (GDP) grew 2.1% year-on-year in the fourth quarter, the Ministry of Trade and Industry (MTI) said, slightly lower than the 2.2% growth in the government's advance estimate due to slightly weaker construction and service sector growth.
Analysts had expected a 2.3% increase, according to a Reuters poll.
"Singapore's external demand outlook for 2023 has improved slightly. In particular, growth in China is projected to pick up in tandem with the faster-than-expected easing of its COVID-19 restrictions," said Gabriel Lim, permanent secretary for trade and industry.
"Growth outlook of the U.S. and Eurozone economies remains weak amidst tighter financial conditions, which will weigh on consumption and investment spending in these economies," he added.
Source: Reuters, CNBC
GUYANA TO COMPLETE NEW OIL CONTRACT MODEL BY Q2 AS AUCTION LOOMS
Guyana expects to finalize a new oil production-sharing agreement model on time for an auction that will collect bids through mid-April, the country's vice president told an energy conference on Tuesday.
The South American country has emerged as one of the hottest offshore areas in decades with as much as 25 billion barrels of oil and gas. The country for months has promised to deliver new contract terms, but has been repeatedly delayed.
Oil ministers and executives are in Guyana this week to learn more about 14 oil and gas exploration blocks on offer. Vice President Bharrat Jagdeo told attendees a new contract model would be available in late March or early in the second quarter.
"We want multiple numbers of investment groups coming in here because then you can start the exploration activities simultaneously," Jagdeo said.
The country is also considering allocating extra blocks to countries including Brazil, Qatar and India through bilateral agreements, he said.
Source: Reuters
INDIA'S RISE IS BEYOND DOUBT - EDITORIAL
India surpassed the U.K. as the world's fifth-largest economy last year and is expected to surpass China as the most populous country in 2023. The subcontinental giant will also host this year's Group of 20 summit.
For some, these observations demonstrate that India is emerging as an economy of genuine scale. For others, they camouflage the country's struggle to get the basics right.
The reality is more nuanced.
It is clear that India has been rising for some time. Its share of world gross domestic product has more than tripled since 1992. That year, the GDP of the U.S. was 18 times larger than India's. Today the multiple is down to seven.
India's GDP growth eclipsed China's in 2021 and 2022 and is likely to do so again in both 2023 and 2024. In fact, relative demographic trends suggest that future years when China's growth exceeds India's are likely to be the exception rather than the norm.
Source: Nikkei Asia
BCM SUBMITS POLICY PAPER
The Business Council of Mongolia (BCM) Secretariat has submitted a Policy Paper to the Government of Mongolia on 13 October 2022.
BCM Secretariat has submitted summary of issues and proposed solutions on newly adopted Corporate Income Tax law drafted by the Chair and Vice-Chairs of the Tax & Regulatory Working group (lead by Ms. Kh.Amarjargal, Country Director Mongolia-Rio Tinto, Mr.B.Battushig - Founding Partner of DB>S LLP and Mr.R.Khishignemekh -Senior Partner of Ernest and Young TMZ).
The 42 pages of findings and recommendations was submitted to the Cabinet Secretariat of the Government of Mongolia, to the Minister of Finance, to the Minister of Mining and Heavy Industry; to Secretariat of the State Great Khural (Parliament); Standing Committee on the Economic Affairs; Ministry of Justice and Internal Affairs; Standing Committee on the Budget; Economy and Development Ministry. In collaboration with Mongolian National Chamber of Commerce and Industry, American Chamber of Commerce in Mongolia, Ulaanbaatar Chamber of Commerce and Mongolian National Association.
BCM would like to thank Mongolian National Chamber of Commerce and Industry, American Chamber of Commerce in Mongolia, Ulaanbaatar Chamber of Commerce and Mongolian National Mining Association and BCM Regulatory & Tax Working Group for their efforts to protect legal interests and rights of business entities in Mongolia.
Source: BCM
THE BCM APPOINTS RAPHAËL GOUÉ AS OFFICIAL BCM REPRESENTATIVE IN EUROPE
The Business Council of Mongolia is pleased to announce Mr. Raphaël Goué as an official BCM Representative in Europe.
Raphaël Goué is an expert in energy and banking, having spent more than 12 years in Asia as well as being involved in Europe-Asia cross-border projects since the mid-90s, with a focus on financial services, energy and telecommunications.
Mr. Goué has a wealth of experience in supporting global financial institutions and energy companies in their strategies in Asia, as well their development and M&A. He has previously held various positions in organizations such as Société Générale, Vivendi Universal, Booz & Co and Capital One in Europe, Africa and Asia. As a senior advisor of the global retail banking association EFMA, Raphaël has been supporting the development of banking’s leading association in selected Asian markets, and supporting EFMA in the fintech sector in Europe.
He holds an engineering degree from the École Nationale Supérieure de Géologie in Nancy, France, a master in material science from École de Mines de Nancy, and a MBA from HEC (Paris) he finalized at the Columbia Business School (New York).
The BCM is looking forward to expanding its reach to Europe with Mr. Goué’s leadership and assistance.
SDG INVESTOR MAPPING PROJECT SURVEY - IDENTIFYING BUSINESS CASES FOR INVESTMENT OPPORTUNITIES
The objective of this template is to collect data on businesses aligned with SDGs, and if selected, your provided data will be compiled into SDG Investor Map datasheet which will be eventually uploaded onto Global SDG Investor Platform managed by UNDP SDG Impact. The outcomes of the data will be aggregated to gather insights that will be presented in the form of a report along with other secondary research that we have conducted. Thus, we would like to seek your permission to use your data for business research and documentation purposes. For any individual information from your business, due permission will be sought before the publishing of the report. If you have any questions or concerns, please contact us at This email address is being protected from spambots. You need JavaScript enabled to view it. and This email address is being protected from spambots. You need JavaScript enabled to view it..
UNICEF: GUIDANCE FOR EMPLOYERS ON FLEXIBLE WORK ARRANGEMENTS AND OTHER GOOD WORKPLACE PRACTICES IN THE CONTEXT OF COVID-19
A family friendly workplace or employer is one whose policies and practices make it possible for employees and/or workers to more easily achieving work-life balance, and to fulfil both their work and family obligations. These policies may include, but are not limited to, childcare, breastfeeding rooms, flexible work arrangements, paid leave, safe transport, parenting education and so on. In Mongolia and various other countries, authorities have enforced kindergarten- and school closure policies as part of the preparedness and response to contain the COVID-19 epidemic. In addition to the impacts on children’s education, there are concerns about children’s protection and well-being as children are left alone or without adequate care as many parents still need to go to work. COVID-19 may also have negative effects on mental health and wellbeing of patients (if any), caregivers, children and adolescents and the public, such as experiencing fear of the consequences of infection with a new virus, and triggering stigma. Those placed in quarantine (or self-isolated) may experience boredom, loneliness, and anger. By promoting flexible working arrangements such as adjusted working hours, working from home and/or support childcare, your employees will be in better position to address any childcare challenges and not be distracted by concerns about their children’s safety and wellbeing at home. Click here to view in English. Click here to view in Mongolian.
UNICEF: CALL FOR ACTIONS OF THE PRIVATE SECTOR TO REDUCE CHILDREN’S EXPOSURE TO AIR POLLUTION IN UB
Too many children are at risk of dying in UB due to air pollution each year. In addition to longer-term measures to reduce overall levels of air pollution in Ulaanbaatar, UNICEF recommends that companies address some of their CSR activities in the following ways:
- Provision of air purifiers to kindergartens, schools and clinics. Children spend a considerable amount of their time in school. Air purification systems are demonstrated to be effective in reducing air pollution levels within a home or classroom. Recent innovations have made these more affordable, durable and effective. Every classroom should have an air purifier.
- Provision of electric heaters to kindergartens, schools and clinics. Electric heaters can help to reduce ambient air pollution. Reducing financial barriers to access can also help improve use of electric heaters.
- Improved construction and insulation in kindergartens, schools and clinics. This can help reduce the amount of air pollution that enters facilities where children spend most of their time. It also saves considerably on heating costs. Studies show some improvements can decrease air exchange by up to 40%.
- Provision of air pollution monitoring devices in kindergartens, schools and clinics. Monitoring devices are often a first, major step to understanding one’s own risk to air pollution. It can not only inform improved practices to reduce exposure, but it is also an effective mechanism for communities to better understand what is causing air pollution, and when it is particularly harmful.
- Improved awareness and behaviour-change campaigns. Low awareness amongst communities about the impacts of air pollution on child health and how to respond is a key barrier to addressing the air pollution crisis. There is a need to influence policymakers, relevant government institutions, businesses, CSOs, development partners, and the general public (including families and children) about the risks that air pollution poses to their health, as well as provide guidance and recommendations on various ways to address some of the most immediate threats.
These actions will reduce children’s exposure to air pollution, safeguarding them from the worst impacts at the same time as building momentum and creating an enabling environment for longer plans that reduce air pollution. UNICEF will provide guidance on these recommendations where possible. UNICEF can also help facilitate connections between actors, agencies and institutions, including schools/ clinics where children are particularly affected. However, in order to maximize efficiency, these projects should be planned, developed, implemented and monitored by the private sector company involved. Nor will any funding go through UNICEF. This helps enhance accountability, and allows private sector donors to be more actively involved in the solution of directly supporting children in UB to breathe cleaner, healthier air.
For more information and guidance, please contact UNICEF for (Amy Wickham, This email address is being protected from spambots. You need JavaScript enabled to view it.; and Sunjidmaa Jamba, This email address is being protected from spambots. You need JavaScript enabled to view it.)
BCM GUIDELINE FOR COMPANIES TO COMBAT AIR POLLUTION
Purpose: This Guideline document is to help CEOs and business leaders quickly identify possible actions they can implement in their organizations against air pollution.
Resources for information on Air Pollution
Specific ACTIONS that companies can take NOW:
Educate employees about air pollution; invite guest speakers; encourage employees to share information with friends and family; discuss possible solutions with employees
- Possible topics: damages and causes of air pollution, protection measures, energy consumption & efficiency; indoor air quality (smoking indoors); breastfeeding & healthy diet; vehicle idling; vehicle maintenance;
Work environment:
- Improve energy efficiency in building/office to reduce energy consumption;
- Plant & maintain trees; install air cleansing plants in the office;
- Install HEPA air filter and air purifiers to tackle indoor air pollution (For an affordable solution, visit http://smartairfilters.com/mn/en/;
- Install monitoring devices;
- Smart Air Mongolia masks
Work activities:
- Ensure company vehicles are well maintained to reduce pollution emissions;
- Drivers/employees instructed to not idle & to turn off vehicle engine when not moving;
- Implement carpooling activities;
- In polluted air, ensure employees wear pollution masks;
Social responsibility:
- Focus CSR (corporate social responsibility) initiatives to tackle air pollution
- Tackle air pollution in UB: UNICEF recommends focusing on areas where children are especially affected, and where urgent interventions need to be put in place to protect them as soon as possible. These include the provision of air filtration systems and electric heaters in kindergartens and schools in some of the worst-affected regions. For more information and guidance, please contact UNICEF for (Nicholas Rees, This email address is being protected from spambots. You need JavaScript enabled to view it.; and Sunjidmaa, This email address is being protected from spambots. You need JavaScript enabled to view it.);
- Run marketing/PR campaigns & contests that raise awareness about air pollution.
List of distributors for pollution masks:
- BRB – 70119967, 99658555
- BOX shop – 99062387, 75557007, 90878111 – Facebook: RZ утааны маск
- CATD LLC – 11327308, 99114346
- Mmarket – 75758001 – Facebook: Утааны Маск
- MONOS Pharmacy – 99190858
- Seven summits – 11317923
- 3M Mongolia Premier Service - 9400-3088, 9910-3335
- Utaanii Mask – 99906643 – Facebook: Утааны маск + Агаар шүүгч
- Cycling World Mongolia LLC authorized distributor of RESPRO pollution masks- 77110444
MEMBER-TO-MEMBER SPECIAL OFFERS & BENEFITS:
- Orchuulga 24 is providing a 15% discount on written translation services to BCM Members - Ombol LLC is offering free Hepatitis C medication to employees of BCM member organizations, provided that the individual pays into state health insurance. ECONOMIC INDICATORS
HISTORIC ANNUAL INFLATION
Year 2009 *4.2% [source: NSOM]
Year 2010 *13.0% [source: NSOM]
Year 2011 *10.2% [source: NSOM]
Year 2012 *14.0% [source: NSOM]
Year 2013 *12.5% [source: NSOM]
Year 2014 *11.0% [source: NSOM]
Year 2015 *1.9% [source: NSOM]
Year 2016 *1.1% [source: NSOM]
Year 2017 *6.4% [source: NSOM]
Year 2018 *8.1% [source: NSOM]
Year 2019 *5.2% [source: NSOM]
Year 2020 *2.3% [source: NSOM]
Year 2019 *13.4% [source: NSOM]
*Year-over-year (y-o-y), nationwide
CENTRAL BANK POLICY LOAN RATE
December 31, 2008 - 9.75% [source: IMF]
March 11, 2009 - 14.00% [source: IMF]
May 12, 2009 - 12.75% [source: IMF]
June 12, 2009 - 11.50% [source: IMF]
September 30, 2009 - 10.00% [source: IMF]
May 12, 2010 - 11.00% [source: IMF]
April 28, 2011 - 11.50% [source: IMF]
August 25, 2011 - 11.75% [source: IMF]
October 25, 2011 - 12.25% [source: IMF]
March 19, 2012 - 12.75% [source: Mongol Bank]
April 18, 2012 - 13.25% [source: Mongol Bank]
January 25, 2013 - 12.50% [source: Mongol Bank]
April 8, 2013 - 11.50% [source: Mongol Bank]
June 25, 2013 - 10.50% [source: Mongol Bank]
July 30, 2014 - 12.00% [source: Mongol Bank]
January 14, 2015 - 13.00% [source: Mongol Bank]
January 14, 2016 - 12.00% [source: Mongol Bank]
May 6, 2016 - 10.50% [source: Mongol Bank]
August 18, 2016 - 15.00% [source: Mongol Bank]
December 19, 2016 - 14.00% [source: Mongol Bank]
June 15, 2017 - 12.00% [source: Mongol Bank]
December 22, 2017 - 11.00% [source: Mongol Bank]
March 23, 2018 - 10.00% [source: Mongol Bank]
November 27, 2018 - 11.00% [source: Mongol Bank]
March 11, 2019 - 10.00% [source: Mongol Bank]
April 13, 2020 - 9.00% [source: Mongol Bank]
September 14, 2020 - 8.00% [source: Mongol Bank]
November 11, 2020 - 6.00% [source: Mongol Bank]
January 1, 2022 - 6.50% [source: Mongol Bank]
SOVEREIGN CREDIT RATING
| Moody’s |
Fitch |
S&P |
B3 – stable – 16 Mar 2021
B3 – negative – 8 May 2020
B3 – stable – 18 Jan 2018
Caa1 – stable – 30 Mar 2017
Caa1 – neg. watch – 15 Feb 2017
Caa1 – stable – 18 Nov 2016 |
B – stable – 9 Jul 2018
B- – positive – 17 Nov 2017
B- – stable – 22 Nov 2016
B – stable – 24 Nov 2015
B+ – negative – 13 Dec 2013 |
B – stable – 10 Nov 2018
B- – stable – 19 Aug 2016
B – stable – 03 Nov 2015
B+ – neg. – 29 Apr 2015 |
CURRENCY RATES – 16 February 2023
| Currency |
|
|
Rate |
| U.S. dollar |
USD |
|
3,514.27 |
| Euro |
EUR |
|
3,763.78 |
| Japanese yen |
JPY |
|
26.27 |
| British pound |
GBP |
|
4,233.47 |
| Hong Kong Dollar |
HKD |
|
447.71 |
| Russian ruble |
RUB |
|
46.97 |
| Chinese yuan |
CNY |
|
512.58 |
| South Korean won |
KRW |
|
2.74 |
|
_5f5d463b789f39084b5e7d7c7089ef48.jpg "Petro Matad")
