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BCM HIGHLIGHT
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
GROSS INDUSTRIAL OUTPUT INCREASES BY 2.2 TIMES MORE FROM THE PREVIOUS YEAR
According to the National Statistics Office of Mongolia, by the preliminary results of January, the gross industrial output reached MNT 2.7 trillion, which increased by MNT 1.4 trillion (2.2 times more) from the previous year.
This increase was mainly due to the mining and quarrying production output increase by MNT 1.3 trillion (2.8 times more) and the manufacturing production output by 62.3 billion (19.0%), respectively. The mining and quarrying gross output reached MNT 2.0 trillion, which increased by MNT 1.3 trillion (2.8 times more) from the previous year. This increase was mainly due to increases in coal and lignite mining by MNT 1.1 trillion (8.9 times more) and mining of metal ores by MNT 117.3 billion (20.4%) from the previous year.
In the manufacturing sector, pure water, soft drink, juice, metal steel, wheat flour, and meat increased by 0.7 percent to 2.4 times more than the previous year.
Source: Montsame
DOMESTIC CONSTRUCTION ENTERPRISES ACCOUNT FOR 98 PCT OF CONSTRUCTION AND CAPITAL REPAIRS
According to the National Statistics Office of Mongolia, construction, capital repairs and maintenance reached MNT 6.3 trillion, of which MNT 6.2 trillion (98.0%) were completed by the domestic construction enterprises and MNT 124.4 billion (2.0%) were completed by foreign enterprises in 2022.
By preliminary result of 2022, construction, capital repairs and maintenance increased by MNT 1.7 billion (37.4%) compared to the previous year. It was mainly due to MNT 1.7 billion (37.9%) increase in construction, capital repairs and maintenance completed by domestic enterprises. In the total construction, capital repairs and maintenance completed by domestic enterprises, construction, capital repairs and maintenance completed by private enterprises reached MNT 6.2 trillion, increased by MNT 1.7 billion (37.7%). While, capital repairs and maintenance of state-owned enterprises reached MNT 128.0 billion, decreased by MNT 159.8 billion (55.5%), construction, capital repairs and maintenance completed by joint venture reached MNT 47.2 billion, decreased by MNT 1.9 billion (3.9%) compared to the previous year.
Source: Montsame
NUMBER OF E-CARS TO INCREASE TO 30 PERCENT BY 2025
In order to meet the growing challenges of air pollution, the Ministry of Environment and Tourism, the United Nations Economic and Social Commission for Asia and the Pacific and the United Nations Environment Program are organizing the Asia and the Pacific High-Level Forum on Clean Air on March 2 and 3.
During the forum, it was mentioned that air pollution has a large impact on human health and ecosystems and is the most important global environmental cause of premature deaths. The latest update of the WHO Air Quality Guidelines states that seven million people worldwide annually die prematurely of cardiovascular and respiratory diseases that are attributable to ambient and household air pollution. The greatest number (two-thirds) of these premature deaths occurred in the South-East Asian and Western Pacific regions, which can be attributed to the rapid economical and industrial and urban growth in these areas.
Source: The UB Post
NEW RAILWAY LINE TAVAN TOLGOI-ZUUNBAYAN TO BE OPEN
O. Amarsanaa, the Stationmaster of Tsogttsetsii train station said, “The Memorandum of Cooperation between Mongolian Railway and Mongolian Professional Committee of Petroleum Import was signed and we have been cooperating actively since then.” As a result of this MOC, companies and entities working in the strategy fields are able to be supplied by lower-price gasoline and the overloaded truck traffic will be reduced, increasing the lifespan of roads.
On February 1, 2023, “Mongolian Railway” SOSC, “Tavan Tolgoi Railway” LLC, and “Mongolian Trans Line” LLC jointly launched a trial transportation between Tavantolgoi -Tsagaantsav.
The Tavantolgoi-Gashuunsukhait railway covers Tsogtsetsii, Bayn-Ovoo, and Khanbogd soums of Umnugovi province. It is 240 kilometers long mainline from Tavantolgoi mining to port Gashuunsukhait, with a total of 321.6 kilometers, two stations, and six crossings.
As of today, 21000 tons of coals have been transported successfully.
Source: Montsame
PHILIPPINES, MALAYSIA, MONGOLIA SEAL STRONGER PARTNERSHIP IN HOUSING FINANCE
State-owned National Home Mortgage Finance Corp. (NHMFC) strengthened its partnership with its counterparts in member-countries of the Association of Southeast Asian Nations through the signing of a memorandum of understanding with Cagamas Berhad of Malaysia and the Mongolian Mortgage Finance Corp. (MIK) in Sentosa, Singapore on Monday.
NHMFC president Renato Tobias, Cagamas Berhad president and CEO Datuk Chung Chee Leong and MIK CEO Gantulga Badamkhatan signed the MOU during the International Secondary Mortgage Market Association meeting held on the same day in Sentosa.
As the government’s sole secondary mortgage institution under the umbrella organization of the Department of Human Settlements and Urban Development (DHSUD), the NHMFC seeks to collaborate with its international counterparts and exchange information on research and programs related to housing finance, mortgage market, mortgage-backed securities (MBS) and other funding instruments.
Source: The Philippine Star
MONGOLIA IS INTRODUCING EFFECTIVE AND INNOVATIVE SOLID WASTE MANAGEMENT WITH ADB’S SUPPORT
The amount of solid waste generated in Mongolia has significantly increased from 0.3 to 3.3 million tons per year between 2008 and 2019 due to changing urban lifestyles and consumption patterns. Even though more than half of the waste is recyclable, only 7% is reused or exported. Solid waste management in the country is challenged by poor technologies, infrastructure, equipment, and lack of strategic planning for sustainable waste management.
To address these challenges, ADB is supporting the local governments in their efforts to introduce effective municipal solid waste management and recycling schemes. With a $2 million grant from Japan Fund for Prosperous and Resilient Asia and the Pacific, the Managing Solid Waste in Secondary Cities project is opening new income generating activity and employment opportunities through waste reuse and recycling pilots and skills and business development.
The project launched public information and education campaigns to increase awareness on effective and inclusive waste recycling and reuse.
Source: ADB
See also: Solving the problem of sanitary facilities in the ger areas discussed
IS IT "HARMFUL" OR "HELPFUL" TO SHOW THE MUSEUM FOR FREE LIKE THIS? - EDITORIAL
A 90-year-old grandmother who was watching TV, heard the information about the open days of the museum and said, “If these people see a museum in a bunch like this, can they see the quality content? That old woman criticized the policy and management of the Ministry of Culture with such a single sentence. I don’t want to make it a priority to scan and criticize. However, the “Museum Open Days” campaign is considered to be an exaggeration, no different from other PR measures of the state and government authorities.
What happened in the capital’s state-owned museums on March 1 to 5? For example, more than 4,000 adults and 1,500 children visited the Natural History Museum. Especially, in the last two days of this campaign, it was very difficult for the museum staff to carry out their work. Kindergartens and schools brought their children and students by bus.
Source: The UB Post
MONGOLIA TO SHOWCASE FEASIBLE MINING PROJECTS AT PDAC 2023 - INTERVIEW
Mining Insight’s Ariuntuya.N spoke with Erdenetuya.G, the CEO of the Mongolian National Mining Association (MNMA) on how Mongolia will take part in the 91st PDAC Convention, which will be held in Toronto, Canada from March 5 to 8.
How will Mongolia’s mining industry stakeholders attend the PDAC conference in 2023, the world’s largest mining event? How will they showcase their achievements and opportunities in the “Mongolia Day” event and what will make it different from previous editions?
Mongolia PDAC 2023 is organized by the Mongolian National Mining Association (MNMA) in collaboration with the Ministry of Mining and Heavy Industry and other member organizations starting this year.
Our objective is to attract as many investors as possible to the “Mongolia Day” event. We will also showcase our country by establishing an exhibition space for Mongolia. The highlight of this year’s event is that we aim to present feasible projects with detailed investment information.
Source: Mining Insight
ALEX CHRISTOPHER: MONGOLIA CAN HELP PROVIDE CRITICAL MINERALS THAT ARE NEEDED FOR A LOWCARBON FUTURE - INTERVIEW
Mining Insight magazine is covering the 91st Prospectors & Developers Association of Canada (PDAC) Convention, where we are proud to be a media partner for the 2nd year in a row. Today, we have the privilege of speaking with PDAC President Alex Christopher. He shared with us his insights and expectations for this highly anticipated annual gathering of the global mining industry.
What can attendees expect from the 91st PDAC Conference, the world’s leading mineral exploration and mining convention? Is there anything unique in store this year?
After a completely online event in 2021, followed by a successful hybrid event in the summer of 2022, the PDAC 2023 Convention returns to its traditional dates in March for our first fully in-person event since the start of the pandemic. Now spread over 600,000 square feet of the Metro Toronto Convention Centre’s (MTCC) North and South buildings, this will be one of the largest in its 91-year history.
Source: Mining Insight
POLITICS
CLEAN AIR HIGH-LEVEL FORUM: AIR POLLUTION CAN BE REDUCED THROUGH COLLECTIVE EFFORTS
As one of the activities in preparation for the 17th conference of the parties to the United Nations Framework Convention on Desertification (COP 17), which will be held in Mongolia in 2026, the High Level Forum on Clean air was successfully organized in Ulaanbaatar, Mongolia, which the World Health Organization (WHO) declared that one of the five most polluted cities in terms of air pollution last week. Besides air pollution, Mongolia is struggling with other environmental challenges such as dust, dirt, soil and water pollution. Air pollution and its attributable health concerns have been worsening year by year in Mongolia.
Air pollution has a large impact on human health and ecosystems and is the most important global environmental cause of premature deaths. The latest update of the WHO Air Quality Guidelines (2021) states that seven million people worldwide annually die prematurely of cardiovascular and respiratory diseases that are attributable to ambient and household air pollution.
Source: Montsame
See also: High-Level Forum on Clean Air 2023, Ulaanbaatar
UZBEKISTAN AND MONGOLIA CONFIRMED READINESS TO INTENSIFY MUTUALLY BENEFICIAL COOPERATION
On March 8, 2023, the Acting Minister of Foreign Affairs of the Republic of Uzbekistan Bakhtiyor Saidov met with the Minister of Foreign Affairs of Mongolia Batmunkh Battsetseg.
The parties exchanged the views on the implementation of the agreements reached during the meeting between the Presidents of our two nations in September 2022.
They also discussed the expansion of the legal basis, holding another round of inter-MFA consultations, to diversify the trade turnover and to implement joint cooperation projects.
An agreement was reached to study the issues of creating the Uzbekistan-Mongolia Working Group on cooperation in the field of agriculture and the Business Council.
Source: Uzbek Ministry of Foreign Affairs, Montsame
LAW ON REGULATION ACTIVITIES OF MONEY LOANS HAS BEEN IMPLEMENTED
Parliament approved the Law on Regulation Activities of Money Loans, and implementation became from 1 March, 2023. The aim of the law is to register and control legal entities engaged in the operation of money loans granted under the collateral lending procedure. It also applies to a citizen who participates in money-lending activities regularly, and for the purpose of making a profit. The Law provides for regulations related to setting the maximum interest rate for loans, paying the loan and its interest, and protecting the rights and legal interests of the client in the operation of money loans.
The Law was defined the following requirements for entities and citizens engaged in money loans:
- the amount of capital (cash) of citizens – for loan activities - and the amount of capital contributed by legal entities, must not be less than MNT10.0 million,
- staff (executive management, managers, and related employees) must have attended training,
- …
Source: FRC
IRENA: DEVELOPMENT OF A STRATEGIC HEATING PLAN FOR MONGOLIA
IRENA is supporting the Government of Mongolia to develop a Strategic Heating Plan, which examines how its heating sector can be modernised in a socio-economically feasibility way to fulfil the decarbonisation targets and reduce the problems with local pollution in cities and in the long-term, achieve a renewable energy-based heating system.
In Mongolia, the energy sector is dominated by the use of coal, which contributes about 80% of the total primary energy supply. Mongolia’s heating sector is almost entirely dependent on coal for space heating requires (i.e. both district heating systems as well as in individual households units). As a result, the heating sector in Mongolia contributes around 80% of the accounted air pollution in the country.
According to the Mongolia Nationally Determined Contributions (NDC) document, the country aims to reduce its greenhouse gases emissions by 22.7% in 2030 compared to 2010.
Source: IRENA
FINLAND’S CLEAN ENERGY SOLUTIONS RAISE INTEREST IN MONGOLIA
This week, a Mongolian delegation composed of public officials from several ministries is visiting Finland to learn about heat pump technology and other energy solutions related to the supply of heat. Besides the Ministry for Foreign Affairs, the delegation will meet representatives of the Ministry of Economic Affairs and Employment, Business Finland, Nordic Development Fund and Finnish Energy. The visit is part of an energy sector project funded by the Asian Development Bank that aims to find alternative forms of renewable energy production in Mongolia.
Mongolia is actively seeking solutions for the green transition in the energy sector. The country wishes to increase the share of renewable energy and significantly reduce greenhouse gas emissions. Mongolian people are facing extremely low temperatures in winter, and now they are looking for solutions in Finland. Energy is one of the possible areas of cooperation between Finland and Mongolia where Finnish companies have expertise that is highly relevant to the Mongolian people.
Source: Finnish Ministry for Foreign Affairs
JOINT STATEMENT OF THE UN IN MONGOLIA ON THE OCCASION OF INTERNATIONAL WOMEN’S DAY
Harnessing the power of technology and innovation for the voice and the political, social, and economic empowerment of women and girls in Mongolia is essential to deliver transformative impact and achieve the Sustainable Development Goals in Mongolia.
However, the inclusion of women and girls and their safety in the digital space must be prioritized to ensure that the benefits of digital transformation are enjoyed by all equally.
While advancements in digitalization are transforming economies, industries, and societies, women and girls are often being left behind, or worse, harmed by them.
Though Mongolia is making steady progress toward advancing gender equality, the road ahead to full realization of gender equality remains long and arduous. Current global and local crises, including health emergencies, climate change, food insecurity, and cost-of-living crises, are exacerbating the existing inequalities and deeply impacting Mongolia’s most vulnerable, including female-headed households and rural women. Information and communication technologies (ICT) are essential and can play an instrumental role in strengthening their resilience.
Source: UN in Mongolia
FRC EXCHANGES VIEWS ON COOPERATION WITH CANADIAN SECURITIES ADMINISTRATORS
During 1-4 March 2023, an official visit to Canada was undertaken by: Mr D. Bayarsaikhan (Chairman, FRC), Mr T. Enkhtuvshin (Member of Parliament, Chairman of Standing Committee on Industrialization Policy), Mr D.Batlut (Member of Parliament, Member of Standing Committee on Economics), and Mr Kh. Ganhuyag (Member of Parliament, Member of Standing Committee on Economics). The objectives of the visit were to:
- discuss developments to the financial market (including the capital market),
- improve the collaboration between regulators and infrastructure organizations of the two countries,
- increase active interest of the country's investors (to participate in the capital market of Mongolia), and
- contribute to of the country's economic development.
Accordingly, as well as getting acquainted with the activities of the Canadian Securities Administrators (CSA), and the Financial Regulatory Authorities of Quebec, the visitors attended official meetings; held with relevant authorities in the area of cooperation.
Source: FRC
WILLINGNESS EXPRESSED TO STRENGTHEN INTER-PARLIAMENTARY RELATIONS WITH JAPAN
On March 3, over the course of his visit to Japan, the Chairman of the State Great Khural Mr. Zandanshatar met and held official talks with the Speaker of the House of Representatives Mr. Hiroyuki Hosoda, and the Prime Minister of Japan Mr. Fumio Kishida.
During the meeting with the Speaker of the House of Representatives Mr. Hiroyuki Hosoda, the Speaker Mr. Zandanshatar reaffirmed the significance that Mongolia is attaching to the relations and cooperation with Japan, our third neighbor, and his commitment to further strengthen this “human-centered” relations and cooperation in all sectors.
In response, the Speaker of the House of Representatives Mr. Hiroyuki Hosoda said that he is extremely happy that this official visit is taking place to strengthen inter-parliamentary relations along with the revival of people-to-people relations between our two countries, which were interrupted due to the impact of the spread of the coronavirus infection.
Source: Montsame
See also: Chairman of the State Great Khural Pays Courtesy Call on the Emperor of Japan Naruhito
EMBASSY OF CUBA IN MONGOLIA HONORED THE MONGOLIAN WOMEN AND THE AMBASSADORS ON THE OCCASION OF INTERNATIONAL WOMEN'S DAY
The Ambassador of Cuba in Mongolia, Jorge Ferrer, paid tribute and congratulated the Mongolian women in the area of international relations and Ambassadors on the occasion of the Women´s International Day.
The activity was attended by the Vice Minister of Justice and Internal Affairs, officials from various institutions and companies related to Cuba and the Ambassadors of the European Union, Italy, Canada and UNDP.
The Ambassador recalled the origin of the commemoration; detailed the inequalities in the world in terms of gender and outlined the changes in the situation of women in Cuba with the Revolution.
He quoted the National Hero, José Martí for whom "(...) the campaigns of the peoples are only weak, when the heart of the woman is not enlisted in them and alluded that for Fidel Castro "Without women, the enormous work of the Revolution it would not have been possible. (…)”
Source: Embassy of Cuba in Mongolia
QATAR AND MONGOLIA SIGN AIR SERVICES AGREEMENT
Minister of Transport in Qatar H.E. Jassim Saif Ahmed Al-Sulaiti and Minister of Road and Transport Development of Mongolia H.E. Byambatsogt Sandag signed an air services agreement between the State of Qatar and the Mongolian People's Republic.
The agreement comes in the context of connecting Qatar with more such agreements that open airspaces for the national carrier to fly to more destinations around the world.
After the signing ceremony, the two ministers discussed Qatar-Mongolia relations in the fields of transportation, civil aviation, air transportation activities, and means to further enhance them.
Source: Arab Air Carriers' Organization
See also: Qatar-Mongolian business meeting seeks enhancing commercial cooperation
U.S. SECRETARY OF STATE RECOGNIZES BRIGADIER GENERAL BOLOR GANBOLD AT 2023 INTERNATIONAL WOMEN OF COURAGE AWARDS
On March 8, Secretary of State Antony J. Blinken, along with the First Lady of the United States, Dr. Jill Biden, will host the annual International Women of Courage (IWOC) Awards in an award ceremony at the White House and present awards to each of the eleven 2023 IWOC awardees, recognizing their exceptional courage, strength, and leadership.
Brigadier General Bolor Ganbold will be honored for her nearly 30 years of courageous service to Mongolia and the series of firsts she has achieved, which have broken barriers and opened the door for other women to follow. On March 18, 2022, Brigadier General Bolor earned yet another first, becoming the first woman general in the Mongolian Armed Forces. Her experiences as a member of both the United Nations Mission in the Central African Republic and Chad in 2010 and the United Nations Mission in South Sudan in 2013, as well as…
Source: U.S. Embassy in Mongolia, Montsame
OPPORTUNITIES OF UAE COMPANIES TO PARTICIPATE IN INFRASTRUCTURE AND MINING SECTOR DEVELOPMENT OF MONGOLIA TO BE STUDIED
Ya.Sodbaatar, Chief of Staff of the Office of the President, paid an official visit to the United Arab Emirates on March 1-3. During his visit, Ya.Sodbaatar held a meeting with Ahmed Ali Al Sayegh, Minister of State (UAE) and Chairman of Abu Dhabi Global Market.
Two parties exchanged views on the current state of relations between the two countries and expressed their desire to develop cooperation in all fields, especially the opportunities for mutually beneficial cooperation in trade, economy, investment, climate change, green development, infrastructure, and agriculture.
Furthermore, the two parties agreed to continue working on the agreement of the documents between the government and organizations that are important for strengthening the legal basis of relations between the two countries.
The United Arab Emirates asked to submit the necessary grounds for studying the possibility of participation of UAE enterprises in the development process of Mongolia's infrastructure, mining and tourism, and the Mongolian party agreed to provide relevant information in the near future.
Source: GoGo News
See also: Legal Basis of Relations Between Mongolia and UEA to be Enhanced
“FOOD REVOLUTION” GAINS MOMENTUM
Public, private and international organizations, and food producers have been joining and actively supporting the “Food Supply and Safety” national campaign, initiated by the President of Mongolia Ukhnaagiin Khurelsukh. The food and agriculture sector representatives, joined the national campaign which is abbreviated as the “Food Revolution”, assembled at the Government Palace last week to discuss the issues they have faced.
The pandemic and geopolitical tensions have resulted in food crises worldwide. During this trying time, ensuring food safety has become the immediate goal for countries around the world.
Within the framework of the "Food Revolution", we, Mongolians, have set the goal of fully meeting our domestic needs of 19 major food products in the next 5 years, becoming a food exporting country, and creating a healthy region free of animal diseases.
Source: Montsame
MONGOLIA, CHINA AND RUSSIA AT THE CENTRE OF A NEW MULTIPOLARITY - EDITORIAL
The ongoing transformation of the world order is inevitably affecting the regional subsystems of international relations. Mongolia is the only country in the region that has practically no significant disputes or disagreements with any states. Due to the specifics of its geographical location, its main partners are China and Russia. Ulaan Baatar appreciates the potential for the formation of a multipolar world, free from conflict. Probably, the current geopolitical conditions may both give a new impetus to the development of the country, and, on the contrary, initiate chaos in domestic and foreign policy.
The idea of Mongolia’s vulnerability is however being actively promoted in the West and could lead to some political uncertainty. For example, the UK Guardian stated in May 2022 that due to “Renewed pressure from its authoritarian neighbours, China and Russia, the Mongolian economy is suffering, the standard of living of the population is declining, and the chances of establishing cooperation with the West are decreasing.”
Source: SilkRoadBriefing.com
POLITICAL PREDICTIONS AND WHY I STRUGGLE WITH MAKING THEM - EDITORIAL
People expect political predictions from me as a longtime Mongolia observer and country specialist. Even when I feel relatively certain of some predictions I would make, there is always that nagging doubt that strange things might happen and I will look foolish for having made the wrong prediction. Oh well, that is the nature of this game of country risk assessment and understanding of a political system, I suppose. Let me think through some current examples to illustrate.
New/Snap Elections in 2023?
You have heard the rumours! There are all kinds of constitutional change discussions afoot to enable snap elections.
My prediction: less than 10% probability that there will be a general parliamentary election this year. Phrased differently, if there were 100 alternative universes playing out political developments in Mongolian in 2023, I would expect to see elections in 10 of them.
Source: Mongolia Focus
BUSINESS
KINCORA COPPER: MONGOLIAN TAX DISPUTE HEADS TO THE SUPREME COURT
- Mongolian Appeal Court dismisses prior annulment of retrospective tax assessment against Kincora Copper Limited
- In 2021, a Mongolian subsidiary of Kincora received a reassessed tax claim for 2.7 billion MNT, approximately US$800,000, from the Mongolian Tax Authority (MTA) relating primarily to the 2016 merger with IBEX (Reassessed Tax Act) 1
- In late 2022, an Administrative Court acknowledged many failings of the Reassessed Tax Act and ruled to dismiss it should the MTA not lodge another revised Act within 3 months
- Subsequently an Appeal Court ruled outside of its authority, over-turned the Administrative Court, went further to re-endorse the disputed Reassessed Tax Act, and in a hearing lasting less than 2-hours overturned a 2-year legal defence and judicial process
- The Appeal Court ruling and Reassessed Tax Act are contrary to a 2016 Tax Act and resulting tax payments that were relied upon by Kincora, three Mongolian government agencies to close the IBEX mergers and underpinned significant foreign investment
Source: Kincora Copper
TMK ENERGY EYES EARLY COMMERCIALISATION OF MONGOLIAN COAL SEAM GAS PILOT
TMK is investigating options for early commercialisation of the upcoming pilot production program at its Gurvantes XXXV coal seam gas project in Mongolia. The company has outlined the potential for onsite power generation of up to 10 megawatts using gas produced from the three planned pilot production wells to power operations at the project and adjacent mining operations. Studies are underway to grow this power generation capacity to meet about 70MW of local demand while other commercialisation concepts being considered by TMK Energy (ASX:TMK) include CNG (compressed natural gas), mini LNG (liquefied natural gas) and large scale power generation in the South Gobi province. Discussions are also continuing with PetroChina on strategic partnership and longer-term commercialisation opportunities. “Operations for the upcoming Pilot Well Program are in full swing with construction of the camp well underway and long lead items and equipment being delivered to site in preparation for the commencement of drilling in early April,” chief executive officer Brendan Stats said. Source: Stockhead.com.au
View the TMK Energy release
STEPPE GOLD INTENDS TO ACQUIRE CANADA’S ANACORTES MINING
Mongolia’s precious metals company Steppe Gold has signed a binding letter of intent (LOI) to purchase Canada-based Anacortes Mining in an all-stock deal.
The planned acquisition is expected to result in the creation of a leading diversified precious metals producer with the potential for ‘significant’ near-term growth.
It will see the shareholders of Anacortes getting 0.4532 of a Steppe Gold common share for each share held.
This implies a price of C$0.48 for every Anacortes common share, marking a 36% premium to the two companies’ last stock close.
Upon deal completion, Steppe Gold shareholders will hold a 79% stake in the combined business while Anacortes shareholders will own the remaining 21%.
Steppe Gold executive chairman Matthew Wood said: “This transaction transforms Steppe Gold into a multi-asset, multi-jurisdiction gold company with existing production and development projects in two of the most exciting and still untapped gold provinces in the world in both Mongolia and Peru.”
Source: Mining-Technology.com
View the Steppe Gold release
CZECHS TO SPONSOR MONGOLIAN LEATHER INDUSTRY
The Embassy of the Czech Republic is pleased to announce the upcoming signing of a contract between the Czech Development Cooperation and the Mongolian Association of Leather Industry.
On Thursday, 9th of March, 2023 at 12:00 in the Khan uul District, 20 khoroo, leather industrial area, Bayangongor LLC, Mr Jan Vytopil, the Czech Ambassador will sign the contract with the Mongolian Association of Leather Industry. The contract provides for the transfer of Czech technology for cleaning wastewater in wool processing, with a total amount of 77,000,000 tugrik will be provided to the Mongolian company.
A new waste water treatment station will enable the Mongolian Association of Leather Industry to improve their environmental protection efforts and increase the efficiency of their wool processing operations. It represents a significant step forward in Czechia’s commitment to sustainable development and international cooperation.
Source: GoGo News
CONVENIENCE STORE CHAIN CU OPERATOR OPENS 300TH STORE IN MONGOLIA
South Korea's top convenience store franchise CU has opened its 300th store in Mongolia. The store located in Ulaanbaatar provides various Mongolian food such as Khuushuur, a dumpling usually made with beef, mutton, or camel. Along with Mongolian food and snacks, visitors can also enjoy South Korean snacks including tteokbokki, a menu of finger-sized rice cakes simmered in fiery-red spicy chili sauce.
BGF Retail said in a statement that the 300th convenience store was open in Mongolia's capital city. The company said the store has more convenient heat-and-eat food packages and desserts than stores in other regions because Ulaanbaatar has more young people familiar with South Korean culture. Without disclosing the sales amount, BFG Retail said tteokbokki and South Korean-style fried menus were especially popular among Mongolian consumers.
"Before we expanded our market into Mongolia, the idea of convenience store did not really exist in the country," BGF Retail's spokesperson Kim Seong-mo told Aju Daily on March 9.
Source: Aju Business Daily
EMPOWERING WOMEN IN THE ENERGY EFFICIENCY SECTOR
Promoting women’s employment opportunities and improving the capacity of women-led MSMEs is key to the economic and social development of women, especially in male-dominated sectors such as the insulation and energy efficiency industry.
After completing her training as a heating and ventilation engineer, Tseyeeregzen worked for 18 years in the construction industry before she noticed an online posting about the brigade recruitment opportunity for the Switch Off Air Pollution (SOAP) project in 2021, funded by the European Union. She decided to join the project as she had a growing interest in insulation and insulating her own summer house. However, as she participated in the training and learned more about insulation technologies, Tseyeeregzen developed a true desire to become an energy advisor.
She is one of 73 brigade leaders and energy advisors trained under the SOAP project implemented from 2018 to 2022 with funding from the European Union’s Switch-Asia II Programme.
Source: Montsame
EES ENGINEERING JOINS MCELROY AS MONGOLIAN DISTRIBUTOR
McElroy is pleased to announce the addition of a new distributor to sell and service fusion machinery in Mongolia.
EES Engineering is based in Khoroo, Mongolia and caters to the country’s fast-growing mining industry.
Munkherdene Sanjdorj, head of Business Development at EES Engineering, said his company was first introduced to McElroy equipment while working with the Oyu Tolgoi Mine in the southern part of the country.
“Our company was founded in 2015, at which time the mining industry in Mongolia was still quite young,” said Sanjdorj. “The core of our business is mining equipment and maintenance, so when we were introduced to McElroy equipment, we were quite excited to get involved.”
“EES, LLC is a new and growing company, and we’re excited to help play a part in their success,” said McElroy CEO and President Chip McElroy.
The company prides itself on promoting the latest technology, services, and equipment to boost productivity, quality, and safety in Mongolia.
Source: Water-Technology.net
COCAINE, MONGOLIAN COAL MINES AND THE CHECKERED PATH OF A VANCOUVER-AREA PENNY STOCK
With its mountains, beaches and movie star good-looks, Vancouver is a world-class urban jewel, despite having been home to a historical bit of world-renowned funny business known as the Vancouver Stock Exchange (VSE).
Anyone old enough to remember the VSE will recall it was the premiere playground for mining stock promoters, smooth talkers and crooks who would sell investors on the promise of striking it rich, just as soon as this or that highly speculative resource sector play turned out to be the genuine El Dorado.
There were some honest-to-goodness El Dorados, lest the legendary Eskay Creek gold bonanza be forgotten, but right alongside the winners were the characters of ill repute, pumping the price of otherwise worthless penny stocks and cashing out ahead of the inevitable crash. Forbes magazine knew the score, and famously dubbed the VSE the “scam capital of the world” in its May 1989 issue.
Source: Yahoo Finance
CHANEL MÉTIERS D’ARTS BARRIE BETWEEN MONGOLIA AND SCOTLAND
To understand what makes Barrie different from other luxury cashmere brands, you have to understand its history. The manufacture is located in the small town of Hawick in the Scottish borders. One hour and a half drive south from Edinburgh into pure magnificent nature, meadows, sheep. The magnificent Scottish landscape postcard we all have in mind.
Barrie was founded in 1903 on the banks of the Teviot river and developed a unique savoir faire throughout the years. It is really after the second world war that cashmere really started to be used: instead of being a wool based product, it became more oriented towards the luxury market. Barrie started to work with Chanel in 1984, one year after Karl Lagerfeld entered the company. Since then, the brand has gone from strength to strength and has become a reference in the field. In 2012, Chanel acquired Barrie and became part of its “Métiers d’Art”.
Source: Forbes
MONGOLIAN MINING CORP. DELIVERS SHAREHOLDERS ENVIABLE 113 PCT CAGR OVER 3 YEARS, SURGING 14 PCT IN THE LAST WEEK ALONE
Investing can be hard but the potential fo an individual stock to pay off big time inspires us. But when you hold the right stock for the right time period, the rewards can be truly huge. One bright shining star stock has been Mongolian Mining Corporation, which is 864% higher than three years ago. Also pleasing for shareholders was the 92% gain in the last three months. It really delights us to see such great share price performance for investors.
Since the stock has added HK$480m to its market cap in the past week alone, let's see if underlying performance has been driving long-term returns.
There is no denying that markets are sometimes efficient, but prices do not always reflect underlying business performance. By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time.
Source: SimplyWall.st
HOW MONGOLIA’S MINING AND EXPLORATION ENVIRONMENT HAS POSITIVELY IMPACTED ION ENERGY - VIDEO
ION Energy CEO Ali Haji details Mongolia’s mining and exploration environment and how the current geopolitical conditions impact the company’s operations.
Source: Investing News
GLOBAL AND REGIONAL NEWS
CHINA SETS ECONOMIC GROWTH TARGET OF 'AROUND 5 PCT' FOR 2023
China on Sunday set an economic growth target of "around 5 percent" for 2023, one of the lowest in decades, as its annual National People's Congress opened in Beijing.
The target was announced in a work report delivered by outgoing Premier Li Keqiang as the rubber-stamp parliament opened at the capital's Great Hall of the People.
The figure was slightly lower than the average of forecasts of economists surveyed by AFP, who predicted a goal of around 5.3 percent.
Li said China would aim to add "around 12 million new urban jobs" this year and bring the urban unemployment rate to around 5.5 percent.
He said Beijing would also target a rise in the consumer price index of around three percent.
"China's economy is staging a steady recovery and demonstrating vast potential and momentum for further growth," said Li in an hour-long speech punctuated by ripples of applause from thousands of delegates.
Source: Barron's
See also: Xi Jinping secures unprecedented third term as China’s president in ceremonial vote
GENDER PAY GAP COULD COST THE WORLD ECONOMY USD 7 TRILLION, MOODY’S SAYS
Narrowing the difference in wages between men and women in the labor force can boost the world’s economy by about 7% — or $7 trillion, according to a Moody’s Analytics report. At this rate, it may take 132 years for the world to close the economic gender gap, Moody’s said. The economic boost will come as more women join the labor force and there’s an increase in productivity. A greater share of women holding more productive managerial and professional roles will also help, the report said. “Closing the gender gap in labour force participation and the gender gap in management in OECD countries can raise global economic activity by approximately 7%, or about $7 trillion in today’s dollars,” directors Dawn Holland and Katrina Ell wrote in the report. The report said narrowing the pay gap in emerging markets, such as India, would raise that potential even further. Source: CNBC
CHINA'S JAN-FEB COAL IMPORTS JUMP 71 PCT IN STOCK-BUILDING PUSH
China's coal imports in the first two months of 2023 surged 71% from a low base a year earlier as utilities replenished stocks in anticipation of greater demand after the country abandoned its zero-COVID policies. China, the world's largest coal consumer, imported 60.64 million tonnes of coal during January and February, up from 35.39 million tonnes in the same period last year, customs data showed on Tuesday. Data for the two months is combined due to the week-long Lunar New Year holiday that began in late January. Utilities stepped up purchases of cheap thermal coal from Indonesia, while arrivals from Mongolia also picked up following the easing of COVID restrictions. Beijing's U-turn on its COVID-19 strategy in late 2022 has stoked hopes for an economic rebound this year that would boost power and coal consumption. Analysts from Wood Mackenzie said in December they expected China's coal demand to increase 2% this year. Source: Reuters
MINERS GROW ANXIOUS AS CANADA TIGHTENS FOREIGN INVESTMENT RULES
Junior mining companies hoping to produce lithium, nickel and other green energy metals are worried that Canada's crackdown on some overseas investors may limit their ability to raise funds for mines and related facilities. Ottawa last fall proposed bolstering its Investment Canada Act (ICA) to give government ministers power to block or unwind critical minerals investments if they believe such deals threaten national security. The changes would essentially give the government greater control over companies listed on the Toronto Stock Exchange and are expected to be finalized this spring. That tension will be top of mind at this week's annual Prospectors and Developers Association of Canada (PDAC) conference in Toronto, one of the world's largest gatherings of mining companies and their financiers. Nearly half of the world's mining companies are listed in Toronto and the city has long been a premier destination for junior mining companies to raise funds, above even rival exchanges in Sydney, New York and London. Source: Reuters
SOUTH AMERICA LOOKS AT CREATING “LITHIUM OPEC”
Argentina, Chile, Bolivia and Brazil are analyzing the creation of a lithium cartel of sorts in charge of expanding South America’s processing capacity, turning more of their mined lithium into batteries and tapping into the electric vehicles (EVs) manufacturing sector. The group would emulate similar schemes, such as the Organization of the Petroleum Exporting Countries (OPEC), in terms of coordinating production flows, pricing and good practices, representatives of the Argentinean delegation said at the annual PDAC Convention, held this week in Toronto, Canada. Argentina, Chile, Bolivia have been negotiating since July last year, when foreign ministers of each country met at the Community of Latin American and Caribbean States (Celac) conference in Buenos Aires. The three countries make up the so-called lithium triangle, which has about 65% of the world’s known resources of lithium and reached 29.5% of world production in 2020. Source: Mining.com
See also: Bank of America sees lithium surplus in 2023 as demand eases
METALS CATCH A CHILL AS BEIJING SHIES AWAY FROM MAJOR STIMULUS
Commodities from copper to iron ore fell after China set a cautious economic growth target of about 5% for the year and didn’t announce any major new stimulus. Copper dropped as much as 1.9% before trimming losses to 0.3% as China’s growth target fell below expectations. The goal unveiled at the National People’s Congress gives Beijing more room to maneuver after it missed last year’s target by a wide margin. The absence of a landmark announcement to boost real estate and infrastructure is damping enthusiasm among metals investors, many of whom were looking for more stimulus to support this year’s rally. None of the official documents released so far at the NPC suggest authorities are keen on the kind of massive boost deployed to right the economy after the global financial crisis or at the beginning of the pandemic. The target for local government bond sales — the backbone of infrastructure investment that drives the bulk of raw materials demand — also was modest. Source: Bloomberg
GENERATIVE AI MANIA BRINGS BILLIONS OF DOLLARS TO DEVELOPERS
A frenzy of investment over generative artificial intelligence is heating up, with Microsoft-backed OpenAI and other startups raising large sums of money to develop tools that can generate prose, imagery or other content on command. The combined corporate value of generative AI companies jumped sixfold in two years to $48 billion.
Israeli startup AI21 Labs launched an AI-based writing tool in January, citing its mission as providing new power to writers. The company raised $64 million last year and developed a tool that can be used by a wide range of writers to edit and rewrite work.
Since OpenAI's ChatGPT unleashed a chatbot technology boom late last year, numerous applications that understand human speech and text hit the market, including copywriting software developed by U.S. startup Jasper AI and a merchandise description platform created by Toronto-based Cohere.
Source: Nikkei Asia
SRI LANKA TO ANNOUNCE DEBT RESTRUCTURING STRATEGY IN APRIL - CENBANK CHIEF
Sri Lanka aims to announce a debt-restructuring strategy in April and step up talks with commercial creditors ahead of an International Monetary Fund review of a bailout package in six months, the nation's central bank governor told Reuters.
The crisis-hit island has secured financing assurances from all its major bilateral creditors, including India and China, and so has set the stage for the IMF to give its final approval for a $2.9 billion, four-year bailout package on March 20, the multilateral lender said on Tuesday.
The bailout is the culmination of months of negotiations as Sri Lanka looks to emerge from its worst economic crisis in more than seven decades.
"When you see the staff level agreement published - that will contain our commitment to debt restructuring and that will also reveal medium-term debt targets for us to restore debt sustainability on a long-term basis," central bank Governor P. Nandalal Weerasinghe said on Thursday.
Source: Reuters
See also: Fallout of Sri Lanka's economic crisis: Long power cuts, food shortage
NICKEL IPOS TEST INDONESIA’S VISION OF GLOBAL ROLE IN ELECTRIC VEHICLES
Nickel companies are driving a record year for public listings in Indonesia, in a crucial test of investor enthusiasm for President Joko Widodo’s ambition to make the country a top participant in the global electric car market.
Harita Nickel, a subsidiary of Harita Group with a significant project in North Maluku, is holding its investor roadshow this week and hoping to raise at least $600mn ahead of a book build later in March, two people familiar with the talks said.
Merdeka Battery Materials is also planning a local listing in the first half, the people said. Hillcon, a nickel contractor that went public last week on Indonesia’s stock exchange, is trading 25 per cent higher than its initial public offering price.
Indonesia is already the second-busiest IPO market by both deal value and number of listings in Asia this year, after China, according to data from Dealogic. Bankers expect as much as $4bn in issuance in 2023.
Source: Financial Times
SHORTAGE OF METALS FOR EVS IS RISING UP THE AGENDA IN AUTOMAKERS’ C-SUITES
The merry-go-round of private meetings at an annual mining industry conference at Florida’s Hollywood Beach had a cast of new faces this year: auto sector executives increasingly anxious about surging prices and tighter supply of metals used in electric vehicle batteries.
Tesla Inc., Ford Motor Co. and Mercedes-Benz Group AG were among automakers which sent senior staff to mingle with about 1,500 delegates at the BMO Global Metals & Mining Conference, an event normally attended mainly by iron ore and aluminum producers. Their presence underscores the growing popularity of battery-powered cars, helped by a global push toward clean energy, which is estimated to require $10 trillion worth of metals through 2050, according to BloombergNEF.
Car producers “had room-to-room meetings with a lot of companies, like ourselves, trying to understand how to address their own supply chain,” said Trent Mell, an attendee and chief executive officer of Electra Battery Materials Corp., a Toronto-based developer of mining and refining projects.
Source: Mining.com
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 – 9 March 2023
| Currency |
|
|
Rate |
| U.S. dollar |
USD |
|
3,526.08 |
| Euro |
EUR |
|
3,722.31 |
| Japanese yen |
JPY |
|
25.77 |
| British pound |
GBP |
|
4,178.23 |
| Hong Kong Dollar |
HKD |
|
449.19 |
| Russian ruble |
RUB |
|
46.39 |
| Chinese yuan |
CNY |
|
505.68 |
| South Korean won |
KRW |
|
2.67 |
|
