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Mongolia looks to Russia, China in uranium race

administrator — Thu, 10 Dec 2009 21:40:55 -0500

Big changes in Mongolia's uranium sector mean the country's top assets are now to be divvied up mainly between Russia and China, the giant neighbours whose influence the landlocked country is perennially trying to balance.
The entry of large Chinese and Russian firms has come at the expense of junior miners from Australia and Canada, some of whom were squeezed out when Mongolia passed a uranium law this summer that gave the state 51 percent in the richest uranium deposits.

3 Vote(s)

Made in Mongolia

administrator — Fri, 04 Dec 2009 21:40:56 -0500

‘It’s great to be able to do something for women,” says Kim Rowan, above with her daughter, model Amber Jean Rowan, sporting a cute felt hat and scarf from Made in Mongolia (MIM). The pair are part of a group of well-known Irish women who have helped the Mongolian charity by modelling some of their latest fashion accessories.

3 Vote(s)

Ivanhoe Completes Merger Transaction, Collects Mongolian Assets

administrator — Mon, 30 Nov 2009 19:12:25 -0500

Ivanhoe Energy announced today, November 30, that the merger between PanAsian Petroleum Inc. and an Ivanhoe Energy subsidiary has been completed. This merger, announced on November 18, 2009, provides Ivanhoe Energy with the exclusive right to explore, develop and produce oil or gas within Block XVI in Mongolia's Nyalga Basin.

Block XVI covers 16,839 square kilometres and is located approximately 100 kilometres southeast of the capital of Mongolia, Ulaanbaatar.

Ivanhoe Energy intends to combine the Block XVI development rights with Sunwing Energy Ltd., Ivanhoe's 100%-owned subsidiary for oil and gas operations in Asia.

2 Vote(s)

Russia's ARMZ eyes Mongolian uranium in Khan bid

administrator — Mon, 30 Nov 2009 18:54:00 -0500

Russian state uranium miner ARMZ plans an offer to acquire Canada's Khan Resources in a $33 million all-cash deal that would secure access to a large uranium field in Mongolia and boost its drive to expand abroad.

Prime Minister Vladimir Putin this year granted $1.5 billion to state nuclear giant Rosatom, the parent company of ARMZ, to boost the war chest of the world's second-largest uranium miner by resource base as it pursues assets abroad.

2 Vote(s)

Press Release: IMF Statement on Banking Sector Developments in Mongolia

administrator — Sat, 21 Nov 2009 02:47:24 -0500

Mr. Takatoshi Kato, Deputy Managing Director of the International Monetary Fund (IMF), issued the following statement on Mongolia today:

“The Mongolian economy was hit hard by the global economic crisis earlier this year. The authorities’ strong policy implementation, however, has helped to quickly stabilize market conditions. Nonetheless, the repercussions from the crisis have taken their toll on the banking system.

“I welcome and fully support the Bank of Mongolia’s decision to appoint a receiver at Zoos Bank. This unfortunate but necessary action underscores the authorities’ commitment to strengthening the banking system and ensuring financial market stability. The IMF remains committed to continued support of Mongolia in the context of the exceptional-access Stand-By Arrangement approved in April of this year.”

1 Vote(s)

The Search for Ghengis Khan In Mongolia, Ambivalence Greets Efforts to Find the Great Khan's Tomb

administrator — Mon, 09 Nov 2009 21:12:49 -0500

According to legend, when Genghis Khan died in 1227 in what is now northern China, his lieutenants wanted to keep the death a secret from the Mongols' enemies. So as the party accompanying his body made its way back to Mongolia, they killed every person they saw on the way - more than 20,000 - so news of the death wouldn't spread. Then, when they buried Genghis, they either redirected a river to cover the site, or set horses to trample the ground so no trace would be seen, or killed all the people who buried him, and then killed those killers.

There is no hard evidence that any of those things happened. It may well be that they are after-the-fact embellishments designed to explain a remarkable circumstance of history: the location of Genghis' tomb remains a mystery.

3 Vote(s)

More than 900 A/H1N1 cases registered in Mongolia

administrator — Fri, 06 Nov 2009 04:57:09 -0500

According to the Ministry of Health, as of 10am, November 6th, there were 715 confirmed cases of people infected with A/H1N1 virus registered in Ulaanbaatar and 195 in the 17 provinces.

There were 51 patients being treated at the National Center for Infectious Diseases, from which 24 were still waiting for lab test results.

By Friday, the death toll of the virus had risen to eight (6 in Ulaanbaatar, 1 in Bulgan and 1 in Southgobi aimags), the Ministry said.

1 Vote(s)

Mongolia turns to horse meat as H1N1 spreads in Asia

administrator — Tue, 03 Nov 2009 05:42:19 -0500

The price of horse meat has risen in Mongolia, as a surge in H1N1 cases and dearth of vaccines has people turning to folk remedies.

Seven people died and 630 cases have been treated in the two weeks since the H1N1 strain of influenza first appeared in Mongolia, forcing the government to close kindergartens, extend a holiday for secondary schools and cancel sports and cultural events, the English-language UB Post reported on Tuesday.

2 Vote(s)

Paris out, Mongolia in for luxury fashion

administrator — Sun, 01 Nov 2009 19:21:29 -0500

With spending on luxury goods down across the developed world in the economic crisis, luxury brands are increasingly looking far beyond the chic avenues of New York, London or Paris for revenue.

The new names on the lips of luxury professionals are far less familiar: Almaty, Shenzhen, Ulan Bator, respectively the commercial capital of Kazakhstan, a major Chinese provincial centre and the capital of Mongolia.

2 Vote(s)

Centerra still waiting for Mongolia heap leach go-ahead

administrator — Fri, 30 Oct 2009 17:00:40 -0400

Toronto-based Centerra Gold is hoping to receive the final approval from Mongolia's government to restart heap leaching operations at the company's Boroo mine, CEO Stephen Lang said on Friday.

The mine has bit hit by a string of setbacks this year, after workers went on strike over wages in June, and then authorities issued an order to suspend the mine's operating licences.

3 Vote(s)

Landlocked Mongolia flies flag on high seas

administrator — Fri, 30 Oct 2009 02:59:04 -0400

Inside a small office in Mongolia's capital Ulan Bator, Banzaragchaa Altan-Od fields calls from ship captains and ports around the globe -- an unusual job for someone in a landlocked nation.

The Mongolian Maritime Administration, based in a city located about 1,400 kilometres (850 miles) from the nearest ocean port, has registered more than 1,600 ships since it opened its doors in 2003.

3 Vote(s)

CIC to invest US$700 mln in Mongolian miner

administrator — Wed, 28 Oct 2009 19:20:41 -0400

China Investment Corp, the country's US$300-billion sovereign wealth fund, has agreed to invest up to US$700 million in Iron Mining International Ltd, a privately-owned Hong Kong-registered company focused on iron mining in Mongolia, sources reported.

2 Vote(s)

Mongolia Ruling Party Nominates New Prime Minister

administrator — Wed, 28 Oct 2009 18:28:47 -0400

Mongolia's ruling party has nominated the current foreign minister and one of the country's wealthiest men, Batbold Sukhbaatar, to be the new prime minister.

Between 1992 and 2000, Batbold headed the trading company Altai Trading Co. Ltd., which formed a gold mining joint venture with Canadian Centerra Gold Inc.

The nomination follows the approval of parliament earlier Wednesday of Bayar Sanjaa's request to step down as prime minister for health reasons.

2 Vote(s)

Mongolian parliament accepts PM's resignation

administrator — Wed, 28 Oct 2009 18:15:42 -0400

The Mongolian parliament accepted Prime Minister Sanjaa Bayar's resignation during an irregular plenary meeting on Wednesday.

2 Vote(s)

Rio Tinto ups stake in Mongolia project partner Ivanhoe

administrator — Wed, 28 Oct 2009 17:36:35 -0400

Rio Tinto Ltd has lifted its stake in Canada's Ivanhoe Mines Ltd to 19.7 per cent under an agreement to jointly develop Ivanhoe's $US3 billion ($A3.29 billion) Oyu Tolgoi copper-gold project in Mongolia.

3 Vote(s)

Su.Batbold nominated by MPRP for the PM's seat

administrator — Wed, 28 Oct 2009 16:24:59 -0400

MPRP's party conference on Wednesday evening unanimously voted for Su.Batbold, the Minister for Foreign Relations and Trade, to take S.Bayar's place as the Premier. Su.Batbold's name has been presented to the President for his seal of approval today.

4 Vote(s)

Mongolia lists 8 potential bidders for coal project

administrator — Fri, 23 Oct 2009 19:29:14 -0400

Mongolia has shortlisted eight potential partners for its huge Tavan Tolgoi coking coal project, according to Temuulen Ganzorig, deputy director of Erdenes MGL, the Mongolian government company that will hold at least 51 percent of the equity.

3 Vote(s)

Metal Miners in Mongolia Dig In - WSJ.com

administrator — Tue, 20 Oct 2009 02:49:19 -0400

Some foreign investors hope the sprawling desert country of Mongolia will become the next big resource story, following a landmark agreement with the government to develop one of the world's biggest copper-and-gold deposits.

1 Vote(s)

Mongolia's media scene: a mad mix

administrator — Tue, 20 Oct 2009 02:23:19 -0400

Mongolia's media has flourished since the end of communism two decades ago, but the result is a crazy mix of countless TV stations and newspapers, mass piracy, slander, rumours and corruption.

2 Vote(s)

A giant leap for Mongolia, but where to?

administrator — Wed, 26 Aug 2009 22:57:49 -0400

- Mongolian parliament uncorks foreign investment bottleneck
- Copper, gold, coal, uranium seen ripe for development
- Third of population likely to remain in poverty for years
- Govt could use revenue to set up budget stabilisation fund

7 Vote(s)

Russia and Mongolia form uranium joint venture to develop Dornod field

administrator — Tue, 25 Aug 2009 01:31:50 -0400

Russian and Mongolian state-owned firms have formed a joint venture to exploit the Dornod uranium deposit, in a setback for a Canadian mining firm licensed to develop the area.

The move comes after Mongolia's legislature in July passed a Nuclear Energy law that gave the state greater ownership over uranium deposits, especially those deemed strategic.

4 Vote(s)

Austrian has Indiana Jones moment in Mongolia - Yahoo! News

administrator — Sun, 02 Aug 2009 15:06:54 -0400

Digging for buried treasure in the Gobi Desert sounds like the opening scene of an Indiana Jones film. For Austrian-born Michael Eisenriegler, it was a real-life adventure.

The 40-year-old amateur archaeologist was in the Gobi over the weekend, helping to unearth Buddhist relics that had been buried for more than seven decades in a remote part of Mongolia.

Less than an hour of digging revealed two crates filled with priceless treasure, including rare manuscripts, Buddhist statues and clothing.

3 Vote(s)

World Bank Provides Assistance to Mongolia in Managing Its Current Economic Downturn

administrator — Sat, 27 Jun 2009 16:54:06 -0400

The World Bank's Board of Executive Directors has approved a development policy credit of US$ 40 million for the Mongolia Development Policy Credit (DPC) Program. The program is designed to assist the government of Mongolia manage the current downturn, which was triggered by the collapse of the copper price.

Duration of the project is 18 months from July 1, 2009, until December 30, 2010.

3 Vote(s)

Senior Chinese party official: No unsettled major issues in China-Mongolia ties

administrator — Fri, 26 Jun 2009 20:53:31 -0400

ULAN BATOR, June 26 (Xinhua) -- A senior leader of the Communist Party of China (CPC) says China-Mongolia ties have reached an all-time high with no unsettled major issues remaining.

"My visit here aims at laying a solid foundation for the sustained growth of China-Mongolia relations by reviewing the past, summing up experience and looking into the future," He Guoqiang, a member of the Standing Committee of the Political Bureau of the CPC Central Committee, told Mongolian Prime Minister Sanj Bayar on Thursday.

China and Mongolia have enjoyed numerous exchanges and cooperation in various fields in recent years with the support of leaders from both nations, He said.

He's three-day visit came as China and Mongolia this year celebrate the 60th anniversary of diplomatic relations.

3 Vote(s)

Seoul City, Ulaanbaatar Agree on Economic Exchanges

administrator — Fri, 26 Jun 2009 20:35:38 -0400

The Seoul Metropolitan Government says it has signed a memorandum of understanding with the Mongolian capital city Ulaanbaatar. It is mentioned that "the two cities will cooperate in combating Mongolia's desertification and other effects of global warming."

But the essence of the MoU is that the "agreement will enable Seoul-based companies to take part in Ulaanbaatar's urban planning, development, industrial, trade and tourism projects." Whole lot to do with fighting the "effects of global warming."

Also, "The mayor of Ulaanbaatar asked Seoul to consider building a hospital in his country..." There are at least two major Korean hospitals in Ulaanbaatar, why build another one?

3 Vote(s)

Mongolia to Get Economic Crisis Funding Support from ADB, Japan

administrator — Thu, 25 Jun 2009 03:20:30 -0400

The Asian Development Bank (ADB) and Government of Japan will fund a social sectors support program in Mongolia to help cushion the impacts of the global economic crisis on the country's poor, who make up a third of the total population.

ADB's Board of Directors approved a loan equivalent to $43.1 million and a grant of up to $16.9 million from its concessional Asian Development Fund for the Mongolia Social Sectors Support Program. The Japan International Cooperation Agency, funded by the Japanese government, will provide cofinance of up to $50 million.

A technical assistance grant of $700,000 to provide strategic capacity development with the Mongolian government is also being extended by ADB, with the Mongolian government providing a further $100,000 equivalent.

4 Vote(s)

Mongolian president elect sworn in

administrator — Thu, 18 Jun 2009 00:33:29 -0400

Elbegdorj Tsakhia was sworn in as Mongolia's president after winning an election May 24th on promises to distribute its mining wealth more fairly and crack down on graft.

4 Vote(s)