Oyu Tolgoi to Proceed to International Arbitration on Tax Dispute
On February 20, Turquoise Hill Resources announced that Oyu Tolgoi LLC (Oyu Tolgoi) has been unable to reach a resolution of its previously-announced dispute with the Mongolian Tax Authority (MTA) with respect to the MTA’s tax assessment, and will be proceeding with the initiation of a formal international arbitration proceeding in accordance with the dispute resolution provisions within Chapter 14 of the Oyu Tolgoi Investment Agreement (Investment Agreement) entered into with the Government of Mongolia in 2009 and Chapter 8 of the Oyu Tolgoi Underground Mine Development and Financing Plan entered into with the Government of Mongolia in 2015.
MIAT cancels flights to Bangkok and Tokyo
Due to Covid-19 outbreak in China, MIAT Mongolian Airlines yesterday announced its cancellation of flights to/from Bangkok and Tokyo until March 29.
MIAT selects Sabre to drive ambitious growth plans for 2020 and beyond
Ulaanbaatar /MONTSAME/. Sabre Corporation, a leading travel technology provider based in Southlake, Texas, yesterday announced a new alliance with national carrier MIAT Mongolian Airlines.
Mining Minister meets Ambassador of China
Minister of Mining and Heavy Industry D.Sumiyabazar on February 18 met with Ambassador Extraordinary and Plenipotentiary of the People’s Republic of China to Mongolia Chai Wenrui in connection with his recent appointment.
Parliament Speaker and Central Bank Governor meet with businesspeople
Ulaanbaatar /MONTSAME/. On February 18, Parliament Speaker G.Zandanshatar and Governor of the Bank of Mongolia B.Lkhagvasuren met with representatives of some domestic business companies to discuss about challenges arising due to suspension of schools and public activities and restrictions in border movement amid coronavirus outbreak in the world.
Moody's announces completion of a periodic review of ratings of Mongolia
Moody's conducts periodic reviews through portfolio reviews in which Moody's reassesses the appropriateness of each outstanding rating in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.
83.2 percent of the sales of mining and quarrying production exported
By the preliminary results of January 2020, the gross industrial output reached MNT 1.1 trillion, showing a decrease of MNT 191.4 billion (14.5%) from the same period of the previous year.
Deficit in trade balance reaches USD 14.3 million
In January 2020, Mongolia traded with 116 countries from all over the world and total trade turnover reached USD 932.3 million, of which USD 459.0 million were exports and USD 473.3 million were imports.
Non-performing loans in banking system increased by 0.6 percent
At the end of January 2020, the total amount of outstanding loans to entities, enterprises and citizens amounted to MNT 18.1 trillion, increased by MNT 871.7 billion (5.1%) from the same period of the previous year.
Turquoise Hill announces the submission of the Feasibility Study for the Tavan Tolgoi Power Plant Project
Turquoise Hill Resources on February 17 announced the submission of the Feasibility Study for the Tavan Tolgoi Power Plant (TTPP) Project to the Government of Mongolia by Oyu Tolgoi LLC.
Mineral industry to contribute to the fight against Covid-19 spread
Mineral industry workers informed Minister of Mining and Heavy Industry D.Sumiyabazar of their plans to launch a campaign against the coronavirus disease (covid-19) as part of the industry that play an important part in the socio-economic development of Mongolia.
‘Build Mongolia-2020’ expo to take place in April
‘Build Mongolia-2020’ international construction, mining, road and renewable energy expo is scheduled to be organized at Buyant-Ukhaa Sport Complex on April 2-4 with the support of the Ministry of Construction and Urban Development.
Erdenes Tavan Tolgoi to distribute dividends to its shareholders
Today, on February 17, Minister of Mining and Heavy Industry D.Sumiyabazar and Executive Director of ‘Erdenes Taval Tolgoi’ (ETT) Company B.Gankhuyag gave briefing about distributing dividends to shareholders of ETT Company.
Individuals’ savings make up 85.6 percent of total time deposit
The money supply (broad money or M2) reached MNT 20.5 trillion at the end of January 2020, increased by MNT 0.9 trillion (4.6%) compared with the end of the previous year.
Mongolian delegates of tourism sector take part in international exhibition
At the initiative of the Mongolian Tourism Association (MAT), Mongolia’s business representatives participated in the international tourism exhibition ‘Los Angeles Travel and Adventure Show -2020’, held on February 15-16.
Mongolia’s economy grows up by 5.1 percent in 2019
Mongolia’s economy grew up by 5.1 percent in 2019, reports the National Statistics Office.
Transportation in statistics
In January 2020, 2.5 million tonnes of freight were carried by railway transport.
Tax revenue reaches MNT656.4 billion in January
In January 2020, general government budget revenue amounted to MNT 767.7 billion by preliminary results, MNT 708.4 billion of which accounted for equilibrated revenue. In January 2020 for general government budget revenue structure, 92.3% was accumulated from equilibrated revenue.
Agriculture Minister works in Austria
Minister of Agriculture and Light Industry Ch.Ulaan paid a working visit to the Republic of Austria on February 14-15.
Total value of companies operating at stock markets reaches MNT2.7 trillion.
In January 2020, 14.7 million pieces of securities worth of MNT 4.2 billion were traded at the national stock market, which is decreased by MNT 17.8 billion (80.8%) and 4.2 million pieces of securities (22.0%) compared to the same period of the previous year, and decreased by MNT 502.3 billion (10.6%) and 13.1 million pieces (47.0%) from the previous month.
Minister D.Tsogtbaatar: Introduction of new political culture required for establishment of wealth fund