Construction of Tavantolgoi coal logistics center to start in Q2 2021
The cabinet held its regular meeting on April 7, Wednesday and heard a presentation on the logistics center for coal loading and a railway in Tavantolgoi coal deposits in Umnugobi aimag. The technical and economic feasibility study and blueprint for the logistics center as well as the construction are scheduled to launch within the second quarter of this year.
Agriculture Ministry and UN FAO cooperating to develop digital agriculture
On April 6, five systems developed with a view to improve the registration, information, control and tracing system of the livestock and farming industry in the scope of the technical assistances projects undertaken by the Ministry of Food, Agriculture and Light Industry (MoFALI) and Food and Agriculture Organization of the United Nations (FAO) were handed over to the MoFALI.
Financial Regulatory Commission present at ‘Green Finance’ webinar
The Financial Regulatory Commission (FRC) - in cooperation with and the Alliance for Financial Inclusion (AFI) – presented an e-training webinar on ‘Green Finance’.
'ETT Bond' introduced to businesses
A meeting to introduce the 'ETT Bond' issued by 'Erdenes Tavantolgoi' JSC to the primary market was held online at the Mongolian National Chamber of Commerce and Industry (MNCCI) today.
German Sparkassenstiftung Mongolia donates minibus to support financial literacy project
The Bank of Mongolia has been successfully implementing the ‘Public Financial Literacy Program’ in cooperation with government and nongovernment organizations since 2016.
L. Bolormaa: Globally a Woman-Owned Business definition is a key for gender-equality in business
We spoke with L. Bolormaa, A Board Member of Golomt Bank, Chairperson of Women Entrepreneurs Council at Mongolian National Chamber of Commerce and Industry about policies to support women in business and women leadership.
BoM purchases 917 kg precious metals in March
In March 2021, the Bank of Mongolia (BoM) purchased 917 kg precious metals.
EU TRAM project steering committee convenes
The steering committee of the European Union’s Trade Related Assistance for Mongolia (TRAM) project held a meeting at the Ministry of Foreign Affairs on April 1.
Project launched to develop capability of geotechnical and mining professionals
On April 1, Oyu Tolgoi LLC and Rio Tinto in partnership with the Mongolian University of Science and Technology (MUST) launched a joint project to build and develop the capability of geotechnical and mining professionals in Mongolia.
'All for YOUth, YOUth for all' project training held on 'How to convert your traditional business to online'
Businesses and young entrepreneurs have been exposed to the consequences of the COVID-19 pandemic and it is challenging for the business community to survive with lockdowns, reduced revenues and other issues. Businesses are confronted with less customer interaction and stricter lockdowns in place. Therefore, small and mediums businesses (SMEs) have to adapt their business models to react better this new changing environment.
Around 2,500 borrowers receive MNT 153 billion of loans to support employment
During its regular meeting held on March 31, the cabinet heard a presentation on the programs to support the country’s economy within the framework of the ‘MNT 10 trillion Comprehensive Plan for Health Protection and Economic Recovery’.
Oyu Tolgoi declares force majeure due to delayed copper concentrate shipments to Chinese customers
On March 30, Turquoise Hill Resources Ltd announced that Oyu Tolgoi LLC (“Oyu Tolgoi”) has declared force majeure in connection with customer contracts for concentrate as a result of Oyu Tolgoi shipments of concentrate to its Chinese customers being suspended due to COVID-19 health and safety precautions related to Chinese-Mongolian border crossings. Oyu Tolgoi continues to support the Government of Mongolia’s efforts to work with Chinese officials to resume the shipments of copper concentrate to its Chinese customers as soon as possible.
Primary market trading order of 'ETT Bond' launches
‘Erdenes Tavantolgoi’ JSC is offering bonds worth MNT600 billion to the public. The Financial Regulatory Committee registered the ETT’s bonds in the securities registry.
Wool and cashmere factories commit to sustainable textile production
A total of 18 national textile industries have joined to a Voluntary Code of Practice (VCP) for Mongolian sustainable textile production, agreeing for an environmentally-friendly, socially sound, and economically viable production.The Voluntary Code of Practice aims to enhance and ensure a strong sustainability profile of the Mongolian wool and cashmere industry, allowing for better recognition in the global wool and cashmere market and increased sales due to a sustainability performance that stands out against ordinary textiles.
Mongolia to produce 55 percent of petroleum consumption domestically by 2024
Mongolia’s annual consumption of petroleum products reaches 1.95 million tons, according to the Ministry of Mining and Heavy Industry. The country is fully dependent on imports to meet this demand, spending around USD 1 billion annually and the petroleum consumption in a year is expected to rise to 2.5 million by 2024.
Mongolia-India joint working group convenes
The Mongolia-India joint working group established on the issue of supplying coking coal convened online on March 25.
Erdenes Tavan Tolgoi JSC bonds issuance approved
According to the CEO order No.A-22 of the Mongolian Stock Exchange dated March 19, 2021 and the FRC Resolution No. 96 dated March 26, 2021, ‘Erdenes-Tavan Tolgoi’ JSC’s bonds with value of up to MNT 2 trillion have been approved for public offering.
Talks with Rio Tinto on Oyu Tolgoi project to launch next week
Minister of Justice and Home Affairs Kh.Nyambaatar, who is heading the working group established by the order of Prime Minister of Mongolia to hold negotiations on Oyu Tolgoi issues, has delivered an update on the OyuTolgoi project matters.
Int’l conference on ‘Financial Literacy Strategy for Micro, Small and Medium Enterprises” held
In cooperation with other organizations, the Bank of Mongolia has been implementing the ‘National Program for Financial Literacy’ since 2016.
Bank of Mongolia decides to keep policy rate unchanged
At the scheduled meeting held on March 24, 2021, the Monetary Policy Committee (MPC) of the Bank of Mongolia took into consideration the current state and outlook of the economy and financial markets, as well as the uncertainties and risks inherent in the domestic and external environments
P.Khaliun: I believe the relations between two countries will soon reach strategic partnership
Mohammad Faisal Al-Mutairi: Transportation is the main problem in the expansion of Mongolia-Kuwait trade