Business Mongolia

Standing Committee of SGK discussed the dismissal of Prime Minister Altankhuyag Norov on April 16th, 2013. The Standing Committee decided that it is not necessary to dismiss the Prime Minister. SGK called for a vote after chairmen of MPP and DP parties’ parliamentarians and the Prime Minister made a statement regarding the dismissal issue. SGK [...]

On April 19, 2013, SGK passed amendments to Strategic Sectors Foreign Investment Law (SSFIL) that was adopted in May last year. The new amendment aims to ease restrictions and create more favorable conditions for foreign investors. Parliamentary approvals for foreign non-state owned companies and threshold of MNT100bn (US$70mn) have been removed. The investments of state [...]

Deputy Speaker of SGK Bayartsogt Sangajav has resigned after 87.5% SGK voted in favor of his resignation, 74 MPs have participated in the voting. Disciplinary committee of SGK have convened earlier to discuss Deputy Speaker’s act after it became apparent that the speaker hadn’t disclosed his BVI company title and its Swiss Bank account that [...]

Erdenes Tavan Tolgoi was facing financial difficulties because of the low-selling price on the agreement with Chalco. The mine also contributes largely to the state-budget. Therefore, it was one of the many causes of economic slowdown in Mongolia. Business-Mongolia.com is delivering the translation of an interview with Mr. Gankhuyag D, Mining Minister of Mongolia, on [...]

The OT project has already started the commercial production and scheduled to commence exporting the concentrates to China based smelters. OT has committed 75-90% of its’ product for sale with 3-5 smelters all located in China. Marketing strategies include swap contracts and direct supplies to smelters. Some complaints from the project company, Oyu Tolgoi LLC, [...]

Today, Prime Minister Altankhuyag N briefed SGK that Erdenes TT will resume transporting coal to China from next Monday, 22nd of April. Currently there are 337 thousand tons accumulated at the Mongolian border and over a million ton at the mine site. He added that Chalco’s directors came to meet the relevant  Mongolian side officials [...]

Today, in the SGK session regarding the resignation of deputy speaker, Mr. Bayartsogt S. himself made explanations. He assures that all of the records and transactions were submitted to IAAC (Independent Agency Against Corruption) and proved that there were only 2 transactions. Initial deposit was made when the account was opened – 1 million USD. [...]

State great khural is taking place today in the parliament house. MP Mr. Otgonbayar asked the Mining Minister regarding the negative economic outlook and ratings of the country from rating agencies. The Mining Minister stated that international investors agreed to stop spreading and feeding negative news and messages through its’ associated PR companies and media [...]

Today, Finance minister stated that the Oyu Tolgoi agreement is not profitable to Mongolia. He added that various sources and researches have proved the deficiency of the agreement. Viable explanations and breakdowns of the 2 billion USD cost overrun has not been given to Mongolians, he mentioned. As for Tavan Tolgoi, the deal with Chalco [...]

After the victory of Democratic Party in the parliamentary elections last year, the party intensively replaced the directors and chiefs of high level organizations. As part of the process Mr. Ganbold Chuluun has been resigned from the Oyu Tolgoi LLC board. Mr. Ganbold Chuluun served as a board member from June, 2010 until his resignation [...]