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Government
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News -
Government
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Thursday, 05 November 2009 16:03 |
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By Dan and Unuruu
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 Discover Mongolia 2009, The 7th International Mining Investors Forum opening ceremony was held today Thursday November 5, at the Children's Palace in Ulaanbaatar.
The Mongolian government has banned all public gatherings for two weeks in an effort to prevent the spread of the H1N1 flu. Discover Mongolia Conference was granted special permission to open its doors due to the importance of the conference.
This conference is the most significant of its kind in Mongolia. It follows the Oyu Tolgoi agreement signed last month between the Mongolian government, Ivanhoe mines and Rio Tinto to develop what will become the largest copper and gold mine in the world.
The annual Discover Mongolia Conference, first held in 2002, aims to introduce the Mongolian mining sector to the world. Domestic mining companies and mining license holders will come face to face with foreign investors and government officials.
The Investor forum on 6-7 November attracts international interest from Canada, France, Russia, China, South Korea, Japan and the United States. A significant Russian delegation is expecting to discuss at the forum previous uncompleted agreements and hopes to increase its hold in several mining projects.
New geological exploration results will be revealed for the first time during the conference. These new survey results will show that the size of "treasures" under the Mongolian surface is much larger than ever predicted before.
Discover Mongolia-2009 promises to be a success, following recent law and investment regulation amendments. These changes have made Mongolia an attractive location for mining investors, while retaining a significant share of profits for Mongolia.
The unprecedented new opportunities for Mongolian businesses are guaranteed by the new laws which ensure that the mining sector use Mongolian services and employees whenever possible.
The conference sponsors include some of the leading companies in the mining sector.
 The Platinum Sponsors include the leading trio - Ivanhoe, the developer of the Oyu Tolgoi mine, it's main partner Rio Tinto a global mining company and the Mongolian Oyu Tolgoi company operating the mine.
The Gold Sponsors are - Monnis, originally known in Mongolia as the Nissan supplier. In the past years Monnis has extended its activities to include supply and maintenance of other machinery including Liebherr heavy mining equipment. Geosan is a Mongolian provider of ground and fixed wing airborne geophysical surveys. Geosan employes 40 professional geophysicists and surveyors. Erdene is listed on the Toronto Stock Exchange (TSX:ERD) and has several mining projects (coal and copper) in Mongolia. Erdene President and CEO Peter Akerley will be giving a presentation at the Discover Mongolia Conference. Centerra is a Canadian company that holds 100% interest in the Mongolian Boroo gold mine in Mongolia. SouthGobi Energy Resources is the developer of the large Ovoot Tolgoi coal mine. Redpath is a global mining contractor. In the past years Redpath was involved in sinking multiple shafts and provide primary mine development services at Oyu Tolgoi. In January, 2008, and at a depth of 1385 meters, the company completed the sinking of the deepest mine shaft ever sunk in Mongolia.
 Sponsors include - Khan Resources is developing the Dornod uranium mine in eastern Mongolia. Mongolia Energy Corporation is developing the Khushuut coal mine in western Mongolia and several other mines.
Event sponsors are - GOLOMT bank one of the leading Mongolian banks. MobiCom a large mobile supplier in Mongolia. Runge provides software for the mining industry. Mongolian Star Melchers is a major importer of consumer goods.
partners of the event are - Business Council of Mongolia represents the views of investors in Mongolia's economy. Mining.mn a Mongolian mining portal, publishes the latest mining news. Mongolian Mining Journal covers Mongolian mining issues. Asia Miner a magazine covering mining in Asia.
Khan Bank is the bank of the event, and Kempinski hotel Is the hotel of the event, one of the best in Ulaanbaatar.
Source: ToGobi |
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Last Updated on Thursday, 12 November 2009 07:46 |
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News -
Government
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Sunday, 04 October 2009 22:47 |
 For about a decade since the mid-1990s uranium exploration in Mongolia by international companies was not subject to any clear national policy or close regulation. In the last few years, however, the Government has sought to exercise more control over the whole mining sector and earlier this year it set up MonAtom to undertake uranium exploration and mining on behalf of the state, as well as to pursue nuclear energy proposals. It will hold the state's equity in uranium and nuclear ventures, under the Mongolian Nuclear Energy Agency.
In mid-July, after consultation with the International Atomic Energy Agency, Parliament passed a Nuclear Energy Law to regulate the exploration and mining of uranium and give the state a greater degree of ownership and control of those resources. Along with this the Government set up Dornod Uran, a joint venture company between MonAtom and Russia's ARMZ to develop two uranium mines in Mongolia -- Dornod and nearby Mardai. A Japanese partner, evidently Marubeni, is also expected to be later involved in the work of this joint venture.
The development is of particular interest to Russia due to its proximity to the Priargunsky operations, allowing possible creation of a ‘single infrastructure’.
At least until mid-August, Canada-based Khan Resources owned a 69% share in the Dornod project, mostly through its 58% subsidiary Central Asian Uranium (CAUC). The balance of CAUC, which holds Mongolia’s only uranium mining license, was owned by MonAtom and ARMZ, each with 21%.
A definitive feasibility study released in March 2009 showed that the USD333 million project was sound, on the basis of 24,780 tons of indicated resources, including 20,340 tons of probable reserves. Annual production of 1,150 tons over 15 years from 2012 was envisaged.
However, the Nuclear Energy Agency has announced that the joint venture of MonAtom with ARMZ will develop the project to annually produce about 2000 tons. Khan is uncertain where it stands, having apparently been dispossessed as it sought to negotiate an investment agreement with the Government.
Gurvanbulag is another deposit, about 30 km away, which has been held by the Canadian Western Prospector Group. In March the company agreed to a USD25 million takeover by China's CNNC International, a 74% subsidiary of CNNC Overseas Uranium Holding and through it, of SinoU. MonAtom appears to be positive about this development.
Source: World Nuclear News
The Business Council of Mongolia aims to advocate increased trade and investment in Mongolia and serve as a forum for dialogue on the important business climate issues. Join us at the Business Council Mongolia Official Website
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Last Updated on Sunday, 04 October 2009 23:30 |
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News -
Government
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Friday, 11 September 2009 17:24 |
More than two weeks have passed since Parliament approved all the proposed amendments to laws that would facilitate signing of the Oyu Tolgoi investment agreement but there is no word or sign when it will be signed. Minister for Minerals and Energy D.Zorigt set all speculation at rest by explaining that it had been premature to say the agreement was ready to be signed. There are procedures to be followed before the signing can take place. Several Ministries will have to formally agree to all provisions in the draft. They may give their consent to it as it stands but they can also offer suggestions or seek clarification. In that case, the working group will have to consider these. Not all such replies have yet been received. Also the Government has to review these recommendations but it will not meet in the absence of the Prime Minister.
Some confusion has been created by the announcement by a Member of Parliament that the project has begun recruitment when no such decision has been taken.
Source: www.news.mn, Undesnii Shuudan
 The Business Council of Mongolia aims to advocate increased trade and investment in Mongolia and serve as a forum for dialogue on the important business climate issues. Join us at the Business Council Mongolia Official Website
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Last Updated on Friday, 11 September 2009 17:24 |
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News -
Government
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Friday, 04 September 2009 13:17 |
Economic and Legal Consultancy (ELC) has called attention to discrepancies in the new law on the use of MNT in transactions. For example, the law prohibits both “making payments and settlements and announcing and promotion in foreign currency or calculation units” without the consent of the Central Bank, and “setting prices in foreign currency or calculation units”. ELC feels if “setting” of prices is interpreted as “announcing and promotion” the ban is redundant. If, however, the word is interpreted as “the internal/commercial process of coming up with an amount before announcing a price”, then the prohibition violates the fundamental right of an individual or a legal entity to act in a free market environment. Another anomaly appears when the law authorizes the Government to demand correction of any violation and, at the same time, to confiscate the revenue generated, though another section of the law mentions fines if the violation is not remedied. No due process is set out (i.e. notice first and then upon failure to act on the notice, sanctions following), nor is any time frame provided for the correction. “It is likely that confiscation of revenue in foreign currency will be imposed right away for ‘the first strike’,” ELC says and advises discretion.
Source: www.mol.mn
 The Business Council of Mongolia aims to advocate increased trade and investment in Mongolia and serve as a forum for dialogue on the important business climate issues. Join us at the Business Council Mongolia Official Website
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Last Updated on Friday, 04 September 2009 13:17 |
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News -
Government
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Friday, 04 September 2009 12:48 |
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Mr. D.Angar, Chairman of the Debt Management Group at the Ministry of Finance, hopes the differences over the status of the financial debt to Russia will be resolved by the end of the year. Explaining the history of the issue, he said the debt arose in 1973, when the Governments of the two countries established Mongolrostsvetmet and Mongolia’s share of the authorized capital was shown as a loan from Russia. In 2003, the Prime Ministers of the two countries signed a memorandum of understanding on the larger matter of what is called “the grand debt to Russia”, which included repayment of the Mongolrostsvetmet loan.
Mr. Angar said Mongolia has observed all the terms of the memorandum and was sure of its position when the Ministry of Finance wrote to its counterpart in Russia that the Mongolrostsvetmet debt issue had been completely settled. The Russian side has a different perception of the matter and this discrepancy now awaits resolution. |
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Last Updated on Friday, 04 September 2009 12:48 |
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