Only Economic Diversification Can Assure Survival, Says Former PM

By mergen, 13 March, 2010, No Comment

Former Prime Minister D. Byambasuren does not see any “quick exit from the present economic crisis, even if some superficial indications may look promising”.

The distribution of cash has led to an overall increase in prices of items in daily use. Banks are still troubled with outstanding loans and the long-term impact of the dzud will be clear only with time. Livestock is the economy’s key sector and difficulties there will be felt in many areas of life: herders’ livelihood, the consumer market, and health of the banking system. Herders, he felt, are not receiving adequate support, but abandoning them will have disastrous consequences.

Read More →

Environmentalists Urge Mongolian State Authorities to Probe “Illegal” Activities of Petro-China

By mergen, 12 March, 2010, 1 Comment

A coalition of environmental protection movements in the country has sent a report to the President, the Parliament Speaker, the Prime Minister, and the Ministers of Minerals and Energy, Finance, and Labor and Social Welfare detailing “illegal activities” by Petro-China Dachin Tamsag and demanded an inquiry into how the company has been allowed to violate Mongolian laws, pollute the environment, and harm local communities in several ways.

Petro-China has been working in three oil fields in Dornod aimag since 2005 on the basis of a product sharing agreement with the Government. Petro-China has refused to make available to the coalition a copy of the agreement, as also of its performance and monitoring reports, even though the NGOs have a constitutional right to the information.  Petro-China says these are “company secrets that cannot be disclosed to a third party”.

Read More →

Goldman Sachs May File Case on Olon Ovoot

By mergen, 12 March, 2010, No Comment

Goldman Sachs is believed to have filed a case against Mongolia in an international arbitration court in matters relating to Mongol Gazar and the Olon Ovoot mines.  This news comes in the wake of unconfirmed but strong reports that the Mongolian Government has lost the case against the Russian-owned Altan Dornod.

Mr. B.Lhagvasuren, director of the Inspection Department at the Central Bank, has denied any information about Goldman Sachs filing any case
Mr. Ts. Myanganbayar, a business magnate, mortgaged the Olon Ovoot gold mine license to several banks and to Goldman Sachs to borrow a total of MNT 210 billion. Of this, Zoos Bank, now known as State Bank, gave him MNT 60 billion, Anod MNT 30 billion, and Goldman Sachs MNT 15 billion.

Read More →

Curry For A Cause

By mergen, 4 March, 2010, 1 Comment

Taste the Savory Indian curry at its Best. Your participation will enable a needy Mongolian family live in a house called home.  A worthy cause.

A Buffet Charity Dinner will be organized on the 13th of March, 2010 at the Taj Mahal Restaurant at 6.00 – 10.00 p.m.  located on 6th floor of the Ulaabaatar Hotel.  Entrance fee 21,000 MNT per person

Curry for a Cause Event Program:

  • Welcome Habitat for Humanities (HFH) Mongolia Blue Sky Build Presentation
  • Dinner and then after dinner some fun Games
  • Auction – Items, A saree from India, Another dress called Salwar
  • Kameez, some Indian Handicrafts, Famous Mongolian artists paintings
  • Music and Dance

Come and join Hands to lend a Helping Hand .  All proceeds to be given to Habitat for Humanity Mongolia.

About The Blue Sky Build

Building 30 houses for 30 Mongolian families with low incomes.  A sign up paper will be available for people to sign up as volunteers during the actual days of the Blue Sky Build 28th June – 2nd of July, 2010.

For reservation of a seat, please phone into Tajmahal restaurant – 98110562 OR the Habitat for Humanity Director Charles Jolliffe -99041137

2009 Highlights, Coping with Winter Weather, & Money to Citizens

By mergen, 13 January, 2010, 4 Comments

Mongolia Business Podcast Summary: Mongolia’s 2009 business news highlights; Coping with winter weather in Mongolia; Parliament approves 324 billion tugrugs in handouts to citizens

Mongolian Ice Game "Musun Shagai"

Mongolians playing a traditional Mongolian ice game called "musun shagai", which literrally means "ice ankle bone".

Mongolia Business Podcast Highlights: Parliament recently approved to allocate 324 billion tugrugs, roughly 220 million USD, which essentially gives money away to Mongolian citizens.  Human Development Fund distribute 120,000 tugrugs for each citizen, 70,000 before Tsagaan Sar, or Mongolian New Year, and 50,000 tugrugs after the Tsagaan Sar…

SouthGobi Energy Resources may spend up to $800 million USD to improve operations and better supply customers in China…

Some big events in 2009 were headed by the signing of Oyu Tolgoi (OT) agreement on October 6, 2009, a very good auspicious day.  There was a collapse of two major banks and a merger of two other banks.  In March 2009, Mongolian tugrug fluctuated from 1100 tugrugs to up to 1700 tugrugs before heading back down to 1500 tugrugs.  Prime Minister Bayar resigned…

Weather in Mongolia is currently -30 to -40 degrees Celsius (-40 degrees Celsius is -40 degrees Fahrenheit).

How do we cope with it?

  1. Stay inside.
  2. Dress with too many layers or wear fur
  3. Eat Mongolian diet
  4. …

Why Mongolians crank up the heat to about 25 degrees (85 Fahrenheit) inside?  It’s freezing outside, but people are wearing shorts inside…. Black stuff on roads is the ice.  Another tip to stay warm?  Turn into a ninja.  Only show your eyes and cover everything, wear layers of clothing, eat mutton, and don’t go out too much…

Click here to listen to entire podcast episode: Mongolia Business podcast by Mongolia Business Blog (MBB)

“Mongolian Law and Legal Environment” with James Liotta of Lehman Lee & Xu

By admin, 21 December, 2009, 3 Comments

James Liotta Lehman Lee XuOverview: Mongolia has a developing judicial system, sometimes even described as “rotten to the core”.  People need to do due diligence before coming to Mongolia to do business.  Following the law to your best ability from the beginning will help prevent issues later.

For business news, the state budget containing 76 Billion tugrugs or 1 billion tugrug per each MP, has been passed, even after a veto by the President of Mongolia.  Millennium Challenge Account is investing more than hundred million USD for clean air and road infrastructure projects.  Boroo Gold mining company has agreed to donate 1 million USD for new national park being developed in Ulaanbaatar.

For “Mongolia Business” podcast update, we received some recommendations from one of our listeners.  We also received a five star review on iTunes.

Read More →

Democracy, Railroad, & Jim Dwyer of Business Council of Mongolia

By mergen, 12 December, 2009, 5 Comments

MONGOLIA BUSINESS PODCAST #4 HIGHLIGHTS

20th anniversary of Mongolian democracy, railroad, & BCM Executive Director Jim Dwyer

December 11, 2009: December 10th is a very important day in Mongolian history.  On this date, Mongolians gathered at the square and peacefully protested for democracy of Mongolia. It was one of the most peaceful yet successful demonstrations in history…  (Download the podcast here: Mongolia Business podcast)

There is a dispute over the railroad between the private sector and Mr. Battulga, the Minister of Road and Transportation.  Additionally, there is a need for a railroad in South Gobi.  Current transportation methods do not meet the needs to transport the mining resources.  Leighton LLC has just been contracted to build the railroad, separately from the mining contract…

Read More →

Nuclear Energy and Uranium in Mongolia

By mergen, 11 December, 2009, 2 Comments

Mr. Eric de SEZE, General Director & CEO of Areva Mongolia, “Nuclear Energy and Uranium” “PART TWO of BCM Meeting Highlights”

On Monday, December 7, 2009, Business Council of Mongolia (BCM) held its last meeting of the year.  Guest speakers Mr. B. Enhuyag, First Deputy Governor of Bank of Mongolia and Mr. Eric de SEZE, General Director & CEO of Areva Mongolia discussed “Views on Current Macro-Economics and Mongolia’s Banking Sector” and “Nuclear Energy and Uranium”, respectively.

Read More →

Current Macro-Economics and Mongolia’s Banking Sector

By mergen, 11 December, 2009, 1 Comment

Mr. B. Enhhuyag, First Deputy Governor of Bank of Mongolia, “Views on Current Macro-Economics and Mongolia’s Banking Sector” “PART ONE of BCM Meeting Highlights”

On Monday, December 7, 2009, Business Council of Mongolia (BCM) held its last meeting of the year.  Guest speakers Mr. B. Enhhuyag, First Deputy Governor of Bank of Mongolia and Mr. Eric De SEZE, General Director & CEO of Areva Mongolia discussed “Views on Current Macro-Economics and Mongolia’s Banking Sector” and “Nuclear Energy and Uranium”, respectively.

Read More →

December 2009: Cultural Events of the Month

By admin, 8 December, 2009, 3 Comments

A friend of mine emailed me this.  The source was “The Arts Council of Mongolia“.

Enjoy!

BEST ARTWORKS OF THE YEAR

Modern Art Gallery

Dec 4 – Dec 30

The Modern Art Gallery of Mongolia is hosting its annual ‘Best Artworks of the Year’ competitive exhibition from December 4 until December 30. There are 120 artworks in the exhibition, and they will be judged over two weeks. A select few will then be brought into the gallery’s collection at the conclusion of the exhibition.

For more information please call 327177 or 331687

NATIONAL FOLK SONG AND DANCE ENSEMBLE

(Tel: 323954, 99283116, 88083116)
Web address: www.mon-ensemble.mn

  • 14-15th 7 PM   ‘Mongolian Melody’ performance

CENTRAL CULTURAL PALACE

(Tel: 321444, 328833, 323954)

Please call for a detailed schedule

STATE PHILHARMONIC HALL

(Tel: 70118012)

Please call for a detailed schedule

Read More →

Traffic Stop Line, IT Industry, & Mongolian hackers

By mergen, 5 December, 2009, 1 Comment

MONGOLIA BUSINESS PODCAST #3 HIGHLIGHTS

December 4, 2009: This week, we discuss traffic laws, Mongolian IT industry, and Mongolian hacker vs. a peeping Mongol.  (Download the podcast here: Mongolia Business podcast)

Mongolians and ex-pats alike may have noticed that cars are no longer stopping on pedestrian crossings.  There is a reason for that.  For the past two weeks, any automobile that stopped past the traffic stop line for cars, was fined 5,000 or 10,000 tugrugs (3-8 dollars).  This is 3-8 percent of minimum wage.  There is also an upcoming jaywalknig law with fines as much as 20,000 to 30,000 tugrugs…

Bayarsaikhan started Singleton LLC three years ago.  After some employee and startup challenges, the web development is starting to pick up steam.  In March, the company launched BizNetwork.mn, the Mongolian version of LinkedIn.  It is now already a top 20 website and by far the best website in its category.

We also discuss a very interesting story from this summer where a Mongolian “white hat” hacker exposed the people behind an oft-despised underground website.  The ensuing happenings engulfed all of Mongolian young office workers as the two parties duked it out…

  • Podcasters: Bobby Barnes, Mergen Chuluun, & Lhagva Erdene.
  • Guest Speakers: Bayarsaikhan of Singleton LLC and Tamir of Mongolian Software Industry Association.

Thank you for listening.  Please give us feedback on how we can improve our podcast.  Please let us know if you would like us to cover any specific topics.  You can reach as on Twitter.com/MongoliaBiz and at MongoliaBusinessBlog (at) gmail (dot) com.

James Passin Bullish on Mongolian Stock Market

By mergen, 26 November, 2009, 2 Comments

Today, while going through some articles on Mongolia, I ran across an article that happened to cover the Mongolian stock market by a stock market guru named James Passin.  It was a lucky find as the article mostly talked about Berrylium.  Anyway, please read on.

As you will find, James is very bullish on the local Mongolian stock market.

Source:

Mongolian Stock Market Overview

TER: Any other regional international plays that you can discuss with us?

JP: Ivanhoe Mines Ltd. (NYSE:IVN, TSX:IVN) , the Canadian exploration company, finally executed an agreement with the Mongolian government with respect to the development of Oyu Tolgoi, the world’s largest undeveloped copper mine. This is a massive mine that will generate $5 billion of revenue per year for over 50 years. While this is a positive development of Ivanhoe, a stock that we’ve been trading from the long side all year, it will be much bigger story for the Mongolian stock market.

Mongolia GDP is only about $5 billion, so Oyu Tolgoi, or OT as the mine is called, will transform the prospects for employment and per capita GDP growth. A great wall of domestic liquidity will support the local stock market, creating a new bull market which will last for decades. The local stock market currently has depressed valuation and almost zero liquidity. Mongolia has structural similarities to other emerging markets that started out with very low market capitalizations, such Vietnam or the smaller Gulf states. There are 24 mineral projects that have been deemed strategic by the Mongolian government and that represent potential sources of commodity exports. The Ivanhoe deal marks the beginning of the Mongolian mining boom and I think the most leveraged long-term way to play this mining boom is through the local stock market.

Read More →

H1N1 Causing Food Price Inflation – Mongolians Are Not Happy

By mergen, 17 November, 2009, 6 Comments

Sea-Buckthorn

Seabuckthorn prices have increased by 1500-2500 tugrugs per kilo in Mongoolia

Due to the outbreak of H1N1, there is increased demand for food products that enhance body’s immune system and help fight against the flu.  As a result, pricing for garlic, sea-buckthorn, “aarts”, and horse meat have seen inflationary pricing over the last few weeks.  News coverage has been high as locals have been quite upset and have demanded price controls.

Read More →

Ivanhoe Mines Financial Results and Review of Operations (Third Quarter of 2009)

By mergen, 15 November, 2009, 2 Comments
On November 13, 2009, the following article was released on CNN Money.   It contains highlights from Ivanhoe Mines’ financial tesults and review of operations.  The full PDF can be downloaded from the Ivanhoe Mines website.

————————–

Ivanhoe Mines Ltd. (TSX: IVN)(NYSE: IVN)(NASDAQ: IVN) today announced its results for the quarter ended September 30, 2009. All figures are in US dollars, unless otherwise stated.

HIGHLIGHTS DURING THE QUARTER AND SUBSEQUENT WEEKS

- On October 6, Ivanhoe Mines and its strategic partner, Rio Tinto, joined with the Government of Mongolia in a state ceremony for the signing of an Investment Agreement for the Oyu Tolgoi copper-gold project. The Investment Agreement establishes a stable legal, fiscal and regulatory environment for the construction and operation of the Oyu Tolgoi mining complex.

- On October 27, Ivanhoe received $388 million from Rio Tinto, increasing Rio Tinto’s equity ownership in Ivanhoe Mines to 19.7%. The additional funds will be used to help build and commission the open-pit mine and to advance development of the underground block-cave mine at Ivanhoe’s Oyu Tolgoi copper-gold project in Mongolia.

Read More →

Should You Be Wearing a Mask?

By mergen, 10 November, 2009, 6 Comments

N95-RespiratorThere are quite a bit of confusion over this matter.  With all the H1N1, or the swine flu, all around, shouldn’t we all be wearing masks?  There is definitely some “swine panic” in Mongolia as prices of garlic, horse meat, “aarts”, and seabuckthorne juices have skyrocketed in response to the H1N1 flu.  Many people are wearing masks in Mongolia.  Some organizations are even going as far as requiring people to wear masks.  As a result, I set out to do a brief research into the matter: do I or you really need to be wearing masks?  Should you?

Read More →

Page 1 of 212»