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AmCham Mongolia Daily Newswire

January 2, 2019

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Ministry of Energy and Oyu Tolgoi sign an agreement on power plant construction
The Ministry of Energy and Oyu Tolgoi LLC signed the Power Source Framework Agreement on building a thermal power plant adjacent to the Tavan Tolgoi mine, which will supply electricity to the Oyu Tolgoi mine site. The Minister of Energy, Ts. Davaasuren, said that the agreement was an excellent example of benefiting bilaterally on cooperation between the Government of Mongolia and Oyu Tolgoi, which could reduce energy imports. Armando Torres, Chief Executive Officer of Oyu Tolgoi, stated that the power plant would be beneficial to infrastructural development in southern Mongolia, along with meeting Oyu Tolgoi’s electricity needs.
BoM bought 22 tons of gold in 2018
The Bank of Mongolia (BoM) bought 22 tons of gold as of December 31, 2018, which is 2 tons (9.5 percent) more gold purchased compared to the same period in 2017. The reserve increase was due to the five-month National Gold campaign and opening gold buying centers in Darkhan-Uul and Bayankhongor provinces in 2018.
Rio Tinto Group prepares an IPO for IOC
Rio Tinto Group, registered on the Australian Stock Exchange, is preparing to introduce an initial public offering for Iron Ore Company of Canada (IOC). The IPO will be released in cooperation with international banks such as Royal Bank of Canada, Credit Suisse, and JP Morgan Chase.  IOC produces 23 million tons of iron ore annually in Labrador Province, Canada.
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