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Daily NEWSWIRE
October 26, 2016
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Government

Ch. Saihkhanbileg: The matter of transferring 49% of Erdenet Mining Corporation’s shares to Mongolia came at an inconvenient time

Summary: Yesterday, the Parliament Legal Standing Committee convened to discuss the sale of 49% of Erdenet Mining Corporation and to examine the results of the taskforce formed to inspect the sale. The Former Prime Minister Ch. Saikhanbileg, CEO of Trade and Development Bank of Mongolia O. Orkhon and Acting Director of the Policy Coordination Department of State Property Committee Ts. Nyam-Osor were called for the meeting. The taskforce stated that, “During the 49% sale of Erdenet Mining Corporation and Mongolrostsvetmet LLC, the Constitution, and seven articles of international treaties and conventions may have been violated.” During the meeting, the Members of Parliament asked to clarify why the sale of the strategic factories was not discussed in Parliament. Ch. Saikhanbileg stated that, “During the Cabinet meeting, some Cabinet members felt that the issue should be discussed in the Parliament, while others felt that there was no legal framework for this issue. As the Prime Minister, I felt that the issue should be resolved. The issue of Erdenet Mining Corporation came at a very inconvenient time, and the Russian side required us to make a decision before June 23rd.  I viewed that it was right to bring 100% of the shares of Erdenet Mining Corporation to Mongolia. It is possible to judge the legitimacy of my actions in the Constitutional Court.”       

Keywords: Erdenet Mining Corporation   Today /page A2/


The Parliament will discuss National Anti-Corruption Program this week

Summary: Parliament will discuss the National Anti-Corruption Program. The previous Parliament rejected the program back without any discussion. The current Parliament created a taskforce to prepare the draft program for discussion in the Parliament. The taskforce is led by the Chair of the Legal Standing Committee Sh. Radnaased and includes Members of Parliament L. Bold, Kh. Nyambaatar, N. Oyundari and B. Purevdorj. During the Parliament Legal Standing Committee meeting, the draft resolution on the National Program on Combating Corruption and Strengthening Integrity will be discussed and then presented at tomorrow’s plenary session.       
 

Keywords: corruption   The National Post /page 1/


ECONOMY

Reporting the origin of down payments for loans will not be required  

Summary: The Minister of Construction and Urban Development G. Munkhbayar met with the Governor of the Bank of Mongolia N. Bayartsaikhan to discuss whether the ipotek loan program can be continued with 8% an interest rate. The meeting resolved one of most urgent problems facing citizens and commercial banks will no longer be able to investigate the origin of the required 30% down payment for ipotek loans. Commercial banks will be able to check whether the loan applicant has other loans from other financial institutions, but they may not investigate where the capital being used for the down payment is originating from. Both sides agreed that it is possible to continue the 5% ipotek loan program in the future if the required financing is available. G. Munkhbayar requested that the Bank of Mongolia look into the possibility of extending the terms of loans for construction companies based on the operations of those who have received loans using their building, apartments or building supplies as collateral.

Keywords: ipotek loan   The Official Gazette /page 2/


MINING

Oyu Tolgoi LLC has the capability to increase its copper production

Summary: Macquarie Group announced that Oyu Tolgoi has the potential to increase its copper production beyond 1 million tons a year. By improving the capacity of the factory, the output of 40 million tons can reach 100 million tons, thus increasing copper production by 50%. After Rio Tinto presented their third quarter report, Macquarie Group determined a positive outlook for Rio Tinto’s stock. 

Keywords: OT, copper   The Official Gazette /page 11/


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J. Erdenebat: It is imperative to develop the stock market now more than ever

Summary: Initiated by the Mongolian Securities and Dealers Association, the Financial Regulatory Commission, the Mongolian Stock Exchange and Japan’s International Cooperation Agency co-organized the Common Goal – Consolidated  Solutions discussion. Prime Minister J. Erdenebat gave opening remarks, stating that; “It is imperative to develop the stock market now more than ever.” He stated that the Government would work towards regulating the trade of government securities through the stock market and stimulate  the participation of brokerage companies. The Government will take necessary actions to develop the financial market, to increase the number of participants, and introduce innovative approaches to increase the number of investment projects implemented through the financial market.  

Keywords: stock market, Prime Minister   www.ikon.mn


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