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Daily NEWSWIRE
December 5, 2016
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Government

Prime Minister visits Umnugobi Province and discusses plans for railroads   

Summary: The Prime Minister and members of the Cabinet visited Gurvantes soum in Umnugobi Province to tour the Nariin Sukhait mine and meet with local residents. Currently, 49 exploration licenses are valid for operations in Gurvantes soum, and the PM met with the management of the mines to discuss current operations and challenges. Six mine operators at Nariin Sukhait are able to produce 32 million tons of coal each year, but able to transport only 11 million tons due to limited transportation options. The representatives of the mines were vocal about the need to build a railroad and told the Prime Minister that three companies can cooperate to build a railroad within a year. Minister of Roads and Transportation Development D. Ganbat stated, “Construction and completion of the Shiveehuren-Seheg railroad and Nariin Sukhait-Shiveehuren railroad are  included in the government’s 2016-2020 action plan, and the Ministry is planning to start the construction of  the Nariin Sukhait-Shiveehuren railroad next spring. The Prime Minister said that if companies can cooperate to build a railroad,  the government will support the project with policy.

Keywords: PM, mining, South Gobi   The Century News /page 2/


Ulaanbaatar's 2017 budget approved  

Summary: Ulaanbaatar's  2017 budget was approved with 656.2 billion MNT in projected revenue, an increase of 12.5% compared to 2016’s budget. Projected revenue from income tax is expected to be 344.8 billion MNT and  total revenue from taxes is set at 471.5 billion MNT. The expected expenditure is set at 295 billion MNT. In 2017, 15 billion MNT is set to be raised from the sale of land, and 35 billion MNT is set to be raised from the sale of buildings. The city's administrators have been criticized for not including a plan to create stable jobs, and for decreasing the budget designated for building roads, hospitals, and kindergartens.

Keywords: Ulaanbaatar, development, city budget   The Official Gazette /page 5/


Economy

Foreign debt reaches 23.8 billion USD    

Summary: Mongolia's foreign debt has reached 23.8 billion USD as of the third quarter of 2016, an increase of 10% compared to this time last year. The government’s debt increased by 34% and Bank of Mongolia’s debt decreased by 22%  (480 million USD). Currently, government debt stands at 4.7 billion USD and the Bank of Mongolia’s debt is 1.7 billion USD. 

Keywords: debt, Bank of Mongolia, economy   Today /page B1/


Mining

Oyu Tolgoi halts its concentrate exports   

Summary: Turquoise Hill Resources announced that the company is halting its copper concentrate exports due to a new requirement to use one transportation route for coal and copper concentrate exports to China. Turquoise Hill announced that the new requirement has led to safety and security concerns, as well as unreasonably long wait times to cross the border. Oyu Tolgoi is meeting with officials from Mongolia and China to resolve the issue. In response to uncertainty concerning the duration of the product shipment delay, the price of Turquoise Hill Resources stock fell by 2.5%. The company is planning to mine 175,000-195,000 of copper concentrate and 255,000-285,000 ounces of gold concentrate. Analysts predict that the new requirement is linked to China’s opposition to the Dalai Lama’s visit to Mongolia.

Keywords: export, OT, copper   The Century News /page 5/ 


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Online Story

Ts. Zorig reappointed Chief Justice of the Supreme Court

Summary: By the order of President Ts. Elbegdorj, Tsevegmid Zorig has been appointed for another term as Chief Justice of the Supreme Court. The Head of the President's Office, Ts. Bayarsaikhan, read the presidential order to the Supreme Court today. Chief Justice Ts. Zorig thanked the justices of the Supreme Court for nominating him again for Chief Justice, and stated that he will bear the responsibility well.

Keywords: judiciary, Supreme Court     www.ikon.mn


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