Copy
Daily NEWSWIRE
December 1, 2016
S P O N S O R
Sponsor logo
Government

Changes made to the government's apartment rental program 

Summary: Cabinet has approved o increasing the size of apartments that qualify for the Government Subsidized Apartment Rental Program from 50 square meters to 70 square meters. Apartments built in the provinces by the State Housing Corporation have no tenants, and province governors have asked for the apartments to become eligible for the subsidized housing program. The State Housing Corporation has transferred 360 apartments in Ulaanbaatar and in Darkhan-Uul, Selenge, Khovd, Uvs, and Khentii provinces to the Government Subsidized Apartment Rental Program. The financing of nearly 30.3 billion MNT used to build the 360 apartments will be included in the state budget.  Currently, 1,000 household s are eligible to participate in the program, representing 37% of the program's applicants.  

Keywords: legal reform, housing   The Official Gazette /page 2/


Cabinet approves a bill to lower excise tax on gasoline and diesel fuel

Summary: Cabinet approved a bill to lower excise tax on gasoline and diesel fuel by 100,000 MNT per ton. Excise tax on gasoline per ton reached 160,000 MNT, and the excise tax on diesel fuel is set at 180,000  MNT per ton. Last October, the government lowered excise tax on gasoline and diesel fuel by 240,000 MNT per ton. The government said that excise tax was lowered because domestic oil importers were suffering from financial losses due to the rising MNT to USD exchange rate, and that the measure was taken to prevent importers from raising retail prices for gasoline and diesel. Even though the price of oil products have fallen to under 50 USD a barrel, the strengthening of USD against MNT has had negative consequences for domestic oil importers. 

Keywords: taxes, imports, fuel   The National Post/page 1/


Economy

Mongolian Energy Corporation’s revenue increased by 48% in 2016

Summary: Hong Kong Stock Exchange listed Mongolia Energy Corporation released their 2016 semi- annual report, highlighting that the company earned 140 million HKD in revenue from March through September, an increase of 48% compared to last year. The report also stated that Mongolia Energy Corporation had 18.3 million HKD in cash and other liquid assets, a decrease of 5% compared to six months ago. Mongolia Energy Corporation mined 451,400 tons of coal and sold 198,000 tons.   

Keywords: Mongolia Energy Corporation,    The Official Gazette /page 11/


Mining

Operations to begin at 13 mines

Summary: The Ministry of Mining and Heavy Industry announced that in the past two months, 13 mines have been evaluated by the Quality Insurance Commission and granted permission to start operations. The mines are located in Tuv, Bulgan, Sukhbaatar, Dornod, Bayankhongor, Selenge, and Dundgobi provinces. Nine of the mines are for gold extraction, two for feldspar, and two for limestone. Commercial entities have invested around 18 billion MNT in the mines, and operations at the mines will create an estimated 683 jobs and generate income in the mines'  respective provinces.

Keywords: Ministry of Mining and Heavy Industry   Today /page B1/


Great Britain and Mongolia to further cooperate in the mining sector   

Summary: Reuters reports that Great Britain and Mongolia plan to increase their cooperation in the mining sector. According to Reuters, “Britain and Mongolia signed their first memorandum of understanding in the mining sector, pledging an exchange of technology and expertise, and deepening its ties based on Rio Tinto’s huge copper mine in South Gobi Desert.”  The U.K.'s Department of International Trade stated the cooperation would cover technology transfer, education, and training. Ts. Tumentsogt, CEO of Erdenes Mongol, noted that the agreement would also cover financing and stated, “Mongolia plans to export a total of 20 million tons of coking coal to China and slightly more next year. Also, the feasibility study on construction of 5.2 gigawatt thermal coal power plant that would export power to China is underway.” Mongolia’s 12 billion USD economy is staggering under foreign debt – public and private – of more than 20 billion USD. This year coking coal experienced gains of more than 200% and Mongolia is hoping to benefit from this increase, Reuters noted.

Keywords: bilateral relations, Great Britain   Today /page B1/


S P O N S O R
Sponsor logo
Online Story

Vice Minister of Mining relieved of his duties to join EMC

Summary: Vice Minister of Mining and Heavy Industry Kh. Badamsuren and State Secretary of the Ministry of Defense B. Batsaikhan have been relieved of their duties. Kh. Badamsuren has been appointed General Director of Erdenet Mining Corporation, and the cabinet has not yet appointed a replacement. Kh. Batbileg has been appointed as an acting State Secretary of the Ministry of Defense.
 

Keywords: Cabinet, Ministry of Mining   www.montsame.mn


SUBSCRIBE
Facebook Twitter LinkedIn Website






This email was sent to <<Email Address>>
why did I get this?    unsubscribe from this list    update subscription preferences
The American Chamber of Commerce in Mongolia · 8F Naiman Zovkhis Building 21 Seoul Street · Ulaanbaatar, 01 14251 · Mongolia