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AmCham Mongolia Daily Newswire

March 20, 2019

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Minister D. Sumiyabazar proposes amendments to Industrial and Technology Park regulations
Minister of Mining and Heavy Industry D. Sumiyabazar has proposed amendments to the regulations of the Industrial and Technology Park. Parliament approved the current rules for the park in 2009. The government approved five projects, but companies haven’t started their operations due to financing issues. The minister believes this proposal would provide a proper legal environment for the project through tax subsidies and finance regulations.

The Official Gazette /page 2/
Erdenes Tavan Tolgoi registered as a closed joint-stock company
The Financial Regulatory Commission (FRC) officially registered Erdenes Tavan Tolgoi as a closed joint-stock company. The FRC asked Erdenes Tavan Tolgoi to resolve conflicts discussed during Parliament's 2018 irregular session, appoint a new Board of Directors, resolve complaints from non-governmental organizations, and to resolve its 2019 budget issues as soon as possible. The company plans to become registered on foreign stock exchanges within the first half of 2019, to generate 3 billion USD in financing.

The Official Gazette /page 11/
Ulaan Ovoo coal mining starts in March
Prophecy Development Corp, registered on the Toronto Stock Exchange, announced that it started coal mining at the Ulaan Ovoo mining site in March. Domestic and foreign parties have shown interest in purchasing its coal. The mining site has the potential to produce 2 million tons of coal annually. The mining site provided 500,000 tons of coal to Erdenet Mining Corp, Ulaanbaatar Railways, and other buyers, including companies based in the Russian Federation, from 2012 to 2014. Prophecy Development Corp has a vanadium site in North America and is implementing a mining project in Bolivia.
Today /page B1/
29 percent of all new loans issued in the trade sector in January 2019
In January 2019, 29 percent of all new loans issued by commercial banks were issued to businesses in the trade sector, the largest percentage among commercial bank loan divisions. Three percent were granted to mining companies, and 4.2 percent were issued to construction companies. The total amount of new loans decreased by 48 percent from the previous month and reached about 1.5 trillion MNT in February. Commercial banks have started providing more loans to small business owners. In 2018, total sales in the trade sector rose by 9.3 percent to reach 17.2 trillion MNT and reported economic growth was 6.9 percent, which surpassed forecasts from analysts. 
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