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AmCham Mongolia Daily Newswire

January 28, 2019

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Amendment to the Law on Renewable Energy receives Standing Committee support
An amendment to the Law on Renewable Energy received parliamentary standing committee support, as the demand for renewable energy is 13 times higher than the number of approved operational licenses in the sector. D. Damba-Ochir and five other MPs initiated the amendment, which includes limiting the price of solar energy to 12 cents per kilowatt-hour and the price of wind energy to 8 cents per kilowatt-hour. The MPs noted that energy companies should demonstrate a project's financial potential in its initial proposal, and included regulations on costs, tariffs, and incentives systems in the legislation, due to the increased household use of renewable energy.

Today /page B1/
90 percent of FDI in 2018 concentrated on mining mega projects
Foreign direct investment (FDI) in Mongolia reached 1.5 billion USD in 2018, as of November, 300 million USD more than the same period in 2017. Ninety percent of FDI was concentrated in mining megaprojects. The Bank of Mongolia noted the importance of investment being directed to all sectors. The Ministry of Finance expects that Oyu Tolgoi will invest 1.3 billion USD in their mining project in 2019. World Bank has suggested to the Government of Mongolia that in order to increase FDI, Mongolia has to improve efficiency and define possibilities for investment in non-mining sectors.

The Official Gazette /page 11/
MP L. Oyun-Erdene claims that 49% of Erdenet Mining Corporation could be sold to a foreign investor
MP L. Oyun-Erdene released files, which he claims to have received anonymously, that states that 49 percent of Erdenet Mining Corporation will be sold to a Singaporean company. The government bought Russia's 49 percent stake in the corporation without the review of Parliament, and MP L. Oyun-Erdene suspects that state officials are trying to sell it without parliamentary review. Erdenet Mining Corporation officials have denied this claim and stated that the company is 100 percent owned by the State. Officials also said that they don’t have plans to sell  49 percent of the mine to a Singaporean company.
The National Post /page 1/
33,700 herders bought insurance for 7.8 million livestock in 2018
Index-based insurance premiums for livestock reached 3.46 billion MNT in 2018, according to Agriculture Reinsurance Company, with 33,700  herders buying insurance for a total of 7.8 million livestock in 2018. Among the livestock insured,  53 percent were goats and 36.5 percent were sheep. In the future, Agricultural Reinsurance Company plans to expand its business to reinsure 17 insurance companies, which will keep reinsurance fees from being paid to foreign firms. From 2013 to 2017, reinsurance fees paid to firms abroad reached 183.8 billion MNT.
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