May 3, 2018

Cabinet reviews developments in transportation and fuel


During its regular session on May 2, Cabinet voted to introduce two MON-30 electric hybrid buses, manufactured by Mongolian engineers, to public transportation services with a test run during the National Naadam Festival. The cost of manufacturing two hybrid buses is estimated to be equivalent to the cost of one imported diesel-fueled bus. The monthly fuel cost for one imported diesel-fueled bus is approximately 4 million MNT. MON-30 buses have been designed to consume only 820,000 MNT per month. Minister of Road and Transportation Development J. Bat-Erdene noted, “Cabinet’s decision was intended to support domestic production and ensure efficiency in the economy. An imported bus costs 400,000 USD, whereas a locally manufactured bus is estimated to cost around 195,500 USD.”    

Keywords: electric vehicles, public transportation, gasoline imports   The National Post /page 2/


Bank of Mongolia purchases 3.3 tons of gold as of April 2018


Since the beginning of 2018, the Bank of Mongolia (BoM) has purchased 3.3 tons of gold, an increase of 257 kg or 8 percent compared to the same period last year. In April, the amount of gold purchased by the BoM totaled 988.8 kg, which is a 27 percent increase compared to April 2017. In the first quarter of 2017, the average price for a gram of gold stood at 102,536.16 MNT. The Bank of Mongolia announced that one-stop service centers for gold purchases will be established in the provinces. The Mongolian Agency for Standardization and Metrology has started preparations for opening assay laboratories in Darkhan-Uul and Bayankhongor provinces, in cooperation with the Sustainable Artisanal Mining Project of the Swiss Agency for Development and Cooperation. The establishment of the one-stop service centers and assay laboratories will simplify the gold evaluation process for gold-mining companies and artisanal miners.         

Keywords: central bank, gold, mining   The Official Gazette /page 11/


Investment in Oyu Tolgoi totals 1.2 billion USD in 2017


The Chairman of the Board of Directors of Rio Tinto, Simon Thompson, noted in a letter to shareholders, “The year 2018 will be full of challenges for Rio Tinto.” Due to international trade disputes and geopolitical risks, operational costs in the mining sector are likely to grow this year. Thompson added that Rio Tinto invested 1.2 billion USD in the Oyu Tolgoi project in 2017, bringing the total investment to 7.2 billion USD since 2010. In 2017, Rio Tinto earned a net profit of 8.6 billion USD, an increase of 69 percent compared to 2016. The company distributed 83 percent of its net profit as dividends in 2017.       

Keywords: OT, foreign investment, export    The Official Gazette /page 11/

online story  

ISO 22000 Food Safety Management System introduced     


Talkh Chikher JSC has introduced the International Organization for Standardization's ISO 22000 Food Safety Management System to the Mongolian market. Since its introduction in 2005, ISO 22000 has been embraced by over 200 countries around the globe. General Manager of Talkh Chikher JSC S. Tamiraa said, “A  project team with 13 members worked for 15 months to introduce the food safety management standard. Sixty percent of the company’s products are  bakery products. In order to provide customers with fresh and healthy products, we are adopting this standard.”  ISO 22000 involves all procedures for food production such as raw material supply, manufacturing, transportation, and preservation.   

Keywords: food safety, international standard

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The American Chamber of Commerce in Mongolia · 8F Naiman Zovkhis Building 21 Seoul Street · Ulaanbaatar, 01 15000 · Mongolia