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AmCham Mongolia Daily Newswire

October 18, 2018

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Cabinet to implement new projects with ADB financing
During its regular session on October 17, Cabinet authorized Minister of Finance Ch. Khurelbaatar to sign loan financing agreements for the Transparency and Efficiency in Public Financial Management and the Up-scaling Renewable Energy Sector projects, on behalf of the government. State authorities say that they plan to improve the taxation system, as well as transparency and efficiency in the investment planning for public funds. The renewable energy project is designed to increase the energy supply in the western and Altai-Uliastai regions through wind or solar power plants, and installing a geothermal heat pump.

Daily News /page 4/
Development Bank raises 500 million USD in capital
On October 16, the Development Bank of Mongolia (DBM) raised 500 million USD in capital through a bond issued on the international market without a government guarantee, a first-ever occurrence. The maturity date of the bond is 5 years with a 7.25 percent coupon rate. Investors placed 4.1 billion USD in orders. DBM held information sessions about the bond in New York, Hong Kong, London, Boston and Singapore. To mitigate the potential risks of higher interest fees, DBM will finance short-term and floating-rate bonds with the capital.             

Today /page 1/
Oyu Tolgoi’s underground mine production may be delayed by technical issues
According to an article published on, Rio Tinto announced that it might delay production from the underground expansion of its Oyu Tolgoi mine by nine months. Turquoise Hill, the Rio-controlled company that owns 66 percent of the Oyu Tolgoi project, confirmed that production at Oyu Tolgoi would be achieved by the end of the third quarter of 2021, rather than in early 2021. According to the company, the holdup is caused by challenging ground conditions and a delay in the completion of Shaft 2.
Today /page B1/
Xanadu Mines set for dual-listing on the Toronto Stock Exchange  
On October 18, Australian stock exchange-listed Xanadu Mines announced that the company will be dually listed on the Toronto Stock Exchange (TSX) and issue 684 million ordinary shares and 96 million preferred shares on the TSX.  Xanadu Mines is continuing exploration for its gold and copper Kharmagtai project in Umnugobi Province. The company will release a resource update and preliminary economic assessment on the Kharmagtai project in the fourth quarter of 2018.           
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