March 23, 2018

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Draft of amendments and new regulations for the banking sector submitted to BoM officials

Summary: On March 22, a draft of amendments to be made to the laws on deposit insurance at banking institutions, the nation's commercial banks, and the Bank of Mongolia were submitted to the central bank's officials. Speaker of Parliament M. Enkhbold, who participated in the event, noted that it is important to continue focusing state policies on macro-economic reforms and banking sector structural changes, as set in the IMF's extended fund facility program. M. Enkhbold said, “Conducting comprehensive research on thematic issues and the entire sector, and providing policy advisement to Parliament and Cabinet should be prioritized.”

Keywords: Bank of Mongolia, economic reform   Today  /page 2/


Mongolian Geology and Exploration 2018 takes place

Summary: The tenth Mongolian Geology and Exploration 2018 conference is being organized at the Government Palace. At the national level, a total of 42 mining projects are being carried out with financing from the state budget, and geological exploration expenses have doubled, reaching 13.3 billion MNT. Minister of Mining and Heavy Industry D. Sumiyabazar stated, “Policy to increase budget allocations for geological exploration will continue in  stages.” Analysts say that even if funding for geological exploration increases, an unstable legal environment will hinder the sector's development. The Law on Minerals, which regulates the entire mining sector, has been amended 29 times since December 2008.
The Natural Resources - Mining 2018 summit is being held at the Government Palace at the same time as Mongolian Geology and Exploration. The main objective of this summit is to provide investors with information about projects being implemented in the mining sector, which accounts for 22 percent of Mongolia's GDP, 90 percent of exports, and 74 percent of industrial output. The mining sector receives up to 64 percent of the nation's foreign direct investment and generates a quarter of the state's budget income. Complex mining and metallurgical projects were introduced to investors, including a project in Darkhan-Uul Province that requires approximately 700 million USD in financing. Head of the Cabinet Secretariat and President of the Investors' Rights Protection Council G. Zandanshatar said, “The Government of Mongolia is working to create a stable and favorable business environment. In order to improve the investment climate, the Investors' Rights Protection Council has been established. The council will work to improve the legal framework to attract foreign investment, to create favorable conditions in which the relevant parties can work for a longer time, to prevent potential risks, and to receive and resolve grievances from investors.” Last year,  foreign direct investment increased by 2.5 times, reaching 1.5 billion USD.

Keywords: Ministry of Mining, legal reform, Natural Resources - Mining 2018   The Official Gazette /page 1/

online story  

Energy Resources' sales revenue quadruples     

Summary: Mining Corporation's Energy Resources published its audited 2017 financial report on the website of the Hong Kong Stock Exchange. Last year, the company exported a total of 4.4 million tons of processed coal, of which 3.6 million tons was coking coal and 0.8 million tons was energy coal. During the reporting year, the price for one ton of coal reached 130.3 USD, an average increase of 70 percent compared to 2016. The company’s sales revenue totaled 476 million USD in 2017, a 300 percent increase compared to the previous year. It was emphasized in the report that the company's financial indicators have significantly improved

Keywords: Mongolian Mining Corporation, coal

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The American Chamber of Commerce in Mongolia · 8F Naiman Zovkhis Building 21 Seoul Street · Ulaanbaatar, 01 14251 · Mongolia