The 50-50 joint venture with state-backed Minmetals follows a technical agreement signed in November, when both parties committed to collaborative search for new ore bodies.

“The formalization of the exploration joint venture is an important milestone in our growing partnership with China and Minmetals, who is an increasingly important player in the global mining industry,” Rio Tinto’s chief executive, Jean-Sébastien Jacques, said in the statement.

The registered capital of the venture will be $31.3 million, with initial contributions of $5.5 million by each of the companies within six months of establishment of the venture, Rio Tinto said.

The partnership replaces a long-running exploration venture Rio terminated last year with its largest shareholder, Aluminum Corporation of China.

Minmetals, which mostly produces copper, zinc and nickel, but also holds reserves of iron ore, has increased its reach as of late.

The company is the majority shareholder in Australian-based miner MMG, which operates the giant Las Bambas copper mine in Peru. And market rumours indicate it may try buying out the minority shareholders of Canada’s Turquoise Hill, which is controlled by Rio and is currently developing the giant Oyu Tolgoi copper mine in Mongolia.

In the past few years, Beijing has stepped up efforts to shore up its dominance as a global metals supplier as well as to secure control of key resources to fuel its high-tech electronics industry and growing electric cars sector.

The city’s large Mongolian community was one of the reasons it was selected as the destination for an exposure visit facilitated by IDLO for a delegation of Mongolian justice professionals looking to learn about different approaches from U.S. counterparts. The mixed group of ten Mongolian police officers, prosecutors, judges and academics – champions of justice working together to combat domestic violence – spent a week in Washington DC and Virginia.

Domestic violence in Mongolia

Domestic violence is a significant problem in Mongolia, and recent reports have estimated that one in three Mongolian families suffer abuse. Legislation was introduced in 2017 making it a criminal offence, and better cooperation between agencies is critical to reducing the incidence of violence by improving prosecution.

IDLO has been working in Mongolia since 2015 to strengthen the response to domestic violence and increase access to justice for survivors. Supported by the U.S. Department of State, IDLO’s current program is focused on building the professional capacity of first responders through targeted training and improved regulation to formalize coordination efforts.

"The exposure visit gave the Mongolian representatives an opportunity to exchange ideas and compare activities with their counterparts in the U.S.,” explained Oyunchimeg Dash, IDLO’s Field Program Manager in Mongolia. “The coordinated approach they observed in U.S. institutions and organizations constitutes good practice and will help them determine future objectives. But Mongolian law enforcement is on the right path; a lot of international best practice is already being implemented in the country.”

In frames of the ‘Mongolia-Russia Initiative – 2018’ series of events, Mongolia-Russia Economic Forum is taking place in the State Palace. President of Mongolia Kh.Battulga delivered a speech at the opening ceremony of the Forum, noting that Mongolia is interested in the intensive development of bilateral and trilateral cooperation with Russia. He emphasized that the enrichment of the strategic partnership of Mongolia and Russia with new economic content is of utmost importance and stressed that the Mongolia-Russia-China Economic Corridor Program needs to be intensified.

At the opening ceremony, Aide to the President of Russia, State Advisor of the Russian Federation I.E.Levitin red the President Vladimir Putin’s letter for the ‘Mongolia-Russia Initiative-2018’. President Vladimir Putin sent his congratulations on opening the important event to promote Russia-Mongolia strategic partnership and highlighted that Russian attaches special significance to the development of Russia-Mongolia relations.

Foreign Affairs Minister of Mongolia D.Tsogtbaatar, Minister of Food, Agriculture and Light Industry B.Batzorig, Russian Ambassador to Mongolia I.K.Azizov, Russian Deputy Minister of Energy K.V.Molodtsov and other officials delivered presentations at the general session of the Economic Forum.

In his presentation, Foreign Affairs Minister D.Tsogtbaatar proposed to conclude a Free trade agreement between Mongolia and the Eurasian Economic Union, intensify cooperation between public and private sectors of the two countries and increase the advertising and marketing channels for SMEs in order to make substantial progress in trade and economic cooperation between Mongolia and Russia.

The prime minister expressed his satisfaction with Mongolia’s most recent successful cooperation with Russia in a wide range of issues, especially in trade and economic sectors, as trade turnover between the two countries increased by 37 percent last year compared to 2016.

He noted that as a railway transit transportation agreement between the governments of Russia and Mongolia, which aims to enhance cooperation on freight transportation trade between the two countries by promoting a flexible tariff policy for 25 years, will be signed soon, the agreement will have a significant impact on mutual trade and economic cooperation.

The main advantages of the agreement are to facilitate border checkpoint procedures on transit freight, increase freight volumes, stimulate infrastructure development of railway transport and help support Mongolian exporters to overcome maritime transport obstacles.

Prime Minister U.Khurelsukh pointed out that Mongolia is looking forward to diversifying the types of its goods being exported to Russia, increasing exports of its meat and meat products, establishing a meat processing factory that will produce products that meet Russian standards for meat imports, and collaborating with Russia to carry out a joint project in the cashmere industry.

The Russian minister emphasized that the country pays a great deal of attention on its relations and cooperation with Mongolia, especially in culture, trade and economic cooperation.

Minister Manturov stated that Mongolia is interested in exporting goods that are in demand in the Mongolian market, opening a leather processing factory in Mongolia, supplying agricultural technology and equipment, and helicopters, and collaborating with Mongolia to implement projects to increase the capacities of Thermal Power Plant No.3 and Ulaanbaatar Railway, and build a highway in Mongolia.

Zorigt Bayantur hails from the Mongolian capital Ulaanbaatar, and has been living in New Zealand for four years with his wife Undariy Tumursukh and sons Arikhat Zorigt, 12, and Anand Zorigt, 6.

Turmursukh has been completing her PhD at AUT in Auckland, and it was during that time she got to know Whangarei's Carol Peters. The pair, and their families have become friends.

Peters set up Food Rescue Northland last year which collects surplus food from Whangārei growers and retailers and distributes it to community groups who support people in need.

Bayantur said Peters told him about the project and it struck a chord with him.

"We could do the same in Mongolia."

The country had a democratic peaceful revolution in 1990, which saw the country move out of its socialist economy.

Bayantur said it is a transition which is ongoing.

"Some cope with the transition, some not."

He said many people live in gers around the city. A ger is a traditional nomadic tent which has no central heating, water, sanitation or infrastructure.

"I see there is a need. Food is very important to us because of the weather conditions," he said.

Temperatures can range from 30C to minus 30C. He said it is very hard to grow apples and other vegetables out in the open, but cucumbers and tomatoes can be grown in green houses.

"Everything else is imported from China."

He said as a result the shelf life of these products can be "fragile". He said meat is not a problem because there are plenty of cattle in the country, but he wants to see better nutrition for people in Mongolia.

Bayantur looked closely at how Food Rescue manager Peter Nicholas uses the website to manage the food and its distribution. Bayantur and his family are moving back to Mongolia next month and he plans to see where there's available food and start building relationships with people.

"I see a clear picture. I have some ideas, I have to work on the ideas and see whether it's feasible or not."

Hurelsukh made the remarks when meeting with a visiting Russian delegation led by Trade and Industry Minister Denis Manturov.

"Mongolia is interested in diversifying its export products to Russia," the prime minister told his Russian guests. "In particular, we want to increase the export of meat and meat products," he added.

In this regard, he called on the Russian side to cooperate with Mongolia on a project called "Wool" and set up a joint meat processing plant that meets Russia's requirements and standards.

Manturov, for his part, said the Russian government is willing to import highly demanded goods from Mongolia, build an aircraft assembly plant as well as a leather and hide processing facility.

Moreover, Russia plans to export agricultural equipment and helicopters to Mongolia, Manturov said. The country will also take part in the renovation and extension works of the Mongolia's 3rd Thermal Power Plant and the Ulan Bator Railway, as well as the construction of a highway, according to Manturov.

The Russian delegation arrived here Thursday to attend the "Mongolia-Russia Initiative 2018," an event aimed at strengthening bilateral ties and cooperation.

New data from the World Gold Council show retail and institutional investors in gold ETFs poured a net $771.3m into global funds in May, despite a pullback in the US, the largest market.

Global vaults now hold around 2,484 tonnes or a shade under 80m troy ounces after net inflows in May of 14.6t brought the year to date total tonnes acquired to 116.3.

US investors dumped nearly 30 tonnes in May, but the outflows were cancelled out by continued buying by Europeans and a surge in buying in Asia.

After spending $820m Asian bullion bulls added nearly a fifth to holdings in 2018. Although it's still a fraction compared to Western markets at just over 100 tonnes.

2016 was the best year for funds since 2009 with global net purchases of more than 500 tonnes, primarily thanks to European bullion investors. In dollar terms 2016 was the most successful year for the industry which first emerged in Australia in 2003.

Total global gold bullion holdings hit a record 2,632 tonnes or 93 million ounces in December 2012.

Mr. Denis Valentinovich Manturov expressed his pleasure at meeting President Battulga again and conveyed the greetings of Russian President Vladimir Putin. He also appreciated the contribution of President Battulga in the expansion of the ‘Mongolia-Russia Initiative’ event, which is giving stimulus to Mongolia-Russia relations in all levels. The Minister acknowledged the significance of the ‘Mongolia-Russia Initiative’ event consistent with the increasing number of official delegates and representatives of business and cultural spheres attending from Russia, expressing his readiness for further cooperation on specific projects and programs.

For his part, President Battulga mentioned the agreement reached with President Vladimir Putin during their meeting in Vladivostok last September on organizing the 2018 ‘Mongolia-Russia Initiative’ event, which will boost bilateral trade and economic cooperation. The President noted how the participation of more than 60 Russian companies in the event to build business relationships with Mongolian companies, and arrival of the Igor Moiseyev State Academic Folk Dance Ensemble to Mongolia after 42 years demonstrates the growth in bilateral trade, economic and cultural ties.

President Battulga also expressed his support towards the establishment of an economic corridor through Mongolia, Russia and China, which Minister Manturov mentioned, saying that the project should be put into action.

Expressing his deep gratitude to the Ambassador on his contribution to the bilateral diplomatic ties and cooperation Minister B.Batzorig emphasized that the Ministry is attaching special attention to expanding and developing ties of the two countries in fields of food, agriculture and light industry.

Ambassador Philip Malone underlined that the two countries have much potential to broaden cooperation in the abovementioned areas and expressed its intend to cooperate in cashmere industry in collaboration with Sustainable Fibre Alliance NGO, funded by the British Government. The NGO intends to oranize a designers’ conference and fair in September, 2018 in London and the Ambassador said the Ministry's support is required to ensure participation of Mongolian part.

The parties agreed to cooperate in formulation of joint program to train personnel and introduce advanced technologies in Mongolia and get acquainted with development and practice of light industry of Great Britain on the spot.