Mr. Dwyer brings more than 30 years of international investment banking experience, making him uniquely qualified to further strengthen Golomt Bank’s Board functions as well as the overall corporate governance system of the Bank.

About Mr. James B. Dwyer 
Mr. Dwyer co-founded and was appointed Executive Director to manage the activities of Business Council of Mongolia (BCM) from its formation in August 2007 to April 2016 and served as Vice Chairman until April 2017. He lived in New York City and worked for Wall Street-based firms as an investment banker specializing in Mergers & Acquisitions since the 1970's including the position as Global Head of M&A for Union Bank of Switzerland (UBS). Mr. Dwyer relocated to Ulaanbaatar in May 2001 to manage the successful privatizations of Mongolia's two largest commercial banks, Trade & Development Bank and Khan Bank and served pro bono as Chief Operating Officer of NAMBC-Mongolia from 2003 until the formation of BCM in 2007. He serves as an Independent Director of Mandal General Insurance, Independent Director of Mongolia Growth Group (TSXV), Non-executive Chairman of Mongoljin Private Capital, and Chairman and President of Mongolian Education Foundation (U.S. affiliate of the American University of Mongolia). Mr. Dwyer also provides advisory services to selected entities. He graduated with a BBA from the University of Notre Dame and received an MBA from Columbia Graduate School of Business. James subsequently served as President of Columbia Business School’s Alumni Association (currently 40,000 alumni).

During a PDAC conference, the Mongolian Minister of Mining and Heavy Industry spoke to attendees about Mongolia's plans for establishing a resource treasury fund, beginning with the issuance of Erdenes Tavan Tolgoi shares as an IPO available to the international market.

Xanadu Mines reported on their plans to be dually listed on the Toronto Stock Exchange.

Investors attending the Mongolia conference asked about the stability of Mongolia's tax environment and asked for clarification about tax reforms that would impact the transfer of special mining and exploration licenses. The Minister of Mining told investors that the government is working on tax solutions that would focus on a company’s profits rather than its sales.

During the conference, Mongolian Metals Corporation, Steppe Gold and other companies with Mongolian interests presented their projects to foreign investors. In 2017, it was announced that Steppe Gold planned to issue an IPO, and the company has started to intensify its exploration in Mongolia.

The company recently bought the Altan Tsagaan Ovoo special mining license from Centerra Gold for 9.8 million USD, and has initiated drilling of 4,000 meters at the mine site.

Steppe Gold also purchased a license for the Uudam Khundii exploration project in Bayankhongor Province with an 80/20 percent joint venture with the local government. According to company, initial exploration work has been completed, resulting in the identification of four new gold reserves. Mongolian Metals Corporation has purchased 13 exploration licenses within the last 12 years, and has been actively conducting exploration on 75,000 hectares in Bayankhongor Province over the past nine years.

The company reports that it identified promising reserves of gold, copper, and silver in 2017. Bloomberg TV Mongolia reported that during the conference, Minister of Mining and Heavy Industry D. Sumiyabazar informed investors that Mongolia will lower taxes on the sale of mining licenses.

MAK's expected ratings reflects the Mongolia-based coal miner's adequate liquidity and debt maturity profiles, assuming it completes the proposed bond deal and debt restructuring. The company plans to repay some of its existing loan facilities that are in default with proceeds from the proposed bond. The remaining loans will be restructured based on terms outlined in the signed consents and waivers from each respective lender.

MAK intends to repay the loans from EBRD and DEG with the proceeds from the proposed bond issuance. The consent and waivers from the company's other lenders expire on May 31, June 30, (Development Bank of Mongolia) and August 31 (BHF-BANK Aktiengesellschaft). In addition, the EKF loan consents and waivers require MAK to complete its proposed bond issuance by March 31, 2018.

MAK's expected IDR incorporates Fitch's expectation that the company will be able to generate positive free cash flows over the medium term, barring a significant deterioration in coal prices. This is based on the assumption that MAK will be able to reduce production costs and capex during moderate coal price weakness.

These expectations are counterbalanced by MAK's history of aggressive debt-funded investments, and limited access to external funding, which may heighten the company's liquidity risk if there is a sharp, sustained coal price or demand downturn and unfavourable capital market conditions.

The final ratings are contingent upon successful issuance of the proposed bond and completion of the restructuring in line with the terms already received, and upon receipt of final documents conforming to information already received.

Oyunbayar.N

MIAT technical director Ayush Tuvd told Russian Aviation Insider at the MRO Russia and CIS 2018 convention that the airline has plans to upgrade five more An-2s this year, while the total plan includes 24 aircraft. He also commented that the entire fleet is required for the airline, so it is not considering any external orders for modernisation just yet.

The Mongolian aviation authorities have already validated the Russian airworthiness certificate for the TVS-2MS. The aircraft re-engined in Mongolia will have a letter M added to their designation, TVS-2MS-M, which stands for “modernised”. The main difference from the basic TVS-2MS is Garmin 800 avionics suite instead of Garmin 500, and a proposed installation of a Honeywell-made APU in the future. Mr Tuvd explained that the APU is required because the aircraft will be operated far from the maintenance base, and the APU will help solve the issue with charging batteries.

There are currently 23 MIAT Mongolian Airlines engineers involved in the project, but the operators intends to send 17 more to be trained in Novosibirsk.

"We aim to encourage the fair businessmen and good taxpayers by reducing their taxes," Hurelsukh said at an event introducing the tax law reform.

Efforts will be made to fight tax fraud and tax evasion, he said.

Under the tax reform, 90 percent of the tax paid by small and medium-sized businesses with income of less than 1.5 billion MNT (630,000 U.S. dollars) per year will get a refund.

The amendments would also reduce the number of reports required from SMEs. Companies with an annual income of over three billion MNT would be required to issue tax reports four times a year, and those with less than three billion MNT in annual income would be required to file reports twice per year. The amendments would be implemented in January 2019 if approved.

During the meeting the parties agreed to conclude Intergovernmental agreement to cooperate in energy sector in the near future. Energy Minister of Russia, A.V.Novakov also emphasized that many Russian companies show interest in cooperating in energy sector with Mongolia.

At the same time, the first meeting of the working group on Energy cooperation of Mongolia and Russia was held and further actions were defined.

Russia's Deputy Minister of Energy A.B.Yanovsky, the head of the International Cooperation Department of the Ministry of Energy, deputy heads and other officials of the Russian Ministry of Energy, Minister of Energy of Mongolia Ts.Davaasuren and representatives of the National Dispatching Center LLC and National Power Transmission Grid State owned JSC attended the meeting.

B.Misheel

The county’s council granted permission in 2016 to developer The Banks Group to build its Highthorn surface mine, slated to extract 3 million tonnes of coal near Druridge Bay.

But the minister for local government, Sajid Javid, called for a public enquiry last year following environmentalists claims that the proposed mine would destroy Druridge Bay, an area of natural beauty. They also argued that extracting more coal contradicted international pledges to reduce greenhouse gas emissions under the Paris climate pact.

Supporters say the company has vowed not to conduct any mining activity within 500 metres of the beach, adding the operation would create about 100 permanent jobs and generate almost 50 million pounds ($69 million) in related contracts and other benefits to the community.

The company expressed its disappointment over the news. “We now have no indication as to when the Secretary of State is going to decide whether we are to be allowed to proceed,” Community Relations Manager Jeannie Kielty said in a statement quoted by ELN. “All the while, we are continuing to receive enquiries from energy generation and industrial customers about when the site is going to be opening,” she said.

The document was signed by First Deputy CEO of the DBM, Ch. Enkhbat, and the head of the IIB delegation, Deputy Chairman of the Board, Vladimir Liventsev.

According to the agreement, the IIB lends EUR 30 million for a period of up to seven years to implement socially and economically significant projects in Mongolia.

Following the meeting, members of the intergovernmental commission expressed their satisfaction with the results of the IIB’s project activities in Mongolia and parties welcomed the signing of a loan agreement between two development banks.

The IIB consistently increases lending and investment activities in Mongolia. Since 2012, the total volume of the Bank's investment in the Mongolian economy has amounted to over USD 650 million.

M.Unurzul