MBA reports on the banking sector in Q3’17 www.mongolia.gogo.mn

The Mongolian Bankers Association (MBA) released a report on the banking industry's performance in the third quarter of 2017.

The banking sector's total capital reached one trillion MNT in Q3'17, a 9.1 percent increase over the previous quarter and a 13.8 percent increase compared to the same period in 2016.
Q3'17's capital is the highest figure on record in the past three years. Absolute capital of the banks was 25 trillion MNT in the first three quarters of the year, increasing by 2.3 trillion MNT within one quarter.
Seventy-eight percent of the hike was generated from increased deposits. It was estimated that deposits at 12 banks have increased.

Massive Oyu Tolgoi mine to more than double gold production in 2018 www.mining.com

Rio Tinto-controlled Turquoise Hill (TSX:TRQ) is expecting its majority-owned Oyu Tolgoi copper and gold mine in Mongolia to churn in 2018 more than double the amount of the precious metal forecast for this year, with operating costs dropping about 2.8%.

In an update that went almost unnoticed, the Canadian miner said earlier this week it expected the massive Mongolian mine to produce 240,000 to 280,000 ounces of gold concentrate next year, more than double the 100,000 to 140,000 ounces initially expected for 2017.

The Vancouver-based company also forecast the mine to generate 125,000 to 155,000 tonnes of copper in 2018, slightly less than the 130,000 to 160,000 tonnes predicted for this year.

Operating cash costs for 2018 are expected to be about $700 million, down from the $720 anticipated for this year as a result of lower concentrator and logistics costs.

Capital expenditures for 2018 on a cash-basis are expected to be approximately $150 million for open-pit operations and $1.1 billion to $1.2 billion for underground development, Turquoise Hill noted.

Open-pit operations are expected to mine in Phase 6 in early 2018 and Phase 4 throughout the year, while it will also expects to process stockpiled ore in 2018.

The increased gold production relative to the 2016 technical report, Turquoise Hill said, can be explained by the splitting of Phase 4 into two parts (4A and 4B) and also by bringing production forward from future years, it noted.

Situated in the southern Gobi desert of Mongolia, about 550 km south of the capital, Ulaanbaatar and 80 k north of the border with China, Oyu Tolgoi is jointly owned by the government of Mongolia (34%) and Turquoise Hill (66%, of which Rio Tinto owns 51%).

The mine is expected to be world's third-largest copper operation at peak production in 2025, with output of over 550,000 tonnes per year.

While Oyu Tolgoi is Mongolia’s highest profile asset, the country hosts a number of other copper, gold and coal mines and projects, including Canada’s Erdene Resource Development (TSX:ERD), the company that literally struck gold earlier this year after finding its new gold project was richer than previously thought.

Australian explorer Xanadu Mines (ASX:XAM) is also among the established companies in Mongolia, with its underway Kharmagtai copper-gold project, south-east of Ulaanbaatar, returning exceptional results in the first months of this year.

Searching for the next Oyu Tolgoi 
Aware of the country’s mineral potential, Rio Tinto and Turquoise Hill revealed earlier this year they are already exploring the area close to Oyu Tolgoi, following the country’s renewed efforts to attract foreign investment.

In May, the landlocked country bordering China and Russia decided to open more than one-fifth of its territory for mining exploration, hoping to shore up its finances following an International Monetary Fund-led bailout.

Since mining accounts for around 25% of Mongolia’s GDP and more than 80%of exports, experts believe that increasing mining exploration could potentially raise the Asian nation’s GDP and economic security.

S. Korea joins hands with Mongolia on patient follow-up programme www.millat.com

SEOUL, (MILLAT ONLINE):South Korea’s health ministry said Friday that it has reached an agreement with a Mongolian hospital to carry out patient follow-up measures aimed at improving the quality of medical treatment.

According to the pact between the Ministry of Health and Welfare, and the Mongolian National University, a care center will be set up to provide services to Mongolian patients who have received treatment in South Korea.
An increasing number of Mongolians are arriving in South Korea to receive medical attention, and they have asked for post-op care once they return to their home country, the ministry said.
The ministry said physicians from both countries will work together to check patients through an ICT-based system.
More than 15,000 Mongolians have visited South Korea for treatment, including cosmetic surgery, the ministry said. The country has a population of 3 million.

Korean defense chief requests Mongolia's support in handling NK nukes www.akipress.com

South Korean Defense Minister Song Young-moo (R) shakes hands with his Mongolian counterpart Nyamaa Enkhbold during a Seoul meeting on Dec. 7, 2017. (Yonhap)

AKIPRESS.COM - The defense ministers of South Korea and Mongolia agreed Thursday to work together to resolve the North Korean nuclear and missile issue as the two met in Seoul, the South Korean defense ministry said.

Turkish aid agency trains health staff in Mongolia www.aa.com.tr

Turkey’s state-run aid agency gave training to Mongolian doctors and nurses in Mongolia’s capital Ulaanbaatar, it said on Thursday.

December 07, 2017 trading report www.mse.mn

On December 07, 2017, 541,517 shares of 15 firms listed as Tier I, II, and III were traded. 4 firms’ shares increased in price, 10 decreased and 1 remained unchanged. Standard Property Group JSC /BBD/ was the top performer, increasing 15.00 percent, whereas Tav JSC /TAV/ was the worst performer, decreasing 14.71 percent.

China-Mongolia Ties: Exclusive interview with Mongolian foreign minister www.news.cgtn.com

Mongolian Minister of Foreign Affairs Damdin Tsogtbaatar has just finished an official visit to Beijing. This is his first visit to China, since the establishment of the new administration. During his time in the Chinese capital, the minister took part in an exclusive interview by CGTN on China-Mongolia ties.

China coal-to-gas switch delayed to avert heating crisis www.bbc.com

The Chinese government has scaled back its ambitious plans to eradicate coal-fired heating for this winter amid shortage of gas.
Beijing had ordered the nation's northern provinces to convert from coal to cleaner fuel by the end of this year to reduce pollution.
However, in many places the transition has not completed or gas supplies proved inadequate,
Millions have reportedly been left without proper heating.
China's Ministry of Environment had issued a statement telling the northern regions that have not finished converting to gas or electric heating may burn coal, the South China Morning Post reported.
"Keeping people warm in winter should be the number one principle," the statement said.
Separately the Chinese National Petroleum Corp said on Thursday that the country might face shortage of gas if "extreme" cold weather hit the country.
As part of an ambitious plan to curb air pollution, the government started a coal-to-gas project that stretches across 28 provinces in the northern regions.
More than four million homes and thousands of factories have already set up gas-fired radiators, which has led to a surge of domestic gas prices to record highs since the start of the winter heating season in mid-November.

7th Burns Supper, the Scottish celebration in Ulaanbaatar www.mongolianbusinessdatabase.com

The 7th annual UB Burns Supper will take place on 27th January in the Kempinksi Hotel, UB. This event will be jointly hosted by the British Mongolian Chamber of Commerce and the Honorary Consul of Mongolia for Scotland. This year we celebrate the 55th anniversary of Mongolian British diplomatic relations.

IMF consultants assessing Mongolian Financial Regulatory organizations www.montsame.mn

Ulaanbaatar /MONTSAME/ The International Monetary Fund consultants Philip Johnson and Mimi Ho are working in Mongolia at the invitation of Chairman of the Financial Regulatory Commission S.Davaasuren. In the week of December 04-10, they will conduct a preliminary study for a project to strengthen capacity of financial regulatory organizations, assessing their current capacity and determining necessary technical assistants.