Ford, Lyft will partner to deploy self-driving cars www.reuters.com

DETROIT (Reuters) - Ford Motor Co said on Wednesday it will collaborate with Lyft to deploy Ford self-driving vehicles on the ride services company’s network in large numbers by 2021.

Mongolia and WHO identify five-year cooperation strategy www.montsame.mn

Ulaanbaatar /MONTSAME/ The Mongolian Ministry of Health and the World Health Organization (WHO) introduced their five-year cooperation strategy at the Ministry of Foreign Affairs on September 27.

Mongolia strengthens legal cooperation with South Korea www.news.mn

South Korea has stepped up its efforts to globalise its legal system by strengthening its cooperation with Mongolia. From 13th to 15th September, Kim Oe-sook, Minister of Government Legislation, visited the Mongolian Ministry of Justice and Home Affairs and the Law School of the National University of Mongolia to discuss strengthening legislative exchanges and cooperation.

Kincora Copper to receive EBRD funding to continue exploration www.theubpost.mn

Kincora Copper, a junior resource company listed on the Canadian TSX Venture Exchange, announced on September 22 that it had secured 1.1 million USD in capital through a private placement by the European Bank for Reconstruction and Development (EBRD).

EBRD will receive a 6.16 percent stake in the company in exchange for 1.1 million USD in capital. The purpose of the private placement for Kincora was to further its funding for exploration.

EBRD noted that such funding is not in the usual portfolio and the private placement was a move away from the bank’s reluctance to finance exploration rather than operational projects because it is seen as more high-risk. Eric Rasmussen, the director of natural resources at the EBRD, said the bank could make an exception because of “an exploration gap” following the commodity price crash of 2015-2016.

Kincora, which has the mining license for more than 1,500 square kilometers has begun its drilling program for copper in Mongolia. Analysts predict that the demand for copper will only increase, especially in China, due to infrastructure projects such as the one promised by US President Donald Trump and the rise of electric vehicles. This promises to be very beneficial for Kincora Copper and Oyu Tolgoi, which explains EBRD’s interest and willingness to buy a stake in Kincora.

EBRD is a multilateral bank that promotes the development of the private sector and entrepreneurial initiative in 37 economies across three continents. The bank is owned by 66 countries as well as the EU and the EIB.

Since entering Mongolia in 2006, EBRD has committed a total of 1.7 billion USD to the Mongolian private sector through 86 projects.

EBRD announced that its first vice president Phil Bennett will visit Mongolia next week to meet the interim government and the business community. He will also visit Rio’s Oyu Tolgoi mining project, a statement on Thursday said.

The securing of the 1.1 million USD in private placement marks the second time this year that Kincora has received capital through a tranche. The first tranche raised around 4.8 million USD on August 22.

Similar to the first tranche, each unit will be comprised of one common share of Kincora and one-half of a share purchase warrant, each whole warrant entitling the holder to acquire a further share at 0.36 USD for a period of two years.

The agreement also provides EBRD with certain pre-emptive rights to acquire further shares of Kincora in future private placements and requires that EBRD consent to a disposition of any interest in the company’s Mongolian subsidiaries.

“We are very pleased to welcome EBRD as a shareholder. The bank has unique knowledge of, and relationships in Mongolia and has provided finance to assist the development of the two existing economic copper projects in the Devonian belt. In the last two months, Kincora has attracted two new significant investors who are well known in the industry and have undertaken extensive due diligence,” said Sam Spring, president and CEO of Kincora.

“The second tranche from EBRD will support and accelerates the first modern systematic Tier 1 drill testing and district scale reconnaissance exploration program in the world-class, under-explored Southern Gobi Devonian copper gold belt with drilling activities commenced at our East TS target in the last month and shortly also to commence at the Bayan Tal target,” Spring added.

International conference discusses water management in Mongolia www.montsame.mn

Ulaanbaatar /MONTSAME/ An international conference themed ‘Transfer of Knowledge and Expertise’ opened Tuesday at the Blue Sky Tower.

ADB Asian Development Bank : Mongolian Growth Exceeds Expectations Due to Strong Economic Performance www.4-traders.com

ULAANBAATAR, MONGOLIA (26 September 2017) - Mongolia's strong economic performance in the first half of 2017 will likely continue for the rest of the year, as coal exports and business confidence continue to strengthen. Continued commitment to macroeconomic stability, coupled with a favorable external environment, should mean that Mongolia's recovery continues, according to a new Asian Development Bank (ADB) report.

In an update of its flagship economic publication, Asian Development Outlook (ADO) 2017, ADB forecasts continued growth for Mongolia's economy at 4% and 3% in 2017 and 2018, respectively, compared to the 2.5% and 2% previously projected.

'Mongolia's growth has been stronger than expected in 2017,' said Yolanda Fernandez Lommen, ADB Country Director in Mongolia. 'Continued government commitment will be key to ensuring that planned investment into large ongoing mining projects-critical for future growth prospects-moves ahead. While it is important to create a sound investment environment in Mongolia's mineral wealth, more will be needed to ensure that mining-led growth is sustainable and inclusive, and the conditions are created to support economic diversification and higher productivity growth.'

Mongolia's economy grew by 5.3% in the first half of 2017, recovering strongly from the 1.2% growth rate recorded in 2016. The main drivers of growth over the forecast period are the strong export performance of coal, which is expected to continue in the short-term, and the approval of the International Monetary Fund's reform package in May, which has helped restore business confidence.

Fiscal deficit for the first half of the year fell by 34.1%, to the equivalent of 5.8% of gross domestic product (GDP), on the back of a 41.1% increase in revenues while expenditures increased by 9.6%. As coal exports surged in the first half, trade surplus widened by 69.5% year-on-year, and the current account deficit narrowed by 42.8%, to 5.6% of GDP. Gross reserves at the end of June remained unchanged from the end of 2016 at $1.3 billion, enough to cover 2.6 months of imports. Reflecting these developments, the togrog appreciated 5.6% against the US dollar as of June.

Inflation averaged 3% in the first half of the year as the togrog depreciation from 2016 began to affect prices through higher import prices. The inflation forecast is revised down as a higher excise tax on fuel did not push up fuel prices as expected. With strong imports set to continue in the second half of 2017, the current account deficit is now seen widening this year and the next.

Downside risks to growth are vulnerability to commodity price downswings and prevailing drought that may affect crop and livestock production. Upside risks include stronger growth in the People's Republic of China, shocks affecting its domestic coal supply, and rising copper prices.

ADB and the Government of Mongolia agreed on a new 4-year Country Partnership Strategy in May this year, which will help the country sustain inclusive growth in a period of economic difficulty. ADB will provide Mongolia up to $1.2 billion in financing until 2020. Focus will be on three pillars: economic and social stability, infrastructure for economic diversification, and strengthening environmental sustainability. The strategy also includes the cross-cutting themes of public sector management and gender equality.

ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, ADB is celebrating 50 years of development partnership in the region. It is owned by 67 members-48 from the region. In 2016, ADB assistance totaled $31.7 billion, including $14 billion in cofinancing.

Mongolia’s journey towards renewable energy www.ebrd.com

Thousands of miles away from the Western world and in the heart of the Asian continent, lies the vast country of Mongolia, one of the 20 largest countries in the world yet one of the least densely populated.

Long isolated from the world Mongolia eventually experienced the winds of change that had brought down the Iron Curtain. With the adoption of a new political system came the introduction of an economic model that allows the country to address the challenges it faces.

One of the biggest challenges is in the area of energy. Mongolia, famed for its raw beauty and wilderness, for grand sand dunes and vast steppes, also has an extreme climate, with winter temperatures of -40C and summers that often exceed 45C. The era of Soviet economy has left the country with a legacy of severe pollution and dependence on coal-fired power stations.

But there is huge potential and the EBRD is playing a major role in developing and maturing it. By developing wind power Mongolia can take advantage of the winds that sweep across the country’s seemingly endless deserts. It is a wind of change of a different kind.

This journey towards renewables started in 2009 with the first commercial windfarm project. With a capacity of 50 MW, the Salkhit wind farm near the capital, Ulaanbaatar, was constructed with financing of US$ 47.5 million from the EBRD, an amount matched by FMO, the Dutch development bank.

The challenges the project faced were enormous: working out how to build and operate a wind farm in -35C, transporting the wind turbines over 200 km of unpaved road, and creating the commercial and legal conditions for an unprecedented venture in the country.

When the plant at Salkhit – which means “windy mountain” in Mongolian – was connected to the grid in 2013, Nandita Parshad, currently EBRD Managing Director, Energy and Natural Resources, said: “Salkhit’s impact goes far beyond its immediate effects. It makes concrete a vision of Mongolia’s future that takes the benefits of the country’s resources and uses them to create a sustainable and diversified economy.”

And Salkhit was just the beginning. With that one successful project the country realised the potential of renewables and changed its approach to energy sources. Today, under the new energy efficiency strategy, Mongolia is seeking to raise the installed capacity of its renewable energy sources by up to 20 per cent by 2020 and 30 per cent by 2030.

The EBRD remains closely involved as the Bank also demonstrated this week with the visit of its First Vice President Phil Bennett to Mongolia. The Bank signed an agreement to finance the 50 MW Tsetsii wind farm in the south of the country last year. Tsetsii aims to be operational by the end of 2017. A third project, the Sainshand wind farm, with a 55W capacity and located south-east of Ulaanbaatar, was approved by the EBRD Board in June 2017.

As a result, wind currently accounts for 10 per cent of the country’s total installed power generation capacity. This is good for the economy and good for the environment. With the help of the EBRD the winds of change have also provided Mongolia with a breath of fresh air.

Trading report www.mse.mn

On September 26, 2017, 198,303 shares of 30 firms listed as Tier I, II, and III were traded. 13 firms’ shares increased, 7 decreased in price and 10 remained unchanged. Technicimport JSC was the top performer, increasing 14.96 percent, whereas Autoimpex JSC was the worst performer, decreasing 6.34 percent.

Facebook could follow LinkedIn and be blocked in Russia www.rt.com

Russia could soon ban Facebook as the company continues to defy a law, which obliges social networks operating in the country to keep user data in Russia.

Mongolia's ruling party agrees nominee for PM with IMF bailout at stake www.reuters.com

ULAANBAATAR (Reuters) - The ruling Mongolian People’s Party (MPP) has nominated former vice premier Ukhnaa Khurelsukh as the country’s new prime minister, a party spokesman said Tuesday, as it bids to unlock an IMF bailout package and restore investor confidence.