Events
Name | organizer | Where |
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MBCC “Doing Business with Mongolia seminar and Christmas Receptiom” Dec 10. 2024 London UK | MBCCI | London UK Goodman LLC |
NEWS

Rio Tinto’s PE-style Ventures to tap disruptive global trends www.theaustralian.com
Rio Tinto energy and minerals boss Bold Baatar plans to bring his private equity experience to running a Ventures business that will chase new minerals associated with technological disruption, with the miner prepared to buy and then sell projects to make cash.
Earlier this year, The Australian revealed Mr Baatar had been given a brief to search for new investments and tie-ups in commodities that will benefit from changing global trends such as the push towards renewable energy.
The move is seen as one that could further differentiate Rio from its major peer, BHP Billiton, which under chief executive Andrew Mackenzie is firmly focused on large projects in four key commodities: iron ore, coal, copper and petroleum.
Mr Baatar, a former Wall Street investment banker who spent a decade working on leveraged buyouts and selling companies for the largest private equity firms, said buying, improving and selling assets was now seen as a way to add more value.
“We will be seeking to maximise returns through active portfolio management,” Mr Baatar told a London resources conference. “This means having the discipline to buy and then monetise. We will continuously analyse the growth profile of our assets against the set return of thresholds, being ready to sell at the right time for the right value.”
He noted this approach in his minerals and energy business was a very different approach to Rio’s management of its big iron ore, copper and aluminium businesses.
The recent decision to sell Rio’s Hunter Valley coal assets to Yancoal Australia in a $US2.69 billion ($3.4bn) deal was an example of Rio’s willingness to sell assets at the right time for a good price, he said.
“Thermal coal has been historically important for Rio Tinto and exiting at the right time was hard but required discipline,” Mr Baatar said. “This private equity mindset will be increasingly important, allowing us to recycle capital and continuing to grow and pioneer in new areas and commodities.”
The Ventures business and its focus on trends was spurred by work on Rio’s Jadar lithium and borate deposit, discovered in Serbia in 2004. Jadar has the potential to become one of the world’s top three producers of lithium, where demand is forecast to surge on the back of increased demand for lithium-ion batteries in electric cars.
Mr Baatar said Rio was focused on trends like continued Chinese urbanisation, growing global interconnection of markets, longer lifespans and working lives and shrinking populations in many Western economies. “These trends and shifting consumer preferences for environmentally friendly technology are generating new opportunities for other minerals and metals which are currently not in our portfolio but essential for human progress,” he said.
He has previously declined to flag the minerals Rio is looking at for fear of driving prices higher.
“Our Ventures business will look for strong partnerships with asset owners and joint venture partners,” Mr Baatar said.
“We’re seeking partnerships where we can add value from our track record of engineering and operating excellence, sales and marketing channels, existing customer relationships and technical expertise.”
Projects at pre-feasibility stage or later will be targeted by Ventures, while Rio’s exploration team would continue to seek earlier stage projects.
Mr Baatar said the world was facing the biggest technological disruption since Rio started 145 years ago, demanding a dramatic shift in the way miners thought.
“If the disruptive revolution has taught us anything, there is no industry that is immune — Silicon Valley is taking industry after industry,” he said.
The mining industry needed to work with the engineers of the disruption, or it would join the ranks of Eastman Kodak and Nokia, Mr Baatar said.
“In 20 years’ time, we will see this era as a key turning point for our industry,” he said. “We have never before seen such a coming together of trends and challenges.
...
Z.Enhkhbold requests withdrawal of two Mongolian Ambassadors www.news.mn
Z.Enkhbold, Chief of Presidential Staff of the Office of the President proposed a compromise on the withdrawal of some Mongolian Ambassadors. He requested the specific withdrawal of S.Bayar, Mongolian Ambassador to Great Britain and M.Enkhsaikhan, Mongolian Ambassador to Sweden on the basis of Constitutional article 1-5.
...
Mongolia GDP Growth Rate YoY www.tradingeconomics.com
The Gross Domestic Product (GDP) in Mongolia expanded 4.2 percent in the first quarter of 2017 over the same quarter last year. GDP Growth Rate in Mongolia averaged 5.42 percent from 1991 until 2017, reaching an all time high of 17.50 percent in the fourth quarter of 2011 and a record low of -9.30 percent in the fourth quarter of 1992.
Please review the full version on http://mongolianbusinessdatabase.com/base/sourcesdetials?id=17

In Mongolia's yurt slums, nomads dream of city life www.msn.com
On the steep hills encircling Mongolia's capital, skyscrapers and apartments give way to ramshackle bungalows and tattered yurts, in rickety fenced enclosures with no running water.
The "ger" districts' crowded residential clusters and smoggy grey air are a far cry from the sprawling grasslands that Jamiynsurengiin Olzod, a 35-year-old seamstress, once called home.
But like many of the suburban slum inhabitants, she gave up the traditional nomadic lifestyle of Mongolia's 900,000-strong herder population to move to Ulan Bator, harbouring dreams of richer opportunities in the urban centre.
"It's very hard, but life in the countryside is even harder," Olzod said as she lay in bed in the yurt she shares with her three children.
She moved in the hopes of getting an education, but Mongolia's rural-to-urban migration is also linked to the "dzud", a unique weather phenomenon characterised by long droughts and severe winters with temperatures as low as -50 degrees Celsius (-58 degrees Fahrenheit).
More than 40,000 livestock perished from the cold during this winter's dzud, which analysts believe is occurring with greater frequency owing to climate change.
The result is an increasingly urban society: nearly two-thirds of the population lived in the countryside in 1960, now less than one-third does.
Around half Mongolia's population lives in the capital, with the majority residing in 'ger' (yurt) districts, unplanned communities linked by bumpy dirt roads, disconnected from the central electricity grid and lacking proper sewage systems
Around half the country's population of three million lives in the capital, with the majority residing in "ger" (Mongolian for "yurt") districts, unplanned communities linked by bumpy dirt roads, disconnected from the central electricity grid and lacking proper sewage systems.
Populist businessman Khaltmaa Battulga -- who grew up in a ger district himself -- promised to eradicate poverty when he was sworn in as president on Monday, inheriting a $5.5 billion International Monetary Fund-led bailout to revive the flagging economy.
The World Bank estimates that at least 60 percent of those residing in ger districts are unemployed.
The rapid growth of these settlements prompted the city's mayor to pass a decree at the start of 2017 restricting migration for a year and halting the expansion of power lines.

"Expo Mongolia 2017" to welcome delegates from 100 countries www.gogo.mn
"Expo Mongolia 2017" international exhibition and conference will be held at the Misheel Expo on October 10-12, with the aim to support the growth of major economic sectors, such as mining, construction and transportation and introduce advanced technology.
The 5th exhibit is expected to be attended by more than 2,000 guests, representatives and experts from over 100 countries and will discuss business partnerships and product sales and introduce advanced innovative technologies.
The exhibition will be organized jointly by the Ministry of Mining and Heavy Industry, Ministry of Road and Transport Development, Ministry of Construction and Urban Development, the Governor’s Office of the Capital, Mongolian National Chamber of Commerce and Industry as well as the Federal Ministry of Economic Affairs and Energy of the Federal Republic of Germany, and the "Heavy Equipment Manufacturers Association" and the American Chamber of Commerce in Mongolia and French and Mongolian Chamber of Commerce.
Exhibitors will be able to schedule and hold meetings with international guests, through organizers.

Mongolia GDP | 1981-2017 | Data | Chart
The Gross Domestic Product (GDP) in Mongolia was worth 11.16 billion US dollars in 2016. The GDP value of Mongolia represents 0.02 percent of the world economy. GDP in Mongolia averaged 4 USD Billion from 1981 until 2016, reaching an all time high of 12.58 USD Billion in 2013 and a record low of 0.77 USD Billion in 1993.
Please see in details on http://mongolianbusinessdatabase.com/base/sourcesdetials?id=16

Founder of Online ‘Blue Whale’ Suicide Group Sentenced www.themoscowtimes.com
The young Russian man behind an online suicide game called “Blue Whale” has been sentenced to three years and four months behind bars, a district court in Russia’s Tyumen region ruled on Monday.
“Philipp Budeikin was found guilty of inciting two girls, 16 and 17, to commit suicide,” the 72.ru online newspaper quoted the judge’s aide Elvira Yakubova as saying.
Budeikin, also known by the moniker “Fox” was detained in November 2016 at his mother’s apartment in the Moscow region.
In May 2017, he pleaded guilty to inciting the suicides of 15 teenagers throughout Russia, but investigators linked him to just two cases.
Budeikin previously said his victims were "biological waste" and that his suicide game was "cleansing society."
A year before, the Russian investigative newspaper Novaya Gazeta reported that more than 130 teenagers had fallen victim to the online phenomenon, which led to a formal investigation.
The online game that incites mostly young people to take their lives spans over 50 days until the victims are instructed to commit suicide to win the game.
The game’s title “Blue Whale” is a reference to how whales sometimes purposefully wash ashore to die.

US and China emerge from trade talks without agreement www.bbc.com
The US and China have wrapped up contentious trade talks in Washington without agreement.
The two sides did not issue a joint statement or action plan after the meeting and cancelled scheduled press conferences.
The US was critical of China's trade surplus and demanded "more fair" trade arrangements.
Separately, US President Donald Trump indicated that tariffs on Chinese steel were still a possibility.
Massive trade surplus
In his opening remarks to the annual US-China Comprehensive Economic Dialogue, US Commerce Secretary Wilbur Ross criticised China's $347bn (£266bn) trade surplus with the US, saying it was not the product of market forces.
In a brief statement after the talks, Mr Ross and US Treasury Secretary Steven Mnuchin offered few details and little indication of any progress on contentious issues.
"China acknowledged our shared objective to reduce the trade deficit which both sides will work cooperatively to achieve," the statement said.
The contentious issue of steel tariffs was expected to be a difficult topic at the talks, but the two sides did not issue any statements on this.
The US blames Chinese excess capacity for a global steel glut that is hurting US producers, and has threatened to impose tariffs.
US Steel stocks were sharply higher as investors interpreted silence on the issue as an increased likelihood of US action on Chinese steel.
After the market closed, President Donald Trump told a reporter that steel tariffs "could happen", according to Reuters news agency.
Low expectations
Experts thought it was unlikely that the talks would produce any significant agreements on the most thorny issues.
In addition to steel, the US was expected to push Beijing on its subsidies for state-owned enterprises.
China was expected to focus on US refusals to sell Beijing advanced technology products.
It was unclear whether the talks covered US demands for China to put more pressure on North Korea over its nuclear and missile program.
Mr Trump has previously signalled that China might obtain improved trade terms in exchange for help on North Korea.
In May, the US and China reached a trade deal that opens the Chinese market to US credit rating agencies and credit card companies.
China also agreed to lift its ban on US beef imports and accept US shipments of liquefied natural gas.

Price recovery sparks domestic Chinese copper, iron ore production boom www.mining.com
China's dozens of iron ore mining companies produced more in June than any month since October 2015, making the most of higher prices and record-breaking steel output.
The country's crude iron ore production jumped 5% from a year ago to 124.7 million tonnes (on a 58–65% Fe content basis tonnage is closer to 25m–30m) in June, data from the National Bureau of Statistics showed Wednesday. Year to date crude iron ore output is up 9.2%.
Number two producer Rio Tinto said in March 30m tonnes of domestic Chinese capacity had already returned to the market compared to the 140 million that exited over the previous three years.
China's refined copper production was up 12% percent from the same time last year to 768,000 tonnes, the highest rate in 18 months. If this rate of production is sustained 2017 would comfortably outpace last year's total of 8.44m tonnes of refined copper production.
China's smelters working at capacity helps to explain the decline in imports of refined metal. Data released last week showed China imported 2.23 million tonnes of copper in the first half of this year, down 18.4% compared to same period last year.
However, imports of copper concentrate continued to grow from record levels reached last year. June imports came in at 1.4m tonnes, up 4.4% compared to the same month last year, while imports for the first six months totalled 8.3 million tonnes, up 3.6%.
Zinc production was flat at 544,000 tonnes in June and down 1.2% for the first six months of the year, while lead production declined 4% to 437,000 tonnes for the month. For the first six months of the year, lead output is up 5% compared to H1 2016.
Data released on Monday showed Chinese steel output last month rose 5.7% from the year before to a record 73.23 million tonnes, surpassing April's all-time high of 72.78 million tonnes as Shanghai rebar prices hit three-and-half year highs.
Aluminium production jumped 7.4% year-on-year to 2.93 million tonnes in June, exceeding December's record of 2.89 million tonnes.
China is responsible for producing half the world's steel, consume more than 70% of the seaborne iron ore trade and some 45% of world copper output.

President Kh.Battulga meets US Ambassador www.montsame.mn
Ulaanbaatar /MONTSAME/ President Kh.Battulga received Ambassador of the Unites States to Mongolia Jennifer Zimdahl Galt on July 19.
Congratulating the President on his election, Ambassador Galt expressed readiness to strengthen bilateral relations as 2017 marks the 30th anniversary of diplomatic relations between the US and Mongolia.
For his part, President Kh.Battulga proposed two certain issues for cooperation. The new President sought the US assistance in bringing back offshore money to Mongolia.
Secondly, the President addressed the issue of export of Mongolian-made knitted and sewn products to the US. He mentioned about a 1992 decision concerning tax-exempt export of knitted and sewn products to the country, saying that Mongolian companies couldn’t use the opportunity that time. The President inquired about possibilities to restart this business.
Ambassador Galt expressed willingness to help Mongolia fight corruption and expose illegal money in offshore regions, and said the issue regarding export will be studied. The Ambassador also informed the President of the US’ interest in working with Mongolia in agriculture and renewable energy spheres, adding that the first projects and programs are being realized. The Millennium Challenge Corporation’s Second Compact Agreement with Mongolia was also mentioned.
The sides discussed means of further solidifying bilateral relationship and possibilities of constructive economic cooperation.
Kh.Aminaa
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