The online marketplace, named Open Mineral, will let miners put up tenders for their concentrate directly to end-users.

Open Mineral will focus first on gold, silver, copper, zinc and lead concentrates.
The platform will focus first on gold, silver, copper, zinc and lead, which represent a combined market worth about $50 billion.

Smelters and miners could potentially boost returns by millions of dollars by dealing directly in the concentrate market, which is inefficient and opaque, chief executive Boris Eykher told Reuters.

Open Mineral will also provide trade services such as transportation, surveying, assaying and insurance.

Since annual concentrate deals for the year are already set, the new online tool will target spot and 2018 contracts, which are due to be negotiated before the end of the year.

Open Mineral is not the first attempt to take the trading of metals from the physical to the online world. Last month, the former chief executive officer of the London Metals Exchange launched an alternative electronic trading platform for metals.

Foreign Minister Ts.Munkh-Orgil appreciated returning Ambassador Ed Jager for his valuable contributions to the development of bilateral relations between Mongolia and Canada during his tenure in Mongolia and expressed his gratitude for continuously intensifying relations and cooperation. Moreover, mentioning that Mongolia and Canada have broad potential to cooperate in the agricultural field, FM expressed his confidence that Canadian Ambassador will keep supporting to develop bilateral ties and wished success for the Ambassador in his future endeavours.

In turn, Ambassador Ed Jager noted his thankfulness for the growing and strengthening relations and cooperation between Mongolia and Canada. Also, he expressed his willingness to develop Mongolia-Canada cooperation and support each other within the frames of international organizations.

The bulk of GCF’s contribution, USD 19.5 million, will allow Mongolia’s XacBank">Mongolia’s XacBank extend loans to micro, small and medium-sized enterprises to break down financial barriers to low-carbon investment.

An aversion to the risks of opening new markets means Mongolian entrepreneurs currently lack the necessary commercial finance to carve out new businesses in energy efficiency and renewable energy.

This five-year project is being implemented by XacBank, one of Mongolia’s major lenders which became the country’s first and only bank specializing in eco-banking in 2009. At the end of last year, GCF designated XacBank as a direct access Accredited Entity, which propose and implement GCF-financed climate initiatives.

“This disbursement marks an important milestone in the continued development of sustainable financing business of XacBank and our cooperation with the Green Climate Fund,” said Amartuvshin Hanibal, President of XacBank.

While many Mongolian people currently burn low-quality coal in their homes for heating and cooking, the government is striving to leap frog their landlocked nation into adopting a low-carbon energy sector.

In accordance with GCF’s gender focus, at least half of GCF’s loan support in this project will go towards women-led enterprises.

“This project will empower women and reduce emissions,” said Adam, Director">Ayaan Adam, Director of GCF’s Private Sector Facility. “It will show women-led enterprises can make a strong impact in Mongolia’s private sector. Mongolian micro, small and medium-sized enterprises can demonstrate that low-carbon investment is the business of the future.”

Ms Adam added the growth of a low-carbon energy sector fits well with the Mongolian Government’s move to raise the percentage of renewables to 20 percent of national energy generation by 2020, according to the country’s Nationally Determined Contribution under the Paris Agreement. (green climate fund)

Moreover, the Cabinet decided that every citizen will have ownership in the copper plant’s shares, and ordered corresponding Ministers to take required measures to realize the decision.

Head of Cabinet Secretariat J.Munkhbat said, “The objective reflected in the 2016-2020 action plan of the Cabinet regarding distribution of shares of strategic deposits to the Mongolian people is officially being realized”.

He continued, “Although Parliament issued a Resolution No. 23 on taking full ownership of Erdenet Mining Corporation, the owner of the 49 percent filed a lawsuit. A court decision was made in disfavor of the government decision. Parliament Speaker M.Enkhbold instructed the Cabinet to carry out the Parliament resolution No. 23. As such, we solved the issue with the decision to distribute shares of Erdenet Mining Corporation to every citizen”.

Last year, an opportunity for transiting Asia-Europe route freight transports through Mongolian border was enabled after the trilateral meeting between the heads of state of Mongolia, Russian Federation and People’s Republic of China. In order to prepare for transiting freight transports, the Government of Mongolia negotiated with the Asian Development Bank to finance the project. Therefore, “Regional Logistics Development Project” is being implemented in Zamiin-Uud to increase the capacity of logistics facility. The facility will have significant impact by increasing import, export and transit transports in Mongolia.

Furthermore, several necessary projects, such as a construction of overbridge above railways, auto road, water line, security fence, cable line, 10 kW sub-station, 110 kW high voltage sub-station and its extension of power transmission line have been built from the State Budget.

“China Railway 21st bureau” LLC is acting as the general contractor, while “Suson” LLC of the Republic of Korea, Mongolian “Geo Mapping” and “NBCC” LLCs are providing support as advisors. Presently, foundations for both narrow and wide gauge railroads, as well as crane sites have been finished. The contractor has informed that the project is currently 40 percent finished and presented the current issues to the Minister of Road and Transport Development.

Once the Logistics Facility starts operation, around 6 million tons of freight transports can be transited through Zamiin-Uud station annually. The construction work is expected to finish next year and start operation by 2019.

Founded in 1997, the concrete sleeper factory in Khutul has a capacity to manufacture 180 thousand concrete sleepers a year. The factory employs 150 workers in its 6 main units. Previously, the factory used to ,make “FZ” concrete sleeper with Chinese technology and now they have been manufacturing “APC” reinforced concrete sleeper with more advanced technologies from Russia since 2006. The factory has a plan to produce 150 thousand pieces of concrete sleepers this year and as of today, the factory has produced 50 thousand pieces.

Moreover, the authorities of the factory introduced about the present state of the factory, which manufactures 20 types of concrete structures, such as bridge structures, concrete base and road curb apart from concrete sleepers and provides them to the domestic market.

During his meeting with the authorities and over 150 employees of the Concrete Sleeper Factory, Minister D.Ganbat gave information about government activities and policy. In frames of the meeting, Minister D.Ganbat obliged the relevant authorities to study opportunities of the Concrete Sleeper Factory to manufacture concrete sleeper for narrow-gauge railway.