1 PRIME MINISTER OYUN-ERDENE VISITS EGIIN GOL HYDROPOWER PLANT PROJECT SITE WWW.MONTSAME.MN PUBLISHED:2025/04/30      2 ‘I FELT CAUGHT BETWEEN CULTURES’: MONGOLIAN MUSICIAN ENJI ON HER BEGUILING, BORDER-CROSSING MUSIC WWW.THEGUARDIAN.COM PUBLISHED:2025/04/30      3 POWER OF SIBERIA 2: ECONOMIC OPPORTUNITY OR GEOPOLITICAL RISK FOR MONGOLIA? WWW.THEDIPLOMAT.COM PUBLISHED:2025/04/29      4 UNITED AIRLINES TO LAUNCH FLIGHTS TO MONGOLIA IN MAY WWW.MONTSAME.MN PUBLISHED:2025/04/29      5 SIGNATURE OF OIL SALES AGREEMENT FOR BLOCK XX PRODUCTION WWW.RESEARCH-TREE.COM  PUBLISHED:2025/04/29      6 MONGOLIA ISSUES E-VISAS TO 11,575 FOREIGNERS IN Q1 WWW.XINHUANET.COM PUBLISHED:2025/04/29      7 KOREA AN IDEAL PARTNER TO HELP MONGOLIA GROW, SEOUL'S ENVOY SAYS WWW.KOREAJOONGANGDAILY.JOINS.COM  PUBLISHED:2025/04/29      8 MONGOLIA TO HOST THE 30TH ANNUAL GENERAL MEETING OF ASIA SECURITIES FORUM WWW.MONTSAME.MN PUBLISHED:2025/04/29      9 BAGAKHANGAI-KHUSHIG VALLEY RAILWAY PROJECT LAUNCHES WWW.UBPOST.MN PUBLISHED:2025/04/29      10 THE MONGOLIAN BUSINESS ENVIRONMENT AND FDI: CHALLENGES AND OPPORTUNITY WWW.MELVILLEDALAI.COM  PUBLISHED:2025/04/28      849 ТЭРБУМЫН ӨРТӨГТЭЙ "ГАШУУНСУХАЙТ-ГАНЦМОД" БООМТЫН ТЭЗҮ-Д ТУРШЛАГАГҮЙ, МОНГОЛ 2 КОМПАНИ ҮНИЙН САНАЛ ИРҮҮЛЭВ WWW.EGUUR.MN НИЙТЭЛСЭН:2025/04/30     ХУУЛЬ БУСААР АШИГЛАЖ БАЙСАН "БОГД УУЛ" СУВИЛЛЫГ НИЙСЛЭЛ ӨМЧЛӨЛДӨӨ БУЦААВ WWW.NEWS.MN НИЙТЭЛСЭН:2025/04/30     МЕТРО БАРИХ ТӨСЛИЙГ ГҮЙЦЭТГЭХЭЭР САНАЛАА ӨГСӨН МОНГОЛЫН ГУРВАН КОМПАНИ WWW.EAGLE.MN НИЙТЭЛСЭН:2025/04/30     "UPC RENEWABLES" КОМПАНИТАЙ ХАМТРАН 2400 МВТ-ЫН ХҮЧИН ЧАДАЛТАЙ САЛХИН ЦАХИЛГААН СТАНЦ БАРИХААР БОЛОВ WWW.EAGLE.MN НИЙТЭЛСЭН:2025/04/30     ОРОСЫН МОНГОЛ УЛС ДАХЬ ТОМООХОН ТӨСЛҮҮД ДЭЭР “ГАР БАРИХ” СОНИРХОЛ БА АМБИЦ WWW.EGUUR.MN НИЙТЭЛСЭН:2025/04/30     МОНГОЛ, АНУ-ЫН ХООРОНД ТАВДУГААР САРЫН 1-НЭЭС НИСЛЭГ ҮЙЛДЭНЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/04/29     ЕРӨНХИЙ САЙД Л.ОЮУН-ЭРДЭНЭ ЭГИЙН ГОЛЫН УЦС-ЫН ТӨСЛИЙН ТАЛБАЙД АЖИЛЛАЖ БАЙНА WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/04/29     Ц.ТОД-ЭРДЭНЭ: БИЧИГТ БООМТЫН ЕРӨНХИЙ ТӨЛӨВЛӨГӨӨ БАТЛАГДВАЛ БУСАД БҮТЭЭН БАЙГУУЛАЛТЫН АЖЛУУД ЭХЛЭХ БОЛОМЖ БҮРДЭНЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/04/29     MCS-ИЙН ХОЁР ДАХЬ “УХАА ХУДАГ”: БНХАУ, АВСТРАЛИТАЙ ХАМТРАН ЭЗЭМШДЭГ БАРУУН НАРАНГИЙН ХАЙГУУЛЫГ УЛСЫН ТӨСВӨӨР ХИЙЖЭЭ WWW.EGUUR.MN НИЙТЭЛСЭН:2025/04/29     АМ.ДОЛЛАРЫН ХАНШ ТОГТВОРЖИЖ 3595 ТӨГРӨГ БАЙНА WWW.EGUUR.MN НИЙТЭЛСЭН:2025/04/29    

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MBCC “Doing Business with Mongolia seminar and Christmas Receptiom” Dec 10. 2024 London UK MBCCI London UK Goodman LLC

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New government bond replaces Eurobond www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ Due to the Development Bank of Mongolia’s USD 580 million Euro bond maturing on March 21, the Ministry of Finance announced that Development Bank-owned Eurobond is to be replaced by a new bond issued by the Government of Mongolia in February, 2017. Credit Suisse and J.P.Morgan will be acting as the bond’s underwriters.
 
In March of 2012, the Government of Mongolia launched USD 580 million worth of bond, “Eurobond” to be matured on March 21, 2017 with an annual interest rate of 5.75 percent. In order to build railroads and fifth power station, 36 percent of Eurobond was traded to European investors, 32 percent to American investors and 32 percent to Asian investors.
 
At the beginning of 2017, question rose among the investors whether the government can repay the debt. Owing to the staff-level agreement with the International Monetary Fund on three-year Extended Fund Facility program, the Government of Mongolia earned the investor’s trust in the newly offered bond. In addition, 82.07 percent of the investors have agreed to the exchange offer.
 
And thus, the Government of Mongolia launched the new bond costing USD 600 million with 7.625 percent interest rate in the first week of March. Reports indicate that the new bond will make interest payments every six months, which is approximately USD 26 million. Although Khuraldai bond is simply replacing “Euro bond” with slightly higher interest rate, the new rate is reasonable compared to the previous government issued bond with an interest rate of 10.825 percent. A total of 76 percent of the bond was bought by American investors while 18 percent by European investors and 6 percent by Asian investors. However, only USD 476 million (82 percent of Eurobond) will be used for Eurobond replacement and the rest USD 124 million was offered to the investors as a new bond.
 
But this could also increase foreign investments, expand the drawing power and attract investors in both public and private sectors. Furthermore, Chinggis bond’s maturity date in 2018 could also be settled with relatively low cost. And by stabilizing the economy, private entities may attract more investments and increase workplaces to further develop the economy. But it will require smart policy from the authorities as the IMF made budget adjustment demand which includes seven types of tax increase.
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EBRD to support “Green cities” program www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ The European Bank for Reconstruction and Development (EBRD) and the Capital City Governor’s Office have signed a memorandum of understanding on implementation of “Green cities” program.
 
The MOU was signed by Natalia Khanjenkova, the Managing Director for Central Asia and Russia at the European Bank for Reconstruction and Development (EBRD) and J.Batbayasgalan, Deputy Mayor of Ulaanbaatar for Green Development and Air Pollution .
 
J.Batbayasgalan remarked” In line with rapid expansion of Ulaanbaatar city, air, water and soil pollutions are getting urgent problems. ''Green Cities'' program will be carried out to deal with a number of challenges including waste water treatment, green infrastructure development and solid garbage removal /recycling/. Furthermore, Ulaanbaatar is facing the drinking water reserve scarcity and in this regard, we are looking forward to implement a number of projects on development of green cities with EBRD in the future. World countries having joined the UN Convention are making efforts to tackle with climate change especially in reducing greenhouse emission by raising significant funds. This memorandum will be an important push to launch a fundraising event for carrying out projects and programs forward at green development.
 
In turn, Natalia Khanjenkova, the Managing Director for Central Asia and Russia at the European Bank for Reconstruction and Development (EBRD) said” Preparation works for recycling and waste water treatment projects are basically completed. We will financially support above mentioned projects. For instance, the Global Climate foundation is affordable to finance the projects. We expect positive outcome from the implementation of the projects for development of Ulaanbaatar”.
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Mitsubishi mulls selling stake in Australian coal mine www.asia.nikkei.com

 
TOKYO -- Mitsubishi Corp. looks to unload its stake in an Australian steam-coal mine as the Japanese trading house reshuffles its resources business, which took a big hit from market stagnation last fiscal year.
 
The Clermont mine in Queensland, which began production in 2010, churns out around 12 million tons of coal yearly, and Mitsubishi's share entitles it to around 3.8 million tons. The stake in this project accounts for around 30% of the trading house's global interest in steam coal, which is used in power generation.
 
Steps are being taken to solicit buyers via an advisory company. The sale could bring tens of billions of yen (10 billion yen equals $89 million).
 
Separately, Mitsubishi may sell its stake in Hunter Valley Operations, a steam-coal mine in Australia's New South Wales. Mitsubishi holds around 4.2 million tons of the site's overall annual output of about 13 million tons.
 
Many general trading houses reliant on resources businesses logged massive impairment losses last fiscal year due to low resource prices. Mitsubishi, which sustained its first-ever net loss, is working to ease dependence on resources.
 
The company will not increase its balance of investments in and lending to the resources segment, working instead to strengthen some operations and downsize others. Steam coal, likely to become less competitive amid stronger environmental regulations, is among the assets to be unloaded.
 
Mitsubishi will focus more on coking coal, used in steelmaking, as well as on copper and liquefied natural gas.
 
The Japanese company has a 50-50 Australian venture with resource major BHP Billiton, and the business operates a coking-coal mine Down Under. Mitsubishi will continue seeking new investment opportunities in promising projects for steelmaking coal, taking advantage of the resource major's broad network.
 
Mitsubishi also is rebalancing its shale gas business to raise competitiveness. The trading house holds a roughly 40% stake in the Canadian Montney gas field via a joint venture with Japan Oil, Gas and Metals National Corp., and wants to buy additional interest from Jogmec. Meanwhile, Mitsubishi in November decided to unload its stake in another Canadian shale gas field, Cordova.
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Wall Street suffers worst day this year www.bbc.com

 
Wall Street suffered its worst day this year as investors fretted about whether President Donald Trump will be able to deliver promised tax cuts.
Banks, which have helped to propel share markets to record highs recently, were among the worst casualties.
Bank of America fell 5.77% and Goldman Sachs lost 3.72%.
At the close, the Dow Jones was 1.14% off at 20,668.01 points and the S&P 500 lost 1.24% to 2,344.02. The Nasdaq fell 1.83% to 5,793.8.
For the S&P 500 it was the steepest one-day sell-off since before Mr Trump's election victory. The Russell 200 index of smaller companies also fell, closing down 2.7% and erasing its gains for the year.
Meanwhile, the CBOE Volatility index, Wall Street's so-called "fear gauge", jumped 10%.
Analysts attributed the share selling to reduced confidence that Mr Trump's pro-growth policies, including financial deregulation and tax cuts, would occur any time soon.
Investors saw the Trump administration's struggles to push through his healthcare legislation overhaul as a sign he may face setbacks delivering the proposed corporate tax cuts.
"The market is starting to get a little fed up with the lack of progress in healthcare because everything else is being put on the back burner," said R.J. Grant, head of trading at Keefe, Bruyette & Woods in New York.
Another sector that was hit was transportation. United Continental lost 3.3% and railroad operator CSX fell 2.7%. Hertz Global sank 8.7%.
Companies that make steel, chemicals, and other basic materials also slid. AK Steel plunged 10.4% and US Steel lost 9%.
The Dow had just two gainers, Coca-Cola and Chevron, up 0.76% and 0.35%.
Taking profits
US crude oil prices hit a one-week low of $47.23 a barrel as concerns about new supplies overshadowed the latest talk by Opec that it was looking to extend output cuts beyond June.
US shares had started the day higher, but soon followed a sell-off in Europe that saw the main markets in London, Paris and Frankfurt all close down.
Wall Street has fallen for four days in a row, although the previous losses were small.
Tuesday's losses were a reversal of the patterns that have endured since Mr Trump was elected in November, but share markets still remain sharply higher since then.
Kate Warne, an investment strategist for Edward Jones, said investors are taking some profits after the market's long post-election winning streak.
But she added that Wall Street is especially eager for the administration's tax reform proposals.
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European Investment Bank to fund more eco-projects in China www.chinadaily.com.cn

 
The European Investment Bank is aiming to provide 500 million euros ($540 million) of financing in environmental and climate-related projects in China this year, while exploring co-investment opportunities with Chinese banks in overseas green projects, a senior official of the bank said on Tuesday.
 
The EIB－the European Union's bank, owned by its member states－is expanding investments in China in the areas of urban transport, forestry and energy efficiency, according to Jonathan Taylor, vice-president of the EIB.
 
European Investment Bank to fund more eco-projects in China
Jonathan Taylor, vice-president of the European Investment Bank. [Photo provided to China Daily]
 
"We have a strong pipeline of climate-related projects across China that are currently under examination and expect them to be financed in the coming months," Taylor said at a news conference in Beijing.
 
The European bank is also discussing with the China-led Asian Infrastructure Investment Bank a number of co-financing initiatives in other countries, including a green transport project in an Asian country, Taylor said, without providing further details.
 
Taylor is leading an EIB delegation for a five-day visit to China, where it will hold discussions with the Ministry of Finance, the People's Bank of China as well as the National Development and Reform Commission on existing and new initiatives to jointly support climate investment.
 
The European Investment Fund, a subsidiary of the EIB, is also cooperating with China's Silk Road Fund to provide financing to European innovative firms, according to Taylor.
 
The EIB provided 298 million euros to finance climate-related projects in eight Chinese provinces last year, including energy efficiency schemes in Shandong province and a large-scale biomass project in Henan province.
 
Jiang Shixue, a researcher at the Institute of European Studies at the Chinese Academy of Social Sciences, said that the EIB's initiatives in China were an example of strengthened financial cooperation between China and Europe to address climate issues and to support green and sustainable growth.
 
"The ongoing financial cooperation could also serve as a link between the Belt and Road Initiative and European Commission President Jean-Claude Juncker's investment plan," Jiang said.
 
The EIB has provided 84 billion euros to finance new investments internationally, including 19.6 billion euros for climate-related investment.
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Russia to pay off balance of Soviet-era debt within 45 days www.rt.com

 
The Soviet Union’s foreign debt will be paid in full within weeks, once Moscow settles with Bosnia and Herzegovina, according to the Russian Ministry of Finance.
 
According to calculations, Russia owes the Balkan country, once part of the former Yugoslavia $125.2 million, said Deputy Finance Minister Sergey Storchak. This is the last Soviet debt, and it will be paid back in 45 days, he added.
 
The debt to the former Yugoslavian republics of Croatia, Serbia, Montenegro, Slovenia, and Macedonia, had been paid off by Russia from 2011 to 2016.
 
In February, the Finance Ministry said the debt would be cleared quickly once an executive order was signed. On Tuesday, the final step in the process was announced officially.
 
When the Soviet Union collapsed in 1991, the newly formed Russian Federation inherited a growing external debt of over $66 billion with barely a few billion dollars in gold and foreign exchange reserves.
 
By assuming the Soviet-era debt, Russia gained international recognition as the USSR’s successor.
 
The USSR's foreign debt was accumulated in various ways, such as obligations to Western countries accrued in the debt market after 1983. The money owed to former Yugoslavia was as a result of trade.
 
“On the one hand, the USSR supplied Yugoslavia with defense and energy products. On the other, Yugoslavia sold consumer goods to the USSR. The debt was formed due to the difference in the value of imports and exports,” managing partner of law firm HEADS Consulting Aleksandr Bazykin told Izvestia daily.
 
In recent years, Moscow canceled billions of dollars in debt owed to the Soviet Union by countries in Africa, Asia, and Central America. In 2013, Russia wrote off almost the entire $32 billion debt owed by Cuba.
 
According to the Finance Ministry, other countries still owe the Soviet Union about $34 billion, but it will be very hard for Russia to reclaim the money.
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Goldman Sachs confirms plans to move London jobs to Europe www.rt.com

 
Hundreds of people working for Goldman Sachs in London will be moved to Europe as the company executes its Brexit contingency plans, Goldman’s Europe CEO Richard Gnodde told CNBC.
 
When asked whether the bank’s European expansion would reflect the moving of jobs out of London or the hiring of new personnel on the continent, Gnodde said it will be a “combination of things.”
 
"For this first period, this is really the period where we put in place these contingency plans, this in the hundreds of people," said Gnodde, when asked to put numbers to anticipated headcount increases on the continent.
 
“We'll hire people inside of Europe itself, and there will be some movement," he said, explaining that the upcoming period will see investment in infrastructure, people, systems and technology.
 
Talking about Britain's exit from the European Union, Gnodde said the apparent lack of a transition process or period for financial services firms means contingency plans are being relied upon.
 
British Prime Minister Theresa May will trigger Article 50 on March 29, formally starting the UK- EU divorce process.
 
"Whatever the outcome, London will remain for us a very significant regional hub and a significant global hub," the banker said.
 
According to him, operations in several European cities will be expanded as part of the contingency plans.
 
"We start with a significant European footprint, we are licensed with banks in Germany and France," said Gnodde, adding that over the next 18 months the bank would upgrade its European facilities and take extra space and headcount on the continent.
 
In November, media reported the US investment giant was considering moving some of its London assets and operations to Frankfurt over fears that it may lose access to the EU after the UK leaves the bloc.
 
Goldman relies on the EU’s ‘passporting’ system which gives the bank the right to operate freely across the European single market. However, with a so-called ‘hard Brexit,’ banks in London would lose the automatic right to do business in the EU.
 
UK-based banks are currently finalizing Brexit contingency plans to decide how much of their business they need to shift overseas to maintain relationships with the remaining 27 EU member states.
 
JP Morgan, HSBC, and Lloyds have already warned they could move thousands of their UK workforce.
 
A report from PricewaterhouseCoopers estimated there could be 100,000 fewer banking jobs in the UK by 2020.
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AIIB head sees globalization as benefit to all www.chinadaily.com.cn

 
The head of the Asian Infrastructure Investment Bank voiced support on Monday for globalization, saying that countries can benefit from the process with effective domestic reforms and correct policy choices.
 
AIIB President Jin Liqun warned that globalization has suffered a setback because of the lack of shared benefits and the polarization of the world's haves and have-nots.
 
"There is an urgent need to improve global economic governance. This is going to bring about shared benefits and ensure that no country is left behind," Jin said in a speech at the China Development Forum in Beijing. The three-day event ended on Monday.
 
The AIIB chief said that globalization has enabled many countries to adopt "pro-market measures" and achieve "huge gains" in economic efficiency and prosperity.
 
"I think we are all winners of globalization. ... I absolutely deny that there are losers," he said, adding that countries that are not doing well in the process need to "fix" their policies to benefit from globalization.
 
Jin's comments were seen as the latest evidence of China's effort to defend globalization and call for greater policy coordination among governments to foster growth and support free and fair trade.
 
At their G20 meeting in Germany over the weekend, financial ministers and central bank governors did not mention anti-protectionism or their traditionally strong support for free trade in their statement, which disappointed some observers.
 
"It is a clear example that the world is losing the support for globalization," said Stephen Roach, a senior fellow at Yale University's Jackson Institute for Global Affairs.
 
Roach lauded China's call for greater coordination among countries, saying that globalization is not about one country leading or dominating but rather about commitment from a large number of countries.
 
He said governments should build much more broad-based, responsive and long-term safety nets to fund programs that deal with the costs of globalization.
 
"I don't think there are any winners (in the trend of anti-globalization). The only winners are the politicians who get power from the backlash," he added.
 
Lou Jiwei, chairman of the National Council for Social Security Fund and former finance minister, also expressed disappointment with the G20's failure to mention anti-protectionism in the meeting statement.
 
"Anti-globalization measures cannot stop the trend of globalization. It will only reduce the benefit of the people and undermine the fiscal basis to improve income distribution," Lou told the participants at the China Development Forum.
 
Paul Romer, chief economist and senior vice-president of the World Bank, said there is no reason to be pessimistic about China's economic prospects amid rising trade protectionism and economic nationalism, since the country survived the shock of the global financial crisis in 2008.
 
Romer added that China and the United States should try to manage their bilateral economic relations well and keep the consensus in favor of free trade, which he said is in the interest of both sides.
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Adobe, Microsoft team up to share sales and marketing data www.reuters.com

 
Microsoft Corp and Adobe Systems Inc are joining to make their respective sales and marketing software products more potent competitors to Salesforce.com Inc and Oracle Corp offerings, the two firms said Monday.
 
On the eve of San Jose, California-based Adobe’s annual user conference, the company said that it will work with Microsoft to create a shared data format between Adobe’s marketing software suite, which the company is re-naming its Experience Cloud, and Microsoft’s sales software, called Dynamics, allowing the software systems to work together seamlessly.
 
“It’s going to enable to customers to go beyond the current (software) silos they have to navigate today,” said Scott Guthrie, executive vice president of the cloud and enterprise division at Microsoft.
 
For Adobe, best known among consumers for its Photoshop digital imaging and Acrobat PDF software, the partnership builds on a deal it struck with Microsoft last fall to use its Azure cloud computing services.
 
Adobe has been pushing into business-to-business marketing software since it purchased Omniture Inc, a firm that helps website owners track their traffic, for $1.8 billion in 2009. Software that companies use to run digital marketing and advertising campaigns represented about $1.2 billion of Adobe’s $4.6 billion in revenue last year.
 
For its part, Microsoft has been trying to expand Dynamics, its software system for sales people. Teaming with Adobe helps it compete more strongly against Salesforce and Oracle, which both offer a combination of sales and marketing software.
 
Melissa Webster, an analyst with IDC, said that sharing data between systems to ensure customers get a smooth experience will be “an important battleground” in business-to-business software.
 
If customers have spent a lot of money with a business, they expect the business to remember who they are and don’t like it when they have to constantly re-enter their name and information, she said.
 
“Every time a company says with its body language ‘Who are you, again?’ it eats into their brand equity a little bit,” she said.
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Coal giant's share price surges 16% www.chinadaily.com.cn

 
Shenhua workers install equipment at a coal-to-liquids project in the Ningxia Hui autonomous region. [Photo/China Daily]
 
Largest mainland producer rides a rebound in prices, upbeat demand
 
Share prices of China Shenhua Energy Co Ltd－the country's biggest coal producer－surged 16.28 percent to close at HK$19.14 ($2.46) in Hong Kong on Monday, outperforming the city's benchmark Hang Seng Index which gained 0.79 percent to 24,502 points, after a major leap in earnings for last year was reported.
 
The share price takeoff came in the wake of the group reporting on Friday a more than 40 percent increase in its net profit in 2016. China Shenhua also reported that its profit surged at least 50 percent in the first two months of 2017 over the same period of 2016, while estimating the coal price to remain at a reasonable range between 500 to 570 yuan ($72.4 to $82.5) per metric ton in the current year.
 
The company said that a rebound in the coal price and upbeat demand saw net profit jump 41.1 percent to 24.91 billion yuan in 2016 compared with 2015, while revenue rose 3.4 percent to 183.13 billion yuan. Earnings per share came in at 1.252 yuan.
 
After weighing the company's abundant cash flow as well as its investment expenditure levels, a special dividend of 2.51 yuan was recommended by the company and a final dividend of 0.46 yuan per share was declared. That took total dividends to 2.97 yuan per share or 59.07 billion yuan for the year.
 
"Our decision to issue the special dividend is to answer our shareholders' calls for higher dividends and to increase our rewards to shareholders. It's not affected by external factors, such as government or outsiders' proposals," said Shenhua President Ling Wen.
 
Coal prices in China surged last year, snapping four years of declines, as a result of the government's effort to curb industrial overcapacity. At the end of 2016, the price index of Bohai Bay thermal coal was 593 yuan per ton, up by 222 yuan per ton compared with the beginning of the year.
 
Against a backdrop of adjustments to demand and the government's actions, Shenhua sees the market gradually being rationalized in 2017.
 
The company－which also owns power plants and railroads－set its 2017 coal production and sales volume targets at 298 million tons and 407 million tons, up 2.8 percent and 3.1 percent respectively from the previous year.
 
Its power output target was set at 214.7 billion kilowatt-hours, down 2.7 percent. Capital expenditure in 2017 was expected to come in at 35 billion yuan.
 
"We will accelerate the implementation of our clean energy development strategy in 2017, by further renovating 12 coal-fired generators with the total capacity of approximately 7,820 mW, to build a green model for the coal-fired power industry, " Ling said.
 
Credit Suisse raised its profit forecast for Shenhua for 2017 by 19 percent after the announcement of the better-than-expected results.
 
Its target share price was raised from HK$14 to HK$15.3 to reflect the higher Qinhuangdao coal price forecast this year.
 
However, Credit Suisse warned that the spot coal price has peaked, posting downside risk in the second half of the year. As a result it kept the stock on an Underperform rating.
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