With the Government of Mongolia declaring 2023 through 2025 the “Years to Visit Mongolia”, “Mongolia-Japan Tourism Forum-2023” is taking place in Tokyo, Japan on May 15-16 to revive the tourism sector in the post-pandemic era and expand the cooperation between the countries in this sector, bringing together over 100 Mongolian and Japanese tour operators’ representatives.

Opening remarks were delivered by Adviser to the Minister of Environment and Tourism O. Odbayar, Ambassador Extraordinary and Plenipotentiary of Mongolia to Japan D. Batjargal, and Chair of Toa Research Institute Takebe Tsutomu.

In his address, O. Odbayar, Adviser to the Minister of Environment and Tourism, emphasized the importance of organizing the Forum in strengthening business ties between the two countries, opening up new areas and opportunities for trade, investment, and cooperation, and attracting investment from large Japanese companies to Mongolia.

As part of the “Years to Visit Mongolia”, our country plans to receive 100 thousand tourists from Japan.

During the Forum, T. Monkh-Od, the Head of the Tourism Policy and Coordination Department of the Ministry of Environment and Tourism, gave a presentation on the policy and future activities of the Government of Mongolia in the tourism sector and the Mongolian airliane companies, MIAT and Air Mongolia, and "Juulchin", a tour company, presented their offerings to tourists.

Newcrest Mining Ltd. has agreed to a takeover deal with Newmont Corp. worth about A$28.8 billion ($19.2 billion) to create the world’s biggest gold producer.

Newcrest shareholders will get 0.4 shares in Newmont for every Newcrest share they own, giving them 31% ownership of the combined group, the Melbourne-based company said Monday, confirming a Bloomberg News report Sunday.

The deal gives Newcrest an implied enterprise value of A$28.8 billion, which includes net debt.

Newcrest will also pay a franked special pre-completion dividend of up to $1.10 per share. Newcrest had earlier agreed to extend Newmont’s due-diligence rights to May 18 after an earlier deadline lapsed, it said Thursday.

“This transaction will combine two of the world’s leading gold producers, bringing forward significant value to Newcrest shareholders through the recognition of our outstanding growth pipeline,” Newcrest’s chairman, Peter Tomsett, said in the statement.

The enlarged Newmont will have gold assets in North and South America, Africa, Australia and Papua New Guinea. It will also expand its exposure to copper, a key metal in the clean energy transition.

A deal would likely mark the apogee of a furious five-year consolidation among the world’s largest gold miners that began with Barrick Gold Corp.’s $18 billion pursuit of Randgold Resources Ltd. and includes a $5.2 billion takeover of Yamana Gold Inc. that was completed in March. Newmont’s proposal comes just weeks after the spot trading price of bullion approached an all-time record amid a global stagflation watch.

Newmont first approached its Australian rival in February with a $17 billion non-binding bid that was rejected by Newcrest’s board. The US company sweetened that in April to $19.5 billion, and described it as the best and final offer. Newcrest chief executive officer Sherry Duhe said the board was prepared to recommend the proposal to its shareholders, subject to successful due diligence.

Gold miners worldwide are facing the prospect of stagnating production, harder-to-mine deposits and rising input costs. Such industry challenges are seen as a catalyst for more mergers and acquisitions, as companies seek to increase size to boost production and improve efficiencies through economies of scale.

It’s not just Newcrest’s five gold mines across three continents that are attracting Newmont, as the Australian company generates around a quarter of its revenue from copper. Newmont, in turn, is facing a decade-long gold rut and has said it wants more of the energy-transition metal in its portfolio.

(By Harry Brumpton and Dinesh Nair, with assistance from Jason Scott)

At the invitation of the Deputy Prime Minister and Minister of Foreign and European Affairs of the Republic of Slovenia Tanja Fajon, Minister of Foreign Affairs of Mongolia B. Battsetseg is on a Visit to the country on May 15-16.

Within the framework of the Visit, the Minister of Foreign Affairs B. Battsetseg will pay courtesy calls on the President and the President of the National Assembly of the Republic of Slovenia and hold official talks with Tanja Fajon, the Deputy Prime Minister and Minister of Foreign and European Affairs. Issues on enriching the relations and cooperation between Mongolia and Slovenia with trade and economic content and increasing the investment are expected to be covered during the meetings.

As part of the Visit, Minister B. Battsetseg will attend the Diplomatic Conference on the Draft Convention on International Cooperation in the Investigation and Prosecution of Genocide, Crimes against Humanity, War Crimes and Other International Crimes, which is being held in Ljubljana, Slovenia between May 15 and 26, as an honored guest.

Diplomatic relations between Mongolia and the Republic of Slovenia were established on February 18th of 1993, marking the 30th anniversary this year.

Mongolians in some areas will have to prepare for cold showers as hot water will be restricted starting from the 15th of this month. The announcement was made by the central heating company in Mongolia, Ulaanbaatar, which provides hot water and heating to households and businesses in the capital city.

According to the announcement, the hot water restriction will affect several districts in Ulaanbaatar, including Songinokhairkhan, Bayanzurkh, and Khan-Uul, as well as some parts of the city center. The restriction is due to maintenance work being carried out on the heating system, which will take approximately one month to complete.

The decision to restrict hot water has caused concern and frustration among the residents of the affected areas, especially as Mongolia is currently experiencing cold weather conditions. Some have criticized the timing of the maintenance work, arguing that it should have been done during the summer months instead.

The central heating company has assured residents that it will do its best to minimize the impact of the restriction by providing alternative sources of hot water, such as water trucks and public bathhouses. However, some have expressed doubt about the effectiveness of these measures and have called for more proactive solutions.

As the hot water restriction takes effect, residents are being urged to conserve water and take measures to stay warm during the cold weather. It is important to note that while the restriction may be inconvenient, it is necessary for the maintenance and improvement of the heating system in the long run.

Impact on Residents

The hot water restriction in some parts of Ulaanbaatar is expected to have a significant impact on residents, particularly during the cold weather conditions in Mongolia. Many households rely on hot water for basic daily activities such as cooking and cleaning, as well as for bathing and staying warm.

The restriction has caused concern and frustration among residents, who are calling for more proactive solutions to address the issue. The central heating company has assured residents that it will provide alternative sources of hot water, but some remain skeptical about the effectiveness of these measures.

As the restriction takes effect, it is important for residents to conserve water and take measures to stay warm. This includes using alternative sources of heating and insulation, as well as reducing water usage where possible.

The Importance of Maintenance

While the hot water restriction may cause inconvenience for residents, it is important to remember that maintenance work is necessary to ensure the efficient and safe operation of the heating system. Neglecting maintenance can lead to serious problems and even safety hazards in the long run.

The central heating company has stated that the maintenance work will take approximately one month to complete, and the hot water restriction is necessary to facilitate this process. As such, it is important for residents to cooperate and conserve water during this time to minimize the impact of the restriction.

It is also important for authorities and the central heating company to communicate clearly with residents about the maintenance work and its impact on their daily lives. This will help to ensure that residents are prepared and can take appropriate measures to minimize the inconvenience caused by the restriction.

BY:

Mamoon Alvi serves as an integral part of our global newsroom team. With a strong background in international news from his time at both BOL TV and Dharti TV, he came on board at BNN well-prepared to contribute. Mamoon's unwavering dedication to journalism drives him to relentlessly pursue the truth and deliver crucial stories to audiences around the world.

Design and survey work on the transit gas pipeline through Mongolia is at the final stage, Gazprom has noted following a meeting of the joint working group with the Mongolian government.

Gazprom reported that a meeting of the working group to implement the memorandum on the project to supply gas via pipeline from Russia to China through the territory of Mongolia was held in Ulaanbaatar under the leadership of Deputy Chairman of the Executive Board Vitaly Markelov and Mongolian Deputy Prime Minister S.Amarsaikhan.

“Participants at the meeting discussed the progress of the design and survey work on the construction project of the Soyuz Vostok gas pipeline. It was noted that the work is being carried out in full accordance with the approved plans and is at the final stage,” according to the press release.

Gazprom plans to construct a gas pipeline with capacity of 50 billion cubic meters through Mongolia to China. According to the feasibility study, the pipeline route in Mongolia will be 962.9 km in length, the pipe diameter will be 1400 mm, and five compressor stations are envisaged.

Gazprom and the Mongolian government in January 2022 signed a protocol on the results of the consideration of a feasibility study for constructing the Soyuz Vostok gas pipeline. The Soyuz Vostok Gas Pipeline special-purpose company prepared the feasibility study.

The respective parties in February 2022 signed an agreement on completing the design and survey work as part of the project, as well as an activity plan for the joint working group for 2022-2024.

The Financial Regulatory Commission (FRC) held its regular session on May 12 and decided to register ordinary shares of "Khas Bank" LLC and "Trade Development Bank" LLC for public offering.

As a result of the registration of the shares offered by the abovementioned two banks, all major banks have now completed the registration process of their shares as required by the Banking Law.

The successful fulfillment of the provisions outlined in the Banking Law, pertaining to the conversion of five influencial banks of the system into open joint-stock companies within the prescribed timeline, is indication of the effective implementation of the banking reform.

Consequently, the market value of shares is expected to grow with an increase in new highly liquid financial instruments and the enhanced engagement of foreign and domestic investors. Moreover, banking operations are also expected to become more transparent and open, enabling the creation of long-term financing sources and fostering a multi-pillar financial system.

North China's Inner Mongolia Autonomous Region saw robust foreign trade growth in the first four months of 2023, according to the customs authorities in Hohhot, capital city of the region.

The region's total import and export value hit 60.77 billion yuan (about 8.73 billion U.S. dollars) from January to April, up 45.1 percent year on year.

Exports rose 26.6 percent to 23.38 billion yuan, while imports soared 59.6 percent to 37.39 billion yuan.

The region's private enterprises also saw rapid growth in foreign trade volume, increasing by 67.9 percent year on year during the period to 47.29 billion yuan.

The Erenhot Port, the largest land port between China and Mongolia, has made great contribution to the region's foreign trade. As of May 3, the port had handled a total of 1,042 China-Europe freight trains, up 7 percent year on year.

MONTSAME Mongolian National News Agency interviewed Dr. D. Altantsetseg, the Executive Director of the state-owned company “Mongol Refinery” LLC, Mongolia's Consulting Engineer, about the progress of the Mongol Refinery Project.

The Government of Mongolia is implementing the Project to establish a grass root Oil Refinery Plant based on domestic crude in Dornogobi aimag, located in Southeastern part of the country, within the framework of the soft loan extended by the Government of India to ensure energy independency and expand the industry diversification.

Upon approving the Detailed Feasibility Study and selecting "Engineers India Limited" as Project Management Consultant in 2019, the design and engineering works had started, and from this year on, the mechanical erection of the main technological facilities will start at full capacity.

Out of four main EPC packages planned for the project, the first package, which comprises of non-technological facilities, such as civil buildings (office-training center, first aid center, fire station, warehouse, laboratory, workshop, canteen, 30 thousand cubic meter underground water storage tank) as well as 89 km water pipeline and pump stations, the overhead power transmission line and substations, started in 2021 by an Indian company "JMC Projects India," is preparing for its commissioning this year.

-What difficulties and obstacles have you encountered during the past period, and how are you overcoming them?

-Although the implementation of the project and the works of the first EPC package have gone through serious challenges related to pandemic restrictions, global price increases, transportation and logistical difficulties, we, along with the Contractor "JMC Projects India" and our Project Management Consultant, Engineers India Limited, were able to overcome many obstacles and achieve major milestones during this struggling period. Through relentless pursuit and tireless efforts as well as firm support from the main stakeholder of the project, the Government of India, we managed to push the project from planning and engineering to the actual construction phase. Much effort was devoted towards selecting of the Contractors for EPC 02 and 03 work packages, for which the tender process was conducted since 2021 to attain the best proposal from companies, registered in India, as stated in the Loan Agreement.

EPC 02 package consists of initial processing units, such as Atmospheric and Vacuum Distillation Units, Saturated Gas Plant, and utilities, including tank farms, product dispatching facilities, and the different types of auxiliary and supporting units, whereas a 35 MW Thermal Power Plant would be built as part of the EPC 03 package. "Megha Engineering and Infrastructures Limited," a company from India, was selected as the main Contractor for these two packages and the site work has commenced.

We will produce more high-quality fuel that meets modern standards, including diesel in line with market demand. If the plant works at full capacity, it can process about 1.8 million tons of oil. First of all, it will produce gasoline, as well as 95-octane gasoline, diesel, jet fuel, liquefied petroleum gas, and furnace fuel. It will be the basis for the development of the petrochemical and chemical industry in the future.

Simultaneously, the tender to select the Contractor for EPC 04 package has been ongoing since last year. For the record, the selecting of these contractors and consultants all proceeded in accordance with the stipulations of the Dollar Credit Line Agreement signed between the Government of Mongolia and the Export-Import Bank of India. Moreover, the original provision in the Agreement stipulates the requirement of sourcing more than 75 percent of the goods and services from India for the project. However, in order to reduce the burden as well as the cost and time implications of having such a requirement, the Government of India agreed to reduce it to 50-55 percent. It should be emphasized here that we have huge support and backing from the Government of India and Export-Import Bank of India for this project, which only made it possible to reach this phase of the project.

Dive deeper into the interview of D. Altantsetseg by picking up the latest issue of the “Mongolia Today” magazine.

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Samsung Electronics (005930.KS) Executive Chairman Jay Y. Lee met with Tesla (TSLA.O) CEO Elon Musk last Wednesday to discuss ways to cooperate in future high-tech industries, Samsung said on Sunday.

The two companies are currently seeking ways to cooperate in the development of IT-related technologies, such as semiconductors for autonomous vehicles, Samsung added.

The meeting was held during Lee's trip to the United States and was the first between the heads of the South Korean chip giant and the U.S. electric-vehicle maker, the company said.

Reporting by Jihoon Lee; Editing by Edmund Klamann