Rio Tinto agreed to pay a $15 million penalty over US bribery allegations related to the company’s efforts to retain valuable mining rights in Guinea.

The Securities and Exchange Commission said that about a decade ago, a consultant working for Rio Tinto tried to bribe a Guinean government official. Additionally, the global mining and metals firm didn’t properly record its payments to the person, the SEC said on Monday, adding that the company had inadequate accounting controls.

Rio Tinto agreed to the penalty without admitting or denying the violations, according to the SEC. The regulator said the conduct was in violation of the Foreign Corrupt Practices Act.

“We are glad to have resolved this matter related to events that occurred over a decade ago on appropriate and reasonable terms,” Dominic Barton, the company’s chairman, said in a statement. “When Rio became aware of the issue, an internal investigation was immediately launched, and we proactively notified the appropriate authorities.”

Monday’s resolution stems from an investigation into conduct that hearkens back to 2011, when Rio Tinto hired a French investment banker as a consultant to help with the mining rights issue in Guinea, the SEC said.

The banker, according to the SEC, offered more than $800,000 to a Guinean government official in an attempt to retain the mining rights. Rio Tinto, which was able to keep them, paid the consultant $10.5 million for the work.

(By Tom Schoenberg)

Mongolia-China relations entered 2023 under sharply altered circumstances from one year earlier. International sanctions on Russia, Mongolia’s other giant neighbour, have heightened the importance of smooth relations with China; even as Mongolia seeks to diversify its foreign trade partners it is now more than ever the case that all roads to the rest of the world lead through China. In that context the Mongolian government has shown a greater willingness to expand economic ties to China than ever before.

In January, 2022 the Mongolian government launched an ambitious “New Recovery” policy that has already produced notable breakthroughs, including the completion of two long awaited rail lines from Mongolian mines to the Chinese border and impending completion of a third. On January 8 of this year China relaxed the COVID-related restrictions on cross-border trade and travel that had dealt a severe blow to the Mongolian economy since 2020.

At the same time, revelations of corruption related to Mongolia’s coal exports to China have created some uncertainty about the speed with which trade can expand in the near term. With this background the December, 2022 visit to China of Mongolian president U. Khurelsukh was one of the most significant such visits in decades. How should Mongolia balance the opportunities and risks posed by China’s economic power? Our panel of experts will discuss these developments and prospects for bilateral relations in 2023 and beyond.

Meet the speakers and chair

Bill Bikales (@BBikales) is an economist whose work focuses on economic and social development in China and Mongolia, in each of which he has served in senior advisory positions, including six years as economic advisor to the Mongolian Prime Minister’s Office and a recent stint as the Lead Economist in the Office of the United Nations Resident Coordinator in China, in addition to earlier senior posts in China for UNICEF and UNDP. He has also held long-term positions in Ukraine and the Philippines, were he served for three years as Southeast Asia Principal Economist at the Asian Development Bank. He is currently working on a multisectoral assessment of Post-Communist Mongolia’s transition to a market economy and continuing his research into fresh perspectives on China’s poverty alleviation achievements and challenges.

Namjildorj Enkhbayar has a Master’s degree in business administration. His work experience includes working as Director of the Fiscal Policy Department and Macroeconomic Policy Department, Ministry of Finance of Mongolia, Economic Advisor to the Prime Minister of Mongolia, and advisor to the Executive Director for Mongolia at the World Bank in Washington D.C. Mr. Enkhbayar also worked as an associate professor of the Department of Policy and Politics Studies, National Academy of Governance, Mongolia.

Sukhbaatar Chandmani has a B.A. in International Business and Management from Ming Chuan University in Taiwan and received his MA degree in International Politics from Peking University, China. He previously worked in the Mongolian National Security Council’s executive office as an analyst and foreign relations officer. Currently, he is working at the International Security Studies Centre of the Institute for Strategic Studies. He recently co-authored an article in the Mongolian Geopolitics journal, titled “Sino – Mongolian economic interconnectivity: Big talks, little progress”. His research interests focus on Mongolia-China relations

Chris Alden is Director of LSE IDEAS and Professor of International Relations at the London School of Economics and Political Science.

More information about the event

This event is hosted by LSE IDEAS

Event hashtags: #LSEMongoliaChina

LSE IDEAS (@lseideas) is LSE's foreign policy think tank. Through sustained engagement with policymakers and opinion-formers, IDEAS provides a forum that informs policy debate and connects academic research with the practice of diplomacy and strategy.

Mongolian Prime Minister Luvsannamsrai Oyun-Erdene said Monday that Mongolia will implement a national dental health project starting next year.

Oyun-Erdene made the remarks during a meeting of representatives of dental specialists of the country, saying "it's necessary that our country pay special attention to dental diseases" and ordering all relevant officials to prepare for the project.

The meeting came after nationwide health checkups found that tooth decay had become one of the most prevalent chronic diseases among Mongolians, and the prevalence of the disease in the country is twice as high as the global average, according to the government press office.

Government data show around 90 percent of children aged 3-6 suffer from tooth decay, and almost 98 percent of adults aged 35-44 have had the disease.

O. Amarsanaa, the Stationmaster of Tsogttsetsii train station said, “The Memorandum of Cooperation between Mongolian Railway and Mongolian Professional Committee of Petroleum Import was signed and we have been cooperating actively since then.” As a result of this MOC, companies and entities working in the strategy fields are able to be supplied by lower-price gasoline and the overloaded truck traffic will be reduced, increasing the lifespan of roads.

On February 1, 2023, “Mongolian Railway” SOSC, “Tavan Tolgoi Railway” LLC, and “Mongolian Trans Line” LLC jointly launched a trial transportation between Tavantolgoi -Tsagaantsav.

The Tavantolgoi-Gashuunsukhait railway covers Tsogtsetsii, Bayn-Ovoo, and Khanbogd soums of Umnugovi province. It is 240 kilometers long mainline from Tavantolgoi mining to port Gashuunsukhait, with a total of 321.6 kilometers, two stations, and six crossings.

As of today, 21000 tons of coals have been transported successfully.

Singapore police said they have begun a probe linked to Terraform Labs Pte, the company co-founded by crypto fugitive Do Kwon.

In an emailed statement on Monday, the force said “investigations have commenced in relation to Terraform Labs” and added the inquiries are “ongoing.” It also said Kwon isn’t currently in the city state.

Terraform Labs didn’t immediately reply to a request for comment.

The US Securities & Exchange Commission last month accused Kwon and Terraform Labs of fraud. Kwon also faces charges in his native South Korea over the $60 billion wipeout of digital assets that he created.

The 31-year-old developed the TerraUSD stablecoin, which was meant to have a constant $1 value via a mix of algorithms and trader incentives involving a sister token, Luna. The edifice blew up in May 2022, exacerbating a crypto-market rout and contributing to the downfall of a range of digital-asset outfits.

Kwon’s whereabouts became unclear after South Korea issued a warrant for his arrest and he exited Singapore, where Terraform Labs had a base. South Korea has said Kwon, who has previously denied wrongdoing, is the subject of an Interpol red notice.

The US SEC in its lawsuit also said that Kwon and Terraform Labs transferred over 10,000 Bitcoin out of their doomed project and turned some of the tokens into cash via a Swiss bank.

Kwon used to be active on Twitter — at one point last year he poked fun at the saga surrounding him, trolling the “cops” and posting a picture of a gun with the words “pew pew.” He hasn’t tweeted since Feb. 1.

The Chairman of State Great Khural (Speaker of the Parliament) Mr. Zandanshatar paid a Courtesy Call on the Emperor Naruhito and Empress Masako of Japan on March 3 at the Imperial Palace in Tokyo.

Expressing his pleasure to meet with the Emperor Naruhito, the Speaker Mr. Zandanshatar conveyed warm greetings of the people of Mongolia to the Emperor Naruhito and the people of Japan. Furthermore, the Speaker expressed that the visit is high of significance to solidify the “Special Strategic Partnership for Peace and Prosperity” and to strengthen the economic cooperation between our two countries on the basis of mutual benefit and reciprocity. With respect to the announcement of 2023-2025 as the “Years to Visit Mongolia”, the Speaker conveyed the President of Mongolia Ukhnaagiin Khurelsukh's invitation to the Emperor Naruhito and Empress Masako to visit Mongolia at their convenience.

For his side, while noting the 50th anniversary of the establishment of diplomatic relations marked in 2022 between our two countries and the growing friendship relations between the peoples of our two countries, the Emperor Naruhito wished Mr. Zandanshatar’s visit to Japan success.

According to the International Ice Hockey Federation (IIHF), the 2023 IIHF Ice Hockey U18 Asia and Oceania Championship and the IIHF World Championship Division IV will be held in the Steppe Arena of Ulaanbaatar, Mongolia on March 11-26 (confirmed date).

“Mongolia has submitted its candidature many times to host the high-level ice hockey championships in our country. The IIHF requires countries to meet certain conditions for hosting hockey world championships. For this time, we have passed these thresholds after constructing Steppe Arena in Ulaanbaatar,” B. Javkhlan, the President of the Mongolian Ice Hockey Federation, a Member of Parliament, and Minister of Finance, highlighted during the press conference in the Steppe Arena.

More than MNT 1.7 billion has been budgeted for organizing the 2023 IIHF Ice Hockey U18 Asia and Oceania Championship and the IIHF World Championship Division IV. The cost will be shared equally by the host country and the IIHF.

Considering the compositions of the teams that will face off in the championships, the Philippines and Indonesia teams include professional athletes from other countries, which is expected to increase the chance of fierce battles that captivate interests of fans.

For Mongolia, over 50 players of the Mongolian National Ice Hockey Team and Mongolian National Ice Hockey Junior Team are in training at the Steppe Arena, A. Mergen, Head Coach, said.

Over 450 players from six teams (including Mongolia) of the 2023 IIHF Ice Hockey U18 Asia and Oceania Championship and ten teams (including Mongolia) of the IIHF World Championship Division IV will arrive in Mongolia. Moreover, fans and officials will also gather together.

The 2023 IIHF Ice Hockey U18 Asia and Oceania Championship – March 11-17

Participants: Iran, Mongolia, Thailand, Turkmenistan, United Arab Emirates, Uzbekistan

The IIHF World Championship Division IV - March 23-26

Participants: Indonesia, Kuwait, Mongolia, Philippines