1 ZANDANSHATAR GOMBOJAV APPOINTED AS PRIME MINISTER OF MONGOLIA WWW.MONTSAME.MN PUBLISHED:2025/06/13      2 WHAT MONGOLIA’S NEW PRIME MINISTER MEANS FOR ITS DEMOCRACY WWW.TIME.COM PUBLISHED:2025/06/13      3 ULAANBAATAR DIALOGUE SHOWS MONGOLIA’S FOREIGN POLICY CONTINUITY AMID POLITICAL UNREST WWW.THEDIPLOMAT.COM PUBLISHED:2025/06/13      4 THE UNITED NATIONS CHILDREN’S FUND (UNICEF) IN MONGOLIA, THE NATIONAL FOUNDATION FOR SUPPORTING THE BILLION TREES MOVEMENT, AND CREDITECH STM NBFI LLC HAVE JOINTLY LAUNCHED THE “ONE CHILD – ONE TREE” INITIATIVE WWW.BILLIONTREE.MN PUBLISHED:2025/06/13      5 NEW MONGOLIAN PM TAKES OFFICE AFTER CORRUPTION PROTESTS WWW.AFP.MN PUBLISHED:2025/06/13      6 GOLD, MINED BY ARTISANAL AND SMALL-SCALE MINERS OF MONGOLIA TO BE SUPPLIED TO INTERNATIONAL JEWELRY COMPANIES WWW.MONTSAME.MN PUBLISHED:2025/06/13      7 AUSTRIA PUBLISHES SYNTHESIZED TEXTS OF TAX TREATIES WITH ICELAND, KAZAKHSTAN AND MONGOLIA AS IMPACTED BY BEPS MLI WWW.ORBITAX.COM  PUBLISHED:2025/06/13      8 THE UNITED STATES AND MONGOLIA OPEN THE CENTER OF EXCELLENCE FOR ENGLISH LANGUAGE TEACHING IN ULAANBAATAR WWW.MN.USEMBASSY.GOV  PUBLISHED:2025/06/12      9 MONGOLIA'S 'DRAGON PRINCE' DINOSAUR WAS FORERUNNER OF T. REX WWW.REUTERS.COM PUBLISHED:2025/06/12      10 MONGOLIA’S PIVOT TO CENTRAL ASIA AND THE CAUCASUS: STRATEGIC REALIGNMENTS AND REGIONAL IMPLICATIONS WWW.CACIANALYST.ORG  PUBLISHED:2025/06/12      БӨӨРӨЛЖҮҮТИЙН ЦАХИЛГААН СТАНЦЫН II БЛОКИЙГ 12 ДУГААР САРД АШИГЛАЛТАД ОРУУЛНА WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/06/15     ОРОН СУУЦНЫ ҮНЭ 14.3 ХУВИАР ӨСЖЭЭ WWW.EGUUR.MN НИЙТЭЛСЭН:2025/06/15     МОНГОЛ УЛСЫН 34 ДЭХ ЕРӨНХИЙ САЙДААР Г.ЗАНДАНШАТАРЫГ ТОМИЛЛОО WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/06/13     SXCOAL: МОНГОЛЫН НҮҮРСНИЙ ЭКСПОРТ ЗАХ ЗЭЭЛИЙН ХҮНДРЭЛИЙН СҮҮДЭРТ ХУМИГДАЖ БАЙНА WWW.ITOIM.MN НИЙТЭЛСЭН:2025/06/13     МОНГОЛ БАНК: ТЭТГЭВРИЙН ЗЭЭЛД ТАВИХ ӨР ОРЛОГЫН ХАРЬЦААГ 50:50 БОЛГОЛОО WWW.EGUUR.MN НИЙТЭЛСЭН:2025/06/13     МОНГОЛ ДАХЬ НҮБ-ЫН ХҮҮХДИЙН САН, ТЭРБУМ МОД ҮНДЭСНИЙ ХӨДӨЛГӨӨНИЙГ ДЭМЖИХ САН, КРЕДИТЕХ СТМ ББСБ ХХК “ХҮҮХЭД БҮРД – НЭГ МОД” САНААЧИЛГЫГ ХАМТРАН ХЭРЭГЖҮҮЛНЭ WWW.BILLIONTREE.MN НИЙТЭЛСЭН:2025/06/13     ЕРӨНХИЙЛӨГЧИЙН ТАМГЫН ГАЗРЫН ДАРГААР А.ҮЙЛСТӨГӨЛДӨР АЖИЛЛАНА WWW.EAGLE.MN НИЙТЭЛСЭН:2025/06/13     34 ДЭХ ЕРӨНХИЙ САЙД Г.ЗАНДАНШАТАР ХЭРХЭН АЖИЛЛАНА ГЭЖ АМЛАВ? WWW.EGUUR.MN НИЙТЭЛСЭН:2025/06/13     “АНГЛИ ХЭЛНИЙ МЭРГЭШЛИЙН ТӨВ”-ИЙГ МУИС-Д НЭЭЛЭЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/06/13     Г.ЗАНДАНШАТАР БАЯЛГИЙН САНГИЙН БОДЛОГЫГ ҮРГЭЛЖЛҮҮЛНЭ ГЭЖ АМЛАЛАА WWW.EGUUR.MN НИЙТЭЛСЭН:2025/06/12    

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

NEWS

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Mongolia's central bank raises benchmark interest rate to 12 pct www.xinhuanet.com

Mongolia's central bank on Tuesday decided to raise its benchmark interest rate to 12 percent.
"After taking into account the current and future state of the economy and financial markets, and external and internal uncertainties or risks to the economy, we decided to raise the benchmark interest rate from 10 percent to 12 percent to stabilize the rate of inflation in the medium term and maintain the relative return of the Mongolian national currency Tugrik," Byadran Lkhagvasuren, governor of the Bank of Mongolia, told a press conference.
The annual inflation rate in Mongolia reached 14.4 percent in August, while in the capital Ulan Bator, home to over half of the country's population of 3.4 million, it reached 14.8 percent.
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Parabellum Resources has diamond drill spinning at advanced Khotgor REE Project in mineral-rich southern Mongolia www.proactiveinvestors.com.au

Parabellum Resources Ltd (ASX:PBL) has the diamond drill spinning for a 2,000-metre program at the Khotgor Rare Earth Elements (REE) Project in resource-rich southern Mongolia, northwest of the world-class Oyu Tolgoi mine.
The metallurgical drilling along with a bulk sampling program will target the higher-grade resource areas to obtain a 50-tonne bulk metallurgical sample for a JORC definitive feasibility study (DFS) at the project.
This study is scheduled to commence in the June quarter of 2023, subject to completing a scoping study in the first quarter of 2023.
Potential to be major NdPr supplier
Khotgor is touted as one of the world’s largest undeveloped rare earth deposits with the potential to be a major supplier of high-value NdPr (neodymium-praseodymium) and Parabellum aims to demonstrate this with aggressive exploration and pre-development programs.
NdPr is facing strong and growing demand as it is a vital material needed to magnets and therefore, future wind power generation.
Shares higher
Parabellum non-executive chairman Mark Hohnen said: “We are delighted that the technical team at Temarise has been able to deploy the first of two drill rigs, drill crews and geologists to site in order to commence the 2,000-metre drill program without delay.
"The project has clear objectives to target higher-grade areas within the initial 20-year pit design shell and deliver the required bulk sample for the JORC feasibility study; both being critical steps to delivering our objectives set out in the work programs for the remainder of 2022.”
Investors have welcomed the start of drilling, driving the share price up by as much as 4.69% to $0.335.
Metallurgical drilling
PBL has initially planned about 14 holes of metallurgical infill drilling for a total drill program of 2,000 metres, mainly within the initial 10 years of the open pit design plan.
These holes will be between 150 metres and 200 metres in depth, with an average depth of 170 metres. Large PQ diameter core holes will be drilled to maximise core sample recovery.
The 2,000-metre drill program, which is being managed by the Temarise technical team established in Mongolia, is scheduled to be completed within 10 weeks.
Additionally, Parabellum will take ore samples from a number of surface trenches to be used for further geotechnical test-work.
Preparing bulk sample
In total, approximately 50 tonnes of sample will be collected for use in the DFS with core samples to be used for a variety of comminution, variability and geotechnical test-work.
Sample preparation will be undertaken in Ulaanbaatar before the end of the year. The bulk sample will then be shipped to ALS Labs based in Perth, Western Australia, and is scheduled to arrive in the June quarter of 2023.
Core will also be combined with ore from the surface trenching to produce a bulk flotation concentrate to optimise the metallurgical flow sheet being developed for the scoping study stage.
The flotation concentrate will subsequently be used to optimise the hydrometallurgical flowsheet being designed to produce an NdPr saleable product.
Looking south over the Khotgor leases.
Parabellum has previously entered into an agreement with Temarise Limited (UK) that holds the exclusive option to acquire 80% of Khotgor REE Project.
The company also holds a 100% interest in four projects in a highly prospective region in New South Wales, Australia, offering exposure to copper and gold.
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Why the current oil boom for Arab states may be their last www.cnn.com

Abu Dhabi (CNN)The oil boom brought about by the Ukraine war has made energy-rich Middle Eastern countries extraordinarily wealthy once again. But experts warn that it may be the last such upswing.
The energy price spike triggered by the war lifted the Gulf states out of an almost decade-long economic slump that saw them cut spending and go into budget deficits as their economies shrank. Russia's invasion of its neighbor shot the value of crude to an eight-year high.
Gulf states went through oil booms in the 1970s and 1980s, and then another in the early 2000s. But changing attitudes toward energy consumption mean that such cycles may no longer be tenable, and Gulf states need to be prepared for it, experts say.
"This is certainly the beginning of the end of oil wealth at this sustained level," said Karen Young, senior research scholar at Columbia's Center on Global Energy Policy.
Western states have been working towards renewable energy transitions, which today seem more pressing than ever as the Ukraine war drastically disrupts Europe's key supply channels for oil and natural gas.
"Today's boom is different in that it is more than an oil crisis," said Young. "It is a major shift in the structure of how we meet global energy needs."
Middle Eastern energy exporters are expected to reap $1.3 trillion in hydrocarbon revenues over four years as a consequence of the current boom, the International Monetary Fund has said. Experts have warned them against wasting it, arguing that Gulf states need to shield themselves from fluctuations in oil prices by using the windfall to diversify their economies away from their dependence on oil riches.
During previous oil booms, Gulf states were seen as squandering their wealth on wasteful and inefficient investments, building sprees and buying weapons, as well as handouts to citizens. Those booms were followed by downturns when oil prices cooled as the nations continued to rely on hydrocarbons for their revenues.
"Oftentimes building projects are started and then abandoned when the oil money runs out," said Ellen Wald, a nonresident senior fellow at the Atlantic Council in Washington, D.C. "Because they have so much to spend there often isn't much oversight and there has traditionally been a lot of corruption."
According to Omar Al-Ubaydli, director of research at the Bahrain-based Derasat think tank, there has also traditionally been a heavy emphasis on increases in public sector hiring and in public sector salaries through bonuses or raises.
A May 2022 report by the World Bank stressed that the wealth obtained by Gulf countries post-pandemic and after the Ukraine war must be invested in the bloc's "economic and environment transition."
The focus on investing in the energy transition is crucial as many parts of the world hasten their renewable energy transition, said the report.
Four ways the Ukraine war has impacted the Middle East
Four ways the Ukraine war has impacted the Middle East
Gulf states appear to be working on diversifying. Since the last oil boom that ended in 2014, four of the six Gulf states have introduced value-added tax and the UAE has gone further by starting a corporate income levy. None of the Gulf states have an income tax. Saudi Arabia has been investing in non-oil sectors like tourism, but experts cast doubt over the ability of that sector to offset oil revenues. The kingdom makes roughly a billion dollars a day from oil at current prices.
Gulf states have pushed back against the notion that hydrocarbons can be phased out as a primary source of energy as environmentally conscious nations move to alternative sources. Oil is and will continue to be crucial to the global economy, they say.
Critics counter that it is in the oil exporters' interest to push that narrative, but oil states have pointed to the rise in crude demand that coincided with the removal of Covid-19 restrictions around the world.
The Paris-based International Energy Agency said last week that oil demand is set to grow sharply next year, pushed by a resumption of work in China and of global travel.
The United Arab Emirates, one of the world's top oil exporters, has warned that too fast a transition away from hydrocarbons could cause an economic crisis.
"Policies aimed at divesting from hydrocarbons too soon, without adequate viable alternatives, are self-defeating," wrote Sultan Al Jaber, the UAE's special envoy for climate change, in an August opinion piece. "They will undermine energy security, erode economic stability, and leave less income available to invest in the energy transition," he added.
Young of Columbia's Center on Global Energy Policy said that even if economies move away from oil as a source of energy, oil-based products like petrochemicals and materials for plastics would continue to be in demand.
Still, experts say that Gulf states realize that even as oil continues to be in demand, such upswings in its price may not happen again at the same degree or frequency.
"There is a tangible sense that this is a transient boom, and that it might represent the last sustained rise in oil prices," said Al-Ubaydli. "The governments and people alike feel that this is an opportunity that must be exploited to the full, rather than frittered away through myopic decision-making."
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Does China need more Russian gas via the Power-of-Siberia 2 pipeline? www.hellenicshippingnews.com

Russian President Vladimir Putin held a meeting with his counterparts from China and Mongolia on Thursday, where they discussed a major new infrastructure project, Power-of-Siberia 2, to deliver gas to China via Mongolia.
Russia proposed the route years ago but the plan has gained urgency, as Moscow looks to Beijing to replace Europe as its major gas customer.
Negotiations will be complex, however, not least because China is not expected to need additional gas supply until after 2030, industry experts said.
WHAT IS THE POWER OF SIBERIA 2 PIPELINE?
The proposed pipeline would bring gas from the huge Yamal peninsula reserves in west Siberia – the main source of gas supply to Europe – to China, the world’s top energy consumer and growing gas consumer.
The idea gained impetus when the first pipes of the currently operational Power of Siberia pipeline were laid in Russia’s eastern Yakutia region in 2014.
That pipeline runs for 3,000 kilometers (1864.11 miles)through Siberia and into northeastern China’s Heilongjiang province.
The new route would cut through the eastern half of Mongolia, arriving into northern China’s Inner Mongolia region, not far from major population centers like Beijing, according to a map drawn up by Russia’s Gazprom.
Gazprom began a feasibility study on the project in 2020 and is aiming to start delivering gas by 2030.
The 2,600-km pipeline could carry 50 billion cubic meters (bcm) of natural gas a year, Gazprom says, slightly less than the Nord Stream 1 pipeline which links Russia to Germany under the Baltic Sea.
WHAT DOES MONGOLIA SAY?
Mongolian President Ukhnaagiin Khurelsukh said on Thursday that he supports the construction of oil and gas pipelines from Russia to China via Mongolia, adding that its technical and economic justification should be studied.
Mongolian Prime Minister Oyun-Erdene Luvsannamsrai told the Financial Times in July that he expected Russia to begin construction on the pipeline within two years.
Luvsannamsrai also said the final route of the line through Mongolia was not yet decided, according to the newspaper.
DOES CHINA NEED MORE RUSSIAN GAS?
Russia’s Gazprom already supplies gas to China through the first Power of Siberia pipeline under a 30-year, $400 billion deal, which was launched at the end of 2019.
Expected to supply 16 billion cubic meters of gas this year, it will deliver increasing volumes before reaching full capacity of 38 bcm by 2025.
In February, Beijing also agreed to buy gas from Russia’s Far East island of Sakhalin, which will be transported via a new pipeline across the Japan Sea to northeast China’s Heilongjiang province, reaching up to 10 bcm a year around 2026.
Meanwhile, China is also negotiating a new pipeline – Central Asia–China Gas Pipeline D – to source 25 bcm of gas annually for 30 years from Turkmenistan via Tajikistan and Kyrgyzstan.
On top of piped gas, the country also has long-term contracts with Qatar, the United States and global oil majors for 42 million tonnes per annum of liquefied natural gas (LNG) to be shipped in on tankers, with most of the supplies starting in the next five years.
“Fundamentally we see little support for Power of Siberia 2 to materialize before 2030 as China has secured enough supplies by then,” said a Beijing-based industry expert who declined to be named due to company policy.
“It will be a tremendously complex negotiation which could take years, as it carries huge political, commercial and financial risks,” said the expert.
Source: Reuters (Reporting by Aizhu Chen in Singapore; Writing by Dominique Patton; Editing by Ana Nicolaci da Costa)
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D. Munkhzul wins World Youth Chess Championships www.montsame.mn

During the ‘World Youth U14, U16, U18 Championships 2022’ held in Mamaia, Romania on September 05-17, Mongolia’s FIDE Master D.Munkhzul became a world champion twice in the U15-U16 tournament by winning undefeated, scoring 8.5 points from 11 games.
D. Munkhzul won her first world championship trophy 8 years ago by taking first place in the under-8 age category at the Junior World Chess Championship held in Durban, South Africa, in 2014.
International achievements of the two-time world champion D. Munkhzul, who qualified for an International Master title:
-In 2014 and 2022 World Youth U14, U16, U18 Champion
-In 2017 and 2018 World School Chess Champion
-In 2014 and 2016 Asian Youth Chess Champion
-In 2015 and 2019 Runner up in World School Chess Championship
-In 2022, she participated in the 44th World Chess Olympiad as a stand-by player of the Mongolian National Chess team and successfully played.
With her achievements at the World Youth U14, U16, U18 Championships 2022’, FIDE Master D. Munkhzul has qualified for a WIM title.
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Preparations for World Export Development Forum discussed www.montsame.mn

Deputy Minister of Foreign Affairs B. Munkhjin received the delegation led by Mrs. Dorothy Tembo, Deputy Executive Director of the International Trade Center (ITC), who is on a working visit to Mongolia on September 18-22, at the Ministry of Foreign Affairs.
During the meeting, they exchanged information and views on the preparations for the World Export Development Forum, which is scheduled to be held in Ulaanbaatar in June 2023 under the auspice of the President of Mongolia in cooperation with the ITC.
Deputy Minister B. Munkhjin noted that the World Export Development Forum is most significant for our country to recover its post-COVID economy and increase trade and exports. The ministry expressed confidence that it will work closely with public and private organizations to organize this event and achieve certain results.
Mentioning that the ITC is launching the implementation of a project ‘National Export Development Strategy’- a next phase of a Mongolia Trade and Investment Roadmap co-designed with the Ministry of Foreign Affairs and MNCCI, Ms. Dorothy noted that the project is important for the development of the Mongolia’s State Policy on trade sector, particularly comprehensive non-mining export policy, as well as an export road map for each selected commodity.
Mr. Munkhjin expressed gratitude for the successful implementation of many projects, such as facilitation of trade in Mongolia, creation of Mongolian branded products, diversification of exports, promotion and strengthening of SMEs, with the support of the ICC.
B.Sarangoo
 
 
 
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Annual harvest fair kicks off in Mongolia's capital www.xinhuanet.com

The 17th edition of the "Green Days of Autumn" harvest fair opened in the Mongolian capital on Monday as the country seeks to bolster food production at home.
The annual event is being co-organized by the country's Ministry of Food, Agriculture and Light Industry, the municipal government of the national capital Ulan Bator, the representative of the UN Food and Agriculture Organization in Mongolia and other organizations.
The event aims to support farmers and herders; provide urban residents with fresh produce, meat and dairy products; and promote food security and nutrition. Organizers say Mongolia wants to support its domestic food production and diversify food imports.
More than 400 farmers, herders and companies operating in the food and agriculture sectors from the country's 21 provinces are participating in the week-long fair, displaying over 2,000 products for sale.
Mongolia's economy is largely dependent on export earnings from the mining sector. Promoting the development of the food and agricultural sector is seen as a viable solution to diversify its economy.
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Mongolia goes ‘green’ with new FIFA Forward project! www.arunfoot.com

On this year’s World Environment Day, FIFA President Gianni Infantino delivered a video message launching a “Green Card for the Planet” campaign to raise awareness for the protection of the environment. In this message, the FIFA President called for wide-reaching support and action in protecting the environment and saving the future of the planet.
A little over three months on a FIFA Forward project in Mongolia has reflected that call for greater action. The Mongolian Football Federation (MFF) Football Centre – the venue for the world’s first 2022 FIFA World Cup Qatar™ qualifier – underwent an eco-friendly pitch renovation. Unlike such renovations in the past, cork was used as the refilling material for the pitch instead of rubber – all part of a contribution to help implement the FIFA President’s “Green Card for the Planet” message as MFF President Ganbaatar Amgalanbaatar pointed out.
“We are very pleased that the newly renovated field is eco-friendly,” he told FIFA.com. “This is a contribution to FIFA’s “Green Card for the Planet” campaign. We took part in this campaign by showing our green card.”
With the FIFA President’s vision of making football truly global, world’s football governing body has provided consistent support to the game’s development in countries across the world over recent years. In the case of Mongolia, an even bigger project looms at the MFF Football Centre – the installation of the all-weather airdome at the National Team Training Centre which is expected to be completed in November.
Once finished, it will provide the players with cover and protection during training throughout Mongolia’s long and often snowy winters. MFF General Secretary Terbaatar Dambiijav expressed his thanks to FIFA for its help down the years.
“We have seen FIFA as the father of the global football family,” he said. “I believe that FIFA’s support helps Mongolian Football Federation run its activities in line with FIFA and AFC. This newly built football turf pitch will bring joy and happiness to football fans.”
As a matter of fact, the MFF Football Centre holds a special place in the hearts of Mongolian fans. This was the stadium where their national team defeated Brunei Darussalam 2-0 in June 2019 for a memorable victory in what was the world’s first qualifier on the road to Qatar 2022. Despite losing 2-1 away, the Blue Wolves progressed to the next round for the first time.
The newly-renovated stadium recently had its first test as venue for 2023 AFC U-20 Asian Cup Group E qualifiers and, with that FIFA World Cup qualifying memory still fresh in mind, the nation’s youth team entered the campaign aiming to progress from a group which also featured Korea Republic, Malaysia and Sri Lanka playing as hosts. Despite failing to advance, however, the four points Mongolia earned with a 6-0 defeat of Sri Lanka and a 1-1 draw against Malaysia showcased what progress they have made.
“Our victory in the World Cup qualifying [against Brunei Darussalam] was a wonderful moment,” continued Dambiijav. “It encouraged our children to play football. Now we have a new pitch which is eco-friendly to both nature and people and I hope our fans will enjoy watching games here and our teams will gain more victories.”
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Fitch: Copper price to regain March peaks in 2027 www.mining.com

Copper prices have been hovering either side of $3.50 a pound ($7,700 tonne) for the better part of two months, down 21% since the start of the year and nowhere near record highs touched in early March.
Slowing global growth and a strong dollar, which makes copper more expensive in the rest of the world, have undercut the bull case based on historically low inventories and robust longer term demand fundamentals.
A new report by Fitch Solutions cuts the research firm’s 2023 price forecasts for next year by double digits to $8,400 down from a previous projection of an average of $9,580 for the year.
Source: Fitch Solutions Country Risk and Industry Research
Fitch expects a small surplus on the copper market for this year, but from 2023 expects growing deficits peaking at some 9 million tonnes by the end of the decade as demand accelerates “mainly driven by consumption related to the green transition.”
Fitch says “a significant pipeline of new projects [which] will bring additional copper to the market – particularly in Chile, Peru, Australia and Canada” and also expects “a number of the key supply issues in Latin America to ease in the coming years”:
“From around 2026, however, these improvements in supply will be increasingly outpaced by demand growth from the global transition to a green economy.”
Fitch sees steady improvement to copper prices over the next five years with the metal returning to its March peaks above $10,000 in 2027 and $11,500 in 2031 as “a long term structural deficit emerges.“
Fitch points to a number of risk factors that could darken this rosy long term forecast however including further strengthening of the dollar if US monetary policy tightening accelerates, further regulation by the Chinese government to reduce commodity prices, a more stable resolution to some of the industrial tensions in Latin America and faster-than-expected uptake in copper recycling.
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Xanadu poised to benefit from Mongolian mining laws www.thewest.com.au

Equities firm MST Access believes changes to the Government of Mongolia’s mining code has the potential to benefit foreign investment with revisions to the nation’s laws expected later this year.
One of the potential beneficiaries of the proposed changes is ASX-listed Xanadu Mines that is aiming to develop its Kharmagtai copper-gold project in Mongolia.
An independent assessment by MST Access — engaged by Xanadu — expects the government’s updated mining code to be competitive with other successful mining jurisdictions.
The firm says Mongolia is seeking to attract foreign investment and lower barriers to doing business, particularly in the mining industry.
The changes are aimed at boosting in-country investment, underpinned by improving investor confidence and conviction.
MST argues the Mongolian government’s key priority is to draw in new investment prospects and ensure transitional arrangements take on board suggestions in addition to lessons learnt from existing investors.
Mongolia’s reputation as a mining jurisdiction is seen to be ever increasing in terms of resource project discovery and development, with highly prospective and under-explored geology.
The country’s potential has been highlighted by the magnitude of Xanadu’s Kharmagtai project that has a mineral resource estimate identified at a massive 1.1 billion tonnes for 3 million tonnes of contained copper and 8 million ounces of gold.
MST says that during the recent 2022 Mongolian Economic Forum in April, mining was identified as a key area of focus for Mongolia’s ‘New Revival Policy’ as part of the country’s long-term development plan — Vision 2050.
Just last month Xanadu received Australian Foreign Investment Review Board approval for Chinese mining giant Zijin to acquire shares in the company to develop Kharmagtai.
The board’s no-objection notification is the first of three approvals required for Zijin to continue its three-phase investment in Xanadu that was announced in April.
The deal still requires approval from the Chinese Government and Xanadu shareholders in order to be formalised.
However, Xanadu is confident both approvals are on track in addition to funding from the remaining two investment phases for the upcoming December quarter.
MST Access says it considered Australian FIRB approval to be of higher risk relative to the People’s Republic of China and shareholder approval and the key risk to the transaction proceeding.
According to the Australian Department of Foreign Affairs and Trade, Mongolia has the potential for major economic expansion over the coming decades with its wealth of natural resources.
In 2013 the department introduced the Australia-Mongolia Extractives Program that aims to improve government capacity to manage a vital resource for Mongolia and underlines Australia’s political and commercial interest in a well-functioning extractives sector in the country.
Xanadu has recently kicked off a new exploration campaign at the company’s highly prospective Red Mountain project in the South Gobi region of Mongolia targeting shallow high-grade gold, silver and copper.
The company has a 100 per cent share in Red Mountain where early exploration has defined broad zones of strong quartz stockwork veining and associated high-grade gold mineralisation.
The project has a 30-year mining licence and comprises an underexplored porphyry district covering about 57 square kilometres.
As the Mongolian government continues to make changes to its foreign investment framework and mining laws, companies like Xanadu appear to be in the box seat to reap the benefits.
Is your ASX-listed company doing something interesting? Contact: matt.birney@wanews.com.au
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