Centerra Gold Inc on Monday said Kyrgyzstan units Kumtor Gold Co and Kumtor Operating Co have commenced bankruptcy proceedings in a US court following nationalization of the miner’s Kumtor gold mine by the former Soviet republic.

Centerra said the Chapter 11 filing would have no financial or operational impact on it or any other areas of its business, including the Mount Milligan mine in Canada, the Oksut Mine in Turkey and its molybdenum business in North America.

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Kumtor, Kyrgyzstan’s largest foreign investment project, was operated by Centerra. However, the government of the Central Asian country seized the mine, prompting the Canadian miner to seek redress in an international court.

Kyrgyz lawmakers in early May passed a law giving the state power to temporarily take control of the mine and appoint “external management” to address alleged environmental and safety problems.

Centerra said bankruptcy proceedings would prevent further efforts by the Kyrgyz government to strip Kumtor Gold of its assets or otherwise “improperly dispose” of the Kumtor mine in violation of its investment agreements with the company.

Representatives for the Kyrgyz government could not immediately be reached by Reuters for comment.

Centerra said the court-supervised restructuring provides for a worldwide automatic stay of all claims against the Kyrgyz business units, which it said are currently solvent.

The Canadian miner said that while it hopes the process will facilitate talks, it will continue to pursue arbitration proceedings to enforce agreements with the Kyrgyz government.

“Those agreements are governed by New York law, and we expect the U.S. court proceedings will serve to further protect Centerra’s interests under their terms pending a restructuring or other resolution of the dispute,” Centerra Chief Executive Scott Perry said in a statement.

Centerra has suspended its 2021 production guidance and three-year outlook for Kumtor, which last year produced more than 556,000 ounces (15,762 kg) of gold.

The miner said it would also conduct a strategic review of its ownership of the subsidiaries “in light of recent events involving the Kumtor mine”.

(By Jeff Lewis and Mike Spector; Editing by Christopher Cushing)

On May 31, Minister of Foreign Affairs B.Battsetseg arrived in Moscow, Russia. The Foreign Minister was welcomed by officials of the Embassy of Mongolia in Russia and the Russian Ministry of Foreign Affairs at Moscow Domodedovo Airport.

Minister of Foreign Affairs B.Battsetseg held a meeting with Aide to the President of the Russian Federation, State Council Secretary I.Ye.Levitin at the Embassy of Mongolia in Russia, discussing bilateral political and economic relations.

Per the decree of President of Mongolia Kh.Battulga in recognition of the significant contributions made in developing the relations between Mongolia and Russia, Minister B.Battsetseg also presented the Order of the Red Banner of Labour to Aide to the President of Russia, State Council Secretary I.Ye.Levitin, and the Order of the Polar Star to Referent at the Administrative Directorate of the President of Russia M.Yu.Morgunov.

On the same day, Minister of Foreign Affairs appeared on a TV show, ‘Strana Industriya (Industry Nation)’, and gave an interview to RIA Novosti news agency, in which she spoke about the current state of Mongolian-Russian relations, and opportunities for further development as well as about the policy and measures being implemented by the Government of Mongolia against the pandemic.

The Foreign Minister will be holding talks with her Russian counterpart S.V. Lavrov today.

China has long been a massive player in global cryptocurrency markets. Bitcoin miners have been drawn to cheap electricity prices, which they use to power the huge computers they need to produce more bitcoin. In fact, it's estimated that 70 percent of the world's cryptocurrency supply comes from Chinese digital mines.

Credit: ReutersCredit: Reuters

Credit: Reuters

At least that was the case until March, when the province of Inner Mongolia banned bitcoin mining. This week Chinese Vice Premier Liu He put the nail in the coffin with a new crackdown on cryptocurrency mining. State media cited the role of bitcoin in illegal activities and crypto’s huge energy demands as reasons for the decision.

The price of bitcoin has since plummeted and a major exodus of crypto miners is getting underway.

Interestingly, there is now talk of a major opportunity for Mongolia. Could it become a new home for cryptocurrency producers fleeing China?

Plans are already underway

Bat-Orgil Turbold – a former business executive of a multinational company and currently the Dacheng Dentons Mongolia Law Firm Senior Counsel – spotted this opportunity a while ago. He is coordinating a group of companies that want to build a server farm, complete with its own power plant, in Sukhbaatar aimag -

a far eastern province sharing a border with Xilingol, Inner Mongolia, China.

"Mongolia is perfect for developing server farms," Bat-Orgil said to Mongolia Weekly. "Data is growing exponentially and its storage and management is becoming critical. And Mongolia can offer that service."

The reason, he explains, is the climate in south-east Mongolia. The ambient humidity rarely dips below 30 percent or above 70 percent, which is perfect for server farms – below 30 increases the risk of static charges and above 70 causes condensation in critical equipment.

"Almost eight months of the year in Mongolia is considered to be the cold season," he adds. "Server farms elsewhere use around 30-40 percent of their electricity supply just to cool themselves down. So Mongolia has the perfect climate."

But there's an obstacle – an unreliable electricity supply and a lack of renewable energy infrastructure.

"We don't have much sustainable electrical power in Mongolia," Bat-Orgil said. "And demand is cyclical in nature – consumption increases in the winter and between certain hours every evening."

To get around the issues in the Mongolian grid, Bat-Orgil and the team he is coordinating (called Maverick Civic Initiative) want to build a whole new coal-fired power plant to power a server farm and put Mongolia on the digital map.

"This could be a new economic engine for Mongolia," he said. "We're planning to build a 1.2 gigawatt power plant next to a big crypto farm."

While Bat-Orgil can't go into specifics on who is involved in Civic Initiative (citing commercial sensitivities), he says one company that's involved already owns a power plant in China and has bought equipment to build the new plant in Sukhbaatar aimag.

"We're waiting for the border to open to bring in the equipment," he said. "Then it will take a year to build the facilities and install it."

When asked whether businesses will be dissuaded from investing in a new coal-fired power station given the global shift to green energy, Bat-Orgil acknowledges the trend and confirms that the renewable energy plants will be built as a second tier..

"I understand the world is moving to renewables, but currently, the cost of renewable energy is prohibitively high for Mongolia to start the project with. Coal is the main commodity available to us right now," he explained. "Although the initial phase of course is coal power, there is another group working on renewable energy and other technologies, like fuel cells."

"Given today’s rate of scientific discoveries and advancements surely new and most importantly affordable technologies will be available soon. On the other hand, coal plant technologies are becoming greener as well," he said. "We aren't going to stop at 1.2 gigawatts but will increase it exponentially over time."

Beyond crypto mining

These plans are extremely ambitious. Crypto mining is a competitive business and other regions, particularly North America, are already attracting interest from Chinese miners looking for a new home.

But Civic Initiative's ambitions don't stop with crypto. The consortium reportedly wants to use the power plant-server farm to kick-start a whole economic 'enclave' in Sukhbaatar aimag; essentially a brand new digital city on the steppe, hosting data from giants like Google and Amazon.

"These companies are having political problems in China," Bat-Orgil said. "And who can predict what will happen in Russia? Coming to Mongolia is a win-win for them and us."

Bat-Orgil even talks about plans to eventually build a 'smart city' for the thousands of people he believes will be employed in this enclave, including a hospital, educational and research facilities, accommodation and more.

"We're already in the process of negotiating with Japanese universities to establish a relationship," he said. "There will also be a focus on agriculture and tourism. As we develop, we'll aim for an organic food supply chain and we're working with some companies on that, including one based in the UAE."

Where will the money come from?

According to Bat-Orgil, there is 'plenty of money' in the world at the moment but Mongolia's political instability is an issue for attracting investment into this mega-project.

"One goal of this initiative is to establish an environment that provides the stability investors need," he said.

To do this, Bat-Orgil outlines two strategies; run the place autonomously from the government, and set up an employee-owned company to attract international interest.

Independence, he says, will be achieved in a similar way to the Oyu Tolgoi mine or International School of Ulaanbaatar – having stricter and more comprehensive rules and by-laws that are in compliance with national legislation, but are geared towards global best practices and international private and customary laws, given the majority of targeted investors are foreign.

The city will be structured not as an administrative unit, he says, but as a territory of a holding company that consists of numerous operating, employee-owned companies that run different types of businesses.

According to Bat-Orgil, this will allow much broader freedom and independence from political interference into commercial affairs and governance issues; which, he argues, rests on the basis that national legislation also doesn’t prohibit use of another country’s commercial laws between contracting parties.

Controversial? Perhaps.

"Legally the government can't interfere with the company’s internal affairs, unless we break the law," Bat-Orgil said. "We'll pay taxes, but business operations won't involve government interference. It's a legal framework for investors that is clear, stable and transparent."

Employee ownership in the company is the second half of this investment plan.

"We're offering a concession build-operate-transfer (BOT) model for investors," he explained. "Once the initial investment is completely or partially (that is being elaborated by the economic and business development working group ) recuperated, up to 49 percent ownership will be gradually transferred over a period of time to employees. This is one of the legal issues we're working on – how to make this internationally appealing."

Bat-Orgil says they're hoping to have international grants coming in April 2022, and if all goes well, to start building the plant not long afterwards. He says initial operations will hopefully begin in 2023.

"It's 'democracy 2.0'," he said. "This is unique. Nobody has tried this before."

BY: Ewen Levick

In terms of drama, the outcome of the May grand sumo tournament couldn't have been scripted any better. The battle for the Emperor's Cup went right down to the wire, with two ozeki champions duking it out on the final day. In the end, fortune favored a wrestler who has truly risen from the ashes.

State of emergency still affecting Japan's national sport

This was the first May tournament in two years after last year's was canceled due to the coronavirus pandemic. Tokyo remains under a state of emergency, and this time, the action during the first three days of the 15-day contest unfolded without any spectators. After the government relaxed some measures, a maximum of 5,000 were allowed inside the venue. The wrestlers were happy and appreciative to compete in front of fans once again.

Terunofuji was in the spotlight even before the tournament started. The 29-year-old Mongolian had just returned to the second-highest rank of ozeki after winning the previous contest in March. He hadn't competed as an ozeki for 20 tournaments. All manner of physical ailments saw him demoted right down to the second-lowest jonidan division. But thanks to his never-say-die attitude, Terunofuji miraculously re-entered the top division last July. Ever since, he's been nothing short of spectacular.

By Day 13, Terunofuji had a comfortable two-win lead over ozeki Takakeisho and maegashira rank-and-filer Endo. Terunofuji had the chance to clinch the championship on the penultimate day, but lost to Endo. The Mongolian ozeki still entered the final day as the sole leader, with 12 wins and 2 losses. On Day 15, he squared off against Takakeisho, who had 11 wins and 3 losses. Within a matter of seconds, Takakeisho thrust Terunofuji down to the surface – meaning the two wrestlers were dead even at 12 wins and 3 losses. In the ensuing playoff, Terunofuji came out on top, slapping down his opponent to capture his second consecutive and fourth overall top division title. It was also his first Emperor's Cup as an ozeki.

Terunofuji beating Takakeisho in a playoff on Day 15

Terunofuji defeats Takakeisho in a playoff on Day 15

With back-to-back titles under his belt, Terunofuji now has the chance to become a yokozuna grand champion in July. At his victory ceremony, the wrestler was asked how he feels about his chances. "I'll work hard to prepare for the next tournament, and when it's time to compete, I'll simply do my best. Even if I don't make it to yokozuna, that's ok. I'll keep my head up and continue working hard," he said.

Terunofuji appears to have already adopted a go-for-broke mindset. Even if he comes up short, he's confident he can regroup and try again somewhere down the road.

Assessing the other ozeki champions

Currently, there are four ozeki on the official banzuke ranking list. Terunofuji has shown he's the real deal – but what about the others?

Takakeisho is perhaps the only other ozeki performing at a level befitting his rank. The 24-year-old won the November tournament, and has been in contention in four of the past five meets. It shows consistency, and he deserves a lot of credit. Takakeisho is a grafter, so I expect him to continue getting better and stronger. Perhaps he'll even rise to the top rank of yokozuna in the not-too-distant future.

Shodai, who finished with a losing record in March, entered the May contest as a kadoban, which meant he had to score at least 8 wins to retain his ozeki status. He finished with 9 wins and 6 losses – good enough to keep his rank, but nowhere near enough to contend for the championship. Shodai won last year's September tournament, but hasn't made an impact since. He must now get his act together and prove he's worthy of sumo's second-highest rank.

Ozeki Asanoyama has been making headlines for all the wrong reasons. He was forced to sit out from Day 12 after it was reported that he had frequented nightclubs during the current state of emergency. The scandal was compounded when Asanoyama told his sumo elders that the reports were groundless. After a further hearing, he came clean.

Asanoyama

On Day 12, Asanoyama withdrew from the competition after he was found to have broken the sumo association's anti-coronavirus guidelines.

After being expelled from the tournament, Asanoyama apparently called his father to apologize. He told his old man that he'll accept whatever penalty comes his way. He also said he will try his best to focus on sumo, not nightlife, if he's allowed to stay part of the association. Asanoyama went on to say that even if he gets demoted to a much lower division, he has no intention of quitting. Rather, he wants to remain active and fight as best as he can. Let's hope he means it – because nobody wants to see this talented wrestler's career end in such a sorry manner. Ultimately, it would be a huge disappointment to the fans.

The board of directors will conduct a further investigation before deciding what to do. The 27-year-old can expect a harsh penalty, because the rank of ozeki carries a great deal of responsibility.

Hakuho to return in July

Yokozuna Hakuho has now been absent for six consecutive tournaments. He missed the May contest due to a knee injury. The grand champ says he's rehabilitating, and will try his best to return in July. Let's hope he does, because he's running out of excuses. I think it's now time for the 44-time champion to shape up or ship out.

Special prize winners

Aside from the Emperor's Cup, each tournament comes with three other special prizes. But this time, the Outstanding Performance Award and the Fighting Spirit Prize weren't given to anyone.

The Technique Prize went to Wakatakakage and Endo. The former defeated two ozeki and racked up a total of 9 wins thanks to his splendid pushing attacks. He's now expected to debut at the fourth-highest rank of komusubi in July. Endo, meanwhile, used a wide range of nifty moves to beat two ozeki, win 11 bouts and stay in contention right until the end.

Special prize winners: Wakatakakage & Endo

The Technique Prize recipients: Wakatakakage on the left, and Endo on the right.

July tourney outlook

The next tournament will take place a week earlier than normal to avoid clashing with the Tokyo Olympics. It will be back in Nagoya for the first time in two years. Last July, it was held in Tokyo to prevent the spread of the coronavirus.

Without question, all eyes will be on Terunofuji as he guns for promotion to yokozuna. Three straight championships would mean there are no ifs and buts about his top-rank credentials. Even if he fails to claim the title, I believe he could still earn promotion with 13 or 14 wins, considering his elite performances over the past year. I think Terunofuji has a great chance. Right now, he's firing on all cylinders, and it's hard to pick out anybody who can stop him.

Fans will also be anxiously waiting for the return of top dog Hakuho. I hope he returns in blistering form and proves he's far from finished. I would relish the chance to see him lock horns with Terunofuji in what would surely be a blockbuster bout.

Popular wrestler Ura is expected to return to the top division after winning the championship in May's second-tier juryo division. He's been hampered by so many injuries, but is now healthy and on course to make an immediate impact with his acrobatic moves and unconventional techniques. He's been away from the top division for nearly four years, and fans will be thrilled to once again see him dancing with the big boys.

Rest in peace Hibikiryu

Hibikiryu, who was competing in the third-lowest division of sandanme, passed away on April 28 due to acute respiratory failure. He was 28. The wrestler fell unconscious after landing face first during a match in the March tournament. He was taken to a hospital, but never recovered.

The Japan Sumo Association took his death extremely seriously. On May 7, a drill saw about 60 officials re-examine how to care for injured wrestlers, including CPR. Accident response experts provided instructions to stable masters and association members.

Hibikiryu

Hibikiryu fell unconscious after a match in the March tournament. He passed away on April 28.

Many people have criticized the way the association handled the accident. Stable masters at the scene stood there looking clueless. They eventually called for medical attention, but it took nearly 5 minutes for a doctor to arrive. The yobidashi ring announcers turned Hibikiryu's body over, which is never a good thing when a person is suspected of sustaining an injury to the head or neck.

I earnestly recommend having a medical expert ringside at all times, like we see in other contact sports. That way, whoever gets injured can be seen right away. Right now, this does not happen in sumo. If the association is serious about making health and safety the top priority, then I don't see any reason to not introduce much-improved measures – before anything like this can happen again.

(CNN)In March, world trade was thrown into chaos by a boat. The Ever Given, a container ship nearly as long as the Empire State Building is tall, ran aground in the Suez Canal in Egypt. It was stuck for six days, disrupting global supply chains.

In an effort to avoid a repeat of the event, in mid-May, the Suez Canal Authority (SCA) announced it had started dredging work to widen and deepen the southern part of the canal where the Ever Given was jammed.

The 30-kilometer-long area will be widened by 40 meters (131 feet) to the east and deepened to 72 feet, up from 66 feet, according to the SCA. Plans also include extending the second lane near the Great Bitter Lake, which opened in 2015, by 10 kilometers (6 miles) -- allowing two-way traffic along an 82 kilometer (51 mile) stretch.

The work is intended for "maximizing the canal's efficiency and shortening the vessels' transit time, as well as raising the navigation safety," said a press release from the SCA. But there are still questions as to whether this will be enough to prevent future blockages.

"The widening of the canal is a smart move," Sal Mercogliano, a maritime historian at Campbell University in North Carolina, tells CNN. "The question that I have is if you widen the canal, then will vessel operators make their vessels bigger?"

Ship size

Over the past 50 years the container carrying capacity of the biggest ships has increased by 1,500%, and doubled over the past decade alone, according to shipping insurer Allianz Global Corporate and Speciality.

The largest ships can carry up to 24,000 containers and measure over 200 feet at their widest point -- wider than a standard American football field. The Ever Given -- which can hold up to 20,000 containers but was only carrying 18,000 at the time of grounding -- is in the top 1% globally in terms of vessel size, measuring 400 meters (1,312 feet) long and 59 meters (194 feet) wide.

Shipping companies argue that bigger ships are more efficient at carrying large volumes of cargo across the globe and -- in normal conditions -- they are able to pass through the Suez.

But "it's a very narrow margin of error," says Mercogliano. If there are strong winds -- as in the case of the Ever Given -- or bad visibility, ultra-large vessels risk getting stuck.

The rising e-waste crisis is being reckoned with in Rwanda, one gadget at a time

The rising e-waste crisis is being reckoned with in Rwanda, one gadget at a time

The case of the Ever Given illustrated the potential repercussions of a blockage. At the time, shipping news journal Lloyd's List estimated the ship was holding up roughly $9.6 billion of goods each day. The Suez Canal handles about 12% of global trade, with around 19,000 ships passing through each year.

The extension proposed by the SCA will help reduce the risk of ships getting stuck, but it will not erase it, says Ioannis Theotokas, a professor in the Department of Maritime Studies at the University of Piraeus, Greece.

"It will never be enough unless a second lane is opened in the southern part," he tells CNN. But he believes that container ships are unlikely to get any bigger, so further widenings may not be necessary.

"Increasing the size of ships caused extensive investments in ports to support them. A further increase would require further investments," which are not readily available, he adds.

Maersk, the world's largest container shipping line, told CNN it welcomes plans to widen and deepen the southern part of the passage.

"Increasing the stretch with double lane will enable more vessels to transit a vital canal that receives about 10% of the world trade flows. The deepening and widening will reduce the risk of groundings," says Aslak Ross, head of HSE & Marine Standards at A.P. Moller-Maersk.

He adds that "the current vessel size matches our network demand and (the company) has no plans for transiting larger vessels than what we do today through Suez Canal."

Future routes

However, the Ever Given incident did prompt discussion of alternative routes. The canal's strategic position -- connecting the Mediterranean to the Red Sea and offering the shortest sea route between Europe and Asia -- is key to its influence.

Without the Suez, shipments between the two continents would have to travel around the Cape of Good Hope at the southern tip of Africa. Some shipping companies opted for this route while the Suez was blocked, despite it taking more than double the time.

Forgotten for half a century, this rare bean could save Sierra Leone's coffee industry

Forgotten for half a century, this rare bean could save Sierra Leone's coffee industry

"It's no coincidence that soon after the Ever Given incident, Russia made comments of the attractiveness of alternative routes, namely the Northern Sea Route," says Theotokas. That route runs along the Arctic coast of Russia, from the Kara Sea to the Bering Strait.

An official from the nuclear firm Rosatom, which is in charge of the development of the route, told a Russian news agency that "the Suez precedent has shown how fragile any route between Europe and Asia is," and urged for development of alternative routes like the Northern Sea Route.

Soon after these comments, shipping company MSC, the world's second largest container line, doubled down on its commitment to avoid the Northern Sea Route on environmental grounds. Arctic shipping could increase pollution and contribute to melting sea ice.

Theotokas believes the position of the Suez as a world trade route will remain strong.

"Shipping companies are always prepared to handle risk such as Ever Given," he says. The SCA's extension will just make them more comfortable in doing so.

"The widening of the canal will make it easier for salvage operations ... even if it does not erase the risk of repeating the incident," he says.

May 31 (Xinhua) -- Mongolia reported 927 new COVID-19 infections over the past 24 hours, bringing the total cases in the country to 58,439, the country's health ministry said Monday.

The ministry said that the latest cases were local infections, and that 6,026 samples were tested in the past day across the country.

The daily test positivity rate of COVID-19 has been increasing significantly in recent days, the ministry said, urging the public to follow health guidelines and always wear masks in crowded areas.

A total of 50,436 recoveries and 290 deaths have been registered since the outbreak was declared in the Asian country in mid-March 2020, according to the ministry.

The country launched a nationwide COVID-19 vaccination campaign in late February, aiming to cover at least 60 percent of its 3.3 million people.

Over 1,854,600 Mongolians have so far received their first dose, and over 1,229,200 Mongolians have been fully vaccinated.

European governments are drawing up plans to phase out coal, U.S. coal-fired power plants are being shuttered as prices of clean energy plummet, and new Asian projects are being scrapped as lenders back away from the dirtiest fossil fuel.

And Russia? President Vladimir Putin’s government is spending more than $10 billion on railroad upgrades that will help boost exports of the commodity. Authorities will use prisoners to help speed the work, reviving a reviled Soviet-era tradition.

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The project to modernize and expand railroads that run to Russia’s Far Eastern ports is part of a broader push to make the nation among the last standing in fossil fuel exports as other countries switch to greener alternatives. The government is betting that coal consumption will continue to rise in big Asian markets like China even as it dries up elsewhere.

“It’s realistic to expect Asian demand for imported coal to increase if conditions are right,” said Evgeniy Bragin, Deputy Chief Executive Officer at UMMC Holding, which owns a coal company in western Siberia’s Kuzbass region. “We need to keep developing and expanding the rail infrastructure so that we have the opportunity to export coal.’’

The latest 720 billion ruble ($9.8 billion) project to expand Russia’s two longest railroads — the Tsarist-era Trans-Siberian and Soviet Baikal-Amur Mainline that link western Russia with the Pacific Ocean— will aim to boost cargo capacity for coal and other goods to 182 million tons a year by 2024. Capacity already more than doubled to 144 million tons under a 520 billion ruble modernization plan that began in 2013. Putin urged faster progress on the next leg at a meeting with coal miners in March.

“Russia is trying to monetize its coal reserves fast enough that coal will contribute to GDP rather than being stuck in the ground,” said Madina Khrustaleva, an analyst who specializes in the region for TS Lombard in London.

Putin is betting that his country’s land border with China and good relations with President Xi Jinping make it a natural candidate to dominate exports to the nation that consumes more than half of the world’s coal. His case is helped by the fact that Australia, currently the number one coal exporter, is facing trade restrictions from China amid a diplomatic dispute over the origins of the coronavirus.

But the plan is fraught with risk, both for Russia’s economy and the planet. The UN’s Intergovernmental Panel on Climate Change recommends immediate phasing out of coal to avoid catastrophic global warming and the effects of climate change are expected to cost Russia billions in coming decades.

Earlier this month the International Energy Agency went one step further and said no new fossil-fuel infrastructure should be built if the world wants to keep global warming well below 1.5 degrees Celsius. With all but one of the top 10 economies committed to reaching net-zero emissions within decades, the IEA’s Net-Zero by 2050 Roadmap calls for phasing out all coal power plants without carbon capture as soon as 2040.

It’s also not a given that Asian coal demand will keep growing. Coal consumption in China is poised to reach a record this year and the country continues to build coal-fired power plants, but it also plans to start reducing consumption starting in 2026. At the same time, it’s increasing output from domestic mines, leaving less room for foreign supplies. Even in the IEA’s least climate-friendly scenarios, global coal demand is expected to stay flat in 2040 compared to 2019.

A coal strategy approved by the Russian government last year envisages a 10% increase in coal output from pre-pandemic levels by 2035 under the most conservative scenario, based on rising demand not just from China, but also India, Japan, Korea, Vietnam and possibly Indonesia.

The relatively low sulphur content of Russian coal might give it an edge in Korea, which has tightened pollution laws in recent years, but other Asian countries have struggled to secure funding for proposed plants and Indonesia said this week it won’t approve any new coal-fired power plants. At a Group of Seven nations meeting, environment ministers agreed to phase out support for building coal power plants without carbon capture before the end of this year.

For Putin there is more at stake than just money. At a video conference in March, he reminded government officials that the coal industry drives the local economies of several Russian regions that are home to about 11 million people. Unrest among coal miners helped put pressure on the government before the Soviet Union collapsed in 1991, though the sector is now a much smaller and less influential part of the economy.

“We need to carefully assess all possible scenarios in order to guarantee that our coal mining regions are developed even if global demand decreases,” Putin said.

The country’s biggest coal producers are privately run, meaning they aren’t facing the kind of financing problems currently being encountered by listed companies elsewhere as banks pull back funding for dirty energy. Suek Plc, owned by billionaire Andrey Melnichenko, and Kuzbassrazrezugol OJSC, controlled by Iskander Makhmudov, are both planning to increase output.

Russia also plans to boost coal production for steel making. A-Property, owned by Russian businessman Albert Avdolyan, bought the Elga coal mine in Russia’s Far Eastern region of Yakutia last year and plans to invest 130 billion rubles to expand output to 45 million tons of coal from the current 5 million tons by 2023. A third stage of Russia’s railroad expansion project will focus on boosting infrastructure for shipping coal out of Yakutia, a Russian Railways official said last month.

“In 2021, many Asia Pacific states have seen their economies recover from the pandemic,” said Oleg Korzhov, the CEO of Mechel PJSC, one of Russia’s biggest coal companies. “We expect that demand for metallurgical coal in Asia Pacific will remain high in the next five years.”

(By Yuliya Fedorinova and Aine Quinn, with assistance from Dan Murtaugh, Akshat Rathi and Ilya Arkhipov)

Starting from May 30, Minister of Foreign Affairs B.Battsetseg is currently on a working visit to the Russian Federation at the invitation of Russian Minister of Foreign Affairs S.V.Lavrov.

Upon entering the country’s border through the Altanbulag-Khiagt border checkpoint, the delegation led by Minister of Foreign Affairs B.Battsetseg was received by Minister of Culture of the Republic of Buryatia of the Russian Federation S.B.Dagaeva and Minister in charge of cooperation with Mongolia D.Sh.Chiripov.

After getting acquainted with the renovation works being carried out at the Khiagt border checkpoint, the Minister also became acquainted with the ‘Mongolia-Russia Friendship Museum’ and the Damdin Sukhbaatar House Museum, paying respect by laying flower wraiths at his statue.

First Deputy Chairman of the Government of the Republic of Buryatia V.V.Mukhin received the delegation led by Minister of Foreign Affairs B.Battsetseg in the city of Ulan-Ude, discussing bilateral cooperation.

In the framework of the visit, the Foreign Minister will hold talks with her Russian counterpart S.V. Lavrov and exchange views on a wide range of issues of bilateral cooperation. Furthermore, she will participate in some events to be organized in Moscow and Saint Petersburg on the occasion of the 100th anniversary of the establishment of diplomatic relations between Mongolia and Russia.

Following the visit, Minister B.Battsetseg will also take part in the St. Petersburg International Economic Forum, where she will have several meetings with Russian officials.

The Investigation Division of the Independent Authority Against Corruption of Mongolia (IAAC) has recovered a total of 123.5 billion tugriks (US$43 million) as a result of investigating corruption case.

According to the press release posted by the IAAC, “Several high-level political officials have abused their power and made an illegal decision to sell 49 percent of the common stock of Mongolian-Russian joint venture Erdenet Mining Corporation and Mongolrostsvetmet LLC to the Trade and Development Bank-controlled Mongolian Copper Corporation LLC for US$400.2 million. A joint working group of the IAAC and the Economic Crimes Department of the Criminal Police have investigated the alleged criminal case of corruption.”

“An investigation has found that QSC LLC misappropriated 100 billion tugriks (US$35 million) transferred from Mongol Bank (Central Bank of Mongolia) under the “Debt Transfer Agreement” signed on April 06, 2016, as part of the measures to reduce the risk of insolvency.”

“Investigator’s statement No. 10 dated June 19, 2018, was sent to the Mongol Bank by the working group to eliminate the causes and circumstances that contributed to the crime, demanding the compensation of 100 billion tugriks (US$35 million) in damages to the state by exercising its right to unilaterally withdraw from the “Debt Transfer Agreement” that was misappropriated.”

“In accordance with the investigator’s statement, Mongol Bank terminated the agreement and started to compensate the government by recovering the said amount from QSC LLC. As a result of cooperation between the government organizations, the company has transferred the last payment of 61.8 billion tugriks (US$21.6 million) on May 6, 2021, and the total loss of 123.5 billion tugriks (43 million) was fully recovered.”

Source: Independent Authority Against Corruption

China has announced that it will allow couples to have up to three children, after census data showed a steep decline in birth rates.

China scrapped its decades-old one-child policy in 2016, replacing it with a two-child limit which has failed to lead to a sustained upsurge in births.

The cost of raising children in cities has deterred many Chinese couples.

The latest move was approved by President Xi Jinping in a politburo meeting, state media say.

It will come with "supportive measures, which will be conducive to improving our country's population structure, fulfilling the country's strategy of actively coping with an ageing population and maintaining the advantage, endowment of human resources", according to Xinhua news agency.

"If relaxing the birth policy was effective, the current two-child policy should have proven to be effective too," Hao Zhou, a senior economist at Commerzbank, told Reuters news agency.

"But who wants to have three kids? Young people could have two kids at most. The fundamental issue is living costs are too high and life pressures are too huge."

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Analysis box by Stephen McDonell, China correspondent

On a rainy, bleak day in Beijing I was out buying a coffee when the news broke.

People started looking down at their phones as they beeped and whirred with the headline flashing across their screens - China to allow couples to have three children.

This is big news in a country which didn't start suddenly producing more babies when the one-child policy eased off to two.

In fact, many are asking how a three-child policy might mean more children when the two-child version didn't and why birth restrictions have remained here at all given the demographic trend.

Very good questions.

One thought is that, amongst those prepared to have two children, at least some parents will have three.

However, I have interviewed many young Chinese couples about this subject and it is hard to find those who want bigger families these days.

Generations of Chinese people have lived without siblings and are used to small families - affluence has meant less need for multiple children to become family-supporting workers, and young professionals say they'd rather give one child more advantages than spread their income amongst several kids.

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What did the census say?

The census, released earlier this month, showed that around 12 million babies were born last year - a significant decrease from the 18 million in 2016, and the lowest number of births recorded since the 1960s.

The census was conducted in late 2020 where some seven million census takers had gone door to door to collect information from Chinese households.

Graph showing China's falling birth rate

Given the sheer number of people surveyed, it is considered the most comprehensive resource on China's population, which is important for future planning.

It was widely expected after the census data results were released that China would relax its family policy rules.

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'Too many big pressures'

By Kerry Allen, China Media Analyst

China's leading media are giving a lot of fanfare to the "three-child policy".

Newspaper People's Daily, broadcaster CCTV and news agency Xinhua are all posting happy cartoon images of children today on their social media pages and saying that the new policy has "arrived".

It is already the top talking point on popular social network Sina Weibo - posts mentioning the new policy have already racked up tens of thousands of views, and hundreds of thousands of comments.

More than 180,000 users have commented on Xinhua's upbeat post, and the ones with the most likes do not look upon the policy kindly.

"There are too many big pressures in life at the moment," one user says, "Young people are not willing to have kids."

Many talk about modern day "workplace dilemmas" for people leaving on maternity/paternity leave and there not being even "the most basic reproductive benefits".

And with a shrinking labour market, young Chinese people today accept that they have to work longer hours. Overtime and overwork are endemic.

More women meanwhile are choosing to pursue further education and employment, rather than settle down early to start a family.

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What were China's previous policies?

The government's move in 2016 to allow couples to have two children failed to reverse the country's falling birth rate despite a two-year increase immediately afterwards.

Yue Su, principal economist from The Economist Intelligence Unit, said: "While the second-child policy had a positive impact on the birth rate, it proved short-term in nature."

China's population trends have over the years been largely shaped by the one-child policy, which was introduced in 1979 to slow population growth.

Families that violated the rules faced fines, loss of employment and sometimes forced abortions.

The one-child policy also led to a severe gender imbalance in the country - in a culture that historically favours boys over girls.

"This poses problems for the marriage market, especially for men with less socioeconomic resources," Dr Mu Zheng, from the National University of Singapore's sociology department, said.

Graphic

White space

Can China lift birth restrictions entirely?

Ahead of China's latest census, experts had speculated that birth restrictions might be lifted entirely - though it appears as though China is treading cautiously.

But others said that such a move could potentially lead to "other problems" - pointing out the huge disparity between city dwellers and rural people.

As much as women living in expensive cities such as Beijing and Shanghai may wish to delay or avoid childbirth, those in the countryside are likely to still follow tradition and want large families, they say.

"If we free up policy, people in the countryside could be more willing to give birth than those in the cities, and there could be other problems," a policy insider had earlier told Reuters, noting that it could lead to poverty and employment pressures among rural families.

Experts had earlier warned that any impact on China's population, such as a decline, could have a vast effect on other parts of the world.

Dr Yi Fuxian, a scientist at the University of Wisconsin-Madison, said: "China's economy has grown very quickly, and many industries in the world rely on China. The scope of the impact of a population decline would be very wide."