Events
Name | organizer | Where |
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MBCC “Doing Business with Mongolia seminar and Christmas Receptiom” Dec 10. 2024 London UK | MBCCI | London UK Goodman LLC |
NEWS

Mongolia reports one new case of COVID-19 www.news.mn
Mongolia has reported one new case of coronavirus after testing 803 samples in four laboratories nationwide. So far, Mongolia has had 315 confirmed cases of coronavirus; 307 of them have recovered.
Currently, eight people with coronavirus are under treatment at the National Centre for Communicative Diseases.

Centerra keeps Kumtor mine running despite political unrest www.mining.com
Centerra Gold (TSX: CG) on Tuesday confirmed that operations at its Kumtor mine will continue uninterrupted following the recent political unrest in the Kyrgyz Republic.
The Kumtor mine is located in a remote mountainous location about 430 km by road to the southeast of the national capital Bishkek, which appears to be the centre of the unrest.
However, the company says it is still monitoring the situation to ensure that conditions remain safe to continue to transport people and supplies to the mine site.
The political situation is continuing to evolve, Centerra says, and it is taking all the necessary precautions to ensure the safety of its personnel and operations.
Earlier this week, protestors gathered to denounce the results of Sunday’s parliamentary elections and later took over government buildings in what President Sooronbay Jeenbekov, whose parties dominated the election, described as an attempt to seize power.
As the violence between demonstrators and security forces escalated, the election results were eventually annulled by the authorities.
On the same day, London-based Kaz Minerals suspended production at its Bozymchak copper-gold mine after a reported attack on another gold deposit.
Kumtor is one of the largest gold mines in Central Asia operated by a Western company, having produced more than 12.6 million ounces of gold between 1997 and the end of 2019.
Shares of Centerra Gold plunged 12.2% on the TSX by noon EDT, sending the miner’s market value down to C$4 billion.

More than 100 companies take part in MCA-Mongolia procurement public outreach event www.montsame.mn
Ulaanbaatar /MONTSAME/. On October 2, Millennium Challenge Account Mongolia (MCA-Mongolia) in cooperation with Mongolian National Chamber of Commerce and Industry (MNCCI) organized an event to inform local firms and entities about the projects being implemented under the Mongolia Water Compact and planned international construction tenders and procurement opportunities under these projects. Representatives from over 100 private entities took part in the event.
President of MNCCI and Member of MCA-Mongolia Board of Directors Mr. O.Amartuvshin, MCA-Mongolia CEO Ms. E.Sodontogos and MCC Deputy Resident Country Director to Mongolia Mr. Eric Guetschoff opened the event addressing the audience.
“The participation and cooperation of private sector entities is crucial for the implementation of this major project funded by the U.S Millennium Challenge Corporation. For this reason, today we are organizing this event in cooperation with MCA-Mongolia to inform you of projects being implemented under the Compact and possibilities for the private sector entities to be involved in. For local companies, it is unlikely to be individually involved in large international projects like this, usually local companies will participate in partnerships or in a joint-venture”, Mr. O.Amartuvshin highlighted in his opening remarks.
Ms. E.Sodontogos noted, “We are working hard to ensure that this major investment can generate the highest possible benefits for Mongolia and for our economy, including the private sector. Therefore, we hope that you, too, will be actively involved in the Program implementation and construction works and closely cooperate with us while strictly following the rules and regulations related to the procurement procedure”.
The event continued with presentations on three closely-related main activities of the Program by Downstream Wells Activity Director B.Batsukh, Wastewater Recycling Activity Director T.Khishigt and Water Sector Sustainability Activity Director L.Unurjargal. In addition, presentations on planned international construction tenders, procurement opportunities under these projects and MCC Program Procurement Guidelines and relevant policies were provided by Procurement Director T.Enkhtungalag and MCC Anti- Fraud and Corruption as well tax policies by General Counsel P.Bayar. Finally, managers of the independent Fiscal Agent firm – “Cardno Emerging Markets” and the Procurement Agent firm – “Charles Kendall and Partners”, who are charge of MCA-Mongolia procurement and financial operations, took part in the event to provide relevant information.
Background
The Government of Mongolia and the U.S Millennium Challenge Corporation signed the $350 million Mongolia Water Compact, a grant to help to reduce poverty through economic growth in Mongolia on July 27, 2018, and the Compact is funding the Bulk Water Supply Program which aims to meet ever-increasing demand of in Ulaanbaatar, the capital city of Mongolia.
Mongolia Water Compact aims to provide a sustainable supply of water to Ulaanbaatar through funding the development of two new groundwater wellfields and the construction of an Advanced Water Purification Plant to treat up to 50 million cubic meters/year of water extracted from the new wellfields to the highest drinking water quality standards and supply to the central network of the city, as well as the construction of Wastewater Recycling Plant that will treat 50,000 cubic meters/day of the effluent from new CWWTP and convey the recycled water to Combined Heating and Power plants number three and four (CHP-3 and CHP-4) for technical use. The Compact also includes a Water Sector Sustainability Activity which will enhance the long-term sustainability of UB city water and wastewater system while ensuring that the Compact activities have lasting benefits.
Millennium Challenge Account - Mongolia is a state-owned enterprise established by the decision of the Government of Mongolia on October 3, 2018, pursuant to Government Resolution No 297 in accordance with Section 3.2 of the Compact to implement the Program under the 350 million USD Mongolia Water Compact signed with the Millennium Challenge Corporation, a U.S. government foreign aid agency.
The Millennium Challenge Corporation is an independent U.S. government agency working to reduce global poverty through economic growth. Created in 2004, MCC provides time-limited grants and assistance to poor countries that meet rigorous standards for good governance, from fighting corruption to respecting democratic rights. Learn more about MCC at www.mcc.gov.
MCA-Mongolia

First mutual investment fund launches its operation www.montsame.mn
Ulaanbaatar /MONTSAME/ “The National Privatization Fund”, investment fund launched its operation officially on October 5. This is Mongolia’s first mutual investment fund. Specifically, the National Privatization Fund will aim to raise funds from the public, make investment to foreign and domestic stock markets and distribute profit to its investors.
Executive Director of the Mongolian Stock Exchange Kh.Altai noted at the opening of the NPF that Mongolia’s stock market has offered only two types of products, namely stock and bond in the past 30 years. While, this is the first time in the history of the stock market that an investment fund offers its unit rights to the public.
“As the citizens making investment to the investment fund, they will have number of advantages such as reducing risk and being provided with professional management. I hope that many new investment funds will be founded following the fund that is offering its unit rights to public and it would develop and activate stock market.”
Investors are able to purchase unit rights of the fund at the Mongolian Stock Exchange through their security companies. The fund has issued 50 million pieces of unit rights and is offering its 95 percent or 47 million and 500 thousand pieces to the public at MNT 100 per unit right.
The fund aims to raise MNT 4 billion and 750 million from the market and purchase of unit right will close on October 15.

Japan's Motegi to visit Mongolia this week to discuss N. Korea www.mainichi.com
TOKYO (Kyodo) -- Foreign Minister Toshimitsu Motegi said Tuesday he will visit Mongolia later this week to discuss the situation over North Korea, with which Ulaanbaatar has close ties.
During the two-day trip from Friday, Motegi will meet with Mongolian President Khaltmaa Battulga and counterpart Nyamtseren Enkhtaivan, the Japanese Foreign Ministry said.
"I hope to further strengthen the strategic partnership" with Mongolia where a new government was launched in July, Motegi told a press conference.
Motegi is expected to seek cooperation in resolving the issue of North Korea's past abductions of Japanese nationals, diplomatic sources said earlier.
Japan, which has no diplomatic ties with North Korea, has often looked to Mongolia to act as a mediator.
It will be the first trip to Mongolia by a Japanese foreign minister since Taro Kono visited the country in June last year.

Science and Innovation Center development kicks off www.montsame.mn
Ulaanbaatar /MONTSAME/ The construction of Science and Innovation Center commenced on October 2. The commencement ceremony was attended by Prime Minister U.Khurelsukh, Minister of Education and Science L.Tsedevsuren, President of the Mongolian Academy of Sciences (MAS) D.Regdel, and other officials and scholars.
In his remarks at the ceremony, PM U.Khurelsukh said, “The Government deems that the country’s development will advance through science-based government policy. A historic development project kicks off on the threshold of the 100th anniversaries of the People’s Revolution and the establishment of modern scientific organization in Mongolia which fall next year”
The Science and Innovation Center development project is being implemented in accordance with the decisions made at the First State Congress of Scientific Workers in 2019 and the goals of the Government’s 2020-2024 Action Program such as those aimed at elevating scientific research, improving research outcomes, increasing the role of science in the country’s development, supporting research institutes and centers and research and innovation projects and encouraging startups.
The center worth MNT 94 billion will be built on a 4.8 ha area in the Botanical Garden located in 12th subdistrict of Bayanzurkh district until 2022. It will have laboratories, model workshop, office, library, conference hall, sports hall, repository, and museums of paleontology, archaeology, and astronomy where 3,300 scholars and workers of MAS institutes, universities, and other scientific organizations will carry out their researches.
The center will also open up an opportunity for joint research activities in biotechnology, nanotechnology, and information technology among research organizations and universities.

UK Gov’t temporarily halts coal mine approval www.mining.com
The UK government has temporarily blocked the development of what would be the nation’s first new deep coal mine in 30 years, while it decides whether to call in the application or hand the decision back to local authorities in Cumbria, in the northwest of England.
Cumbria County councillors voted 12-3 to grant planning permission to West Cumbria Mining’s Woodhouse Colliery project on Friday.
Environment groups condemned the approval, urging the government to intervene and block it. They claim the new coal mine would emit 8 million tonnes of carbon annually, which threatens to undermine the UK’s commitment to reach net zero emissions by 2050.
Development of the Woodhouse Colliery was approved last year but it was later delayed by the High Court, which granted permission to a local campaign group to pursue a judicial review of the project.
The planned mine is expected to produce as much as 3.1 million tonnes of metallurgical coal a year, mainly from under the seabed. Processed coal would then be transferred by underground conveyor to trains using a new loading facility and sidings.
Woodhouse Colliery is scheduled to begin production in the second half of 2021, creating 500 jobs. It had originally been slated to run for 70 years, but West Cumbria Mining had to resubmit plans following the judicial review. The mine is now expected to close in 2049, one year before the country must have net zero emissions.
Growing skepticism
Most in the UK are skeptical about achieving the net zero target, according to a survey by the centre-right think tank Bright Blue published Friday.
The report found that 58% of the public believe that it is unlikely that the target will be achieved even by 2050.
The UK is set to host the COP26 round of UN global climate talks in Glasgow, Scotland, in November 2021. The event is considered the most important climate negotiations since the Paris agreement in 2015.
England’s last operating deep coal mine, Kellingley, closed in 2015 and the country’s last coal mine stopped operating this year.

Exxon briefly dethroned as America's most valuable energy company www.cnn.com
New York (CNN Business)The clean energy revolution just hit another major milestone. Solar and wind company NextEra Energy dethroned ExxonMobil as America's most valuable energy company.
NextEra Energy (NEE), the nation's largest renewable energy company, briefly surpassed Exxon in market capitalization on Friday, according to UBS. That made NextEra the most valuable company among all US energy and utility stocks. It's a stunning feat given that Exxon was the most valuable publicly-traded company on the planet as recently as 2013. By Monday afternoon, Exxon (XOM) had a market value of $142.2 billion, about $1 billion more than NextEra.
Although the moment was fleeting, it puts an exclamation point on the extreme optimism around clean energy and deep pessimism about the future of fossil fuels.
"Investor sentiment on clean tech stocks is the best it has ever been," Pavel Molchanov, energy analyst at Raymond James, told CNN Business in an email.
But the fact that NextEra is even close to Exxon in market value is also stunning because it generates much less revenue. Exxon raked in $265 billion in revenue last year, compared with just $19.2 billion for NextEra.
While Exxon is the poster child of the fossil fuels industry, little-known NextEra has become a proxy for bets on renewable energy. The Florida-based company calls itself the world's largest utility and the biggest generator of wind and solar energy.
Exxon has lost $300 billion in market value
Exxon and NextEra are two companies moving in the opposite direction.
NextEra's share price is up 19% on the year and is trading near record highs. The clean energy company recently boosted its financial targets for 2021 and 2022. And Wall Street is betting NextEra could be a beneficiary of a Democratic sweep in November that ushers in a $2 trillion climate spending plan.
NextEra, which owns Florida Power & Light Co., may even be on the prowl for a blockbuster acquisition. Last week, The Wall Street Journal reported the company approached Charlotte-based Duke Energy (DUK) about a takeover. Although Duke Energy, valued at $67 billion, rebuffed the approach, NextEra is still interested in doing a deal, the paper reported.
On the other hand, Exxon is a shell of its former self.
The oil and gas company has lost a stunning $304 billion in market value since peaking at $446 billion in mid-2014. Hurt by strategic blunders and weak oil prices, Exxon is losing money for the first time in decades. And the company's coveted dividend, which it's raised for 37 consecutive years, is at risk of getting cut.
In August, Exxon was kicked out of the Dow Jones Industrial Average, the exclusive 30-stock index it was a member of for 92 years. Exxon has lost more than half of its value this year alone.
"This is an oil crash of unprecedented intensity," Molchanov said.
Clean energy stocks are booming
Exxon is hardly the only oil company under pressure. The Energy Select Sector SPDR Fund (XLE) is down by a staggering 50% this year. Top holdings include Exxon, Chevron (CVX) and Schlumberger (SLB).
Fossil fuel companies, Exxon included, have been penalized by the growing clout of socially-conscious investing and heightened awareness about the climate crisis. Many investors, including younger ones, would prefer to bet on clean energy companies than ones as viewed as part of the problem.
By contrast, clean energy stocks are on fire. The Invesco WilderHill Clean Energy ETF (PBW) has spiked 90% so far this year. Top holdings include Vivint Solar (VSLR), SunRun (RUN), SunPower (SPWR) and Bloom Energy (BE). Another member is Tesla (TSLA), the electric car maker whose market value surpassed Toyota (TM) earlier this year to become the world's largest auto maker, even though it makes far fewer vehicles.
To be fair, NextEra and Exxon are not exactly peers. Exxon is in the business of drilling and refining oil and natural gas, whereas NextEra is in the sleepy electric utility business, where revenues and margins are typically stable.
"The economics of oil production, needless to say, are the polar opposite of stability," Molchanov wrote. "In the context of Covid, in particular, utilities have felt very little impact from lockdowns and the recession."
What a Biden win would mean for clean energy
Still, the fact that Exxon's market valuation is close to that of any utilities, let alone the leading clean energy utility, is telling.
"This does, in our view, underline the multi-year shift from traditional towards renewable energy, one that will continue in the decades ahead," UBS strategists wrote in the report.
The push by investors into clean energy stocks comes as national polls and prediction markets show that Joe Biden, the Democratic presidential nominee, is the favorite to win next month's election.
Biden has proposed $2 trillion in climate spending -- an ambitious agenda that, if approved by Congress, could tilt the scales further in favor of clean energy.
UBS said that a "blue wave," meaning Democrats take control of both the White House and the US Senate, is the "most likely outcome of the election" and noted that a Biden administration would likely extend US solar tax credits and perhaps even ease tariffs on Chinese solar panels.
"We recommend investors take note of the shifts toward the 'new economy,' one that is more sustainable," UBS wrote.

E.Amartuvshin to sing at La Scala theater www.montsame.mn
Ulaanbaatar /MONTSAME/ Honored Artists of Mongolia E.Amartuvshin will perform at La Scala opera house in Milan, Italy. The baritone is to sing the part of Amonasro. King of Ethiopia, in the opera Aida.
The opera to feature Cultural Ambassador of Mongolia E.Amartuvshin will take place from October 6 to 19 at the Milan theater that was built in 1776 on the former location of the church of Santa Maria alla Scala, from which the theatre got its name.

Mining in Mongolia: How Long Can It Boom? www.asiasociety.org
They are called ninja miners – some 100’000 people at peak times digging for gold or other natural resources in Mongolia. “Ninja” as they often cover their faces from dust and carry green pans that resemble the shells of the “Teenage Mutant Ninja Turtles”. Many former pastoralists have engaged in this artisanal mining, working aside industrial miners, as one of few income generating activities. The mining boom started in the 1990s when Mongolia transitioned to a free marked democracy allowing foreign investments. Since then, the sector has had an oversized influence on Mongolia’s GDP, leaving behind agriculture as the economy’s former center piece.
What are the main stages that have shaped the mining sector since the 1990s? How has the boom in mining transformed society? What answers do regulators and actors have to the toll mining has taken on the land, air, and the environment as a whole? And what role do Chinese investment and the Belt and Road Initiative (BRI) play?
In this webcast, the University of Zurich’s Byambabaatar Ichinkhorloo starts off by giving us an in-depth understanding of the evolution and ongoing issues around mining in Mongolia. He will then be joined by Beibei Gu of the Zoï Environment Network, who focuses on environmental issues, the Chinese perspective as importer and investor as well as the challenges and opportunities of the BRI for Mongolia’s mining sector. This webcast is moderated by the anthropologist Emilia Sulek.
About Asia Society Webcasts
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Byamba
Dr. Byambabaatar Ichinkhorloo is a senior lecturer at the Department of Social Anthropology and Cultural Studies, the University of Zurich and a co-investigator of "Gobi Framework" research project, the University of Oxford. As a social anthropologist, Byamba is studying how people make a living in Mongolia since 1990. His research mainly focuses on pastoralism, political ecology, and mining. Apart from his academic career, he worked as a research consultant in development agencies and interacted with different actors whose perceptions and opinions contrast sharply.
Beibei Gu
Beibei Gu is a sustainability and environmental policy specialist working for the Geneva based NGO Zoï Environment Network. Beibei contributed to the recently launched synthesis report Greening the China-Mongolia-Russia economic corridor. She has more than ten years of professional experience across international organizations (UNEP), multinational corporations and environmental NGOs, and is experienced in the global environment agenda including the United Nations (UN) Inclusive Green Economy, sustainable infrastructure and investment, China’s clean air policy, environmental transparency and green supply chain.
Emilia Sulek
Dr. Emilia Sulek is a scholar of China, Tibet and Central Asia. She writes about contemporary Asian societies, shadow economies, development, state power, political conflict and environment, and gender politics. She is a member of ROADWORK: an anthropological research project about the Chinese Belt and Road Initiative. Photo by Daniela Kienzler.
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