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    

Events

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

NEWS

64x64

Gold could be heading to $5,000 per ounce www.rt.com

The COVID pandemic has sparked a surge in gold buying, and some analysts suggest that it still has plenty of upside potential.
The current year is proving to be an annus mirabilis for gold investors, with the yellow metal running riot. Gold prices are currently trading at $1,933 per ounce, not far from their historical high of $2,075 that they reached a month ago. That is good for a 26.5 percent gain year-to-date and 30.9 percent since their 52-week low in March, compared to a 6.3 percent YTD gain by the S&P 500. The torrid rally represents the sharpest gain the metal has mustered in more than a decade. That is hardly surprising given gold’s traditional role as a safe haven asset that many investors turn to during times of deep crises--and few can rival the COVID-19-induced economic meltdown. The Covid-19 situation has been improving somewhat, yet hedge funds, Wall Street, and investors alike continue being extremely bullish about gold, with some licking their chops and predicting that the yellow metal could touch absurd levels of as high as $3,000 and even $5,000 per ounce.

Bank of America Merrill Lynch says it expects gold to hit $3,000 by early 2022 while Citigroup and billionaire Thomas Kaplan, founder of New York-based asset management firm Electrum Group, believe that $5,000 is in the crosshairs.

That certainly sounds like a gold bug’s dream. But what would such a climb imply for the rest of the financial markets?

The virus has certainly unleashed a torrent of forces that have been fueling a relentless demand for gold and its time-honored credentials as a safe haven. Gold markets tend to flourish during times of deep economic crises when bonds offer flat or negative returns or stock markets become too choppy.

All these have certainly rung true during the crisis.

The global economy was already showing signs of malaise well before the Covid-19 pandemic, prompting the world’s central banks to cut interest rates to historical lows. Investors tend to turn to safe-haven assets like gold during low-interest environments, though the gold-interest rate nexus has been weakening since the 1970s after the US abandoned the gold standard.

That said, there is a clearer correlation between economic crises and gold rallies. Several months ago, the World Bank sounded the alarm that the crisis was likely to plunge the economy into the worst recession since WWII. People tend to flock to safe havens such as gold and silver during times of heightened geopolitical and economic uncertainties, which in turn supports higher gold prices due to gold’s price elasticity as Erb and Harvey noted in The Golden Dilemma. As Citigroup analyst Heath Jansen has pointed out:

“When investors are hungry for gold, the metal has a habit of rising exponentially which has no parallel amongst metals.”

Unprecedented stimulus packages by central banks have also been playing a part in the rally. A few months ago, the world’s central banks doled out huge stimulus packages to the tune of $15 trillion in a bid to shore up the economy against the effects of Covid-19. Whereas this has helped the stock markets to recover at a faster-than-expected clip, the stimulus overkill has, unfortunately, led to the classic cobra effect and unintended consequences, one of them being a weaker dollar. A weaker dollar tends to push up prices of dollar-denominated commodities such as gold.

It would imply exceptional political and social unrest and would push the country into a true hyperinflationary death spiral with pretty much all commodity prices skyrocketing. At the same time, the real value of most commodities would decline dramatically as people focused their attention on mere survival.

If gold prices started to approach $10,000, the dollar would probably lose its status as the world’s pre-eminent currency. Many other fiat currencies would lose value with another currency, such as the Swiss franc taking over as the world’s reserve currency. In desperation, First World governments would likely resort to dirty tricks, including imposing currency controls on any form of money crossing their borders or even confiscating private citizens’ bullion as the US government did during the Great Depression.

Gold prices are currently sitting near all-time highs. Another 10 percent, 20 percent, or even 30 percent rally from here over the next 12-24 months might not necessarily throw the global economy out of whack. But calling for $5,000 might be biting off more than we can chew.

This article was originally published on Oilprice.com

 
 
 
...


64x64

Renewable energy cooperation discussed with UK www.montsame.mn

Ulaanbaatar /MONTSAME/. Minister of Energy N.Tavinbekh has received Ambassador Extraordinary and Plenipotentiary of the United Kingdom of Great Britain and Northern Ireland to Mongolia Philip Malone.

Minister N.Tavinbekh highlighted that the Government of Mongolia has included in its action plan to increase renewable energy sources. He said, “Our country needs to have a unified renewable energy policy and we are open to work with the United Kingdom to build hydropower plant that are compatible with the integrated energy system”.

Ambassador Philip Malone congratulated the Minister on his appointment and invited him to visit Great Britain to exchange experiences in this direction.

The cooperation between the two countries in the field of renewable energy began in 2009. In the sphere of the cooperation, the 30 MW Gobi solar power plant project has been realized in Dornogobi aimag and 1,214,640 kWh of electricity has been supplied to the integrated power system since June, 2020. Moreover, Naanovo company of Great Britain is implementing a project to produce energy by recycling waste in Songinokhairkhan district of Ulaanbaatar.

 
 
...


64x64

Mongolia reports no coronavirus cases for 3 days in a row www.akipress.com

Mongolia reported no coronavirus cases for 3 days in a row.

421 tests for COVID-19 were made on September 6 in Mongolia and all results were negative, representative of the National Center for Communicable Diseases said.

The total number of confirmed coronavirus cases in Mongolia remains 310. 296 patients recovered. 14 patients still remain in hospital. The lethal cases were not registered.

...


64x64

Project for metallurgical complex to be supported www.montsame.mn

Ulaanbaatar/MONTSAME/. The development of heavy industry and production of value-added products are prioritized in the Government's Action Plan for 2020-2024. In this context, Minister of Mining and Heavy Industry G. Yondon got acquainted with production and sales of mining outputs and operations at Tumurtolgoi and Tumurtei mines of ‘Darkhan Metallurgical Plant’ JSC last week.

Tumurtolgoi mine was initially estimated to have a reserve of 25 million tons in 1963, but it will be reduced to 11.9 million tons according to the exploration in 2017. Although the

reserve is lowered, additional exploration is planned to be carried out, said authorities of the company. Due to the high sulfur content of the ore extracted from the mine, the technology needs to be improved. For about Tumurtei deposit, it has a reserve of 229 million tons and is capable of extracting 5 million tons a year. It commissioned a dry magnetic concentrator plant in 2014. In the last six years, the two mines have stripped 28 million cubic meters of soil and extracted 11 million tons of ore. The Darkhan Metallurgical Plant has produced 10,000 tons of cast and 1 million tons of steel balls.

The company is implementing a ‘Project to build a mining and metallurgical complex’. According to the plan, the project was scheduled to be completed in 2019. However, the goal of processing iron ore to produce final products has been abandoned and it has turned into a company that exports without deep processing, warned the Minister.

Within the framework of the project to build the complex, it has spent a total of MNT630 billion on construction. For instance, dry magnetic concentrator plant have been commissioned at the two mines alongside the opening of a wet concentrator plant with a capacity of processing one million tons of iron ore at Tumurtei. Moreover, loading and unloading terminals with each capacity of 2 million tons were built and 95 km paved road has been put into operation in Darkhan-Uul and Selenge aimags within the concession agreements.

N. Enkhchuluun, Deputy Director of Operations/Steel Production, DMP said that the government should control the scrap metal market, which is a raw material for the steel industry, and this is one of the things needed to further develop ‘Mining and metallurgical complex’.

“Annually, about 70,000 tons of scrap metal is generated in the domestic market. Although the scrap metal is abundant, small Chinese-invested steel mills buy a ton of scrap metal at higher price, which inflates the price of the market. It becomes a main reason for reducing the competitiveness of the industry and increasing the cost of production.”

The Minister expressed his agreement with an issue that small steel mills that produce substandard reinforcement should be controlled. He said, “But whoever produces low-cost and high-quality products has to be promoted according to the nature of market” and gave assignments DMP authorities to fulfill their obligations under the concession.

...


64x64

ADB-UN Dialogue to strengthen joint efforts to support Mongolian People www.montsame.mn

Ulaanbaatar /MONTSAME/. The Asian Development Bank (ADB) and the United Nations Country Team initiated a dialogue on 4 September to discuss how they can work together to strengthen their development support to the people of Mongolia. The discussion focused on the COVID-19 response, the Government Action Plan and other potential areas for partnership.

The dialogue was led by Mr. Pavit Ramachandran, Country Director, Mongolia Resident Mission (MNRM), ADB, and Mr. Tapan Mishra, Resident Coordinator for Mongolia, UN. ADB sector specialists covering economics, rural development, tourism, social protection, health, urban development, regional cooperation and integration, education and environment. On the UN side, representatives of UNDP, WHO, FAO, UNICEF, UNESCO, UNFPA, IOM, UN Habitat, and UNIDO all attended. Participants actively discussed potential collaboration on the socio-economic response to COVID-19, health, environment, tourism, agriculture, WASH, urban development, and gender.

Mr. Mishra indicated that the “UN sees a lot of common areas, where ADB and the UN can work together going forward. We have good past experience of collaboration but today we have made the commitment to bring our joint collaboration to the next level and deliver real results for Mongolia”.

Mr. Ramachandran agreed and indicated that “there are lot of emerging opportunities to deepen collaboration. We must seek further efforts on partnership, as together we can better help the Mongolian people as they face the COVID-19 pandemic and prepare themselves for future challenges.”

UN Mongolia

...


64x64

World Bank to grant financing of USD 21 million to Mongolia www.montsame.mn

Ulaanbaatar /MONTSAME/ Today, September 7, Minister of Finance Ch.Khurelbaatar and World Bank Country Manager for Mongolia Andrei Mikhnev signed two financing agreements of USD 21 million.

The USD 20 million soft loan will be spent on implementation of “Emergency Support and Employment Project” and another non-refundable aid of USD 1 million will be devoted to health sector. The “Emergency Support and Employment Project” will enable to improve operations of the Center for Employment Service as well as provide possibilities to micro business owners to enter into labor market. In addition, actions will be taken to create possibilities to exempt employees from social insurance premium, reducing financial burden of those who satisfied requirements in the time of the pandemic. The USD 20 million soft loan has 30 year term with annual interest of 1.25 percent and moratorium period of 5 years.

Furthermore, with the non-refundable aid of USD 1 million, doctors and specialists who are working in special condition will be provided with personal protective equipment

The signing ceremony was attended by Minister of Labor and Social Protection A.Ariunzaya and other officials. “The Ministry of Labor and Social Protection has announced 2020 Year of the Transition from Welfare to Labor, making it our priority. People should be employed to get rid of welfare. And the soft loan will be spent in order to make labor market customer-centered. The public will benefit from it and more attention will be focused on poor families and youths. E-job platform, which meets needs of employers and employees, will be introduced. And the Ministry will collaborate with vocational training and production centers,” Minister of Labor and Social Protection A.Ariunzaya said.

For his part, Mr. Andrei Mikhnev emphasized that the non-refundable aid of USD 1 million is being granted to Mongolia from the program being realized by the World Bank amid the pandemic, while the soft loan of USD 20 million will be dedicated to actions to be implemented in social protection sector of Mongolia or in other words for social insurance fund. "And both of the financing will be spent for the prosperity of Mongolia and well-being its people. With the aims of resolving issues in the social protection sector in this time of worldwide COVID-19 outbreak, tackling problems encountering to workers in the sector, the World Bank is providing this loan and grant and we would attach attention on it further", he said.

...


64x64

Local govt in Inner Mongolia clarifies new education policy won't phase out Mongolian language teaching, preferential policies www.globaltimes.cn

Local governments in Inner Mongolia Autonomous Region have clarified their new education policies on teaching classes in Putonghua and the Mongolian language in ethnically populated regions after parents and students raised concerns after hearing rumors that teaching in their ethnic language may be phased out.

The local government of Xilingol League in Inner Mongolia issued a detailed explanation on Sunday, guaranteeing that the new regulation doesn't signal a cancellation of classes taught in the Mongolian language, nor does it mean the end of preferable policies aimed at helping ethnic minority students get into college.

The explanation was issued after the Inner Mongolia government, which released new education regulations last month saying that students entering grade one in ethnic primary and middle schools, will use unified national textbooks for Chinese language and literature and the course would be taught in the national common spoken and written language.

In the past students started taking the course in the second grade. Mongolian language remains the medium of instruction in other subjects from the first grade.

The new regulation raised concerns from some parents, who were misled by rumors that the new regulation would replace the Mongolian language with the Putonghua, the national common spoken and written language, and that the new policy would make it harder for ethnic minority students to get into college.

"Unified national textbooks in Chinese language and literature are for eligible students in the first year of primary and middle schools in the Mongolian language teaching schools. Other subjects will be still taught in the Mongolian language and bilingual education in these schools is not scrapped. Neither the central government, nor the regional government have indicated the teaching in Mongolian language is to be cancelled," according to the statement from Xilingol League government.

Meanwhile, the courses on Ethics and Law and History will be taught in Putonghua for first grade students and ethnic schools in 2021 and 2022, respectively, it said.

The Xilingol League government said that three subjects: Chinese language and literature, Ethics and Law and History, are closely related to ideology and cultural heritance, and directly related to the kind of person the country wants and is capable of cultivating, so their consistency must be guaranteed.

The country has made important plans to compile, examine and use textbooks on those three subjects, said the statement, noting other subjects will still be taught in the Mongolian language.

It also said that favorable college entrance policies for ethnic minority students remain unchanged, dismissing parents' concerns that once teaching in Putonghua is introduced ethnic minority students will have to compete with their Han peers which may put them at a disadvantage in exams.

Students from ethnic minorities in China enjoy favorable policies in the national college entrance exams, and can be admitted to colleges around the country with lower scores than Han students.

China's work in implementing bilingual education of Putonghua and an ethnic language in ethnically populated regions in recent years has been smooth and effective in cultivating bilingual talent. The twists happened in Inner Mongolia as the new regulation on bringing courses taught in Putonghua has not been fully explained to parents, and disinformation has misled the public.

The concerns of parents in Inner Mongolia attracted the attention of anti-China forces and overseas separatists. Some Western media also gave rolling coverage of the incident, hyping the Chinese government's "replacing the Mongolian language with Putonghua" without touching on the truth.

Police in Bayannur, North China's Inner Mongolia Autonomous Region, announced on Sunday that they have punished six people for fabricating rumors to mislead the public and instigate them to stir trouble in an attempt to hinder the use of national compiled textbooks in schools or prevent students from attending classes.

According to the statement published by the official WeChat account of the city's public security bureau on Sunday, a villager surnamed Ao was found to have published false information and seditious words that disrupted public order on WeChat group chats. He was detained for five days on Friday after confessing to his mistakes.

On Sunday, local police detained a person surnamed E who published abusive and threatening information in the WeChat group of local students' parents in an attempt to prevent students from registering for classes. He was detained for 15 days for preventing the use of national compiled teaching materials and seriously disturbing the social order, and committing acts that caused a bad social impact.

Four other people in Linhe district of the city were also put under criminal coercive measures on Sunday for preventing the use of textbooks and hindering students from attending classes. They were also accused of instigating local residents to gather for a joint signing campaign to disturb normal teaching activities.

Chinese Foreign Ministry spokesperson Hua Chunying told a press conference on Thursday that recent reports on what happened in the Inner Mongolia region are political hype.

"The common language of a country is a symbol of its sovereignty, and it is every citizen's right and responsibility to learn and use it. Other countries do the same," Hua said.

The Chinese government, in accordance with relevant laws, promotes the use of the national common spoken and written language in ethnic minority areas, upholds the principle of equality in the spoken and written languages of all ethnic groups, and guarantees according to law the freedom of all ethnic groups, including the Mongolian ethnicity, to use and develop their own spoken and written languages, Hua said.

In recent years, the National Textbook Committee has organized experts to compile textbooks in Chinese language and literature, politics and history, which have been used in all primary and secondary schools nationwide since 2017.

Starting this year, six provinces and autonomous regions, including Inner Mongolia Autonomous Region, have also started using these textbooks. The unified textbooks of the three subjects will not affect the setting of courses of other subjects in schools teaching ethnic languages.

The class hours, textbooks, and teaching language of the Mongolian language and literature class will remain unchanged, and the current bilingual education system will not be changed, Hua said.

...


64x64

Samsung Elec wins $6.6 billion Verizon order for network equipment www.reuters.com

SEOUL (Reuters) - Samsung Electronics (005930.KS) said on Monday it had won a $6.64 billion order to provide wireless communication solutions to Verizon (VZ.N) in the United States, a major win for the South Korean firm in the next-generation 5G network market.

Samsung’s global prospects for its network business have improved following U.S. sanctions on its bigger rival Huawei, analysts said.

Verizon CEO Hans Vestberg told CNBC in July last year that Verizon does not use any Huawei equipment. Verizon had already been a Samsung customer before the order.

Verizon is believed to be Nokia’s (NOKIA.HE) biggest customer, JP Morgan research said in a July note.

“Samsung winning the order from Verizon would help the company expand its telecom equipment business abroad, potentially giving leverage to negotiate with other countries,” said Park Sung-soon, an analyst at Cape Investment and Securities.

The order is for network equipment, a Samsung spokesman said. The company declined to comment on detailed terms the contract such as the portion of 5G-capable equipment included.

“With this latest long-term strategic contract, we will continue to push the boundaries of 5G innovation to enhance mobile experiences for Verizon’s customers,” Samsung said in a statement.

Samsung said in a regulatory filing the period of the contract, which Samsung’s U.S. unit signed with Verizon Sourcing LLC, is from June 30, 2020 to Dec. 31, 2025.

Samsung had a 3% market share of the global total telecom equipment market in 2019, behind No. 1 Huawei with 28%, Nokia’s 16%, Ericsson’s (ERICb.ST) 14%, ZTE’s (000063.SZ) 10% and Cisco’s (CSCO.O) 7%, according to market research firm Dell’Oro Group.

The Trump administration last month unveiled plans to auction off spectrum previously dedicated to military purposes for commercial use starting in mid-2022, to ramp up fifth-generation network coverage in the United States.

The next-generation 5G wireless network is expected eventually to connect and enable high-speed video transmissions and self-driving cars, among other uses.

Britain in July ordered Huawei equipment to be purged completely from its 5G network by the end of 2027, adding it needs to bring in new suppliers like Samsung Electronics and Japan’s NEC (6701.T).

Samsung Electronics shares rose 2% compared to the wider KOSPI’s 0.5% climb.

Reporting by Joyce Lee and Heekyong Yang; Additional reporting by Hyunjoo Jin; Editing by Muralikumar Anantharaman and Stephen Coates

...


64x64

Mongolia to learn Swiss experience of tourism www.montsame.mn

Ulaanbaatar/MONTSAME/. On September 3, Minister of Environment and Tourism D.Sarangerel met with Head of Cooperation, Swiss Cooperation and Consular Agency in Mongolia Ph.D Stefanie Burri and discussed the present state of cooperation between the two countries and opportunities for further expansion to a new level.

Cooperation between the two countries began in 2002 with humanitarian work, and today the countries co-work in many areas, including transboundary water issues, agriculture, waste, air pollution, and climate change.

Ph.D Stefanie Burri said that at the meeting she would like to exchange views on how to expand cooperation over the next four years and on the possibilities to bring it to a new level because they intend to conclude bilateral cooperation from 2024 and bring it to a partnership level or at the same level of participation. By doing so, the parties can resolve together and work for mutual benefits. In addition to implementation of projects and programs in countries, the agency conducts regional research on agriculture, transboundary water management and other issues and it intends to include Mongolia in it, informed Ms.Stafanie Burri.

For her part, Minister D. Sarangerel expressed gratitude for cooperation with SDC in numerous areas and supporting each other’s initiative at the international level. “Of them, education for sustainable development is a priority. I would like to emphasize that there is an urgent need to pay attention to the education of citizens, especially children, and to cultivate a love for the motherland and a good attitude towards nature. Moreover, Mongolia has defined tourism as an economic priority. In this context, we are working to ensure preparations in tourism during the time of the Covid-19 pandemic. Switzerland is a wonderful tourist destination. Therefore, we want to learn from the experience and organize online conferences,” said Ms. Sarangerel.

...


64x64

SEC to examine Rio Tinto whistleblower claims over Oyu Tolgoi www.reuters.com

The U.S. Securities and Exchange Commission is examining claims from a whistleblower that Rio Tinto was aware of problems at its underground copper mine extension project of Oyu Tolgoi in Mongolia months before the miner confirmed the project would face delays and higher costs, the Financial Times reported on Sunday.

The SEC is probing allegations made by Richard Bowley, a British national who worked for the company’s copper business in Mongolia between 2017 and 2019, the newspaper said, citing people with knowledge of the situation.

The U.S regulator has not yet decided to launch an investigation, the newspaper added.

In July, Rio Tinto said it cut estimated reserves at its underground copper mine extension of Oyu Tolgoi and confirmed it would face delays and higher costs after ground instability forced it to redesign the mine plan.

Oyu Tolgoi (OT) is Rio’s biggest copper growth project but has faced geological challenges.

The SEC was not immediately available for Reuters‘ request for comment.

(By Sabahatjahan Contractor; Editing by Andrea Ricci)

...