Mongolian drug smuglling diplomats sentenced to 11 years in prison www.news.mn

It was the most spectacular drug discovery of the past year. Germany Customs and the Federal Police stopped the Mongolian Vice Consul Batushig B. (40) and his chauffeur Sosorbaram E. (48) on the A 17 in the diplomatic Mercedes on 3 May 2019.

Banks finalize requests of deferring mortgage loan of MNT 500 billion repayment www.zgm.mn

According to the Governor of the Bank of Mongolia (BoM) Lhavgasuren Byadran, the commercial banks have decided to postpone the repayment of mortgage loans worth about MNT 500 billion.The banks have also restructured more than 37,000 loans that have been encountered difficulty to repay due to the new strain of COVID-19 outbreak. The BoM emphasized that commercial banks have the opportunity to finance mortgage loans from their own resources to the extent of financing provided by the central bank. BoM and commercial banks will provide MNT 25 billion each, or a total of MNT 50 billion, for mortgage loans in May. In the remaining months of this year, the central bank will provide MNT 20-25 billion in mortgage loans every month. In line with the central bank’s order, commercial banks are required to limit the amount of funding provided by the Bank of Mongolia by MNT 100 million, to provide at least 25 percent of the total funding to individuals buying apartments in rural areas, and to finance only new loans.

Mining industry recovery may bolster Australia’s economy again www.mining.com

Australia’s resource industry is set to aid the economic recovery once again as higher prices and expansion plans assist the nation emerging from its coronavirus lockdown.

Mining accounts for nearly 6% of gross domestic product but plays an outsized role in national income, delivering dividends to pension funds and funds for government coffers. Iron ore, the nation’s biggest export, has broken $100 a ton amid off-shore supply concerns, providing a timely budget boost.

“After declining for several years, mining capex is poised to lift over 2H 2020 and beyond. The precursors for a pickup in investment, such as higher prices and elevated levels of exploration expenditure, remain in place, and could see investment lift beyond replacement levels over coming years.”

James McIntyre, economist
The government’s most recent budget numbers from December were based on iron ore falling to $55 a ton, excluding freight, by the June quarter of 2020. The government gains around A$3.7 billion for every $10 in excess of this estimate in the year to June 2021, which will assist the budget position following the massive fiscal injection.

In 2009, Australia dodged recession and rocketed into recovery as China dropped more than $500 billion of stimulus into its own economy spurring a mining investment boom Down Under. China’s stimulus package is much smaller this time — and Australia is already in recession — but the path ahead could prove similar.

Strained relations
While, the Australia-China relationship is in stormy waters following Prime Minister Scott Morrison’s calls for an independent probe into the origins of the coronavirus, key bulk commodities have been insulated from the spat because of the dearth of high-quality suppliers elsewhere.

China has fired warning shots at Australia with tariffs on barley and the suspension of shipments from some abattoirs. Tensions escalated Friday when China’s Ministry of Culture and Tourism published a statement on its website saying that Chinese tourists to be on alert for their safety and not travel to Australia.

Andrew Ticehurst, a rates strategist at Nomura Holdings Inc., is worried that the tensions could limit the upside.

“It won’t be as strong as 2009 when there was a pipeline of projects, but it’s a positive when you put together mining investment, the terms of trade and our exposure to China.”

Shane Oliver, chief economist at AMP Capital Investors Ltd.
“Iron ore is a genuine bright-spot for Australia,” he said. “However, given the deterioration in Australia-China trade relationship, China may not wish to be seen as ‘rewarding’ Australia too much, and higher iron ore imports could be offset by reduced imports of other commodities, goods and services.”

Further assisting domestic iron ore producers, Australia’s key rival, Brazil, has been forced to close mine sites as the nation battles Covid-19.

Rio Tinto Group, the world’s No. 2 miner, in November lifted planned spending on new iron ore mines in Australia to $4 billion, while BHP Group and Fortescue Metals Group Ltd. are both investing more than $3 billion apiece in their own developments. The mines are largely aimed at replacing retiring facilities to sustain exports, though will offer options to boost shipments.

Coal and gold producers are also spending money on new projects in Australia and exploration budgets are rising. Australian gold miners — on track to become the top producer — are resuming a pandemic-disrupted exploration spree amid surging prices.

(By Michael Heath, with assistance from David Stringer)

Fears of second virus outbreak hit global shares www.bbc.com

Financial markets have tumbled amid fears that an uptick in coronavirus cases will hurt the economic recovery.

The Hu to give online concert to help Mongolia fight COVID-19 www.montsame.mn

Mongolian Hunnu rock band ‘The Hu’ will hold an online fundraising concert on June 23 at White Rock Center to support the State Emergency Commission of Mongolia in the fight against COVID-19 pandemic.

Mongolia reports 315 negative tests for COVID-19, two recoveries www.xinhuanet.com

June 11 (Xinhua) -- Mongolia conducted 315 tests for COVID-19 in the last 24 hours and the results are all negative, the country's National Center for Communicable Disease (NCCD) said Thursday.

China-Mongolia border port sees surge in China-Europe freight trains www.bignewsnetwork.com

HOHHOT, June 11 (Xinhua) -- A total of 810 China-Europe freight trains passed through the border port of Erenhot in north China's Inner Mongolia Autonomous Region between Jan. 1 and June 9 of this year, an increase of 23.7 percent year on year, according to the local railway operator.

USD 1 million aid to the U.S. to be delivered on June 21 www.montsame.mn

At its meeting held on June 11, the State Emergency Commission made a decision to deliver the aid of USD 1 million from Mongolia to the United States on June 21.

258 Mongolian nationals return from Japan www.montsame.mn

A charter flight, bringing 258 Mongolian nationals from Japan, has landed today at 08:25 pm at Chinggis Khaan International Airport in Ulaanbaatar.

Double-deckers to hit the streets of UB www.news.mn

Commuters in the Mongolian capital face traffic congestion daily. Therefore, the Ulaanbaatar City Administration has bought 36 electric buses and 10 double-deckers with loans from the Chinese Development Bank, the Mongolian Development Bank, the City Budget and the Third Bus Service. In addition, the city has bought 15 electric bus charger units and four battery charging stations.