1 PRIME MINISTER OYUN-ERDENE VISITS EGIIN GOL HYDROPOWER PLANT PROJECT SITE WWW.MONTSAME.MN PUBLISHED:2025/04/30      2 ‘I FELT CAUGHT BETWEEN CULTURES’: MONGOLIAN MUSICIAN ENJI ON HER BEGUILING, BORDER-CROSSING MUSIC WWW.THEGUARDIAN.COM PUBLISHED:2025/04/30      3 POWER OF SIBERIA 2: ECONOMIC OPPORTUNITY OR GEOPOLITICAL RISK FOR MONGOLIA? WWW.THEDIPLOMAT.COM PUBLISHED:2025/04/29      4 UNITED AIRLINES TO LAUNCH FLIGHTS TO MONGOLIA IN MAY WWW.MONTSAME.MN PUBLISHED:2025/04/29      5 SIGNATURE OF OIL SALES AGREEMENT FOR BLOCK XX PRODUCTION WWW.RESEARCH-TREE.COM  PUBLISHED:2025/04/29      6 MONGOLIA ISSUES E-VISAS TO 11,575 FOREIGNERS IN Q1 WWW.XINHUANET.COM PUBLISHED:2025/04/29      7 KOREA AN IDEAL PARTNER TO HELP MONGOLIA GROW, SEOUL'S ENVOY SAYS WWW.KOREAJOONGANGDAILY.JOINS.COM  PUBLISHED:2025/04/29      8 MONGOLIA TO HOST THE 30TH ANNUAL GENERAL MEETING OF ASIA SECURITIES FORUM WWW.MONTSAME.MN PUBLISHED:2025/04/29      9 BAGAKHANGAI-KHUSHIG VALLEY RAILWAY PROJECT LAUNCHES WWW.UBPOST.MN PUBLISHED:2025/04/29      10 THE MONGOLIAN BUSINESS ENVIRONMENT AND FDI: CHALLENGES AND OPPORTUNITY WWW.MELVILLEDALAI.COM  PUBLISHED:2025/04/28      849 ТЭРБУМЫН ӨРТӨГТЭЙ "ГАШУУНСУХАЙТ-ГАНЦМОД" БООМТЫН ТЭЗҮ-Д ТУРШЛАГАГҮЙ, МОНГОЛ 2 КОМПАНИ ҮНИЙН САНАЛ ИРҮҮЛЭВ WWW.EGUUR.MN НИЙТЭЛСЭН:2025/04/30     ХУУЛЬ БУСААР АШИГЛАЖ БАЙСАН "БОГД УУЛ" СУВИЛЛЫГ НИЙСЛЭЛ ӨМЧЛӨЛДӨӨ БУЦААВ WWW.NEWS.MN НИЙТЭЛСЭН:2025/04/30     МЕТРО БАРИХ ТӨСЛИЙГ ГҮЙЦЭТГЭХЭЭР САНАЛАА ӨГСӨН МОНГОЛЫН ГУРВАН КОМПАНИ WWW.EAGLE.MN НИЙТЭЛСЭН:2025/04/30     "UPC RENEWABLES" КОМПАНИТАЙ ХАМТРАН 2400 МВТ-ЫН ХҮЧИН ЧАДАЛТАЙ САЛХИН ЦАХИЛГААН СТАНЦ БАРИХААР БОЛОВ WWW.EAGLE.MN НИЙТЭЛСЭН:2025/04/30     ОРОСЫН МОНГОЛ УЛС ДАХЬ ТОМООХОН ТӨСЛҮҮД ДЭЭР “ГАР БАРИХ” СОНИРХОЛ БА АМБИЦ WWW.EGUUR.MN НИЙТЭЛСЭН:2025/04/30     МОНГОЛ, АНУ-ЫН ХООРОНД ТАВДУГААР САРЫН 1-НЭЭС НИСЛЭГ ҮЙЛДЭНЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/04/29     ЕРӨНХИЙ САЙД Л.ОЮУН-ЭРДЭНЭ ЭГИЙН ГОЛЫН УЦС-ЫН ТӨСЛИЙН ТАЛБАЙД АЖИЛЛАЖ БАЙНА WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/04/29     Ц.ТОД-ЭРДЭНЭ: БИЧИГТ БООМТЫН ЕРӨНХИЙ ТӨЛӨВЛӨГӨӨ БАТЛАГДВАЛ БУСАД БҮТЭЭН БАЙГУУЛАЛТЫН АЖЛУУД ЭХЛЭХ БОЛОМЖ БҮРДЭНЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/04/29     MCS-ИЙН ХОЁР ДАХЬ “УХАА ХУДАГ”: БНХАУ, АВСТРАЛИТАЙ ХАМТРАН ЭЗЭМШДЭГ БАРУУН НАРАНГИЙН ХАЙГУУЛЫГ УЛСЫН ТӨСВӨӨР ХИЙЖЭЭ WWW.EGUUR.MN НИЙТЭЛСЭН:2025/04/29     АМ.ДОЛЛАРЫН ХАНШ ТОГТВОРЖИЖ 3595 ТӨГРӨГ БАЙНА WWW.EGUUR.MN НИЙТЭЛСЭН:2025/04/29    

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

Exports decline by 31.5 percent www.montsame.mn

Ulaanbaatar /MONTSAME/. Monthly statistical reports released by the National Statistical Office of Mongolia and Mongolian Customs General Administration have been showing the negative effects of the global spread of the Covid-19 pandemic.

Statistics on the customs activities show that exports were declined by 31.5 percent as of March 23 or by MNT 1.4 trillion compared to last year's as a result of measures to tackle the coronavirus spread. Most of the decline are due to falls of mining exports, which usually accounts for 90 percent of the total exports.

As of March 23, exports of zinc ore, brown coal and crude oil were decreased, however, exports of spar and molybdenum each rose by 9 and 2.4 percent respectively and lead concentrate grew by 40 percent compared with the last year’s same period.

...


64x64

Integrated electronic land management system rolls out nationwide www.montsame.mn

Ulaanbaatar /MONSTAME/ At its meeting on March 25, Cabinet made a resolution to put the integrated electronic land management system into the use of relevant government organizations. The system encompasses electronic land management planning system, land valuations, tax, and payment system, land cadastre data system, and land monitoring system.

The system is expected to bring data transparency; allow citizens to receive real-time updates and supervise land management activities, and reduce bureaucracy. It also will better protect land rights and put an end to land use and ownership disputes.

MNT 200 million will be needed each year to develop and maintain the system.

...


64x64

Charter flights to be operated to Japan, South Korea and Germany from April 1 www.montsame.mn

Mongolia has repatriated its 983 citizens through four chartered flights so far. Today, on March 25, an operative team of the State Emergency Commission (SEC) reported that it was decided to operate additional flights to Japan, the Republic of Korea and Germany from April 1.

Synchro: Spokesperson of the SEC’s operative team B.Dulamsuren "We are ensuring preparations to evacuate Mongolian nationals from the Republic of Korea, Japan and Germany on charter flights from April 1. Physicians and specialists of the National Center for Communicable Diseases (NCCD) and the General Agency for Authorized Inspection will be among the flight crews."

As of today, a total of 1804 people are under medical observation in 106 isolation facilities with 7242 beds nationwide.

Furthermore, 30 Mongolian nationals and such number of heavy truck drivers will come back today through Zamyn-Uud border checkpoint. In addition test kits and face masks coming under assistance from China will be received through the checkpoint.

...


64x64

Worldwide mining disruptions www.mining.com

On a global scale, work is grinding to a halt and operations at mines are being temporarily suspended as majors and minors move to enact measures to protect against the spread of covid-19.

With governments from Africa to Latin America issuing lockdown orders, unprecedented disruptions to operations and supply chains are threatening the outlook for industrial and precious metals. Most of the majors have announced halts at gold-copper operations.

On Wednesday, Codelco, the world’s largest copper miner, said it will temporarily suspend construction on some projects. Codelco said the 15-day suspension applied to remaining work being carried out to make Chuquicamata an underground mine, and projects at an early stage at Rajo Inca and Traspaso Andina.
Sibanye-Stillwater announced on Wednesday that it has begun implementing measures to place its South African gold and PGM operations under temporary care and maintenance, in accordance with the nation-wide lockdown for 21 days, effective midnight on Thursday.
Miners in Ecuador are now temporarily halting all activity in the country, following the government’s call to stay home.
In response to the country’s lockdown effort to slow the spread of covid-19, AngloGold Ashanti announced Tuesday it will temporarily suspend production from its South Africa operations for three weeks as of midnight on 26 March 2020.
OceanaGold announced that the Waihi gold operation in the North Island of New Zealand will temporarily suspend the ongoing development of the Martha underground mine and go into care and maintenance for four weeks in response to measures put in place by the New Zealand government.
On Tuesday, Yamana Gold (TSX:YRI, NYSE:AUY) announced that it will scale back operations at its Canadian Malartic mine, Canada’s largest gold mine.
Rio Tinto’s Richards Bay Minerals in South Africa will halt production by midnight Thursday. The company will put furnaces on care and maintenance. Rio Tinto will also slow production of aluminum assets in Canada.
Vale’s Voisey’s Bay mine in Canada will be on care and maintenance for four weeks, copper-concentrate production at Long Harbour will be reduced proportionally to the period of the stoppage.
Egypt-focused gold miner Centamin said on Wednesday that operations at its Sukari gold mine remained unaffected by covid-19, adding it had stockpiled enough critical supplies to last until the end of June.
Last week, producers across South America, where the bulk of the world’s copper is produced, halted or cut back operations and slowed construction.

Hong Kong-listed MMG said last Thursday that operations at its Las Bambas mine, with expected production in the 360kt range for this year had been reduced temporarily after Peru declared a state of emergency.
Anglo American said it will slow the building of its $5 billion Quellaveco project in Peru and on Thursday the miner said it is scaling down operations at its Los Bronces copper mine in Chile. The company will also reschedule work at mines in countries such as Chile.
Teck Resources said on Wednesday it is temporarily suspending construction activities at its Quebrada Blanca Phase 2 (QB2) copper project in Chile. The project is expected to have an initial mine life of 28 years, producing 316,000 tonnes of copper equivalent annually.
The world’s no 2 copper producer, Chile’s state-owned Codelco, said on Wednesday it planned to reduce its operations but sales, shipments of copper are not yet hit by coronavirus.
BHP said so far the pandemic has not affected output. Reuters reports unionized workers at the Escondida mine in Chile operated by BHP requested a halt to operations unless management begins to implement stricter health and safety measures. Escondida is the largest copper mine in the world by a wide measure and was projected to produce some 1.2 million tonnes this year.
Freeport-McMoRan said this week it is suspending operations at its 350kt per year Cerro Verde mine in Peru for at least 15 days.
Antofagasta PLC said on Friday it would put parts of its Los Pelambres expansion project on care and maintenance as the Chilean miner reduced the number of staff to reduce risk of coronavirus infection. Los Pelambres had production of 357,800 tonnes in 2018.
Glencore’s Mopani copper mines unit in Zambia said on Friday it would review all parts of its business due to the increasing economic uncertainty.
(With files from Bloomberg)

...


64x64

U.S. slashed CDC staff inside China prior to coronavirus outbreak www.reuters.com

WASHINGTON(Reuters) - The Trump administration cut staff by more than two-thirds at a key U.S. public health agency operating inside China, as part of a larger rollback of U.S.-funded health and science experts on the ground there leading up to the coronavirus outbreak, Reuters has learned.

Most of the reductions were made at the Beijing office of the U.S. Centers for Disease Control and Prevention (CDC) and occurred over the past two years, according to public CDC documents viewed by Reuters and interviews with four people familiar with the drawdown.

The Atlanta-based CDC, America’s preeminent disease fighting agency, provides public health assistance to nations around the world and works with them to help stop outbreaks of contagious diseases from spreading globally. It has worked in China for 30 years.

The CDC’s China headcount has shrunk to around 14 staffers, down from approximately 47 people since President Donald Trump took office in January 2017, the documents show. The four people, who spoke on condition of anonymity, said the losses included epidemiologists and other health professionals.

The material reviewed by Reuters shows a breakdown of how many American and local Chinese employees were assigned there. The documents are the CDC’s own descriptions of its headcount, which it posts online. Reuters was able to search past copies of the material to confirm the decline described by the four people.

“The CDC office in Beijing is a shell of its former self,” said one of the people, a U.S. official who worked in China at the time of the drawdown.

Separately, the National Science Foundation (NSF) and the United States Agency for International Development (USAID), the global relief program which had a role in helping China monitor and respond to outbreaks, also shut their Beijing offices on Trump’s watch. Before the closures, each office was staffed by a U.S. official. In addition, the U.S. Department of Agriculture(USDA) transferred out of China in 2018 the manager of an animal disease monitoring program.

Reductions at the U.S. agencies sidelined health experts, scientists and other professionals who might have been able to help China mount an earlier response to the novel coronavirus, as well as provide the U.S. government with more information about what was coming, according to the people who spoke with Reuters. The Trump administration in February chastised China for censoring information about the outbreak and for keeping U.S. experts from entering the country to assist.

“We had a large operation of experts in China who were brought back during this administration, some of them months before the outbreak,” said one of the people who witnessed the withdrawal of U.S. personnel. “You have to consider the possibility that our drawdown made this catastrophe more likely or more difficult to respond to.”

The White House declined to comment or respond to questions from Reuters regarding the U.S withdrawal of staff in China.

The CDC did not respond to detailed questions submitted by Reuters about the cuts. It has insisted its staffing levels did not hinder the U.S. response to the coronavirus.

“There are many factors that go into decisions around staffing,” the CDC said in a statement.

Some health experts were skeptical that more CDC employees operating inside China would have made a difference in stemming the outbreak. Beijing has been widely criticized for silencing its own public health officials who warned of a deadly new respiratory disease emanating from the Chinese city of Wuhan and surrounding Hubei province.

“The problem was China, not that we didn’t have CDC people in China,” said Scott McNabb, a former CDC epidemiologist who is now a research professor with Emory University. He pointed to China’s censorship as the main culprit in the spread of the pandemic, which has infected at least 435,470 people worldwide, killed 19,598 and upended the global economy.

China’s embassy in Washington, D.C. declined to comment.

SHUTTERED OFFICES
The NSF closed all foreign offices in 2018, according to spokesman Robert Margetta. He said the agency planned on “sending teams on short-term expeditions around the world to find ways to increase international collaborations.”

A USAID spokesman said the decision to shutter its Beijing office was “due to significantly decreased access to Chinese government officials as well as the Agency’s position that the Chinese model of development is not aligned with U.S. values and interests.”

The USDA confirmed that it moved a manager position out of Beijing. A spokesman said the department has retained an office in China that employs eight people: five Americans and three Chinese. The office monitors animal disease and helps resolve “trade-related issues as they occur at Chinese ports of entry,” the spokesman said.

Reuters first reported about changes to CDC staffing in China on Sunday. The news agency revealed that the Trump administration had eliminated the position of a U.S. trainer of Chinese field epidemiologists, who were deployed to the epicenter of outbreaks to help track, investigate and contain diseases.

In a press briefing on Sunday, Trump criticized the Reuters story as “100 percent wrong.” Yet the CDC acknowledged the position had been cut. The agency said the decision was made because of China’s “excellent technical capability,” and said the elimination of that post did not hamper the U.S. effort to respond to the coronavirus outbreak.

The CDC staffing documents newly reviewed by Reuters show a sharp decline in the overall number of employees at the agency in Beijing, with 33 out of 47 positions lost.

The documents show the breakdown between American and Chinese staffers. The number of so-called American “assignees” declined to three positions from eight at the outset of the administration. Positions lost included medical epidemiologists and other experts in infectious diseases.

The biggest cuts were to positions filled by Chinese employees on the U.S. payroll, down to around 10 from 40 over the same period. Many of those local hires included medical and disease experts, according to the people who spoke with Reuters.

“Local staffers stayed even longer at the CDC and had a real depth of knowledge,” one of the people said. “There’s a loss of deep expertise and institutional knowledge.”

The CDC told Reuters the three Americans currently on staff in China are a country director, an influenza expert and an information technology expert. A temporary deputy director arrived recently, and that job will be filled permanently, the agency said in a statement. In addition, two Chinese staffers continue to work on specific public health areas, including the training program, according to the statement.

The shuttered USAID and NSF offices in China also had a role in building scientific relationships and combating global disease, according to the four people familiar with the situation.

USAID’s Beijing office, which was staffed by a senior U.S. officer and two Chinese employees, was working on initiatives including multidrug-resistant tuberculosis and malaria, the people said. The office closed in 2019.

The NSF office was once led by Nancy Sung, a respected American scientist who was a key link between the U.S. and Chinese scientific communities, according to the U.S. government official who spoke with Reuters. The office also employed two local staffers.

“She had far more contacts than most of us,” said the official, who had been in China at the time and was familiar with her role. “She could have helped maintain vital channels of communication between the two countries which to this day is greatly curtailed.”

Sung, who is now with the NSF in the United States, declined to comment about the closure of her office in 2018 and referred questions to the agency’s public affairs office.

‘WITHOUT BENEFIT TO THE U.S.’
The changes came amid escalating tensions between Washington and Beijing. Trump has long complained that China has stolen millions of American jobs and intellectual property, charges the Chinese government has rejected as baseless. The countries have slapped billions in tariffs on each other’s goods. Now their leaders are battling to control the narrative over the pandemic. Trump has called it the “Chinese virus” to keep the focus on China’s role in unleashing the pandemic. China, meanwhile, is trying to assert global leadership by providing aid to Italy and other hard-hit countries.

Over the last two years, the White House has pushed U.S. agencies with a presence in China to de-fund programs there along with the positions to manage them, according to the U.S. official who spoke to Reuters.

The source said Terry Branstad, the U.S. ambassador to China and a former Republican governor of Iowa, tried to remind the White House of the importance of the U.S. presence in China but was told to “get with the program” by an administration official.

“The White House saw the relationship as one-sided and without benefit to the U.S.,” the source said.

A State Department spokesman said in a statement that the U.S. Embassy in China is “one of our largest, reflecting the many areas of bilateral engagement.”

“Since Ambassador Branstad’s arrival, the U.S. Mission to China has maintained robust staffing to advance important foreign policy goals on behalf of the American people,” the statement said. “Staffing levels for the numerous federal agencies and sections have, on the whole, held steady and in some cases increased.”

After Reuters’ story about the elimination of the key CDC position in China ran on Sunday, Trump’s re-election campaign seized on it for fundraising. In a mass email to supporters, it accused Trump’s critics of “siding with the Chinese” and helping Beijing with a “cover-up.”

The CDC on Monday told Reuters that Redfield had decided to add a global health threats program director to its China staff.

“At the request of Dr. Redfield, CDC is continuing to look long term at possible additions to enhance CDC’s 30 plus year presence in China,” the statement said.

Reporting by Marisa Taylor in Washington; Editing by Marla Dickerson

...


64x64

Fashion industry answers the call for masks and personal protective equipment to fight Covid-19 www.cnn.com

With stores closed, runway shows canceled and global supply chains disrupted, much of the fashion industry has been rendered idle by the coronavirus pandemic.
Now, designers, luxury labels and fashion conglomerates are all stepping up to help overcome shortages of masks and other personal protective equipment (PPE) in some of the hardest-hit countries.
In the US, where health officials have warned that stockpiles of medical equipment may be insufficient despite manufacturers ramping up production, some medical workers have been forced to reuse masks between patients and even make their own.

New York Governor Andrew Cuomo took his appeal for assistance in the country's worst-hit state to Twitter, writing: "We need companies to be creative to supply the crucial gear our healthcare workers need."
His call was answered with offers to retool production and put sewing teams and unused resources to good use.
One of the first to respond was designer and "Project Runway" alumni, Christian Siriano. "If @NYGovCuomo says we need masks my team will help make some," he tweeted. "I have a full sewing team still on staff working from home that can help."
Just days after his online exchange with Cuomo, the designer posted a video of facemask production already underway.

Nepalese-American designer Prabal Gurung, who is based in New York, has also offered to help, saying via his brand's Instagram account that he hoped "not only to fill the void of critical PPE, but to mobilize our domestic partners, revitalizing US producers and suppliers." And designer Brandon Maxwell, who has dressed high-profile figures from Lady Gaga to Michelle Obama, announced that he is redirecting resources toward the production of gowns for medical workers.
Elsewhere in the country, luxury swimwear brand Karla Colletto has offered up its Virginia factory, and Los Angeles Apparel (a brand founded by American Apparel's Dov Charney) donated the services of its 450-person-plus workforce to produce face masks. And it's not just consumer brands pitching in to help -- apron and culinary clothing manufacturer Hedley & Bennett, for instance, is now producing masks for frontline workers with the help of donations.

European heavyweights step up
It is in Europe, however, that the most substantial offers have emerged, with some of the world's biggest fashion companies throwing their weight behind PPE production. Two of the continent's giants, H&M and Inditex, Zara's parent company, have both committed to gearing their sizable operations toward medical supplies.
French Luxury conglomerate Kering announced that two of its brands, Balenciaga and Yves Saint Laurent, are preparing to manufacture covid masks. The group has also committed to acquiring 3 million Chinese masks for French health service, while its largest brand, Gucci, is looking to make and donate 1.1 million masks and 55,000 medical overalls to authorities in hard-hit Italy.

Rival LVMH, which owns Louis Vuitton and Christian Dior among others, is also leveraging its global supply chain to source 40 million facemasks from China over the next four weeks. The multinational will finance the first week's worth of deliveries, a pledge amounting to five million euros, according to a press release.
Italy is perhaps where new equipment is needed most, with the country's north now the world's worst-affected area. Here, Prada said it has begun production of 80,000 medical overalls and 110,000 masks at the request of authorities in Tuscany.
But not all the industry's champions are big-name luxury brands. Textile firm Miroglio Group, who work across the fashion supply chain from sourcing textiles to making finished garments, has recently retooled its operation in the Piedmont region, and last week delivered its first batch of 10,000 "hygienic" washable cotton and elastane masks, which they are supplying to emergency workers, NGOs and journalists, first in Italy but also further afield.

"After our first batch went out we started receiving lots of orders from other companies. We are giving priority to older people and those who are managing the crisis -- police, healthcare workers," said the company's CEO Alberto Racca over the phone.
The company aims to complete another 600,000 by the middle of next week, and believes it can eventually produce as many as 100,000 a day.
"We've never manufactured a mask in our whole history, what we tried to do immediately was gather in one room all the key people in our company with the relevant skills, and in a couple of hours, we came up with a prototype," he said. They now have 500 employees working on producing the masks, which are being sold at cost, while some costs are being covered by individual donations.

"We have roughly 5,000 people working for us in Italy, and all of them, including those not directly involved in this process, felt a sense of pride for what the company is doing. Especially in these times, where there is a lot of uncertainty, people really feel powerless. But feeling that you can join forces and actually make something happen, is for everyone, and for myself I have to say, a great sense of purpose," Racca said.
Question of effectiveness
Most of the firms offering to produce PPE in recent days have specified that their output is intended to help medical workers and first responders. But few have outlined in how, or even if, their creations will meet strict medical requirements.
Health officials usually recommend the use of an N95 mask, which can filter out 95% of airborne particles, though America's Centers for Disease Control and Prevention (CDC) has now said that other filtering facepiece respirators (FFRs) are acceptable in times of shortage.

Siriano has expressed hopes that his masks will be approved by the US Food and Drug Administration (FDA), while culinary clothing firm Hedley & Bennett said that its reusable items aren't. ("They are not direct substitutes for N95 surgical or procedural masks," the company stressed, though the items, "if used correctly, should help reduce person-to-person droplet transmission of the virus.")
Given the severity of shortages around the world, however, something may be better than nothing. Los Angeles Apparel, for instance, has accepted that its terry cotton mask is not ideal, though it "seems to be a worthwhile substitute for those without access to surgical masks or other."
Even if the items end up in public, rather than medical hands, they may still aid the fight against Covid-19. While the effectiveness of face masks in preventing the spread of disease remains a matter of debate, demand has surged around the world, and a new supply could make it easier for medical staff -- for whom wearing one can be a matter of life and death -- to get the equipment they need.

The fashion industry is not alone in helping meet the shortfall of medical supplies. In the US, mask donors have included dentists, woodwork enthusiasts and the investment bank Goldman Sachs. Medical workers have been using the hashtag #GetMePPE to elicit donations from members of the public, while prison inmates in Chicago and New York have been enlisted to produce protective equipment.
Perfume makers and distilleries are among the businesses that have retooled their facilities to produce hand sanitizer, which has also been in short supply.

...


64x64

Mongolia resumes coal exports to China www.xinhuanet.com

Mongolia has resumed coal exports to China. The resumption started on Monday via Gashuun Sukhait border port after the Mongolian government lifted a ban that was imposed in February to curb the spread of COVID-19. Coal transport trucks will be disinfected and drivers will wear protective suits. As of Monday, a total of 10 people, including nine Mongolian citizens and a French national, tested positive for COVID-19 in Mongolia and their conditions remain stable, according to the country's National Center for Communicable Disease.

...


64x64

Mongolian enterprises cut jobs due to coronavirus restrictions www.news.mn

Earlier today, the Mongolian National Chamber of Commerce and Industry held a press conference over the impacts of the coronavirus outbreak on business. The organization conducted economic survey covering over 1100 enterprises actively operating in Mongolia. The findings were bad: 33 percent of Mongolian enterprises have cut jobs, while 64 percent have lost revenue and 42 percent have totally closed or suspended operation. Mostly, it is enterprises operating in the tourism, transportation, service and trade sectors which have suffered most due to the coronavirus restrictions.

The analysts warned that if the Government does not take the necessary measures quickly, Mongolia’s unemployment will hit 20 percent with nearly 250,000 people losing their jobs and 20,000 enterprises closing by June.

...


64x64

Oil majors are preparing for $10 oil www.rt.com

The wave of oil industry spending cuts continues, with the majors now announcing significant reductions to spending as oil remains stuck in the $20s.
Royal Dutch Shell said on Monday that it would cut spending by 20 percent, or about $5 billion, and also suspend its share buyback plan. French oil giant Total SA and Norway’s Equinor announced similar moves.

ExxonMobil and Chevron have suggested they too would be axing their budgets, with Exxon under particular pressure. Goldman Sachs estimates that Chevron needs $50 per barrel in order to cover spending and its dividend. ExxonMobil, on the other hand, needs something like $70.

The majors are relatively more insulated from the downturn than small and medium-sized shale drillers because they have downstream refining and petrochemical assets that have typically performed somewhat better than upstream units when prices fall. Refineries, for instance, spend less on oil during the downturn, and low prices also translate into a boost in sales of refined products.

But the majors do not have that cushion this time around. We are in the midst of a historic meltdown – a supply crisis and a demand event with no precedent. Estimates vary, but oil consumption could be off by 10 million barrels per day (mb/d), or more. It doesn’t matter how cheap crude is, if people are not driving, flying or consuming anything aside from the bare essentials, there is no demand boost from low prices.

On Monday, Exxon announced that it was cutting production at its Baton Rouge refinery, the company’s second largest in the US, because poor demand has filled up storage tanks. Exxon also cut 1,800 contractors from the site. In another example, a major closely-watched petrochemical project in Appalachia may not go forward as the market sours.

The first round of spending cuts from the oil industry is now visible, but a second round is beginning, according to a report from Goldman Sachs.

“We see US oil production falling almost 1.4 mn bpd over five quarters post 2Q20 based on reduced drilling (i.e., before considering shut-ins of existing wells that are likely to be needed) with covered company capex down 35% [year-on-year] in 2020,” Goldman Sachs wrote in a note.

However, budget revisions are not over. The slide in spending, drilling and ultimately in output could deepen as capex cuts grow more pronounced. “There is no sugar coating it, US oilfield activity will collapse with oil prices well below $30 WTI,” Raymond James said on Monday. The initial round of cuts put spending at about 45 percent below 2019 levels, the bank said. “However, the declines will be far more dramatic than these initial cuts and we stress that these announcements skew towards larger cap, better hedged and capitalized operators.”

“Total US capex is likely to fall in excess of 65% with a WTI price persisting in the $20s,” the investment bank concluded.

Rystad Energy put out a similar estimate on Monday. E&Ps are likely to cut project sanctioning by up to $131 billion, or about 68% year-on-year, according to the Oslo-based firm. “Upstream players will have to take a close look at their cost levels and investment plans to counter the financial impact of lower prices and demand. Companies have already started reducing their annual capital spending for 2020,” says Audun Martinsen, Rystad Energy’s Head of Energy Service Research.

It's anybody’s guess how low WTI and Brent go. But more than a few analysts have pointed to the potential for storage to max out as a reason why prices have more room to fall. “[N]o one can exactly be sure that production will be shut-in fast enough to not overwhelm our ability to store oil,” JBC Energy said in a note. The firm pointed to refineries cutting processing because they are running out of storage, such as Exxon’s Baton Rouge. “In such an environment, it is as possible for Brent prices to briefly go to $10 per barrel as it was back in 1986 or 1998,” JBC concluded.

 
 
...


64x64

Gold price rockets more than $100 to seven-year high www.mining.com

The gold price rallied again in spectacular fashion on Tuesday, as panicked investors scramble for hard assets on the back covid-19 closures of mines and refineries and unprecedented monetary action by the US central bank.

On the Comex market in New York, gold for delivery in April, the most active contract, closed the session at $1,660 an ounce, up $93 an ounce compared to Monday’s close. Earlier in the day the metal rocketed by as much as $131 an ounce, or 8.4% , to just shy of $1,700 an ounce.

Tuesday’s surge beat yesterday’s record-setting one-day gain by a handy margin and brings gold’s gains so far this week to $150 an ounce.

Reuters quotes Goldman Sachs on Tuesday as saying inflationary concerns triggered by the central bank policy response to the coronavirus outbreak should underpin gold prices this year as the “currency of last resort.”

“Combined with the fiscal nature of the current policy response to covid-19, we believe physical inflationary concerns with the dollar starting near an all-time high will for once dominate financial asset inflation that was a feature of the past decade.”

CIBC analysts led by Anita Soni agreed that recent market events have created a buying opportunity for gold equities, Bloomberg reports:

“Near-zero interest rates, market uncertainty and ongoing liquidity injections, provides a bullish setup for gold and silver,” she said. This has created an “excellent opportunity to buy the dip across the sector.”

Gold has been on a wild ride over the past weeks, dropping as low as $1,450 an ounce a week ago after briefly hitting a seven-year high above $1,700 a week earlier.

...