Afterwards, he visited the Erdenet Mining Corporation (EMC) to get acquainted with its activities. By the Government’s resolution on 21 March 2019, the Erdenet Mining Corporation was re-established as a state-owned enterprise. As of the first eight months of 2019, the Erdenet Mining Corporation fulfilled all of its target goals set for this year, allocating a total of MNT 688 billion to state and local budgets and the EMC’s total allocation for this year is expected to be around MNT 790 billion.

The EMC also announced 2019 as a year of investment, aiming to reduce production cost and increase economic profits. Within the framework of this objective, projects to increase reserves, introduce new technologies in the open pit mine, build an extension of concentrate plant and copper smelting plant are planned. Another project is extension of turbo generator of the Erdenet Thermal Power Plant financed from the soft loan of the Government of China.

Noting that Mongolia is willing to ensure its energy consumption with domestic production, PM U.Khurelsukh requested to complete the planned works on time. Furthermore, he ordered the authorities of the EMC to study and settle the issues concerning the engineering network of the apartment construction project in Erdenet city.

During his working trip to Orkhon aimag, he held a meeting with local citizens and gave update on policies and future plans of the government. PM U.Khurelsukh underlined that package law on tax is to be put into effect with a view to keeping salaries and pensions pace with inflation rate, supporting business entities and promoting domestic manufacturing. Last but not least, the Prime Minister informed about the decision to build a flood control dam in Erdenet city with USD 14 million soft loan and assistance of the European Bank for Reconstruction and Development.

Following his working trip to Orkhon aimag, Prime Minister U.Khurelsukh departed to Bulgan and Khuvsgul aimags, where he took part in the meetings with the local citizens. Accompanied by Minister of labor and Social Protection S.Chinzorig, Minister of Health Sarangerel and Member of Parliament J.Bat-Erdene and other officials, he delivered a presentation on the government activities and measures directed at the development of the rural areas of Mongolia and solved some requests put forward by local residents.

The money comes from a $50m financial assistance fund, which Boeing announced in July.

The fund has started accepting claims, which must be submitted before 2020.

Lawyers for the victims' families, many of whom are pursuing the company in court, have dismissed the fund as a publicity stunt.

"$144,000 doesn't come close to compensating any of our families or any of the families," said Nomaan Husain, a Texas-based attorney who is representing 15 families.

"This is not something that is going to satisfy the families. The families really want answers."

Diversion tactic?
The 737 Max has been grounded since March, as investigators evaluate the airplane's safety following fatal crashes in Indonesia and Ethiopia, which claimed the lives of more than 340 people.

Boeing in July pledged $100m to families and communities affected by the crashes.

The company later said half would be reserved for direct payments to families, with the other half set aside for education and development programmes in affected communities.

Robert A Clifford, lead counsel for the Ethiopian Airlines 302 litigation, said the lack of detail at the time of the initial announcement suggested Boeing saw it primarily as a way to divert attention from the safety questions.

Family members, many of whom would like to see memorials erected, continue to have questions about how the company intends to spend the other $50m, he added.

"One of the most haunting things about an aviation disaster like this is that the families do not in many instances get anything back," he said.

'Important step'
In a statement, Boeing chief executive Dennis Muilenberg called the opening of the fund to family claims an "important step" in the firm's efforts to help relatives of the people who died in the Boeing 737 Max 8 crashes.

Participation in the fund is voluntary.

Families who submit claims will not have to waive their right to file separate lawsuits against the firm, said Kenneth R Feinberg, administrator for the financial assistance money, who has overseen the distribution of money for victims of the September 11 attacks, among other funds.

The enormous new airport, situated 46 kilometers south of Beijing’s Tiananmen Square, is preparing to handle 45 million passengers annually by 2021, and 72 million by 2025. It has ambitious expansion plans, as the site is expected to increase its capacity to 100 million travelers by 2040.

The airport’s opening is scheduled for September 30, the day before the 70th anniversary of the People's Republic, which China will mark on October 1.

Daxing will become the second international airport in the Chinese capital after Beijing Capital International Airport (BCIA). The latter is currently the second busiest airport in the world and serves as the city’s main aviation hub, but it is already full.

As Daxing is expected to ease the pressure on the Capital Airport, Beijing will no longer need its small military-civilian airport called Nanyuan, which means "southern garden" in Chinese. The transport hub was opened in 1910 during the Qing Dynasty, making it the oldest in China.

Nanyuan has long served as both a military and commercial airport. Last year, it handled 6.5 million passenger trips, which is “just a drop in the ocean” compared to the capital’s giant airport, according to Li Peibin, senior manager of China United Airlines' marketing department, cited by China Daily.

“Compared with the Capital Airport and Daxing Airport, Nanyuan has a rich and special history with numerous fascinating stories to offer to the public as the first airport in China, making it the perfect site for a civil aviation-themed museum,” said Ma Huidi, director of the Center for China Leisure Studies at the China Academy of Art.

IFR, Refinitiv’s capital markets news service, said the bonds were issued in New York with a price range of between 150 to 180 basis points over equivalent US Treasuries.

The move is part of the state-owned copper giant’s fresh funding strategy that includes taking out loans and selling non-structural assets.

Codelco borrowed last month $300 million and sold two bonds for a combined $180 million of funding.

World’s copper producer issues 10-yr and 30-yr bonds to fund mines overhaul
It also a 37% stake in natural gas port terminal GNL Mejillones for $193.5 million.

The Santiago-based miner’s change of heart surprised some analysts as chairman Juan Benavides had said in April the company had sufficient funding this year and next to develop planned multibillion mine upgrades, key to maintain its production at current levels.

Ore grades have plummeted at Codelco’s aging mines, prompting the urgent need for overhaul schemes.

The company has already kicked off one of its most ambitious plans — the $5.6 billion conversion of the giant Chuquicamata open pit mine into an underground operation.

The next major mine overhaul is a $5.5 billion new level at El Teniente underground mine, the company’s largest, which fell under new CEO Octavio Araneda’s mandate in his previous role.

Taken from Codelco’s presentation May 2019.
In the company’s pipeline of so-called structural projects are also a $1.3 billion expansion at the Andina mine, a $1 billion upgrade at Salvador and the expansion of Radomiro Tomic, which doesn’t have an estimated capital expenditure yet.

Codelco, which hands over all of its profits to the state, holds vast copper deposits, accounting for 10% of the world’s known proven and probable reserves and about 11% of the global annual copper output with 1.8 million metric tonnes of production.

It will be remembered that Former Speaker M.Enkbold stepped down after being accused of alleged involvement in the of the sale of government posts for “MNT 60 billion”. An audio tape of the accused, discussing how to sell government posts, was leaked two years ago and published.

‘Beren Metal’ LLC has a capacity to produce 200 thousand tons of steel a year, having capability to reduce steel import of Mongolia by USD 250 million and increase domestic production. If the plant manufactures 200 thousand tons of steel regularly, it can supply reinforcing steel to be used in building apartment for 40 thousand households. Thus it would be possible to provide residents of Ulaanbaatar city’s ger area with housing apartments in four years, authorities of the plant said.

Following the information, PM U.Khurelsukh stated that when Mongolians manage to produce energy, oil, cement and steel themselves, it would be possible to accelerate development of the country, realizing major construction projects. Moreover, the Government is rendering support on commissioning strategically important factories. Therefore, manufacturing steel and reinforcing steel in Mongolia is great success.”

The exhibition titled "China's Tibet-Tashi Delek," which will run until Oct. 7, is divided into four parts, namely photography, Thangka paintings, traditional costumes and intangible cultural heritage items.

Some 100 photos about the history and development of the autonomous region and items preserving its intangible cultural heritage are on display.

This year marks the 70th anniversary of both the founding of the People's Republic of China and the establishment of diplomatic relations between China and Mongolia, Chinese Ambassador to Mongolia Xing Haiming said at the opening ceremony of the exhibition.

The show is part of a series of activities to celebrate the anniversary and it will introduce Chinese culture to the Mongolian people and promote friendly cooperation between the two countries, said Xing.

"Cultural activities are essential to strengthening relations and cooperation between countries in various sectors and deepening mutual understanding between their peoples," Bold Sergelen, head of the Cultural Policy Department of the Mongolian Ministry of Education, Culture, Science and Sports, said at the opening ceremony.

A joint statement released by the Ministry of External Affairs said that the agreement on space exploration would “…provide a framework for expansion of mutually beneficial cooperation particularly in the fields of remote sensing, satellite communication, and applications of space technology in areas including resource management, weather forecasting and disaster management and etc.”.

In 2015, Prime Minister Narendra Modi visited Mongolia, which strengthened bilateral relations between the two countries, which are governed by the Treaty of Friendly Relations and Cooperation, signed in February 1994.

Mongolia and space
An MoU similar to the one signed Thursday was signed in 2004 between the Department of Space, Government of India and the Ministry of Infrastructure, Government of Mongolia. That agreement provided a framework for the two countries in the areas of space science and technology.

It included activities in the areas of satellites, sounding rockets, balloons and ground facilities for space research. “The agreement also covers studies related to satellite communications, satellite-based remote sensing and satellite meteorology, satellite ground stations and satellite mission management, training facilities and exchange of scientists,” according to information on the website of the Indian Space Research Organisation (ISRO).

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In April 2017, Mongolia launched its first satellite, the Mongol Sat-1, in partnership with telecom and broadcast provider Asia Broadcast Satellite, in order to “diversify its resource-dependent economy”. Later that same year, it launched a ‘CubeSat’ miniature satellite called Mazaalai, named after the highly endangered Gobi bear of Mongolia.

Mazaalai was launched as part of the SpaceX CRS-11 mission, carried on a Falcon 9 rocket that lifted off from the Kennedy Space Centre in Florida, United States. CubeSats are meant for space research, and Maazalai was launched along with CubeSats from Japan, Nigeria, Ghana, and Bangladesh.

The central aim of Mazaalai was to be able to conduct independent space research, develop accurate maps, and to be able to prevent natural disasters.

Mr. Soon Tak Suh said that he is grateful to local authorities of Tov aimag supporting establishment of the first international campus of the University of Seoul in the aimag as a result of conducting researches in several Asian countries such as India, Indonesia and Vietnam. "Construction works will be commenced from 2020 and the first enrollment is plannedin 2023. Students of the university will be involved in 3+1 program or three years’ study in Mongolia and internship in the Republic of Korea. The university will offer wide range of programs in specializations of smart city planning, architecture, ICT e-governance and agriculture.”

"We have a good practice on establishing joint school with foreign country and developing it in forms of campus" noted the Minister, mentioning in particular, the German-Mongolian Institute for Resources and Technology. Minister. Yo.Baatarbileg stressed that the project is special as it would be implemented in rural area and significant to decentralize capital city. He pledged to render policy support and give related permissions according to Mongolian laws and regulations.

Present at the meeting were Governor of Tuv aimag J.Batjargal, Executive director of Mongolia-South Korean Economic Forum T.Buyan-Undrakh, President of the UOS Alumni Association Song Jae Hu and President of International School of Urban Sciences Pak Hyon.

As of now, 25 Mongolian students have enrolled in the University of Seoul, which has 101 years of history and some of them have already graduated and returned their home country.