In early afternoon trading in New York, copper for delivery in July touched a low of $2.62 a pound ($5,775 a tonne), down nearly 2% from Tuesday’s settlement. Copper is now trading more than 20% below levels seen this time last year, technically placing the bellwether metal in a bear market.

Frank Holmes, CEO of US Global Investors, a Texas-based investment company with a long track record in the gold and resource sector, points out in a blog post that the global gauge of manufacturing activity gave the worst reading in seven years in May.

The global Purchasing Managers Index (PMI) slid to 49.8 last month, signalling contraction in factory activity globally for the first time since 2012.

While technically in expansion mode (a reading above 50) US May PMI recorded its worst print since the aftermath of the 2008/09 global financial crisis.

China’s official PMI figures also slid below 50 last month with the employment sub-index tumbling to its lowest level in more than a decade. With the country consuming nearly half the world's copper, the price of the red metal is closely correlated with domestic factory conditions.

According to a new World Bank report, the value of global trade for 2019 has been revised down a full percentage point, to 2.6% — slightly below the pace observed during the 2015-16 trade slowdown and the weakest since the global financial crisis.

The Company has signed a seismic services contract with Mongolian company Micro Seismic. The contract will cover a ~120 km 2D program that targets specific drilling leads (rather than prospects – as advised to the market on 8 May 2019) and is scheduled to commence post final regulatory approvals.

Microseismic have prior experience in acquiring seismic in Elixir’s licence area (for mining companies) and the Company looks forward to working with them over the coming months.

The Company has also recently received formal responses to its drilling tender process which closed last Friday. There were five respondents, which comprised one international drilling company and four Mongolian companies.

In recent days, a number of non-complying approaches have also been received. These responses are currently under review and the Company aims to select a drilling contractor by the end of June.

The drilling campaign, comprising up to three fully tested coal bed methane (CBM) coreholes, will closely follow the seismic program and is currently expected to commence in or around September 2019.

The approvals process continues to progress, with the Company recently completing a Detailed Environmental Impact Assessment (DEIA) for the Nomgon IX area and which has now been lodged it with the Ministry of Environment and Tourism for review and approval. The Ministry’s sign-off of the DEIA is the final regulatory approval Elixir requires prior to the commencement of physical exploration activities.

Elixir’s Managing Director, Mr Neil Young, said:

'Our exploration program in Mongolia is progressing in line with our plans for 2019, which are of course now fully funded. Our engagement processes with local contractors continues to identify strong in-country capabilities. We are targeting specific CBM drilling targets and the seismic program not only supports the refinement thereof but is also designed to support the resource upgrading a successful drilling campaign will deliver'.

The BoM is continuing to inject liquidity to strengthen the weakening exchange rate of the MNT, as well as holding a policy to increase foreign currency reserves. Although the FX reserves have increased by 3-4 times over the past three years, international organizations previously estimated FX rates to stabilize if the reserve expanded by another USD 1-2 billion. Accordingly, the greenback reserves, which currently stands at about USD 3.8 billion, need to to reach at least USD 5.5 billion in the following years.

As of April 18, the BoM purchased USD 660 million from "Oyu Tolgoi", "Erdenet Mining Corporation" and "Erdenes Tavan Tolgoi" LLC this year.

The strategic deposits have a benefit of bringing in foreign currency into the economy that has no available room for making profits except from exporting minerals. Therefore, the private sector representatives were able to raise funds via loan notes in the international market and to expend the accumulated exchanges in the domestic financial markets for the past few months.

Trade and Development Bank of Mongolia, the first private entity that brought in FX notes from foreign investors to Mongolia, is aiming to raise USD 300-400 million bonds from the international market. Tavan Bogd Group is also planning to draw an investment with a net amount of USD 150 million.

The parties reviewed current state of bilateral cooperation in politics, defense, economy, trade, investment, mining, agriculture, construction, infrastructure, education, culture and humanities, discussing further actions.

Minister D.Sumiyabazar emphasized that Canada has been actively supporting Mongolia’s democracy and transition, becoming one of the major investors in Mongolia. It was also highlighted that Canada is an important part of the country’s third neighbor policy.

The sides noted that mining sector will remain as priority of bilateral cooperation and emphasized the importance of furthering diversification of economic cooperation, expanding agricultural cooperation and increasing bilateral trade.

Mongolian side expressed gratitude for the fruitful programs implemented in Mongolia under the Development Program of Canadian Government. The parties exchanged views on improving effectiveness and expanding the scope of cooperation.

Minister D.Sumiyabazar also expressed appreciation for the development of ice hockey in Mongolia, emphasizing the opportunities to expand relations and cooperation in winter sports and judo in the future, strengthening people-to-people relations through sports and cultural exchange.

The parties have been organizing roundtable meetings alternately in two capitals every two years since 2003.

Hunnu Air is a privately-owned Mongolian airline that performs more than 70% of overall domestic scheduled services from its Ulaanbaatar hub, as well as supplying charter flights to Mongolian mining sites, including Oyu Tolgoi. The company also conducts international scheduled and charter services to neighboring countries, such as Russia and China.

CDB Aviation is a wholly owned Irish subsidiary of China Development Bank Financial Leasing, a 35-year-old Chinese leasing company that is backed mainly by the China Development Bank.

A meeting of the TRAM project – Trade Related Assistance for Mongolia (EU TRAM) – last month discussed establishing a yak and camel wool cluster to manufacture end products and promote them overseas.

According to the Mongolian National Chamber of Commerce and Industry, the aim is to create high-standard products as competitive as Mongolian cashmere goods.

Launched in March, 2018, EU TRAM is a four year project, worth almost EUR 5 million with the aim of increasing and expanding Mongolian products, and contributing to sustainable economic growth and development of the country. It has special focus of specific products/sectors with high potential export.

Mongolia has preferential duty-free access to the EU market under GSP+ scheme, yet there is low usage of these benefits due to low capacity of Mongolian products to fulfill EU market requirements. This is largely due to the lack of necessary standards and regulations.

Global costumers already felt that Mongolian cashmere and wool products are pure natural with zero harm to health besides warmness and well-fitting. (source: just-style)

Recognized as an Olympic, it is the first time for the 3x3 Basketball World Cup to be organized in Mongolia.

The tournament is being organized under the auspices of Prime Minister U.Khurelsukh in the capital city.

PM U.Khurelsukh participated in the opening ceremony of the 3x3 U18 World Cup and gave a speech “I express my gratitude to the International Basketball Association (FIBA) for giving the right to organize the World Cup in Mongolia. The FIBA 3x3 U18 World Cup is being broadcast live to over 160 countries in the world. I wish good luck to the teams of 34 countries that are participating in the tournament”.

A total of 40 teams--20 men’s and 20 women’s teams from 34 countries are competing in the U18 World Cup. The winners will be determined on June 7.

“Trade turnover of Mongolia reached USD 4.1 billion as of last April and it is an insufficient result that the country is engaging in trade with Kazakhstan equal to 0.2 percent of it. Therefore, we should not lose the opportunity to cooperate with Kazakhstan. There is room for two countries to collaborate supporting each other,” MNCCI President O.Amartuvshin said.

"I have no doubt that direct flight being conducted to Kazakhstan would open an air way to reach Arab countries and Europe and the number of fights to other countries passing through Nur-Sultan would be increased. Properly resolving issues of direct transportation logistics between the two countries is the main factor to back trade turnover between Mongolia and Kazakhstan," he added.

To support regional cooperation, Mongolian part intends to put request to the Eurasian Economic Union (EAEU), in which Kazakhstan has a membership status, to give preference on transportation logistics, which is crucial condition for Mongolia. The request will be put forward to the EAEU during a meeting to be held soon in Kazakhstan and Krasnoyarsk, Russia.

Representatives of ‘Eurasian foods’ and ‘Sultan marketing’ food production companies, ‘Saryarka Autoprom’ and ‘Hyundau comtrans Kazakhstan’ automotive companies, ‘Izoterm’ building insulation material producer, ‘Bal textile’, ‘Byomer’ and ‘Jas-Kanat’ metallurgical companies, ‘Minova Kazakhstan’ mining company, ‘TK Pharm’ and ‘Fores’ window and door manufacturing companies are attending from Kazakhstan in the business meeting.

As of November, 2018, bilateral trade turnover reached USD 74.4 million. Among export products of Kazakhstan to Mongolia, tobacco makes up 20.3 percent, sanitary products 19.1 percent, washing powder and cleansing agent 12.6 percent, wheat flour and rye flour 7.8 percent and other groceries and petroleum products 4.1 percent respectively.

The students who are proficient in English are expected to provide foreign tourists with all the information they need and protection-related services during the tourism peak season or until the end of August. They started working on Monday under an annual program launched six years ago, which is aimed at making Ulan Bator a safer place for foreign visitors.

"Majority of foreign tourists visiting Mongolia travel through the capital city. So, ensuring the safety of tourists is one of the priorities for us," Tsend Enkhtuvshin, deputy head of Ulan Bator's tourism department, told Xinhua.

"In an effort to attract more tourists by creating a safer environment, we are running the program called "Student Police" in collaboration with Ulan Bator's police department for the sixth year in a row," he added.

The program has helped reduce the tourist-related crime in the capital city, the local police department said.

To diversify its mining-dependent economy, Mongolia has been striving to develop tourism in recent years. Official data showed the East Asian country received 529,370 foreign tourists in 2018, up 11 percent from the previous year, while earning over 596 million U.S. dollars, an increase of 29.6 percent.

Mongolia has set a goal of attracting 1 million foreign tourists and earning 1 billion dollars in tourism revenues by 2020.

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