Mongolia's foreign trade up 17 pct in Q1 www.xinhuanet.com

ULAN BATOR, April 9 (Xinhua) -- Foreign trade turnover in Mongolia rose to 17 percent year on year in the first quarter of this year, the Mongolian Customs General Administration (MCGA) said Tuesday.

Mongolia mining minister rules out Oyu Tolgoi deal changes www.ft.com

Mongolia’s minister of mining and heavy industry has appeared to rule out making changes to the investment agreements that underpin the development of the giant Oyu Tolgoi copper project.

Dolgorsürengiin Sumyaabazar told the country’s leading TV channel MNB that the $5.3bn underground expansion of the mine should be based on the existing contracts between the government and Anglo Australian miner Rio Tinto.

“As the minister of this sector I see that further investment in the mining sector directly depends on this project,” according to a translation of the TV transcript. “Various people with various backgrounds express their own opinions related to Oyu Tolgoi agreements. But we won’t terminate the Oyu Tolgoi agreement.”

His comments come after a parliamentary working group delivered a report on Oyu Tolgoi to the country’s National Security Council that recommended scrapping one of the agreements and amending another.

The deals in question set the initial ground rules for the development of the project in the Gobi desert and the underground expansion, which is running behind schedule.

“For our country whose fragile economy is based on the mining, we need to improve, sit behind the table and negotiate, make proper steps to support each other to successfully carry this large project,” said Mr Sumyaabazar.

He added that the expansion of Oyu Tologi needed to be seen in a wider context, citing Mongolia’s plans to float its Tavan Tolgoi coal project on a foreign stock exchange.

“During this delicate time along with current issues, we need to properly think and deliver the decision on Tavan Tolgoi project and Oyu Tolgoi project,” he said.

Arnaud Soirat, the head of Rio’s copper and diamonds business, welcomed the decision by the ministry of mining. Separately, he also provided some more details on the delays to the underground expansion at Oyu Tolgoi.

“In a $5.3bn construction project you can expect some challenges, and difficult ground conditions have slowed progress in some areas of the underground development,” he told delegates at a major copper conference in Chile.

“We’re adjusting our mine design as we progress — integrating new geotechnical data than was available during surface drilling. This data reveals there are areas where the strength of the rock is more variable than anticipated in the feasibility study requiring potentially significant design changes.”

“We welcome the Mongolian Government’s recognition of the importance of these agreements, with the Minister of Mining highlighting in comments overnight that they not only underpin the OT project but the strong economic future mining can deliver for the country.”

Rio is expected to provide an update on the underground expansion, detailing the length and cost of the overrun, when it reports interim results in August.

Oyu Tolgoi is one of Rio’s most important growth assets. It controls the mine through a majority stake in a Canadian-listed company called Turquoise Hill.

Australian Chamber of Commerce Mongolia (AustCham Mongolia), in cooperation with the world’s largest director institute, the Australian Institute of Company Directors (AICD) executive level Program www.austchammongolia.com

Australian Chamber of Commerce Mongolia is proud to announce an internationally recognized executive program – “International Foundations of Directorship” – to be held in Mongolia in cooperation with the Australian Institute of Company Directors (AICD).

Towards a mercury-free future in Mongolia and the Philippines www.unido.org

ULAANBAATAR, 8 April 8 2019 – With twenty per cent of the world’s gold supply produced by artisanal and small-scale miners, urgent action is needed to reduce the environmental impact of the sector, as well as to protect the health and well-being of the millions of men, women and children working in the industry, according to the backers of a new project to reform the artisanal and small-scale mining (ASGM) sector in Mongolia and the Philippines.

Launched today, the $60-million Contribution Toward the Elimination of Mercury in the Artisanal and Small Scale Gold Mining Sector: From Miners To Refiners project will work to formalize the sector in the two countries, supporting miners to access markets for responsible gold, as well as to move to mercury-free mining and processing. The ASGM sector is the single largest source of man-made mercury emissions, responsible for the release of as much as 1,000 tonnes of the element to the atmosphere every year and exposing millions of miners and processors to potential mercury poisoning.

“The launch marks the beginning of a robust cross-sector initiative that will drive the sector towards a more inclusive, formalized, technology-led, and healthy workforce,” Batbayar Tserendorj, Vice Minister of Environment and Tourism of Mongolia said.

As many as 60,000 people are employed in artisanal and small-scale gold mining in Mongolia – one third of the rural workforce – indirectly supporting another 180,000 people and producing 46 per cent of the country’s gold output. In the Philippines, the sector produces 70 per cent of the nation’s gold, with 500,000 miners providing livelihoods for some 2 million people in total. Part of the international GEF GOLD Programme, the Mongolia-Philippines project is led by UN Environment and the United Nations Industrial Development Organization (UNIDO), working in collaboration with the Artisanal Gold Council and the governments of Mongolia and the Philippines, and supported with financing from the GIobal Environment Facility, Argor Heraeus, and the International Labour Organization.

“The GEF GOLD programme is taking a global yet comprehensive approach, ensuring effective tools and mechanisms are in place for artisanal and small-scale mining communities to continue to prosper while preserving their base resources – the environment and their own health,” GIobal Environment Facility Director of Programmes, Gustavo Fonseca, said.

UN Environment Chemicals and Health Branch Head, Jacob Duer, said the GEF GOLD Mongolia-Philippines project would deliver both global and local benefits, reducing mercury emissions by 40 metric tons over five years, while tackling threats to miners’ health, mercury pollution of water sources, and damage to ecosystems.

“Having launched the global GEF GOLD programme in London last month, now is time to roll up our sleeves and take on the work of building a better artisanal and small-scale mining sector starting in Mongolia and the Philippines,” Duer said.

Stephan Sicars, Director of the Department of Environment at UNIDO, said mercury use in the ASGM sector is certainly a concern for national governments because it has a substantial and long-lasting impact on the global environment. "Therefore, replication and upscaling of the use of mercury-free mining technologies in both Mongolia and the Philippines is key to ensure the effectiveness and sustainability of the project. Training on better practices will be provided on mining, gender, environmental, legal and management to support miners moving toward formalization and financial sustainability."

For further information, please contact:

Ludovic Bernaudat, UN Environment

Mongolia to encourage gold sale to banks www.menafn.com

(MENAFN) The Mongolian central bank commenced a plan to last for six months that aims at promoting the sale of gold by gold miners and persons to banks.

Elimination of Mercury in Artisanal and Small-Scale Gold Mining project launches www.montsame.mn

Wolf Totem tops American iTunes chart of rock songs www.montsame.mn

Ulaanbaatar/MONTSAME/ A song ‘Wolf Totem’ by The Hu, heavy metal band of Mongolia, topped a chart of the American iTunes top 100 rock song downloads as of April 7, 2019. The band’s two videos on Youtube released in the fall of 2018 have had about 18 million views.

Formed in 2016, The Hu plays with traditional Mongolian instruments, including Morin Khuur, alongside Mongolian throat singing. They call their style of music ‘hunnu rock’, hu being a Mongolian root for ‘human’.

The band’s producer is B.Dashdondog, Mongolia’s honored artist and singer.

New water sports centre to meet international standards www.montsame.mn

Ulaanbaatar /MONTSAME/. A water sports centre with two swimming pools of 25 metres and 50 metres is to be built in Ulaanbaatar to meet international standards to hold international competitions. Governor of the Capital City S.Amarsaikhan, Director of the Organising Committee of the Children of Asia International Sports Games 2020 D.Jargalsaikhan and President of the Mongolian Amateur Swimming Federation P.Batsaikhan signed a tripartite memorandum of cooperation on April 5.

BoM announces to dissolve Capital Bank www.zgm.mn

The Bank of Mongolia (BoM) issued an ordinance to close down Capital Bank of Mongolia and appointed the holding company.

Mr. Batsaikhan, director of the Supervision Department of BoM estimates that the non-performing loans of Capital Bank have amounted to MNT 208 billion, which is equivalent to 80 percent of the total loan portfolio.

Deposit and saving accounts of Capital Bank totaled MNT 20 million and have been insured and guaranteed. Therefore, 99.5 percent of current account holders and depositors are fully protected from loss. The Savings Insurance Corporation has decided to issue a compensation payment of the Capital Bank by Khaan Bank based on the bank deposit insurance law.

Furthermore, the insured and deposit accounts of Capital Bank will be transferred to Khaan Bank LLC and customers will be able to receive the bank’s service. For the people who drew loans, payment of the loan and interest will continue as before.

The Deposit Insurance Corporation Fund has accumulated MNT 421 billion, which will compensate citizens and businesses for their savings.

As of February 28, Capital Bank is composing 1.1 percent of total banking system assets with 28 branches, 165,257 current accounts holders, and 56,164 deposit holders.

Rio Tinto details $42.8 billion of direct economic contribution and $6.6 billion of taxes and royalties paid globally in 2018 www.riotinto.com