Mongolia Business Focus
A digest of key Mongolian business news & information
4th February 2013
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A selection of key articles, information and links of interest from the last 7 days regarding the business and risk environment of Mongolia compiled by analysts at EBM Consulting ( http://www.ebmconsulting.com.hk ). EBM provides market entry, pre M&A, pre JV, enterprise risk and enhanced due diligence services in frontier markets across Asia including Myanmar (Burma), Vietnam, Indonesia and the PRC, with Mongolia a specialty.
Sections:
- Business & Economy
- Mongolian Language Media News
- Mining & Investment
- Politics & Security
- Upcoming Events
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Business & Economy
At the Capitol: Unable to leave Mongolia, exec seeks Minnesota?s help
(Ref: Twin Cities, 02 Feb, 2013) An American businessman who says he is being prevented from leaving Mongolia, where he is considered a potential witness in a corruption case, has asked for help from the congressional delegation in his home state of Minnesota.
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Mongolia-Japan Business Forum in Tokyo on February 18-22, 2013
(Ref: Info Mongolia, 01 Feb, 2013) The Ministry of Land, Infrastructure, Transport and Tourism of Japan in association with Mongolia Ministry of Construction and urban Development, and City Governing Office is hosting a ?Mongolia-Japan Business Forum? in construction sector in Tokyo on February 18-22, 2013.
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Bank of China Opens Mongolia Branch
(Ref: UB Post, 01 Feb, 2013) The Bank of China, one of the four large Chinese state-owned commercial banks, opened a branch in Mongolia yesterday. The opening ceremony was attended by top Chinese legislator, Wu Bangguo.
Mongolia: Advancing the Rule of Law Key to Economic Success
(Ref: The Foundary, 01 Feb, 2013) The Economist recently predicted that Mongolia would have the second-fastest-growing economy in the world in 2013. Mongolia has been developing a modern and vibrant economy with a rapidly growing mining sector, which has generated double-digit growth rates for the country in recent years.
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Sky-high ICT goals in Mongolia
(Ref: Spyghana, 01 Feb, 2013) Cabinet approval for Mongolia?s first satellite in late 2012 makes clear the height of the country?s ambitions for improving information and communications technology (ICT) provisions. Although a satellite launch is an ambitious objective, improving on-the-ground infrastructure will prove to be just as significant, and as challenging.
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FINANCE MONGOLIA 2013 to be held on 22-24 February
(Ref: Business-Mongolia, 30 Jan, 2013) Following the rapid economic growth in Mongolia, development and sophistication of financial institutions and their services in the country are becoming prevalent. More than a dozen commercial banks, eighty or so non-banking financial institutions, around 200 savings and credit cooperatives, 34 broker and security firms, four leasing companies, and sixteen insurance companies are active in the financial sector.
Australia lifts role in Mongolia
(Ref: Asia Times, 30 Jan, 2013) While Western financial blogs in 2012 decried the rise of Mongolian resource nationalism as well as continuing corruption in Mongolia?s mining sector, Australia, cautiously yet successfully, has maneuvered through the same environment to significantly increase its investment and political footprint.
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Mongolian Language Media News
Mongolian language media articles translated by EBM researchers
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N.Galt former Representative of MIAT in Japan requests citizenship
(Ref: mminfo.mn, 4 Feb, 2013) N.Galt former Representative of MIAT in Japan, who is said to have initially transferred funds for ??War Risk Insurance? to Japan and transferred it back to Mongolia, is wanted by the police.
He has been living in Japan since he resigned as the Representative of MIAT in Japan. There is information that he purchased real estate properties for some people who are involved in this case, when he was working for MIAT in Japan.?
According to the latest information, N.Galt has the right to live permanently in Japan with his family and he requested citizenship from the Immigration Service of Japan after the sensation broke regarding money-laundering.??
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Erdenes Tavan Tolgoi?s Deputy Directors dismissed
(Ref: gogo.mn, 30 Jan, 2013) A Board meeting of Erdenet Tavan Tolgoi was held in last week. Some decisions to reduce expenses were made at the meeting, and two Deputy Directors were dismissed as well.
According to source information, Erdenes Tavan Tolgoi had four Deputy Directors and two of them Graeme Hancock and another Mongolian Deputy Director were dismissed.?
It has been decided not to appoint people to positions of the two Deputy Directors until the financial situation has improved.
Additionally the company has released a rental office building to reduce expenses.
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23 entities get involved in a money-laundering case regarding MIAT
(Ref: medee.mn, 30 Jan, 2013) As of today, there are totally 23 entities which are involved in a money-laundering case regarding MIAT. It?s said, former shareholders of Mongolian Airlines LLC were namely Ch.Khorolsuren, Bodi Group, and MAK Group, but all shares were transferred to Bodi Group in 2011.
Kh.Battulga is said to have owned shares behind of Ch.Khorolsuren. Some people say, Mongolian Airlines is a joint-venture company of Bodi Group?s L.Bold, Jenco?s Kh.Battulga, and MAK?s B.Nyamtaishir.???
However, recently there is a rumor going around that L.Bold sold his company?s shares to MAK to avoid the issues.
Mongolian Airlines was under protection of the former ruling party MPP for the past two years. Particularly, D.Sugar former Chairman of the State Property Committee and S.Bayar former Prime Minister.
It?s said, the money-laundering case regarding MIAT was revealed by a high official of the Ministry of Road, Transportation, and Construction at the end of 2010 and the high official sent a request to the State Investigation Office to conduct investigations in January 2011; however the request was hidden by some influential high officials and neither conducted any investigation nor supported by any law enforcement organizations.
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A man who issues flight permission for international flight to Mongolian Airlines is ?Jenco? Kh.Battulga
(Ref: sonin.mn, 29 Jan, 2013) Ts.Orkhon former director of MIAT (state-owned), Ch.Khorolsuren director of Mongolian Airlines (private) are being investigated in a money-laundering case regarding MIAT. D.Sugar former Chairman of the State Property Committee is also involved in the case.
Recently, Ts.Nyamdorj MP and former Minister of Justice and Internal Affairs claimed that Kh.Battulga had issued flight permission for an international flight to Mongolian Airlines when he was Minister of Road, Transportation, and Construction. Actually, Kh.Battulga attended opening ceremony of Mongolian Airlines in 2011, and Mongolian Airlines carried guests who attended his daughter?s wedding ceremony from Ulaanbaatar to Khuvsgul Province?s river beach.
There is a rumor that Jenco Group has previously owned a part of shares and sold it to MAK LLC when it was becoming complicated.
Bodi Group which is owned by L.Bold MP and Minister of Foreign Affairs, and M.Zorigt MP still owns major shares of Mongolian Airlines and the management is executed by Bodi Group.?
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Mining & Investment
Oyu Tolgoi announces production of first batch of copper concentrate
(Ref: Business-Mongolia, 04 Feb, 2013) Oyu Tolgoi President and CEO Cameron McRae announced last Friday that the Oyu Tolgoi Copper Concentrator produced its first batch of concentrate on schedule just one month after its commissioning. Mr.McRae noted ?This is a big milestone for the project. We commissioned the concentrator, the largest and most technologically advanced machine ever built in Mongolia, on 27 December and have now produced the first concentrate.?
Ts.Elbegdorj: Oyu Tolgoi should help Mongolia prosper, not leave it with a scar
(Ref: UB Post, 04 Feb, 2013) The President of Mongolia Ts.Elbegdorj has made a statement regarding the need for greater transparency and improved management of the Oyu Tolgoi Project. His statement was made at the open parliament meeting on Friday where he listened to the issues regarding Oyu Tolgoi presented by government officials.
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Copper Trade Most Bullish in 15 Months on Recovery: Commodities
(Ref: Unuudur, 03 Feb, 2013) Twenty-five analysts surveyed by Bloomberg expect prices to rise next week and five were bearish, making the proportion of bulls the highest since Oct. 14, 2011. Copper climbed to a three-month high today after data released in January showed faster economic growth and higher profits for industrial companies in China, the biggest user of the metal.
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Shareholders? Panel Meeting with Rio Tinto Group is Scheduled on February 06, 2013
(Ref: Info Mongolia, 01 Feb, 2013) On January 31, 2013, authorities of the Ministry of Mining of Mongolia led by its Minister D.Gankhuyag have called a press conference regarding the upcoming meeting between the Government of Mongolia and representatives of the Rio Tinto Group.
CHALCO threatens legal action against Erdenes Tavan Tolgoi
(Ref: UB Post, 31 Jan, 2013) The President of China Aluminium International Trading Co Ltd (Chalco Trading), Li Dongguang, who is overseeing the deal between CHALCO and ETT, said at a press conference on Monday that ?If they maliciously breach the contract in order to seek their unilateral interest and neglect the interests of the other side, compensation will have no upper limit. In that case, we would take legal action.?
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Mongolia to produce 35 Million tonnes of coal by 2015
(Ref: Business-Mongolia, 30 Jan, 2013) Mongolia delivered about 17 million tonnes of coal in 2012 and will double to 35 million by 2015 and 42 million tonnes a year by 2020, according to the latest estimation of UBS commodities.
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Politics & Security
Suspect of MIAT case requested to go on bail
(Ref: News.mn, 04 Feb, 2013) Local reports say that the detention terms for the eight suspects in the MIAT money laundering case have been extended. The Office of the Prosecutor General commented that ?the detention term for suspects is not over. Therefore such issue have not been raised? yet,? on the report.
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Mongolian Military Peacekeepers to Receive a One-Time Compensation
(Ref: Info Mongolia, 01 Feb, 2013) In the frames of the regulation of peacekeeping operations, the Minister for Defense of Mongolia Dashdemberel BAT-ERDENE issued a decree ? Monentary Allocation for an Official Usage to Peacekeeping Participants? which is effective from February 01, 2013.
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UNAIDS applauds Mongolia for removing HIV-related travel restrictions
(Ref: UN News, 01 Feb, 2013) The United Nations Joint Programme on HIV/AIDS (UNAIDS) has welcomed the recent law reforms in Mongolia that have removed all travel restrictions and other discriminatory provisions for people living with HIV.
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Mongolia and Hong Kong talks collaborating against crime
(Ref: UB Post, 31 Jan, 2013) Prosecutor General of Mongolia D.Dorligjav is paying a working visit to Hong Kong at the invitation of Director of Public Prosecutions of the Department of Justice of the Hong Kong Special Administrative Region Kevin Paul Zervos. Prior the visit, the Mongolian delegates met Kevin Paul Zervos and hold bilateral talks onsigningagreements to promote mutual legal assistance and exchange experiences in related fields.
Wu Bangguo Arrives in Ulan Bator for Official Goodwill Visit to Mongolia
(Ref: Ministry of Foreign Affairs of PRC, 30 Jan, 2013) At the invitation of Zandaakhuu Enkhbold, chairman of the Mongolian State Great Hural, Wu Bangguo, chairman of the Standing Committee of the National People?s Congress of China, arrived in Ulan Bator on the morning of January 30, 2013 for his official goodwill visit to Mongolia, his second to the country in 16 years.
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Azerbaijan, Turkey, Kyrgyzstan, Mongolia form Armed Forces of Turkic States
(Ref: Vestnik, 29 Jan, 2013) Azerbaijan, Turkey, Kyrgyzstan and Mongolia have formed the Armed Forces of Turkic States with a horse as their symbol. The agreement to form the joint armed forces was signed at a conference of the Association of Law Enforcing Structures of the Military Status of Eurasia on January 23.
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Ts.Elbegdorj meets President of Swiss Confederation
(Ref: UB Post, 28 Jan, 2013) The President of Mongolia Ts.Elbegdorj, who has attended the World Economic Forum in Davos, Switzerland, met with the President of Swiss Confederation Ueli Maurer and shared opinions on the bilateral cooperation and relationship regarding the direction of democracy and its situation in Mongolia.
Upcoming Events
Coal Mongolia 2013 (21-22 Feb 2013)
It is the first conference where newly elected government will present its policy and direction on coal mining sector. The International Conference and Exhibition ?Coal Mongolia? has become the biggest coal conference in Mongolia and it has been a great opportunity to explore the Mongolian coal industry.
Venue: SS-Convention center, Ulaanbaatar, Mongolia
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Asia Mining Congress 2013 (12-15 Mar 2013)
The Asia Mining Congress is the region?s leading mining investment event connecting the most important global mining stakeholders with Asian opportunities and capital. In its 9th year, AMC attracts 2,000+ participants and will continue to offer the most authoritative agenda and targeted networking for you to do business with the mining and investment community in Asia.
Venue: Marina Bay Sands Convention Centre, Singapore
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The 3rd Annual Miner and Supplier (14-15 March, 2013)
?Ministry of Economic Development? and ?Mongolian Mining Exchange? are jointly orginizing the 3rd forum about mining procurement which named ?Miner & Supplier 2013? in 14 and 15 March of 2013. This forum has been supported and contributed by mining business companies and governmental organizations since its first organizement.
Venue: Chinggis Hotel, Ulaanbaatar, Mongolia
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Mines and Money Hong Kong 2013 (18-22 Mar, 2013)
Mines and Money Hong Kong is where mining companies from around the world come to raise capital in Asia and meet with investors from Hong Kong and mainland China. Cementing its position as a major fixture on the global mining investment circuit, Mines and Money Hong Kong 2013 will bring together over 3500 institutional investors, mining entrepreneurs, brokers and investment analysts for five days of high-value networking, investment analysis and deal-making.
Venue: Hong Kong Convention & Exhibition Centre
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Mongolia Investment Summit (16-18 April, 2013)
With major investors, government officials and mining companies providing insights and discussions at the Mongolian Investment Summit in London you will gain important answers to these questions and more.
This is your chance to meet with and hear from the government, small and large cap miners and other sectors offering fantastic investment opportunities while hearing the fund managers and corporate financiers assessment to put you in the best position to identify high growth investments in Mongolia.
Venue: Kensington Close Hotel, London
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Mongolian Mining Summit 2013 (01 ? 03 Oct, 2013)
Mongolian Mining Summit 2013 will cover a range of topics and issues, including, but not limited to: Investment opportunities and partnerships, Mongolian government role in promoting and encouraging the mining industry, Strategic alliances between Australian and Mongolian entities and so on. Specialist, focused workshops will also comprise a critical part of the conference, as well as organised field trips.
Venue: to be Confirmed, Perth, WA
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About ?Mongolia Business Focus?
Mongolia Business Focus is a periodic compilation of news and enterprise risk related articles associated with Mongolia. The articles are compiled and distributed by frontier market specialists EBM Consulting, market entry & enterprise risk consultants (www.ebmconsulting.com.hk). EBM has offices in Hong Kong and Ulaanbaatar and associates in 55 countries worldwide. We have over 4 years of experience supporting companies and investors making informed business decisions in Mongolia through the provision of due diligence and related services.
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Source: http://www.ebmconsulting.com.hk/ebm-news/mongolia-business-focus-4th-february-2013-2/
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