Mongolia recognizes market economy status - Latest Business, economy, stocks, finance news from Vietnam on TuoiTreNews

Mongolia recognizes market economy status - Latest Business, economy, stocks, finance news from Vietnam on TuoiTreNews: "Vietnam and Mongolia have officially recognized their market economy status in a bid to enhance the bilateral traditional friendship and cooperation.

During his reception for Mongolian Ambassador to Viet Nam, Dorj Enkhbat, Deputy Foreign Minister Bui Thanh Son said the reations between the two countries have been flourishing over the past 60 years."

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Mongolia’s Tavan Tolgoi Coal Field Deadline Delayed to Mid-2013 - Bloomberg

Mongolia’s Tavan Tolgoi Coal Field Deadline Delayed to Mid-2013 - Bloomberg: "Mongolia may delay the selection of companies to develop part of the nation’s biggest coal field to the middle of 2013 from the end of this year, a government mining official said.
Bidders for the West Tsankhi area of the Tavan Tolgoi deposit “have proposed very attractive offers and the government will discuss with each of them in detail and decide which offer has higher value,” Nemekhbayar Enkhbayar, head of the economy, finance and investment division in the Ministry of Mines, said in an interview in Hong Kong today. “We have to take the geographical situation into account and Chinese companies have big advantages on this.”
Companies such as Peabody Energy Corp. (BTU), China’s Shenhua Group Corp. and Japan’s Mitsui & Co. (8031) have expressed an interest in developing the field. Mongolian President Tsakhia Elbegdorj set an end-of-year deadline for picking the successful bidders in July."

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TEXT-Fitch affirmed Mongolia's XacBank at 'B';outlook stable | Reuters

TEXT-Fitch affirmed Mongolia's XacBank at 'B';outlook stable | Reuters: "Nov 20 - Fitch Ratings has affirmed Mongolia-based XacBank LLC's (XacBank) Long-Term Issuer Default Rating (IDR) at 'B' and its Short-Term IDR at 'B'. The Outlook is Stable. A full list of rating actions is provided at the end of this commentary.

The ratings capture XacBank's ongoing business model changes and the likely pressure this will bring on its asset quality, liquidity and capital. XacBank, a traditionally microfinance institution, is increasing riskier SME lending which will likely lead to higher loan concentration and impairment rates (H112: 1.8% as per IFRS, 2011: 1.2%). In addition, it increases XacBank's vulnerability to changes in the operating environment and the economy due to the nature of SME lending and the bank's limited expertise in the area."

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Filipino invention to help Mongolians breathe free - Manila Standard Today

Filipino invention to help Mongolians breathe free - Manila Standard Today: "Mongolia, one of the world’s top 10 countries with the worst air quality, is adopting Filipino technology to help improve the health of people in its urban centers.

Eco-G NanoTechnology (Philippines) and Erdene & Gochioco LLC Company (Mongolia) signed an memorandum of agreement to avert the life-threatening conditions due to fuel emmisions.

Representing the Mongolian firm are Lawrence Gochioco, executive director, and Erdenechimeg Yadamdorj, general manager, who signed the agreement with their counterparts Eco-G president Alexander Cayaba and chief finance officer Celestino Palma III.

“Mongolia needs to employ innovative technologies developed by other countries.  The Eco-G3000 is a novel low-cost and low-maintenance device that addresses our challenges in gas saving and cutting auto emissions significantly,” Yadamdorj said. “Field tests conducted during my visit in Metro Manila convinced me that the system works.”"

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The FINANCIAL - Mongolian banks support reforms to increase SME lending

The FINANCIAL - Mongolian banks support reforms to increase SME lending: "The FINANCIAL -- On 19 October 2012 the Mongolian Bankers Association (MBA), in collaboration with the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD), hosted a half-day roundtable to discuss reforms needed in Mongolia to provide small and medium-sized enterprises (SMEs) and other borrowers with wider access to finance.
Secured Transactions Reform is an initiative to create a legal framework that will enable Mongolian lenders to secure loans with “movable collateral”. As the European Bank for Reconstruction and Development reported, this will involve the creation of a nationwide registry for equipment, accounts receivable, inventory and other types of movable collateral. The registry will provide real time information on priority interests against competing claims on the same collateral. As SMEs will be able to use more of their assets as collateral, the reform can contribute to increased access to finance."

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Complaint Filed Against Destructive Oyu Tolgoi Mine Being Considered for World Bank Support | Bank Information Center: Monitoring the projects and policies of the World Bank, IMF and other international financial institutions

Complaint Filed Against Destructive Oyu Tolgoi Mine Being Considered for World Bank Support | Bank Information Center: Monitoring the projects and policies of the World Bank, IMF and other international financial institutions: "Tokyo, Japan, October 12, 2012 – Today, a group of Mongolian herder households filed a complaint demanding just compensation for the impacts of Rio Tinto’s Oyu Tolgoi copper and gold mine and its associated facilities (“OT Project”), located in the South Gobi desert. Despite the OT Project’s numerous problems, the World Bank’s International Finance Corporation (“IFC”) and Multilateral Insurance Guarantee Agency (“MIGA”) are considering a financing package of US$900 million in loans and up to US$1 billion in political risk insurance. The herders’ representative Sukhgerel Dugersuren, Executive Director of the Mongolian organization OT Watch, personally delivered the herders’ complaint to Meg Taylor, the Vice President of the IFC and MIGA’s accountability mechanism, the Compliance Advisor/Ombudsman (“CAO”), at the World Bank’s Annual Meetings in Tokyo."

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The FINANCIAL - EBRD delegation visits Mongolia for strategy consultations

The FINANCIAL - EBRD delegation visits Mongolia for strategy consultations: "On Tuesday 9 October members of the local press will be invited to a press conference allowing Mr. Freeman to summarise his observations from the visit. 

The EBRD directors will visit the capital Ulaanbaatar to meet existing and prospective corporate and bank clients and will travel to the South Gobi region to visit the site of the Oyu Tolgoi mining complex where the Bank is considering to provide finance.. ."

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Aspire Mining Limited (ASX:AKM) Annual Report 2012 to Shareholders - Yahoo!7 Finance Australia

Aspire Mining Limited (ASX:AKM) Annual Report 2012 to Shareholders - Yahoo!7 Finance Australia: "Your Company successfully completed a significant milestone in its progress towards development of the Ovoot Coking Coal Project ("Ovoot Project") in northern Mongolia by the completion of the Ovoot Pre-Feasibility Study ("PFS"). One of the outstanding features of the PFS was the high level of Coal Reserves within the 4km long, 1.5km wide, 300m deep Ovoot Project open pit at 178Mt. The Ovoot Project is now capable of supporting a 15 year mine life supplying up to 12Mt per annum of high quality coking coal to the growing markets in Asia. The scale of the Ovoot Project is such that it is now regarded as the second largest coking coal project in Mongolia and at full production it would make Aspire one of the largest coking coal producers in the world."

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Coalition takes over at crucial time in Mongolia's development - BUSINESS NEW EUROPE

Coalition takes over at crucial time in Mongolia's development - BUSINESS NEW EUROPE: "The next biggest party in the coalition is the controversial Mongolian People's Revolutionary Party (MPRP), a splinter group from the old communist party. This is led by Nambaryn Enkhbayar, who was arrested before the election on corruption charges and is to be tried at the end of July. The MPRP's aggressive policies on national ownership of the country's coal, copper, uranium, gold, zinc and lead mines has worried some investors that the new government may further lean away from luring foreign investment. They are due to take four or five of the 18 ministries on offer, and analysts predict that a member of this party could take the finance minister position, key to the country's investment agenda. "

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EBRD Agrees $85 Million Loan for Mongolia’s First Wind Farm - Bloomberg

EBRD Agrees $85 Million Loan for Mongolia’s First Wind Farm - Bloomberg: "The European Bank for Reconstruction and Development and the Netherlands Development Finance Company agreed an $85 million loan for Mongolia’s first wind farm.
The 50-megawatt Salkhit wind farm will be built southeast of the Mongolian capital Ulaanbaatar and it’s expected to start working later this year, according to an e-mailed statement today from Norton Rose LLP that advised on the financing. It’s expected to supply 5 percent of the country’s electricity."

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Mongolia's first wind farm nails finance with help of $85m loans - Wind - Renewable energy news - Recharge - wind, solar, biomass, wave/tidal/hydro and geothermal

Mongolia's first wind farm nails finance with help of $85m loans - Wind - Renewable energy news - Recharge - wind, solar, biomass, wave/tidal/hydro and geothermal: "Mongolia’s first wind farm achieved financial close this week with the help of loans from the European Bank for Reconstruction and Development (EBRD), say lawyers working on the deal.
RELATED STORIES
Vestas secures Inner Mongolia order for 49.5MW of turbines
GE signs $100m deal to equip Mongolia's first wind farm
The 50MW Salkhit wind farm, 70km southeast of the capital Ulaanbaatar, is expected to supply up to 5% of Mongolia’s electricity when it becomes operational later this year.
EBRD and the Netherlands Development Finance Company (FMO) have put up $85m of debt financing for the $122m project, says legal group Norton Rose, which advised the institutions."

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Chalco Targeted as Mongolia Seeks to Limit State Deals - Businessweek

Chalco Targeted as Mongolia Seeks to Limit State Deals - Businessweek: "Mongolia, the commodity-rich nation that posted the world’s fastest economic growth in 2011, is on course to pass a law by June that will bar foreign state-owned companies from controlling its key assets.

The draft law, submitted to parliament two years ago, was accelerated after a public outcry following state-run Aluminum Corp. of China Ltd.’s move last month to take control of SouthGobi Resources Ltd. (SGQ), Vice Finance Minister Ganhuyag Chuluun Hutagt said in an interview. The law isn’t likely to apply to any existing operations, he said. Rio Tinto Group is developing the $6 billion Oyu Tolgoi copper mine in the nation."

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Tibetan Mongolian Buddhist Culture Center in Bloomington offers Buddhism classes, retreats, gift shop and yoga classes » Evansville Courier & Press

Tibetan Mongolian Buddhist Culture Center in Bloomington offers Buddhism classes, retreats, gift shop and yoga classes » Evansville Courier & Press: "BLOOMINGTON, Ind. — Tucked neatly among the suburban homes on the southeast side of Bloomington, Ind., sits a holy place.

The Tibetan Mongolian Buddhist Culture Center, directed by Arjia Rinpoche, connects this small Midwest college town with people around the world.

The center offers Buddhism classes, retreats, a gift shop and yoga classes. It uses donations from visitors to finance charitable projects both in Bloomington and on the other side of the world."

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BONDS: Funds lap up first taste of Mongolian sovereign debt | Ticker | IFRAsia

BONDS: Funds lap up first taste of Mongolian sovereign debt | Ticker | IFRAsia: "State-owned Development Bank of Mongolia drew orders totalling US$6.25bn ahead of last night’s US$580m debut bond, revealing the depth of demand for exposure to the frontier market.

DBM’s five-year Reg S bond attracted over 300 investors and priced at par to yield 5.75%, well inside the initial guidance of 6.00%–6.25%.

It is the first time investors have had the opportunity to book exposure to the Mongolian sovereign, following a series of false starts on sovereign bonds over the last decade. The bonds carry an unconditional and irrevocable guarantee from the Ministry of Finance on behalf of the Government of Mongolia.

With such an impressive oversubscription, the bonds quickly traded up to 101.20/101.50."

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MICROCAPITAL BRIEF: Incofin Lends $6m to Microfinance Institutions Vision Banco of Paraguay, Lazika Capital of Georgia, Credit Mongol of Mongolia, Forus Bank of Russia

MICROCAPITAL BRIEF: Incofin Lends $6m to Microfinance Institutions Vision Banco of Paraguay, Lazika Capital of Georgia, Credit Mongol of Mongolia, Forus Bank of Russia: "Credit Mongol LLC was established as a limited liability company in 2000 as part of the European Union Tacis Programme, which seeks to help countries in Eastern Europe and Central Asia transition into market economies. Credit Mongol provides microloans to small and medium-sized enterprises and currently serves six regions in Mongolia. As of June 2011, Credit Mongol reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 10.7 million and a gross loan portfolio of USD 8.85 million. As of December 2010, it reported ROA of 7.08 percent and ROE of 26.7 percent."

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What Investors Should Know About Uranium In Mongolia - Seeking Alpha

What Investors Should Know About Uranium In Mongolia - Seeking Alpha: "There are two laws of note that effect uranium mining in Mongolia. As of January 2011, Mongolia had about "1,170 mineral deposits and 7,654 occurrences" (Mongolia 101). Among those, the Minerals Law of 2006 declared 15 deposits strategic. The laws governing these strategic deposits state that the government can "acquire up to 34% of ownership rights from the license holder, if the exploration work has been financed purely with private funds, and up to 50% of ownership rights, if the exploration work has been financed partially with state funds, including capital invested during the Soviet times" (Mongolia 101, italics added). Three uranium deposits are on the list of 15 strategic deposits."

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Mongolia dealmakers see strong pipeline - FT.com

Mongolia dealmakers see strong pipeline - FT.com: "Dealmakers operating in Mongolia will find many companies looking for funding but face hurdles such as little understanding of valuation metrics and overly optimistic growth projections, industry practitioners told mergermarket.
As acquisition activity heats up in the country, structuring deals using earn-outs and other performance payments can help bridge the wide gaps between how buyers and sellers value a business, panelists said at “Mongolia: New Frontiers in M&A and Private Equity,” a mergermarket forum held in Ulaanbaatar on 8 November.
“One of the biggest challenges we’re facing is the seller mentality and educating the seller on the very basics of corporate finance and M&A transactions,” said Bold Baatar, a former JPMorgan banker who chairs the country’s stock exchange."

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Entree Gold cuts third quarter loss as it scales back Mongolian exploration - Winnipeg Free Press

Entree Gold cuts third quarter loss as it scales back Mongolian exploration - Winnipeg Free Press: "VANCOUVER - Entree Gold Inc. (TSX:ETG) cut its net loss by nearly half in the third quarter as the Vancouver-based gold explorer cut its exploration expenses in Mongolia.
The company reported Friday it lost US$3.5 million or three cents a share for the three months ended Sept. 30.
That compared with a loss of US$6.5 million or six cents a year earlier.
In another development later Friday, the company said it plans to raise C$12.5 million by issuing common shares to investors.
The money will be used to finance exploration and development of mine projects in Nevada and Mongolia.
In its earnings report, Entree said its lower net loss partly reflected decreased exploration in Mongolia as the Company continues to focus on its Yerington copper projects in Nevada."

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Entree Gold cuts third quarter loss as it scales back Mongolian exploration | CanadianBusiness.com

Entree Gold cuts third quarter loss as it scales back Mongolian exploration | CanadianBusiness.com: "VANCOUVER - Entree Gold Inc. (TSX:ETG) cut its net loss by nearly half in the third quarter as the Vancouver-based gold explorer cut its exploration expenses in Mongolia.
The company reported Friday it lost US$3.5 million or three cents a share for the three months ended Sept. 30.
That compared with a loss of US$6.5 million or six cents a year earlier.
In another development later Friday, the company said it plans to raise C$12.5 million by issuing common shares to investors.
The money will be used to finance exploration and development of mine projects in Nevada and Mongolia."

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Mongolia mulls listing of rail stake in Hong Kong -report | Metals & Mining | Reuters

Mongolia mulls listing of rail stake in Hong Kong -report | Metals & Mining | Reuters: "Oct 28 (Reuters) - Mongolia is considering a Hong Kong listing of its rail-building firm in a bid to help finance its $5 billion railway plan, the South China Morning Post reported on Friday.

Mongolia Railways, the rail-builder owned by the Mongolian government, is planning a domestic initial public offering before turning abroad, pending parliament approval, the paper wrote, citing Manlaibayar Yondon, director general of the department of finance and investment at the Ministry of Roads, Transportation, Construction and Urban Development."

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