Mongolia adopts an amended Securities Market Law | Briefings | The Lawyer

Mongolia adopts an amended Securities Market Law | Briefings | The Lawyer: "On 24 May 2013, the Parliament of Mongolia approved an amended version of the Securities Market Law. The revised securities law replaces the current Securities Market Law enacted on 12 December 2002. The official version of the revised securities law was published in the State Gazette on 24 June 2013.

An amendment to the securities law had been pending for several years and was hoped to create an enabling regulatory environment for further development of the securities market. This follows the adoption of the revised Company Law in 2011, which introduced international standard corporate governance regulations to Mongolia."

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Investors fear impact of Mongolia's new mining law - BUSINESS NEW EUROPE

Investors fear impact of Mongolia's new mining law - BUSINESS NEW EUROPE: "The new mining law currently under consideration in Mongolia has alarmed foreign investors, who fear it will not only deter investment in the mining sector, but have knock-on effects in other parts of the economy. With parliament due to consider the law in April, just two months before Mongolia's presidential elections, the government has been accused of taking a populist stance to appeal to rising nationalism among the population.

The Mongolian Business Council has written to President Tsakhia Elbegdorj warning of the possible consequences of the draft law for the mining industry – and foreign investment in general – should it be adopted in its current form. Adopting the law is "likely to damage Mongolia's brand as an investment destination," says the letter from the council, which numbers Rio Tinto, General Electric, Mitsubishi and other international firms among its 250 members.
"

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The Warsaw Voice

The Warsaw Voice: "President of Mongolia Elbegdorj Tsakhia and President of Poland Bronislaw Komorowski signed agreements on bilateral economy, defense and education cooperation yesterday in Warsaw.

The Mongolian President came on an official two-day visit Poland on Jan. 20. On the first day of his visit he met Mongolians who work and live in the country.
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Mongolia Defends Draft Mining Law Branded as Bad for Investment - Bloomberg

Mongolia Defends Draft Mining Law Branded as Bad for Investment - Bloomberg: "Mongolian officials held a briefing yesterday to defend proposed changes to a mining law that the country’s biggest business association says would deter investment."

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Mongolia’s Economic Freedom ranks 75th from 177 countries | Ubpost News

Mongolia’s Economic Freedom ranks 75th from 177 countries | Ubpost News: "The Index of Economic Freedom 2013 was published by The Wall Street Journal and The Heritage Foundation and Mongolia scored 61.7, which makes it the 75th economy out of 177 countries evaluated. This is a slight improvement on the part of Mongolia as it scored 0.2 more points than its 2012 score, which won Mongolia the title of “Moderately Free” – above the global average score which is 59.6.
“Mongolia has gradually moved toward a more modern and vibrant economy, with double-digit economic growth driven by the booming mining sector. The trade regime is increasingly open, and the regulatory framework has become more efficient, supporting the development of a growing private sector. The Fiscal Sustainability Law, which places ceilings on spending growth, structural budget deficits, and public debt in an effort to ensure fiscal discipline and long-term economic growth, is expected to take effect in phases beginning in 2013,” stated the heritage.org."

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UNPO: Inner Mongolia: Proposal To Promote Use Of Ethnic Language

UNPO: Inner Mongolia: Proposal To Promote Use Of Ethnic Language: "Authorities in northern China’s Inner Mongolia region are considering adopting new rules to boost the use of the Mongolian language, following a proposal by ethnic minority lawmakers.
The proposed rules are aimed at making existing regulations on promotion of the Mongolian language more explicit, including by setting language proficiency standards for officials and adding guarantees that Mongolians can use their native tongue."

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Mongolia Draft Mining Law Threatens Investment Climate -Business Group | Fox Business

Mongolia Draft Mining Law Threatens Investment Climate -Business Group | Fox Business: "The legislation, which includes a requirement for existing miners to relinquish stakes in projects to indigenous groups, marks a departure from the free-market principles that have benefited the country since the 1990s, The Business Council of Mongolia, the country's largest business group, said in a four-page open letter to Mongolia's president last week."

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Mongolia's proposed law to affect mining

Mongolia's proposed law to affect mining: "The council's letter to Mongolian President Tsakhia Elbegdorj's office, obtained by the Financial Times, warns: "The impact of the draft law on the minerals industry will be to halt current minerals exploration and development in Mongolia and greatly discourage any future investment. ... Collateral damage is likely to include all other sectors of supply, including but not limited to the construction and real estate sectors, imposing a significant chain-reaction burden on the banking and financial institutions which they may not be able to withstand and leading to a deepening crisis.""

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Kazakhstan & Mongolia to sign extradition treaty

Kazakhstan & Mongolia to sign extradition treaty: "Kazakhstan and Mongolia are planning to sign an extradition treaty.

A corresponding issue topped a meeting involving the Prosecutors General of the two countries. Askhat Daulbayev noted that this document would serve for the good of the citizens, who had faced criminal prosecution. The Prosecutor General of Mongolia Dambii Dorligjav thanked the Kazakh side for the reception and expressed his willingness to deepen bilateral relations. "

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21st anniversary of the Democratic Constitution of Mongolia Celebrated | Ubpost News

21st anniversary of the Democratic Constitution of Mongolia Celebrated | Ubpost News: "State History Museum Exhibition has opened yesterday at the Government Palace to commemorate the 21st anniversary of the Democratic Constitution of Mongolia.
In his opening speech, the Speaker of the Parliament, Z.Enkhbold stated, “Up until now, the Mongolian government and people respected and revered the laws and orders put in place, many laws and principles have been formulated and implemented."

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Mongolia Minerals Law Threatens Coal Project, Group Says

Mongolia Minerals Law Threatens Coal Project, Group Says: "Proposed changes to Mongolia’s mining laws threaten the viability of the nation’s biggest coal project at Tavan Tolgoi and will further deter foreign investment, the Business Council of Mongolia said.
The legislation, which will give the state the right to a free stake in many mineral projects, will take the country away from the free-market principles practiced there since the early 1990s, Mongolia’s largest business group said in a four-page letter sent to President Tsakhia Elbegdorj’s office on Jan. 7.
The letter, made public by e-mail yesterday, came after the draft laws were published last month. Enlarge image  A worker stands by the arm of a digger in a coal mine in Mongolia. Mineral product exports account for more than 90 percent of the country’s exports. Photographer: Doug Kanter/Bloomberg Overseas investment in Mongolia, which relies on minerals for more than 90 percent of its exports, has cooled since a law last year restricted state owned companies from controlling strategic assets. "

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Mongolia Minerals Law Threatens Coal Project, Group Says - Bloomberg

Mongolia Minerals Law Threatens Coal Project, Group Says - Bloomberg: "The legislation, which will give the state the right to a free stake in many mineral projects, will take the country away from the free-market principles practiced there since the early 1990s, Mongolia’s largest business group said in a four-page letter sent to President Tsakhia Elbegdorj’s office on Jan. 7. The letter, made public by e-mail yesterday, came after the draft laws were published last month."

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Rio Tinto hits rivers of trouble in Mongolia’s mines

Rio Tinto hits rivers of trouble in Mongolia’s mines: "At the start of the year things looked terrific. After years of creeping up the share register it had finally secured a majority stake in Ivanhoe, its Canadian joint venture party in what will shortly become Mongolia’s largest mine: the Oyu Tolgoi copper and gold deposit. All it had to do was to secure an electricity supply from China, just across the border from the mine in the South Gobi Desert. Ten months later there are new laws in front of the Mongolian government which would raise royalties paid by all foreign mining companies."

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Kahn Resources progresses arbitration against Mongolia

Kahn Resources progresses arbitration against Mongolia: "TORONTO (miningweekly.com) – The United Nations (UN) Commission on International Trade Law has progressed the international arbitration between project developer Kahn Resources and the Mongolia government to the quantum and damages phase the company reported on Tuesday.

Kahn said it had early this month submitted to the tribunal seven volumes of documentation in support of its claim totalling $326-million, including interest from the July 2009 date of the expropriation of the Dornod uranium deposit by the Mongolia government."

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Is Mongolia's Resource Boom on the Brink of Collapse?

Is Mongolia's Resource Boom on the Brink of Collapse?: "Mongolia was the world’s fastest growing economy last year, driven by foreign investment and rapid developments in its rich coal, copper and gold mining sectors. Now it looks like all of that development could fall apart and the nation’s economy could collapse, all due to an ill thought out law."

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Mongolia's former president jailed for corruption ~ Mongolian Views

Mongolia's former president jailed for corruption ~ Mongolian Views: "After a three-day trial, Enkhbayar was found guilty of charges that included the illegal privatisation of a hotel and newspapers and the misuse of donated television equipment to broadcast from his own television station.
Enkhbayar accused state prosecutors of twisting facts and said the corruption charges were politically driven. "I'm not afraid of anyone. I will fight for justice and a new Mongolia," he said.
His wife, Onon Tsolmon, blamed Mongolia's current President Tsakhia Elbegdorj and vowed to fight "the injustice" by all means.
Enkhbayar was president from 2005 to 2009, before narrowly losing to President Elbegdorj in the 2009 presidential election. He was arrested in April by the country's anti-corruption authority.
The court also ordered Enkhbayar to pay more than 54 million tugriks (£26,000) in damages."

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Calligraphy Exhibition Opens | Ubpost News

Calligraphy Exhibition Opens | Ubpost News: "‘Munkh Tengeriin Bichig’ (The Script of Eternal Sky) Exhibition, which was initiated by the President of Mongolia, Ts.Elbegdorj, opened on Tuesday, November 12 at the Arts Gallery.
During the opening of the exhibition President Ts.Elbegdorj stated, “We have rarely celebrated Chinggis Khaan’s Birthday like this before. If any country is judged by its laws and regulations and how they are enforced; and this includes culture and script, it is Mongolia. Today, the Office of the President is opening permanent operation of its official website in Old Mongolian Script. I wish that every Mongolian citizen will be proud of our Traditional Script and could write it. I believe that such day would come one day.”
The exhibition showcases more than 60 best calligraphy works from 14 artists."

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IMF advises Mongolia to re-think tax agreement to safeguard mining revenue | Ubpost News

IMF advises Mongolia to re-think tax agreement to safeguard mining revenue | Ubpost News: "The current Mongolian Double Tax Agreement (DTA), which is a tax claim by two or more jurisdictions on the same income, is prone to international tax planning as it allows residents of other countries to substantially reduce the amount of tax they pay in Mongolia, said International Monetary Fund (IMF)’s report released on November 14.
“The Mongolian authorities are increasingly faced with cases of international tax planning,” the report said.
Under DTAs, a company can be a tax resident in two countries which would make it subject to the tax laws of each. If both places tax their residents on worldwide income they could be taxed twice on the same income. Double tax agreements decide which country or territory has the first or sole rights to tax specific to income."

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Rio Tinto Vs. Mongolia, Destination Unknown - Seeking Alpha

Rio Tinto Vs. Mongolia, Destination Unknown - Seeking Alpha: "A battle is brewing regarding Mongolia's huge Oyu Tolgoi copper mine which, at full production, will be among the top five copper mines in the world. As discussed in my recent article about Mongolia's politics, the Mongolian government has raised the royalty taxes on Oyu Tolgoi in contravention of the Oyu Tolgoi agreement of 2009, and these additional tax revenues are included in Mongolia's planned budget. Turquoise Hill Resources (TRQ) came out with their quarterly reporting on November 14, 2012. In their report, Turquoise Hill acknowledged the new law pending presidential signature, but said it does not apply."

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Carr aids Aussie in trouble Tasmania News - The Mercury - The Voice of Tasmania

Carr aids Aussie in trouble Tasmania News - The Mercury - The Voice of Tasmania: "FOREIGN Minister Bob Carr says he has raised the case of a Tasmanian lawyer prevented from leaving Mongolia with his counterpart in that country.

Sarah Armstrong, from the West Coast town of Rosebery and now based in Hong Kong, was stopped at Ulaanbaatar airport in mid-October because authorities wanted to question her over corruption allegations. The 32-year-old is a lawyer for Rio Tinto mining subsidiary SouthGobi Resources."

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