By Elena Fehrbach
Apr. 10 – Agricultural Stock Exchange has been officially launched in Mongolia on 5 April. At the beginning, the Stock Exchange will function in a testing mode trading cashmere in Sukhbaatar, Khentii and Dornod provinces of Mongolia. On an opening ceremony, O. Magnai, director of the Agency for Fair Competition and Consumer Rights of Mongolia noted, that the launch of Stock Exchange is a big step forward bringing the agricultural sector to a new level, a truly game changing point for the agricultural sector of Mongolia. Continue reading
By Elena Fehrbach
Apr. 10 – The new draft of the Securities Law has just been introduced for the discussion at the spring session of the Parliament which started on April 5. The suggested draft has been in the process of revision for more than 1 year and is expected to become a game- change regulation allowing dual listing. Continue reading
By Elena Fehrbach
Feb. 25 – Bank of China has officially opened its branch in Ulaanbaatar. The official opening ceremony took place in Ulaanbaatar and was attended by Wu Banguo, the Chairman of the Standing Committee of the National People’s Congress of China. Chinese representative was invited to visit Mongolia by Z. Enkhbold, the Speaker of the Parliament. The official establishment of Bank of China in Mongolia is aimed to strengthen and intensify the economic relations between neighbors in the most strategic sectors, such as mining, construction, infrastructure and finance. Continue reading
Apr. 18 – Mongolia’s trade turnover reached US$2.34 billion in the first quarter of the year, according to the Mongolia national statistics office that released its social and economic review for the first three months of 2012.
In the first quarter of the year, Mongolia traded with a total of 113 countries. Exports have made up US$883.8 million while imports stood at US$1.46 billion.
By March 2012, total external trade turnover increased by US$511.7 million (or 28 percent), of which imports increased by US$370.1 million (or 34 percent), and exports by US$141.7 million (or 19.1 percent) against the previous year. Continue reading
Mar. 6 – The European debt crisis may lead to a financial crisis in Mongolia, according to a report released by the World Bank last week.
A global economic slowdown may lead to a sharp drop in mineral prices, which will greatly impact the Mongolian government’s revenue, as it is highly dependent on mineral resources.
“Sharply rising government spending is the root cause of overheating: government spending rose by 56 percent in 2011 and is budgeted to rise by a further 32 percent this year, fueled by sharply rising resource revenues,” the report says. Continue reading
Feb. 10 – Banking giant Goldman Sachs has agreed to buy a 4.8 percent stake in the Trade and Development Bank of Mongolia (TDB), according to a statement released by the Mongolian bank on Thursday. The value of the deal was not disclosed.
The investment was kept below 4.99 percent because buying a higher stake would have triggered greater requirements under U.S. legislation, according to Reuters. Continue reading
Jan. 30 – The government is looking to launch an initial public offering of Erdenes Tavan Tolgoi ahead of parliamentary elections in June, while experts have warned that the coal deposit will raise much less than expected if listed in a hurry.
“We are trying to go for the IPO before the elections,” a senior Mongolian government official said, adding that a ministerial reshuffle is likely to occur this week, after which a task force would be set up to look into the IPO process.
The world’s largest coking-coal deposit of Tavan Tolgoi, located in the South Gobi Desert near China’s northern border, is still in its developing stages. Last year, it produced its first million tons of coal from deposits at Tsankhi. According to estimations, Tavan Tolgoi can produce 15 million tons of coal each year at full production capacity. Continue reading
Posted in Business, Finance, Markets, Mining
Tagged Erdenes Tavan Tolgoi, Gobi Desert, Mongolia Business, Mongolia Finance, Mongolia Mining, Tavan Tolgoi, Tavan Tolgoi IPO, Tsankhi
Oct. 12 – The new Mongol Bank Project list for 2012 is just in from Mongolia’s Vice Minister of Finance Ganhuyag Chuluun Hutagt.
The document has only just been released and is still in Mongolian, but for all you analysts out there, here it is. We’ll try and get a summary for you as soon as possible.
Download directly by clicking on the image.