BCM NewsWire 759 - 02 December 2022

 

 
NewsWire

Issue 759 –  2 December 2022


BCM NewsWire provides short summaries of news collected from around the world. Each article is kept to a maximum of 150 words for brevity, but click on the link next to “Source” to read the full article.


Economy

  • Mongolia's coal exports jump 145 pct YoY in H1 of Nov
  • Central bank purchases 2.4 tons of precious metal in November 
  • ADB Launches Grid-Connected Solar and Battery Energy System in Uliastai, Mongolia
  • New technologies revolutionize health sector
  • Food producers to be supported to provide citizens of Ulaanbaatar with healthy and high-quality food
  • Ensuring equal opportunities and participation for everyone in the mining industry
  • ADB: Improving Air Quality in Ulaanbaatar - Paper
  • Mongolia needs fewer cows for better pastureland - Editorial
  • Floods have become common in cold, dry Mongolia - Editorial
  • In Mongolia, climate crisis threatens herding traditions - Editorial
Politics
  • Presidents of Mongolia and China hold official talks
  • Mongolia and Japan Declare "Special Strategic Partnership for Peace and Prosperity"
  • Revised Draft of Law on Tourism Submitted
  • Mongolian expert working in U.S. presented experience of LA in reducing traffic congestion
  • US experts to provide free consulting services for Selbe River Improvement Project
  • Governors tasked to improve living conditions for migrants
  • Joint Statement of the United Nations in Mongolia on the 16 Days of Activism Against Gender-Based Violence
  • Full disclosure needed for 20 billion MNT electoral incentive shared among few parties - Editorial
  • State-Socialist Legacies and Selective Perception of Propaganda - Editorial

Business

  • Rio Tinto-Turquoise Hill takeover vote set for December 9
  • Rio to invest up to 3 bln USD per year in Oyu Tolgoi copper, Rincon lithium, and Simandou iron ore projects
  • Assessment of Corporate Governance Code
  • MSE "Asset Backed Securities Listing Rule" amended
  • "Road to ONE - Mongolia 2022" Successfully Organized at Steppe Arena
  • FRC holds training on "Guaranteeing insurance, responsibility in the economy and methods of implementation" 
  • TMK Energy and Talon Energy secure earn-in deal for Gurvantes project, Mongolia
  • New asset backed securities listed at MSE
  • Tender offer made by the controlling shareholder of ‘Mon Beef’ JSC
  • Technical assistance to develop capacities on circular economy for micro, small, and medium-sized enterprises in Mongolia commenced
  • Clients to be transferred to “Goodsec UTsK” LLC
  • Russian construction company “Vozrozhdenie” expressed its willingness to cooperate in reducing traffic congestion in Ulaanbaatar
  • Q&A with Mr Chris Jamieson Managing Director & CEO of Jade Gas Holdings - Interview
  • Mogul Ventures working towards PFS in Mongolia - Video

Global and Regional Trends

  • Fed's Powell: Rate hikes to slow, but adjustment just beginning
  • China factory, services activities slide to 7-month lows on COVID curbs
  • India's Growth Slows to 6.3 pct as Inflation, Global Headwinds Weigh
  • Codelco sees copper deficit at 8 million tonnes by 2032
  • Ghana orders miners to sell 20 pct of refined gold to central bank
  • Workers for Chile's Escondida mine accept BHP's offer and will not strike-union source
  • Norway to postpone oil and gas licensing round
  • Zimbabwe says China's Tsingshan to set up lithium operations
  • China's ASEAN Silk Road gets slippery as other powers move in - Editorial
BCM Updates
  • BCM Quarterly Report for Q3'22
  • BCM submits policy paper
  • The BCM appoints Raphaël Goué as official BCM representative in Europe
  • SDG Investor Mapping project survey - Identifying business cases for investment opportunities
  • UNICEF: Guidance for employers on flexible work arrangements and other good workplace practices in the context of Covid-19
  • UNICEF: Call for actions of the private sector to reduce children’s exposure to air pollution in UB
  • BCM Guideline for Companies to Combat Air Pollution
  • Member-to-member special offers & benefits

Economic Indicators

  • Inflation
  • Central Bank Policy Rate
  • Sovereign Credit Rating
  • Currency Rates
 
Sponsors:
 
 
 

 

ECONOMY

MONGOLIA'S COAL EXPORTS JUMP 145 PCT YOY IN H1 OF NOV

Mongolia exported 1.92 million tonnes of coal during the first half of November, up 1.07% compared with the same period in October and jumping 144.95% year on year, according to the National Statistical Office of Mongolia.
During the given period, Mongolia's total coal exports amounted to $280 million, down 1.12% from a month ago but climbing 4.85% year on year, data showed.
In the year to November 15, Mongolia exported 25.03 million tonnes of coal in total, 75.73% higher compared with the preceding year. Exports value surged 140.85% year on year to $5.39 billion.

Source: sxcoal.com
See also: Mongolia's Oct coal railings up 27.36% MoM; iron ore down 9.98%
Mongolia opens new railway to China

CENTRAL BANK PURCHASES 2.4 TONS OF PRECIOUS METAL IN NOVEMBER 

In November, the gold purchase of the Bank of Mongolia (BoM) was 2,667.0 kg, raising the BoM’s total precious metal purchase of 2022 to 19.9 tons.
Since the beginning of this year, the BoM branches in Darkhan-Uul and Bayankhongor aimags have bought 2,780.1 kg and 1,332.0 kg of precious metals respectively.
In November, the average price of BoM’s purchase of 1 gram of gold was MNT 197,545 last month.

Source: Montsame

ADB LAUNCHES GRID-CONNECTED SOLAR AND BATTERY ENERGY SYSTEM IN ULIASTAI, MONGOLIA

The Asian Development Bank (ADB) and the Government of Mongolia inaugurated a grid-connected renewable hybrid energy system in Zavkhan province. The system includes a 5 megawatt solar photovoltaic and 3.6 megawatt-hour battery energy storage system (BESS), along with an advanced energy management system in Uliastai, servicing mostly rural areas in the western region.
“Thanks to this project, more than 48,000 consumers of more than 8,000 households in Altai-Uliastai region will receive clean and reliable energy,” said the Head of Renewable Energy Division of the Ministry of Energy Byekbolat Khalik. “In addition to reduced electricity loss and improved quality of and access to electricity, the system is estimated to cut 223,813 tons of carbon dioxide emissions over the next 25 years.”
The hybrid system will provide about 8.8 million kilowatt-hour (kWh) solar-generated and 1.3 million kWh charged and discharged energy in the Altai-Uliastai energy system, under the ADB’s Upscaling Renewable Energy Sector Project.

Source: ADB

NEW TECHNOLOGIES REVOLUTIONIZE HEALTH SECTOR

The Ulaanbaatar Health Department organized the “UB Healthcare Week 2022” exhibition from November 16 to 18 to share innovative ideas and solutions important for digital transition in public healthcare services. In this regard, to solve the pressing issues in the health sector with technology and expand digitalization, 10 digital services and technologies and innovations in the health sector were presented to the public.
A system has been developed to send the location and route of the incoming ambulance to the caller’s phone. In the past, the caller had no way of knowing where the ambulance was and had to repeatedly call the emergency number, which increased the load at the emergency center. With the introduction of this new system, the load will decrease. The system will be further developed into an application in 2023, providing information on where ambulances are going, as well as advice on measures to be taken. Currently, 70 of the 88 ambulance cars are equipped with GPS.

Source: The UB Post

FOOD PRODUCERS TO BE SUPPORTED TO PROVIDE CITIZENS OF ULAANBAATAR WITH HEALTHY AND HIGH-QUALITY FOOD

There are three main issues facing the field of food production: shortages caused by seasonal and external factors, rising prices, and food security. However, there is enough opportunity to solve these issues with rational and research-based decisions in economics, law, and policy.
Within the framework of the "Food Supply and Security" national movement, a number of measures are planned to be implemented at the capital city level in 2022-2027 through the cooperation of the public and private sectors. Specifically, within the framework of the goal of increasing the food supply, capital city authorities are working on three goals: to increase the domestic production of food products, to introduce an optimal financial and investment system, and to develop the logistics network of food products.
Regarding the policy adopted to improve food supply and safety and provide the citizens of the capital city with the main food products, the Mayor of Ulaanbaatar D.Sumiyabazar said…

Source: UB Mayor's Office

ENSURING EQUAL OPPORTUNITIES AND PARTICIPATION FOR EVERYONE IN THE MINING INDUSTRY

The principle of "leaving no one behind" is universally recognized as the critical importance of achieving gender equality, or creating an environment in which everyone, including men and women, can enjoy equal opportunities, participation, and the benefits of development. It addresses fundamental human rights issues and enforces gender-responsive policies in all sectors.
Since the adoption of the "Law on Ensuring Gender Equality" in Mongolia in 2011, all government agencies have been developing and implementing sectoral gender policies. The Geology, mining, petroleum, and heavy industry sector gender-responsive policy /2019-2026/ is being implemented under the leadership and initiative of the Ministry of Mining and Heavy Industry. The first phase of the policy implementation will end in 2022.
This policy is the primary document that informs how gender equality is implemented in the sector.

Source: Independent Research Institute of Mongolia

ADB: IMPROVING AIR QUALITY IN ULAANBAATAR - PAPER

This brief suggests how Mongolia could improve air quality and tackle emissions in Ulaanbaatar by expanding electric heating, improving energy efficiency, and finetuning subsidies.
It explains how putting stronger policies in place and working with a range of stakeholders would help Mongolia as it looks to increase electricity production while switching from coal to clean heating. Highlighting the need to replace coal stoves with electric heating, it explores how increasing renewable power generation, piloting heat pumps, and reforming subsidies could improve electricity generation and cut air pollution.

Source: ADB

MONGOLIA NEEDS FEWER COWS FOR BETTER PASTURELAND - EDITORIAL

I have been a herder in Mongolia for 30 years and my life, like all other herders, depends on good pasture. But our lands are facing a growing problem of pastureland degradation. This is due to mining, but also the increasing numbers of livestock that we have been putting on the land. More animals might make more money in the short term but contribute significantly to pastureland degradation. If we don’t change our ways, we know that in the near future there will be not enough grass for our animals to eat.
While we all know that we need to change the way we use the land, I have been trying to work out how to achieve it. My wife and I started with our own herd, by selecting animals with higher productivity. We decided to keep 10 good milking cows rather than 20 cows with lower productivity.

Source: Mokoro.co.uk

FLOODS HAVE BECOME COMMON IN COLD, DRY MONGOLIA - EDITORIAL

Rainfall patterns have changed in Mongolia over the past 40 years, meteorologists have found. While overall the country receives the same amount of annual precipitation, deluges are replacing the light rain that previously would fall for more than a week. This has negative consequences for the wildlife and livestock on Mongolia’s grasslands, as well as people living in its fast-expanding cities.
In 2004, only nine incidents of heavy rain and floods were recorded by Mongolia’s National Emergency Management Agency. In the 18 years since that number has risen, with official data recording 72 disasters just last year.
Mongolia’s average temperature has increased by 2 degrees Celsius over the past 70 years, according to the National Agency for Meteorology and the Environmental Monitoring.
Dulamsuren Dashkhuu, senior researcher and director of the Climate Change Research Department at the Information and Research Institute of Meteorology, Hydrology and Environment, a government agency in Ulaanbaatar, explains that hotter temperatures mean more evaporation.

Source: Scroll.in

IN MONGOLIA, CLIMATE CRISIS THREATENS HERDING TRADITIONS - EDITORIAL

The Tsaikhir Valley may be one of the world’s coldest places, with winter temperatures routinely plummeting below -50C (-58F), but the increasing intensity of its drought conditions, fuelled by ever-warming summers, have left local people wondering how much longer they can hold on. Myagmar-Ochir’s dream of following in his father’s footsteps — and maintaining a culture that has survived for millennia — is under threat.
The Tsaikhir may be on Mongolia’s climate front line, but its herders are not alone in their environmental struggle.
One-third of Mongolia’s three million citizens continue nomadic traditions that are intimately entwined with their natural environment.
As the climate becomes more extreme, both droughts and worsening winter storms, known as dzuds, are disrupting ancient traditions across Mongolia’s steppe.
Many of the Tsaikhir’s young boys and girls no longer see a future in the valley where they were raised; instead, most have eyes on a career in the city, a trend that has seen the Mongolian capital swell…

Source: Al Jazeera

POLITICS

PRESIDENTS OF MONGOLIA AND CHINA HOLD OFFICIAL TALKS

President of Mongolia U. Khurelsukh is paying a state visit to the Republic of China on November 27-28.
Following the welcoming ceremony hosted today for President U. Khurelsukh by President Xi Jinping at the Great Hall of the People, the heads of the state of the two countries held official talks.
Underlining that the Mongolia-China Strategic Partnership is being successfully developed, the heads of the state of the two countries concurred to further build mutual trust and understanding and deepen bilateral relations and cooperation in all spheres.
The Mongolian President emphasized that developing good neighborly relations with China occupies an important position in Mongolia’s foreign policy while underscoring that it is of utmost importance to further enhance bilateral relations and cooperation at a time when the world is facing the challenges of international tensions and global pandemic.

Source: Montsame
See also: Mongolian President’s State Visit to China Starts
Cooperation Documents Signed Between Mongolia and China
China, Mongolia inject impetus into ties through three engines
China and Mongolia's shared future reiterated by Khurelsukh's visit

MONGOLIA AND JAPAN DECLARE "SPECIAL STRATEGIC PARTNERSHIP FOR PEACE AND PROSPERITY"

Within the framework of his state visit to Japan, President of Mongolia U. Khurelsukh today held official talks with Prime Minister of Japan Fumio Kishida.
At the official talks, the two sides reviewed the 50 years of cooperation between Mongolia and Japan since the establishment of diplomatic relations and exchanged views on future goals and prospects, as well as on cooperation in international and regional arenas.
Expressing gratitude to the Government of Japan for its consistent support for Mongolia’s democracy, reforms, and sustainable development, the President of Mongolia reaffirmed his commitment to further consolidating relations and cooperation with Japan, which shares common values of democracy, human rights, and market economy with Mongolia.
The Japanese Prime Minister expressed pleasure for the state visit by the Mongolian President which is taking place on the occasion of the 50th anniversary of the establishment of diplomatic relations.

Source: Montsame
See also: President of Mongolia Paying State Visit to Japan
Japan, Mongolia urge North Korea to stop missile, nuclear activities
President of Mongolia Receives Speaker of Japanese House of Representatives
State Orders and Medals Conferred on the Occasion of Mongolia-Japan Diplomatic Anniversary
Japan Emperor, Empress Meet Mongolian Pres. at Palace
Morin Khuur Ensemble of Mongolia Performed for Their Majesties the Emperor and Empress of Japan

REVISED DRAFT OF LAW ON TOURISM SUBMITTED

The Government of Mongolia announced 2023 and 2024 as “The Years to Visit Mongolia". In this regard, the Law on Tourism that was approved in 2000 was revised to improve the legal framework of the tourism industry. The Prime Minister of Mongolia, L. Oyun-Erdene, presented the bill to Chairman of the State Great Khural G. Zandanshatar and requested to discuss it in the urgent procedure.
In the framework of this bill:

  • 100 percent of VAT on goods and products purchased by tourists will be refunded
  • The number of countries eligible to apply for “E-Visa” will be doubled, and visas will be issued online within 48 hours.
  • Liberalization of air transport will be carried out, restrictions will not be imposed for flights to Mongolia for three years, receiving aircraft from all other countries.

Source: Montsame

MONGOLIAN EXPERT WORKING IN U.S. PRESENTED EXPERIENCE OF LA IN REDUCING TRAFFIC CONGESTION

UB Mayor D.Sumiyabazar and relevant officials received Administrative Project Leader of the Southern region of the U.S. state of California and Chief Specialist in Road Transport and Urban Planning Ms. Bayarmaa Alexander. During the meeting, the sides exchanged views on the measures to be taken for traffic congestion reduction and got acquainted with the research implemented by Los Angeles city, California, U.S.
Los Angeles is home to 3.8 million people, and one of the cities facing issues of traffic congestion. According to the research, the main reason for the traffic congestion is not only urban planning, but also the fact that citizens tend to travel by car rather than walking. Specifically, 74.1 percent of the population travel by private car, 12.6 percent use a shared car, 4.9 percent choose public transportation and 4.2 percent work from home.

Source: UB Mayor's Office

US EXPERTS TO PROVIDE FREE CONSULTING SERVICES FOR SELBE RIVER IMPROVEMENT PROJECT

Experts from the International Conservation Caucus Foundation (ICCF) recently got acquainted with the Selbe River Improvement Project and agreed to support the project and provide free consulting services. In this regard, Head of Public Administration Management Department of the Ulaanbaatar Mayor’s Office U.Ganbold received Executive Director in charge of ICCF’s Asia Programs Todd Koenings.
U.Ganbold said, “Air, soil and water pollution has become an urgent issue in Ulaanbaatar. It is important to protect the source of the river, landscape the banks and improve water quality by implementing the Selbe River Improvement Project. Therefore, the city authorities are ready to support it in all aspects.”
Executive Director in charge of ICCF’s Asia Programs Koenings emphasized that leading experts in the field got acquainted with the Selbe River Improvement Project and agreed to provide support and advice on environmental issues.
ICCF is an international non-governmental organization operating in 23 countries.

Source: The UB Post

GOVERNORS TASKED TO IMPROVE LIVING CONDITIONS FOR MIGRANTS

Cabinet held its extended meeting with the participation of provincial and urban governors on Wednesday at the State Palace to discuss the issue of supporting citizens and enterprises who want to move from Ulaanbaatar and settle in rural areas.
During the meeting, the relevant ministers were instructed to create a legal framework to improve the working and living conditions of people who migrated from Ulaanbaatar to rural areas and support local enterprises and organizations within the framework of the “Vision-2050” long-term development policy, Government Action Plan for 2020 through 2024 and New Revival Policy.
Cabinet tasked the provincial governors to establish a working group to provide better working and living conditions for migrants and finance a certain percentage of projects, programs and investments. Minister of Economy and Development Ch.Khurelbaatar was also ordered to provide the methodology and unified management for the creation of a digital platform for integrated information, management and regulation of migration for migrant citizens, enterprises, organizations and investors…

Source: The UB Post

JOINT STATEMENT OF THE UNITED NATIONS IN MONGOLIA ON THE 16 DAYS OF ACTIVISM AGAINST GENDER-BASED VIOLENCE

Today marks the beginning of the 16 Days of Activism against Gender-Based Violence (GBV) campaign. In this global movement, people from around the world come together to stand against violence against women and girls in all settings. We must not tolerate any and all forms of violence against women and girls at home, at workplaces and in public.
It has been 25 years since Mongolia joined the global movement, which raises awareness about the reality of gender-based violence and actively engages the public toward ending the discriminatory gender norms and stereotypes that underlie the violence.
According to the National Gender-based Violence Survey, one in every two Mongolian women has experienced violence perpetrated by an intimate partner at least once in their lives. Regrettably, at least one in every three survivors of physical and sexual violence believes that a man is justified in hitting his partner under certain circumstances.

Source: UNDP

FULL DISCLOSURE NEEDED FOR 20 BILLION MNT ELECTORAL INCENTIVE SHARED AMONG FEW PARTIES - EDITORIAL

In accordance with the Law on Political Parties, a one-off incentive of 1,000 MNT per vote obtained in elections has been given to each political party in Parliament from the state budget. However, it is not clear how parties are spending this money as they do not disclose their funding reports to the public. In other words, Mongolia’s political finance regulatory framework faces significant challenges stemming from the current lack of enforcement and various loopholes. Some law revisions are required to address this situation and keep up with the latest best global practices. Most importantly, there is a need to improve the oversight, disclosure and transparency of political finance systems and report on them to the public.
Although the Law on Elections and Law on Political Parties contain political finance regulations (sources of funding, spending limits, audits and sanctions) that apply to both political parties and candidates, the country does not meet international guidelines and best practice recommendations on party funding.

Source: The UB Post

STATE-SOCIALIST LEGACIES AND SELECTIVE PERCEPTION OF PROPAGANDA - EDITORIAL

Every so often, my conversations, especially on visits to Mongolia which are so valuable for my thinking, touch on bigger issues that are challenging to frame as a blog post. This is one of those attempts to wrestle with the legacy of state-socialism, but also the selective citing of propaganda as a cause for current attitudes.
I approach this topic with my own set of biases, especially my refusal to ascribe a lot of causal power to such things as “national identity” or “Mentalität”. My dissertation research comparing constructions of national history in Japan and the Germanies was an attempt to find more proximate causes for differences than some kind of “shame vs guilt culture”.
Enduring Legacies of State-Socialist Propaganda in Gender Relations?
This particular version of the on-going conversation about the extent to which the state-socialist period still has an impact on today’s Mongolia started with a close and exciting conversation with an eyewitness to the revolution.

Source: