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Climate-stressed Mongolia urged to put yaks before mines
Mongolia should diversify its economy in the face of climate change and other stresses, as reliance on mining at the expense of its livestock industry has put people at risk of commodity price shocks and rising unemployment, an international aid group said.
S&P says Mongolia ratings affirmed at ‘B-/B’; outlook stable
S&P says Mongolia ratings affirmed at ‘B-/B’; outlook stable
Rio Tinto’s copper boss sees small market deficit this year
The copper market is likely to see a small shortage as early as this year because of a lack of new supply and the removal of up to 800,000 tonnes over the past 18 months in response to modest prices, Rio Tinto’s copper and diamonds chief will say on Tuesday.
Mongolia sees no change in Oyu Tolgoi copper stake
Mongolia said it has no plans to change the size of its stake in the massive Oyu Tolgoi copper mine, although it is seeking to boost exploration as it works to bolster its finances following an IMF-led loan deal.
Mongolia to double land open for exploration -mining minister
Mineral-rich Mongolia plans to double the amount of land available for exploration in an effort to tap into the mining industry’s appetite for new resources and help shore up its finances following an IMF-led bailout.
Fitch: Mongolian Banks Still Under Pressure Despite IMF Deal
Mongolian banks will remain under pressure from asset-quality weakness and stricter enforcement of regulations, Fitch Ratings says, even though the sovereign’s recent IMF staff-level agreement is likely to reduce financing risks and help stabilise the economy. The proposed IMF programme has helped provide Fitch with sufficient confidence that Mongolia (B-/Stable, affirmed on 20 February) can [...]
China’s coal imports from North Korea ease after sanctions
China’s coal imports from North Korea eased last month after new U.N. Security Council sanctions curbing the isolated country’s sales abroad came into effect, while Russia, Mongolia, Australia and Indonesia raised shipments, data showed on Friday.
Fitch Affirms Mongolia at ‘B-’; Rates Proposed Exchange Offer ‘B-(EXP)’
Fitch Ratings has affirmed Mongolia’s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at ‘B-’ with a Stable Outlook. The Country Ceiling is affirmed at ‘B-’. The Short-Term Foreign- and Local Currency IDRs have been affirmed at ‘B’ and the senior unsecured rating has been affirmed at ‘B-’.
Mongolia bonds rally as $5.5 bln bailout rewards tenacious investors
Mongolian bonds rallied on Monday after a $5.5 billion loan package agreed on the weekend staved off default and rewarded investors who had hung on despite signs of mounting stress.
Mongolia agrees economic bailout plan worth $5.5 billion with IMF, other partners
Mongolia has agreed with the International Monetary Fund and other partners for a $5.5 billion economic stabilization package, according to a statement from the IMF on Sunday.
Mongolian herders need aid to weather second big freeze: Red Cross
Tens of thousands of nomadic herders in Mongolia face hunger and the loss of their livelihoods, the Red Cross warned on Thursday, as temperatures plummet and heavy snow blankets much of the country for a second straight winter.
Moody’s may cut Mongolia rating as bond default fears rise
Ratings agency Moody’s put Mongolia on review for a downgrade on Wednesday, citing concerns about the financing of an upcoming $580 million government-backed bond repayment.
Mongolia paves the way for IMF bailout
Mongolia’s parliament moved towards meeting the conditions of an International Monetary Fund (IMF) bailout of $3-5 billion on Friday, as lawmakers voted to grant greater independence to the Development Bank of Mongolia.
Mongolian citizens offer cash, jewellery, horses to pay off gov’t debt
Private citizens in Mongolia are donating cash, jewellery, gold and even horses to help the government make a near $600 million payment to bondholders next month.
Coking coal’s bubble deflates, China’s imports from North Korea remain key: Russell
If you wanted to see what a speculative commodity bubble looks like, then coking coal’s huge rally in the second half of last year and subsequent retreat provides a good example.
In latest move, China halts over 100 coal power projects
China’s energy regulator has ordered 11 provinces to stop more than 100 coal-fired power projects, with a combined installed capacity of more than 100 gigawatts, its latest dramatic step to curb the use of fossil fuels in the world’s top energy market.
China to plow $360 billion into renewable fuel by 2020
China will plow 2.5 trillion yuan ($361 billion) into renewable power generation by 2020, the country’s energy agency said on Thursday, as the world’s largest energy market continues to shift away from dirty coal power towards cleaner fuels.
China coal output, demand to rise even as excess under fire
China expects coal output and demand to increase by 2020 even as it aims to cut 800 million tonnes of outdated capacity as the world’s largest consumer of the fuel ramps up years-long efforts to tackle smog and make its manufacturing sector more efficient.
Mongolia’s nomad herders facing winter disaster as temperatures plunge
Mongolia’s traditional nomads are facing a natural disaster known as “dzud”, where frigid temperatures and heavy snow cause widespread livestock deaths, threatening herders’ livelihoods.
Turquoise Hill resumes Mongolia mine shipments to China
Turquoise Hill Resources Ltd said on Wednesday it had resumed concentrate shipments from its giant copper-gold Oyu Tolgoi mine in Mongolia following talks with Chinese and Mongolian authorities.
Moody’s says sharp deterioration in fiscal, external positions underpin Mongolia’s Caa1 rating
Moody’s says sharp deterioration in fiscal and external position underpin Mongolia’s Caa1 rating, despite strong medium-term growth potential
Coking coal surge may extend if China cracks down on North Korea
The already elevated price of coking coal could be boosted further if China decides to crack down on coal imports from its nuclear-armed neighbor North Korea.
Turquoise Hill suspends Mongolia mine shipments to China
Turquoise Hill Resources Ltd said on Friday it has suspended concentrate shipments from its giant copper-gold Oyu Tolgoi mine in Mongolia across the Chinese border, blaming problems with a crossing route.
China slaps new fees on Mongolian exporters amid Dalai Lama row
A major border crossing between China and Mongolia has imposed new fees on commodity shipments between the two countries, amid a diplomatic row sparked by the visit to Ulaanbaatar of the Tibetan spiritual leader the Dalai Lama last week.
Britain, Mongolia pledge to do more mining together
Britain and Mongolia signed their first memorandum of understanding in the mining sector on Tuesday, pledging an exchange of technology and expertise, and deepening ties based on Rio Tinto’s huge copper mine in the South Gobi desert.
Fitch Downgrades Mongolia to ‘B-’; Outlook Stable
Fitch Ratings has downgraded Mongolia’s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to ‘B-’ from ‘B’. The Outlooks are Stable. The issue ratings on Mongolia’s senior unsecured foreign-currency bonds have also been downgraded to ‘B-’ from ‘B’.
Moody’s downgrades Development Bank of Mongolia’s rating to Caa1 from B3
Moody’s downgrades development bank of mongolia’s rating to caa1 from b3; changes outlook to stable
China reverses coal mining curbs as winter approaches
China adopted new rules to stimulate coal production on Thursday to counter surging prices and Premier Li Keqiang said the country had to balance demand for heating over winter with efforts to tackle pollution.
Mongolia’s economy shrinks in first nine months as it discusses bail-outs
Mongolia’s economy shrunk in the first nine months of the year, stoking concern annual growth could contract for the first time since the global financial crisis while it weighs bail-out options from agencies such as the IMF and partner countries.