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From Prague to Mongolia, wild horses return to the steppes
A quarter-century-old project to repopulate the steppes of Mongolia with wild horses was kept alive as four animals made the long trip back to their ancestral home from Prague Zoo.
Mongolians fret over China investment as they prepare to vote
A few miles from Mongolia’s giant Tavan Tolgoi mine, about 2,000 trucks a day set off across the Gobi desert, delivering coal to China on a road so narrow and ridden with pot holes it has become an accident black spot.
Mongolia economy, graft in spotlight as voters elect president
Mongolians cast their votes on Monday in a presidential election seen as a referendum on the government’s economic recovery plans and China’s role in the country, but some disgruntled voters left their ballot papers blank in protest.
No decisive winner in Mongolia presidential vote forces second round
There was no outright winner in Mongolia’s presidential election on Monday, forcing the country’s first ever second-round run-off between the two leading candidates, the country’s General Election Committee said on Tuesday.
Mongolia presidential hopeful urges more state control in mining
A leading candidate for Mongolia’s presidency has called for greater state control of projects like the giant Oyu Tolgoi copper-gold mine run by Rio Tinto, making mining and foreign investment central issues in the election campaign.
Fitch: Mongolia’s IMF Programme Staves Off Financing Risks
The IMF’s approval of a financing arrangement for Mongolia reduces the country’s external financing risks and should put the economy on a more stable footing, says Fitch Ratings. The IMF programme will also promote sustainable fiscal policies, which could support Mongolia’s credit profile over the medium term. However, there will be implementation challenges in meeting [...]
IMF approves $5.5 billion bailout package for Mongolia
The International Monetary Fund (IMF) said on Thursday it approved a total financial package worth around $5.5 billion (4.2 billion pounds) to help support cash-strapped Mongolia’s efforts to diversify its small and resource-dependent economy.
Nationalist politician enters race for Mongolian presidency
A third Mongolian presidential candidate who has strongly opposed Anglo-Australian miner Rio Tinto’s part ownership of the massive Oyu Tolgoi copper mine entered the race on Thursday for next month’s election.
Coal exporters should fret as China, India become policy-driven markets: Russell
May 17 Coal exporters may be feeling more comfortable about their future as they see both reasonable demand from Asia’s top importers and prices which appear to be stabilising at levels that allow for decent profits.
Mongolia says it grows 4.2 pct y/y in Q1, lifted by higher coal prices
May 16 Mongolia’s economy, which grew only 1 percent in 2016, expanded 4.2 percent in the first quarter from a year earlier, buoyed by the coal sector’s turnaround, government data showed on Tuesday.
Mongolia Energy says it has suspended mining works in Khushuut coal mine
Have suspended our mining works relating to overburden removal and coal excavation in khushuut coal mine for saving operation costs
China’s commodity imports return to more normal levels: Russell
The pullback in China’s imports in April of crude oil and major bulk commodities, except coal, is more of a reminder that strong gains can’t last forever than a warning that demand is waning in the world’s biggest importer of natural resources.
IMF delays Mongolia bailout due to banking requirements for foreign firms
The International Monetary Fund (IMF) has postponed a $5.5 billion bailout for Mongolia because of a measure included in the country’s 2017 budget that forces foreign firms to bank with domestic institutions, the IMF’s country representative said.
China’s coal imports take temporary hit from Australian cyclone: Russell
China’s coal imports from the seaborne market fell in April, with top exporting countries unable to fully cash in on the loss of Australian shipments in the wake of a powerful cyclone that knocked out mines and infrastructure.
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.