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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.
ERBD: GDP Mongolia -1.6% (2017)
The European Bank for Reconstruction and Development has warned of a potentially “scary” economic hit to its bloc of countries if Britain’s exit from the European Union goes badly and fuels a backlash against market economy reform.
Rio Tinto set to quit Guinea iron ore project with sale to Chinalco
Rio Tinto (RIO.AX)(RIO.L) has signed a preliminary deal to sell its stake in Guinea’s Simandou project to Chinalco (3668.HK), it said on Friday, injecting impetus into the long-stalled scheme to develop the world’s largest untapped iron ore reserves.
China’s steelmakers the relative winners in coking coal surge: Russell
While no steel maker will be happy with the explosion in coking coal prices, Chinese mills are the best placed to deal with the impact, given they are nowhere near as exposed to spot prices as competitors in the rest of Asia and Europe.
As Mongolia teeters, bond investors bank on China for bailout
Holders of Mongolia’s high-yielding dollar bonds are looking beyond a sharp rise in sovereign default risks on a bet that China or the International Monetary Fund (IMF) will help the once-booming commodity producer to stay solvent.
London court freezes $8 mln of assets of Mongolian miner EMC for debt
A London court has issued an order allowing the UK assets of Mongolian copper miner Erdenet Mining Corporation (EMC) to be frozen, following a long-running dispute with Swiss firm MRI Trading AG, sources familiar with the situation said on Tuesday.
Mongolia asks Rio Tinto to speed up work on giant copper mine
Mongolia’s prime minister has asked Anglo-Australian miner Rio Tinto to step up the pace of construction at the giant Oyu Tolgoi copper-gold mine, part of efforts to revive the country’s debt-ridden economy.
Fitch: Mongolia’s Refinancing Risks Deepen as Currency Plummets
The rapid depreciation of the Mongolian tugrik – which has plunged more than 20% since end-June – underscores the country’s strained external liquidity and escalating refinancing risks, says Fitch Ratings. Fitch believes the currency volatility reflects deep short-term external liquidity constraints and economic challenges, while immediate solvency risk is mitigated by the fact that the [...]
S&P lowers Mongolia’s long-term rating’B-’ on weakening growth performance
S&P lowers Mongolia sovereign credit rating to B- From B
Mongolian Olympians left unpaid as country wrestles with crisis
As mostly sports-mad Mongolians cheer on the country’s two medallists at the Rio Olympic Games, deepening economic troubles at home mean the new government cannot afford to pay its athletes.
Mongolia raises interest rates in bid to stabilise tumbling currency
Mongolia raised its benchmark interest rates by 4.5 percentage points to 15 percent on Thursday, the central bank said, as it struggles to stabilise a currency that has been in free-fall.
Coal’s rally is at risk from lower China imports in August
If you believe that thermal coal’s rally this year has been largely on the back of rising Chinese imports, it follows that any sign of moderation in demand in the world’s biggest buyer would raise a red flag of caution.
Mongolia’s new election rules handicap smaller parties, clear way for two-horse race
Democratic values that flourished in Mongolia in the quarter century since communism crumbled have been eroded, according to small parties that have been marginalized by changes to election rules ahead of next month’s parliamentary poll.
Mongolia set to pay $70 mln to end Khan mine dispute-source
Mongolia is ready to deliver a $70 million payment to Toronto-listed uranium miner Khan Resources, a government source said, wrapping up a seven-year dispute that tarnished the country’s reputation as a hot mining destination.
Big data breaches found at major email services – expert
Hundreds of millions of hacked user names and passwords for email accounts and other websites are being traded in Russia’s criminal underworld, a security expert told Reuters.
Rio, shifting focus, replaces veteran Walsh with copper boss
Rio Tinto has named its copper and coal division head, Jean-Sébastien Jacques, as its chief executive, replacing veteran Sam Walsh and marking a shift for the Anglo-Australian mining major that has long focused on iron ore.
Berlin police suspect explosive device caused car to explode, driver dead
German police said they suspect an explosive device caused a car to explode and kill the driver on a road in central Berlin on Tuesday morning.
Mongolia ends fight over $100 million mining license arbitration
Mongolia has settled a dispute over an arbitration award that required it to pay more than $100 million last year to a Canadian miner for revoking a uranium mining license, just as it launches a push this week to attract new exploration interest.
Aid agencies brace for devastating Mongolian ‘dzud’ this winter
Global aid agencies are responding to a call for assistance by Mongolia as harsh winter weather raises fears for the safety and livelihoods of the country’s traditional pastoralists, who have already been hit hard by a drought last year.
Mongolia endures slowest growth in seven years
Mongolia’s economy grew 2.3 percent in 2015, said the National Statistical Office on Tuesday, making it the weakest year since the country suffered delayed effects from the global economic crisis in 2009.
Fitch Rates Mongolia’s USD Bond ‘B(EXP)’
Fitch Ratings has assigned Mongolia’s forthcoming US dollar-denominated bonds, issued under the Government of Mongolia’s global medium-term note programme, an expected rating of ‘B(EXP)’. KEY RATING DRIVERS The expected rating is in line with Mongolia’s Long-Term Foreign-Currency Issuer Default Rating (IDR) of ‘B’ with Stable Outlook. RATING SENSITIVITIES The rating would be sensitive to any [...]
Fitch Affirms Mongolia’s XacBank at ‘B’; Outlook Negative
HONG KONG, December 02 (Fitch) Fitch Ratings has today affirmed the Long-Term Issuer Default Ratings (IDRs) of Mongolia-based XacBank LLC at ‘B’ with Negative Outlook. The Viability Rating (VR) of XacBank has been affirmed at ‘b’. The affirmation follows the downgrade of the Mongolian sovereign to ‘B’ from ‘B+’ on 24 November 2015. A full [...]