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Mongolia: The Destination that Epitomizes Getting Away From It All
On a horseback-riding trip across Mongolia, a former D.C. insider and her young son gallop through the storied land of warriors and nomads
Mongolia Faces a Debt Crisis
That Mongolia could face an external debt crisis seemed inconceivable just a few years ago. The country of three million people is so rich in copper, gold, coal, iron and other mineral resources that some dubbed it the Kuwait of Asia. Yet today Mongolia faces a real risk of becoming the first mineral-rich country to [...]
Invest in Mongolia? Try the Meat
Poor Mongolia has had a rough ride of late. Its mining boom, based on feeding neighboring China coal and copper, has turned into a bust. The country’s currency has plunged and foreign exchange reserves have depleted. It did manage last week to raise a $500 million bond from international markets, but at an interest rate [...]
Mongolia: Land of Lost Opportunity
ULAANBAATAR, Mongolia—Six years ago, nomadic farmer Ankhbayar Garamdagva followed the herd to this city on the fringe of the Gobi desert, hoping to share the riches promised to Mongolia by the global commodities boom.
What It Takes to Go Fly Fishing With the President
Dan Vermillion’s odd-shaped carry-on bag—a five-foot tube with one bulbous end—has an irresistible magnetic pull for certain people. Strangers approach without hesitation. Some will plop down next to him and offer him a beer as if they were friends.
Mongolia Seeks Fresh Bids for Giant Coal Project
Five mining companies, including an international consortium, have said they would bid to develop Mongolia’s giant Tavan Tolgoi coal project, as the landlocked Asian nation restarts a long-awaited tender to develop the world’s largest coking coal deposit.
US officials: Dinosaurs returning home to Mongolia
U.S. officials on Thursday turned over to the Mongolian government enough 80 million-year-old dinosaur skeletons to stock a museum, including two relics of a kind of dinosaur that a prosecutor said “memorably stampeded” in a Hollywood movie.
Notice of Dispute Filed With the Government of Mongolia
Following receipt of an audit report from the Mongolian Tax Authority claiming unpaid taxes, penalties and disallowed entitlements associated with the initial development of the Oyu Tolgoi mine, Turquoise Hill Resources today announced that a notice of dispute with the Government of Mongolia has been filed.
Rio Tinto’s Turquoise Hill Stake Unchanged at 50.8%
LONDON–Mining titan Rio Tinto PLC (RIO) has kept its majority stake in Turquoise Hill Resources Ltd (TRQ.T) unchanged at 50.8% following the successful completion of a $2.4 billion rights issue.
Erdene Closes Oversubscribed Private Placement
Erdene Resource Development Corp. (TSX:ERD) (“Erdene” or “Company”), is pleased to announce that it has closed its non-brokered private placement financing with the issuance of 9,797,500 units (the “Units”) priced at $0.07 per Unit for gross proceeds of $685,000. The $500,000 private placement previously announced on October 18th, 2013 was oversubscribed and was increased to [...]
Why Kim Jong Un Snubbed Mongolia’s President
Mongolia’s president had a busy four days in North Korea this week, meeting various officials and zipping around to Kim Il Sung University, a Pyongyang theater, the Munsu water fun park, the border with South Korea and Kim family mausoleum, among other places.
Rio Tinto’s Oyu Tolgoi Faces Chinese Customs Delay
Mongolia’s massive Oyu Tolgoi copper and gold mine has already begun to receive payments for copper concentrate shipped to a warehouse in China but hasn’t yet recorded any revenue due to Chinese customs approval delays, a majority-owned unit of Anglo Australian miner Rio Tinto PLC (RIO) said Monday.
Mongolia’s Choice on Investment
A sudden sense of economic crisis is spoiling the mood over Mongolia’s three years of world-beating economic growth. This crisis stems from the massive decline in foreign investment and ongoing uncertainty surrounding the government’s partnership with Rio Tinto in the $10 billion Oyu Tolgoi project. In the coming week, two events seek to address this [...]
SouthGobi Resources Appoints Bold Baatar as Non-Executive Director
HONG KONG, CHINA–(Marketwired – Sept. 3, 2013) – SouthGobi Resources Ltd. (TSX:SGQ)(HKSE:1878) -Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited and Hong Kong Securities Clearing Company Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability [...]
Prima Fluorspar Corp. Enters Into LOI to Acquire Controlling Interest in a Mongolian Fluorspar Mining Company Resulting in an RTO by Affiliates of Firebird Management LLC
Prima Fluorspar Corp. (TSX-V:PF) (“Prima” or the “Company”) is pleased to announce that on August 30, 2013 it entered into a non-binding letter of intent with three funds managed by affiliates of New York-based Firebird Management LLC (“Firebird”), to negotiate the purchase of holding companies through which Firebird controls it 99.8% ownership stake in Berkh [...]
Mongolia Replaces Erdenes Oyu Tolgoi CEO; Calls Emergency Meeting of Parliament
LONDON–Mongolia has appointed a veteran politician as the new head of the state-owned company that controls the government’s stake in the huge Oyu Tolgoi copper and gold mine, in a move to appease its partner Rio Tinto PLC (RIO).
Rio Tinto Delays Oyu Tolgoi Expansion; Awaits Mongolia OK
Mining giant Rio Tinto PLC (RIO) said Monday it is delaying the $5.1 billion underground expansion of the massive Mongolian Oyu Tolgoi gold and copper mine after the Mongolian government said its parliament would have to approve the provisional financing for the project when it returns from summer recess.
Supply Worries Lift Copper Prices Off Five-Week Lows
NEW YORK–Copper prices bounced off five-week lows on Wednesday as supply disruptions at a large mine in Indonesia and brighter economic data from Europe offset anticipation of new production from Mongolia.
Minister MacKay Signs Memorandum of Understanding with Mongolian Minister of Defence
Today, the Honourable Peter MacKay, Minister of National Defence met with his Mongolian counterpart, Minister of Defence Dashdemberel Bat-Erdene, and signed a Memorandum of Understanding that solidifies plans for continued defence cooperation and exchanges between the two nations.
Government of Mongolia and Genie Energy Sign Strategic Oil Shale Development Agreement
Genie Energy (NYSE: GNE, GNEPRA) said today that its subsidiary, Genie Oil Shale Mongolia, LLC (Genie Mongolia), and the Petroleum Authority of Mongolia (PAM) have entered into an exclusive oil shale development agreement to explore and evaluate the commercial potential of oil shale resources on a 34,470 km(2) area in Central Mongolia.
At Odds With Mongolia’s Modernity, a Poet Seeks Another Way
ULAN BATOR, Mongolia — As a student in the 1980s, Gombojavyn Mend-Ooyo formed a secret literary society and wrote poetry filled with traditional nomadic themes at a time when Mongolia, then a communist state, was trying to suppress those values.
Canada Should Draw Lessons from Mongolia’s Foreign Deal Confusion
With two big foreign deals in the balance, Canada is now being advised by a Calgary think tank not to follow in the path of another resource-rich nation that’s recently scared off international investors: Mongolia.