Mongolia News

MarketWatch / BusinessWire: NVMN – U.S. Government Recognizes Threat from Critical Lithium Supply Shortage

Nova Mining Corp.: News author Tina Casey reported earlier this week that the U.S. Government, through U.S. Department of Energy funding, has recognized the problems that the current lithium supply shortage has had on the U.S. lithium-ion battery market, which has been plagued by concerns over prices and supply. According to the report, “Bloomberg News has noted that the lithium supply issue has been heating up, with skyrocketing demand for iPads and other mobile devices leading to a recent tripling of prices. If that trend continues into the foreseeable future, it could put a real kink in the President’s efforts to revive domestic manufacturing across the spectrum of battery-operated products, especially when it comes to electric vehicles like the Chevy Volt…Even if the global supply of lithium was more expansive, the lack of a sufficient domestic supply exposes the U.S. to the same geopolitical issues that have bedeviled the petroleum markets for generations.” To read the full article, click hereNVMN – U.S. Government Recognizes Threat from Critical Lithium Supply Shortage

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TurkishPress: Turkish airlines launches flights to Ulan Bator

As the Turkish Airlines (THY) has added the Mongolian capital city of Ulan Bator into its international network of flights, Finance Minister Mehmet Simsek said that those flights would initiate a new period in which relations with the land of our ancestors would get closer. Simsek spoke to the Turkiye daily following a ceremony which was held on the occasion of new flights launched between Turkey and Mongolia, saying that a positive cycle would start thanks to these flights. “Now we are becoming ‘real neighbors’ with Mongolia. A quite strong bridge would have been established thanks to the THY,” Simsek added. To read the full article, click hereTurkish airlines launches flights to Ulan Bator

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East Asia Forum: Mongolia – electronic counting but no trust

The results from Mongolia’s 28 June 2012 parliamentary election on are in — sort of. The General Electoral Commission (GEC) announced the preliminary results on 30 June, with official results set to be announced by 13 July. No party won an outright majority, which would require 39 seats in the 76-member State Great Khural. The Democratic Party (DP) won 31 seats, thus becoming the most likely leader of a governing coalition. The current prime minister and leader of the Mongolian People’s Party, Sukhbaataryn Batbold, won 28 seats, so he will be succeeded by the DP’s Norovyn Altankhuyag or another DP leader. The negotiations over a governing coalition will become clearer after the newly elected parliament appoints a new prime minister and cabinet. In the last few days, the DP has suddenly begun pushing hard for an expedited process that could see a new cabinet in July, even though initial expectations based on 2004 and 2008 had been for a coalition to be solidified by the end of the northern summer. It looks like Mongolia is now heading for a smooth political transition, unlike the aftermath of the 2008 parliamentary elections, when a ‘state of emergency’ was declared following the death of five people during large-scale protests. To read the full article, click hereMongolia – electronic counting but no trust

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Reuters: SouthGobi jumps over 12% on Chalco interest

Shares of Mongolia-focused coal miner SouthGobi Resources Ltd jumped as much as 12.5 percent on Wednesday after Chinese aluminum giant Chalco reiterated its interest in acquiring a majority stake in the coal miner. To read the full article, click hereSouthGobi jumps over 12% on Chalco interest

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4-Traders: Resignation and Appointment of Non-Executive Director

The board (the “Board”) of directors (the “Directors”) of Mongolian Mining Corporation (the “Company”) announces that Mr. Enkh-Amgalan Luvsantseren (“Mr. Luvsantseren”) has resigned from his position as non-executive Director with effect from 4 July 2012 to resume his duties as vice president of MCS Holding LLC (together with its subsidiaries the “MCS Group”), an associate of MCS Mining Group Limited (a substantial shareholder of the Company), and director of a number of subsidiaries within the MCS Group. Mr. Luvsantseren has confirmed that he has no disagreement with the Board and he is not aware of any matters in connection with his resignation that needs to be brought to the attention of the shareholders of the Company. To read the full article, click hereResignation and Appointment of Non-Executive Director

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Reuters: Mongolia’s task – avoid Nigerian resource curse

In much of the developing world, natural resources seem to offer a handy way out of poverty. But they also present a curse. Mongolia, where the center-right Democratic Party led last week’s elections on a wave of resource nationalism, would be wise to avoid the mistakes of Nigeria and other nations. Government and private fingers can get sticky, the bonanza wasted and non-resource activity burdened and disincentivized. Mongolia is the world’s newest member of the commodity boom. The country wedged between Russia and China has enjoyed spectacular growth in GDP – close to 17 percent in the first quarter from a year earlier – largely on the back of exploration and construction related to its massive Oyu Tolgoi gold and copper mining project. From August, Oyu Tolgoi will begin producing revenue, and from 2013 it will turn into a massive cash generator with relatively low employment. To read the full article, click hereMongolia’s task – avoid Nigerian resource curse

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Mongolia Today: Steps toward New Government

Contrary to the pattern from previous elections when the various steps following the polls came rather slowly, it appears that the DP is now eager to move ahead much faster. With run-off elections scheduled for this Sunday, the final results for the election could come as early as this weekend. The DP then seems to be eager to dissolve parliament and swear in a new parliament before Naadam. DP leaders also gave a press conference to announce that the DP would be forming a government under party leader Altankhuyag as prime minister. They did not specify which party they would be forming a coalition with to reach the necessary 39 votes in the Ikh Khural to vote in a prime minister. However, DP leaders made an open statement, that they will join with any parties which accepts to the DP platform (campaign policy document). The DP will designate a new ministry for labor to address the unemployment challenges. To read the full article, click hereSteps toward New Government

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Scoop.co.nz: Media Personnel Attacked for Election Reporting in Mongolia

The International Federation of Journalists (IFJ) and its affiliate the Confederation of Mongolian Journalists (CMJ) are deeply concerned by reports of an attack on eight journalists and camera operators from local television broadcaster Sky TV on June 28, 2012 in Khuvsgul aimag, in Mongolia’s north. According to CMJ reports, the attacks on the television crew were in response to their coverage of the elections for the State Greal Hural of Mongolia – the country’s highest legislative and governing body. At the start of the reporting of preliminary voting results on June 28, B.Ganzorig, Executive Director of Khuvsgul News LLC – the investing company of Sky television – entered the Sky TV premises with a number of other people and directed to beat four journalists and four camera operators, accusing them of airing one-sided news that did not serve the interests of their primary investor, Mr.Lhagva Munhbaatar, who was running for a seat in the election. To read the full article, click hereMedia Personnel Attacked for Election Reporting in Mongolia

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Reuters: Chalco announces delay in bid for SouthGobi stake

Chinese aluminum giant Chalco delayed plans to acquire a controlling stake in Mongolia-focused coal miner SouthGobi Resources Ltd on Tuesday, as it continues to work on securing regulatory approvals in Mongolia and outside. In April the Aluminum Corporation of China Ltd, better known as Chalco, announced a $926 million bid for a controlling interest in SouthGobi, which owns large coal projects close to the Chinese border. The proposed deal has the backing of Ivanhoe Mines Ltd, which currently owns a controlling stake in SouthGobi. But it ran into obstacles immediately, after the Mongolian said it would enact new investment rules allowing it to review deals involving foreign companies that have assets in Mongolia. To read the full article, click hereChalco announces delay in bid for SouthGobi stake

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ProactiveInvestors: Chalco delays bid for SouthGobi stake

Chinese aluminum giant Chalco Tuesday delayed plans to acquire a controlling stake in Mongolia-focused coal miner SouthGobi Resources. The Chinese metals company is continuing to work on securing regulatory approvals in Mongolia and outside. In April, Chalco unveiled a $926 million bid for a controlling interest in SouthGobi, which owns large coal projects in Mongolia. The proposed deal has the backing of Ivanhoe Mines Ltd, which currently has a controlling stake in SouthGobi. Ivanhoe and Chalco agreed to cooperate with Mongolia to ensure any requirements under the country’s new strategic foreign investment legislation were satisfied. To read the full article, click hereChalco delays bid for SouthGobi stake

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