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http://zgm.mn/post/4813/

Gold projects continue to attract fund

Gold projects continue to attract fund
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http://zgm.mn/post/4813/
  • Steppe Gold LLC successfully started the Altan Tsagaan Ovoo gold project, starting ore processing at the deposit

Erdene Resource Development Corp, one of the companies developing gold projects in Mongolia, is planning to release the feasibility studies for the Khundii gold within mid-2020. Moreover, the company had secured and attracted USD 5 million convertible loans from the European Bank for Reconstruction and Development (EBRD) at the beginning of last year. CEO of Mongolian Investment Banking Group LLC Bilguun Ankhbayar said, “Although the demand for gold as a safe investment tool and the price rising is favorable for gold mining companies, the shares of companies which developing gold projects, are highly volatile.” ASX listed Xanadu Mines Ltd. has stopped drilling for the Kharmagtai project in Umnugovi province in February. In this regard, the company reconsidered its 2020 operational plans and cut management costs by AUD 1.3 million or 35 percent. Besides, the company has signed an agreement with Japan Oil, Gas and Metals National Corporation (JOGMNC) to attract up to USD 7.2 million for exploration of the “Red Mountain” project. The project is scheduled to set up May and continue until November. Further, Steppe Gold LLC (STGO) successfully started the Altan Tsagaan Ovoo gold project, starting ore processing at the deposit. The company is extracting 533,000 tons of ore containing two grams of gold per ton and concentrating on leaching technology. Also, STGO is arranging to mine 60,000 ounces of gold and set to raise USD 3 million from the National Investment Fund this year. 

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Charter flight evacuates 171 Mongolians from Russia

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The Moscow-Ulaanbaatar charter flight landed at the Chinggis Khaan International Airport on May 26. According to the State Emergency Commission (SEC), 171 people arrived in Mongolia on the flight and will be isolated for 21 days at the National Center for Communicable Diseases (NCCD). The SEC has also decided to evacuate citizens through Altanbulag port on Tuesday and Wednesday. As of Monday, 11,275 people from 46 countries have applied to return to Mongolia. Specifically, about 2,000 citizens from the Republic of Korea, 1,270 from the United States, 906 from Australia, 560 from Kazakhstan, and 549 from India applied. The SEC had previously announced that it would operate a charter flight to India shortly. Moreover, four more patients have recovered from COVID-19 and were transferred into the next stage of isolation, bringing the total number of recoveries in Mongolia to 37, reported Director of the NCCD at a daily briefing of the Ministry of Health. The recovered patients received treatment for 42 to 43 days. Mongolia confirmed 141 cases of the COVID-19; of the 104 people being treated, 95 are in moderate condition and nine are in critical condition. On Monday, the NCCD reported that a COVID-19 had not been detected in 193 people tested at the NCCD and its affiliated laboratories.

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Constitutional court to conclude law on election on June 3

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The Constitutional Court of Mongolia will make a final decision on whether certain provisions of the Law on Parliamentary Elections violate the Constitution at its plenary session on June 3, 2020, according to the Constitutional Court’s Media and Public Relations Office. In line with the election law, Article 6.1 stipulates that a party registered with the Supreme Court prior to the announcement of an election eligible to participate in the parliamentary election and Article 28.3.1 of the same law provides that parties and coalitions must register with the Supreme Court before the deadline for expressing their participation in the election which means conflicting regulations are enshrined in this law. In this regard, the Constitutional court considered whether these provisions violated the Constitution and decided to suspend them in violation of the relevant provisions of the Constitution on April 22. Since the Parliament considered this conclusion unacceptable, the court is going to finalize the dispute in its plenary session. The Constitutional Court of Mongolia has also decided to postpone the May 27, 2020 mid-session at the request of the Cabinet’s proxy representative. The meeting was scheduled to negotiate whether some provisions of the law on procurement of goods, works and services with state and local funds offenses against the constitution.

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Fuel price lowers amid oil plunge

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  • AI-92 gasoline will be sold in Ulaanbaatar at MNT 1,320-1,400

The Mineral Resources and Petroleum Authority of Mongolia (MRPAM) held a press conference on fuel price. Concerning the Brent crude oil plunge in the global market, prices of A-80 type petroleum decreased by MNT 50, AI-92 by MNT 80-100, AI-95 petroleum decreased by 200 MNT, and diesel fuel price reduced by MNT 160 as of May 25.Government Resolution No. 114 specifies that the price of all types of fuel to be reduced by MNT 300-400 due to the fall in oil prices in foreign markets and that it will remain stable further, according to the spokesperson.To implement the resolution, we are working to keep the price of AI-92 type of petroleum stable for eight months. During this period, AI-92 will be available in Gobi-Altai and Zavkhan provinces at a price not exceeding MNT 1,670 per liter. In other words, AI-92 gasoline will be sold in Ulaanbaatar at MNT 1,320-1,400. Retail prices for petroleum and diesel fuel have been falling since yesterday and will be fixed, the spokesperson said. Mongolia has 39 days of oil reserves for normal consumption, the Mineral Resources and Petroleum Authority reported earlier this month. However, the domestic consumption of petroleum products is declining. Particularly, fuel importers state the reducing consumption of petroleum products due to export disruptions and difficulties in the mining sector. As of May 24, petroleum import has decreased by 20 percent and the import of diesel fuel by 32 percent, according to a preliminary report of the General Customs Administration.

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Mining expenditure may drop as companies cut costs

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  • Erdenes Tavan Tolgoi planned to sell 9.2 million tons of coal this year but reduced it by 30 percent to 6.2 million tons

The Turquoise Hill Resources (TRQ), an investor of Oyu Tolgoi (OT) reported that the Oyu Tolgoi underground mine project which was planned to cost USD 1.3 billion in 2020, contracted its spending to USD 1.1 billion mainly due to COVID-19 outbreak. It has also deteriorated open-pit cost from USD 120 million to up to USD 80 million. Oyu Tolgoi project made over 94 percent of foreign direct investment of Mongolia in the first quarter of the year. Petromatad, which has discovered an oil field in the Tamsag basin, has cut its employees’ salaries, reducing the earnings of all directors and senior managers by an average of 50 percent and the salaries of professional consultants by up to 45 percent since the second quarter. In the future, it is possible to cut additional costs depending on market conditions. Additionally, Tsairt Mineral LLC, the main exporter of zinc, has postponed construction work at the open pit this year. As a result, the company said, the plant's supply could be disrupted. The company announced that preparations for an underground mine that will create about 200 jobs have been delayed. Coal companies have also cut their export plans this year. For example, Erdenes Tavan Tolgoi planned to sell 9.2 million tons of coal this year but reduced it by 30 percent to 6.2 million tons.