Minister of Foreign
Affairs and Trade G.Zandanshatar and the Prime Minister’s adviser on foreign
relation, O.Och have said the recently concluded visit of S.Batbold to Russia
has opened a new page in the two countries’ relationship. The debt is finally
settled, with Mongolia to pay the remaining debt of USD3.8 million from the
combined budget of 2011.

A 25-year agreement on railway
transportation tariff has been signed and the rates will be reviewed every
three years. The rates now agreed upon are equal to the cost of transporting
coal through Tianjin in China. Russia will invest USD125 million in Ulaanbaatar
Railway, apart from spending on construction of the 1000-km Tavantolgoi-Russia
railway.

Mongolia will own 51% and
Russia 49% of the new joint venture in uranium. The mine will create 1,000 job
places. Mongolian will be trained in Russia in uranium exploitation. Erdenet
and Mongolrostsvetmet will be merged and an IPO arranged.

More meat, meat products,
wool and cashmere will be exported to Russia. Russia will give 370 million
ruble to the veterinary sector to improve livestock health.

A joint business council
has been established. MP Kh.Narankhuu will represent Mongolia in its managing
council.