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EBRD to make USD6-million investment in Petro Matad

The European Bank for Reconstruction and Development (EBRD) will be making a USD6-million equity investment in Petro Matad Limited, the first Mongolian oil exploration and production company.  The majority share in the company is owned by Petrovis LLC, the largest

SouthGobi appoints new vice-president

SouthGobi Energy Resources Ltd. has appointed Tony Pearson as its new Vice-President, Corporate Development, effective February 8, 2010. Pearson will be responsible for business and corporate development initiatives. He previously held senior positions with Citigroup”s Metals and Mining Investment Banking

Golomt Bank launches China UnionPay card

Golomt Bank has launched the first CUP card in the world market, in association with China UnionPay (CUP) Company. Golomt accounts for more than 60 percent of the total card transaction volume in the Mongolian market and was chosen as

MPs call each other names as they discuss draft laws

Bickering among MPs marked the recent discussion of two draft laws by the Standing Committee on Government Organization. The drafts were submitted by the two major parties on the same subject. Ts.Nyamdorj (MPRP) and Kh.Temuujin (DP) were heard calling each

Sundog in Khutul and Darkhan, earthquake in UB and Dundgobi

A rare atmospheric phenomenon called the Sundog or the Mock Sun was visible in Darkhan and Khutul last Friday morning.  Colored patches of light appeared bide the sun. The phenomenon occurs when the sun is low and usually when the

Energy tariffs increase for domestic consumers only in June

The Energy Regulation Department has agreed to postpone the raise in domestic electricity tariffs until June 1, following a demand by the Mongolian Labor Union for a review of the data. However, commercial customers will have to pay at the

PM explains new social welfare policy

Prime Minister S.Batbold has clarified the thrust of the proposed reforms in the social welfare program. Last year, MNT71 billion was distributed to 1.3 million people, about 45,900 people were helped find jobs and 18,900 people were enrolled in professional

Entree Gold releases highlights of activities in 2009

The exploration and corporate highlights of Entrée Gold Inc. in 2009 include signing of the long-awaited Oyu Tolgoi Investment Agreement between the Mongolian Government and Entrée’s joint venture partner, Ivanhoe Mines Ltd. and largest shareholder, Rio Tinto; the  conversion of

SouthGobi hopes to increase coal production 600%

SouthGobi Energy Resources, 79 percent-owned by Ivanhoe Mines, aims to boost its coal production in the Gobi desert by more than sixfold to 8 million metric tons by 2012, CEO Alexander Molyneux has said at a media briefing at the

Tuvshinbat wins gold and best boxer award in Karachi

B. Tuvshinbat of Mongolia was given $2,500 as the best boxer at the Shaheed Benazir Bhutto International Boxing tournament which concluded in Karachi last week. The tournament ended with China claiming four gold, one silver and two bronze medals to

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