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Analysis

ETT on deck: After some delay, the state-owned company is set to be opened up to the market
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The initial public offering (IPO) of Erdenes Tavan Tolgoi (ETT) has been long delayed. If the giant multi-market stock sale can be completed, confidence could very well be restored and the capital markets of Mongolia could be revived. ETT has proven more difficult than first imagined, but much of what has held it back has been addressed and the transaction may go ahead according to the current schedule. On…

Analysis

A new start: Restarting the production of uranium
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With the world’s 16th-largest proven uranium reserves according to the International Atomic Energy Agency’s 2011 Red Book, Mongolia is making progress to restart production and export for the first time since 1995. Soviet geological surveys conducted nationwide over 20 years to 1990 revealed reserves in four key uranium provinces covering nine deposits and 100 occurrences, although Russian production…

Analysis

Good foundations: The development of the nation’s social security system
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The social security system in Mongolia is surprisingly well developed. While health care benefits are low, the country offers a good range of support to almost all its citizens. Payouts for retirement are quite substantial. Still, improvements certainly are required, such as increased medical benefits and better funding of the programme. But a good foundation has been established, one off of which…

Analysis

Prophecy Coal: Mining
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The Company Prophecy Coal is an international company focused on developing its Ulaan Ovoo coal project and Chandgana 600-MW mine mouth power plant project in Mongolia. The company’s stock trades on the Toronto Stock Exchange, OTC Markets QX and the Frankfurt Stock Exchange with current market capitalisation of around $20m. The Ulaan Ovoo mine is located in Selenge province of northern Mongolia.…

Analysis

A welcome revision: The industry’s legal framework is evolving
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Mining investors’ sentiment has ebbed and flowed in line with Mongolia’s regulatory framework, with near-yearly attempts for either wholesale revisions to the Minerals Law or proposals for new legislation covering environmental standards, governance or foreign investment. Conscious of the need for a coherent and consistent regulatory approach, the incoming government proposed a cover-all policy…

Analysis

Samurai to the rescue: A promising new bond will require better planning
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Like the country’s equity market, Mongolia’s bond market had a tough year in 2013. Trading in debt securities dried up on the Mongolia Stock Exchange (MSE), with turnover in corporate bonds going to zero, while pricing on the country’s eurobonds collapsed. As Mongolia’s balance of payments situation worsened, bond investors soured on Mongolian paper. However, as 2013 progressed, talk of a yen-denominated,…

Analysis

Small steps: Opportunities exist for the further development of micro-insurance
OBG
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Mongolia is an ideal country for micro-insurance. While the urban and the wealthy have access to a wide range of commercial products, and all the people of Mongolia can technically be covered under the country’s social security programme, much of the population is falling through the cracks. The poor and the nomadic, which make up more than half the country, are facing risks that cannot be insured…

Analysis

Power up: A summary of efforts to close the energy supply gap
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Having seen little investment in new generation capacity over the past decade, Mongolia is now forging ahead with upgrades to its coal-fired heat and power (CHP) capacity and trying to lure private investment to greenfield plants. Given a looming power shortage, which the Ministry of Energy (MoE) projects at 250 MW by 2016 but the IMF estimates at 600 MW, plus the cap on Russian imports, time is of…

Analysis

The right mix: Livestock insurance blends commercial enterprise and public policy
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The Mongolian Index-Based Livestock Insurance (IBLI) programme could greatly help the country. Given the harsh climate and the frequent cold winters – and given the fact that herders, which make up a significant part of the population in Mongolia, tend to live with little financial cushion – it is vital that a financial product exist that can act as a hedge when livestock dies. The challenge remains…

Analysis

Turquoise Hill: Mining
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The Company Turquoise Hill (TRQ: TSX, NYSE & NASDAQ) remains the most important stock for investors watching Mongolia. TRQ is an international mining company focused on copper, gold and coal mines in the Asia Pacific region with principal assets located in Mongolia. Its assets include a 66% interest in Oyu Tolgoi (OT), one of the world’s largest copper, gold and silver mines that started production…