US Ambassador to Mongolia Piper Campbell took questions from MMJ during her recent visit to Peabody Winsway’s Ereen mine restoration project. She sees “potential for tremendous growth and expansion” of cooperation between Mongolia and its third neighbor, and wants U.S. companies to play a bigger role in it.

Mongolia and Rio Tinto Group (RIO) made progress in resolving project financing and other disputes stalling the expansion of their $6.6 billion Oyu Tolgoi copper mine, a Mongolian board member of the venture said.

Mongolia’s second-quarter economic growth accelerated from the first three months of this year as the government boosted spending on infrastructure. Gross domestic product grew 14.3 percent in the three months from April through June, compared with 7.2 percent in the first quarter, according to the National Statistics Office of Mongolia. Expansion in the first half was 11.3 percent, compared with an annual pace of 12.4 percent in 2012.

Some 800 years after Genghis Khan forged its tribes into the world’s largest empire, Mongolians are awakening to lucrative and unsettling realities. A nomad rides on a horse near Ulaanbaatar. Photographer: Tomohiro Ohsumi/Bloomberg

An Oyu Tolgoi copper shipment was announced twice but delayed. The first announcement said that copper export was scheduled on June 14th but was delayed. The second announcement gave the target date of June 21st but was again delayed with no new date given.

At a time when the London Metal Exchange is the closest it has ever been to entering China, the rival Shanghai Futures Exchange is looking for a bigger share of the $20.6 trillion global market in metals futures.
 

While the LME already handled $14.5 trillion of trade last year, backed by a network of more than 700 warehouses in 36 locations that ensure physical delivery, Chinese regulations from 2008 mean it has no depot in the biggest metal-consuming nation.

Mongolia’s long-awaited securities law introduces several new concepts into its capital markets, such as depositary receipts, custodian banks and beneficial and nominee shareholders. These developments make possible the triple-listing of state-owned coal miner Erdenes Tavan Tolgoi in London, Hong Kong and Mongolia.

Mineral-rich Mongolia’s export income dropped in the first five months of this year as a result of falling coal prices paid by China, the nation’s largest trading partner.

Mongolia’s exports fell 3.3 percent to $1.64 billion in the first five months of this year from the same period last year, the National Statistics Office said in a release on its website yesterday.

The former prime minister has negotiated a contract to advise the Mongolian government just as the country strikes it rich from a vast copper and gold mine in the Gobi desert.

The Sunday Telegraph can disclose that Mr Blair spent two days in March in Ulaanbataar, Mongolia’s capital, striking the deal with the country’s president and prime minister.

An accident at the Grasberg mine in Indonesia which killed 28 people is causing concern at Chinese smelters because copper supplies are decreasing. 

The 2nd Mongolia Trade and Commodity Finance Conference were organized in Chinggis Khan Hotel yesterday 14^th May 2013. The conference was attended by 100 of people which were from all the sectors of the business community and specially minerals and finance.  The main focus of the conference was to find ways and connect the local mineral properties holders to international financial institutions.

BHP Billiton Ltd. (BHP), the world’s biggest exporter of steelmaking coal, may face a drop in contract prices to a record low in the third quarter amid rising supply and weaker Asian demand.

Mongolia Economic Growth Slows to 7.2% as Coal Exports Decline

Tough talker

Turquoise Hill Resources (NYSE:TRQ TSE:TRQ) rose 5% in afternoon trade on Tuesday, bringing gains for the operator of the Oyu Tolgoi mine since Friday to 12.5%.

Indias Golden Temple

Buyers in India and China are rushing to purchase gold as its price declines.

Randgold mine in DR Congo

African gold miner Randgold Resources (LSE: RRS; NASDAQ: GOLD) expects to bolster its exploration work on the cheap if the price of gold falls further, reports Reuters.