In June 2013 the Bank of Mongolia (BoM), the country’s central bank, introduced a new mortgage scheme, which is widely expected to boost home ownership rates substantially in the coming years. Under the new framework interest rates on mortgages for qualifying buyers have been set at a fixed rate of 8%, plus or minus one point depending on...
Although it may be the least densely populated country in the world, Mongolia’s capital has serious traffic problems. Migration from the provinces to the urban centre and a lack of infrastructure development have left Ulaanbaatar with downtown gridlock throughout the day. It is a city built for 70,000 cars; it now has 150,000. Over the past 20...
The rapid expansion of Mongolia’s economy in recent years has had a knock-on effect on construction activity across the country. According to World Bank data, the construction industry grew by more than 25% over the course of 2012, primarily as a result of a handful of government-led infrastructure and housing investment programmes. While local...
First deliveries of “Mongol93” hit the market in May 2013. With its plans to build a domestic refinery delayed, Mongolia has agreed to swap crude for refined fuel with PetroChina, a subsidiary of China National Offshore Oil Corp. This new import source, though still expensive, should reduce Rosneft’s leverage at the trading table. Even a...
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%...
For Mongolia’s frontier mining industry, long dominated by the promise of future production, 2013 marked a watershed with the commercialisation of the first phase of the world’s largest undeveloped copper and gold mine, Oyu Tolgoi (OT). Despite uncertainty over OT’s future expansion and challenges for Mongolia’s coking coal miners, a government mandate fresh from the 16-...
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