PM speaks to Parliament about education reform

Summary: The Prime Minister of Mongolia, J. Erdenebat, provided an update on higher education policy during the Parliamentary session. The Prime Minister noted that the Government of Mongolia is creating policies to create a knowledge-based society and to develop Mongolia's university system to maintain stable growth. The government has drafted education reform policies to be implemented from 2016-2030 in 4-year stages. The 2016-2020 policies are designed to help the higher education system meet international standards and to provide a high quality education to all students. From 2021- 2025, the focus of the policy will be building science and technology parks and getting four or more Mongolian universities on the list of Asia’s top universities. By 2026-2030, the education reform plan calls for Mongolian universities to produce graduates with world-class knowledge and skills.

Keywords: Prime Minister, higher education, education reform   The National Post /page 2/

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Parliament reviews amendments to the Law on Seniors

Summary: Parliament discussed amendments to the Law on Seniors during their parliamentary session. Members proposed reducing the interest rate for pension loans and placing limits on loan periods. Minister of Labor and Social Protection N. Nomtoibayar stated, “The minister is working with other organizations to issue pension loans in six months and reducing the 18% interest rate for pension loans incrementally, down to 15,12, and 9%." The MPs approved the amendment and it was submitted to the Social Policy, Education, Culture and Science Standing Committee for review.

Keywords: Parliament, legal reform, seniors     The Century News /page 2/

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Economy

Average income reaches 884,300 MNT

Summary: The National Statistical Office reported that as of Q3 of this year, the average income rose to 884,300 MNT, a figure determined by calculating income taxes paid. The average salary increased by 47,400 MNT compared to last year, but decreased by 3,700 MNT compare to the previous quarter. As of Q3'16, 37, 100 commercial entities employed around 581,400 employees. For the past three quarters, the average household income has been on the decline, reaching 853,300 MNT, a decrease of 84,400 MNT from the previous quarter.

Keywords: National Statistical Office, income   The Official Gazette /page 5/

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Mining

Oyu Tolgoi plans to produce up to 160,000 tons of copper next year

Summary: Turquoise Hill announced that Oyu Tolgoi is planning to produce 130-160 thousand tons of copper and 100-140 thousand ounces of gold in concentrate in 2017. In addition, stockpiled ore will be processed in 2017. In 2016, Oyu Tolgoi planned to produce 175-195 thousand tons of copper concentrate and 255-285 thousand ounces of gold in concentrate. It is estimated that operational expenditures in 2017 will be around 720 million USD, lower than 2016 due to cost improvements and lower logistics costs from decreased production. In terms of capital expenditure for 2017, the spending on open-pit operations is expected to be around 100 million USD, and expenses for underground mine development are expected to be 825-925 million USD. Turquoise Hill noted that the prediction of stabilization of production at the underground mine by early 2021 has not changed.

Keywords: Oyu Tolgoi, production forecast, copper     Today /page 1/

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Online Story

Petro Matad reassigned interest in the East Gobi's Blocks IV and V

Summary: Petro Matad announced that the Government of Mongolia has approved the company's request to reassign drilling rights in the East Gobi's Blocks IV and V. Petro Matad is set to own 100% of the interests to drill through its subsidiary Central Asian Petroleum, and Royal Dutch Shell is set to pay the company 5 million USD within 10 working days following reassignment of interests. Last April, Royal Dutch Shell expressed their desire to opt out of its product sharing contract for Blocks IV and V. Petro Matad plans to start drilling in 2017. A drilling tender will be announced in January 2017, and drilling operations are set to start in mid-2017. In order to minimize risks, Petro Matad is seeking additional financing.

Keywords: Petro Matad   www.bloombergtv.mn

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