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АТГ: Ховд аймгийн төрийн байгууллагын нэр бүхий 1 албан тушаалтанд хариуцлага тооцуулахаар шаардлага хүргүүллээ Эрдэнэс Тавантолгой: Ногдол ашгийн 256,000 төгрөгийг ирэх сард олгоно Төв цэнгэлдэхийн газраас бусдад олгох захирамж гаргасан үе үеийн Засаг дарга нарыг АТГ-т шалгуулна ЦХХХ-ны сайд Н.Учрал: Ардчиллын баян бүрд хэмээн нэрлэгддэг манай улс мэдэх эрхийг хангуулахад технологи ашиглаж байна "Шинэ төв цэвэрлэх байгууламжийг ирэх онд ашиглалтад оруулна" Ногоон автобусны сонсголыг удирдах Түр хорооны даргыг сонгоно Эмээлтийн махны үйлдвэрийн үйл ажиллагааг түр зогсоов Улаанбаатарт 3 градус дулаан байна Д.Мөнх-Эрдэнэ: СӨХ-ны төлбөрөө зургаан сараас дээш төлөхгүй бол Монголбанкны зээлийн мэдээллийн санд бүртгэх зохицуулалтыг хуулийн төсөлд тусгасан Метроны зөвлөх үйлчилгээний тендерт 11 улсын компани санал ирүүлэв
Chalco Targeted as Mongolia Seeks to Limit State Deals

Mongolia, the commodity-rich nation that posted the world’s fastest economic growth in 2011, is on course to pass a law by June that will bar foreign state-owned companies from controlling its key assets.

The draft law, submitted to parliament two years ago, was accelerated after a public outcry following state-run Aluminum Corp. of China Ltd.’s move last month to take control of SouthGobi Resources Ltd. (SGQ), Vice Finance Minister Ganhuyag Chuluun Hutagt said in an interview. The law isn’t likely to apply to any existing operations, he said. Rio Tinto Group is developing the $6 billion Oyu Tolgoi copper mine in the nation.
Tightening the legislation would mean Mongolia joins Indonesia and Argentina in seeking to control ownership of resource assets to secure their economic future. The draft law, due to be passed before parliamentary elections next month, will be applied to the bid by Chalco, as Aluminum Corp. is known, and is aimed at ensuring no one country or product dominates the economy, according to Ganhuyag.

“Investors don’t like it when the rules of the game are changed after the game has started, and changed often at that,” Dale Choi, chief investment strategist at Frontier Securities in Ulan Bator, said by phone. “It would be in the interests of Mongolian people to make a decision based on commercial factors, rather than geopolitical factors.” Chalco said April 2 that it agreed to buy Toronto-listed Ivanhoe Mines Ltd. (IVN)’s 58 percent stake in SouthGobi in a deal worth as much as C$925 million ($914 million). Mongolia’s Mineral Resources Authority said it would ask SouthGobi to suspend exploration activity and mining on certain licenses while it reviews the deal. Some customers have cut orders because of the request, SouthGobi said May 14. Chalco won’t proceed with the deal unless it gets approval from Mongolia, it said on April 25. Yuan Li, a spokesman for Aluminum Corp. of China, Chalco’s parent, declined to comment, saying he can’t provide more information.

“There’s a issue of discrimination and foreign investors should be just foreign investors,” Frontier’s Choi said. “You can’t create separate rules for Chinese state-owned companies or Canadian companies. Chalco’s accord is market- based, it represents the way the market wants to go.”

Chalco’s move on SouthGobi was announced in the same month that it revealed plans to become the top shareholder in Winsway Coking Coal Holdings Ltd. (1733), a Hong Kong-based trader that ranks among the top exporters of the commodity from Mongolia. London- based Rio Tinto, the world’s third-largest mining company, counts Chalco’s parent as its largest shareholder.

Rio spokesman Illtud Harri declined to comment. The new law will make sure that any purchase of stakes in so-called strategic assets by a state-owned entity are registered and receive government approval, Ganhuyag said. The list of strategic assets and industries will be made later and will likely include uranium and rare earths among other minerals, he said.

State-owned entities won’t necessarily be barred from owning any assets in Mongolia, Ganhuyag said. “We’ll review all applications on a case by case basis.” Private companies investing in the country’s key assets will also be scrutinized on their source of income, local hiring intentions and investment timespan to avoid so-called hot money inflows, Ganhuyag said. Mongolia will also seek to make sure investors do not use jurisdictions that allow tax minimization, he said.

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