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3 C

ABSTRACT 3

1 EECUTIVE SUMMAR.......................................................... 4

1.1 HISTORY ................................................................................................ 41.2 GOVERNMENT ........................................................................................ 4

1.3 FOREIGN RELATIONS ................................................................................ 4

1.4 GEOGRAPHY AND CLIMATE ....................................................................... 6

1.5 ADMINISTRATIVE REGIONS........................................................................ 6

1.6 ECONOMY ............................................................................................. 6

1.7 BANKING SECTOR.................................................................................... 6

1.8 THE CENTRAL BANK ................................................................................ 7

1.9 MONGOLIAN TAXATION SYSTEM ................................................................ 7

1.10 MONGOLIAN STOCK EXCHANGE................................................................. 7

1.11 MINING ................................................................................................ 8

1.12 AGRICULTURE ........................................................................................ 91.13 REAL ESTATE .......................................................................................... 9

1.14 INFRASTRUCTURE .................................................................................. 10

1.15 PRIVATISATION OF STATE PROPERTIES....................................................... 11

1.16 DEMOGRAPHICS ................................................................................... 12

1.17 LANGUAGES ......................................................................................... 12

1.18 RELIGION ............................................................................................ 12

1.19 EQUITY RESEARCH ................................................................................. 12

2 MONGOLIA KE STATISTICS................................................. 13

3 CONTENTS...................................................................... 14

4 HISTOR OF MONGOLIA..................................................... 184.1 PREHISTORY ....................................................................................... 18

4.2 EARLY HISTORY .................................................................................... 19

4.3 MONGOL EMPIRE ................................................................................. 19

4.4 POSTIMPERIAL PERIOD ......................................................................... 19

4.5 UNDER THE QING ................................................................................. 20

4.6 INDEPENDENCE ..................................................................................... 20

4.7 MONGOLIAN PEOPLE'S REPUBLIC............................................................. 21

4.8 DEMOCRATIC REVOLUTION ..................................................................... 21

5 GOVERNMENT................................................................. 22

5.1 POLITICAL SYSTEM AND RECENT HISTORY.................................................. 22

5.2 PRESIDENT ........................................................................................... 23

5.3 THE STATE GREAT KHURAL ..................................................................... 23

5.4 MONGOLIA PEOPLES PARTY AND DEMOCRATIC PARTY................................ 23

5.5 PRIME MINISTER AND THE CABINET .......................................................... 23

6 FOREIGN RELATIONS.......................................................... 246.1 AFRICA ............................................................................................... 24

6.1.1 EGYPT................................................................................................. 24

6.2 ASIA ................................................................................................... 25


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6.2.1 RUSSIA ............................................................................................... 25

6.2.2 PEOPLES REPUBLIC OF CHINA (PRC) ........................................................ 26

6.2.3 JAPAN ................................................................................................. 27

6.2.4 NORTH KOREA ..................................................................................... 296.3 EUROPE .............................................................................................. 29

6.3.1 UNITED KINGDOM ................................................................................ 29

6.4 NORTH AMERICA .................................................................................. 30

6.4.1 CANADA .............................................................................................. 30

6.4.2 USA ................................................................................................... 31

7 GEOGRAPH AND CLIMATE.................................................. 33

8 ADMINISTRATIVE REGIONS.................................................. 34

9 ECONOM....................................................................... 359.1 THE GLOBAL FINANCIAL CRISIS OF 2008/2009 .......................................... 36

9.2 CURRENT STATE OF THE ECONOMY........................................................... 369.3 GROSS DOMESTIC PRODUCT ................................................................... 38

9.4 MONEY SUPPLY .................................................................................... 39

9.5 BUDGET .............................................................................................. 40

9.6 INFLATION ........................................................................................... 42

9.7 TRADE ................................................................................................ 43

9.7.1 EXPORTS ............................................................................................. 44

9.7.2 IMPORTS ............................................................................................. 45

9.8 IMPLEMENTED POLICIES ......................................................................... 46

9.9 FOREIGN DIRECT INVESTMENT ................................................................. 47

9.10 CURRENCY ........................................................................................... 47

10 BANKING SECTOR............................................................. 4810.1 BACKGROUND ...................................................................................... 48

10.2 BANKING SECTOR PERFORMANCE DURING 2008/2009FINANCIAL CRISIS........ 49

10.3 STRENGTHENING OF THE FINANCIAL SYSTEM.............................................. 50

10.4 DEPOSITS AND LOANS ............................................................................ 51

10.4.1 NONPERFORMING LOANS (NPLS) .......................................................... 53

10.5 BANKING INTEREST RATES ...................................................................... 53

10.6 BANK ASSET QUALITY ............................................................................ 55

10.7 BANKING SYSTEM CAPITALISATION ........................................................... 57

10.8 BANKING LAW OF MONGOLIA (2010) ...................................................... 57

10.8.1 SUMMARY OF THE AMMENDED BANKING LAW........................................... 57

10.9 BANKING SECTOR 2010SUMMARY .......................................................... 59

10.10 BANKING SECTOR PROSPECTS.................................................................. 59

11 THE CENTRAL BANK........................................................... 61

11.1 BANK OF MONGOLIA MONETARY POLICY.................................................. 61

11.2 BANK OF MONGOLIA POLICY RATE ........................................................... 61

11.3 CENTRAL BANKS NONSTANDING FACILITIES.............................................. 62

11.3.1 COLLATERALIZED LOAN ........................................................................... 62

11.4 OBJECTIVES OF MONETARY POLICY ............................................................ 63


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11.5 BANK OF MONGOLIA STANDING FACILITIES................................................ 63

11.5.1 OVERNIGHT LOAN ................................................................................. 63

11.5.2 REPO FINANCING .................................................................................. 63

11.6 CENTRAL BANK BOND RATE .................................................................... 6412 MONGOLIAN TAATION SSTEM........................................... 6512.1 GENERAL TAXATION .............................................................................. 65

12.1.1 TAXPAYERS .......................................................................................... 65

12.2 CORPORATE INCOME TAX ....................................................................... 65

12.2.1 TAXPAYERS .......................................................................................... 65

12.2.2 TAX RATE ............................................................................................ 66

12.2.3 TAX EXEMPTION.................................................................................... 66

12.3 PERSONAL INCOME TAX LAW OF MONGOLIA.............................................. 67

12.3.1 TAXPAYER............................................................................................ 67

12.3.2 TAX RATE AND AMOUNT ......................................................................... 67

12.4 VALUE ADDED TAX (VAT) ...................................................................... 68

12.4.1 SCOPE OF VAT ..................................................................................... 68

13 MONGOLIAN STOCK ECHANGE............................................ 6913.1 OVERVIEW ........................................................................................... 69

13.2 THE SECOND BEST PERFORMING MARKET IN THE WORLD............................... 71

14 MINING......................................................................... 7314.1 MINING SECTOR ................................................................................... 73

14.2 EXPLORATION AND GEOLOGICAL MAPPING................................................ 76

14.3 LICENSES ............................................................................................. 77

14.4 COAL .................................................................................................. 78

14.4.1 TAVAN TOLGOI ..................................................................................... 8114.5 COPPER/GOLD ..................................................................................... 83

14.5.1 OYU TOLGOI (COPPERGOLD,MONGOLIA) ................................................. 84

14.6 IRON ORE ............................................................................................ 85

14.7 OIL .................................................................................................... 87

14.8 URANIUM............................................................................................ 89

14.9 MINERALS LAWS AND TAXES ................................................................... 90

14.9.1 STRATEGICALLY SIGNIFICANT DEPOSITS..................................................... 90

14.9.2 OVERVIEW OF FOREIGN INVESTMENT........................................................ 93

14.9.3 FOREIGN INVESTMENT IN MINING ............................................................ 94

14.9.4 PROGRESSIVE ROYALTIES ON MINERALS..................................................... 97

15 AGRICULTURE.................................................................. 9915.1 DZUD ............................................................................................... 100

16 REAL ESTATE................................................................. 101

17 INFRASTRUCTURE............................................................ 106

17.1 RAILWAY ........................................................................................... 106

17.2 ROADS .............................................................................................. 107

17.3 AIRPORTS .......................................................................................... 107

17.4 WATER ............................................................................................. 107


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17.5 MINING BOOM AND INFRASTRUCTURE DEVELOPMENT................................ 108

17.6 INDUSTRIAL PARK IN SAINSHAND........................................................... 112

17.7 RECENT DEVELOPMENTS ....................................................................... 113

17.8 MINING BOOM AND AIR INDUSTRY......................................................... 11518 PRIVATISATION OF STATE PROPERTIES.................................. 11718.1 20112012PRIVATISATION STRATEGY................................................... 117

18.1.1 NEAR TERM PRIVATISTAION TARGETS...................................................... 117

18.1.2 DETAILED MAPS OF PLANNED PRIVATISATIONS.......................................... 120

18.1.3 STATE PROPERTY COMMITTE................................................................. 124

18.1.4 RECENT DEVELOPMENTS ....................................................................... 125

19 DEMOGRAPHICS............................................................. 127

20 LANGUAGES.................................................................. 129

21 RELIGION...................................................................... 130

21.1 TAVAN TOLGOI ................................................................................... 1311 EQUIT RESEARCH........................................................... 131

1.1 BAGANUUR........................................................................................ 132

1.2 SHIVEE OVOO .................................................................................... 133

1.3 APU ................................................................................................ 134

1.4 MONGOLIA TELECOM .......................................................................... 135

1.5 SHARYN GOL ...................................................................................... 136

1.6 GOBI ................................................................................................ 137

1.7 BDSEC .............................................................................................. 138

1.8 ADUUNCHULUUN ................................................................................ 139

1.9 MONGOLIA DEVELOPMENT RESOURCES.................................................. 140

1.10 MOGOIN GOL .................................................................................... 141

2 REFERENCES.................................................................. 143

3 CONTACTS.................................................................... 144


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38/144

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24 2011

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T , ,

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NOMINAL GDP COMPOSITION B SECTOR

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: 2009

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39/144

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24 2011

RC M 101 P 39

: IF

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1000

1500

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3000

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2008 2009 2010 2011 2012 2013 2014 2015

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24 2011

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41/144

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24 2011

RC M 101 P 41

. W , 68% W T

1

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42/144

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24 2011

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SBA A 2009 $242 . D

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INFLATION, ANNUAL % CHANGE IN CPI

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D Q4 2009


43/144

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24 2011

RC M 101 P 43

: B

9.7

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44/144

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24 2011

RC M 101 P 44

9.7.1 E

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I 3.5 250.9 8.7%

G5.1 178.3 6.1%

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119 134.1 4.6%

G

3 104.9 3.6%

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C

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M

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R 244.0 8.4%

:

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45/144

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24 2011

RC M 101 P 45

C M . C 85%

PRC.

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9.7.2 I

I . I 2010,

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EU 318.8 9.7%

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R 1,090.2 33.3%

N A 1,386.7 42.3%

J 197.6 6.0%

C 1000.2 30.5%

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O A 43.9 1.3%

A 9.5 0.3%

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A 49.5 1.5%

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:

0

20

40

60

80

100

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46/144

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24 2011

RC M 101 P 46

33.3% R 2010, 30.5% C,

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9.8 I

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IMPORTS FROM RUSSIA AND CHINA, IN %

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IMF

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47/144

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24 2011

RC M 101 P 47

9.9 F D I

I FDI M 2005 2007

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24 2011

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49/144

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24 2011

RC M 101 P 49

10.2 B 2008/2009

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0

10

20

30

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0

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10.3 F

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51/144

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24 2011

RC M 101 P 51

10.4 D L

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0

500

1000

1500

2000

2500

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TOTAL LOANS OUTSTANDING ($)

LOANS AND DEPOSITS AS OF 31 DECEMBER

$ ,

2003 2004 2005 2006 2007 2008 2009 20101

L 353 485 688 977 1,644 2,108 2,124 2,350

% 91.0 37.4 41.9 42.0 68.3 28.2 0.8 13.9

D 457 563 814 1,081 1,781 1,782 2,385 2,825

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L/D, % 77.2 86.1 84.5 90.4 92.3 118.3 89.1 83.2

TBD, G B, K B & B


52/144

24 2011

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2.00

2.50

A07

D07

A08

A08

D08

A09

A09

D09

A10

T

,

$1


P 52

,

CAGR 31.7%

6 2010. C

$1.69

OR

,

63%

( 1999

A

M

M

C

M

R

O

10

010

20

30

40

50

60

70

80

A10

A

,%


53/144

B S


24 2011

RC M 101 P 53

10.4.1 L (L)

T 2008/2009

. A 2009, NPL $60 , $48

, $33 , $28

NPL 2009, $435

. T NPL 7.2% 20%, ,

.

: B

10.5 B I

: B

0 5 10 15 20 25 30 35

A

M

M

C

W

O

NPL (% ) L (% )

0.0

5.0

10.0

15.0

20.0

25.0

J08

M08

M08

J08

S08

N08

J09

M09

M09

J09

S09

N09

J10

M10

M10

INTERBANK INTEREST RATES, %

2009, 2.8

2009, NPL 12.8 20%


54/144

B S


24 2011

RC M 101 P 54

C MNT

( ) USD .

: B

C MNT

( ) USD .

: B

0.0

0.51.0

1.5

2.0

2.5

3.0

3.5

D08

F09

A09

J09

A09

O09

D09

F10

A10

J10

WEIGHTED AVERAGE OF CURRENT ACCOUNT INTEREST

RATES, %

C IR, MNT C IR, USD

5.0

6.0

7.0

8.09.0

10.0

11.0

12.0

13.0

14.0

15.0

D08

F09

A09

J09

A09

O09

D09

F10

A10

J10

WEIGHTED AVERAGE OF TIME DEPOSIT INTEREST RATES

(12 MONTHS), %

T D IR, MNT T D IR, USD


55/144

B S


24 2011

RC M 101 P 55

W F 1998 48% MNT

40% USD, F 2010

20% MNT 14% USD.

: B

10.6 B A

T M , 69%

.

A T D B , A 2010

$2.4 , (NPL)

$268 (16.1%) $46 (16.5%) ,

$29 (25.5%),

. T

3.7% H2 2010 4.9% H2 2009. S

M.

TDB G B K B X B

I R 5.0% 2.5% 5.4% 1.7%

: , 2010

I 2009 , ,

, 61% . A

40% CAGR 2004 $124 Q1 2010. T

0.0

10.0

20.0

30.0

40.0

50.0

60.0

F98

N98

A99

M00

F01

N01

A02

M03

F04

N04

A05

M06

F07

N07

A08

M09

F10

AVERAGE MONTHL LOAN RATES, %

L , MNT L , USD P

H2 2010:T : $2.4 P 16% NPL 16.5%

Q1 2010: A. = $124

A

: 1USD = 1250MNT


56/144

B S


24 2011

RC M 101 P 56

GDP

2008 2009.

2008 2009L (% GDP) 40.1 37.0

D (% GDP) 36.3 52.6

: B , EI C A 2010

ASSET QUALIT B INDUSTR, AS OF 31 DECEMBER

2008 2009

P P N

P P N

A, ,

84.7% 4.2% 11.1% 73.3% 2.1% 24.6%

M 74.2% 9.6% 16.3% 78.0% 4.0% 18.0%

M 90.9% 3.5% 5.6% 76.0% 4.2% 19.8%

E, ,

88.4% 11.1% 0.5% 76.8% 3.5% 19.6%

W , ,

96.9% 0.3% 2.8% 98.0% 0.3% 1.7%

C 83.4% 6.0% 10.5% 62.1% 7.7% 30.2%

W ,

92.1% 2.2% 5.8% 80.0% 4.1% 15.9%T 81.7% 1.1% 17.2% 67.6% 7.7% 24.7%

A

95.2% 1.4% 3.3% 87.9% 3.4% 8.7%

I 82.9% 8.6% 8.5% 91.9% 0.4% 7.8%

F 94.5% 0.1% 5.4% 85.9% 0.4% 13.7%

R 92.5% 1.6% 5.9% 81.9% 6.8% 11.3%

P,

94.7% 0.0% 5.3% 85.9% 12.5% 1.5%

A

92.6% 1.9% 5.5% 74.9% 15.2% 9.9%

P ;

99.5% 0.0% 0.5% 97.6% 0.6% 1.8%

E 72.8% 1.7% 25.5% 73.7% 3.3% 23.1%

H

94.8% 1.7% 3.6% 90.6% 1.8% 7.5%

O 93.3% 2.6% 4.1% 91.4% 2.2% 6.4%

T 89.3% 3.6% 7.1% 78.0% 4.6% 17.4%

: B


57/144

B S


24 2011

RC M 101 P 57

10.7 B C

T B

M MNT 8.0 ($6.4 ). M T D B ,

14% 2010 (2.3%

) 13.3% 2008.

TDB G B K B X B

C A

R13.9% 14.5% 17.2% 13.9%

: , 2010

10.8 B L (2010)

T T D B

M. C B

L M. A B L M 2010

.

10.8.1 A B L

T B S

B B M (BM) :

,

A

,

.

C

M BM

MNT 8.0 ($6.4 1USD = 1250 MNT ).

A , ,

BM

A /

M . = $6.4

2010 . = 14%2.3% )


58/144

B S


24 2011

RC M 101 P 58

A

BM M F (MF)

L D G (2008)

I D G L N 2012,

M G

M

F

D ,

L E D S T N C(2009)

A M

MNT (

)

MNT

S , ,

,

A L (2001)

A

,

MF

MF

T A C

,

MF

M :

T A C (26 ),

T N A C P A (200

)

T U F S A (MF )


59/144

B S


24 2011

RC M 101 P 59

10.9 B 2010

T D B :

I Q3 2010

17% 25%

N 2009.

G NPL 2010.

R , ,

, .

B 50

30% $690 .

MNT $1.3 2010 (51%

), ,

D G L

N

10.10B

B 2010. N,

M

. B ,

.

O , M

,

.

D

. C

.

T A Z

M . T B M

,

.

P D G L . T

. A J 2010

D G L, 0.5%

. T ,

:

NPL % 17%L NPL R .. B MNT 51% N ..

W

G

C

B

BM

L D G


60/144

B S


24 2011

RC M 101 P 60

,

BM

T ,

,

.

A D G


61/144

T C B


24 2011

RC M 101 P 61

11 C B

B (B) . I G.

A B M,

, ,

,

S . T B

G, 12 B D

L.

11.1 B

F BM P

B, 12

. B

:

C

D

D

C

A ,

D ,

,

F

B

: B

11.2 B

I B M,

C B B. T

C B 7 B M

J 2007. W

,

M . T C B 7

W

. A :


62/144

T C B


24 2011

RC M 101 P 62

R (15%) = +4%

C (19%) = +8%

O (20%) = +9%

: B

I J 2007, B M 6.4%. I O

N 2007 B 1%, M 2008 1.35%

0.5% S 2008, 10.25%. B

N 2008, 9.75%. B 2008/ 2009

34% M, BM

14%.

T B M, J S 2009

10%. D 2009/2010 (), A 2010

H D F ,

. T B M 1%, 11%.

: B

11.3 C B

11.3.1 C

B

90 , . T

8% 2010. I 2009, C B

$84 . $77

T D I L $6.3

C L R

7.0

8.0

9.0

10.0

11.0

12.0

13.0

14.0

D07

F08

A08

J08

A08

O08

D08

F09

A09

J09

A09

O09

D09

F10

A10

J10

A10

O10

D10

BANK OF MONGOLIA POLIC RATE, %

P R

J 07 6.40%O 07 7.40%N 07 8.40%M 08 9.75%S 08 10.25%

( = 34%)M 09 14.00%S 09 10.00%A 10 11.00%

BM 90 . 2009 = $84


63/144

T C B


24 2011

RC M 101 P 63

11.4

A B M T. T

M, . A

,

, 2 . B

,

BM

. CPI 8%

S M P G (2010). I CPI 8%

I

, .

11.5 B F

11.5.1

A

9%

, .

11.5.2

L R 4% 90

, , M C M

(MIK). $367 2009

16.84%.

N

M

$367 2009


64/144

T C B


24 2011

RC M 101 P 64

11.6 C B B

: B

T M 95% ,

. A , ,

, . T C B B

.

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

J98

O98

J99

A00

J01

O01

J02

A03

J04

O04

J05

A06

J07

O07

J08

A09

J10

CENTRAL BANK BOND RATE, % (19982010)

M


65/144

M T S


24 2011

RC M 101 P 65

12

10% 3 ($2.4) 25% 3. A 10%

12.1 G

A M , . T

S G K (P) M

.

12.1.1

T , ,

, , :

1) A M;2) A M,

M;

3) F ,

M, M, ;

4) A R O M.

12.2 C I

12.2.1

A ,

, .

A

M.

P M

:

A M;

A

M;


66/144

M T S


24 2011

RC M 101 P 66

N M :

A M

;

A M

A

:

B (, );

P;

T / ;

A , .

12.2.2

I 03 MNT,

10 . I 3 MNT, 300 MNT 25% 3 MNT.

T' :

I 10%;

I 10%;

I 40%;

I , ,

40%;

I 2%;

I 10%;

I 30%;

I

, 20%

T M

20%:

D

M;

L

I , ,

, , ,

;

I ,

M.

12.2.3

T :

I ();

I 1.

.


67/144

M T S


24 2011

RC M 101 P 67

T M

;

I '

.

12.3

12.3.1

A M,

M

, ,

. T M

M.

A M

T M:

A M;

A M 183

;

A M .

A , ,

U N, /

M M.

A M

A

M 183 .

12.3.2

A 10%

.

T :

T 2%;

T , ,

, , ,

,

,

,

5%;


68/144

M T S


24 2011

RC M 101 P 68

T , , 40%

12.4 A (A)

V A T 10%

M, M.

12.4.1 A

VAT M:

W M;

A M ;

G M

M.


69/144

M S E


24 2011

RC M 101 P 69

13

E , 2010

13.1

I 1991, M G M S E

(MSE) P P

. D

1991 1995, $17

$8 M, 475

MSE.

A M P S E T

C L 1994 1995 ,

28 . B

1996 2004, MNT38.8 ($32.1)

,

. A N 2010, 325

MSE 80%

20%. T 30

MSE.

NUMBER OF LISTED COMPANIES

: F C (FC)

S 1996, MNT275.7 ($233.2)

, MSE. T

1996

475458

436 430 418 410 401 403 402 395 392 387 383 376358

325

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

1991 MSE

475

1994: L S E1995: T C L

19962004: $32 . A

N 2010: 325 MSE, 30

S 1996: $233 ,


70/144

M S E


24 2011

RC M 101 P 70

2001. T , MNT200.2 ($171)

MNT12.9 ($11) .

GOVERNMENT BONDS, MNT BILLION

: E

CORPORATE BONDS, MNT BILLION

: E

S IPO MSE 2005 H M,

14 IPO $51. O , 1 IPO ,

.

0.1 11.1

30.841.721.712.56.8 4.5

39.6

1.5

30.0

200.2

0.0

50.0

100.0

150.0

200.0

250.0

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

19962010

1.202.96 2.74 1.81 2.60

0.69 0.42 0.50

12.92

0.0

2.04.0

6.0

8.0

10.0

12.0

14.0

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

20012010

14 IPO $51: 1 IPO


71/144

M S E


24 2011

RC M 101 P 71

FUND RAISING THROUGH IPO, MNT BILLION

: E

A MSE 10

E, MOU 7 ,

F EA S E (FEAS) A O S

E F (AOSEF), M S E

L. P

, M C/GDP

15%, M

. R, L S E

MSE

, E.

13.2

T MSE T20 3

:

1) E, O T, A, T T, ,

, 2 3

GDP ,

, .2) I 10%

.

3) I MSE (

1).

I , MSE

.

0.04

8.42

16.95

34.01

2.70 0.40

62.52

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

2005

2006

2007

2008

2009

2010

2

0052010

M C/GDP = 15%

LSE

T20 6 3


72/144

M S E


24 2011

RC M 101 P 72

T 2010

T T ( TT), MSE

C, $170 300% .

S O, M, $115

325% . B,

MSE, $110 185%. S G,

MSE

JORC , $52

525% YTD.

O MSE, 15 , 10

5 . B 6

$5 .

I ,

18 M

, $29 5 M GDP, M

.

:

T T ( MSE,

) 300% ($170)S O 325% ($115)B 185% ($110)S G 525% ($52)

15 MSE

A 18 M


73/144

24 2011

14

R

R

S(

2

T

2

S

M

O 27% M 1:50000

P , T T

R

RC M 101

14

.1 M S

M

. T

M R

, EEMC), MR

E. T

R ,

7% M

. T O T

, ,

011.

,

, ,

: B C

90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06

1994: QGX G

M

1990: M

: F

I L

1998: A

1997: M L

J 2002: C

B

M 2000: I

M

2004: W

P

M

2006: W P

T

2009: C

W P

()


P 73

.

C K .

B

. D

S U,

.

M C ,

.

. O

1:50000, ,

. A O T,

, T

.

07 08 09 10

J 2008: P

U

2009: W P

T

O 2009: C

CIC $500

SGQ

$700

2009: O T


74/144

M


24 2011

RC M 101 P 74

M , , , , ,

, , . T

$1.3 . A , ,

. W

,

,

M . N

81% M , 32%

30% GDP. T 45

, 5%

. T

. N

M ,

. I R T, P,

S, J K

, M

.

:

A P P P

C 2006 2007 2008 2009 R R

C 8 8.8 9.8 13.2 20 152

C 0.37 0.37 0.36 0.37 67.3 1.2

G 22 17 15 10 136 125,000

I 0.18 0.26 1.39 1.38 264 1.6

U 0 0 0 0 62,000

: & A

0

50

100

2002 2003 2004 2005 2006 2007 2008 2009

ROLE OF MINING SECTOR IN NATIONAL ECONOM, IN %

I GDP I I

E =$1.3

M :

81% 32% 30% GDP


75/144

M


24 2011

RC M 101 P 75

MAJOR PLAERS

C C G I U

ET T

E C G D S KR

SG

R

I

M/R

T

MAKI M

I

W

P

E

R

W

P

N A

RC

QGX CH

RA

M

E C.A A K

P EV

R

A M

G C

E

P

R C.

X M

MAK

REVENUE FROM EPORTS,

: E

500 485

13385 98

137

35 41

0

100

200

300

400

500

600

Copper

Coal

Gold

Zinc

Crudeoil

Ironore

Molybdenum

Fluoride

2009 2010

M 2009 2010


76/144

M


24 2011

RC M 101 P 76

14.2 E G M

T 99.1% M

1:200,000 T 27.1% M

1:50,000

1:500,000 84%

M

22.5% M 1:200,000

1:100,000

T 60% M

1:200,000

T 1:50,000 1:25,000

32% M.

: A

T 27.1% M

1:50,000


77/144

M


24 2011

RC M 101 P 77

: A

14.3 L

E M L T

Q A, H

Q A, H

Q A, H

D

C

2,572 22.89 746 0.24 3,318 23.13

F

C

1,087 16.08 339 0.22 1,426 16.30

T 3,659 38.97 1,085 0.46 4,744 39.43

S: A (1

2010)

: A

T 60% M

1:200,000


78/144

M


24 2011

RC M 101 P 78

14.4 C

C M . I

, , , , M T S

A C. T ,

, R C.

: D B

COAL RESOURCES

S: A

B , T T (TT) M ,

6.4 ,

. E TT,

152 . A

, ,

0

10

20

30

2007 2008 2009 2010 2011() 2012()

COKING COAL EPORTS TO CHINA, MILLION TONNES

C M

T T: 6.4

T: 152


79/144

M


24 2011

RC M 101 P 79

. A ,

:

1)

T B , 1.3

. T (T

E R

M S E). B

S . D

,

B

. T

, ,

, . B

20112012.

2)

F M, ,

C. T PRC 2007

8.5 2008 50

2010, 8% .

M M C ( E R)

. T , 500

U K , T T ,

2005. T

245 MC . T M

H K , $748

(15% $650 ), O 2010. M

M C

MC U K . T

Q1 2011.

3) A M A C. (MAK). T ,

N S

900 U 50 MC

S. N S ,

M, 134 ,

. T

3 58 . MAK

. T

, M

.

MAK Q C C

. T C

.

B = 1.3 ,

M M C = 500 , S G , 245 C

1

M HKE ($748)

P Q1 2011

M A C = 134 , 900 UB, 50 C

O

P =3

N ,

MAK JV C Q C

O


80/144

M


24 2011

RC M 101 P 80

4) SG R (SGQ) O T M. T

42 MC S,

PRC,

114.1 . I M

C I C 54% 13%

SGQ . T T H K

. O , SG 18

$20

. T 2010 4

, 8 2012. C

SGQ . I D 2010, S G

3.2 W C C. T

SGQ

2 W. A, D 2010, SG

N A E G L

(NAEG) 450 2011 500 2011 . R,

D 2010, SGQ A

M 19.9% . A ASX

O ,

N M, 331 JORC .

A M ,

,

. I 2010,

$877 , 135% 187% 2009.

M PRC, 70% . A , C 3050

2015. H, A PRC. H,

M

.

: E

I 2010 M 16.6 .

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

2001 2002 2003 2004 2005 2006 2007 2008 2009

COAL PRODUCTION, MILLION TONNES

2010: 42012: 8

O W 3.2, 2 W

2010 = $877

2015 C 3050

SG R = 114.1

C

NAEG 450 2011

500 2011

O 20% A M

M A PRC

2010 : 16.6


81/144

M


24 2011

RC M 101 P 81

A TT ,

M TT. A ,

.

MAJOR COAL DEPOSITS IN MONGOLIA

:

(8) (14):

(1) (7): C

: B, G , F E C

14.4.1

T T (TT)

, 6.4 ,

. I 550

U 200 MC . T

S 1950

1960 1970. A 1990 D

R ,

. BHP B

. H,

E R LLC ( M M C),

M , ,

. T M

M L 2006 S

D, T T.

T R: 6.4

25% :

O: 100% GE MGL)

A

550 U, 200 C

D S

B T T...


82/144

M


24 2011

RC M 101 P 82

I 2007, E MGL LLC,

. T

TT E R

M 2008, U K .

V T T ,

2009 49%

. I 2010, ,

100% .

B 2010, M

, . T

, E W. I

2010, ET T LLC

E MGL

. I Q1 2011, ET T LLC, 10%

E B M ,

10% M S E,29%

51% . F

IPO

E B. T W B,

,

,

, M. C

E B

,

M.

C ,

, , ,

, ,

, . T T T

, C S

E C., P E C US, R

G, B V, I I C V P,

, AA R T P BHP B. T

17

J 2011. T

27

J 2011.

S 15

E B 2012.

A C , T T ,

, ,

.

S

TT

2012: 15

P TT C

R

: 19601970

: BHP B

U K M M C

D 2011

E B: 10% 10% M ( MSE) 29% IPO ( MSE ..

HKE) 51%

W B: T

,


83/144

M


24 2011

RC M 101 P 83

14.5 C/G

C M . I

2010, M 568 $771 . T 26.5% .

C M E M

C (EMC), MR 1978, 51%

49% M R , . T

, 400 U.

I 2010 E 12% M

GDP M

.

M 2

, ,

O T (OT) . OT EMC. I M

O T 2013

2012.

: E B D

T B G (BG),

C G

rescap mongolia 101

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