Welcome to Mongolia An introduction from a longstanding exploration junior - August 2019 - Kincora Copper
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Mandakh soum’s 95th annual Naadam festival – July, 2019 Welcome to Mongolia An introduction from a longstanding exploration junior August 2019
Disclaimer
The data, analysis and views expressed in this presentation are based on information derived from Kincora Copper Ltd’s (“Kincora”) own internal and publicly available sources
that have not be independently verified. The document has been generated to assist present a more informed view of the environment Kincora and other juniors experience
operating in Mongolia, both risks and opportunities, and it is noted that previous experiences and particular groups views will differ from future experience and other groups
position, so while informative, this presentation should not be the basis or relied upon for an investment decisions.
This presentation contains certain forward-looking information and statements which may not be based on fact, including without limitation, statements regarding the Company’s
expectations in respect of its future financial position, business strategy, future exploration and production, mineral resource potential, exploration drilling, permitting, access to
capital and events or developments that the Company expects to take place in the future. All statements, other than statements of historical facts, are forward-looking
information and statements. The words “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “intends”, “continue”, “budget”, “estimate”, “may”, “will” and similar expressions
identify forward-looking information and statements.
In addition to the forward-looking information and statements noted above, this presentation includes those that relate to: the expected results of exploration activities; the
estimation of mineral resources; the ability to identify new mineral resources and convert mineral resources into mineral reserves; ability to raise additional capital and complete
future financings; capital expenditures and costs, including forecasted costs; the ability of the Company to comply with environmental, safety and other regulatory requirements;
future prices of base metals; and the ability of the Company to obtain all necessary approvals and permits in connection with the development of its projects.
Such forward-looking information and statements are based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the date of
such information and statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could
cause actual results to differ materially from those projected in the forward-looking information and statements. Such factors include, but are not limited to, fluctuations in the
price of copper and other commodities, the inability of the Company to raise sufficient monies to carry out its business plan, changes in government legislation, taxation, controls,
regulations and political or economic developments in Mongolia, the accuracy of the Company’s current estimates of mineral resources and mineral grades, the accuracy of the
geology of the Company’s projects, risks associated with mining or development activities, including the ability to procure equipment and supplies, including, without limitation,
drill rigs, and the speculative nature of exploration and development, including the risk of obtaining necessary licenses and permits. Many of these uncertainties and
contingencies can affect the Company’s actual performance and could cause actual performance to differ materially from that expressed or implied in any forward-looking
information and statements made by, or on behalf of, the Company. Readers are cautioned that forward-looking information and statements are not guarantees of future
performance. There can be no assurance that such information and statements will prove to be accurate and actual results and future events could differ materially from those
presented in such information and statements. Forward-looking information and statements are subject to a variety of risks and uncertainties which could cause actual events or
results to differ from those reflected in the forward-looking information and statements. Such risks include, but are not limited to, the volatility of the price of copper, uncertainty
of mineral resources, exploration potential, mineral grades and mineral recovery estimates, delays in exploration and development plans, insufficient capital to complete
development and exploration plans, risks inherent with mineral acquisitions, delays in obtaining government approvals or permits, financing of additional capital requirements,
commercial viability of mineral deposits, cost of exploration and development programs, risks associated with competition in the mining industry, risks associated with the ability
to retain key executives and personnel, title disputes and other claims, changes in governmental and environmental regulation that results in increased costs, cost of
environmental expenditures and potential environmental liabilities, accidents or labour disputes.
Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in
forward-looking information and statements. The Company disclaims any intention or obligation to update or revise any forward-looking information and statements whether as
a result of new information, future events or otherwise, except to the extent required by applicable laws.
Exploration target at West Kasulu, Bronze Fox: The potential quantity and grade ranges are conceptual in nature. There has been insufficient exploration to define a mineral
resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource. For full disclaimers please refer to slide 29 of Kincora’s corporate
presentation – link: https://www.kincoracopper.com/media/downloads/presentations/corporate-presentation-1-10-2019.pdf
All information in this presentation is at close of business August 27th, 2019 and is in US$, unless otherwise stated.
2
Mongolia
Underpinned by its rich mineral and agricultural endowments, emerging Tier 1 mining operations and proximity
to Asia’s vast markets, Mongolia has a favorable outlook to continue to be one of the fasting growing
economics in the world.
GDP has increased at over 10% pa for the last decade driven by foreign direct investment increasing 15% pa over this period.
Continued strong growth and improvement to living standards is expected subject to a pro-investment legislative environment
attracting the multi-billion dollar foreign direct investment required to continue to realize Mongolia’s endowment potential,
particularly within the mineral resource sector.
Mongolia is the world's most sparsely populated country, with just over 3 million people spread across an area larger than Western
Europe. In the 20th century, as a satellite state of the former Soviet Union, Mongolia had a primarily agrarian and centrally planned
economy. Following structural reforms and privatization since the 1990s, it has emerged as a developing and peaceful democracy.
Mongolia has pursued a "third neighbor" policy which seeks to engage countries with similar views on human rights, democracy and
free markets, and seeks to expand trade, investment, development cooperation and foreign policy contacts beyond its immediate
neighbors, China and Russia.
The emergence of delivering its previously untapped natural resources to the international markets, predominately China, has
supported Mongolia becoming one of the fastest growing economies in the world, with a relatively small absolute base (US$13 billion
GDP 2018 or US$4029/capita v only US$450 in 2000).
Despite an estimated in-situ mineral endowment of >US$1trillion, Mongolia’s favorable geological potential remains still largely
unknown with limited modern exploration.
It is believed that there is significant potential for further Tier 1 copper and coal discoveries and operations in the Southern Gobi
region. This is illustrated by the Oyu Tolgoi and Erdenes Tavan Tolgoi projects, both of which are within trucking distance of China and
at critical junctions of their respective significant growth strategies.
3
programs should prioritize engaging and empower- with innovations by the Chinese government and
tion-building efforts—such as strengthening the help counter Chinese state censorship and protect
ing local citizens so that institutional improvements complicit Chinese firms.
rule of law and ensuring free elections—democracy the public through accessible tools that keep pace
are durable.
programs should prioritize engaging and empower- with innovations by the Chinese government and
Freedom in the world — 2019
• Focus
ing local funding
citizens soand
thatdiplomatic engagement
institutional on
improvements complicit Chinese firms.
are durable.
• Focus funding and diplomatic engagement on
FREEDOM IN THE WORLD 2019
FREEDOM IN THE WORLD 2019
Mongolia
FREE PARTLY FREE NOT FREE
FREE PARTLY FREE NOT FREE
Source: Freedom House
6
6
4
Contents
6 Politics and democracy
9 Demographics
11 Economic snapshot
15 Mining sector
17 Oyu Tolgoi’s story
19 Exploration sector
21 Foreign listed players
22 Investment environment
23 Role of third neighbours/IFIs
Appendix
24 Raising FDI
26 Kincora’s story
29 Foreign listed players map
30 References and sources
5
Politics and democracy
In 1206, Genghis Khan founded the Mongol Empire, which became Country snapshot
the largest contiguous land empire in history. His grandson Kublai 1992 1996 2000 2004 2008 2012 2016 Current
Khan conquered China to establish the Yuan dynasty.
Population (m) 2.2 2.3 2.4 2.5 2.7 2.9 3.1 3.2
In the 16th
century, Tibetan Buddhism began to spread in Mongolia, GDP/capita (US$) 648 601 476 724 2,143 4,377 3,688 3,779
being further led by the Manchu-founded Qing dynasty, which
US$/MNT 40 543 1,076 1,185 1,166 1,359 2,145 2,663
absorbed the country in the 17th century.
After the collapse of the Qing dynasty in 1911, Mongolia declared
independence, and achieved independence from the Republic of
China in 1921. Shortly thereafter, the country came under the control
of the Soviet Union, which had aided its independence from China.
After the anti-Communist revolutions of 1989, Mongolia conducted
its own peaceful democratic revolution in early 1990. This led to a
multi-party system and transition to a market economy.
Edited - sourced from Wikipedia, The DeFacto Gazette (#103, July’19)., the World Bank, National
Statistical Office of Mongolia
Mongolia’s socio-economic statistics (1990 and 2018)
1990 2018
GDP (billion USD) 2.56 13.01
GDP per capita (USD) 1,172,443 4,103,697
Population National 2,153,466 3,238,479
Capital city 586,228 1,491,375
Number of cars National 43,792 585,363
Capital city 13,578 401,725
6
Politics and democracy
Notable democratic milestones — Presidents
1990 1997 2005 2009 2017
Ochirbat P. (2 terms) Elbegdori Ts. (2 terms) Battulga Kh.
Bagabandi N. (2 terms) Enkhbayar N.
DP/Coalition. MPP
With democracy and free markets chosen Mongolia adopted its constitution in 1992, established a parliamentary democracy,
guaranteeing freedom of religion, rights, expression, unalienable rights and this has underpinned Mongolia becoming the
leading democracy in the region with significant improvement in key economic criteria (eg GDP/capita).
The economic transition was not easy and with significant dependence on mineral and agricultural sectors seeing inherent
cyclicality, with 6 IMF lead external financing packages since (including the current total package of $5.5 billion).
Parliament has 76 members elected by one-seat electoral districts to serve 4-year terms and the President is elected by
absolute majority vote through system to serve a 4-year term.
Currently there is a discussion and debate within the Parliament for potential changes to the constitution, and the
composition and term of Parliament. All transitions of government (ex-2008) and president have been orderly and peacefully.
7
Politics and democracy
Notable democratic milestones — State Great Hural (Parliament) elections
70
60
50
40 MPP
30 DP/Coalition
20 Other
10
0
1992 1996 2000 2004 2008 2012 2016
Prime Ministers
1992 1996 2000 2004 2008 2012 2016
Gungaadorj Sh. Enkhsaikhan M Enkhbayar N. Enkhbold M. Altankhukag N. Erdenebat J.
Byambasuren D. Elbegdorj Ts. Elbegdorj Ts. Terbishdagva D Khürelsükh U.
Jasrai P. Narantsatsralt J. Bayar S. Saikhanbileg Ch.
Tuya N. Batbold S.
Amarjargal R.
8
Demographics
§ World’s 18th largest sovereign State, 1,564,116 km2 Average salary/wage
§ Educated, young population with favorable demographics
§ Relatively homogenous in terms of ethnicity, language, religion and low
crime rate
§ Largest landlocked country that does not border a closed sea
§ Ulaanbaatar (“UB”) is the world's coldest capital city (with Moscow,
Ottawa and Astana) and home to ~45% of Mongolia’s ~3.2 million
population
§ ~30% of the population still nomadic or semi-nomadic
§ ~4.5% living aboard; 144,566 Mongolians in 67 countries Mining Professional National Average Agriculture,
Services Forestry and
§ Poverty rate 28.4% in 2018 (from 38.8% in 2010) Fishing
§ Average interest rate (2018) on personal loans at 18% pa and 15.5% pa
for business loans
§ Rapid and unsustainable growth in livestock head
§ Significant mining culture, and being large employer with highest
median pay
§ ~1.7m citizens receive funding from the State Budget
– ~900k children/child money;
– ~400k retirement allowance;
– ~150k various social welfare; and,
– ~190k state employees
9
Demographics
Significant shift to urbanisation and growth in livestock Mongolia enjoys a very young population
3.5 70 100%
Mongolia’s population (million)
Reported livestock (million)
3.0 60
Age demographics
80%
2.5 50
2.0 40 60%
1.5 30
40%
1.0 20
0.5 10 20%
0.0 0
0%
1990 1995 2000 2005 2010 2015 2017 2018
2000 2005 2010 2015 2018
Rural Urban non-UB Ulaanbaatar Livestock (RHS)Economic snapshot — recent history
Handful of projects increases commodity price, end market, counterparty and technical risks
25%
6,500 Construction OT Phase 2 OT Phase
FDI GDP Growth OT Phase 1 & 2 halted 2 resumes
5,500 20%
Exploration licenses moratorium
Official Effective
4,500
15%
WFPT Enacted SEFIL
% GDP Growth
FDI US$m
3,500
OT Investment
Ivanhoe Mines 10%
Agreement
Minerals Law Discovery of OT
2,500
Milestone
5%
1,500
0%
500
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
(500) -5%
Asia Financial Crisis Global Financial Crisis
# # # #
IMF Facility
III IV V VI
Four IMF facilities have been recently implemented covering ~1/2 of recent economic period; impacted by commodity/agri. cyclicality and
government influence on the private sector
IMF – International Monetary Fund *OT – Oyu Tolgoi LLC Sources: Mongolian Statistical Information Service; Mongol Bank; Industry data (including:
SEFIL – Strategic Entities Foreign Investment WFPT - Windfall Profits Tax https://www.imf.org/external/np/fin/tad/extarr2.aspx?memberKey1=675&date1key=2017-08-31)
11Economic snapshot — recent history
Quantitative easing and maiden bond issuances, coupled with rapid private sector debt, has
resulted in unprecedented debt, and fueled “one time” economic growth
FDI lead investment now needed for return to sustainable growth, ensure debt profile management, noting government
policy issue of private sector v SoE FDI/investment.
120 14
100 12
10
80
8
60
6
40
4
20 2
0 0
2010 2011 2012 2013 2014 2015 2016 2017 2018
Govt External Debt Private Sector Debt GDP FDI
12Economic snapshot — key sectors
“
Mongolia was hit hard by the sharp decline GDP, Industrial Comp (US$bn) 2018
of commodity prices and the slowdown in $1.3 Agricul, Forestry and Fishing
key export markets. Efforts to mitigate $3.0 Mining
these shocks through expansionary $2.1 Industry, construction
policies were unsuccessful and resulted in $5.8 Services
unsustainable public debt, falling
international reserves, and lower growth.”
State Budget Contribution 2011–2018
IMG Executive Board Approves Financial Arrangement for
Mongolia (May 2017) 29% Coal
Non-mining
Mining
(77%) 51% Copper
4% Gold
15% Other
GDP growth >10% pa for the last Exports (US$bn) 2018
decade while foreign direct $2.8 Coal (one basin/one market)
investment grew at almost 15% pa $2.0 Copper (two projects)
$0.7 Other mining
$1.5 Non-mining
$1.5 billion Non-Mining, incl: $0.7 billion Other mining, incl:
§ $0.57 Tourism § $0.34 Iron ore
§ $0.39 Crude oil § $0.20 Zinc/Lead
§ $0.25 Raw cashmere § $0.15 Gold
Source: National Statistics Office, iKon.mn Ministry of Mining and Heavy Industry § $0.16 Meat, meat products
13Economic snapshot —
mining sector contribution
24% 57% 24%
Mining sector’s direct
Industrial contribution to state
GDP
output budget (2011–18)
78% 78%
GDP Export
2.4 billion MNT
Other
8 of the top 10 taxpayers in Mongolia are mining or mining service entities 30% Royalty tax
Within 24 hours 50
40% families to be housed
SI
Pays one day retirement 10% CIT, VAT
allowance to 70,887
elderly people within 20%
24 hours
Within 24 hours, a day’s
salary of 37,720
state employees
Source: National Statistics Office, MNMA March 2019
14Mining sector —
Driven by Erdenet, then coal and Oyu Tolgoi
Heavily dependent on (existing) large/long life The Mongolian economy is heavily reliant on FDI, which is heavily
projects dependent on the mining sector.
– two at critical stages of large expansion plans Globally competitive legislation is needed to win back FDI or risk
First production
missing the next commodity cycle upturn and another decade of
exploration, project development and diversification.
Erdenet Mining Corp OT contribution to FDI
1978 7
Source for Oyu Tolgoi
(51% GoM/49% Private) contribution to FDI disclosed
6 below, not available for all years
Copper-Molybdenum (at least, that we are aware of)
5
Erdene Tavan Tolgoi
2011 4
(100% GoM/ proposed part IPO)
US$ (billion)
OT
Metallurgical/Thermal Coal 3 OT
Proposed rapid expansion post IPO,
including construction of rail 2
Oyu Tolgoi LLC
2013 1 OT
(34% GoM/ 66% TRQ – controlled OT OT
and operated by Rio Tinto)
0
Copper-Gold-Silver-Molybdenum
Ongoing construction of underground -1
expected to result in >2.5x in volume 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Oyu Tolgoi FDI sourced from - Mining Industry Discussion Feb’13 Mining FDI Non-Mining FDI
2018 FDI and Oyu Tolgoi $ from Subeedei Strategic Forecasts – 23rd Feb’19
15Mining sector —
Driven by Erdenet, then coal and Oyu Tolgoi
The impact of OT Stage 1 and marginal coal production is Step change in export volumes from ETT
and ramp up of Aspires’ operations?
significant for the Mongolian economy
Coal prices back at/near previous highs (for how long) and risk of Chinese caps to export volumes (per Dec’18?)? Step change in export volumes from Oyu
Technical risks of OT underground expansion illustrated from 2019 capex blow outs and delays Tolgoi open pit production
(stage 2 exports from the underground to
be >2.5x in volume).
Scope for MAK’s Tsagaan Suvarga project
to enter (copper) production?
7 7
Marginal nature of coal sector
evident by volatility of export
6 volumes and price.
6
Mongolian Exports (US$ billion)
Mongolian Exports (US$ billion)
5 5
Erdenet Copper has been a key contributor
4 the Mongolian economy since the 1980s.
4
3 3
2 2
1 1
0 0
95 96 9597 9698 9799 9800 9901 0002 0103 0204 0305 0406 0507 0608 0709 0810 0911 1012 11
13 1214 1315 1416 1517 1618 17 Mid
18
2020’s?
Non-mining Other Mining Erdenet OT Coal
Non-mining Other Mining Erdenet OT Coal
16Oyu Tolgoi story
Discover/studies
590m @ 1.1g/t Au and 0.8% Cu 638m @ 1.6% Cu
‘Discovery’ hole ‘Discovery’ Hugo Investment
Regional anomaly OTD150 SW Oyu OTD270 Agreement
1980s 1990s 2001/02 2006 2009
Initial steps/recon Rio Tinto strategic
§ Erdenet-Magma partnership
§ BHP acquired Magma
§ BHP secures OT from State
§ 23 holes (3,789m) drilled
§ After US$2m offers up OT
§ Ivanhoe strikes deal in 2000
§ Commitment to drilling and technology driven by R Friedland
100x valuation uplift since Ivanhoe Mines § Backing a world-class team
§ 2 phases of exploration success:
secured Oyu Tolgoi from BHP to Rio Tinto’s
– Lower grade open pit: Oyu
initial investment 6 years later – High grade underground: Hugo (Hugo and Hugo Nth, then Heruga)
§ Estimated investment of up to US$900m
17Oyu Tolgoi story
Construction/production
“the project’s (Oyu Tolgoi) sovereign risk profile has
Commence open pit improved significantly over the last 3 years with the First sustainable
3rd largest
production/exports introduction of project finance & supportive
commentary from Mongolian government officials”
production copper mine +
(post delay announced - Jul’19)
(SailingStone Capital Partners - Apr’19)
100-year mine
life potential
2013 2015/16 2019 2022/23
Now
Project financing/restart § Largest national private sector employer
underground development/2016 § 17,000 at site (93% local)
feasibility study for underground § 55,000 est. total direct/indirect (>200,000 family members)
§ Industry-leading safety track record (best record Rio Tinto group 2017)
§ >US$2.3b in taxes/royalties since 2010
§ >US$2.7b nationally in procurement since 2010
§ >US$8.7b invested in Mongolia since 2010
§ Geotechnical driven delays, increased capex and risks to underground
development being reviewed
One of a few new large scale copper mines Kincora keynote:
built in recent decades § R Friedland indirect shareholder via HPX
§ P Leaman VP of Exploration (previously lead BHP Falcon JV)
Largest expansion project currently in the
§ Key members of the ex-Ivanhoe team now KCC advisors
mining industry (any commodity, any location)
§ C McRae chairman (previously President of OT)
18Exploration sector
Why the focus?
§ Driven by handful of emerging Tier 1 assets
§ Recognition of very limited exploration but
very prospective geology
§ Emerging discoveries in neighboring
jurisdictions sharing the same mineral belts
§ (Previously) District scale land being
available and new land becoming available
(effective moratorium currently in place)
§ On the doorstep/within trucking distance to
the largest consumer of both copper and
New Competitive Existing Issued ground coal, China
Tender ground
Deposit § Relatively low barriers to entry from a
Released permitting and infrastructure perspective
Kincora
Proposed – proven by the rapid and continued
Exploration
emergence of OT and ETT - flat Gobi
Mining
§ Sparsely populated
§ Skilled labor force
Valid mining and Percent of total area in Valid licensed area size
exploration licenses Mongolia’s territory
§ Relatively cheap exploration costs
8,2 Mn Ha
2,953 4.3% § Within 4Mn Ha
(2019.VI.03) § From >40% will lapse with >90% of
§ Australia currently ~25% historical expenditure
Source: MRPAM, Kincora Copper
19Exploration sector
One of the last, very
prospective frontiers for
exploration
§ Rich in natural resources with only 30% of
the country explored
§ Most copper and/or coal majors were
seeking an entry into the Southern Gobi last
commodity cycle
§ Legislative environment has at various
periods, including current, stifled
exploration, new project
development/diversification
§ Areas of advocacy focus:
Legend Terrance – legislative stability;
Large Med. Small – amount of land available;
Copper Arc
– age of land available;
Ulaanbaatar Microcontinent
Ferrous and non-ferrous – system to issue new licenses;
Gold Border crossing Passive margin – state involvement in the sector/strategic
Lake Structure designation concept, and
Coal
– tax regimes
Rare Earth Elements Railroad Wedge
Source: MRPAM Jun’19 and SEG presentation Sep’13 “Tectonic and Metallogenic development of Mongolia” - Rodney W. Graham
20Noted foreign listed players
Foreign listed metals and mining peer group that all have significant experience operating in Mongolia with demonstrated
commitment to their flagship projects
Market cap
Name Ticker Exchange (US$m) Flagship asset(s) Mongolia since Stage
Turquoise Hill TRQ TSX/NYSE 937 Oyu Tolgoi 2000 Prod/construction
66% interest in Oyu Tolgoi, invested capital >US$10bn, which commenced open pit operations in 2013 and post ramp up of the ongoing underground
development is forecast to be the 3rd largest copper mine in the world with a multi-generational mine life
Copper porphyries
Entrée ETG TSXV 45 Hugo North 2002 Construction
Entrée/Oyu Tolgoi JV has the characteristics of a royalty, with the benefits of a producer, with first production from the Hugo North extension forecast
from mid’2020’s as part of the delivery of the underground development of Oyu Tolgoi
Xanadu XAM ASX/TSX 28 Kharmagtai 2005 PEA/Exploration
Advancing the studies phases for a proposed open pit development of the Kharmagtai copper-gold porphyry project, with exploration currently
focused on the nearer term potential for a gold oxide development project.
Kincora KCC TSXV 14 Bronze Fox/East TS 2011 Exploration
First modern systematic exploration across a dominant district landholding in the Southern Gobi copper belt, with "discovery" drilling ongoing this field
ongolia’s Next Gold and Silver Producer
season at two large scale projects
Steppe STOG TSX 30 ATO 2017 Construction
Advanced construction of the ATO gold project, with exploration upside from the Mungu discovery (adjacent to ATO) and UK project (in South West
Precious Metals Company
Gobi)
Gold
INITIAL PUBLIC OFFERING PRESENTATION
NEXT
MONGOLIA’SErdene ERD/ERDN TSX/MSE 32 Khundii 2002 Studies/Expl
GOLD AND SILVER
PRODUCER Developing a new high-grade gold district underpinned by exciting regional and project specific exploration coupled with proposed nearer-term
March 16, 2018
production from a high grade open pit development of Bayan Khundii
ed preliminary prospectus containing important information relating to the securities described in this document has been filed with the securities regulatory authorities in each
ada, except for Quebec. A copy of the preliminary prospectus, and any amendment, is required to be delivered with this document. The preliminary prospectus is still subject to
not be any sale or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued. This document does not provide full disclosure of all
Aspire
o the securities offered. Investors should read the preliminary prospectus, the final prospectus and any amendment for disclosure of those facts, especially risk factors relating to
efore making an investment decision. AKM ASX 34 Ovoot 2010 Studies Develop
Coal
1
Fast tracking development scenarios of a high value washed premium “fat” coking coal from Ovoot, as its dedicated rail subsidiary, Northern
Railways, seeks larger scale and lower cost rail solutions
See ‘Appendix – Noted Foreign Listed Players’ for location of respective projects
21Investment Environment
Key sign posts for foreign 2006–09 Windfall Profits Tax
Ratified and removed by Parliament
investors Oyu Tolgoi Investment Agreement
Ratified by Parliament, required to commence open pit construction
Positive precedents since last
Various Other Tax Stabilization Agreements issued
commodity cycle: Including Boroo mine, Tsagaan Suvarga development and others
i. International standard investment 2009–15 Khan Resources International Arbitration, Award and Settlement
License revoked, international rule of law upheld via award/settlement
agreements
2013–15 106 exploration licenses revoked
ii. Security of tenure and sanctity of Equitable resolution achieved, ratified by Parliament
contract upheld Oyu Tolgoi Underground Development and Financing Plan
Commercial agreement between OT investors, facilitated restart of
underground development and completion of US$4.4b project financing
2013–18 Standard Bank loan dispute
London Court International Arbitration in favor of private sector v State
Kincora Experience:
2016–18 Erdenet 49% transaction
KCC lost 2 of its then 3 licenses as part of the 106-license Mongolian courts upheld transaction in favor of private sector v State
dispute, resulting in a C$7 million impairment and 2017–19 2017 Budget Corporate Income Tax changes
sterilisation of West Kasulu target at Bronze Fox. KCC Resolved post consultation with Business Community amendment passed
played a leading role in the equitable resolution of this through Parliament
dispute that was achieved via an amendment to the 2017–20 IMF lead External Financing Package
Minerals Law as approved by Parliament. Protection of Investment Agreements (removal sub-clause 11) and
proposed structural legislative changes
KCC completed a transactional and tax precedent via the
2016 merger with the IBEX entities with a pre-closing audit Oyu Tolgoi 2018 taskforce / 2019 working group
and review prior to required Government approvals and as a Unresolved – working group discussions ongoing regarding: i) loan interest
condition precedent for the transaction closing. rate; 2) tax dispute; 3) power source; and, 4) regional development. Delay
and capex blow out of underground development announced Jul’19.
22Role of third neighbours, IFIs, business
counsels and advisory panels
§ Support to broaden and expand a high quality natural resource sector, encouraging the
platform to diversify and grow the economy, and realize a sustained improved
standards of living
§ Strong representation from “Third Neighbor” free market ambassadors, trade offices
and investment from associated agencies
§ Significant invested capital and support from International Financing Institutions (IFIs)
§ Multiple Business Associations and NGOs
§ Increasing recognition of aligned public and private sector advocacy for improved
legislation and global completeness
§ Trade dependence with landlocked “super power” neighbors
§ New Silk Road and strategic position to Asia’s vast markets
§ Well positioned for changing economic and demographic balance
Kincora Experience:
Chairman, Cameron McRae, is Vice-Chair of the
Business Council of Mongolia (BCM) and chairman
of the International Advisory Panel (IAP) to the
Minister of Mining and Heavy Industry of Mongolia
(MoMHI) which was formed in 2019.
President and CEO, Sam Spring, is Vice Chair of the
BCM’s Resources & Environment Working Group,
US President Trump meeting Mongolian’s and a member of the IAP.
President Battulga in Washington August 2019.
23Appendix—Raising FDI
Oyu Tolgoi Stage 2 restart - Catalyst for subsequent public/private sector capital
Oyu Tolgoi Stage 2 - largest expansion project Jun’19 – Proposed minority investment in MCS Group by Cerberus
globally and largest project finance in industry Frontier - US$110m for 25% stake in subsidiary
history
Oct’17 – 7x oversubscribed international Government of Mongolia bond
§ IMF lead US$5.5 billion financing package US$800m @ 5.6% for 5.5 years
(till 2020) and protection of investment
IMF Reaches Staff-Level Agreement with Mongolia on Three-Year Extended Fund Facility 1/3/17, 5(31 pm
agreements INTERNATIONAL MONETARY FUND
May’17 – Protection of existing Investment Agreements (removal of sub-clause 11)
Project financing – flow of funds
§ Listed juniors illustrating geological
potential: >$185m raised since OT Stage 2
Delay in IMF approval of EFP until Parliament legislation confirms investor agreements
recommenced PRESS RELEASE NO. PR17/54
IMF Reaches Staff-Level Agreement with Mongolia on Three-Year Extended Fund Facility 1/3/17, 5(31 pm
SHARE:
Feb’17 – “Total
INTERNATIONAL External
MONETARY
IMF Reaches Staff-Level Agreement with
FUND Financing Package (EFP) will be around US$5.5 billion”
Mongolia IMF lead withExtended
on Three-Year MongolianFundGovernment
1 Facility
Update on Oyu Tolgoi Today
underground project Jul’19 Mongolian
At project financing drawdown
PRESS RELEASE
May’16 –NO.
“Approval
PR17/54 of a US$5.3 billion investment” for underground development of
(http://www.imf.org/external/lang/mongolian/np/sec/pr/2017/pr1754m.pdf)
February 19, 2017
First sustainable production delayed 16-30 Oyu Tolgoi - Rio Tinto, Turquoise Hill Resources, Oyu Tolgoi LLC
months until
Payable May’22-Jun’23,
to Turquoise Hill* and totalfrom
Receivable capex of
Oyu Tolgoi*
SHARE:End-of-Mission press
Proceeds: findings
$4.4 billion 2 releases include statements of IMF staff teams that
$4.1 billion convey preliminary
3,4
after a visit to a country. The views expressed in this statement are those of the IMF
$4.1 billion4
between $6.5-$7.2bn, an increase of $1.2-$1.9bn
staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the
Shareholder loan: $7.0 billion Shareholder loan: $7.0 billion IMF Reaches Staff-Level Agreement with
preliminary findings of this mission, staff will prepare a report that, subject to management
Payable to approval,
Turquoise Hill* to the IMF's Executive
Receivable from and Oyu Tolgoi* Deposit from Turquoise Hill
Mongolia on Three-Year
ofExtended Fund
will be presented Board for discussion decision.
from the original 2016 feasibility study guidance loan: $7.0Draw
Facility
Shareholder billion down ShareholderUS$4.4 billion
loan: $7.0 billion projectInvestment:
financing $4.1 facility
billion4
to $2.9 billion 4
The Mongolian toreached
government and the IMF team billion4agreement on an economic and
$2.9 staff-level Waive 2.5%** guarantee fee
Mongolian
financial program to be supported by a three-year EFF for about $440 million.
(http://www.imf.org/external/lang/mongolian/np/sec/pr/2017/pr1754m.pdf) with amount on deposit
All alternatives being explored for a 2021 raising.
1. In accordance with the ARSHA, Turquoise Hill funded the common share investments in The IMF financial assistance will help catalize up to $3 billion in budget and project support, and
2. Project February
finance
China is
facility
expected
19,
made directly with Oyu Tolgoi
2017 to extend RMB 15 billion swap line.
Oyu Tolgoi on behalf of Erdenes Oyu Tolgoi LLC; at March 31, 2016 the balance is 3. Amount received net of withholding tax and facility fees
approximately $999.4 million 4. Approximate The amount
government’s economic program intends to restore economic stability and debt sustainability,
* Balances as of March 31, 2016 | Interest rate LIBOR + 6.5% * Calculated and
on will facilitate strong, sustainable and inclusive growth, while protecting the most vulnerable.
balances as
End-of-Mission of March
press releases 31, 2016
include | Interest
statements ratestaff
of IMF LIBOR
teams + 6.5%
that convey preliminary
** When guarantee team fee
A stafffindings paid,
ofafter
the visitOyu
aInternationalTolgoi
to a country. pays
The
Monetary 1.9%
views
Fund and
expressed
(IMF) Turquoise
led by in Hillvisited
this statement
Koshy Mathai pays 0.6%
are those of the IMF
Ulaanbaatar during
staff1-19
February and do not necessarily
to continue represent
discussions with the views of theauthorities
Mongolian IMF’s Executive
on a setBoard. Based onpolicies
of economic the
preliminary
that could findingsby
be supported of IMF
this financial
mission, assistance.
staff will prepare
At theaend
report that,
of the subject
visit, to management
Mr. Mathai made the
approval,
following will be presented to the IMF's Executive Board for discussion and decision.
statement:
“The Mongolian government and the IMF team have reached staff-level agreement on an economic
and financial program to be supported by a three-year Extended Fund Facility (EFF) for SDR 314.505
The (435
million Mongolian
percentgovernment and
of quota), or the IMF
about $440team reached
million. Otherstaff-level agreement
international partnerson an plan
also economic and
to support
Priority of funding used for development the financial program
government’s to be supported
program: Oyu Tolgoi cash call
by a three-year
the Asian Development EFF(ADB),
Bank for about $440
World million.
Bank, and bilateral partners
including
The IMF
support;
Japan
Chinaand
and Korea
financial
the People’s
is expected
are together
assistance will help expected
Bank of
to extend RMBChina
catalize up
is expected
15 billion
Bank of Mongolia for at least another three years.
toto
provide up to
$3 billion in $3 billion
budget in budget
and project and project
support,
to extend its RMB 15 billion swap line with the
swap line.
and
24
The government’s economic program intends to restore economic stability and debt sustainability,
! Oyu Tolgoi operating cash flow “The total
and willexternal financing
facilitate package willand
strong, sustainable thus be around
inclusive $5.5 while
growth, billionprotecting
and will support thevulnerable.
the most authorities’
“Economic Stabilization Program,” which intends to restore economic stability and debt sustainabilityAppendix — Raising FDI
Oyu Tolgoi Stage 2 restart - Catalyst for subsequent public/private sector capital
imited - Mongolia’s Next Gold and Silver Producer
Precious Metals Company
July 2019 Steppe Gold US$8.4m convertible debentures
INITIAL PUBLIC OFFERING PRESENTATION
MONGOLIA’S NEXT
GOLD AND SILVER July 2019 Erdene Res $2m placement
PRODUCER
March 16, 2018
and restated preliminary prospectus containing important information relating to the securities described in this document has been filed with the securities regulatory authorities in each
es of Canada, except for Quebec. A copy of the preliminary prospectus, and any amendment, is required to be delivered with this document. The preliminary prospectus is still subject to
here will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued. This document does not provide full disclosure of all
relating to the securities offered. Investors should read the preliminary prospectus, the final prospectus and any amendment for disclosure of those facts, especially risk factors relating to
July 2019 ASX/MEDIA RELEASE Xanadu Mines $2.1m rights issue
By electronic lodgement | Page 1 of 28
offered, before making an investment decision.
1
22 December 2016
June 2019 Kincora Copper $6.25m oversubscribed placement
August
THREE NEW 2018
MINERALISED Aspire Mining
PORPHYRY CENTRES $15m financing package
IDENTIFIED AT KHARMAGTAI
June 2018 Kincora Copper $2.6m secondary overhangs crossed
HIGHLIGHTS
Bedrock drilling delivers immediate success at Kharmagtai; June 2018
ASX/MEDIA RELEASE Xanadu Mines $10m placement
By electronic lodgement | Page 1 of 28
New drilling identifies copper and gold mineralisation under shallow (20 to 50m) cover in at
imited - Mongolia’s Next Gold and Silver Producer
least seven new targets;
22 December 2016
June 2018 Erdene Res $4.1m placement and dual list $1.4m on Mongolian Stock Market
High-density stockwork mineralisation intersected in three targets, including grades
MayMINERALISED
2018 Steppe Gold
greater than 0.3% Cu and 3g/t Au over two metre intervals;
THREE NEW
Precious Metals Company
PORPHYRY CENTRES $25m TSX IPO, having raised US$34.8m privately
New gravity data enhance the prospectivity of the Kharmagtai copper-gold district;
INITIAL PUBLIC OFFERING PRESENTATION IDENTIFIED AT KHARMAGTAI
A priority NEXT
MONGOLIA’S
GOLD AND SILVER
follow-up drill program to commence immediately; and
November 2017 Aspire Mining $16.5m rights issue
HIGHLIGHTS
Drilling activities are fully funded from existing cash reserves of $9.8 million.
PRODUCER
March 16, 2018
Xanadu Mines drilling
Bedrock Ltd (ASX: XAM – “Xanadu”
delivers immediate or success
“Company”)at Kharmagtai;
and restated preliminary prospectus containing important information relating to the securities described in this document has been filed with the securities regulatory authorities in each
es of Canada, except for Quebec. A copy of the preliminary prospectus, and any amendment, is required to be delivered with this document. The preliminary prospectus is still subject to
received from an undercover bedrock drilling program over the Kharmagtai copper-gold
here will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued. This document does not provide full disclosure of all
relating to the securities offered. Investors should read the preliminary prospectus, the final prospectus and any amendment for disclosure of those facts, especially risk factors relating to
September 2017
is pleased to announce that first assays have been
ASX/MEDIA RELEASE
district, in the 1South
Xanadu Mines $15.4m placement
offered, before making an investment decision. By electronic lodgement | Page of 28
GobiNew drilling
region identifies
of Mongolia (Figurecopper and gold mineralisation
1), as foreshadowed underReport.
in the last Quarterly shallowThe(20
1
drillto 50m) cover
program in at
consisted of
259 least
holes seven
for approximately 11,140m of drilling designed to systematically test district-scale anomalies buried
under
22 shallow2016
December
new targets;
August/September 2017
cover identified through 2015 and 2016, and new conceptual structural targets not previously Kincora Copper $5.9m two tranche placement ($1.4m with EBRD)
tested by drilling.
High-density stockwork mineralisation intersected in three targets, including grades
Newgreater
top of basement drilling results confirms continuity of mineralisation
intervals; under shallow (20 to 50m) cover with
than 0.3%
March
Cu and
THREE NEW 2017
3g/t Au over
MINERALISED
two metre
Erdene Res
PORPHYRY CENTRES
drilling intersecting anomalous bedrock copper and gold mineralisation over a widespread area, approximately $0.5m non-brokered placement (Teck Resources)
New gravity
25 square dataAtenhance
kilometres. the prospectivity
least seven new targets were of the Kharmagtai
identified, with 38 copper-gold district;
drill holes returning gold grades
IDENTIFIED AT KHARMAGTAI
greater than 0.1 g/t Au and 12 holes more than 0.1% Cu over two metre intervals (Figure 2).
A priority follow-up drill program to commence immediately; and
February 2017
The drilling also provided important information on depth of cover gravels, which typically ranged from 20 to Erdene Res $13.8m bought deal financing
HIGHLIGHTS
50m. The shallow
Drilling depths
activities aresignificantly
fully funded enhance the prospectivity
from existing for further
cash reserves open million.
of $9.8 pit resources within the
Kharmagtai district.
XanaduBedrock
Mines drilling
Ltd (ASX: delivers immediate
XAM – “Xanadu” or success
“Company”) at Kharmagtai;
January 2017
is pleased to announce that first assays have been
Xanadu‟s Managing Director & Chief Executive Officer, Dr Andrew Stewart, said “The results of this targeted
received from an undercover bedrock drilling program over the Kharmagtai copper-gold district, in the South
Entrée Gold $7.6m equity offering
bedrock drilling program havecopper
proved andvery gold
exciting. We set out tounder test several shallow to (within
50m)50m surface)
GobiNewregion drilling identifies
of Mongolia (Figure 1), as foreshadowed mineralisation
in the last Quarterly shallow
Report. The(20
drill program cover in at
consisted of
high-potential copper-gold and gold targets that occur under shallow cover, looking for both high-grade gold-rich
259 least
holes for approximately 11,140m of drilling designed to systematically test district-scale anomalies buried
stockwork seven new targets;
mineralisation
December 2016
and tourmaline breccia mineralisation. The identification of the high-density stockwork
under shallow cover identified through 2015 and 2016, and new conceptual structural targets not previously
copper-gold mineralisation in at least three of the new targets associated with copper over 0.3% Cu and gold
Kincora Copper $0.5m placement
tested by drilling.
High-density stockwork mineralisation intersected in three targets, including grades
over 3g/t Au is an outstanding result, and is validation of our belief that there are undiscovered porphyry centres
New
at top of basement
greater
Kharmagtai than
under drilling
0.3%
only Cu results
20 and
to 50m confirms
3g/t
of Au continuity
over
cover. two
Drill of is
metre
testing mineralisation
intervals;
expected to under shallow (20 and
start immediately to 50m)
we are cover with
looking
drilling intersecting
forward anomalous
to what we might bedrock
learn from copper
the next and gold
program mineralisation
of RC drilling.” June 2016 ASX/MEDIA
over a widespread RELEASE
area, approximately
By electronic lodgement | Page 1 of 28
Xanadu Mines $12.2m placement
New gravity
25 square dataAtenhance
kilometres. least seventhe prospectivity
new targets were of the Kharmagtai
identified, with 38 copper-gold
drill district;
holes returning gold grades
At Kharmagtai most previous exploration has focused on the three outcropping porphyry deposits (Altan Tolgoi,
greater than 0.1 g/t Au and 12 holes more than 0.1% Cu over two metre intervals (Figure 2).
Tsagaan Sudal follow-up
A priority and Zesen drill
Uul; Figure
program 2) where Xanadu has
to commence already defined
immediately; and over 1.5 Mlb copper and over 2
TheDecember
million
22 drilling
ounces alsoof provided
2016 important
gold resource (see information
Xanadu‟s ASX on depth of cover gravels,
announcement April/June 2016
– 19 March which typically
2015). Away ranged from 20
from these Erdene Res
to
three $2.5m royalty placement (Sandstorm)/ $0.5m Teck placement
50m.Drilling
depositsThethe activities
shallow
prospective are
depths fullyoffunded
significantly
rocks from existing
enhance
the Kharmagtai theIgneous cash
prospectivity reserves
Complex (KIC)ofare
for further $9.8
open million.
pit resources
covered by eitherwithin
youngerthe
Kharmagtai district.
unconsolidated gravels or are obscured by younger volcanic rocks (Figure 2).
Xanadu Mines Ltd (ASX: XAM – “Xanadu” or “Company”) is pleased to announce that first assays have been
Xanadu‟sfrom
received
bedrock
Managing
drilling
THREE NEW MINERALISED PORPHYRY CENTRES
Director &bedrock
an undercover
program(Figure
Chief Executive
have proved
Officer,over
drilling program
very exciting. in We
Dr Andrew Stewart, said
the Kharmagtai “The results
copper-gold of this
district, in thetargeted
South 25
Gobi region of Mongolia IDENTIFIED AT KHARMAGTAI
1), as foreshadowed theset
lastout to test Report.
Quarterly several Theshallow
drill (within
program50m surface)
consisted of
high-potential
259 holes for copper-gold
approximately and gold targets
11,140m that occur
of drilling undertoshallow
designed cover, looking
systematically for both high-grade
test district-scale anomalies gold-rich
buried
stockwork
under mineralisation
shallow and tourmaline
cover identified through 2015brecciaandmineralisation.
2016, and new Theconceptual
identification of the high-density
structural stockwork
targets not previouslyAppendix — Kincora’s story
Industry leading team undertaking the first modern systematic district scale exploration
§ Hole F62: > 37m @ >1% § Bottom of cycle (Anglo A and § $5.9m raising § 3 of 5 board turned over § $6.25m over-
CuEq within 800m @ 0.4% Teck exit Mongolia/ copper (2 new instos) subscribed
Maiden “Target (discovery) testing”
§ 2 overhangs crossed: new
CuEq1Appendix — Kincora’s team
1
1
Team
Exceptional exploration record 6 22
+ “Skin in the game” 7% register 4
4
Internationally
ü Multiple Tier 1 Discoveries, includes:
§ Cadia Au/Cu (Newcrest, Australia) 1
§ Reko Diq Cu/Au (for BHP, Pakistan) 2
Mongolia
ü Ex BHP South Gobi (Falcon) Ivanhoe JV team
§ Exploration Manager (Mongolia) 2
§ Chief Geophysicist (Global) 3
ü Chief geophysicist: BHP/Ivanhoe/HPX
§ Consultant geophysicist KCC: Barry de Wet 3
ü Executive from Oyu Togoi's Exploration Team 4
ü Mongolia Project Generation head Trafigura 5
ü Senior geologist Teck & Vale 6 1 John Holliday
Director, Technical Committee Chair
4 Imants Kavalieris
Advisor, Technical Committee
2 Peter Leaman 6 Tsolmon Amgaa
Senior VP of Exploration, Technical Committee Project Generation Geologist
Further information: www.kincoracopper.com
27Appendix — Kincora’s team
Board 8
8 7
Know Mongolia 5
6
> 40 years experience
Full development cycle
> 150 years specific sector experience
ü Chairman7 : ex President/CEO Oyu Tolgoi/chair of
Exploration Committee
ü CEO8: 7 years leading Kincora
ü Head of Business Development for Oyu Tolgoi
§ Independent Director KCC: Ray Nadarajah9
ü Trader for Marc Rich & Co/Glencore International
§ Trading copper and other commodities in Mongolia/Asia region
§ LIM Advisors’ nominee director KCC: Lewis Marks10
ü Recent former director of Steppe Gold
§ Current construction project in Mongolia10
5 Molor Erdenebat 8 Sam Spring
Full biographies at: https://www.kincoracopper.com/about-us/management Head Geologist President and CEO,Technical Committee, Director
https://www.kincoracopper.com/about-us/board-of-directors
7 Cameron McRae
Independent Chairman
Further information: www.kincoracopper.com
28Appendix — noted foreign listed players
Turquoise Hill www.turquoisehill.com
Entrée www.entreeresourcesltd.com
!
! ! Xanadu www.xanadumines.com
Steppe Gold Limited - Mongolia’s Next Gold and Silver Producer
!
!
! !
! ! ! ! !
Steppe Gold Limited - Mongolia’s Next Gold and Silver Producer
Kincora www.kincoracopper.com
Precious Metals Company
!
Steppe http://steppegold.com
INITIAL PUBLIC OFFERING PRESENTATION !
!
MONGOLIA’S NEXT
Precious Metals Company
!
GOLD AND SILVER INITIAL PUBLIC OFFERING PRESENTATION
PRODUCER MONGOLIA’S NEXT
March 16, 2018 GOLD AND SILVER
PRODUCER Erdene www.erdene.com
!^
An amended and restated preliminary prospectus containing important information relating to the securities described in this document has been filed with the securities regulatory authorities in each
of the provinces of Canada, except for Quebec. A copy of the preliminary prospectus, and any amendment, is required to be delivered with this document. The preliminary prospectus is still subject to
completion. There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued. This document does not provide full disclosure of all
material facts relating to the securities offered. Investors should read the preliminary prospectus, the final prospectus and any amendment for disclosure of those facts, especially risk factors relating to
March 16, 2018
An amended and restated preliminary prospectus containing important information relating to the securities described in this document has been filed with the securities regulatory authorities in each
the securities offered, before making an investment decision. of the provinces of Canada, except for Quebec. A copy of the preliminary prospectus, and any amendment, is required to be delivered with this document. The preliminary prospectus is still subject to
completion. There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued. This document does not provide full disclosure of all
Aspire https://aspiremininglimited.com
1 material facts relating to the securities offered. Investors should read the preliminary prospectus, the final prospectus and any amendment for disclosure of those facts, especially risk factors relating to
the securities offered, before making an investment decision.
1
!
! !
!
!
!
Tsagaan
Suvarga –
Steppe Gold Limited - Mongolia’s Next Gold and Silver Producer
Private Strategic
Deposit
Precious Metals Company
INITIAL PUBLIC OFFERING PRESENTATION
MONGOLIA’S NEXT
GOLD AND SILVER
PRODUCER
Private and/or SoE
March 16, 2018
An amended and restated preliminary prospectus containing important information relating to the securities described in this document has been filed with the securities regulatory authorities in each
Strategic Deposits
of the provinces of Canada, except for Quebec. A copy of the preliminary prospectus, and any amendment, is required to be delivered with this document. The preliminary prospectus is still subject to
completion. There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued. This document does not provide full disclosure of all
material facts relating to the securities offered. Investors should read the preliminary prospectus, the final prospectus and any amendment for disclosure of those facts, especially risk factors relating to
the securities offered, before making an investment decision.
1
29Appendix — useful references (and sources)
Wikipedia: https://en.wikipedia.org/wiki/Mongolia
National Statistics Office (NSO): http://1212.mn
- incl. “Yearbook”: http://1212.mn/BookLibrary.aspx?category=007
Business Counsel of Mongolia (BCM): http://bcmongolia.org
Government of Mongolia (GoM): http://zasag.mn/en/
Ministry of Mining & Heavy Industry (MoMHI): http://www.mmhi.gov.mn
Mineral Resource and Petroleum Authority (MRPAM): https://mrpam.gov.mn
- incl. “Statistical Information”: https://mrpam.gov.mn/article/131/
Embassy of Canada to Mongolia: https://www.canadainternational.gc.ca/mongolia-mongolie/
- incl. trade: https://www.tradecommissioner.gc.ca/mongolia-mongolie/index.aspx?lang=eng
Australian Embassy Mongolia: https://mongolia.embassy.gov.au
- incl. trade: https://dfat.gov.au/geo/mongolia/Pages/mongolia-country-brief.aspx
U.S. Embassy in Mongolia: https://mn.usembassy.gov
30Appendix — useful references (and sources)
News Services / Market Intelligence
Cover Mongolia: https://www.covermongolia.com
Jargal DeFacto: http://jargaldefacto.com
Mongolia Business Database: www.mongolianbusinessdatabase.com
Monstame: www.montsame.mn
News.Mn: https://news.mn/en/
Key Documents
Rio Tinto: Oyu Tolgoi “Past, present, and future”
www.riotinto.com/documents/RT_Oyu_Tolgoi_Past_Present_and_Future_EN.pdf
World Bank Group: Doing Business in Mongolia 2019
www.doingbusiness.org/content/dam/doingBusiness/country/m/mongolia/MNG.pdf
World Bank Group: Investment Reform Map for Mongolia (Jun’18)
https://www.ifc.org/wps/wcm/connect/f2a8f76b-16cf-4a63-a1ee-ffcd35f31d78/Mongolia+Investment+Reform+Map+2018.pdf?MOD=AJPERES
Canada-Mongolia Foreign Investment Promotion and Protection Agreement https://www.canada.ca/en/global-
affairs/news/2017/03/canada-mongolia_investmentagreemententersintoforce.html
U.S. Department of State: Investment Climate Statements for 2018
https://www.state.gov/e/eb/rls/othr/ics/investmentclimatestatements/index.htm?year=2018&dlid=281519#wrapper
31You can also read
