Mongolia may benefit from being late to party

Emerging Asian stock markets have outperformed their western counterparts with this year's stellar performance going to the world's smallest stock exchange - that of Mongolia. The country also had this year's best performing currency, with the Australian dollar coming in second.

If you had invested in a tracker fund at the start of the year, which of the world's stock markets would have done the most for your pound? China, or somewhere nearby? How about one of the resource-rich economies of Latin America, growing fat on the commodities boom? The answer is none of the above (and you would have lost money in China, where the rather overheated stock market went into a sharp reverse). No, the winner of this year's stock-market crown is the Mongolian Stock Exchange in Ulan Bator, although resources are largely the reason for its victory. Opened in 1991, the world's smallest stock exchange by market capitalisation has gained a stunning 187 per cent so far this year (in sterling terms), and a still impressive 136 per cent when measured in the local currency, the tugrik.

Dec 25 (Reuters) - Itochu Corp (8001.T), Sumitomo Corp (8053.T) and two Japanese trading firms will jointly bid for rights to a large Mongolian coal mine, along with a South Korean consortium and a state-owned Russian company, the Nikkei business daily said.

The Tavan Tolgoi mine in southeast Mongolia is said to host untapped deposits of more than 6 billion tons -- over 30 times Japan's annual coal imports -- the paper said.

ULAN BATOR, Dec. 24 (Xinhua) -- Mongolian President Elbegdorj Tsakhia Friday appealed to the Mongolian public to give up drinking vodka when attending a new year ceremony.

"I will not allow vodka in my cup and I'm also asking you not to allow vodka in your cup from now on," Elbegdorj said.

"Drinking has become the most difficult challenge to Mongolian society today, as even children are drinking this poison," he added.

The product output of the Russian-Mongolian uranium mining joint venture is planned at 2,000 tons per year.
Apart from this, Mongolia's $180-million debt to Russia was settled on Tuesday.

ianadds wrote:Mongolian president appeals to stay away from vodka during new year period
http://news.xinhuanet.com/english2010/world/2010-12/24/c_13663759.htm

ULAN BATOR, Dec. 24 (Xinhua) -- Mongolian President Elbegdorj Tsakhia Friday appealed to the Mongolian public to give up drinking vodka when attending a new year ceremony.

"I will not allow vodka in my cup and I'm also asking you not to allow vodka in your cup from now on," Elbegdorj said.

"Drinking has become the most difficult challenge to Mongolian society today, as even children are drinking this poison," he added.

The Mongol natives can really drink !!