AGP Executive Report
Last update: 7 hours agoMining: Oyu Tolgoi produced 113,500 tonnes of copper in the third quarter, up 27% year on year, as underground operations ramped up toward Rio Tinto’s 500,000-tonne annual target. Underground work has also begun a phased restart after an October 29 rockfall injured three workers. Trade: Copper exports to China have fallen sharply amid border restrictions, cutting revenues by about $300 million, while Mongolia and India discussed cooperation on rare earths, an oil refinery and technology. Energy and Industry: Construction of Thermal Power Plant No. 5 is about 40% complete, and overnight electricity discounts have begun for ger-district households. An ILO programme is also targeting better productivity and working conditions in the cashmere industry. Retail: Russian discount chain Fix Price has closed all three of its Mongolian stores, citing analysts’ concerns about the market’s small size and logistical challenges.
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