Ministry of Mining and Heavy Industry meets with gold producers
Summary: Last Friday, Minister of Mining and Heavy Industry D. Sumiyabazar met with representatives from entities and organizations operating in the gold sector. The meeting assembled over 120 participants representing the Ministry of Mining and Heavy Industry, the Mineral Resources and Petroleum Agency, Bank of Mongolia, and the Mongolian Gold Producers Association. In his opening speech, the minister emphasized the ministry’s principles for improving the cooperation of government institutions to strengthen public-private partnerships. According to the Chairman of Gold Producers Association, the government's decision to lower royalties for gold sold to the Bank of Mongolia to 2.5 percent was a good push to increase the state’s gold reserves. In 2017, domestic gold producers sold 20 tons of gold to the central bank, valued at 800 million USD. Minister D. Sumiyabazar informed the meeting's participants that amendments to the Law on Mining will be discussed during the spring parliamentary session. The amendments include changes to regulations concerning all phases of mining activity, from a mine's opening until its closure, and the implementation of environmental protection and rehabilitation measures
Keywords: D. Sumiyabazar, mining regulations
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