Changes to Mongolia’s mining law will boost investment
Published by Jonathan Rowland,
Editor
World Coal,
The Mongolian parliament has passed a series of changes to the country’s 2006 Minerals Law in an effort to boost investment in its flagging mining sector. The changes include increasing the proportion of land available for exploration and the time available to complete exploration, as well as the possible reversing of the 2010 cancellation of 106 mining licenses.
The changes were made as part of a push by prime minister Altankhuyag Norov to revive investment in the country’s mining industry after two years of slowing growth and waning foreign investments. The push aims to attract US$ 1 billion of investment in the country’s resources industries by the end of this year, particularly in the coal and other energy resources exploration sector.
Under the amendments to the 2006 legislation, the amount of land available for exploration will rise from 8% – 20%, while the period of exploration will be extended to 12 years. “We expect more miners to undertake exploration projects in Mongolia over the coming quarters,” commented Business Monitor International in response to the changes.
Written by Jonathan Rowland
Read the article online at: https://www.worldcoal.com/mining/22072014/world-coal-changes-to-mongolia-mining-law-will-boost-investment-coal1111/
You might also like
Electrification in Mining virtual conference
Join us on 16 April 2024 for Global Mining Review's first Electrification in Mining event is an interactive virtual conference, focusing on electrification as the future of sustainable mining and exploring the innovative approaches and technologies being developed to facilitate its implementation.
Industry veteran joins Arch Resources as Senior VP and COO
Arch Resources, Inc. has announced that George J. Schuller Jr has joined the company as Senior VP and COO, effective immediately.