Minerals law to be revised; term of investment agreement to be reduced to 15 years regardless of investment amount

Bipartisan Lawmakers Batbayar Nyamjav (Democrat) and Byambatsogt Sandag (MPRP) have submitted bill to revise existing Minerals law to Speaker Demberel Damdin this afternoon.
Main concept of the bill is to reduce term of investment agreement to 15 years regardless of investment amount.
The bill is based on recommendations and opinions of Mongolian researchers, mining bodies, unions, representatives of civic society, some international organizations. This complies with current international legal standards, according to the recommendations.
The bill considered that average period for investment agreement in most of the counries with highly developed mining sector is 15 years.Passing of this bill will have no negative social and economic consequences, according to the initators of the bill.Speaker Demberel said the bill will be included in list of bills to be discussed during fall session of the Parliament.

The bill will not have implication on Oyu Tolgoi investment agreement as its 30 year term will be stabilized. However, it will have impact on other investment agreements.

By Ganbat, MonInfo Reporter



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