Canada announces funds for projects at Centerra mine

TORONTO ( - The Canadian government will contribute C$270 000 in funding to support social projects near Centerra Gold's Boroo mine site, in north-central Mongolia, International Trade Minister Peter Van Loan announced this week.

Mongolian Prime Minister Sukhbaatar Batbold is in Canada this week, and met with Prime Minister Stephen Harper, as well as Minister Van Loan.

The C$270 000 in funding, which is being contributed through the Government of Canada's Investment Cooperation program, will support environmental and vocational training and community development initiatives at the Boroo mine.

"As Mongolia seeks to develop its market economy after being held back during its long communist rule, there is a potential for strong economic growth," said Van Loan said in a statement.

"Canadian companies have the opportunity to establish strong ties that will lead to long-term economic benefits in Canada and Mongolia."

The two countries are in negotiations towards a foreign investment promotion and protection agreement (FIPA), and announced earlier this week that they had reached new agreements to improve trade and market access and to strengthen both agricultural cooperation and Mongolia's democratic governance and institutions.

At the end of 2009, Canadian direct investment in Mongolia totalled C$601-million. Bilateral merchandise trade between Canada and Mongolia has grown more than 60-fold in the decade between 2000 and 2009, from C$2,6-million in 1999 to C$163,8-million in 2009.

A bilateral FIPA would provide greater predictability and certainty for Canadian investors considering investment opportunities in Mongolia, the Canadian government commented.

"Canada's objective in entering the negotiations is to secure a comprehensive, high-quality agreement that will protect investors by establishing a framework of legally binding rights and obligations."

Centerra operates the Kumtor mine in Kyrgyzstan and the Boroo mine in Mongolia. It also has a second project in Mongolia, called Gatsuurt.

Edited by: Liezel Hill


Post a Comment

Facebook page

Powered by Blogger.


Advertising in Mongolia An Culture Editorial of the Mongolianviews education Environmental protection Famous Mongolians Foreigners in Mongolia Inner Mongolia Ivanhoe Mines Mongolia agriculture Mongolia analysis Mongolia and Australia Mongolia and Belorussia Mongolia and Cambodia Mongolia and Canada Mongolia and central Asia Mongolia and China Mongolia and Cuba Mongolia and EU Mongolia and Germany Mongolia and Hongkong Mongolia and Hungary Mongolia and India Mongolia and Inner Mongolia Mongolia and Iran Mongolia and Israel Mongolia and Italy Mongolia and Japan Mongolia and Kazakhstan Mongolia and Korea Mongolia and Kuwait Mongolia and Kyrgyzstan Mongolia and Malaysia Mongolia and Nato Mongolia and North Korean Mongolia and Poland Mongolia and Russia Mongolia and Singapore Mongolia and South Korea Mongolia and Taiwan Mongolia and the world Mongolia and Tibet Mongolia and Turkey Mongolia and UK Mongolia and Ukraine Mongolia and UN Mongolia and US Mongolia and USA Mongolia and Vietnam Mongolia Banking Mongolia civic society Mongolia crime Mongolia diplomacy Mongolia Economy Mongolia Education Mongolia Energy Mongolia Finance Mongolia Health Mongolia History Mongolia holiday Mongolia in international media Mongolia Industries Mongolia Joke Mongolia law Mongolia LGBT Mongolia medical Mongolia military Mongolia Mining Mongolia Mining Developments Mongolia Mortgage Mongolia natural disaster Mongolia Petroleum Mongolia public announcements Mongolia railways Mongolia Religion Mongolia society Mongolia Sports Mongolia Stamp Mongolia telecommunication Mongolia tourism Mongolia Urbanization Mongolia Wild Life Mongolian Agriculture Mongolian Archeology Mongolian Food Mongolian Gay Mongolian Government news Mongolian History Mongolian Military Mongolian Mining Development Mongolian Movie Mongolian News Mongolian Parliament Mongolian Political news Mongolian Press Mongolian Songs Mongolian Women Mongolian Youth Mongolians abroad Moninfo Opinion Oyu Tolgoi Investment Agreement Photo news Press Release Rio Tinto Tavan Tolgoi coal mine Ulaanbaatar development Weird expatriates in Mongolia

Blog Archive