Changes to Mongolia’s mining law will boost investment

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.
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Source:www.worldcoal.com
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