‘Gold II’ national program to be realized

2017-01-19 09:09:31

Ulaanbaatar /MONTSAME/ During its regular meeting on January 18, the Cabinet decided to adopt a resolution to realize ‘Gold II’ national program. A working group to ensure the implementation on national level will be formed with Minister of Mining and Heavy Industry as head.

In realization of the Cabinet’s 2016-2020 action plan and in order to recover the economy, the ‘Gold II’ program will be realized through two phases until 2020. As a result, the amount of annual gold extraction is expected to stably increase by 2-3 tons, gradually reaching 25 tons by 2020. With realization of the program, MNT 33-59 billion will be collected to state budget in the form of charge for exploitation of mineral resources, and following geological explorations, Mongolia’s gold resources will be increased by 100-150 tons, the Cabinet sees.

Mongolia previously implemented ‘Gold’ program and ‘Gold – 2000’ programs from 1992 to 2000. According to a report by National Statistical Office, Mongolia’s gold production constituted 2.6 percent of GDP and 9.1 percent of export income in 2015.