Discover Mongolia taking place

Economy | Mining
2018-09-06 12:02:55
Ulaanbaatar /MONTSAME/ The 16th Discover Mongolia, an international mining investors’ forum, is being held under the theme ‘Acknowledge to Advance’ on September 6-7 in Shangri-La Hotel. Preliminary discussions of the forum took place last week.
The Government of Mongolia, the Ministry of Mining and Heavy Industry, the Mongolian National Mining Association and the Business Council of Mongolia are jointly organizing the two-day event.

It aims to promote a business-friendly environment in the mining sector of Mongolia as this sector earns over 90 percent of the country’s total export revenue. More than 600 delegates from 25 countries are participating in the event at which national and foreign investors enjoy an opportunity to discuss their achievements, new projects and pressing issues.

Minister of Mining and Heavy Industry D.Sumiyabazar delivered an opening remarks in a number of contents including current situation of the mining sector, Tavan Tolgoi deposit, Oyu Tolgoi Project, geology and exploration, value-added manufacturing, regional integration and infrastructure development as well as further cooperation.

In particular, he highlighted that mining sector makes up over 90 percent of the country’s total export revenue and 74 percent of GDP, voicing his willingness to improve revenue management of the mining sector, and gave detailed information about the Government’s policy on putting Tavan Tolgoi into economic circulation and the Oyu Tolgoi Project.

“As of July, Mongolia has mined 26.3 million tons of coal, 764.4 thousand tons of copper concentrate, 9.2 tons of gold, 3.1 thousand tons of molybdenum concentrate and 1.7 million tons of iron ore concentrate. We are working to intensify operations of Tavan Tolgoi deposit in the near future and launch IPO of Erdenes Tavan Tolgoi JSC. It is expected that a great contribution will be made to Mongolia’s economy by solving the funding of over 10 projects worth USD 5 billion.”

He added that a Bill on establishing a sovereign wealth fund through the development of Erdenes Mongol LLC  is being made and the Ministry is working towards the creation of the National Sovereign Wealth Fund to improve the sector’s management, to equally distribute natural resources to our young generations, and to ensure sustainable economic growth.

Following the Minister’s remarks, CEO of Oyu Tolgoi LLC Armando Torres delivered a speech, informing about development of Oyu Tolgoi Project and its contribution towards Mongolia’s economy. He noted the company is to pursue the strategic policy ‘Made in Mongolia’ and expressed his expectation that projects similar to Oyu Tolgoi will be further carried out in Mongolia.