Ann: AGM Presentation, page-33

Global Business Reports (GBR) recently conducted an interview with Ganbaatar Jambal, Minister, Ministry of Mining & Heavy Industry for GBR’s inaugural Mongolian Mining Guide 2024.  The Minister’s message clearly articulates that Minerals Resource Law reform is very high on the agenda and aimed at improving investment environment for exploration and mining.


Key Highlights from the Minister’s Interview:

Reform Coming Soon.  Re-drafted Mineral Resources Law is in final stages of completion. We plan to submit the document to the Government of Mongolia in November and pass it on to the Parliament in December 2023.

Globally Competitive. The royalty paid current has a base of 5%, and depending on the commodity prices, the percentage can increase dramatically. In the (drafted) law, the percentage will conform to the international best practice.

Community Awareness.  We are proposing that 10 to 20% of royalty contributions go into local community development.

Investor Friendly. I would like to reassure investors that Mongolia will have a stable state policy and the older patterns of sudden changes will be a thing of the past.