Mining and minerals sector of Mongolia discussed
The first investment forum themed ‘Mongolian Minerals and Mining 2018’ was held by the Ministry of Mining and Heavy Industry.
The first investment forum themed ‘Mongolian Minerals and Mining 2018’ was held by the Ministry of Mining and Heavy Industry with aims to introduce investment environment of Mongolia, current state of mineral sector, policies, projects and programs and to attract investment. Mining industry alone makes up 90 percent of export products, 77 percent of industrial products, 22 percent of GDP and 25 percent of budget revenue. Therefore, the Ministry focused attention on projects targeted at fostering economic growth, producing value-added products and increasing jobs through encouraging investments. By doing so, we adhere to principles of consolidating partnership between government and private sector and cooperating openly with entities and investors to fulfill these objectives, Minister of Mining and Heavy Industry D.Sumiyabazar said. The Government of Mongolia resolved to establish an oil refinery in Altanshiree soum, Dornogobi province and copper smelter at Oyu Tolgoi mine. Moreover, the Government plans to construct a coal-to-gas plant at Baganuur mine in Bayandelger soum, Tuv province. According to feasibility studies of these projects, a total of USD 5.8 billion is required. Owing to the projects, GDP is envisioned to grow by 15 percent, over 30 types of related factories to be set up, USD 300 million is to be paid to the state and local budgets a year, import volume to fall by USD 1 billion and foreign trade profit to up, the Government and the Ministry estimate. Also, it will create over 2800 direct jobs and over 3000 indirect jobs.
source: www.montsame.mn
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