The Prime Minister urges combining mining with industrialization

Oyun-Erdene.L, the Prime Minister of Mongolia, begins every Monday morning with meetings to find solutions to issues critical to the development of the country. On March 3, he met with the representatives of the state-owned and private companies operating in the mining sector under the theme "Overcoming the challenges in 2023".

The purpose of the meeting was to discuss the participation and contribution of the mining and heavy industry sectors to the industrial and port revival and economic expansion.

The meeting brought together cabinet members, including Minister of Finance Javkhlan.B, Minister of Mining and Heavy Industry Ganbaatar.J, and Minister of Energy Choijilsuren.B, and the private and state-owned mining companies such as Erdenes Mongol, Erdenet Mining Corporation, Mongolian National Mining Association, MAK LLC, Max Group, and SouthGobi Sands.
During the meeting, G. Battsengel, Chairman of the Mongolian National Mining Association, briefs on issues the mining industry faces, such as the shortage of human resources, difficulties caused by the misunderstandings of the local people, and arbitrary decisions by local officials, storage and transportation of explosives used in the mining industry, and challenges related to mineral resource royalties.

Ganbaatar.J, Minister of Mining and Heavy Industry, and Javkhlan.B, Minister of Finance, highlighted the results of the mining exchange in the industry.
Minister of Mining and Heavy Industry said, "Mongolia has started exporting coal at prices set via auctions on the Mongolian Stock Exchange, resulting in the increase of coal price from 70 to 80 USD per ton to 170 to 180. We plan to trade copper, iron, and fluorspar through the MSE. The Law on Mining Product Exchange comes into effect on July 1 this year. In addition, the government is drafting a law on wealth funds and is working on a policy to shift from mineral extraction to processing. Mongolia can lead the world in the field of rare earth elements. More countries, large companies, and investors are interested in Mongolia's potential in the rare earth elements sector."

The Prime Minister said that the government and the private sector need to work together to correct the prejudice that mining destroys the environment. It is time to develop mining together with industrialization, he added.
Oyun-Erdene.L stressed that the more transparent the mining industry is, the less suspicion there will be, resulting in the progress of projects. "The development of the Law on Minerals and the Law on the Sovereign Wealth Fund is in full swing. I want the private sector to express their voices and participate".
Dagva.M CEO of QMC, mining researcher "Mongolia lacks ambition in the field of mining exploration. According to data, over USD 10 billion are circulating in the sector. Mongolia has great potential to attract foreign investment in mining exploration" 
A. Bilguun, Executive Director of Erdene Resource Development LLC 3The fact that the local government and administrative bodies make arbitrary decisions beyond the law causes difficulties for mining companies to operate in the locality"
B. Nyamtaishir, Director of "MAK" LLC "The Prime Minister is proposing industrial recovery. Mongolia neglected industrialization for many years. The government has formed the National Committee on Industrialization headed by J. Ganbaatar, Minister of Mining and Heavy Industry. We will be actively participating in this work"

Source: Government of Mongolia