The Parliament of Mongolia approved amendments to the Law on Nuclear Energy on November 21, 2024. Alongside these changes, the Government of Mongolia proposed revisions to related laws, including the Investment Law, Tax Law, and Company Law. The amendments were deliberated under an expedited procedure and ultimately approved by Parliament.
Mongolia holds approximately 2% of the world’s uranium reserves and has identified over 10 uranium deposits. Among these, the Zuuvch Ovoo deposit, located in Ulaanbadrakh Soum, Dornogovi Province, is being prepared for economic development in collaboration with the French state-owned Orano Group.
The newly approved amendments establish a legal framework for drafting Investment Agreements specific to uranium projects, which will be submitted to Parliament for review.
Commenting on the developments, N. Uchral, Chief of the Cabinet Secretariat of the Government, said: “To prevent repeating the contractual mistakes of projects like Oyu Tolgoi, we have introduced legislation that ensures a progressive and flexible ceiling for royalties. After being stalled for 27 years, the uranium project and other programs are now advancing, creating conditions that benefit the nation and its people. Additionally, we have established a favorable investment environment and a clear legal framework for foreign investors.”
These amendments mark a significant step forward in unlocking Mongolia’s uranium potential and promoting sustainable economic growth.
