Mining Minister warmly welcomes foreign investors at [email protected],
says “discrepancies” in laws would be addressed by parliament
 

In remarks at the [email protected] conference in Toronto on March 4, Mining Minister Gankhuyag Davaajav warmly welcomed foreign mining investment, saying Mongolia’s goal was to offer investors “firm sustainability of politics, economics and legal environment.”  Over 130 people registered for the Second Annual [email protected] conference – almost double last year’s attendance -- organized by the Canadian Government and the NAMBC. The Minister’s PowerPoint presentation can be downloaded below.

The Minister candidly admitted Mongolia  had made mistakes affecting foreign investment  in the past but that it would "never repeat" them.. He also said that the moratorium on new mining exploration licenses, first imposed in June 2010, might be ended as the result of Minerals Law amendments and other legislation to be taken up during the spring session of parliament. Minister Gankhuyag said parliament would address the "many discrepancies" in previous mining laws including perhaps long-awaited revisions to the so-called “Long Name Law” on mining near rivers and forests.

The Minister did not directly address the issue of the106 exploration licenses annulled last year as part of an investigation into corruption at the Mineral Resources Authority of Mongolia (MRAM). When asked about Oyu Tolgoi LLC, the Minister several times said that all matters regarding Oyu Tolgoi LLC would be resolved by its Board of Directors, which includes three Mongolian directors, without involvement by the cabinet or parliament.

In Toronto, Gankhuyag also met with Ed Fast, Canada’s Minister of International Trade, and Ungad Chadda, senior vice president of the Toronto Stock Exchange (TSX) who is responsible for all aspects of TSX’s listings business.

Click here for Minister Gankhuyag’s PowerPoint presentation

 

Minister Gankhuyag