TRANSPARENT AND ACCOUNTABLE MINING

The Ministry of Mining and Heavy Industry held today its monthly press conference ‘Transparent and Accountable Mining’.

In the beginning of the conference, Minister of Mining and Heavy Industry D.Sumiyabazar reported the statistical review of the mining sector. As of the first eleven months, the mining sector allocated MNT2.4 trillion to the state budget as taxes and duties. It shows an increase of MNT518.6 billion or 26.7 percent as compared with the same period of previous year.

To the journalists’ question about how capable Erdenes Tavantolgoi JSC is to allot dividends, the Minister responded that the government will resolve whether to distribute a dividend worth MNT26000 per citizen today or 5-10-fold dividend after a certain period when railway construction is completed, concentrating and coking plants are established, the energy source is created, the company is recognized at the international arena and its value is set.

About a construction process of oil refinery, the Minister said that it is being implemented faster than planned. This is very huge project and it will be commissioned on time.

To the question what large projects will be implemented next year in the mining sector, the Minister answered, “We are seeking possibilities to diversify the economy. It plans to formulate feasibility studies of the copper concentrator and gold refinery and prepare to build contracts with foreign and domestic investors. If the copper smelter is put into operation, it will be possible to expand economy. Also it will be greatly significant to circulate currency flow internally when we have a gold refinery. The refinery will have a capacity to refine 25 tons of gold per year."

According to the Minister, establishing a copper processing plant is under discussion with Japan and other talks with India and Kazakhstan. Moreover, the ministry is working on a