DISCOVER MONGOLIA-2019 MINING BUSINESS SUMMIT KICK OFF

‘Discover Mongolia 2019’ international minerals and mining business summit is being organized on September 27-28 in Ulaanbaatar.  

On the first day of the summit, Erdenes Mongol LLC CEO P.Gankhuu delivered speeches on topic “Public- private partnership in mining industry” and Oyu Tolgoi LLC CEO Armando Torres on “Oyu Tolgoi - development partner”  during the key note session chaired by Cameron McRae, Vice Chairman of Business Council of Mongolia. Secretary of State of Mining and Heavy Industry Ministry G.Nandinjargal made opening remarks, highlighting the Discover Mongolia summit as an effective cooperation mechanism of productive dialogues and information sharing between public and private organizations engaged in the geology and mining industry and investment of the Mongolian mining industry.  Delivering information about the government policies and further development of the mining mineral industry of Mongolia, the State secretary informed “A total of USD 23.9 billion of investment has been made in Mongolia from 1990-2018 and USD 23.9 billion or 73 percent of which is for the mining industry, showing its huge position taking up in the Mongolian economy”. 

"In cooperation with the Business Council of Mongolia, a mineral council has been set up involving representatives from the largest mining and exploration companies in Mongolia with the purpose of collaborating with strategic investors closely and seeking the practical solutions to settle issues encountered by them”, the state secretary added. He also underlined the importance of making state-owned companies in the mining industry publicly-traded companies in order to raise money for their technical and infrastructural redevelopment and renovation and the government has made a resolution to sell up to 30 percent of the shares of a company holding the special license of the Tavan Tolgoi, one of the largest coking coal and thermal coal deposits, at stock exchanges and Erdenes-Tavantolgoi Mining company has been established in this connection. The capital raised from the IPO is planned to be spent on project with a total cost of USD 5.2 billion, such as auto road and railway construction and development of power station and coal preparation plants. 

According to the state secretary, these measures are deemed to increase the coal export volume and quality and further help Mongolia sell its coal to the Northeast Asian countries by joining the auto transportation and logistics integration of Russia, China and other regional states. At the end of his speech, he emphasized that opportunities are open for foreign investors to cooperate with Mongolia on the development of coal-chemical plant and exploration of methane gas. 

The summit today continues with a session on changes in the approaches of mining investors. 

Source: https://www.montsame.mn/en/read/201997