Mongolia makes pitch to investors

Mongolia has introduced measures aimed at encouraging development of its mineral resources.

The government will double its existing budget for geologically mapping the entire country at a scale of 1:200,000. Areas prospective for minerals, roughly 30% of the country, will be mapped at a ratio of 1:50,000. The project is slated for completion in 2010.

Mongolia will also introduce changes to tax and mineral laws so as to boost foreign investment and encourage hard rock mining, as well as changes in legislation to allow for prospecting on previously restricted areas.

Mongolia produces about 4% of the world’s copper from the Erdenet copper-molybdenum open pit. The country also produces large amounts of fluorite.

Mongolia produced 380,000 oz. gold in 2001, mostly from placer mines but with an increasing proportion coming hard rock mining.

The government, in conjunction with the Mongolian National Mining Association, is organizing a conference, Mongolian Mining 2002, to coincide with the Mongolia Investors Forum, slated for Sept. 17-19 in UlaanBaatar.