BEST WESTERN PREMIER Tuushin Hotel, Ulaanbaatar, Mongolia
By Michael Kohn.
Changes being considered to Mongolia’s minerals law are expected to pave the way to the end of a three and a half year moratorium on new exploration licenses, according to an official from the Ministry of Mining.
Amendments to the 2006 law under review include creating a National Geological Survey and forming a Policy Council to oversee legal changes in the mining sector, said Otgochuluu Chuluuntseren, director general of the department of strategic policy and planning at the ministry and part of the group framing the changes. The amendments haven’t been made public and should be sent to the government next week for approval, before going to parliament, he said.
The amended law would build on a minerals policy adopted by Mongolia’s parliament on Jan. 16 that seeks to limit the state’s role in mining and create stability in the industry, Otgochuluu said. The nation is trying to win back investors after direct foreign investment slumped 50 percent in the 11 months through November and amid a protracted battle with its biggest investor Rio Tinto Group.
Full story: http://www.bloomberg.com/news/2014-01-21/mongolia-minerals-law-changes-may-lead-to-lifting-of-license-ban.html