MP D.Gankhuyag, B.Bat-Erdene, G.Bayarsaikhan, Ts.Davaasuren, Z.Enkhbold presented the drfat amednment to the Mineral Law of Mongolia to Mr D.Demberel, the Speaker of the State Great Khural.
Current effective Mineral Law of Mongolia has many advantages than its previous version which was adopted in 1997, but lawmakers think that its some provisions might conflict with the Constitution of Mongolia and other laws with its ownership issue of the mineral.
Therefore, this amendment reflects issues and legal arrangements on relations of ownership of strategically important deposits, state involvement in the exploitation of the deposits and criteria of selecting partners on the deposits which are explored by the State funding. Also they decided to make it clear through this amendment the issues such as limiting share issuance of the of the license holder, clarifying the responsibility issues of the share issuing company and distributing captial and profit share.
The amednent further suggests that investment agreement is not necessarily be strictly 30 years, legislating the state support and involvement of providing mineral resources to the market and strengthening the product competent capacity.