Mongolia Business and Mongolian Daily Business News

MP D.Gankhuyag, Ts.Davaasuren, B.Bat-Erdene  made press conference reporting that they made amendment in the Mineral Law of Mongolia.

They said that the Mineral Law of Mongolia of 1997 was amended in 2006 but its article 5, related to the ownership of the mineral breaches Constitution of Mongolia.
Land, it surface, mineral,water reserve and animal are the property of the state except privatized to the citizen of Mongolia. Therefore, according to the new amedment proposal of the above mentioned MPs, the Mineral Law of Mongolia will be amended as “… deposit, explored and discovered by the State budget, is 100% property of the State.” They also think that the Mineral Law of Mongolia should be amended as if the invetsment agreement is made, it must be audited by independent auditors.

The Mineral Law amendments further include that if the fundraising is made at the foreign market without an investment agreement, Mongolia shall not bear any obligation and liability. It will be the measure to prevent license owner company to sell Mongolia’s wealth under the name of stock or share.

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