Dr. Graeme Hancock, senior mining specialist for the World Bank’s Oil, Gas and Mining Policy Division: State ownership of 51% is not the best alternative
Q: How does the financial crisis affects the Mongolia?
Dr. Graeme Hancock: It affects Mongolia enormously. Copper and iron price fall paralyzes mining companies.
Q: How long the world financial crisis would continue?
Dr. Graeme Hancock: Experts and economists are studying it, but it is too early to predict. There was a prediction that it would continue 3-4 years.
Q: The issue of amending the Mineral Law of Mongolia is the main dialogue. What is your opinion towards it?
Dr. Graeme Hancock: Domestic and foreign investors have big debate on whether to amend it or not. It is always doubtful that amending the previous law when Mongolia hasn’t implemented it yet. Especially, 51% ownership of the state is the biggest obstacle for the investors. According to the experts and economists, it is not the best alternative.
Q: Two main political parties promised to give 1.5 million MNT. Will it be realistic?
Dr. Graeme Hancock: It can be solved when the favorable environment is formed for the mining industry. It is inappropriate to talk in advance. Prime Minsiter said to start mining projects without waiting for the draft Mineral Law of Mongolia to be discussed by the State Great Khural. Some in favor of the law of year 2006. There is no difference between old and new laws.
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