The Draft Mineral Law was postponed after the election, but together with the election and rioting, the copper price decreasing sharply. Meanwhile, the State Great Khural appointed one working group to draft the new version of Mineral Law of Mongolia. Even some MPs visited to South Korea and exchanged some points of views with Korean experts. During PMs visit to Republic of Korea, South Korean Consortium of 11 companies expressed their interest in Tavan Tolgoi project. President, Congress, Government of Republic of Korea, and Korean companies have common position when proposing their interest. “Korea Resource” is the Governemnt organistaion is mainly focused on creating the Korean mining reserve in foreign countries. In one word it is the official proposal from the Republic of Korea. South Korea has zero mines in iron ore and coking coal, but it is the third in the world with its steel industry. When this initiative to undustrialize South Korea was developed, many political movements and politicians were against it.
But we are so lagging behind the development of the world. We lost golden moment and now the working group has new challenges instead of pushing foreign mining investors, it needs to compose something attractive for investors and also beneficial tom Mongolia.
Many experts agree on that these mining projects of Mongolia can influence even in the world mineral policy. Also, some members of the working group think that there will be certain compromise or give up strict position for the investments in certain deposits. For example, Oyu Tolgoi exploitation license is owned by Ivanhoe Mines, but its mineral is belongs to Mongolia. Even some of deposits such as Oyu Tolgoi, TavanTolgoi, Tsairt Mineral and Tumurtei are owned by foreign companies, but their minerals are of Mongolia. But, urgent exploitation of these deposits is the only solution to get through crisis that is making turbulence in the world economy.
Therefore, the Ministry of Finance announced that it will not repeat its mistake to include the income from the expecting deposits.