The Standing Committee on Foreign Policy and Security held meeting and made the first discussion on the Mongolian State Policy on radioactive minerals and nuclear energy. During the meeting, MP Z.Enkhbold, the Chairman of the Committee, put question about the possibilities of Mongolia becoming one of the leading 5 nations with uranium reserve.
According to the report made by Mr. S.Enkhbat, Chairman of the Nuclear Energy Authority, Mongolia has 63000 tons of uranium reserve, 15th place in the world. According to the foreign source, Mongolia has 1 million 400 thousand tons of uranium reserve. If this information is proven, Mongolia would be No5 in the world with its reserve.
Over 60% of uranium exploration licenses are acquired by foreign companies, mostly invested or owned by the Russian, French, Chinese and Canadian companies. It can bring some unwanted results in the industry; therefore, the state policy is being developed.
However, some MPs criticized that this policy neglects private sector and lack of attracting foreign investment, commenting that state has little chance of funding exploration budget. MP Ch.Khurelbaatar also supports this comment and said that if the state funds the exploration budget, it might take over 140 years to reach this goal.