On the Mongolian Stability agreement with private sector

Dec 25 • Laws, Mining, News • 746 Views • No Comments on On the Mongolian Stability agreement with private sector

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Under the Mongolian Constitution adopted on 26 November 1924, all the land, the wealth contained therein, mineral resources, forests, and water were declared to be the property of the people. This principle was confirmed in Constitution in 1940 and 1960.

The article 10 of Constitution 1960 of The Mongolian People’s Republic provided: ‘The land and its minerals, forest, water and its wealth, state factories, plants, mines, electric power stations, railway, motor vehicle, water, and air transport, highways, means of communication, banks, state agricultural enterprises, and the basic fund in cities and other population centers, raw materials, materials and products of state enterprises, state trade and procurement, enterprises, scientific and cultural institutions, and also the property of all state organizations and institutions shall be state ownership, that is, the wealth of the whole people’.

During the 1970s, the Mongolian authorities enacted several basic laws on natural resources and environmental protection. The most important of these – land use, water, forestry, and hunting.

By the agreement from 24 February 1973 between the Government of the Mongolian People’s Republic and the Government of USSR was established the Mongol-Soviet commercial partnership ‘MongolRosTsvetMet’ and ‘Erdenet’. This agreement was amended in 1988, 1991 and 2003. The agreement established new time of Mongolian mining and the legislation. Mongolia (MPR) have 51%, Russia (USSR) have 49% in 2 Joint ventures.

In 1998 The Mongolian Government through The Minister of Finance made 2 Stability agreements: Stability agreement between the Government of Mongolia and ‘Tsairt Mineral’ Company (JV of Mongolian and Chinese companies) on 13 May 1998; Stability agreement between the Government of Mongolia and ‘Boroo Gold’ Company (JV of Mongolian and British companies)  and 2009 Ivanhoe mines Mongolia.

Battsengel.

content contributor: www.bayarlaw.mn

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