Major deposits shall be entered into the economic circulation.

Mar 30 • Companies, Mining, State Affairs • 866 Views • No Comments on Major deposits shall be entered into the economic circulation.

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Mining forum was held last Friday at the Government Palace. During the forum, Minister D.Zorigt was interviewed by media representatives.

Q: Which policy will be pursued in supporting the involvement of national companies in the mining sector? Some people say that the Mongolian companies can develop mining sector itself? Can it be possible?

D.Zorigt: We should support domestic investors. It is important to allow their involvement in the mining sector, which can help them to grow. Hyundai, Mitsubishi corporations all grew by involving in the mining projects. Therefore, we should have vision and creating the national corporations that can bear the economy of the country. Mongolia has been embracing open market economy for 20 years. Economic freedom is as much important as political one in the democratic countries. Mongolia has natural wealth, it should exploit it. Some national companies are already leading in the market with their coal and gold projects. Foreign investment, technology and know-how are required for certain sophisticated mining projects which require high level of technology solutions. I would like to comment two things here; First, if we block our economy from the outer world, Mongolia will become North Korea. If we want to develop our economy and sustain growth, we can’t follow this case. Second, we have lots of things to learn from foreigners and modify their know-how in Mongolia, sch as technology, equipment and facilities, and human resource. We have to cooperate with foreigners in these fields.

Without learning, we can’t use our mineral wealth. There are certain political interests and forces to create fear within the public. Mongolia hs been implementing world level political policy since long time ago. We the first nation to globalize the world. We shouldn’y forget this achievement and let it go. We should reconsider our vast history and should use it for our sake instead of avoiding from it.

Q: Feasibility Study of Oyu Tolgoi was recently submitted. But it is widely criticized. What is your opinion?

Professionals made their conclusions on Feasibility Study. The related decision shall be made based on the professional conclusion. It means that Oyu Tolgoi Investment Agreement is entering into full effect. There are few issues related with the Ministry of Finance, I believe that the Ministry shall comply it within the given time.

Q: As for Tavan Tolgoi case, many interested parties visited Mongolia. What was the outcome?

D.Zorigt: Tavan Tolgoi negotiation is finished. We met with all interested parties. They submitted their bid. We are compiling all the bids and introduce to the Government.

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