254 gold licenses are canceled

Nov 18 • Laws, Mining • 722 Views • No Comments on 254 gold licenses are canceled

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Gold mining licenses in the territory of water and forest reservoir will be canceled.

But, according to the Government resolution, exploration licenses and licenses of companies recovering their work wont’ be canceled. Because exploration works are less harmful for the environment than its mining alternative. As for now, 390 licenses are under the threat of losing validity and 254 of them are placer deposits. Therefore, these 254 licenses will be canceled at this time.
But, the government will provide compensation fee for losing the licenses. As for now, the information of which companies licenses would be affected is confidential.

Minister L.Gansukh stated that this is one of the measures in enforcing the Law on Law on Prohibition of Exploration and Mining Operations in the water and forest reservation areas.

“How much fund will be utilized for compensating and how to handle the operation will be regulated through the special regulation”.

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