Ulaanbaatar
Minister D.Sumiyabazar: Gold production will become sector to bring in USD1 billion
Economy | Mining
Ulaanbaatar /MONTSAME/. For his opening remarks at the Gold Forum today, the Mining Minister D.Sumiyabazar has noted that the gold sector will be developed to the point where it brings in over 1 billion USD annually and become one of the pillars that will help meet ‘Sustainable Development 2030 Goals’.
Furthermore, he said, “Whenever there’s a discussion about the increase of income from mining, people tend to start talking about how Oyutolgoi and Tavantolgoi are the only two companies we need. Whereas our main goal should be diversifying mining, accumulating the state budget during the rise and drop in prices for minerals, increasing the foreign exchange reserves and not making the hundreds of people who work for mining companies jobless.”
The president of the Bank of Mongolia (BoM) N.Bayartsaikhan said, “It’s important for not only this sector, but also for the Mongolian economy that the national gold producers are supported by the government and the legislative issues to be solved in partnership with government organizations.” He then announced that the Bank of Mongolia considers it is best to extend the time period of the legislation on gold tax by another 5 years up to 2024.
At the ‘Gold Forum’ co-organized by the Ministry of Mining and Heavy Industry, Bank of Mongolia and Bloomberg TV Mongolia, over 200 people are participating from government organizations, such as the Ministry of Environment and Tourism, Ministry of Finance, General Police Office, General Intelligence Agency of Mongolia, Mongolian Customs General Administration as well as representatives of gold companies and economists.
In the last 5 years, the amount of gold deposit to the Bank of Mongolia has constantly increased, reaching 20 tons last year. As for the first 9 months of this year, the gold has reached 14.3 tons. In comparison to the last 5 years, the amount is of 7 times more.
