Responsible mining codex developedEconomy
Ulaanbaatar /MONTSAME/. A responsible mining codex was developed aimed at supporting and development of good examples of responsible mining and ensure sustainable development of the mining industry, and currently some 8 business entities have signed it voluntarily including Erdenet Mining Corporation and Oyu Tolgoi LLC.
Minister of Mining and Heavy Industry of Mongolia D.Sumiyabazar informed it when he addressed the opening of the ninth Coal Mongolia 2019 coal trade and investment forum held in Ulaanbaatar on September 5 and 6. Minister D.Sumiyabazar also pledged to provide policy support for mining companies who are engaged in environment friendly and responsible mining activities and job employment growth and to firmly fight any illegal activities in this regard.
He introduced that the mining industry, playing a vital role in the economic development of Mongolia and constitutes 24 percent of the country’s GDP, 72 percent of the total industrial production, 87 percent of export products and 75 percent foreign direct investment. As the Minister of Mining and Heavy Industry pursues goals to create favorable environment to attract foreign investment in geology and mining areas, carry out joint profitable projects with domestic and foreign entities, build new mining factories, form pleasant conditions for manufacturing of value added products, modernize facilities and equipment of currently operating mining companies to enhance their output and stimulate a transparent and responsible mining industry, numerous legal documents concerning the mining industry are prepared and process for final approval is underway.
Preparatory works are ongoing to trade up to 30 percent of special licenses of the Tavantolgoi deposit held by business entities at domestic and foreign stock exchanges and invited the participating investors at the Coal Mongolia 2019 to cooperate in projects of coal preparation and chemical coal plants and production of value added end products. In terms of the mining infrastructure development, the Minister reported about government projects of railway, auto roads and water resource, such as Tavantolgoi-Gashuunsukhait and Tavantolgoi-Zuunbayan auto roads and power plant. In addition, possibilities to implement a major project to the southern Gobi region, home to a large number of deposits exporting coals to abroad, with surface water, are being studied. The project is expected to bring massive changes to the human settlement, regional ecological balance and development.