Ulaanbaatar
‘Transparent and Accountable Mining’ press briefing held
Economy
Ulaanbaatar/MONTSAME/. The Ministry of Mining and Heavy Industry held today its monthly press conference ‘Transparent and Accountable Mining’.
In the beginning of the conference,
Minister of Mining and Heavy Industry D.Sumiyabazar reported the statistical review
of the mining sector. As of the first eleven months, the mining sector allocated
MNT2.4 trillion to the state budget as taxes and duties. It shows an increase
of MNT518.6 billion or 26.7 percent as compared with the same period of previous
year.
To the journalists’ question about how
capable Erdenes Tavantolgoi JSC is to allot dividends, the Minister responded
that the government will resolve whether to distribute a dividend worth MNT26000
per citizen today or 5-10-fold dividend after a certain period when railway
construction is completed, concentrating and coking plants are established, the energy source is created, the company is recognized at the international arena and
its value is set.
About a construction process of oil
refinery, the Minister said that it is being implemented faster than planned. This
is very huge project and it will be commissioned on time.
To the question what large projects will be implemented next year in the mining sector, the Minister answered, “We are seeking possibilities to diversify the economy. It plans to formulate feasibility studies of the copper concentrator and gold refinery and prepare to build contracts with foreign and domestic investors. If the copper smelter is put into operation, it will be possible to expand economy. Also it will be greatly significant to circulate currency flow internally when we have a gold refinery. The refinery will have a capacity to refine 25 tons of gold per year."
According to the Minister, establishing a copper processing plant is under discussion with Japan and other talks with India and Kazakhstan. Moreover, the ministry is working on a 'Spar' program. "It makes much effort to arrange mining sector and investment correct from the beginning. I would like to note that a progress of establishing National Geology Office is continuing. Also we are working on tightening legal sanctions if the gold is illegally mined and smuggled,” said Mr. Sumiyabazar.
