Possibilities of attracting investment in geological exploration discussed

2022-11-04 16:29:02

Ulaanbaatar /MONTSAME/. J. Ganbaatar, Minister of Mining and Heavy Industry, met with Demus King, General Manager of Trade, Investment, and Investor Relations of the Minerals Council of Australia.

With a membership of BHP, Rio Tinto, and Yancoal Australia, the organization promotes and improves sustainable development, cooperation, and competitiveness in the mineral sector.

During the meeting, the parties exchanged opinions and information about the possibility of Australian mining and exploration companies investing and cooperating in conducting operations in Mongolia, as well as Mongolia’s geological resources and opportunities. Minister J. Ganbaatar provided information on the need to improve the legal environment in the fields of geology and mining and introduce high technology in exploration, and the government's policy on the mining sector. He also expressed that particular attention will be paid to creating a favorable investment environment in the field.

While highlighting that Geoscience Australia provides the government, communities, and industry with evidence-based scientific research to mitigate risks of companies that carry out geological exploration, Mr. Demus King mentioned the importance of introducing this standard in Mongolia, which significantly contributes to attracting investment. Both parties agreed to cooperate in the further development of the mining industry.

On the same day, Minister J. Ganbaatar met with Kassem Younes, Regional Director for Trade and General Manager of Victoria to the Middle East. According to the Ministry of Mining and Heavy Industry, they exchanged views on issuing special licenses for mineral exploration, rare earth elements, critical minerals, and copper exploration and mining and agreed to cooperate on a regular basis