Ulaanbaatar
Law on Mining Products Exchange
Economy
Ulaanbaatar, May 12, 2023 /MONTSAME/. The Law on Mining Products Exchange will come into effect on July 1 this year. In this respect, a joint working group of related institutions has been set up at the Mongolian Stock Exchange to undertake preparatory work. This working group is responsible for:
• registration and
trading of mining products and derivative financial instruments based on them;
• creation of
transport, warehouse and laboratory accreditation system;
• development of draft
regulations on such issues as settlement of payments etc., stipulated in the
law;
• ensuring readiness of
trading and clearing systems;
• creating quality control system.
In the scope of this work, Deputy Director of the Commodity Futures Trading
Commission of the United States Kevin Piccoli submitted suggestions for draft regulations and provided
relevant experts with training on methodologies.
Upon enforcement of the Law on Mining Products Exchange, export of mineral products will become open in our country, and as a result, the number of buyers would increase, enabling market prices to be set on the principle of competition.
By trading not only coal, but other items as ores, concentrates and finished products for export on the Mining Products Exchange, trade quantities, types, prices, fees, payments, taxes, trade agreements and mining reports will all become open. In this way, it is significant for the increase of state budget income. The most important thing is to analyze main international market data on supply and demand of minerals at mining exchanges, and compile the mining market database at the Exchange.
