Ulaanbaatar
Concept of law on mineral exchange approved
PoliticsUlaanbaatar /MONTSAME/ The cabinet meeting on Monday discussed a draft concept of the law on exchange of minerals, and approved it, reflecting proposals from Ministers.
The Minister of Mining R.Jigjid was ordered to work out the draft law and to present it to a cabinet meeting.
Adopted by parliament in 2014, the state policy on mineral sector reflects a matter on founding an exchange of minerals with aims to run the sales of minerals of Mongolia in the both domestic and international markets under principles of open, precise and fruitful methods. In accordance with this document, the cabinet has approved a resolution on establishing the exchange, and has started formulating the bill together with the Ministry of Mining and the Finance Regulatory Committee (FRC) in order to create a legal environment.
Besides making the legal environment for the mineral exchange, the draft law will create reliable system between suppliers and purchasers, fix more realistic prices of minerals, provide investors with reliable source of information on the exchange and prices, and promote the Mongolia’s competitiveness at the world’s market of minerals.
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