Ulaanbaatar
Gold, Mined by Artisanal and Small-Scale Miners of Mongolia to Be Supplied to International Jewelry Companies
Economy
Ulaanbaatar, June 13, 2025 /MONTSAME/. The Bank of Mongolia has signed a Memorandum of Understanding with the Swiss Better Gold Association and Argor Heraeus, the precious metals refinery of Switzerland.
Under the Memorandum of Understanding, the parties will cooperate in supplying gold mined by artisanal
and
small-scale miners in Mongolia to international jewelry companies as raw materials. This will demonstrate that the gold mining and supply chain in
Mongolia is transparent and reliable. Gold miners
will also be given incentives for each kilogram of gold they deliver.
In
the first phase, artisanal and small-scale miners operating in Bulgan aimag will be involved. The Bulgan aimag branch of the Bank of Mongolia and the Precious Metal Assay Laboratory of the Mongolian Agency for Standardization and Metrology will
collaborate on the Project.
During the World Gold Council meeting held last year, along
with the Central Banks of Colombia, Ecuador, and the Philippines, the Bank of Mongolia joined the “London
Principles,” a set of principles aimed at formalizing the purchase of gold from
artisanal and small-scale miners, supporting responsible artisanal
mining, and integrating them into
the formal supply chain.
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