{mosimage}Both of Mongolia’s major political parties agreed to support draft mining laws this week.
The Mongolian People’s Revolution Party (MPRP) and the Democratic Party (DP) both offered support for the laws, which regulates large scale and strategic mining mineral deposits in Tavan Tolgoi and Oyu Tolgoi.

Both of Mongolia’s major political parties agreed to support draft mining laws this week.
The Mongolian People’s Revolution Party (MPRP) and the Democratic Party (DP) both offered support for the laws, which regulates large scale and strategic mining mineral deposits in Tavan Tolgoi and Oyu Tolgoi.

The mutual support is a relief for mining companies, who were concerned about any government changes because of this year’s election.
Prime Minister S.Bayar requested the parliament speaker immediately schedule an irregular parliamentary session to push the changes into law.

Bayar, also the MPRP Chairman, met with DP Chairman Ts.Elbegdorj, twice previously PM, on Wednesday (March 12) in the hall of the government to discuss the joint reports on the mining draft laws.

According to the amendment, foreign investors will own 49 percent and the Government of Mongolia will take 51 percent of the large scale and strategic mining mineral deposits.

The draft laws on mining and ownership are ready for the parliament to discuss, said the Government of Mongolia.
The joint working group had delayed mining developments of the major mineral deposits for a long time, Bayar said.
“On March 12, we discussed the projects and both MPRP and DP reached the same stance in certain terms of the contract of projects,” Bayar said.
“There are many views and offerings to the projects by working teams. For example; we ceased the mining mineral licenses to businessmen.

“That’s why we recently requested the parliament speaker announce the parliamentary irregular session as soon as possible.”
After the draft law passes, investment agreements will be reviewed, Bayar said.
“The upcoming parliamentary election will not take effect to this issue during the event.”

Elbegdorj said he was satisfied with the outcome, which had come at the end of much discussion.
“Now it’s time to benefit profits of the mining mineral deposits,” Elbegdorj said.
“We’ve made changes to the draft law on mining where it says that any foreign investor ownership percent of interest will not be higher than 49 percent and Mongolians will be 51 percent minimum.”

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