Push for increased efficiency at Mongolia Gold Forum

At the Mongolia Gold 2018 forum, gold mining companies proposed amendments to mineral exploration licensing and corporate income tax legislation to ensure more efficient implementation of the “Gold 2” programme.

The forum, organised by the Mongolian Mining and Gold Producers’ Association in March, enabled 30 companies to showcase the exploration and mining equipment that saw gold production hit 20t in 2017, which was less than three tons in recent years, prompting the call for legislative amendments.

More than 80 representatives from the private sector, government inspection agencies, and artisanal miners took part in the forum, as well as five foreign investors and technology experts from Russia and China.

Also discussed were the gold supply and demand prospects of the global market and future trends. The Bank of Mongolia economist B. Khuslen said: “The demand for gold is stable compared with bonds securities. However, due to the demand for jewelry and technology, the world market is likely to continue to grow. According to the outlook of major research organisations, gold prices are likely to remain relatively stable in the coming years. There is also an anticipated increase in the quantity of gold supplied in Mongolia resulting from the implementation of the ‘Gold 2025’ programme.”