It is estimated that approximately 60,000 miners work in the ASGM sector, supporting the livelihoods of over 180,000 individuals. However, due to the specific nature of the artisanal mining sector, investors have limited interest of investing into the sector, and the possibility to access financial services from banking and non-banking financial institutions is often restricted. 

Since the launch in 2019, planetGOLD Mongolia project have made efforts to raise awareness of these issues and improve access to finance for artisanal miners. To achieve this goal, the project has initiated specific actions dedicated for better access to finance for artisanal miners. 

Under this initiative, artisanal miners from Tunkhel village in Mandal soum, Selenge aimag have united and established a savings and credit cooperative named “Baatar Vangiin Khishig Arvijikh”. The BVKA SCC successfully obtained its special operating license from the FRC and organized its opening ceremony on September 13, 2024. 

During the opening ceremony, the SCC management team introduced their newly developed savings and loan products to its members and provided information to interested miners who wished to join. The SCC has a vision to enroll a total of 400 miners of Mandal soum in the future. 

The project wishes for the successful operation of the SCC and looks forward to further collaboration.