GOLD EXPORTS COLLECT USD 89.8 MILLION

Ulaanbaatar /MONTSAME/ The lower royalty for gold production has given its fruit, as the amount of gold sold to the Mongolbank in the first four months increased 26.8% against the same period of 2013 and two times against 2012. The gold royalty was reduced from 5 percent to 2.5% in February of 2014 in order to make it comparable to those of neighboring countries–China (2%) and Russia (4%). In the first four months of this year, gold producers sold a total of 1,797 kg of gold to the Central Bank of Mongolia (Mongolbank), says the National Statistical Commission. For the same period, Mongolia earned incomes of USD 89.8 million from gold export.