ID :
375464
Tue, 07/28/2015 - 11:04
Auther :

GOLD MINERS TO BE SUPPORTED

Ulaanbaatar /MONTSAME/ Measures will be taken for making the financial system of gold industry more precise in order to ensure the national economic growth, to support development of economically-vital industries and to augment the currency reserve by backing the state payment balance. Related obligations were given to J.Erdenebat, the Minister of Finance; R.Jigjid, the Minister of Mining; and N.Zoljargal, the president of the Bank of Mongolia (BoM) at the cabinet meeting on Monday. In conjunction with this, the Minister of Finance was ordered to finance gold mining companies and entities with money of MNT 256 billion. The money will be given to them as loans through commercial banks with the interest of nine per cent. In 2014, gold miners explored 11.4 tons of gold, surpassing a goal of exploiting 7.1 tons of gold, and the BoM purchased some 920 kg gold from them. By the first half of this year, the miners have exploited 3.6 tons gold as they intend to extract 10 tons of gold.

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