Mining Minister reports

Ulaanbaatar /MONTSAME/ Minister of Mining R.Jigjid gave Monday a regular report to the cabinet about processes of mining permit issuance. He said that a total of 874 entities submitted requests to get mining permits to the Mineral Resources’ Authority. Of them 722 are taking part in the online registration. There are 817 national companies among all applicants, 45 companies with 100 percent foreign investment, and 12 companies with joint investment, he added. As for the activities of the working group, set up under the Government resolution on intensifying the economic growth, the companies’ requests, submitted through the Association of Gold Producers, are being transferred to the Bank of Mongolia (BoM). The latter directed the Development Bank of Mongolia to take the financial responsibility for the credit issuing processes by the commercial banks, and the companies--to bear all risks by uniting as corporations, said the Minister.