BOM TO SUPPORT ECOLOGICAL GOLD MINING

Ulaanbaatar /MONTSAME/ The Bank of Mongolia (BoM) is launching ecological gold exports to support artisanal miners who produce ecological gold and increase the national currency reserve. Ecological gold produced without use of toxic chemicals gets the Fairmined Label. The Fairmined is backed by the 3rd party certification and audit system ensures that artisanal and small-scale mining organizations meet world leading standards for responsible practices, delivering organizational and social development and environmental protection. With this certification additional premium of USD 4000-6000 per kilogram of mined gold is awarded. In 2015, the XAMODX NGO reached Fairmined Certification for the first time in Mongolia as well as in Asia. XAMODX operating in Bayankhongor aimag is supported by the Sustainable Artisanal Mining (SAM) project of the Swiss Agency for Development Cooperation in Mongolia. In 2016-2017, the NGO exported two kg of ecological gold earning USD 6000 premium per kilogram. The Fairmined Standard provides artisanal miners with knowledge of performing responsible artisanal mining, permanent employment, thus making contribution to local development. B.Misheel