MINING MINISTER SUBMITS BILL TO PARLIAMENT

Ulaanbaatar /MONTSAME/ The Minister of Mining D.Gankhuyag MP Monday submitted to parliament a draft law on transparency of the mineral sector. Geographically, Mongolia is located in a mineral wealthy zone, and the state used to manage all authorities related to the mineral resources and exploitation before the year 1990, "since then, the private sector has been enjoying the right to explore and exploit minerals thanks to the transmission to the market economy system, and, due to increase in a number of such enterprises, the state budget is accumulating its specific part from the mineral industry," he said. His draft reflects clauses on a goal of the mineral sector’s transparency, its frame; principles; a structure, authority and management of the body to ensure transparency of mineral sector and their roles. Moreover, it regulates the relations in reports on transparency, the legal subject in charge of issuing the reports, its rights and duties and the responsibilities to be imposed upon the law breaches, he explained.