REPORT GIVEN ABOUT MONGOLIA'S EXTRACTIVE INDUSTRY

Ulaanbaatar /MONTSAME/ In the year 2011, Mongolia exported three tons of gold, 573 thousand tons of copper concentrate, 21 million tons coal, 5.7 million tons iron and 2.5 million barrel oil. It sounded Wednesday in a report by Mr L.Gansukh, a senior advisor to PM. These figures confirm a fact that our extractive industry has become a major socio-economic sphere. This report is the sixth one since Mongolia's joining the Extractive Industries Transparency Initiative (EITI) in 2006. Mongolia's EITI comprises a national council, a working group and an office, representatives the government, companies and a civil society. The national council is chaired by the PM, the working group is headed by the PM's senior advisor. Presenting the report on the Mongolian EITI's activities for 2011, Gansukh said his report has involved 200 companies. Upon not covered some responsibilities will be imposed on, although a related rule on the responsibility has not been worked out yet. "It will be issued by the Oil Authority in accordance with the 10th meeting of the national council," he said. The EITI increases a transparency of payments made by oil and mining companies to governments and to government-linked entities, as well as transparency over revenues by those host country governments. Mongolia is one of the countries with a status as the EITI Compliant alongside Azerbaijan, Central African Republic, Ghana, Kyrgyzstan, Liberia, Mali, Mauritania, Niger, Nigeria, Norway, Peru, Timor-Leste and Yemen. This status means that the country has completed at least one reconciliation report checking revenues paid by companies to governments, and also effectively passed what a validation report, where the entire process which produces reconciliation reports is put under review. B.Khuder