GOLD PRODUCERS CONVENE AT MONGOLIA GOLD - 2018

Ulaanbaatar /MONTSAME/ The gold industry of Mongolia has had stable growth over the last four years after improvement of legal environment, says gold producers. The Second Mongolia Gold international investment, technology conference & exhibition opened today at the Corporate Hotel & Convention Center, gathering representatives of government agencies, gold mining & exploration companies, investment corporations, advisory service companies, suppliers, banks and financial institutions and professional associations. The annual conference, held on March 15-16, aims to find solutions in gold investment, build and expand cooperation in gold mining and exploration projects, facilitate business networking, bring gold exploration and research into new development stages and introduce the latest technologies in gold mining. On the first day of the conference, the 5th Meeting of all members of the Mongolian Gold Producers’ Association, a non-profit organization serving gold producers of Mongolia, is being held, covering topics such as the current state and challenges in the gold industry, the solutions, the legal environment and government policy. Since foundation on January 25, 2013, by industry experts, scholars and entrepreneurs, the Gold Producers’ Association has been continually expanding its membership and scope of its activities. The Association unites about 80 organizations and companies. The Gold Producers’ Association is a co-organizer of the second conference along with the Mongolian Mining Exchange, which organized the first Mongolia Gold conference last year. The exhibition is being participated by national and international 26 companies this year, which are displaying gold mining technology and products. The gold producers in cooperation with the Government of Mongolia have carried out a number of measures directed at enriching the treasury fund of Mongolia and improving the legal environment on foreign exchange in the last five years. As a result, gold miners submitted 20.05 tons of gold to the Bank of Mongolia in 2017, contributing USD 800 million to the state budget. Annual gold production had not surpassed 20 tons since 2005 when it reached its record high – 25 tons. The gold miners sold 18.51 tons of gold to the Mongolbank in 2016. “We are working towards further increasing the amount of gold to sell to the Mongolbank,” said T.Ganbold, Director of Board of the Gold Producers’ Association during his opening remarks. Within the Gold II program, adopted by the Government on January 18, 2017, Mongolia aims to increase annual gold production to 25 tons per annum by 2020. At present, Mongolian gold miners are conducting exploitation on 542 licensed areas and exploration on 1,100 licensed areas. The number continues to increase. Kh.Aminaa