Mining Governance RGI Improves Slightly in Mongolia
MONTSAME reported that according to the 2021 edition of the Resource Governance Index, mining governance in Mongolia remained satisfactory, with
06 Jul, 2021 , 4:42 am
MONTSAME reported that according to the 2021 edition of the Resource Governance Index, mining governance in Mongolia remained satisfactory, with marginal improvements since a previous assessment. The slight increase in the country’s overall 2021 RGI score, up 6 points from the 2017 RGI, to 70 out of 100 points was driven by improvements in revenue management and Mongolia’s enabling environment, with Mongolia scoring high in the index’s open data subcomponent due to digitization efforts by the government. Mongolia at the Natural Resource Governance Institute Country Manager Dorjdari Namkhaijantsan said “As the Mongolian government discusses changes to mining legislation, the Resource Governance Index provides needed evidence and proposes solutions to the cha
2021-07-02 11:48:19
Ulaanbaatar /MONTSAME/. Mining governance in Mongolia remains “satisfactory,” with marginal improvements since a previous assessment, according to the 2021 edition of the Resource Governance Index (RGI).
The slight increase in the country’s overall 2021 RGI score up 6 points from the 2017 RGI, to 70 out of 100 points was driven by improvements in revenue management and Mongolia’s enabling environment, with Mongolia scoring high in the index’s open data subcomponent due to digitization efforts by the government.
“As the Mongolian government discusses changes to mining legislation, the Resource Governance Index provides needed evidence and proposes solutions to the challenges the country is facing in the pandemic era,” said Dorjdari Namkhaijantsan, country manager for Mongolia at the Natural Resource Governance Institute (NRGI).
At the initiative of the Chairman of the State Great Hural (Parliament) G.Zandanshatar, a meeting entitled ‘Mongolians are the owner of their wealth’ on the Sovereign Wealth Fund was held on May 26.
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The country’s underexplored yet mineral-rich landscape and supportive government offer a wealth of opportunities for mining companies.
Mongolia is a resource-rich country that is at a turning point in its history. Having adapted to a democratic system of government and a market economy, the country’s wealth of mineral resources is now paving the way for rapid economic and social development. The nation has shifted away from an economy rooted in agriculture and herding and is turning instead to a fast-growing mining industry, offering unique opportunities for exploration and foreign investment.
Mongolia has been called the last frontier for large-scale mining projects. The unprecedented success of mines such as Oyu Tolgoi, a tier one producer and one of the largest copper-gold deposits in the world, has set the stage for a flourishing precious metals sector. Mongolia’s mineral wealth primarily coal, copper and gold has been valued between US$1 trillion and US$3 trillion.