World Economic Forum shines spotlight on fair mineral development in Mongolia
Fair mineral development in Mongolia was the issue the World Economic Forum drew almost 100 business, government and civil society leaders together in June to tackle. The Mongolian Presidency, which has just finalized an agreement to start operations on one of the world's richest iron ore and copper deposits which is expected to contribute significantly to its GDP, co-hosted the roundtable in Ulaanbaatar.
The president of Mongolia, Elbegdorj Tsakhia, said in his opening address that the roundtable was especially timely as his country strives to utilize its rich mineral resources in a sustainable manner to ensure a better future for its citizens.
In addition to government and parliamentary representatives from Mongolia, the meeting included multilateral and bilateral agencies such as the World Bank, International Finance Corporation, International Council on Mining and Metals, representatives from the private sector as well as international and local non-governmental organizations such as the Extractive Industries Transparency Initiative, Open Society Forum, and Transparency International.
It was the first multi-stakeholder discussion in the country which focused on:
- Who the key participants and stakeholders are when it comes to negotiating mineral development agreements
- Transparency issues in the negotiation process
- Who has the decision-making authority in the licensing negotiation process - Other issues related to land tenure, royalties and taxes, distribution of revenues, work force and community development, reopening and renegotiation of mineral agreements and dispute resolution mechanisms.
This roundtable forms part of an overall dialogue through the World Economic Forum on fair mineral development and will be incorporated into research on this topic in mineral-rich emerging economies. Visit the Mining & Metals Industry Partnership web page to learn more.
The president of Mongolia, Elbegdorj Tsakhia, said in his opening address that the roundtable was especially timely as his country strives to utilize its rich mineral resources in a sustainable manner to ensure a better future for its citizens.
In addition to government and parliamentary representatives from Mongolia, the meeting included multilateral and bilateral agencies such as the World Bank, International Finance Corporation, International Council on Mining and Metals, representatives from the private sector as well as international and local non-governmental organizations such as the Extractive Industries Transparency Initiative, Open Society Forum, and Transparency International.
It was the first multi-stakeholder discussion in the country which focused on:
- Who the key participants and stakeholders are when it comes to negotiating mineral development agreements
- Transparency issues in the negotiation process
- Who has the decision-making authority in the licensing negotiation process - Other issues related to land tenure, royalties and taxes, distribution of revenues, work force and community development, reopening and renegotiation of mineral agreements and dispute resolution mechanisms.
This roundtable forms part of an overall dialogue through the World Economic Forum on fair mineral development and will be incorporated into research on this topic in mineral-rich emerging economies. Visit the Mining & Metals Industry Partnership web page to learn more.
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