International investors coming to Mongolia

Leading figures in the international mining, banking, and investment worlds will descend on Mongolia next month. They’ll be here on September 8 and 9 to take part in “Discover Mongolia,” a forum on the country’s burgeoning mining sector. Several international mining giants have already registered to take part. Organizers hope the forum will attract international investment to help develop Mongolia. The forum’s motto is, “Let`s develop mutually beneficial cooperation.” Mongolia is now focused on developing its Oyutolgoi and Tavantolgoi mines, and international investors see Mongolia as a new player in the global energy marketplace. Mining is already having a positive effect on the country’s budget. Mongolia’s vice minister for finance, Ch. Ganhuyg, says revenues have reached MNT 1 trillion. A report by the Mineral Resources Authority says one third of the budget now comes from exported coal. In 2009, revenue consisted of MNT 60.5 billion from gold, MNT 75.8 billion from coal, and MNT 237.2 billion from copper. But investors still have some concerns about Mongolia. They are worried about legal issues and taxes, as well as infrastructure.