Mongolia Suspends Issuance of Mining Licenses
President Elbegdorj Tsakhia said Tuesday that the government won't issue any more mining licenses until Mongolia's mineral laws have been revised.
"We have 2,253 exploration licenses, 1,255 mining licenses issued out in Mongolia now," Elbegdorj said during a public discussion on the issue held by his office. "That's enough. Why do we rush to dig our mineral wealth? No more licenses will be given. Let's improve our law.
The president, who has spearheaded the drive to upgrade Mongolia's mineral alws, said he was discouraged by the the lack of "common understanding over the law" and "unsuccessful policies on Oyu Tolgoi."
The discussion was held one day before a scheduled meeting of the government and Rio Tinto, the country's largest international investor.
A dispute over the daily management of Oyu Tolgoi, a joint gold-copper mining company owned by the government and Rio Tinto, has escalated in recent months.
Critics say the revisions, "over-politicized due to the upcoming presidential election in late June," would halt mineral exploration and development in the inland country and block future investment.
"We have 2,253 exploration licenses, 1,255 mining licenses issued out in Mongolia now," Elbegdorj said during a public discussion on the issue held by his office. "That's enough. Why do we rush to dig our mineral wealth? No more licenses will be given. Let's improve our law.
The president, who has spearheaded the drive to upgrade Mongolia's mineral alws, said he was discouraged by the the lack of "common understanding over the law" and "unsuccessful policies on Oyu Tolgoi."
The discussion was held one day before a scheduled meeting of the government and Rio Tinto, the country's largest international investor.
A dispute over the daily management of Oyu Tolgoi, a joint gold-copper mining company owned by the government and Rio Tinto, has escalated in recent months.
Critics say the revisions, "over-politicized due to the upcoming presidential election in late June," would halt mineral exploration and development in the inland country and block future investment.
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