Minister of Economic Development N.Batbayar, Minister of Mining D.Gankhuyag and Mongol Bank Governor N.Zoljargal recently met representatives of gold miners to discuss how the goal of extractingone million ouncesor 31 tons of gold this year could be met. Last year’s output was 8.9 tons. It was decided that 30 smaller mines will produce 11.4 tons of gold while the remaining 20 tons will be the responsibility of Oyu Tolgoi and Boroo Gold.
The miners sought MNT160 billion as financial assistance for their operations, and Minister Batbayar assured them loans would be available, provided the request was supported by the right documents, including a work plan and a feasibility report. Afterwards, representatives of gold companies, Central and commercial banks, and Ministries and Agencies agreed to form a joint working group to implement the decisions at the meeting.