The UB Post

Mongolian gold delivery has increased


The government has confirmed that the implementa­tion of the Gold-2 Program and lowering royalties for gold has positively impacted the amount of gold delivered to Mongol Bank.

Last year, a total of 18.5 tons of gold was delivered to Mongol Bank. Since the start of 2017, a total of 1.5 tons of gold had been delivered to Mongol Bank by the end of February, a 1.8 percent increase from the same period last year.

The Ministry of Mining and Heavy Industry says that implementi­ng the Gold-2 Program has created the opportunit­y for annual gold deposits to rise by two to three tons and reach 20 tons by 2020.

The government estimates that dividends from mineral reserves account for a total of 33 billion to 59 billion MNT for the state budget, and that the results of geological exploratio­ns have the potential to increase Mongolian gold reserves by 100-150 tons.

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