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.