National and foreign entities holding
mining and exploration licenses in Mongolia have begun to pay an annual
rent to the Mineral Resource Authority of Mongolia.

The Ministry
of Finance has prompted these entities and companies, who have mining
and exploration licenses, to comply with Mongolian currency law that
states that all businesses and agencies must do business in Mongolian
tugriks, the official currency. Transactions must not be carried out in
foreign denominated or foreign currency based rates. The Mongolian
currency law was passed in 2009 by Parliament.

Therefore, the
Ministry of Finance has announced that the US dollar or any other
foreign currency based rates for special license payments will not
allowed as of January 1st, 2014.