On Friday, D.Sumiyabazar, Minister of Mining and Heavy Industries  held a meeting with delegates from Mongolia’s Gold Producers Association and over 130 gold enterprises.

The mining sector, as a whole, produces 90 percent of Mongolia’s exports , 70 percent of industrial products, 20 percent of gross domestic product  and 25 percent of the state budget.

The Mongolian government has approved Gold-2 programme for increasing the gold mining output of, under which a 2.5 percent tax on sales revenue has been introduced for operators working on a gold deposit. The Gold-2 programme will come into operation from 1 January, 2019. Last year, the  Central Bank of Mongolia purchased 20 tonnes of gold and added MNT 19 billion to State Budget – this is part of a declining trend in  bold purchase by the CBM.