Could you give us a sense of the country’s untapped mineral potential?

In our country, the mining industry is relatively young compared to other mining countries, with a history of just over 100 years. However, if we consider the last 30 years, we can observe a significant influx of investments from third countries, leading to the intensive development of the mining industry. Advanced technologies and leading international practices have been introduced into our mining industry through these investments, and the industry personnel have been trained at a high level. Furthermore, responsible mining practices and social license considerations have rapidly progressed from mere declarations to actionable measures in our industry. 

Also, we have learned from our mistakes in the past and are working on relevant legal reforms to reduce future risks. The mining sector of our country is relatively young and has a lot of potential for mining exploration and extraction, so it is expected to become a major sector attracting foreign investment in the future.

What has prevented the further development of Mongolia’s resources?

One of the major challenges confronting the mining industry in our country is the disparity in stakeholder understanding and the insufficient accessibility and transparency of information about the mining industry. As our association believes that the solution to these problems is responsible mining, we focused on localizing and promoting responsible mining within the industry. To achieve this objective, we have examined the experiences of associations in highly developed mining countries like Australia and Canada. Since 2018, we have developed the "Responsible Mining Codex" and introduced it to approximately 40 organizations within the mining sector. Additionally, we have established a memorandum of cooperation for joint implementation.

Responsible mining is viewed as the outcome of the accountable collaboration of all stakeholders involved in the mining industry, rather than being solely attributed to a single company. In line with this approach, the MNMA aims to enhance the knowledge and information of these stakeholders. To further this goal, the MNMA collaborates with civil society organizations and local administrative organizations to organize Responsible Mining Events across all regions of Mongolia.

What have been the most recent developments on the regulatory front?

One of the foremost concerns for investors in the mining industry is the stability of the legal environment. To attract investors, The Government of Mongolia is actively working on revising the Law on Investment and the Law on Minerals. Similarly, our association is diligently working on submitting proposals related to these law reforms.

Additionally, the MNMA actively participates in approximately 18 national committees, councils, and working groups appointed by the government on behalf of mining sector companies. Through these working groups, the MNMA effectively conveys the voices, suggestions, and recommendations of the private sector towards shaping government policies. Moreover, the association provides consulting services to companies in terms of legal requirements by compiling information on industry-specific laws and regulations.

What are the main agenda points at the Association for 2024-2025 

For the years 2024-2025, the MNMA has set its focus on several key priorities. These include improving foreign cooperation, supporting and attracting foreign and domestic investors, and adhering to the highest international practices within the industry.

Do you have a final message for our international audience? 

People are the wealth of our country, not just our industry. Over the past 30 years, our mining industry has trained many internationally competitive personnel. In the future, we will continue to work proactively in training and developing skilled personnel. Also, compared to 30 years ago, there have been many positive social changes such as improved education and attitude of our citizens, increased public knowledge about the mining industry, and our country shares a border with the world's largest mining importing country, China. It is believed that the trade cooperation between the two countries has improved more and more in recent years, creating favorable conditions for the investment environment of our industry.

The Mongolian National Mining Association (MNMA) would like to extend a warm invitation for cooperation and support to all investors interested in the mining sector of our country. We are here to offer guidance and support to investors, ensuring understand and navigate the legal framework in Mongolia.