MINING MINISTER PARTICIPATES IN MEETING IN DAVOS

Ulaanbaatar /MONTSAME/ The Minister of Mining D.Gankhuyag said Mongolia has a big goal to develop the responsible mining. at a sub-meeting "Developmental initiative for responsible mining--ways of right exploitation of revenues from mineral resources". It ran Thursday in a scope of the World Economic Forum (WEF) in Davos of Switzerland. The Minister underlined that the Mongolian parliament adopted last year a law on regulation of foreign investment for entities, working on the strategically important mineral deposits, and that it become the first step to develop the responsible mining. He emphasized that Mongolia's President worked out a draft amendment to the law on mineral resources to make a base for the responsible mining. "If this is adopted by parliament, it will help the mining sector become more socially-responsible and environmentally-friendly. It is expected this will be beneficial for Mongolian people too," Mr Gankhuyag underlined. The cabinet will pay great attention to cooperating with investors and improving the business environment, he aaded. The gathered highlighted an importance of mutual understanding between the state and mining companies, and noted about a chance to make international standards for environment and natural rehabilitation. Apart of our Minister, at the meeting were Ms Susan Shabangu, the South African Minister of Mineral Resources; M.L.Fofana, Guinea's Minister of Mining; Felipe L.Bascunan, the Chilean Minister of Finance; and other officials. B.Khuder