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The Standing Committee on Budget which decided to consider a
draft law on making amendments to the windfall profit tax has delayed
discussions for a week, but still plans to discuss it based on falling gold
sales to the Mongol Bank, according to the committee secretary.
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Two draft legislation documents on artisanal miners and micro
mines were supposed to be discussed at a meeting of the Standing Committee on
Economy Tuesday, but the discussion was postponed according to committee
officials.
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 A petition from
leaders of the National Soyombo Movement stating that the new Mineral Resources
law of Mongolia
has broken the constitution is undergoing discussion at the Constitutional Court
of Mongolia, according to a court official.
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A draft law submitted to the Speaker of
Parliament Monday calls for the 68 percent windfall profits tax gold price
threshold to be raised from US $500 to $650 amid falling gold sales to the Mongol
Bank, officials said Tuesday.
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It is obligatory
for Mongolia to establish a minerals
fund and clearly related laws to meet with all international standards in order
to protect the economy’s future, according to the results of research done by
the Open Society Forum in Mongolia.
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A merger
between Asia Gold and Ivanhoe Mines Ltd. coal division has been delayed for a
second time as coal exploration licenses have yet to be granted to a Mongolian
subsidiary company, Ivanhoe officials announced Wednesday.
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Ivanhoe
Mines President and CEO John Macken hopes the new partnership agreement with
Rio Tinto will speed up the process of making investment negotiations with the government.
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 In a press
release Wednesday Rio Tinto, the world’s second largest miner, and Ivanhoe
Mines Ltd. announced a “strategic partnership” for Oyu Tolgoi, touted as the
world’s largest undeveloped copper-gold project in the world, located in
southern Mongolia.
“We believe
Rio Tinto is uniquely qualified to assist us in developing this world-class
deposit,” John Macken, President and CEO of Ivanhoe told MonInfo Wednesday
night after the announcement.
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Members of
the Mongolian government working group to write a draft investment agreement
with Ivanhoe Mines Ltd. for the giant Oyu Tolgoi gold-copper project don’t need
the help of foreign mining experts, the working group chairman said Wednesday.
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The State
Cadastral Authority granted 814 mining licenses while contradicting a decision by
the Minister of the Industry and Trade and the new mineral resources law, the
National Soyombo Civil Movement said Monday.
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A working
group lead by the Minister of Finance N. Bayartsaikhan has been working on making
revisions to the stability agreement between Boroo Gold and the government of Mongolia,
officials at the Ministry of Finance said Friday.
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Officials
at the environmental division of the State Professional Inspections Agency
(SPIA) have shut down work on the construction of the second mine shaft at
Ivanhoe Mines Ltd. flagship Oyu Tolgoi copper-gold project.
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Coal
exploration license transfer documents submitted by Ivanhoe Mines in July
encountered delays and are being resubmitted to the cadastral office of the
Mineral Resource and Petroleum Authority, an Ivanhoe official said Thursday.
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On Thursday, Ivanhoe Mines announced that a
working group has been established between four Mongolian ministries to
formally address a 30-year investment agreement to establish the tax and
legislative framework for the giant Oyu Tolgoi copper and gold deposit in the
Mongolian Gobi.
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