Newly amended Minerals Law of Mongolia comes into force

The American Chamber of Commerce in Mongolia

2018-01-08 10:30 GMT+8
The Mineral Resources and Petroleum Authority administration

Amendments to the Minerals Law of Mongolia came into effect on January 1, 2018.

The changes to the law include a 30 percent tax for the primary shareholder of a mineral license if ownership of the license is transferred. Land available for license tenders will be determined by state agencies and then decided on by the Ministry of Mining and discussed by Cabinet.

The Mineral Resources and Petroleum Authority will accept outside suggestions when preparing a tender. An assessment committee will open, assess, and report on the tender process.

The Ministry of Finance expects that 36 billion MNT will be generated from issuing mineral resource permits and that the newly amended law will end special permit controversies.

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