The document provides an economic assessment of the impact of Mongolia's proposed new mineral law. It summarizes the methodology used, which is a dynamic computable general equilibrium (CGE) model, to analyze two scenarios - an existing mineral law scenario and a new mineral law scenario. The modeling results show that under the new mineral law scenario, Mongolia's average GDP growth from 2013-2030 would be 4 percentage points lower than under the existing mineral law, resulting in over MNT 358 trillion (US$358 billion) in lost GDP over that period. Mining production and foreign direct investment in mining would also be severely restricted under the new law and policy uncertainty.
The document discusses Mongolia's mining sector and goals for its future development. It notes that mining currently accounts for over 20% of GDP and over 90% of exports. Key goals include increasing competitiveness, profitability, and commodity diversification. Challenges include managing social and environmental impacts, developing infrastructure, and reducing dependence on mineral exports. The future perspective focuses on developing clear policies, supporting private investment, infrastructure, fiscal reforms, and mineral processing to create value-added products and a more diversified economy.
Lawyer in Vietnam Dr. Oliver Massmann - Mining Industry in Vietnam - Basics:Dr. Oliver Massmann
There is little publicly available information about Vietnam's mining industry. What information exists is contained in general reports by the Ministry of Industry and Trade that are not specific to mining. The reports indicate that coal production will increase between 2016-2020 to help fuel economic development while a portion is exported. The Vietnamese government strongly encourages foreign direct investment as seen through various trade agreements. Specifically for mining, foreign direct investment reached $7.7 billion in the first half of 2017, accounting for 10.6% of total foreign investment. All mines in Vietnam are government-owned, but there are approximately 20 joint ventures between the government and foreign investors ranging from $1 billion or more in investment capital. The market for minerals in Vietnam primarily serves domestic
The document summarizes China's "Go West" policy and opportunities for foreign businesses in western China. It notes that western China accounts for a large percentage of China's land, resources, and population but a smaller percentage of GDP and exports. The policy aims to develop western regions through large-scale infrastructure investment and attracting foreign capital. Key opportunities exist in industries like energy, chemicals, and tourism across focus regions like Chengdu, Chongqing, and Guiyang. Foreign businesses face challenges like lower wages but also significant government incentives and access to growing local markets. Success requires thorough preparation, strong local partnerships, and flexibility.
The document analyzes Vietnam as a potential country for expansion of Constrained Hydrocarbons' oil and gas industry operations. It evaluates Vietnam and Australia according to oil and gas industry size and chooses Vietnam. It then analyzes Vietnam's fiscal environment, legal system, major oil and gas players and reserves. It also discusses Vietnam's strengths as having a young workforce and infrastructure investment, but weaknesses around inflation and deficits. It concludes that Vietnam is a growing petroleum producer and exporter, making it suitable for Constrained Hydrocarbons' expansion.
Oil and Gas Sector Research- A GoldEdge Working Paper Series - 2013 Final-Fin...Bernard Narkotey
This paper examines the link between firm-level productivity in Ghana's oil and gas sector and the government's ability to generate revenue in the long run. It discusses Ghana's nascent oil and gas sector, including key oil field discoveries and operations. The paper analyzes factors that could influence productivity and revenue, such as capital/operational costs and policy initiatives. Empirical models are developed to assess relationships between variables like productivity, costs, and government revenue using World Bank data on Ghana's oil fields over 19 years. The analysis finds a relationship between sector output and government revenue, though both are expected to peak within 6 years and decline long-term.
The document summarizes Mongolia's potential competitive advantage in minerals like copper and coking coal due to its proximity and access to China's large market. Key factors that could realize this advantage are Mongolia's abundance and quality of resources, supportive infrastructure investments, and political stability. While Mongolia has seen strong GDP and FDI growth from mining in recent years, 2013 performance was mixed due to issues like coal export declines, lowering foreign investment, and political uncertainty. Progress is being made on issues like inflation, fiscal surplus, and major project developments, but Mongolia must continue efforts to achieve a sustainable advantage through value-added processing and preferred supplier status. Total investment needs for Mongolia's development from 2010-2015 are estimated at $
The document discusses Mongolia's mining sector and goals for its future development. It notes that mining currently accounts for over 20% of GDP and over 90% of exports. Key goals include increasing competitiveness, profitability, and commodity diversification. Challenges include managing social and environmental impacts, developing infrastructure, and reducing dependence on mineral exports. The future perspective focuses on developing clear policies, supporting private investment, infrastructure, fiscal reforms, and mineral processing to create value-added products and a more diversified economy.
Lawyer in Vietnam Dr. Oliver Massmann - Mining Industry in Vietnam - Basics:Dr. Oliver Massmann
There is little publicly available information about Vietnam's mining industry. What information exists is contained in general reports by the Ministry of Industry and Trade that are not specific to mining. The reports indicate that coal production will increase between 2016-2020 to help fuel economic development while a portion is exported. The Vietnamese government strongly encourages foreign direct investment as seen through various trade agreements. Specifically for mining, foreign direct investment reached $7.7 billion in the first half of 2017, accounting for 10.6% of total foreign investment. All mines in Vietnam are government-owned, but there are approximately 20 joint ventures between the government and foreign investors ranging from $1 billion or more in investment capital. The market for minerals in Vietnam primarily serves domestic
The document summarizes China's "Go West" policy and opportunities for foreign businesses in western China. It notes that western China accounts for a large percentage of China's land, resources, and population but a smaller percentage of GDP and exports. The policy aims to develop western regions through large-scale infrastructure investment and attracting foreign capital. Key opportunities exist in industries like energy, chemicals, and tourism across focus regions like Chengdu, Chongqing, and Guiyang. Foreign businesses face challenges like lower wages but also significant government incentives and access to growing local markets. Success requires thorough preparation, strong local partnerships, and flexibility.
The document analyzes Vietnam as a potential country for expansion of Constrained Hydrocarbons' oil and gas industry operations. It evaluates Vietnam and Australia according to oil and gas industry size and chooses Vietnam. It then analyzes Vietnam's fiscal environment, legal system, major oil and gas players and reserves. It also discusses Vietnam's strengths as having a young workforce and infrastructure investment, but weaknesses around inflation and deficits. It concludes that Vietnam is a growing petroleum producer and exporter, making it suitable for Constrained Hydrocarbons' expansion.
Oil and Gas Sector Research- A GoldEdge Working Paper Series - 2013 Final-Fin...Bernard Narkotey
This paper examines the link between firm-level productivity in Ghana's oil and gas sector and the government's ability to generate revenue in the long run. It discusses Ghana's nascent oil and gas sector, including key oil field discoveries and operations. The paper analyzes factors that could influence productivity and revenue, such as capital/operational costs and policy initiatives. Empirical models are developed to assess relationships between variables like productivity, costs, and government revenue using World Bank data on Ghana's oil fields over 19 years. The analysis finds a relationship between sector output and government revenue, though both are expected to peak within 6 years and decline long-term.
The document summarizes Mongolia's potential competitive advantage in minerals like copper and coking coal due to its proximity and access to China's large market. Key factors that could realize this advantage are Mongolia's abundance and quality of resources, supportive infrastructure investments, and political stability. While Mongolia has seen strong GDP and FDI growth from mining in recent years, 2013 performance was mixed due to issues like coal export declines, lowering foreign investment, and political uncertainty. Progress is being made on issues like inflation, fiscal surplus, and major project developments, but Mongolia must continue efforts to achieve a sustainable advantage through value-added processing and preferred supplier status. Total investment needs for Mongolia's development from 2010-2015 are estimated at $
The document summarizes a presentation given in 2015 on investment opportunities and challenges in Mongolia. It notes that while progress had been made in meeting investment needs, challenges remained including fiscal policy, infrastructure development, and laws governing mining and investment. Major projects like Oyu Tolgoi and Tavan Tolgoi presented both opportunities and risks. Overall the outlook was that continued investment, especially in mining and infrastructure, could help Mongolia benefit from its natural resources despite slowing growth in China.
Country overview & investment opportunities - ArgentinaEY Argentina
Argentina provides investment opportunities across multiple sectors totaling more than US$265 billion. Key sectors highlighted in the document include infrastructure (US$142 billion), energy (US$35 billion), mining (US$30 billion), oil and gas (US$25 billion), agribusiness (US$26 billion), and industrial goods (US$8 billion). The political and economic environment in Argentina has stabilized under President Macri, pursuing pro-market reforms and macroeconomic normalization after years of interventionist policies. Challenges remain in reducing inflation, the fiscal deficit, and poverty while generating sustainable economic growth and employment.
Opportunities to Improve the Functioning of Free Economic Zones in Expanding ...ijtsrd
The subject of the study of this article is a set of economic relations that arise in the process of attracting investment to the regions and increasing the efficiency of their use in an innovative economy. This article analysis the methods and tasks of state regulation of investment attraction and effective use of investments in Jizzakh region. Dilshod Komilov "Opportunities to Improve the Functioning of Free Economic Zones in Expanding the Scope of Investment" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-4 | Issue-5 , August 2020, URL: https://www.ijtsrd.com/papers/ijtsrd33086.pdf Paper Url :https://www.ijtsrd.com/economics/market-economy/33086/opportunities-to-improve-the-functioning-of-free-economic-zones-in-expanding-the-scope-of-investment/dilshod-komilov
CBO provides 10-year budget and economic projections to Congress. These projections are based on current law and incorporate CBO's economic forecasts. CBO uses several models and conducts extensive review to develop its economic forecasts. CBO then uses the economic forecasts to construct its baseline budget projections, which project spending, revenues, deficits and debt under current law. CBO's projections show deficits rising significantly over the next 10 years, increasing federal debt held by the public to its highest levels since World War II.
This document outlines the Special Economic Zone Act of 2005 in India. Some key points:
1. Special Economic Zones (SEZs) are geographical regions with more liberal economic laws than the country to promote development and attract investment.
2. The Act provides procedures for establishing SEZs, including submitting proposals to State and Central governments for approval. It also defines developers and coordinators of SEZs.
3. The Act exempts goods and services exported from or imported into SEZs from various taxes and duties to encourage business activity. It demarcates processing areas within SEZs for manufacturing and services.
The document discusses Special Economic Zones (SEZs) in India. It defines SEZs as specifically delineated duty-free enclaves deemed to be foreign territory for trade. The objectives of SEZs are to generate economic activity, promote exports and investment, and create jobs. SEZs can be processing or non-processing and have different structures. Incentives for SEZs include tax exemptions, duty-free imports, single window clearances, and facilities like utilities. Potential problems include lack of transparency, payment issues, and use of prime agriculture land.
A paper presented by the Consul-General of the Federal Republic of Nigeria, Atlanta to the forum of American-Nigerian International Chamber of Commerce, Atlanta.
Special Economic Zones (SEZs) are geographical regions that have more liberal economic laws than a country's typical laws. The first SEZ was established in the United States in 1947. SEZs offer duty-free imports and exports, foreign investment incentives, streamlined approvals, tax concessions, and improved infrastructure to encourage industrialization. India established its first export processing zone in 1965 and introduced the SEZ policy in 2000 and 2005 to boost foreign investment and exports. There are now over 200 approved SEZs in India, though only around 30 are currently operational.
The document summarizes Uganda's national budget for 2015-2016, highlighting key challenges such as a large informal sector, trade imbalances, and infrastructure issues hampering competitiveness. It outlines the budget's focus on infrastructure development and service delivery to address these challenges. Performance indicators for 2014-2015 like GDP growth of 5.3% are provided. The budget funds expenditures through domestic revenues and external financing, with interventions planned for priority sectors like agriculture, industry, and infrastructure development.
The document outlines Mongolia's economic reform objectives as stated in the government's Action Plan for Reform. It lists the key objectives as lowering interest rates, controlling inflation, implementing tax and border crossing reforms, upgrading small and medium enterprises, and establishing special economic zones. It then discusses the establishment of the Ministry of Economic Development and initial reform steps taken, including issuing "Chinggis bonds" internationally, shifting to 4-year public investment planning, and plans to develop domestic manufacturing of construction materials. The document also addresses foreign investment policies, sectors receiving foreign investment, and policies for the coal sector.
The document discusses Special Economic Zones (SEZs) in India. It provides background on SEZs, outlines the key laws governing SEZs, and discusses approvals, sectors, employment, investment, exports, and tax incentives for SEZs. Over 580 SEZ projects have been approved across 20 states and 3 union territories, with 374 notified SEZs currently operational. IT/ITES is the largest sector, making up over 60% of approvals. SEZs have generated over 880,000 jobs and over $223 billion in exports in recent years.
Report on the Implementation of the Investment Policy ReviewDr Lendy Spires
The document provides a summary of findings from a report on Zambia's implementation of recommendations from its 2006 Investment Policy Review. It finds that Zambia has substantially or fully implemented over half of the recommendations, with key progress made in business facilitation, access to finance, and improved infrastructure. However, some reforms around diversifying the economy and further improving the legal framework for business have only been partially implemented. The report concludes that while Zambia has maintained political stability and an optimistic investment climate, further reforms are still needed in some areas to foster long-term sustainable growth.
South Korea has a population of 48.6 million and a growing economy focused on manufacturing. It has a long history with periods of rule under dynasties like Goryeo and Joseon. The country was occupied by Japan from 1910 to 1945 and divided after World War II, with the northern half becoming North Korea. South Korea has developed strong trade partnerships and its top exports include electronics and automobiles. There is potential for further collaboration between South Korea and India in sectors such as automobiles, electronics, and shipbuilding where both countries have existing strengths.
The document discusses the concept, structure, process, impact and future of Special Economic Zones (SEZs) in India. It traces the origin and evolution of SEZs from Export Processing Zones (EPZs) and provides details on the approval process, incentives offered, and functional SEZs in the country. It also outlines the positive impacts of SEZs in boosting the economy through increased investment, employment and exports, while acknowledging some challenges around issues like land acquisition and environmental protection.
This document provides an overview of Verifone, a company in the payments industry. It discusses Verifone's strategy to achieve growth and shareholder value in 5 key areas: 1) leveraging a large and growing global market opportunity, 2) utilizing global scale and local execution, 3) accelerating revenue growth, 4) expanding margins, and 5) improving free cash flow conversion. Specific goals mentioned include organic revenue growth of 5-6% annually through 2020, operating margins of 15-16% by 2020, and free cash flow conversion of around 80%. The document also reviews Verifone's capital allocation strategy and financial performance objectives through 2020.
The document summarizes Mongolia's macroeconomic indicators from 2005 to 2013. It shows that the economy expanded by 11.5% in the first nine months of 2013, led by the mining sector and non-mining industry. Industrial output rose 33% during this period due to the start of open-pit mining at Oyu Tolgoi. However, coal and copper export volumes declined. Expansionary fiscal policy in 2012 supported growth but also increased inflation and the current account deficit. Successful international bond issuances boosted foreign reserves to $2.4 billion in October 2013.
Iwan Setiawan has over 15 years of experience in heavy equipment maintenance and repair. He has worked his way up from an apprentice mechanic to team leader and acting supervisor at PT United Tractors, gaining extensive skills in preventative maintenance, repairs, overhauls, and troubleshooting of machinery. Iwan also has strong interpersonal and communication skills developed through managing teams and coordinating maintenance schedules.
How to cope with ED. Do you know how to cope with ED (Erectile Dysfunction)? This presentation provides a few possible solutions. Based on article found here: http://curemyerectiledysfunction.com/how-to-cope-with-ed
This document provides details about the author's educational journey and skills gained through the Design Management program. It discusses how the curriculum allowed the author to improve skills in business, design, project management, branding, and communication. It also provided experience in innovation management, creative problem solving, and developing high-performance teams. The author believes that focusing on details sets them apart and has shaped their character to have a strong work ethic and desire to help others.
The document summarizes a presentation given in 2015 on investment opportunities and challenges in Mongolia. It notes that while progress had been made in meeting investment needs, challenges remained including fiscal policy, infrastructure development, and laws governing mining and investment. Major projects like Oyu Tolgoi and Tavan Tolgoi presented both opportunities and risks. Overall the outlook was that continued investment, especially in mining and infrastructure, could help Mongolia benefit from its natural resources despite slowing growth in China.
Country overview & investment opportunities - ArgentinaEY Argentina
Argentina provides investment opportunities across multiple sectors totaling more than US$265 billion. Key sectors highlighted in the document include infrastructure (US$142 billion), energy (US$35 billion), mining (US$30 billion), oil and gas (US$25 billion), agribusiness (US$26 billion), and industrial goods (US$8 billion). The political and economic environment in Argentina has stabilized under President Macri, pursuing pro-market reforms and macroeconomic normalization after years of interventionist policies. Challenges remain in reducing inflation, the fiscal deficit, and poverty while generating sustainable economic growth and employment.
Opportunities to Improve the Functioning of Free Economic Zones in Expanding ...ijtsrd
The subject of the study of this article is a set of economic relations that arise in the process of attracting investment to the regions and increasing the efficiency of their use in an innovative economy. This article analysis the methods and tasks of state regulation of investment attraction and effective use of investments in Jizzakh region. Dilshod Komilov "Opportunities to Improve the Functioning of Free Economic Zones in Expanding the Scope of Investment" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-4 | Issue-5 , August 2020, URL: https://www.ijtsrd.com/papers/ijtsrd33086.pdf Paper Url :https://www.ijtsrd.com/economics/market-economy/33086/opportunities-to-improve-the-functioning-of-free-economic-zones-in-expanding-the-scope-of-investment/dilshod-komilov
CBO provides 10-year budget and economic projections to Congress. These projections are based on current law and incorporate CBO's economic forecasts. CBO uses several models and conducts extensive review to develop its economic forecasts. CBO then uses the economic forecasts to construct its baseline budget projections, which project spending, revenues, deficits and debt under current law. CBO's projections show deficits rising significantly over the next 10 years, increasing federal debt held by the public to its highest levels since World War II.
This document outlines the Special Economic Zone Act of 2005 in India. Some key points:
1. Special Economic Zones (SEZs) are geographical regions with more liberal economic laws than the country to promote development and attract investment.
2. The Act provides procedures for establishing SEZs, including submitting proposals to State and Central governments for approval. It also defines developers and coordinators of SEZs.
3. The Act exempts goods and services exported from or imported into SEZs from various taxes and duties to encourage business activity. It demarcates processing areas within SEZs for manufacturing and services.
The document discusses Special Economic Zones (SEZs) in India. It defines SEZs as specifically delineated duty-free enclaves deemed to be foreign territory for trade. The objectives of SEZs are to generate economic activity, promote exports and investment, and create jobs. SEZs can be processing or non-processing and have different structures. Incentives for SEZs include tax exemptions, duty-free imports, single window clearances, and facilities like utilities. Potential problems include lack of transparency, payment issues, and use of prime agriculture land.
A paper presented by the Consul-General of the Federal Republic of Nigeria, Atlanta to the forum of American-Nigerian International Chamber of Commerce, Atlanta.
Special Economic Zones (SEZs) are geographical regions that have more liberal economic laws than a country's typical laws. The first SEZ was established in the United States in 1947. SEZs offer duty-free imports and exports, foreign investment incentives, streamlined approvals, tax concessions, and improved infrastructure to encourage industrialization. India established its first export processing zone in 1965 and introduced the SEZ policy in 2000 and 2005 to boost foreign investment and exports. There are now over 200 approved SEZs in India, though only around 30 are currently operational.
The document summarizes Uganda's national budget for 2015-2016, highlighting key challenges such as a large informal sector, trade imbalances, and infrastructure issues hampering competitiveness. It outlines the budget's focus on infrastructure development and service delivery to address these challenges. Performance indicators for 2014-2015 like GDP growth of 5.3% are provided. The budget funds expenditures through domestic revenues and external financing, with interventions planned for priority sectors like agriculture, industry, and infrastructure development.
The document outlines Mongolia's economic reform objectives as stated in the government's Action Plan for Reform. It lists the key objectives as lowering interest rates, controlling inflation, implementing tax and border crossing reforms, upgrading small and medium enterprises, and establishing special economic zones. It then discusses the establishment of the Ministry of Economic Development and initial reform steps taken, including issuing "Chinggis bonds" internationally, shifting to 4-year public investment planning, and plans to develop domestic manufacturing of construction materials. The document also addresses foreign investment policies, sectors receiving foreign investment, and policies for the coal sector.
The document discusses Special Economic Zones (SEZs) in India. It provides background on SEZs, outlines the key laws governing SEZs, and discusses approvals, sectors, employment, investment, exports, and tax incentives for SEZs. Over 580 SEZ projects have been approved across 20 states and 3 union territories, with 374 notified SEZs currently operational. IT/ITES is the largest sector, making up over 60% of approvals. SEZs have generated over 880,000 jobs and over $223 billion in exports in recent years.
Report on the Implementation of the Investment Policy ReviewDr Lendy Spires
The document provides a summary of findings from a report on Zambia's implementation of recommendations from its 2006 Investment Policy Review. It finds that Zambia has substantially or fully implemented over half of the recommendations, with key progress made in business facilitation, access to finance, and improved infrastructure. However, some reforms around diversifying the economy and further improving the legal framework for business have only been partially implemented. The report concludes that while Zambia has maintained political stability and an optimistic investment climate, further reforms are still needed in some areas to foster long-term sustainable growth.
South Korea has a population of 48.6 million and a growing economy focused on manufacturing. It has a long history with periods of rule under dynasties like Goryeo and Joseon. The country was occupied by Japan from 1910 to 1945 and divided after World War II, with the northern half becoming North Korea. South Korea has developed strong trade partnerships and its top exports include electronics and automobiles. There is potential for further collaboration between South Korea and India in sectors such as automobiles, electronics, and shipbuilding where both countries have existing strengths.
The document discusses the concept, structure, process, impact and future of Special Economic Zones (SEZs) in India. It traces the origin and evolution of SEZs from Export Processing Zones (EPZs) and provides details on the approval process, incentives offered, and functional SEZs in the country. It also outlines the positive impacts of SEZs in boosting the economy through increased investment, employment and exports, while acknowledging some challenges around issues like land acquisition and environmental protection.
This document provides an overview of Verifone, a company in the payments industry. It discusses Verifone's strategy to achieve growth and shareholder value in 5 key areas: 1) leveraging a large and growing global market opportunity, 2) utilizing global scale and local execution, 3) accelerating revenue growth, 4) expanding margins, and 5) improving free cash flow conversion. Specific goals mentioned include organic revenue growth of 5-6% annually through 2020, operating margins of 15-16% by 2020, and free cash flow conversion of around 80%. The document also reviews Verifone's capital allocation strategy and financial performance objectives through 2020.
The document summarizes Mongolia's macroeconomic indicators from 2005 to 2013. It shows that the economy expanded by 11.5% in the first nine months of 2013, led by the mining sector and non-mining industry. Industrial output rose 33% during this period due to the start of open-pit mining at Oyu Tolgoi. However, coal and copper export volumes declined. Expansionary fiscal policy in 2012 supported growth but also increased inflation and the current account deficit. Successful international bond issuances boosted foreign reserves to $2.4 billion in October 2013.
Iwan Setiawan has over 15 years of experience in heavy equipment maintenance and repair. He has worked his way up from an apprentice mechanic to team leader and acting supervisor at PT United Tractors, gaining extensive skills in preventative maintenance, repairs, overhauls, and troubleshooting of machinery. Iwan also has strong interpersonal and communication skills developed through managing teams and coordinating maintenance schedules.
How to cope with ED. Do you know how to cope with ED (Erectile Dysfunction)? This presentation provides a few possible solutions. Based on article found here: http://curemyerectiledysfunction.com/how-to-cope-with-ed
This document provides details about the author's educational journey and skills gained through the Design Management program. It discusses how the curriculum allowed the author to improve skills in business, design, project management, branding, and communication. It also provided experience in innovation management, creative problem solving, and developing high-performance teams. The author believes that focusing on details sets them apart and has shaped their character to have a strong work ethic and desire to help others.
1) The document summarizes a speech given at the Business Council of Mongolia's annual summit on supporting sustainable growth in Mongolia.
2) It discusses Mongolia's economic challenges, including declining GDP growth, high debt, and low foreign reserves. It analyzes the performance of the current and past governments.
3) It argues that rebuilding Mongolia's reputation as a destination for foreign investment will require political stability, disciplined fiscal management, and a commitment to pro-business reforms from all political parties.
The document discusses the DataWeave language, which allows transforming data between different formats like XML, JSON, CSV. It describes the structure of a DataWeave file with a header section containing directives, a body section defining the output, and an optional separator. An example is provided to transform JSON input to XML output. Key points about directives, input/output types, and the three basic DataWeave data types are also summarized.
This document provides an overview of Verifone, a company in the payments industry. It discusses Verifone's strategy to achieve growth and shareholder value in 5 key areas: 1) benefitting from the large and growing global payments market, 2) leveraging its global scale and local execution capabilities, 3) accelerating revenue growth, 4) expanding margins, and 5) optimizing its capital structure. Financial projections through FY2020 indicate continued revenue growth of 5-6% annually, expanding operating margins to 15-16%, and improving free cash flow conversion to around 80%.
This document provides an overview of Mongolia's investment climate and key policies and legislation that may affect foreign investment. It summarizes that while Mongolia generally supports foreign investment, recent laws have been perceived as narrowing openness. It highlights the major Oyu Tolgoi copper-gold project as positive but notes calls to renegotiate its agreement have cast uncertainty. Two laws in particular, the 2009 Nuclear Energy Law and 2009 Law on Prohibition of Minerals Exploration, are identified as concerning to investors by imposing new controls and restrictions.
This risk report from the Mongolia Economic Forum and Economic Research Institute identifies several key risks facing Mongolia's economy and development. Section I provides background on Mongolia's rapid economic growth over the past 15 years, with GDP increasing 10 times nominally and 2 times in real terms. Section II identifies four main risks: 1) boom-bust economic cycles driven by commodity price and policy fluctuations can cause volatile GDP growth, inflation, and currency depreciation; 2) the "resource curse" from overdependence on mining risks instability; 3) environmental risks threaten sustainable development; 4) increasing political risks may destabilize the country. The conclusion is that managing these interconnected risks will be important for Mongolia to develop stably into the
This document summarizes news from the Business Council of Mongolia newsletter dated April 23, 2010. It covers several topics:
- Mongolian MPs gave positive reviews of Boroo Gold's operations and supported allowing it to continue mining.
- The Mongolian government is considering graduated royalty rates on minerals to replace the windfall profits tax.
- Khan Resources filed a court claim challenging the invalidation of its mining license, saying its planned buyout will not be affected.
- The Constitutional Court dismissed a petition regarding Petro China's oil exploration activities, ruling that Mongolian laws do not apply due to an earlier agreement.
- Documents related to investor selection and agreements for the Tavan
Este documento apresenta informações sobre os ciganos Sinti na Alemanha de 1934. Resume os principais pontos sobre a origem e perseguição dos ciganos Sinti pelo regime nazista, além de detalhar as habilidades mágicas e de combate típicas desse povo, como a magia Angustri e o uso do talith como arma.
El documento describe el movimiento romántico en literatura. Señala que surgió a finales del siglo XVIII en Inglaterra y Alemania, y se caracterizó por el liberalismo, individualismo, subjetivismo e imaginación. Aborda los principales temas románticos como la naturaleza, evasión y libertad individual, así como los géneros literarios y autores más representativos como Espronceda, Bécquer, Rosalía de Castro y Larra.
The document outlines Mongolia's policies and plans for developing its mining sector. It discusses key facts about Mongolia's economy and mining industry, including that mining accounts for over 20% of GDP. It also outlines the Ministry of Mining's mission to add value to Mongolia's natural resources through responsible practices. New laws have been passed to improve the legal environment for mining investments. Challenges include managing economic dependence on commodities and diversifying the economy. The government is working to improve regulations and ensure open and transparent governance of the mining sector.
Mongolia has a long history in mining and is looking to attract more investment to further develop its mineral resources. The mining industry is a major contributor to Mongolia's economy, accounting for over 17% of GDP. Mongolia has abundant reserves of gold, copper, coal and other minerals and is taking steps to make its legal system more favorable to mining investors through reforms and policies that aim to provide long-term stability and transparency. Mongolia sees great potential to discover new deposits, especially in its underexplored western regions, and wants to partner with investors to capitalize on its strategic location between two large economies and transform its mining industry.
The document discusses Mongolia's minerals future and development. It provides key facts about Mongolia's economy, which is highly dependent on mining. Mining accounts for over 20% of GDP and 60% of exports. The mining sector is growing rapidly in both production and investment. The document outlines Mongolia's policy and legal environment for mining, including draft laws aimed at supporting genuine miners and improving regulations. It discusses goals of increasing competitiveness and commodity diversification in the mining sector, as well as challenges around stakeholder relations, institutions, and economic diversification.
India has the second largest population in the world and is the third largest economy based on purchasing power parity. It relies heavily on fossil fuels, primarily coal and oil, for its energy needs. The document discusses India's energy mix, regulatory structure for the upstream, midstream and downstream oil and gas sectors, and the performance of the upstream and downstream sectors. It also outlines policies like NELP that govern oil and gas exploration and production in India and notes opportunities for natural gas and LNG imports given domestic production constraints.
Industrial policy in India aims to regulate, develop and control industrial undertakings through rules set by the government. It prescribes roles for public, private and cooperative sectors and indicates roles for large, medium and small industries. It incorporates various economic policies and aims to accelerate growth, generate employment, promote balanced development and small enterprises. Major reforms to India's industrial policy since 1991 include deregulating industries, reducing public sector control, allowing more foreign investment and technology transfers.
The study is based on a detailed analysis of 303 major mining companies that operated between 1980 and 2009. From this it estimated that in 2009 the world’s minerals industry generated $800 billion in sales, $100 billion in profits and paid $75 billion in direct taxes (excluding royalties and import duties).
The study shows that industry returns are very volatile, with changes of +/-30% not uncommon – driven by fluctuations in commodity prices. During the period 1980-2000 the industry generated an average return on capital no better than investing in US Government Bonds. This situation has improved in the last five years, due to the rising prices caused by strong demand from China.
Another characteristic is that the industry is very capital-intensive and spends most of its profits on growing the business. Consequently, Governments need to be mindful that increasing taxes during boom-times may be counter-productive … and may kill the golden goose.
The document discusses the industrial policies and regulations of the Telangana state government in India. It outlines the key aspects of Telangana's new industrial policy, including providing a single application form for all project clearances to be approved within 15 days. It also notes that many districts in Telangana are rich in mineral resources and the policy aims to utilize these resources to create job opportunities and promote economic development in the state.
Presentation at TUROGE 2014 (Turkish International Oil and Gas Conference) on Turkish E&P Sector & New Petroleum Law.
By Ali Yildizel - E&P Group Leader at PETFORM
The document summarizes the FDI environment in Mongolia. It notes that FDI into Mongolia has been sharply decreasing since 2011 due to declines in commodity prices, the completion of major investment projects, and policy uncertainty. It identifies actions needed to improve the investment climate such as diversifying the economy, streamlining regulations, establishing an independent investment promotion agency, and pursuing new infrastructure projects. The document aims to provide an overview of Mongolia's FDI trends and policy priorities to attract more foreign investment.
India’s economy is charting rough waters, with virtually every sector facing growth concerns. The mining sector is among the worst hit, with seemingly-unending bad news impacting it deeply. Despite large reserves of iron ore and coal, India’s imports of these precious raw materials have been increasing. The cover story of MSLGROUP in India’s Public Affairs Round-up, or PAR, explores what lies in store for mining as India enters a crucial election year.
The other important debate in business circles centres around the new Companies’ Act that mandates corporate social responsibility (CSR) on companies of a certain size. Amrita Choudhary, deputy head of content at MSLGROUP in India, argues that the law will alter India Inc’s social approach and prove to be a big opportunity for CSR consultancies.
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18.03.2013 Economic impact of draft minerals law, Dr. Brian Fisher
1. Economic assessment of the impact of
Mongolia’s foreign investment environment
and the proposed new mineral law
Dr Brian Fisher
Presentation to the Business Council of Mongolia,
18 March, Kempinski Hotel, Ulaanbaatar
2. Economic assessment of the impact of Mongolia’s
proposed new mineral law
Purpose of the analysis: The analysis seeks to estimate the total impact (direct and indirect) of proposed new mineral
law implementation on the Mongolian economy (domestic and external sectors, households and government)
Purpose and contents of the analysis
1
• Role of the mining sector in the Mongolian economy
2
• Proposed new mineral law
3
• Methodology and assumptions used in the analysis
4
• Implications of the proposed new mineral law on the economy (model insights)
5
• Conclusions
Contents:
4. The mining sector became Mongolia’s export engine of
growth after the GFC
On average, the mining sector contributed around a quarter of national GDP over the past four years. After OT and TT reach
full capacity, the mining sector will make further significant contributions to the domestic economy. The GDP share has not
fully reflected the importance of the mining sector in recent years. From 2011, the mining sector has contributed more than
90% of total exports. Coal, copper and gold make up about 80% of mineral exports.
Mining sector impact on GDP and exports
0
2
4
6
8
10
12
14
16
2009 2010 2011 2012
MNT t
Nominal GDP
Mining sector Non-mining sector
0
1
2
3
4
5
6
2009 2010 2011 2012
US$ b
Exports
Mining Exports Other exports
5. The growing demand for mining commodities and a
favourable business environment in the past have
attracted foreign direct investment into Mongolia
Of the total FDI inflow, US$8.6 billion or approximately 81 per cent has been injected into the mining sector in Mongolia in
the past four years. Of this percentage, OT alone has invested US$6.2 billion of CAPEX in its first phase. In 2012 the
Mongolian Mining Corporation (MMC), which owns one of the largest coking coal mines, Ukhaa Khudag, planned for its
capital expenditure on infrastructure to rise by approximately US$1.3 billion.
Mining sector impact on investment
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
2009 2010 2011 2012
US$ b
Foreign direct investment
Mining FDI Non-mining FDI
0
1
1
2
2
3
3
4
2010 2011 2012
US$ b
Major foreign investment in the mining sector
MMC's IPO and Bond OT CAPEX
MAK loan from EBRD
6. Income from the growing mining sector is a vital source
of finance for the Mongolian government
The government’s reliance on mining sector income has grown higher in recent years via both tax and non-tax income
collection. In the past four years the government earned MNT 4.2 trillion in tax income and MNT 0.75 trillion of prepayment
from the mining sector. Not only is direct tax income from the mining sector important, tax income from mining service
companies is also growing significantly. For example, a total of MNT 283.9 billion has been paid to local suppliers from Oyu
Tolgoi LLC in the past three years.
Mining sector impact on government revenue
Income Tax
(10%-25%)
VAT
Withholdin
g Tax
(20%*)
Depreciation
(Mainly 10 years)
Progressive
Royalty
(0%-15%)Loss Carry
Forward
(4-8 years)
Royalties
(5%)
Tax Holiday
(none)
Import
Duties
(5%)
Export
Duties
(none)
Mining
Tax
System
*Subject to double taxation treaties
Key taxes that apply to mining in Mongolia
25%
35% 27%
31%
37%
23%
0
1
2
3
4
5
6
2007 2008 2009 2010 2011 2012
Budget revenue (MNT trillion)
Revenue from sources other than mining
Revenue from mining (including prepayment)
7. If the business environment is favourable a number of
mining companies are expected to commission
operations in the near future
Strategic Resource Classification
0
5
10
15
20
25
30
35
40
2000 2008 2010 2011 2012 2013 2014 2015
Number of projects
copper coal gold iron ore
9 NEW
PROJECTS
In the coming three years mining companies may implement nine new projects if business conditions are favourable. Coal
projects are likely to constitute the majority of new projects. It is estimated that the total investment in these new mining
projects could be US$6.3 billion by 2015.
9. The Mineral law is the main regulation affecting the mining
sector but there are many other laws that have an impact on
mining
Foreign
Labour Force
Laws^
Mining
Health and
Equipment
Certification
Water Law
Public Admin
Law
Nuclear
Energy Law
General Law
on
Environment
Protection
Law on
Explosives
Law on Land
Fees
Competition
Law
Mineral Law
Land Law
Law on
Protected
Areas
Corporate
Law
Labour Law
Law on
Taxation
^Sending Labor Force Abroad and Receiving Labor Force and Specialists from Abroad
*Law to Prohibit Mineral Exploration and Mining Operations at the Headwaters of Rivers, Protected Zones of Water Reservoirs and Forested Areas
Foreign
Investment
Law
Law on Land
Subsoil
Long Named
Environment
Law*
Legislation relevant to mining projects
10. Foreign investment environment needs to be stable in order
to continue to attract foreign capital
• The attractiveness of a country to foreign direct
investors is dependent on the domestic investment
environment, the stability of the policy regimes in
place and the effective tax rates imposed compared
with alternative investment destinations.
• An uncertain environment where tax rates and other
policies are unpredictable and where there is pressure
to re-negotiate established investment agreements will
be less attractive to investors than locations where
policies are stable and predictable and where
investment agreements, once established, are
honoured in full.
11. Impact of proposed new mineral law on exploration
companies is very negative
Big mining projects: OT,
TT, EMC
Medium and small
projects
Exploration companies
Types of mining companies Summary of law implication
• Higher ownership requirement (up to 75% vs up to 50%)
• Impractical requirement for local involvement (at 60%
procurement, mandatory cooperation agreement with the
community in prospecting and exploration)
• Prohibition of high grading (required to extract entire ore
without regard to the commercial value)
• Reduced financial incentive for investment (stabilization
agreement is only available to strategic deposits, upfront closure
cost payment tying up the capital investment)
• Reduced security of tenure (if the stabilization agreement ceases
to comply with the interest of Mongolia, reopens the agreement
and the equity is transferred to Mongolia free of charge)
• Prohibitive minimum exploration expenditure requirements
(US$100k)
• Lack of transparency in the licensing process (Where a tender is
rejected or blocked, it locks up potentially prospective ground for
up to 4 years)
Relevant law article to the mining projects
12. Despite potential future mining growth implementation of
the proposed mineral law and any failure to honour
existing investment agreements would restrict investment
Large mining
projects (OT, TT,
EMC)
Medium and
small projects
Exploration
companies
• Prohibitive minimum exploration expenditure
requirements
• Lack of transparency in the license process
• Prohibition on high grading
• Reduced financial incentive for investment
• Reduced security of tenure
• Higher ownership requirement
• Impractical requirement for local
involvement
1
2
3
Impact Implication
• No additional exploration
• Potential expropriation of a number
of existing small to medium size
companies
• Sharp decrease in FDI in domestic
companies listed abroad (no growth in
production)
• No additional investment in domestic
companies (no growth in production)
• New projects will not be launched
• Decreased FDI (no investment on
underground at OT andWestTsankhi
at TT)
• More bureaucracy
• Costly operation
Likely implication of the draft mineral law on mining companies
14. *see detail in appendix
MINCGEMv2: A dynamic general equilibrium model with
detailed sectoral, national and government accounts
CGE models have several features making them the most appropriate tool for policy and scenario analysis
CGE models are structured on
the basics of supply and demand.
Each sector of the economy is
linked by supply and use of
factors and intermediate inputs.
CGE models account for the
industrial flow-on effects
triggered by shocks in other
parts of the economy and the
economic feedback effects that
are neglected in many
government policy analyses
Database: GTAP8 database
(MINCGEMv2)
XXX: 2025Highest Impact:2020Methodology: Dynamic CGE
(ComputableGeneral
Equilibrium)
Key features
GTAP v8 database with a base
year of 2007 and covers 129
countries/regions across the
world and 57 commodity groups
1
The MINCGEMv2 expands the
GTAP commodity groups to 71
and was aggregated into 10
economies (Mongolia, China,
Russia, India and others*) and 20
commodities
Mining (thermal coal, met coal,
copper, gold, oil, gas, coke,
petroleum and other minerals)
Agriculture (crops, livestock,
fishing and forestry)
Manufacture (Processed Food,
Copper refining and
manufacturing, other
manufacturing)
Electricity
Transport
Construction
Public Administration, Defense,
Health and Education
Other services
2
Dynamic multi-region, multi-
sector CGE model developed by
BAEconomics
Capable of simulating economic
scenarios over a long time
horizon. Each time step is one
year
Demand for commodities in the
model is determined by the
social accounting matrices of the
modeling regions, the prevailing
economic conditions and policy
settings
CGE models are structured on
the basics of supply and demand.
Each sector of the economy is
linked by supply and use of
factors and intermediate inputs.
CGE models account for the
industrial flow-on effects
triggered by shocks in other
parts of the economy and the
economic feedback effects that
are neglected in many
government policy analyses
1
2
3
4
5
CGE models ensure that the most
important economic identities
and constraints (extremely
important for simulating long-
term scenarios):
• GDP measured by the
expenditure approach and the
income approach;
• Supply of capital, labour and
natural resources;
• Market clearance of individual
markets;
• The relationship between the
current account and the
capital account;
• The relationship between
government expenditure and
taxes;
are respected during each
simulation time step.
CGE models contain detailed
industry cost structure and
bilateral trade information in their
databases such that substitution
between commodities and
competition between economies
can be modelled explicitly
Methodology of the economic analysis of proposed new mineral law
16. Mining
production
Mining
prices
Mining FDI
(exploration
& expansion)
Infrastructure
projects
Two scenarios were developed under the MINCGEM framework
to assess the macroeconomic implications of the new mining
law and instability in the investment environment
• Endogenously determined with the inclusions of
additional infrastructure projects
• Coal washing plant:
• ETT and MMC
• Power plant:
• TavanTolgoi and Chandgana
• All the existing mining projects will be
operated including the projects of
exploration companies
1
2
3
4
Existing mineral
law scenario
New mineral law and
policy uncertainty
scenario
• Determined endogenously by an
alternative sectoral growth pathway
with lower FDI investment in the
mining sector
• Determined endogenously by an
alternative sectoral growth pathway
with lower FDI investment in and lower
demand for infrastructure projects
* - Oyu tolgoi will only operate open-pit mining
** - Tavan tolgoi will only operate East Tsankhii
• Commodity prices are based on
consensus prices and discounted to
Mongolian border price
• Additional FDI investment in the mining sector
• Thermal coal - US$1.4 billion
• Metallurgical coal - US$1.2 billion
• Copper - US$8.7 billion
Assumptions in the alternative scenarios
• The current mining projects will be
operated* but new exploration projects will
be severely affected
• Commodity prices are based on
consensus prices and discounted to
Mongolian border price
17. Production from the mining sector is projected to be
severely affected under the new mineral law and policy
uncertainty
0
50
100
150
200
2005 2010 2015 2020 2025 2030
Mt
Coal*
Assumptions : Mining production volume (coal and copper as main commodities)
Existing mineral law scenario
New mineral law and policy
uncertainty scenario
0
50
100
150
200
2005 2010 2015 2020 2025 2030
Mt
Coal*
0.0
0.2
0.4
0.6
0.8
1.0
1.2
2005 2010 2015 2020 2025 2030
Mt
Paid Copper
0.0
0.2
0.4
0.6
0.8
1.0
1.2
2005 2010 2015 2020 2025 2030
Mt
Paid Copper
*included HCC,
SSCC, thermal
coal and washed
coking coal, Bef0re 2011 Mongolia’s thermal coal was mainly used in domestic consumption (power and heating).
Thermal coal exports began at the end of 2012 (November).
18. Price assumptions are based on latest consensus
prices from economists around the world
Coal price is discounted to Mongolian border price in the model
0
10
20
30
40
50
60
70
80
2012 2014 2016 2018 2020 2022 2024 2026 2028 2030
US$/t
0
50
100
150
200
250
300
350
400
2012 2014 2016 2018 2020 2022 2024 2026 2028 2030
USc/lb
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2012 2014 2016 2018 2020 2022 2024 2026 2028 2030
US$/oz
Thermal coal Coking coal
Copper Gold
Assumptions : consensus prices (2013 real prices)
0
20
40
60
80
100
120
2012 2014 2016 2018 2020 2022 2024 2026 2028 2030
US$/t
31. Although the mining sector is the main contributor to export revenue,
import purchases by this sector are high due to the lack of domestic
companies that produce final goods such as fuel, electricity and other
machinery and equipment
Mining sector impact on external sector
The mining sector contributes the dominant share of total exports. About 80 per cent of mineral exports is made up of coal,
copper and gold. Mining related imports (mostly trucks, mining equipment, electricity, fuel) have increased significantly in
the past few years as the number of new mining projects grew quickly.
0
1
2
3
4
5
6
2007 2008 2009 2010 2011 2012
Exports (US$ billion)
Copper Met coal
Gold Crude oil
Other mining Non mining exports
GFC*
Coal
growth**
China
downturn
impact***
0
1
2
3
4
5
6
7
8
2007 2008 2009 2010 2011 2012
Imports (US$ billion)
Auto vehicles and their spare parts
Machinery and equipments
Diesel and petroluem
Other imports
*Copper price declined by 70% after reaching a peak in July 2008 at the height of the global commodity boom
**New big coal mining projects and coal price structural change in 2011 (Before structural change (2010) Border average price is US$50/t , After it US$100/t)
***Coal border price declined by 15%, Copper border price declined by 13% relative to 2011
External Sectors
32. Although the mining sector is not a labour intensive
sector, impact on average wages is high
Mining sector impact on households
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
2007 2008 2009 2010 2011 2012*
Number of employees (million persons)
Agriculture Mining Manufacturing
Construction Trade Transport
Otherservice
0.0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
1.0
2007 2008 2009 2010 2011 2012
Monthly average wage (MNT million)
Agriculture Mining Manufacturing
Construction Transport Service*
Households
**Electricity, whole sale and retail trade, hotels and restaurant, financial and insurance, public administration, education, health , community and personal service and other services
Average salary in the public service increased by ~60% compared to 2011 (highest growth in education and health sector).
Average salary in the mining sector fell in 2012 due to the China downturn impact on coal prices.
33. Only mining projects already operating will continue to
operate and all exploration projects will be closed given the
new mineral law and policy uncertainty’s impact on FDI
0
2
4
6
8
10
12
14
16
18
20
2005 2010 2015 2020 2025 2030
By project type
Explorations and other
Not started big projects**
Started other projects
Started big projects*
Mining
production
1 Existing mineral law scenario
New mineral law and policy
uncertainty scenario
Assumptions : Mining production value (US$ billion, 2007 prices), by commodity and project type
Mining
prices
2
0
2
4
6
8
10
12
14
16
18
20
2005 2010 2015 2020 2025 2030
By commodities
Other
Copper
Met coal
Thermal coal
0
2
4
6
8
10
12
14
16
18
20
2005 2010 2015 2020 2025 2030
By commodity type
Other
Copper
Met coal
Thermal coal
Mongolia’s thermal coal was used in domestic consumption (power and heating) only before 2012. Exports of this
product commenced in November 2012
*EMC, OT open pit, TT East Tsankhi
**OT underground, TT West Tsankhi
0
2
4
6
8
10
12
14
16
18
20
2005 2010 2015 2020 2025 2030
By project type
Started other projects
Started big projects*
35. The world is divided into 10 economies in MINCGEM
Mongolia v2
1. Mongolia 6. Russia
2. China
7. Rest of Europe
3. Japan, Korea andTaiwan
8. NorthAmerica
4. India
9. SouthAmerica
5. Rest of Asia and Oceania
10. Middle East and Africa
36. Each economy is divided into 20 production sectors in
MINCGEM Mongolia v2
1.ThermalCoal 11. Livestock
2. Coking Coal 12. Fishing and Forestry
3. Oil 13. Processed Food
4. Gas 14. Copper refining and manufacturing
5. Copper concentrate 15. Other Manufacturing
6. Gold 16. Electricity
7. Other minerals 17.Transport
8. Coke 18. Construction
9. Nuclear & petroleum fuel
19. PublicAdministration, Defense, Health and
Education
10. Crops 20. Services
37. Summary description of new mining law implications
• HIGHER OWNERSHIP REQUIREMENT_ (1) 75%, 51% or 34% of the shared capital of the company holding a Mining
Licence, must be a Mongolian Citizen
• IMPRACTICAL REQUIREMENT FOR LOCAL INVOLVEMENT_ (1) 60% local procurement required – unable to be
supported by existing market; (2)Community cooperation agreements required for prospecting and exploration
tenements
• PROHIBITION OF HIGH GRADE MINING _(1) If companies are required to mine the entire reserve without regard to the
commercial value of the extracted mineral it will act as a deterrent to investment in the industry. The definition should include
an economic/commercial cutoff.
• REDUCED FINANCIAL INCENTIVE FOR INVESTMENT_ (1) The new legislation provides for DDAs to be negotiated for
strategic deposits only; (2) Upfront payment of closure costs - requires a deposit of a huge sum of the money tying up capital
for the life of the project; (3) Royalty structure (separate piece of legislature)
• REDUCED SECURITY OF TENURE_ (1)Minerals of strategic importance/percentage of state equity/equity obtained free of
charge (An investor may incur significant costs in exploration and appraisal risk that the GOM will take an unspecified interest
in the project)
• PROHIBITIVE MINIMUM EXPLORATION EXPENDITURE REQUIREMENTS _ (1) prohibitive min expenditure
(US$ 100K) for all but the most successful projects. Mongolian and international juniors not likely to be able to meet min
spend requirements.
• LACK OF TRANSPARENCY IN THE LICENSE PROCESS_ (1) tender process – prone to corruption. Ability to increase
royalties; may be tendency to place this above other criteria such as capacity and experience. Where a tender is rejected
or blocked, it locks up potentially prospective ground for up to 4 years.