Minister of Mining and Heavy Industry G.Yondon handed over the first bill on Mining Product Exchange to Speaker of Parliament G.Zandanshatar on January 5.

In accordance with Article 23 of the Law on Legislation, the bill on Mining Product Exchange was developed with seven chapters to organize fair, open and transparent mining trade in Mongolia, provide the opportunity to set real market prices, increase investment in the mining sector by regulating exports through a unified policy. It is also expected to expand the sector’s contribution to the country’s economic growth.

The bill defines the legal and organizational form of the mining exchange, reflects its specific functions and activities, sets standards, and defines the types of trading, payments and negotiations.

It also provides for detailed relations for ensuring guarantees, granting the right to participate in stock exchange trading, ensuring transparency and fairness of trading, creating a public database, and disseminating information to the public.

Minister G.Yondon underscored that the mining sector has grown rapidly in recent years, accounting for more than 20 percent of GDP since 2005. At present, the sector is a pillar of the Mongolian economy. Therefore, it is important to centralize revenues from the mining sector in a transparent and cost-effective manner, he noted.