Mongolia’s parliament yesterday approved changes to the nation’s 2006 Minerals Law, a development that may spur renewed investment in the flagging economy.
Passage of the amendments was announced on the Great Hural’s website. The legislature, which ended its spring session today, also passed a new law on energy to help expand that sector.
In another vote, parliament blocked government investment in the Tsagaan Suvarga copper and molybdenum project, according to Otgochuluu Chuluuntseren, director general of the Ministry of Mining’s department of strategic policy and planning.
The flurry of activity comes amid Prime Minister Altankhuyag Norov’s 100-day push to jump start the economy after more than two years of slowing growth and plunging foreign investment. FDI fell 52 percent last year and dropped 64 percent in the first five months of 2014, due in part to plunging coal prices and disputes with key investors, including Rio Tinto Group.
Drafts of the Minerals Law amendments included the creation of a National Geological Survey and the formation of a Policy Council to oversee legal changes in the mining industry. The final version of the changes hasn’t yet been made public.