Mongolia’s new investment rules to spur mining sector development: miners

Posted on November 8, 2013 by Nanthakumar Victor Emmanuel, P.Eng Leave a comment

Melbourne (Platts)–8Nov2013/315 am EST/815 GMT

Mongolia’s new legislation that removes distinction between domestic and foreign companies when it comes to investing in the country will help attract more investment, miners with projects in the region said Friday.

From November 1, foreign companies will not need to seek government or parliamentary approval before investing in Mongolia. There will be no restrictions on the amount of investment if the company is not 50% or more owned by a foreign government. If the company is state-owned with more than 50% share held by a foreign government, it cannot buy more than 33% of a project in Mongolia.