Mongolia with its rapidly developing the mining sector, is now making significant efforts to conform its geological and exploration sector into an international standard.
For this purpose, the country has augmented amount of money to MNT 7.3 billion for geological research works to be realized with state budget investments.
The previous year, the mineral fund registered 82 new mineral deposits. As a result of the geological and exploration works being done with investments of private companies, the reserve of gold increased by 11 tons, the reserve of mixed metals-by 17 thousand tons, the reserve of copper- by 260 thousand tons, the reserve of tungsten steel- by 288 tons, the reserve of silver-by 64 tons, the reserve of zinc-by 137 thousand tons, coal reserve-by 1.7 billion tons and the reserve of fluorspar- by 1.1 million tons.
Moreover, Mongolia has altered the action rule of mineral exploration in order to bring the “classification of solid mineral reserves in Mongolia” into an international standard.
Furthermore, it has been decided to expand the Geological Service which was set up within the structure of the Mineral Authority. In frames of this, several works will be done to conduct geological research in the country, to work out its results and to create a general data fund. Besides that, The National Geological Service will be established with a function of evaluating mineral reserves as well.