Mining Minister participates in PDAC 2014

Ulaanbaatar /MONTSAME/ A Mongolian delegation headed by D.Gankhuyag, the Minister of Mining, took part in the PDAC International Convention–2014 on March 2-5 in Toronto, Canada. This year’s event brought together 25 thousand delegates of 125 countries. During the convention of the Prospectors and Developers Association of Canada (PDAC), a special discussion on Mongolia ran with a participation of delegates of some 50 companies. The Mining Minister made the opening remarks at the discussion, underlining that Mongolia has formed comprehensible and sustainable legal environment for the mining sector. Mongolia provides investors with wide-range business opportunities and with a firm sustainability of politics, economics and legal environment, he added. After the discussion, the Minister met with Mr Ed Fast, Canada’s Minister of International Trade. The latter emphasized an importance of forwarding the bilateral negotiations on supporting investments. To this, the Mining Minister said his Ministry is working on creating a sustainable environment for investors. After this Gankhuyag met with Mr Ungad Chadda, Senior Vice President of Toronto Stock Exchange (TSE). Mongolia is aiming to establish an exchange of minerals in accordance with the state policy on mineral resources. To do so, the Mongolian Ministry has agreed with the TSE to make a cooperation memorandum so that the Asian money flow passes through Mongolia and the TSE becomes able to render technical assistance to Mongolia and to cooperate in preparing highly skilled staffers, Mr Gankhuyag said. Mr Chadda expressed a readiness to support Mongolia-based companies in selling stocks at the TSE. As of today, 15 companies, registered at the TSE, are running business in Mongolia. By the 2013, all mining companies at the TSE raised USD 6.9 billion, and 73 companies issued IPO. Statistics shows 60 percent of mining companies that sold their stocks at the international capital market are registered at the TSE.