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Oyun-Erdene: The Orano agreement is very important because Mongolia’s economy is based on our mining sector. The negotiation process with the French government took more than 10 years.
In 2006 Mongolia implemented a 68% windfall tax, which was the world's highest. The tax was based on profits made by mining companies on copper and gold sales above $2,600 per ton and $850 per ounce respectively. [30] [31] The tax was repealed in 2009 and phased out over the next two years. [32]
The copper and gold rich property discovered by Ivanhoe Mines in 2001, is in the process of being transformed into an open pit and underground mining operation. It is located 80 km north of the China Mongolia border giving the companies that produce there an added benefit (China is the world's biggest market for commodities futures). [40]
They said the money came from a $68 million mining contract awarded to Hong Kong-registered Catrison Limited in 2011 to buy copper concentrates from the Erdenet copper mine in Mongolia, one of the ...
Mongolia joined the World Trade Organization (WTO) in 1997. [16] The international donor community pledged over $300 million per year in the last Consultative Group Meeting, held in Ulaanbaatar in June 1999. Recently, the Mongolian economy has grown at a fast pace due to an increase in mining and Mongolia attained a GDP growth rate of 11.7% in ...
1995 - MAK founded Bumbat LLC, a Mongolian-Canadian joint venture, and became the fourth-largest gold producer in Mongolia 2000 - MAK diversified its business by starting thermal coal production 2002 - Qinghua-MAK Naryn Sukhait LLC , the first Mongolian-Chinese joint venture in the mining sector, was established
The company's key mines are in Inner Mongolia and Tibet. Chang Shan Hao (CSH) is the gold mine in Inner Mongolia and will produce about 200,000 ounces in 2014 according to the company's guidance. In 2008, Ivanhoe Mines sold a controlling stake of 42 percent in Jinshan Gold Mines to China National Gold. [2]
The Windfall tax or windfall profits tax in Mongolia was a taxation on the profits made by mining companies operating in Mongolia. It was implemented in 2006 and was the highest windfall profits tax in the world. It was a tax on unsmelted copper and gold concentrate that was produced in Mongolia. The tax was repealed in 2009 and phased out over ...