LAW OF MONGOLIA

08 Jul, 2006                                                                                    Ulaanbaatar

LAW ON MINERALS

(REVISED VERSION)

Article 1. Purpose of the law

        1.1 The purpose of this law is to regulate relations of prospecting, exploration and mining of minerals in the territory of Mongolia and protection of the exploration area and mining tenure environment.

Article 27. Rights and obligations of a mining license holder

        27.1. A mining license holder shall have the following rights and obligations:

        27.1.4. A mining license holder and a legal entity authorized to export are to sell minerals and produced products at international market prices;

Article 46. Registration and sale of precious metals and gemstones

        Article 46.1. The state administrative body responsible for sampling shall determine the samples and quality of all types of precious metals and gemstones explored by the mining license holder and register the quantity.

        / This part was amended according to the law dated December 19, 2008 /

        46.2. The Government shall approve the list of precious metals and gemstones to be registered in accordance with Article 46.1 of this Law, and the procedure for determining and registering their samples and quality.

        46.3 The Bank of Mongolia shall follow the international market price when purchasing and paying for precious metals and gemstones.

        46.4. A mining license holder may export explored precious metals and gemstones through the Bank of Mongolia.

        46.5. A mining license holder shall be obliged to sell natural gold weighing more than 400 grams or lighter but with a unique shape, as well as precious stones with rare colors and shapes, to the State Treasury of the Bank of Mongolia at a discounted price.

Article 47. Fees for the use of mineral resources

        47.2. The sales value specified in Article 47.16 of this Law shall be calculated as follows:

        / This part was amended according to the law dated November 22, 2019 /..

        47.2.1 If the product is exported, it shall be recognized as international trade based on the principle of determining the monthly average, following the international market price of the product or similar product;

        47.14. The Government shall announce the name of the international benchmark exchange, which is the basis for the sales valuation of export products, taking into account the type of the product.

Click here to view full content of the law.