"Gold-2" was approved by the Mongolian Cabinet as a key part of the raft of measures to revive the economy; it aims at increasing gold production by two to three tonnes annually, leading to an annual production target of 25 tonnes by 2020. Mongolian gold export is forecast to reach 15.8-40.0 tonnes in the next decade and gold revenue to USD 1177.9 million by 2020.

The conference is intended to discuss a wide range of issues connected with the gold mining sector and plans to set goals for seeking ways to improve and stabilise the legal environment for gold mining. The event will address solutions to the recent financial concerns of recent years. Related to this, the government is to implement “Gold-2” project, to introduce gold projects to investors as well as advanced technologies, expand business relations and cooperation, and exchange international experience.

At the beginning of this meeting, the Prime Minister highlighted that investment to energy and heating will be supported in Mongolia by all means, mentioning the Mongolian and Chinese sides have agreed on building joint regional energy generator during the visit of China’s Prime Minister Li Keqiang to Mongolia, took place last September.

China Datang has abundant expertise in coal liquefaction and air pollution reduction approaches. The delegates shared that the company has been participating in Beijing’s projects on air pollution, as its fuel technology maintains the lowest amount of toxic smog emission.

A pivotal part of Ulaanbaatar’s air pollution is caused by chimney smoke from Ger households, said PM J.Erdenebat in response. What Ulaanbaatar needs first is a comprehensive project on expanding the reach of electric power network, ensuring reliability of energy resources and extending the heating system to ger areas. “We will be willing to consider cooperation with you in the presence of such a comprehensive project”, he underlined.

President of China Datang, Mr Chen Jinhang pledged to submit a proposal for a package of project directed at tackling Ulaanbaatar’s air pollution.

Set to be totally transformed by 2018, the mine will become a 200-megawatt pumped-storage hydroelectric reservoir, which means it will behave as a battery and have the energy to power more than 400,000 homes.

When needed to compensate intermittent wind and solar power, as much as 1 million cubic meters of water could be allowed to plunge as deep as 1,200 metres, turning turbines at the foot of the collieries mine shafts. The mining complex comprises 26 kilometres of horizontal shafts.

Miners in the town of Bottrop, who have worked for decades at the site, will remain employed while seeing a shift in their usual tasks. According to governor Hannelore Kraft, they will continue playing a key role in providing uninterrupted power for the country.

During a press briefing earlier this week, Kraft also said that other mines may follow suit because the state needs more industrial-scale storage as it seeks to double the share of renewables in its power portfolio to 30% by 2025.

More than half of foreign investors in Mongolia are said to have left in the past 4 years. While on the one hand, the reason behind this is the current economic difficulties, on the other hand, inconsistent policy and withdrawal of contracts by the government what caused investors to lose their trust.

Therefore, Prime Minister J.Erdenebat has issued an ordinance to establish the council aimed at urgent settlement of complaints and petitions regarding the protection of the interests and rights of investors and bureaucratic and illegal activities, as well as prevention and potential risks.

Members of the council, chaired by J.Munkhbat, head of Cabinet Secretaries, include Minister of Finance, State Secretaries in charge of Justice and Home Affairs, Road and Transport, Mining and Energy and advisors to the Prime Minister, department heads of corresponding ministers and representatives of National Development Agency, Development Bank, Mongolian Chamber of Commerce and NGOs.

The meeting held yesterday emphasized the importance of resolving any complaints and petitions made by investors before they are filed to court or arbitration. The council blamed government ministries, agencies and local administration on not functioning properly in this regard. Also, it was reported that foreign investment has been reduced substantially in recent years and there are five major investment contracts made presently.

The current government is working to protect the interests and rights of investors. It is indispensable for us to gain the trusts of investors and attract more investment in order to overcome the economic recession with the help of mutual understanding and creation of more favorable legal environment.

Ambassador Xing Haiming said ‘According to statistics, Chinese economic growth is set to steadily expand and our country will (continue to) be an important power in the world economy. It will be a positive influence for its neighbours, including Mongolia’. The Chinese Ambassador repeated the words of President Xi Jinpin, that ‘China invites Mongolia to step aboard its economic express train’ which he said when he visited Ulaanbaatar.

He stressed that Mongolia is a good neighbour and partner. Mr. Xing Haiming said, ‘China will support Mongolia to overcome its economic difficulties, and further develop economic cooperation.