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Events
The Need for a Sovereign Wealth Fund www.gogo.mn
The Ministry of Mining and Heavy Industry held a press conference titled “Transparent Mining” in order to give a briefing on the 1st Quarter report for the mining sector. As of the first quarter of 2018, mining accounted for 448.2 billion MNT in revenue in the state budget. 262 thousand tons of petroleum have been extracted as of April 11, with 53.3 billion MNT in revenue.
The Minister of Mining and Heavy Industry D. Sumiyabazar said, “Commodity prices at global market increased and have been projected to remain at this level for next 3-5 years. Hence, a sovereign wealth fund should be created within 2018”.
The wealth fund would consist of assets from strategic state-owned entities, including Baganuur JSC, Shivee-Ovoo JSC, Erdenes Tavantolgoi JSC, Erdenet Mining Corporation., Our main objective is to create a holding fund, the assets of which equals more than 10 percent of the GDP.”
Published Date:2018-04-19
