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Bank of Mongolia implementing project to build gold refinery www.en.montsame.mn
Ulaanbaatar /MONTSAME/ The Bank of Mongolia purchased 18.3 tons of gold in 2016 and is aiming to buy 20 to 25 tons annually between 2017 and 2020. Following this objective, the working group was assigned to research opportunities to build domestic gold refinery.
In compliance with the first stage of the National Sustainable Development Agenda 2030 and government's Gold-2 project, a joint working group was established to be composed of the central bank, Ministry of Mining and Heavy Industry, “Erdenes Mongol” LLC and Precious Metals Assay Inspection Department to conduct studies on opportunities to build domestic gold refinery and is now preparing plans for 2017.
Mongolia used to refine its gold in foreign countries, such as Russia, United Kingdom and Japan in the past and is currently refining gold in Switzerland. Refining Mongolian gold abroad takes a considerable amount of money for transportation, insurance and security. Also, the average content of gold extracted from Mongolia is around 85 percent, which has to be refined up to 99.99 percent in order to be traded on global markets.
Therefore, by establishing gold refinery plant, the aforementioned issues will be tackled and have a positive effect on the economy.
Published Date:2017-04-05
