The revisions to Mongolia’s 1997 mineral laws passed through Parliament today on the last day of the spring session.

The different drafts caused protests, delays as well as the passing of the windfall profits tax on copper and gold this past May, which will still go into effect this year. With more than five drafts originally submitted, the two most popular were combined and parliamentary discussions then worked on one draft.

Some of the major changes include royalties being raised from 2.5% to 5% and the addition of what has been termed, “strategic mineral deposits.” These are classified as deposits that that have the potential to affect Mongolia’s social, economic or security development on a national level, or deposits that contain large amounts of minerals that are in high demand on international markets.

Continued:  http://mongolia.neweurasia.net/?p=300

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