Fewer exploration companies are looking to Mongolia these days as the government struggles to streamline its bureaucracy, but that did not stop its prime minister from pitching Vancouver’s mining sector last week.
Mongolian Prime Minister Sükhbaatar Batbold was in Vancouver as part of a Canadian tour to advertise his country as a source of untold mineral wealth.
Following a speech at Simon Fraser University Harbour Centre, Batbold told reporters his government has adopted an agenda to deal with deficiencies that cause investors to think twice about investing in the land-locked Asian nation.
Batbold said, “We need to create not only heavy debate and discussions, transparent discussions [within our government], but more importantly we need to create a stable and predictable business environment and a competitive business environment for domestic and international investors.”
In the past, critics have accused the Mongolian government of taking too large a stake in mineral projects and complained its permitting process is unduly long.
During his visit, the federal government provided $270,000 to Centerra Gold Inc. (TSX:CG) for its Mongolian mining operations.
The money will be used to support training and community development initiatives at Centerra’s Boroo mine site.
In addition to mining, Batbold also said his country presents a wealth of wind power and forestry opportunities.
On October 1, he agreed to build 96 regional government centres using B.C. lumber and Canadian wood technology.
Check out next week’s print edition of Business in Vancouver for more about Mongolia and what it means to Vancouver’s business community.