AKIPRESS.COM - The Mongolian National Mining Association and the British Embassy jointly organized a discussion on mining investment opportunities in Mongolia to exchange information and develop an action plan for further cooperation on February 13, Montsame reported.

As raw material consumption increases due to the impact of the energy transition in the world, Mongolia focuses on geological surveys and exploration of critical minerals. Therefore, during the event exploration of critical minerals in Mongolia and cooperation with countries in geological surveys were discussed.

Mongolia will conduct geological mapping and surveys of critical minerals in cooperation with the British Geological Survey.

"There is a high demand for critical minerals in many countries. If we properly take this advantage, it will positively impact on the economy. Therefore, it is necessary to properly direct the government policy for leveraging our resources and developing mutually beneficial cooperation," Advisor to the Minister of Industry and Mineral Resources of Mongolia J. Mendsaikhan emphasized.

"The geological surveys of our two countries are constantly exchanging knowledge and experience and developing their cooperation. Mongolia is well positioned to supply the critical minerals that will shape the future of clean energy. A sustainable supply chain in the mining industry is of great importance to us all," Deputy Head of State at the Embassy of the United Kingdom Andy Batson noted.

"The mining sector plays a significant role in social and economic growth. To achieve economic stability and growth, exploration and geological surveys must be intensified and all the stakeholders including government agencies, local communities, and the public should be responsible and work together. In addition, investors should be provided with favorable conditions to operate actively. If we want to increase foreign investment in Mongolia, it is time to focus on ensuring the sustainable operation of existing investors. In addition, the legal environment must also be stable. We need to intensify and support the currently stalled exploration research with policies. We have issued exploration permits in various ways, such as through applications, tenders, and selection. We need to study which of these was more effective and should increase the number of licenses issued," noted Chief Executive Officer of the Mongolian National Mining Association Erdenetuya Ganbold.