AKIPRESS.COM - The Bank of Mongolia has signed a Memorandum of Understanding with the Swiss Better Gold Association and Argor Heraeus, the precious metals refinery of Switzerland, Montsame reported.

Under the Memorandum of Understanding, the parties will cooperate in supplying gold mined by artisanal and small-scale miners in Mongolia to international jewelry companies as raw materials. This will demonstrate that the gold mining and supply chain in Mongolia is transparent and reliable. Gold miners will also be given incentives for each kilogram of gold they deliver.

In the first phase, artisanal and small-scale miners operating in Bulgan province will be involved. The Bulgan province branch of the Bank of Mongolia and the Precious Metal Assay Laboratory of the Mongolian Agency for Standardization and Metrology will collaborate on the project.

During the World Gold Council meeting held last year, along with the Central Banks of Colombia, Ecuador, and the Philippines, the Bank of Mongolia joined the "London Principles", a set of principles aimed at formalizing the purchase of gold from artisanal and small-scale miners, supporting responsible artisanal mining, and integrating them into the formal supply chain.