Yesterday, Parlaiment discussed the project “Law to Clarify State Ownership of the Gatsuurt Deposit”; this was acceped by the majority of votes. The Economic Standing Committee has been tasked with conducting the final discussion and presenting their conclusions to Parliament.
If Parliament decides to exploit the Gatsuurt Field, Mongolia will receive the “Special Payment for the Usage of Natural Resources”. Mongolia currently owns 34% of this gold deposit under an agreement with Centerra Gold. If Parliament decides that Gatsuurt is to be developed, Mongolia will transfert this 34% to the Centerra Gold, which will then become the 100% owner of the deposit. Subsequently, “Centerra Gold Mongolia” will pay USD 433.6 million taxes. Approximately 1000 jobs are expected to be created.