Mongolia and Kazakhstan agreed on setting up a gold refinery plant during the 7th Mongolia-Kazakhstan Intergovernmental Commission’s meeting, Mongolian Minister of Mining and Heavy Industry D.Sumiyabazar said.
Minister Sumiyabazar met Deputy Minister for Investments and Development of Kazakhstan Arystan Kabikenov on March 30. At the meeting they established a memorandum of cooperation in fields of geology, mining and civil aviation. In the framework of the memorandum, the sides will collaborate in exchanging information, good practices and technology in mining sector and in training specialists.
The matter will be raised at the Cabinet meeting and decisions on investment, funding and location of the gold refining plant will be resolved, Montsame reported citing Sumiyabazar as saying. During the Cabinet meeting, the Bank of Mongolia will raise issues related to getting rights to sell the refined gold in global market.
The parties agreed that corresponding entities of Kazakhstan will get permissions in August 2018 and will run operations according to international standards, said Minister Sumiyabazar.
He also noted that Kazakhstan has introduced high technology of gold refining and keeps all its gold in the central bank and Mongolia should introduce this practice.