Gold
From Mongol Studies Online Reference
In 2000, Placer Stockfile reported 101 operating gold mining companies in Mongolia. [1] That number continued to rise until 2006, the year that the government passed the windfall profit tax. In 2006, gold accounted for 31% of Mongolian export revenue. [2] Since then, however, domestic and international gold trade has dropped. “Due to the Windfall Profit Tax, the amount of gold sold to the Bank of Mongolia has drastically fallen down. For example, largest amount of gold sold to the Bank of Mongolia totaled 15.2 tonnes in 2005, while the figure decreased to 6.9 tonnes in 2006 after the tax was imposed. It reached 10.5 tonnes in 2007 and as of the first quarter of this year, the sold gold was 0.7 tonnes. The number of business units selling the gold was 133 in 2006, it declined to 120 in 2007 and at present, there are only 13 in operation”. [3]
Miners included private Mongolian companies, Russian subcontract miners, big Russian investors and additional investors from the UK, Netherlands, Saudi Arabia, South Korea, China, Canada, America, and New Zealand. [4] Most Mongolian ninjas are also gold miners. Typical ninjas, on a good day, can earn about USD 6 worth of gold flakes (government jobs earn about $100 a month). [5]
[edit] References
- ↑ "Gold Producers - 2000 Season". Placer Companies in Mongolia. Placer Stockfile.
- ↑ “Economy and Trade as of end 2006”. Embassy of Mongolia, Washington D.C. Accessed July 2008.
- ↑ Mongolian National Mining Association. Accessed July 2008.
- ↑ "Gold Producers - 2000 Season". Placer Companies in Mongolia. Placer Stockfile.
- ↑ Mongolia's gold rush: blessing or curse?. Osnos, Evan. Chicago Tribune. May 13, 2007. Accessed July 2008.
