Sharon McCutcheon via Unsplash CC0IMF provides 4th loan facility
The 4th loan facility is agreed.
All timeline events.
Brücke-Osteuropa via Wikimedia CC0Ivanhoe Mines discovers extent of deposits
Ivanhoe Mines drills hole ‘OTD-150’ and confirms the extent of high grade copper and gold deposits, and for the first time indicates the scale of the deposits.
Brücke-Osteurop via Wikimedia CC0Ivanhoe Mines becomes involved
Mining company Ivanhoe Mines signs an option agreement with BHP and in May 2000 Ivanhoe Mines secures 98% of the Oyu Tolgoi exploration license[1].
EITI - Wouter Biesterbos via Flickr CC2.0Mineral Law of 1997
This Mineral law, developed with support from the World Bank, passes and provides lax regulations on obtaining exploration licenses and promotes private sector participation and foreign investment. It opened the door to international mining actors.
Enrique Mendizabal via Flickr CC2.0Mongolia joins WTO and IMF loan facility agreed
The third IMF loan facility is agreed upon after Mongolia joins the World Trade Organisation (WTO)[1]. Read more
Brücke-Osteuropa, via Wikimedia CC0BHP finds copper deposit at Oyu Tolgoi
BHP Minerals International Exploration Inc. obtains licenses to explore for copper and gold in the South Gobi Desert and finds porphyry copper deposits at Oyu Tolgoi[1].
Third World Bank project
Mongolia receives USD 35 million for a coal project.
Peshkova via ShutterstockAmended Foreign Investment Law is passed
The amendment encourages foreign investment and protects the rights and property of foreign investors in Mongolia[1], removing restrictions on profit transfers, exemption from customs duties and sales tax and provision of tax holidays. Later amendments (2001, 2002) removed export taxes, and included more investment stability and tax exemption for 10-15 years. This was followed by similar laws in the next three years. 1994: Securities Law; 1995: Introduction of the Stock market, and in 1996 the Banking Law.
[1] http://forum.mn/pdf/mining/foreign_investment.pdf, retrieved 7 September 2018
Jasmine Halki via Flickr CC2.0 Second World Bank project
USD 20 million for an ‘economic transition project ’[1] that guides Mongolia from a state-economy to an open market.
Pablo Pecora via Flickr CC2.0 Hyper inflation
Inflation is 325.5%