Mongolia
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EITI Status
EITI Status:
Compliant country
Compliant since
Compliant since:
19 October 2010
Webpage
Webpage:
Extractive Industries
Mongolia's mining sector is a major contributor to the national economy. According to the Ministry Resources Authority of Mongolia, mining represented 30 % of GDP and 81 % of exports in 2010. Major exports include copper, gold, molybdemum, coal, and fluorspar concentrates. The Oyu Tolgoi copper and gold project is expected to account for one third of GDP by 2020. The implementation of the EITI is playing a key role in strengthening resource revenue management and transparency.
Eiti Reporting
The country produces EITI Reports that disclose revenues from extraction of its natural resources. Companies disclose what they have paid in taxes and other payments and the government discloses what it has received. These two sets of figures are compared and reconciled
The 2011 EITI Report was published in December 2012.
EITI Implementation
Mongolia published its 2011 report on 7 December; it has also developed a mid-term strategy (2010-2014), which include broader objectives such as expanding the EITI to revenue disbursement, licensing, natural reclamation costs and contract transparency.
Innovations
Mongolia’s EITI Reports are highly comprehensive. They include a good overview of the extractive sector, including number of deposits, production figures by commodity and a map of current oil exploration and production activities. The reports disclose revenues collected at provincial and local levels, including fines and environmental remediation costs, and social payments and donations. The 2010 EITI Report also included a survey of IFRS application by companies, indicating which companies have been audited in accordance with IFRS and the name of the audit firm. Basic information about licenses and license holders are included in the report.