Monday, March 26, 2007

Mongolia Mining Less Attractive

Unfortunately, this was the perfectly predictable result of last year's "Windfall Tax" on mining companies:

"TORONTO, March 5 /PRNewswire/ - The attractiveness of Mongolia for mineral exploration has dropped significantly in the eyes of mining executives, according to the Survey of Mining Companies 2006/2007, released today by independent research organization The Fraser Institute. Mongolia's ranking fell significantly, dropping to 62nd from 33rd last year, reflective of the regulatory difficulties and lack of openness experienced by mineral exploration companies operating in Mongolia in the past year.

"'Our experience with the survey has shown that above all, mineral exploration companies value stability and certainty when it comes to government policy,' said Fred McMahon, co-ordinator of the survey and the institute's Director of Trade and Globalization Studies."

-Mongolia Web

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