Mr. B.Nyamtaishir, Chairman of the Policy Committee and President of Mongolyn Alt Company or MAK, feels success in mining depends on “sticking to environmentally sound mining techniques, right from the exploration stage”, choice of the best and most apt equipment, regardless of initial cost, and use of competent and committed human resources.
Even with substantial diversification in mind, Mr. Nyamtaishir does not plan to raise funds at the global capital market. “There are many other ways,” he says, adding, “We are not in favor of involving the public in risks.” Opposing the decision to distribute cash allowances to every citizen, he says it is “imperative for our small population to abandon the mindset of socialist times and expect free food on the table. When the need is for everybody to understand that one has to work hard to improve one’s life in a competitive society, politicians have started talking about the socialist equality system, and promising cash. This is very dangerous.”
The matter of distributing shares is more complex and needs to be considered carefully “if we are not to repeat our experience of keeping blue and pink pieces of paper in the safe that we soon forgot about“. As Mongolians have little understanding of how best to use shares and such market securities, holding on to shares could turn out to be unprofitable.
Regretting that not one power station has been constructed in the last 20 years, Mr. Nyamtaishir says Mongolia has abundant brown coal, used to generate power,“ but the state has failed to make use of this advantage. This has to change as industries cannot develop without electricity and infrastructure.”
Source: The Mongolian Mining Journal
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