Australia - Mongolia mining industry cooperation
18 March 2014
Mongolian Foreign Minister Luvsanvandan Bold and I today announce a five-year, $20 million program to assist the sustainable development of the resources sector in Mongolia.
Like Western Australia, Mongolia's economy is driven by mining and resources. The Australia-Mongolia Extractives Program will utilise Australian expertise in Mongolia to help ensure the benefits of the mining sector are spread across its entire population.
Whether in Australia or Mongolia, private-sector led growth is key to a growing economy.
Releasing Mongolia's fledgling mining industry from a failed mining tax has greatly benefited the economy. Australia is pledging to support the Mongolian Government with financial assistance and expertise that will improve governance in the mining sector, opening their economy up to international investment and development opportunities.
The program will also improve access to technical and vocational education and training in disadvantaged communities in Mongolia so they are better equipped to gain employment in the mining industry.
I welcome Foreign Minister Bold to Australia - the first by a Mongolian Foreign Minister to Australia in over twenty years. The visit will provide the opportunity to discuss our countries' expanding partnership and how Australian investment in major mining projects like Rio Tinto's Oyu Tolgoi can help boost the Mongolian economy.
During Foreign Minister Bold's visit Australia and Mongolia will sign a Memorandum of Understanding on Consular Cooperation.
The Australian Government's existing $5 million partnership with the World Bank is also presently helping to strengthen management of groundwater resources in the southern Gobi region.
- Minister's office: (02) 6277 7500
- DFAT Media Liaison: (02) 6261 1555