Transparency Snapshot
In December 2005, then Prime Minister Elbegdorj declared Mongolia's intention to increase transparency by implementing the requirements of the Extractive Industries Transparency Initiative (EITI). However, political instability, the growth of artisanal mining, and other factors left the climate for transparency and responsible revenue management uncertain through 2006.
The government overhauled its fiscal regimes in 2006 to allow the collection of greater revenues from the extractive sector. However, the spread of artisanal mining and the attendant challenges to oversight and accurate reporting have hindered the successful implementation of policies to translate mining revenue into improved living standards.
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Extractive Industries
Mongolia's main natural resources are coal, cooper, and gold. The mining industry is Mongolia's largest sector accounting for 55% of industrial output and generating 33% of government revenues. In 2006, revenues from the mining sector accounted for roughly 14% of the country's GDP.
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