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Tax rate for the full 15% of all sales (product sales to be deducted by the Bank of Mongolia); foreign-funded enterprises in addition to its mining machinery and equipment exempt from VAT and import duties, and other aspects of basic concessions. Investment of more than $ 2 million in gold ore, in stable operating contract signed with the Minister of Finance, in accordance with the scale of the investment to enjoy certain tax benefits; (3) placer gold mining project. Development of mineral resources pay the standard fee of 7.5% of the total sales amount, the vein gold remained at 2.5%. In November 1998, the Government of Mongolia on gold exports began to impose a 10% export tax. This foreign-run gold mining enterprises dealt a serious blow to foreign mining companies to stop their gold mining operations. To levy export tax on the domestic gold miners have little effect, because the output of the domestic gold mining companies gold must be sold to the Central Bank of Mongolia. 3.3.3 foreign invested enterprises, foreign corporate offices, registration of investment contracts (1) responsible for the affairs of foreign investment from the state organs receive a certificate of foreign-invested enterprises, branches of foreign legal persons, should be registered with the State Administration of Taxation. (2) foreign-invested enterprises, branches of foreign legal modifications to the contract and articles of association, subject to the approval of the state organs responsible for the affairs of foreign investment, the State Administration of Taxation to be registered. (3) Investment contract registration, in accordance with its application by the national authorities in charge of foreign investment affairs, investments notarized copy of the contract to be handled, and the receipt of the application within 10 working days to issue the relevant certificates. 3.4 Investment Protection According to the "Mongolian Foreign Investment Law": 1 foreign investment in Mongolia is protected by the Constitution, the provisions of this Law and other regulations consistent therewith and Mongolia in the international conventions. against the illegal confiscation of foreign investment in the territory of Mongolia. Conditions foreign investors only due to the public interest, according to legal requirements, on the basis of the principle of non-discrimination, and to give foreign investors full compensation before expropriation of their investments. (4) Mongolia International Convention without making other provisions, the amount of compensation expropriation, requisition or announcement expropriation valuation did not hinder the completion of the compensation payment. (5) in Mongolia due to the losses caused by extraordinary circumstances or war to foreign investors, according to solve Mongolia INVESTORS the same conditions. Mining investment conditions and environmental analysis

4.1 Foreign Investment Since 1990, 88 countries around the world more than 4814 foreign companies registered in Mongolia $ 1.44 billion in direct investment agreement, from 2000 to 2005, 80% of the investment has been implemented. The amount of investment by country, mostly Chinese, Southeast Asian countries and the United States. China 39.7%, Canada 13.5%, U.S. 11.4%, South Korea 8.1%, Japan 6%, Russia 3.3%. Geographically, 95.6% in the city of Ulan Bator. Attract and main areas of mining, tourism, infrastructure, agriculture and animal husbandry, commercial, construction and so on. Table 2 2005 main areas of foreign direct investment in Mongolia mining light, kl4.5lm, miner lights, mining light, kl4.5lm, miner lights, mining light, kl4.5lm, miner lights