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Thanks for responding, Byambajav. I wish that I could be here and that we could meet, but my contract has only provided for a few weeks in the country at this time. It has been a very intensive period of work and learning. Much has changed since 1997 and 1998 when I was last here as an advisor to Malaysia Mining Corp. Bhd. investigating gold investment possibilities and the risks as perceived at the time. Overall, I am very pleased with how policy has developed. As the gold price recovers and with stability, transparency and clarity of legislation, it will be possible to attract the $110/sq km, or so, of exploration annually which Western Australia has found necessary to sustain and grow the gold industry and its contribution to the economy. 

An excellent post. I am currently in UB as the gold sector advisor for a gold development strategy that is being developed under a project managed by Adam Smith International on behalf of the Australian government. If you were here it would be great to meet and discuss the issues.

Terrific post, Byamba. These CDAs and Impact-Benefit-Agreements etc are really very interesting and Mongolia is a fascinating place to watch them take root (or not). Thanks for providing an overview here and pointing to some of the challenges regarding transparency and governance that remain.