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Author: Admin | 2025-04-28
Openness in the sector did become a major concern for policy makers as well as the general public. In order to address these concerns, the mining law of 2006 obliged companies engaged in extractive industries to report their payments to the government. The government launched its Extractive Industries Transparency Initiative (EITI) process in 2007 with IDA support and has become a fully compliant country. IDA support to Mongolia in the mining sector is now focused on using mining-generated fiscal resources for fostering sustainable development in the regions affected by extractive industry activities. IDA is supporting institution strengthening in Mongolia’s mining sector, particularly regulatory capacity with respect to mining cadastre operations, and the effective management of environmental and social issues. Support is also being provided to create the infrastructure necessary for the development of natural resources. Uganda: Over the period of 2004 to 2011, the World Bank, together with the African Development Bank and the Nordic Development Fund invested approximately US$32 million to strengthen the government's capacity to develop a sound minerals sector based on private investments and improvements in selected artisanal and small-scale mining areas. Over the period of 2004 to 2011, annual investment in mining exploration increased significantly from US$5 million in 2004 to US$47 million, with a total cumulative investment over the period of US$329 million. Exports of cement, gold and cobalt (representing about 95 percent of total exports) also increased during the same period, from US$22 million per year in 2004, peaking to between US$250-350 million in 2008 and then reducing to US$120 million at the end of 2010 as commodity prices relaxed. In part because of increased volume and prices of mineral production, but also due to increased government capacity, total fiscal revenues more than doubled over the life of the project. This increase in revenue
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