Yesterday, the Mongolian – French Government signed on the Memorandum of Understanding on “Cooperation in Exploiting Radioactive minerals for the Peaceful purposes”. Inauguration of visit of Anne Lauvergeon, head of French nuclear giant Areva, the Memorandum was signed.

OT IA will be signed today at 15.00. The ceremony will be held at the Grand Hall of the Government House, with attendance of Presdient Ts.Elbegdorj, Speaker D.Demberel, Prime Minister S.Bayar and other senior officials of the Government of Mongolia and civil representatives. The agreement consists of three parts; investment, shareholders and pre-payment.

For about a decade since the mid-1990s uranium exploration in Mongolia by international companies was not subject to any clear national policy or close regulation. In the last few years, however, the Government has sought to exercise more control over the whole mining sector and earlier this year it set up MonAtom to undertake uranium exploration and mining on behalf of the state, as well as to pursue nuclear energy proposals. It will hold the state's equity in uranium and nuclear ventures, under the Mongolian Nuclear Energy Agency.

Mongolian – Russian Governments agreed upon establishing a new JVC “Dornod Uranium”. “Mon-Atom” state owned company is in charge of its investment and funding arrangement. Former MP Mr. Badamdamdin, CEO of “Mon – Atom” shares his information on its operation.

Many investors think that Nuclear Energy Law is against foreign investment. According to an officials, it clearly stated the Government involvement in the ownership of radioactive minerals, their exploitation and classification and the right of the Government of Mongolia. Holders of exploration licenses of uranium think that state control and ownership is too overwhelming according to the law.