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Mongolia to open precious metal testing laboratories to increase gold reserves

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ULAN BATOR, Sept. 14 (Xinhua) — Mongolia said it will open two laboratories for precious metal testing within the next month, an effort to increase the country’s gold reserves, the central bank’s spokesperson said Friday.

“Gold miners and individuals are able to check their gold purity in the two laboratories quickly,” Ariun Dagva said, adding that it will also save miners’ time and money.

The landlocked country launched a five-month campaign in June to encourage gold miners and individuals to sell their gold to the central bank and commercial banks to increase gold reserves.

According to the Bank of Mongolia, the country’s annual gold production has remained below 21 tons since 2005, the year when it reached a record high of 25 tons.

The central bank has purchased 12.2 tons of gold from legal entities and individuals during the first eight months, same as the amount of the January-August period in 2017.

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