a) Financial Regulatory Commission established a 15-member Working Group (WG) consisting of representatives from the Ministry of Finance (MoF), Ministry of Mining and Heavy Industry (MMHI), Mongol Bank, and Stock exchange to develop MONVAL and initiate the associated regulatory process. The WG has reviewed MONVAL 2020 and legal report on MONVAL and have been providing their feedback to Financial Regulatory Commission. An international and two local experts under AMEP 2 are assisting the WG and Financial Regulatory Commission. Information and training sessions conducted for the key stakeholders including Financial Regulatory Commission, Mongolian Stock Exchange officials, journalists, and partners in the Natural Resource Governance Institute.  About thirty geologists attended an introductory training on mineral valuation codes and Mineral Resources and Mineral Reserves Code; additional twenty Mongolian Institute of Certified Appraisers certified appraisers learned about international mineral valuation code (IMVAL); MONVAL was shared with the School of Geology and Mining, Mongolian University of Science and Technology.

b) International mineral valuation expert Steve Gemell engaged Mongolian public, private, and civil society partners by sharing international best practice on valuation codes and presenting on topics relating to IMVAL template and Foreign Codes (5 countries). All information and template are made available in Mongolian to assist Financial Regulatory Commission and WG.
a) AMEP 2 stakeholders including MMHI identified a need to develop a comparative assessment report in preparing, receiving, reviewing, and using feasibility studies. Based on the scope and outline provided by MMHI, AMEP 2 experts finished conducting a comparative assessment report on international best practice in preparing, receiving, reviewing, and using feasibility studies.

b) MMHI established a 16-member WG led by Mr. Munkhtur B., Director of Geology and Mining Policy Coordination. The WG includes representatives from AMEP 2, Mineral Resources and Petroleum Authority of Mongolia (MRPAM), Open-Pit Mining Engineers’ Association, Mining Designers’ Association, Geology and Mining School of Mongolian University of Science and Technology, Mining Rescue Unit, Mongolian Mineral Processing Association, and Building Material Manufacturers’ Association. AMEP 2 has been supporting the WG by producing a Feasibility Studies (FS) concept note and a gap analysis done on the existing practice/regulations and international best practices.   

c) Government and professional association officials from MMHI (4), Mongolian Mining Designers’ Association (16), and Minerals Council (10) attended AMEP-led briefing sessions on international best practice of feasibility studies. AMEP 2 also organized round table discussions on the effectiveness of current regulations, challenges, and gaps that should be addressed in the FS review among 30 representatives from public, private, and civil society groups. Points raised in these meetings have been reflected in the revision of regulations.
AMEP 2 has been engaging with the Australian Tax Office (ATO) to initiate strategic cooperation with Mongolian Tax Authority (MTA). An expert from ATO will soon be mobilized to train and work with personnel in  relevant departments in MTA and General Department of Taxation to implement Mongolia’s new transfer pricing rules. 
AMEP 2 geologists entered additional 452 reports of approximate location maps into the Mongolian Geological Cataloguing System at mris.mn. This platform makes Mongolia’s geological, spatial, and geoscience metadata available for public and helps attract international and local investors.  Since its launch in August 2017, a total page view has reached 119,000 of which 13 thousand are domestic and 2,083 are international users representing 64 countries.
Draft guidance will be developed for the national accounting standard for exploration and mining operation. AMEP 2 is in the process of contracting KPMG, a leading audit firm, who will consult the Accounting Department staff at the MoF on the guidance and implementation.