Source: miningweekly.com              Date: 06 October, 2010

The Canadian government will contribute CAD270,000 in funding to support social projects near Centerra Gold's Boroo mine site in north-central Mongolia, its International Trade Minister Peter Van Loan has revealed. The funding, which is being contributed through the Government of Canada's Investment Cooperation program, will support environmental and vocational training and community development initiatives at the Boroo mine.

The two countries are in negotiations towards a foreign investment promotion and protection agreement (FIPA). At the end of 2009, Canadian direct investment in Mongolia totaled CAD601 million. Bilateral merchandise trade between Canada and Mongolia has grown more than 60-fold in the decade between 2000 and 2009, from CAD2.6 million in 1999 to CAD163.8 million in 2009.

A bilateral FIPA would provide greater predictability and certainty for Canadian investors considering investment opportunities in Mongolia, the Canadian government has commented.