ULAN BATOR, Oct. 3 (Xinhua) -- Mongolia has set a goal of earning one billion U.S. dollars from the gold sector in coming years, the country's Minister of Mining and Heavy Industry Dolgorsuren Sumiyabazar said Tuesday.

Sumiyabazar made the remarks in a speech delivered at the opening ceremony of a meeting discussing the current situation of the Mongolian gold sector, challenges facing gold miners and investment in the industry.

To achieve the goal, the Ministry of Mining and Heavy Industry is planning to implement a policy to shift from placer gold mining to lode deposits in the coming five years as placer deposits are close to exhaustion, he said.

According to the country's central bank, gold miners submitted 20.01 tons of gold to the central bank in 2017, contributing about 800 million dollars to the state budget.