Klaus Schwab, executive chairman of the World Economic Forum (WEF) on Monday thanked Mongolian President Tsahia Elbegdorj for hosting a WEF meeting on mineral development.

In a thank-you letter, Schwab expressed his gratitude and congratulated the president for successfully co-organizing with WEF the "Fair Mineral Development" Roundtable that was held June 17-18 in Ulan Bator, according to Mongolian official media reports.

Following up the roundtable, the letter said the WEF will conduct a serious study of the issues raised at the roundtable and will prepare a draft proposal at the 2011 WEF Davos Forum on the development of the world"s mineral sector.