April 27 (Bloomberg) -- Mongolia, seeking $25 billion to develop metal and coal resources, suspended the issuance of mining licenses and barred the practice of transferring the permits as companies fail to explore for minerals.

President Tsakhia Elbegdorj gave the orders as head of the National Security Council, according to a statement posted on the presidential Web site. The freeze will remain in place until a new law is passed, the statement said, without saying when legislation may come into effect.