Recent news
EXPENDING MINERAL EXPORTS ANTICIPATED TO FUND EXPANDED STATE BUDGET
In August, the three-party coalition government signed a cooperation agreement titled "Courage for Rapid Development" and unveiled its 2024-2028 action program. This was presented to Parliament for discussion during the last ten days of the month. Additionally, on August 16, the government submitted a draft amendment to the 2024 budget.
Oyu Tolgoi LLC produced 46,884 ounces of gold in concentrate
As of the second quarter of 2024, Oyu Tolgoi LLC produced 52,531 tonnes of copper in concentrate and 46,884 ounces of gold in concentrate. The company presented its Q2 2024 performance scorecard on August 21, during which Chief Executive Officer Deirdré Lingenfelder highlighted the outstanding achievements of the reporting period.
"Tavantolgoi" JSC Presented Its Activity Report for the First Half of 2024
According to the 2024 business plan, "Tavantolgoi" JSC planned to extract 7.5 million tons of coal, export 6.9 million tons, and sell 580 thousand tons of coal domestically. As of the first half of 2024, soil stripping increased by 11.86 million m³, or 112.2%, coal production by 2.33 million tons, or 237.7%, and overburden removal increased by 13.98 million m³, or 129.9% compared to the same period of the last year.
D. KHASHBAT: NEW LITHIUM MINERALIZATION POINTS IN CENTRAL AND WESTERN REGIONS IDENTIFIED
Lithium has emerged as an important mineral in Mongolia’s mining sector, because of increasing global demand. Responding to market trends, both domestic and foreign investors are increasingly focusing on lithium exploration in Mongolia, leading to the discovery of new deposits. To gain insights into this development, I interviewed D. Khashbat, a teacher at the School of Geology and Mining of the Mongolian University of Science and Technology (MUST) and Senior Advisor at Critical Minerals Mongolia LLC.
THE FOURTH INDUSTRIAL REVOLUTION REQUIRES AN ACCOMPANYING REVOLUTION IN HIGHER EDUCATION
It is increasingly evident that the Fourth Industrial Revolution will profoundly alter supply chains, production methods, and distribution networks. Governments worldwide are focusing on this transformation, adapting their policies alongside industrial advancements. Simultaneously, as nations align their economies, scientific endeavors, and educational systems with the Fourth Industrial Revolution, opportunities to maximize profits while minimizing costs are emerging, intensifying global competition.
B. BILGUUN: THE NEW BATTERY ENERGY STORAGE STATION BOOSTS MONGOLIA'S RENEWABLE ENERGY TRANSITION
The government has acknowledged the necessity of an energy transition and has initiated several renewable energy projects. In the initial phase, the First Utility-Scale Energy Storage Project has been launched.
In August 2022, Prime Minister L. Oyun-Erdene and representatives from the energy sector, including the Minister of Energy, participated in the foundation stone laying ceremony for the battery energy storage station project. In December of the following year, the station commenced operations, supplying energy to the central grid. Project Engineer B. Bilguun elaborated on the station's efficiency, built within the project's framework.
Mongolia is set to announce its list of critical minerals this year
Countries are formulating their mining sector policies. This entail decisions on the inclusion of specific minerals in their critical mineral lists that have emerged as essential components of national mining sector strategies.
Professional organizations have been discussing the formulation of Mongolia’s policy d on the minerals to incorporate into the list and drafted initial proposals.
GOLD DEPOSITS THAT HERALD HOPE
The price of gold on the world market has repeatedly reached new historical highs, signaling a promising period for the gold industry. Amidst the global Covid pandemic in 2020, countries closed their borders, and international trade ground to a halt. During this uncertain period, characterized by indefinite curfews and economic instability, Mongolia’s economy became particularly fragile and vulnerable.
G. YONDON: A COPPER CONCENTRATE PROCESSING PLANT WILL ENSURE EFFICIENCY AND REDUCE WASTE
We need to first mention the foundational concept known as the ‘Four Tree Structure’ which initiated the establishment of manufacturing and processing plants. As part of the 2020-2024 Government Action Program, construction of heavy industry plants in various locations with developed infrastructure and proximity to population centers was endorsed by the Parliament on August 28, 2020. These decisions were made at the policy level.
