Recent news
COMPENSATING FOR COAL PRICE DECLINES THROUGH INCREASED EXPORT VOLUMES
On September 17, the National Statistics Committee released social and economic data for the first eight months of 2024. The report indicated that exports from our country reached $10.6 billion, while imports totaled $7.5 billion. During this period, the foreign trade balance recorded a surplus of $3.1 billion, though this figure represents a decrease of $935.6 million compared to the same period last year.
Australia Pavilion & Session at Mongolia Mining Expo 2024
We are excited to invite you to the return of the Australia Pavilion at the Mongolia Mining Expo 2024, the premier event for Mongolia's mining and resources sector! Now in its 13th year, the Expo will take place from October 8 to October 10, 2024, at the Buyant Ukhaa Sport Palace in Ulaanbaatar.
Mineweek & Minepro 2024
The first session of Mining Week 2024, titled "Intersectoral Synergy and Future Trends," has successfully concluded. During this session, industry experts, policymakers, and key stakeholders discussed important policy issues impacting the mining sector.
S.OYUNBAT: WE NEED TO THOROUGHLY EXPLORE THE RARE EARTH MINERALS IN OUR COUNTRY
Rare earth elements are a relatively new topic for our country's mineral sector. However, S.Oyunbat, a Mongolian consultant geologist with a PhD, is quite familiar with these elements. Geo-Info, a consulting company specializing in geo-information and exploration, was established by S.Oyunbat and has been active in the field since 2008. The company discovered the Ulaan Del rare earth element deposit in Uvs aimag. In 2018, the mineralization reserve was presented to the Professional Council of Mineral Resources, discussed, and subsequently registered as a rare earth element (REE) deposit in Mongolia's Mineral Resources Fund.
STUDYING GROUNDWATER MOVEMENT IS IMPORTANT TO PRESERVE THE GOBI ECOSYSTEM
As of 2020, the desertification assessment for Mongolia revealed that 76.9% of the country's total land area, equivalent to 120.3 million hectares, has experienced degradation. Of that, 4.7% is very severely degraded, and 18.6% is severely degraded. Another study also found that between 50% and 70% of the land in Dornogobi, Dundgobi, Umnugobi, Gobi-Sumber, Gobi-Altai, Bayankhongor, Uvurkhangai, and Tuv aimags is affected by desertification and land degradation.
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.
