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The Mineral Industry of Mongolia in 2014

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The Mineral Industry of Mongolia in 2014 2014 Minerals Yearbook MONGOLIA U.S. Department of the Interior October 2017 U.S. Geological Survey THE MINERAL INDUSTRIES OF MONGOLIA By Sean Xun Mongolia is a landlocked country located between China Government Policies and Programs and Russia. The vast territory of Mongolia has rich mineral deposits, including copper, coal, gold, and uranium. The mineral The Mineral Resources Authority of Mongolia is the sector plays an important role in the country’s economy. The Government agency that oversees the mining sector, provides Oyu Tolgoi copper mine and the Tavan Tolgoi coal mine are assistance and support in developing the state’s policy for the Mongolia’s world-class mining projects under development. mining industry, provides services to businesses and investors, In 2014, mineral materials produced in Mongolia included and implements the Minerals Law and related legislation cement, coal, copper, crude oil, fluorspar, molybdenum, (Mineral Resources Authority of Mongolia, 2015). and silver (table 1). On January 16, a new State Minerals Policy (the Minerals Policy) was adopted by the Mongolian Parliament. The purpose Minerals in the National Economy of this policy is to improve the stability of the investment environment; to improve the quality of mineral exploration, According to the National Statistical Office of Mongolia, mining, and processing; to promote advanced technology; and preliminary estimates of the 2014 real gross domestic product to make the mining sector more competitive on the international (GDP) indicated an increase of 7.8% compared with that of market. The Government expected that implementation of this 2013; the rate of growth in 2014 was lower than that of 2013 policy would lead to more openness and transparency of state (11.6%). Growth in the mining sector, which contributed 17.6% organizations and state-owned companies. Plans for gradual of the GDP in 2014, remained robust, expanding by 19.1% privatization of state-owned companies in the mining sector compared with that of 2013; the rate of growth of the mineral were outlined in the policy. The Minerals Policy was expected to sector in 2013 was 18.5%. Strong mine production overall was serve as the basis for amendments to the existing Minerals Law attributed to increased copper production at the new Oyu Tolgoi and other laws relating to the mining sector (Allens, 2014a). (OT) Mine despite the decrease in coal production owing to On July 1, amendments to the Minerals Law of Mongolia the decline in coal prices. Growth in the nonmining sectors, (the Amendments) and several new laws relating to the mining however, registered lower rates in 2014 owing to contraction sector were passed by the Mongolian Parliament. One of the in the construction and the wholesale and retail sectors. The laws lifted the ban on the issuance of new exploration licenses, agriculture, forestry, and fishing sector, which contributed 14% which had been in place since 2010, and was intended to to the GDP, expanded by 13.7% in 2014 compared with 19.2% encourage investment and exploration activity in the country. in 2013, and the manufacturing sector, which contributed 10.6% The Amendments proposed the establishment of a National to the GDP, expanded by 4.6% in 2014 compared with 10.3% in Geology Office to collect and maintain mining-related 2013 (World Bank, The, 2014, p. 7; National Statistical Office information in support of the development of Mongolia’s mining of Mongolia, 2015b). sector (Allens, 2014b). In 2014, 71,565 people were employed by the country’s On July 1, a revised version of the Law of Mongolia on industrial sector compared with 73,014 in 2013. The mining and Petroleum (the Petroleum Law) was adopted by the Parliament quarrying sector employed 25,263 people in 2014 compared of Mongolia. The Petroleum Law replaced the previous with 26,705 in 2013; 12,457 were engaged in the mining of metal petroleum law, which was enacted in 1991, and identified ores compared with 13,197 in 2013, 8,247 were engaged in the just three types of petroleum-related activities—research, mining of coal and lignite and the extraction of peat compared exploration, and extraction—while the old law had seven with 8,384 in 2013, 2,798 were engaged in the extraction of crude categories—exploration, preservation, production, processing, petroleum compared with 2,712 in 2013, and 1,761 were engaged transportation, storage, and trade. In addition to simplifying the in other unspecified mining and quarrying compared with 2,412 in categories, the licensing procedure was also modified to reduce 2013 (National Statistical Office of Mongolia, 2015a, p. 18). complexity. Obtaining a license is a more complicated process From 2010 to 2012, total investment in the country increased than obtaining permission, and is required for exploration by an average of 38% annually and was a primary driver of and extraction activities for oil and unconventional oil. For economic growth, and foreign direct investment was a major such activities as research, storage, and transportation, the source of financing for investment. Total investment, however, Government only requires operators to obtain permission, decreased by 35.4% in 2013 compared with that of 2012, which is a simple approval process. The revised Petroleum Law followed by a more significant decrease of 73.6% in 2014. The represents another positive measure adopted by the Government sharp decreases were owing to the completion of the Oyu Tolgoi to attract more foreign and domestic investment in the Mine in 2012. In 2014, investment in the mining and quarrying petroleum sector. In addition, in 2013 the Parliament adopted sector accounted for 14% of the country’s total investment the Law of Mongolia on Investment, which became effective on compared with 46% in 2013 and 50% in 2012 (World Bank, The, July 20, 2014, and was also intended to encourage investment in 2014, p. 8; National Statistical Office of Mongolia, 2015a, p. 8). the mining sector (Woolley and Odkhuu, 2014). Mongolia—2014 17.1 Production in 2013, 6,327 t of refined copper and copper alloy valued at $41.9 million compared with 2,201 t valued at $16.1 million In 2014, cement production increased by 59% compared with in 2013, and about 4,000 t of molybdenum ore and concentrate that of 2013 owing to operations resuming at the country’s largest valued at $35.7 million compared with about 4,000 t valued at cement plant, the Khutul plant, which had been refurbished over $29.5 million in 2013 (National Statistical Office of Mongolia, a 1.5-year period. Fluorspar production increased by 65%; crude 2015a, p. 57–61). petroleum, by 44%; copper (mine output), by 34% owing to the In 2014, China received 100% of Mongolia’s exports of coal, first full year of operation at the Oyu Tolgoi Mine; silver (mine copper concentrate, iron ore, and zinc ores and concentrate; 74% output), by 34%; gold (mine output), by 29%; crude steel, by of molybdenum ores and concentrate; and 46% of fluorspar ores 15%; and molybdenum (mine output), by 10%. Production of and concentrate. The remainder of the exports of fluorspar ores coal, decreased by 16% compared with that of 2013 owing to and concentrate mainly went to Russia (52%), and the remainder decreased demand from China. Production of salt (mine output) of the exports of the molybdenum ores and concentrate mainly decreased by 15%, and that of zinc (mine output) decreased by went to the Republic of Korea (22%). The leading import 10% (table 1; National Statistical Office of Mongolia, 2015a, partners and their share of Mongolia’s mineral exports remained p. 118–119). unchanged from 2013 to 2014 (National Statistical Office of Mongolia, 2015a, p. 60). Structure of the Mineral Industry Imports to Mongolia were provided by a few countries. In Table 2 is a list of the major mineral industry facilities 2014, China provided 34% of Mongolia’s imported goods in operating in Mongolia in 2014. The locations and production terms of value; Russia, 30%; Japan, 7%; and the United States, capacities of these facilities are also provided. Most of the 4%. The value of imported mineral products amounted to producing mining companies in Mongolia were owned jointly by $1.46 billion, or 28% of total imports. The leading imported private international companies and the Mongolian Government, mineral products were fuel and cement, which were valued at whereas some were state owned and some were wholly owned $1.1 billion and $91.6 million, respectively, in 2014 compared by foreign investors. with $1.37 billion and $97.8 million, respectively, in 2013 (National Statistical Office of Mongolia, 2015a, p. 62–66). Mineral Trade Commodity Review In 2014, the total value of trade was about $11 billion with a trade surplus of $537.9 million. In comparison, the total value of Metals trade in 2013 was $10.6 billion with a deficit of about $2 billion. Exports were valued at $5.77 billion in 2014, representing a 35% Copper and Gold.—On January 24, 2012, Rio Tinto plc increase compared with that of 2013; imports were valued at obtained a controlling interest in Turquoise Hill Resources Ltd., $5.24 billion, representing an 18% decrease compared with that which held a 66% interest in Oyu Tolgoi LLC (OT). The Oyu of 2013. China was the leading recipient of Mongolia’s exports in Tolgoi copper and gold mine is located in the South Gobi region terms of value, accounting for about $5.07 billion compared with and was being developed by OT. At the end of 2014, Rio Tinto $3.71 billion in 2013; the United Kingdom followed, accounting had a 50.79% interest in Turquoise Hill and, therefore, a 33.5% for $399 million, and Russia accounted for $61.7 million indirect interest in the Oyu Tolgoi project.
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