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Data Collection Survey on Copper Industry Sector in Mongolia Final Report

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Data Collection Survey on Copper Industry Sector in Mongolia Final Report Mongolia Ministry of Mining DATA COLLECTION SURVEY ON COPPER INDUSTRY SECTOR IN MONGOLIA FINAL REPORT October 2014 Japan International Cooperation Agency（JICA） Mitsubishi Materials Techno Corporation Mitsubishi Research Institute, Inc. I L Sumiko Resources Exploration & Development Co., Ltd JR 14-111 DATA COLLECTION SURVEY ON COPPER INDUSTRY SECTOR IN MONGOLIA FINAL REPORT Table of Contents Table of Contents List of Figures, Tables and Photos List of Abbreviations Chapter 1.Introduction ......................................................................................................................... 1-1 1.1 Background of the Survey ...................................................................................................... 1-1 1.1.1 Outlined State of Mining Industries in Mongolia ......................................................... 1-1 1.1.2 Copper Resources in Mongolia ..................................................................................... 1-3 1.2 Purpose of Survey................................................................................................................... 1-5 1.3 Principle for the Execution of the Survey .............................................................................. 1-5 1.4 Flow of Survey ....................................................................................................................... 1-6 1.5 Survey Organization ............................................................................................................... 1-8 1.5.1 Counterpart ..................................................................................................................... 1-8 1.5.2 Survey Team Member .................................................................................................... 1-8 1.6 Survey Schedule ..................................................................................................................... 1-9 Chapter 2.Potential of Copper Industry and Copper Resources in Mongolia .................................... 2-1 2.1 Copper Industry Overview in Mongolia ................................................................................ 2-1 2.2 Outlines of Existing Copper Mines ....................................................................................... 2-2 2.2.1 Erdenet Mine .................................................................................................................. 2-2 2.2.2 Oyu Tolgoi Mine ............................................................................................................ 2-9 2.3 Development Plan of New Mine ......................................................................................... 2-22 2.3.1 Outlined State on Development of Tsagaan Suvarga Deposit .................................... 2-22 2.4 Potential of Copper Resources ............................................................................................. 2-28 2.5 Present State on Dressing and Processing of Copper Ore ................................................... 2-32 2.5.1 Hydrometallurgic Smelting .......................................................................................... 2-32 2.5.2 Other Copper Industries ............................................................................................... 2-35 Chapter 3.Outlook of the World Copper Demand and Supply ........................................................... 3-1 3.1 Current Copper Supply and Demand Analysis ..................................................................... 3-1 3.1.1 Supply Side ..................................................................................................................... 3-1 3.1.2 Demand Side ................................................................................................................ 3-11 3.1.3 Change of Copper Price ............................................................................................... 3-15 3.2 Outlook of World Copper Demand and Supply and Copper Price ..................................... 3-16 3.2.1 World Economic Outlook ............................................................................................ 3-16 3.2.2 Copper Demand Outlook ............................................................................................. 3-17 DATA COLLECTION SURVEY ON COPPER INDUSTRY SECTOR IN MONGOLIA FINAL REPORT 3.2.3 Copper Mine Production Outlook ............................................................................... 3-19 3.2.4 Copper Price Forecast .................................................................................................. 3-20 3.3 Current Conditions of the Securing of Chinese Copper Raw Materials ............................. 3-22 3.3.1 Domestic Copper Supply ............................................................................................. 3-23 3.3.2 Overseas Mine Investment and Import of Foreign Copper Ore ................................. 3-26 3.3.3 Refined Copper Production and Constituent of Raw Materials ................................. 3-26 3.3.4 Outlook of Securing Copper Raw Materials in China ................................................ 3-27 Chapter 4.Copper Supply-Demand, Import-Export in Mongolia....................................................... 4-1 4.1 Copper Supply and Export of Mongolia................................................................................ 4-1 4.1.1 Trace of Refined Copper ................................................................................................ 4-1 4.1.2 Estimation of Refined Copper Production .................................................................... 4-2 4.1.3 Production of Copper Concentrates ............................................................................... 4-2 4.1.4 Forecast on Production of Copper Concentrate ............................................................ 4-7 4.2 Copper Demand and Import in Mongolia ........................................................................... 4-11 4.2.1 Importation ................................................................................................................... 4-11 4.2.2 Demand ......................................................................................................................... 4-12 Chapter 5.World Major Copper Mines and Overview of Copper Producing Organizations ............ 5-1 5.1 Major Copper Mines in the World ......................................................................................... 5-1 5.2 Overview of World Copper Producing Organizations .......................................................... 5-8 5.2.1 Major Companies ......................................................................................................... 5-14 5.2.2 Foreign Investments by the Japanese Companies ....................................................... 5-20 5.2.3 Foreign Investments by the Chinese Companies ........................................................ 5-22 5.3 Major Issues for Smelters ..................................................................................................... 5-24 5.3.1 Revenues and Costs...................................................................................................... 5-24 5.3.2 Technical Aspects ......................................................................................................... 5-32 5.3.3 Chinese Smelters .......................................................................................................... 5-35 Chapter 6.Mineral Resources Policy and Related Statute of Mongolia ............................................. 6-1 6.1 Policies of Mining Development ........................................................................................... 6-1 6.2 Minerals Law .......................................................................................................................... 6-3 6.2.1 Amendment of the Minerals Law in 2011 ..................................................................... 6-5 6.2.2 Amendment of the Minerals Law in 2014 .................................................................... 6-5 6.3 Issues on Designation of Strategic Deposit ........................................................................... 6-6 6.3.1 Significance of Designation of Strategic Deposit ......................................................... 6-6 6.3.2 National Management and Control of Mines by Capital Participation ........................ 6-7 6.3.3 Capital Participation to Mine having a Large Risk by the Government ...................... 6-7 6.3.4 Management and Control of Mine without Capital Participation ................................ 6-8 6.4 Outline of Copper Program .................................................................................................... 6-8 6.5 Investment Policy ................................................................................................................... 6-9 DATA COLLECTION SURVEY ON COPPER INDUSTRY SECTOR IN MONGOLIA FINAL REPORT 6.5.1 Foreign Investment Policy ............................................................................................. 6-9 6.5.2 Investment Law .............................................................................................................. 6-9 6.5.3 Investment Fund Law................................................................................................... 6-10 Chapter 7.Development of Copper Industries in Mongolia ...............................................................
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