The mining sector accounts for 18.5 percent of Mongolia’s gross domestic product (GDP), 66 percent of its industry, 83.2 percent of overall exports, 17.5 percent of contributions to the state budget and 81 percent of foreign investment. As of the first half of 2014, Mongolia’s mining industry exploited 479,900 tons of copper concentrates, 11.7 million tons of coal, three tons of gold, 159,500 tons of fluorite concentrates, 2.7 million tons of iron ore, 46,800 tons of zinc concentrates, and 3.6 million barrels of petroleum. The production of copper concentrates, iron ore, fluorite concentrates and petroleum increased by 57.4 percent, 17.5 percent, 17.1 and 53.4 percent respectively from figures from the same period of 2013.
Within the first half of 2014, 481.2 billion MNT was added to the State Budget from taxes in the mining sector.
In the first and second financial quarter of 2014, Mongolia’s mining industry exported 9.4 million tons of coal, 583,500 tons of copper concentrates, 1,700 tons of molybdenum concentrate, 2.5 tons of gold, 138,400 tons of fluorspar, 2.6 million tons of iron ore, 45,400 tons of zinc and 3,400 barrels of petroleum.
Exports of zinc concentrates and petroleum increased by 34.5 percent and 39.4 percent respectively.
In the same period, gold trade at the Central Bank of Mongolia was about 4.1 tons, up by 65.5 percent from 2.5 tons traded in 2013. This increase is attributed to changes made to the Minerals Law to increase gold trade transparency.
Mongolia plans to produce and export 5.85 million barrels (782,600 tons) of petroleum this year, and has produced 3.6 million barrels (488,000 tons) and exported 3.4 million barrels (458,000 tons) of petroleum as of July 16. This puts completion of the industry’s plans at 58.63 percent.
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