Rare earth elements to be newly discovered
The Minister of Mining and Heavy Industry indicated that Mongolia has several undiscovered deposits of gold, copper, uranium, other rare earth elements, lithium, cobalt, and graphite.
The Minister of Mining and Heavy Industry Sumiyabazar Dolgorsuren indicated that Mongolia has several undiscovered deposits of gold, copper, uranium, other rare earth elements, lithium, cobalt, and graphite. Experts expect soar in demand for core components of modern technology, such as copper, uranium, lithium, cobalt, nickel, graphite and other rare earth elements, with growth in the development of renewable energy and production of cutting-edge technology and electric cars. Accordingly, the officials are planning to conduct mineral exploration on over 20 percent of the country, covering a total of 30 million hectares of lands. Currently, a total of 57 million tons of copper reserves, 2,500 tons of gold, around 37 billion tons of coal, 197 thousand tons of uranium reserves have been discovered around the country. The numbers are expected to grow in the future with the upcoming explorations. The Government is planning to build several preparation plants including an oil refinery, synthetic natural gas plant, metallurgical plant, and copper smelter. These plants will apply modern and advanced technologies that are environmentally friendly and low emission. As of 2017, mining sector makes up 86 percent of Mongolia’s total exports, 71 percent of the total industrial output and almost 30 percent of total state budget revenues. Moreover, the government is aiming to develop transparency and responsibility in the mining and heavy industry, increase the country’s wealth fund and developing a balanced, multi-pillar economic structure.