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Mongolia

Open in the explorerOrganisations (10)Events

Production, refining and reserves

CommodityMetricValueWorld rank · shareSource
CopperMine production 2022284,000 t Cu content#17 · 1%USGS Minerals Yearbook 2022 (copper), table 20
FluorsparMine production 20251.5 million t fluorspar#3 · 15%USGS MCS 2026
FluorsparReserves 202534 million t fluorspar#4 · 10%USGS MCS 2026
TinMine production 202391 t Sn content#20 · 0%USGS Minerals Yearbook 2023 (tin, tables-only release), table 9
TungstenMine production 2021120 t W content#11 · 0.1%USGS Minerals Yearbook 2021 (tungsten), table 15
TungstenReserves 20204,300 t W content#7 · 0.1%USGS MCS 2021
ZincMine production 202360,000 t Zn content#20 · 0.5%USGS Minerals Yearbook 2023 (zinc, tables-only release), table 16
MolybdenumMine production 20254,200 t Mo content#8 · 2%USGS MCS 2026
MolybdenumReserves 202510,000 t Mo content#13 · 0.1%USGS MCS 2026
UraniumResources 2023144,600 t U content#12 · 2%NEA/IAEA Red Book 2024 (Uranium 2024), Table 1.2a, <USD 260/kgU

Policies and export measures

Policy tracker →

  • 2023-06-27 · agreement

    United States-Mongolia Memorandum of Understanding on mineral resource sector development and governance

    Bilateral MoU on cooperation in developing and governing Mongolia's mineral resource sector, cited in the US-Mongolia Strategic Third Neighbor Partnership joint statement. In that statement both sides recognise the importance of critical minerals to global supply chains and also refer to a June 2023 US-Mongolia-Republic of Korea trilateral dialogue on Mongolia's mining sector.

    Source: The White House (archived, bidenwhitehouse.archives.gov)

Trade in critical minerals

Exports 2024$3.9 bn

  1. Copper$3.4 bnto China 100%, South Korea 0%, Germany 0% · 3 more
  2. Fluorspar$181 mto China 92%, Indonesia 4%, Japan 2% · 8 more
  3. Molybdenum$130 mto China 74%, South Korea 14%, Thailand 12%
  4. Zinc$111 mto China 100%
  5. Lead$39 mto China 100%
  6. Aluminium$14 mto China 100%
  7. Tungsten$7 mto China 94%, United States of America 6%, South Korea 0%
  8. Tin$3 mto China 77%, Malaysia 23%, South Korea 0%

and 3 more commodities

Imports 2024$5 m

  1. Chromium$3 mfrom China 100%
  2. Manganese$2 mfrom China 100%
  3. Aluminium$367 kfrom Uzbekistan 100%, Türkiye 0%, India 0%
  4. Silicon$352 kfrom China 100%
  5. Barite$126 kfrom China 100%
  6. Lithium*$38 kfrom China 97%, South Korea 3%
  7. Rare earths$33 kfrom China 76%, Hungary 7%, Germany 7% · 4 more
  8. Alumina$17 kfrom Denmark 53%, China 39%, Italy 8%

and 6 more commodities

Trade values in current US dollars (ores, concentrates, intermediates, chemicals and refined metal), not prices. * Includes HS codes that also cover other products. Source: CEPII BACI (HS22), Etalab Open Licence 2.0 — details.

Fiscal regime for mining

InstrumentApplies toRateLegal basis
RoyaltyAll mineralsBase royalty on all minerals (coal sold/used domestically 2.5%); gold sold to the Bank of Mongolia or authorised banks 5% with no surtax5%sales value (international monthly average market price for exports; domestic market price for local sales; declared sales revenue if no benchmark)Ашигт малтмалын тухай хууль (Minerals Law of Mongolia, 2006 revised), Art. 47 as restated by the law of 22 Nov 2019 · Art. 47.2-47.3in force 2019-11-22
Corporate income tax (mining)enacted not in forceAll mineralsMarginal scale as rewritten by the law of 26 Jun 2026, applying from 1 Jan 2027: 10% on income up to MNT 6 billion; MNT 600 million + 15% on income from 6 to 10 billion; MNT 1.2 billion + 25% on income above 10 billion10-25 sliding scaletaxable annual income (Arts. 18.2-18.5)Аж ахуйн нэгжийн орлогын албан татварын тухай хууль (Law on Corporate Income Tax, revised 22 Mar 2019), as amended · Art. 20.1in force 2027-01-01
Windfall / resource-rent taxCopperSurtax added to the 5% base by copper price (USD/t) and processing level: none below 5,000; ore 22%-30%, concentrate 11%-15%, metal 1%-5% in USD 1,000 steps from 5,000 to >= 9,000 (so copper concentrate at >= USD 9,000/t pays 5% + 15% = 20%)1-30 sliding scalesales value (international monthly average market price for exports; domestic market price for local sales; declared sales revenue if no benchmark)Ашигт малтмалын тухай хууль (Minerals Law of Mongolia, 2006 revised), Art. 47 as restated by the law of 22 Nov 2019 · Art. 47.5 (table item 1)in force 2019-11-22
Windfall / resource-rent taxZinc, Molybdenum, Iron ore, Tungsten, Fluorspar, Tin, GoldSurtax added to the 5% base by price: zinc up to +5% ore / +4% concentrate / +2% metal (>= USD 3,500/t); molybdenum up to +5% (>= USD 55,000/t); iron ore up to +5% ore / +3.5% concentrate (>= USD 100/t); tungsten concentrate up to +4% (>= USD 45,000/t); fluorspar up to +5%; tin up to +5%; gold (not sold to the central bank) up to +5% at >= USD 1,300/oz1-5 sliding scalesales value (international monthly average market price for exports; domestic market price for local sales; declared sales revenue if no benchmark)Ашигт малтмалын тухай хууль (Minerals Law of Mongolia, 2006 revised), Art. 47 as restated by the law of 22 Nov 2019 · Art. 47.5 (table items 2-9)in force 2019-11-22
OtherAll mineralsTax on income where the ultimate owner of a holder of a licence for a mineral deposit of strategic importance transfers land rights, mineral, radioactive-mineral or petroleum licences (in whole or part), including via gift or inheritance of shares; other such transfers 10% (Art. 30.10.2); to be paid within 30 days30%taxable income from the transfer of rightsАж ахуйн нэгжийн орлогын албан татварын тухай хууль (Law on Corporate Income Tax, revised 22 Mar 2019), as amended · Art. 30.10.1in force 2024-04-19

Rates and terms as set in the cited law or regulation; agreements with individual projects can differ. Not legal or tax advice.

Deals and financing (3)

  1. 2025-01-17 · Joint venture · signed · US$1,600 m

    Orano (via Badrakh Energy, JV with MonAtom) → Government of Mongolia; MonAtom Group · Zuuvch-Ovoo and Dulaan Uul/Umnut uranium deposits (Dornogovi)

    Orano signed an investment agreement with the Mongolian government for Badrakh Energy, its joint venture with state-owned MonAtom, to develop the Zuuvch-Ovoo uranium deposit, with about USD 500 million initial investment and USD 1.6 billion over the mine life.

    official release

  2. 2023-10-12 · Joint venture · announced

    Orano → Government of Mongolia · Zuuvch-Ovoo uranium project (Badrakh Energy)

    Orano signed a protocol with Mongolia at the Elysée Palace for the development and operation of a uranium mine project in Mongolia, ahead of an investment agreement.

    official release

  3. 2023-02-12 · Acquisition · announced · US$20 m

    Sinomine Resource Group → Lithium Century LLC and its owners · URT lithium project (Tuv province)

    Sinomine signed a binding investment framework agreement to acquire 51% of the URT lithium project in Mongolia's Tuv province through purchase and capital increase for a total of USD 20 million.

    official release

Mines and facilities (11)

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