As the global race to secure critical minerals intensifies, Mongolia is quietly positioning itself as a formidable force in the mining sector. Rich in copper, uranium, rare earth elements, gold, coal, and other essential commodities, the country is one of the last untapped mining frontiers in the world. With only 30% of its territory geologically surveyed and just 1% of land licensed for exploration, the upside potential remains vast.

Mongolia's mining industry already contributes 27.3% to national GDP, 93% of total exports, and 81% of all foreign direct investment. Yet, what’s most compelling is the national commitment to harness this potential through infrastructure, reform, and strategic cooperation.

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A Strategic Gateway to Asia

Mongolia’s geography places it at a logistical and economic crossroads. Bordered by China to the south and Russia to the north, the country is a bridge between two of the world’s largest industrial economies. For international mining operators, this presents unparalleled access to markets hungry for energy transition materials.

Mongolia’s proximity to China—responsible for over 60% of global mineral refining—gives suppliers immediate logistical advantages and reduced transport costs. At the same time, emerging rail corridors and cross-border trade routes (such as Tavantolgoi–Gashuunsukhait and the China–Mongolia–Russia economic corridor) are modernising the country’s trade infrastructure, making exports faster and more efficient.

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An Abundance of Untapped Resources

Mongolia holds substantial reserves of:

Copper (24.8 million tonnes)
Coal (33.2 billion tonnes)
Gold (2,080 tonnes)
Uranium (62,100 tonnes)
Rare Earth Elements (16.2 million tonnes)

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This abundance of minerals places Mongolia among the top prospective suppliers of materials critical to the clean energy transition. For international industries, this means long-term supply security and access to a diversified resource base, while for Mongolia, it represents an opportunity to drive sustainable development, industrial diversification, and fiscal independence.

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Industrial Megaprojects Underway

The Government of Mongolia is accelerating value-added processing and industrialisation through nationally significant projects:

Tavan Tolgoi Coal-Washing Plant (Completed Q4 2023): With a processing capacity of 10 million tonnes/year, this facility increases coal export revenue by enabling direct shipment of washed coal to China and reduces transport burdens.
Copper Concentrate Smelting Plant (Under Construction, Commissioning in 2026): Located in Khanbogd, this $1 billion facility will refine 1 million tonnes of concentrate annually, reducing reliance on exports of raw material and boosting national revenue.
Gold Refining Plant (Operational since 2020): Now capable of refining up to 25 tonnes of gold per year, this initiative helps Mongolia retain more value from its precious metals production.
Uranium Development (Zuunbayan & Dornod projects): Mongolia is one of the few Asian countries with advanced uranium extraction capabilities. Collaboration with international nuclear agencies is laying the foundation for future nuclear fuel exports.

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Enabling Reforms & Investor Confidence

To ensure long-term investor engagement, the Government of Mongolia has introduced a package of enabling reforms:

Geological Database Expansion: The state is financing the completion of a national geological survey and online database covering 12 geochemical maps and 26 geophysical zones.
Digital Licensing System: Mongolia has introduced an e-licensing platform (Egazar.gov.mn) to simplify the process of acquiring and renewing mining licenses.
Mining Commodity Exchange (2023): A new centralized platform to ensure price transparency and access for international buyers. More than 1 million tonnes of coal were sold within the first few months of operation.
Tax Incentives & Legal Stability: The Mineral Resources Law ensures tax stability for 10 years and offers customs and VAT exemptions for imported equipment used in production.

These reforms have already attracted over 200 active mining licenses granted to foreign operators.

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A National Push Towards Sustainability

The Mongolian Government has launched a series of sustainability initiatives to align its growth with environmental stewardship:

Green Development Policy (2014–2030): A long-term roadmap targeting clean production, eco-efficient technology adoption, and mine rehabilitation.
“Billion Trees” National Movement: A government-backed programme for nationwide reforestation, partially funded by mining royalties.
Mine Rehabilitation Fund: Mandatory contributions from mining companies now support post-closure rehabilitation projects on state land.
ESG Guidelines for License Holders: Issued in 2022, these guidelines require public reporting on environmental and social impacts.

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Mongolia is also an active participant in global dialogues, including the Extractive Industries Transparency Initiative (EITI) and climate finance forums.

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Conclusion

Mongolia’s mining industry is at a pivotal moment. With abundant resources, growing global relevance, and an ambitious national agenda, the country is positioning itself not just as a producer—but as a partner in shaping the future of responsible, secure, and strategic mineral supply. As global demand intensifies, Mongolia stands ready to lead.

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