This is a best prospect industry sector for this country. Includes a market overview and trade data.
Last Published: 8/9/2017
Plentiful mineral endowments, proximity to large markets in Asia, and general political stability make investing in and selling U.S. mining equipment and services to Mongolia’s mining sector potentially profitable.  In 2016, according to government figures, the mining sector accounted for 21 percent of the GDP, 85 percent of exports, over 30 percent of the national budget revenue, and over 70 percent of the country’s foreign direct investment.  Economic slowdowns among Mongolia’s key regional export partners, particularly China, coupled with government policy missteps have inhibited the sector’s short-term prospects, but there is still strong medium- to long-term potential for U.S. mining goods and services. 
(In Millions USD)
Total Local Production4,3886,127 5,0924,678
Total Exports4,2695,774.34,669.54,046
Total Imports6,3585,236.73,797.23,466
Imports from the U.S.512.7229.5116.555.6
Total Market Size6,4775,590 4,2204,098
Exchange Rate: 1 USD1,5241,8181,9702,130
Data Sources:
Total Local Production:  National Statistics Office of Mongolia
Total Exports:  Bank of Mongolia
Total Imports:  Bank of Mongolia
Imports from U.S.:  U.S. Census Bureau

Leading Sub-Sectors and Opportunities
Two mega-projects represent the promise of Mongolia’s mining sector:  the Oyu Tolgoi copper-gold project (OT) and the Tavan Tolgoi coking coal project (TT).  The OT mine alone contains over 35 million tons of copper and 1,275 tons of gold and will likely drive Mongolia’s GDP growth for at least the next three decades.  At full capacity, OT will produce 450,000 tons of copper a year, close to three percent of world output.  Production at OT started in 2013 and is projected to reach full capacity by 2025.  OT’s $7 billion development of its underground operations will offer ongoing procurement opportunities during the 2017-2022 buildup and for the life of the mine.  Information about OT procurement opportunities.  

At a more preliminary stage than OT, the TT coal basin holds estimated reserves of over six billion tons of high-quality thermal and coking coals.  Although the government of Mongolia has sought international bids on TT’s development for several years, as of mid-2017, the shape and scale of an international development remain under parliamentary review. 

In addition to these two projects, Mongolia continues to explore its significant potential in other mining areas, including but not limited to gold, molybdenum, fluorspar, zinc, tungsten, rare earths, iron, and uranium.  Mongolia ranks fifth among global fluorspar producers, producing both acid and metallurgical grades, with four percent of the world’s total production.  Mongolia’s most common and potentially commercial rare earths are tantalum, niobium, yttrium, thorium, and zircon.

In the mid- to long-term, the Mongolian Ministry of Mining and Heavy Industry (MMHI) and Parliament plan to amend the Mineral Law’s provisions to impose more extensive reclamation requirements for mining projects during the entirety of a mine’s life.  Although amendment details remain under review, MMHI has identified U.S. reclamation practices as a model for Mongolia.  U.S. exporters of mining reclamation goods and services may contact MMHI
Web Resources
Mongolian Resources
American Chamber of Commerce in Mongolia
Bank of Mongolia
Business Council of Mongolia
Customs General Administration    
Embassy of Mongolia, Washington, DC
General Agency for Intellectual Property and State Registration
General Agency for Specialized Inspection    
General Authority for Social Insurance
General Tax Authority of Mongolia
Government of Mongolia    
Ministry of Mining and Heavy Industry
Mongolian Builders Association   
Mongolian National Chamber of Commerce and Industry   
Mongolian National Mining Association
Mineral Resources and Petroleum Authority of Mongolia
National Statistics Office of Mongolia
Oyu Tolgoi Procurement Department
Parliament of Mongolia   

U. S. Resources
U.S. Embassy in Mongolia Commercial
U.S. Embassy, Ulaanbaatar
U.S. Department of Commerce
U.S. Department of Commerce Advocacy Center
U.S. International Trade Administration
U.S. Trade and Development Agency
U.S. Export-Import Bank
U.S. Overseas Private Investment Corporation
U.S. Department of State

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Mongolia Energy Trade Development and Promotion