In 2024, Mongolia was the world’s third-ranked producer of fluorspar (excluding United States production) accounting for 14% (estimated) of global production and the eighth-ranked producer of mined molybdenum accounting for 1.2% of global production. Other mineral commodities produced in the country included ores of copper, gold, iron, lead, silver, tin, tungsten, and zinc. The mining and quarrying sector (including coal) contributed 28% or \$6.6 billion to Mongolia’s gross domestic product, \$23.6 billion. Mongolia exported most raw materials, including 1.7 million metric tons (Mt) valued at \$3.3 billion of copper concentrates; 11.6 metric tons at \$899 million of unwrought (94% pure) gold; and 7.5 Mt at \$598 million of iron ore. Mongolia imported \$1.3 billion worth of construction materials.
The legislative framework for the mineral sector in Mongolia is provided by the 2014 amendments to the Minerals Law of 2006. Regulations governing the mineral sector included Government Resolution No. 355 of 2019 on artisanal and small-scale mining. Other laws related to the mineral industry included the Law on Nuclear Energy of 2009 and the Law on Investment of 2013. Under the Ministry of Industry and Mineral Resources, the Mineral Resources and Petroleum Authority of Mongolia regulates laws applicable to the mineral industry. The National Geological Survey produces the country’s geologic maps. The Geological Center for Research and Analysis performs geologic research. Major mining companies in Mongolia were either owned by the Government, such as Erdenet Mining Corp. (copper and molybdenum) and Mongolrostsvetmet LLC (fluorite and iron ore), or by joint ventures of foreign companies and the Government of Mongolia, such as Oyu Tolgoi LLC (copper and gold) (66% owned by Rio Tinto).
Two foreign mining companies advanced their mining projects. Mongolian Minerals Pte Ltd. of Hong Kong continued to develop fluorspar deposits in in Dornogovi Aymag with three mining and two exploration licenses. Erdene Resource Development Corp. of Canada discovered a new gold prospect west of the Zuun Mod molybdenum-copper deposit in southwestern Mongolia.
