Large mining projects in Mongolia attract Chinese companies

Abstract Mongolia and China have complementary advantages and geographical advantages in the cooperation of mineral resources, and become one of the target countries for Chinese mining enterprises to go global. Mongolian Minister of Mining and Heavy Industry Sumiya Bazar attended the China-Mongolia Business Forum parallel project promotion and corporate matchmaking meeting...

Mongolia and China have complementary advantages and geographical advantages in the cooperation of mineral resources, and become one of the target countries for Chinese mining companies to go global.

Mongolian Minister of Mining and Heavy Industry, Sumy Bazar, recently attended the China-Mongolia Business Forum parallel project promotion and corporate matchmaking meeting, saying that Mongolian Prime Minister Huzhe Sukh is increasing Mongolia during his official visit to China. The export volume of national mineral products has received positive response from the Chinese side; Mongolia has exchanged views with the Ministry of Commerce of China on increasing investment in Mongolian coal and turnover. The two sides discussed further cooperation in the mining sector and will provide a wider range of development opportunities for both companies.

It is understood that in 2017, Mongolia’s GDP accounted for 22% of the total; industrial sector total industry accounted for 74% of the total; foreign direct investment accounted for 64% of mining and heavy metallurgy; mining exports It accounts for 90% of total exports, coal accounts for 45%, and its export structure is coal, copper, iron ore, gold and oil.

Mongolia is rich in mineral resources. It has more than 80 kinds of proven minerals and more than 6,000 mines, mainly including coal, copper, gold, lead, zinc, uranium, fluorite, tungsten, graphite and phosphorus. Among them, the proven reserves of mineral resources such as copper, fluorite, phosphorus and coal are among the highest in the world, and many minerals are strategic minerals that are in short supply in China.

Sumiya Bazar said that China is a major trading country of Mongolia, and the main trade products between the two countries include coal and copper. In the future, on the basis of mutual benefit and win-win, Mongolia will further strengthen the construction of trading ports, customs clearance facilities and infrastructure in line with environmental protection requirements and international standards, and work with China to coordinate the development of coal trade. In addition, the Ministry of Mines and Heavy Industry of Mongolia will also set up relevant industrial groups to plan important projects.

It is understood that between 2016 and 2020, Mongolia will invest 12 large-scale mining projects worth 9.3 billion US dollars, and comprehensively solve the infrastructure and power conditions in the project.

In this regard, Sumiya Bazar said that the Mongolian government will implement three major measures to improve the mining investment environment: First, policy support for large-scale mining projects. In 2016, Mongolia issued the “Mongolia Sustainable Development Vision 2030”, which clearly pointed out that it is necessary to rely on mining and heavy industry to implement economic reforms. Under the mining sustainable development policy, the government will strategically support mining projects with broad prospects. The second is to shorten the time for mining production and the time for processing at all levels. The third is to carry out mutually beneficial cooperation with local and local residents. By promoting policy coordination and docking, we will solve the problems encountered by investors and create a good investment environment.

According to the reporter, the entry of foreign capital has turned the output of Mongolia's Oyu Tolgoi (OT mine) several times.

At present, there are 16 strategic mining projects and 36 important mining projects in Mongolia. It is hoped that they can cooperate with foreign governments and enterprises on other projects.

It is understood that the most typical of the large mining projects in Mongolia is the Tamu Tolgoi Coal Mine (TT Mine). The TT mine is one of the largest coal mines in the world, containing 7.4 billion tons of coking coal and power coal reserves. In 2016, TT mine exported a total of 7.7 million tons, accounting for 32% of Mongolia's total coal exports.

Sumiya Bazar said that the quality of coal produced by the TT mine is very high, and only a small part of it is currently exported. In the future, the project will pay more attention to the development of domestic and foreign markets, and solve the production problems by building infrastructure such as water supply stations and power supply stations. Recently, the project is ready to be listed on the international market, which will bring more opportunities for the development of Mongolia and bring more opportunities for deepening cooperation with investors. At present, TT Mine is negotiating with Chinalco to expand coal trade volume and signing relevant agreements. It also welcomes relevant enterprises to participate actively.

During the meeting, Mongolian Kastauna and Harbinga Ore Company expressed their willingness to cooperate with Chinese enterprises to jointly develop mineral projects.

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