Mining production exceeds 2 trillion MNT in first quarter of 2018

Mongolia’s total industrial production was estimated at 3.3 trillion MNT in the first quarter of 2018, according to a new report by the Ministry of Mining and Heavy Industry.

Mining production reached 2.4 trillion MNT with metal mine production reaching 1.3 trillion MNT since January, generating 72.2 percent of the total industrial production of Mongolia, the ministry reported on Tuesday.

Production of key products in first quarter of 2018

» 11.2 million tons of coal » 330,100 tons of copper concentrate

» 1.9 tons of gold

» 1,300 tons of molybdenum concentrate

» 790,000 tons of iron ore concentrate

» 13,000 tons of fluorite concentrate

» 23,400 tons of zinc concentrate

» 1.7 million barrels of petrol » 3,600 tons of copper cathode

The mining sector contributed 448.2 billion MNT to the state budget through tax and fees as of April 17, according to the ministry. This

is 1.6 times higher than the 285.6 billion MNT revenue projected in the first quarter of last year.

To date, the ministry reported revenue of 151.6 billion MNT from coal, 242.5 billion MNT from copper, 22 billion MNT from zinc, 6.5 billion MNT from gold, 6.1 billion MNT from iron, 3.4 from fluorite, and 16.1 billion MNT from other resources.

1.1 MILLION TONS OF PETROLEUM EXTRACTED

Mongolia has set a goal to extract 8.1 million barrels, or 1.1 million tons, of oil in 2018. A total of 1.93 million barrels, or 261,000 tons, have been extracted and 1.85 million barrels, or 251,000 tons, have been exported to date.

Petroleum sales reportedly generated 53.3 billion MNT this year.

As of April 10, Mongolia had reserved 126,600 tons of petrol, which is estimated to suffice for 40 days, according to the Ministry of Mining and Heavy Industry. In particular, reserves of A-80 type fuel will last for 77 days, AI-92 for 30 days, diesel fuel for 41 days, and TS-1 for 29 days.

TWO MINING LICENSES ISSUED IN MARCH

The Ministry of Mining and Heavy Industry issued two new mining licenses in March, making the total number of active mining licenses 3,333.

It reported that 1,697 of them are for exploration and 1,636 for excavation.

In March, the ministry extended 37 licenses, canceled 30, and reissued 26.