Mining

From Mongol Studies Online Reference

Minerals available for mining in Mongolia include gold, coal, copper, molybdenum, fluorspar/flourite, tin, iron, zinc, tungsten, and uranium ^[1]. Lursanvandan Bold, Mongolia’s Minister of Resources, reported that in 2004, “4% of all {mining} exploration dollars spent around the world were invested here”. In 2005, mineral mining accounted for 25 percent of GDP, almost 70 percent of export earnings, and 16 percent of tax revenue ^[2]. As of 2006, when the Windfall Profit Tax was passed, 800 companies had 6,000 licenses to explore a total area of nearly one third of Mongolia’s landmass ^[3]. On the other hand, as of that same year, one expert reported that "the easily identifiable resources have been found, and new mines in Mongolia will be increasingly expensive and difficult to find" ^[4]. Since the third quarter of 2006, Mongolia has seen a rise in small-scale local miners to fill the void left by foreign companies fleeing the Windfall Profit Tax.

In the first half of 2008, Mongolia received USD 9.3 million from the World Bank to finance its Mining Sector Technical Assistance Project, which aims to bolster professional management and the creation of business infrastructures ^[5].

Contents 1 Sites 1.1 Oyu Tolgoi 1.2 Ulaan Ovoo 1.3 Chandgana Khavtgai 1.4 Chandgana Tal 2 Mineral Deposits 2.1 Copper 2.2 Gold 2.3 Coal 2.4 Uranium 3 Mining Companies 3.1 =Ivanhoe Mines Ltd. 3.2 Rio Tinto Group 3.3 Ivanhoe Mines Mongolia Inc. 3.4 Falcon Mining AG 3.5 Companhia Vale do Rio Doce 3.6 Red Hill Energy 4 Criticisms 4.1 Environment 4.1.1 Gobi 5 References

[edit] Sites

[edit] Oyu Tolgoi

Oyu Tolgoi (Mongolian: Оюу Толгой, Turquoise Hill) is the location of vast copper and gold deposits in Southern Mongolia. It is about 235 km east of the Ömnögovi Province capital Dalanzadgad in Khanbogd sum (district) of Ömnögovi Province, with the Khanbogd sum (district) center is 40 NE from Oyuu Tolgoi.

[edit] Ulaan Ovoo

[edit] Chandgana Khavtgai

[edit] Chandgana Tal

[edit] Mineral Deposits

[edit] Copper

[edit] Gold

[edit] Coal

[edit] Uranium

[edit] Mining Companies

[edit] =Ivanhoe Mines Ltd.

[edit] Rio Tinto Group

[edit] Ivanhoe Mines Mongolia Inc.

[edit] Falcon Mining AG

[edit] Companhia Vale do Rio Doce

[edit] Red Hill Energy

Red Hill Energy is a publicly traded, on the Toronto Stock Exchange, (TSX-V: RH) mineral exploration company head quartered in Ulaan Baatar, Mongolia that engages in the exploration, development and (currently) pre-production of advanced coal projects and a portfolio of uranium exploration projects. Red Hill is currently advancing three coal resources, in two significant basins towards production with a combined total exceeding the 1 billion tonne [metric ton, U.S.] mark of high quality reportable bituminous coal. ^[6]

[edit] Criticisms

[edit] Environment

[edit] Gobi

[edit] References

1. ↑ The CIA World Factbook. Accessed July 2008.
2. ↑ Economy and Trade as of end 2006. Embassy of Mongolia, Washington D.C. Accessed July 2007.
3. ↑ http://www.financialpost.com/scripts/story.html?id=bd5c323c-cde2-4f93-8a7a-65dde63079a8&k=21658 "Mongolia risks killing mining sector"]. Francis, Diane. Financial Post. May 17, 2006.
4. ↑ "How to Destroy Mongolia Mining". Poliquin, Morgan. Ludwig von Mises Institute. May 20, 2006. Accessed July 2008.
5. ↑ "Mongolia received $15 million World Bank grant". Mongolia Web. 16 July 2008. Accessed July 2008.
6. ↑ "Red Hill Energy Company Summary". Red Hill Energy. Accessed July 2009