The mining sector is a major contributor to the local economy, accounting for 22% of GDP, 61% of industrial value-added, 94% of exports by value and 85% of foreign direct investment in 2012, according to figures from the National Statistics Office. Mongolia’s main proven reserves include coal, copper, hard-rock and placer gold, silver, iron ore, molybdenum, fluorspar, zinc, tungsten, lead, tin,...
Mongolia Energy
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Since the country’s transition from communism two decades ago, the Mongolian economy has experienced rapid liberalisation. Sectors including ICT and insurance are expanding quickly and, while the mining sector has been responsible for making Mongolia a rising star in the global economy, there is great potential for further growth in all economic sectors.
With demand for electricity on the rise, and a national drive to boost renewable power production gathering strength, investor interest in Mongolia’s fledgling wind energy industry looks set to grow.
Extensive oil shale reserves could reduce Mongolia’s dependence on imported energy, but there is some uncertainty over whether its deposits are commercially viable.
Economic update | New uses for coal in Mongolia
14 Oct 2013
Looking to diversify its energy sources, Mongolia is stepping up efforts to expand the value-added content of its coal industry through developing a coal-to-liquids capacity, a move that could reduce energy import costs and provide cleaner fuel.
Delivery of a key new 450-MW combined heat and power plant known as CHP5 continues to face implementation uncertainties, with competing projects likely causing a delay in the final investment decision in the near term. Foreign participants who spoke to OBG remain interested in offering technology and expertise. However, progress appears to be stalling as a result of an internal debate over project viability.