Submitted by MONTSAME on

Mongolia-Russia joint venture – the Erdenet mining corporation is one of the largest ore exploration and enrichment mines in Asia.
Opened in a mineral deposit area called “Erdenetiin Ovoo” in Bulgan province, the mine has been exploiting minerals for 40th year now. Reserves for the next 42 years have been estimated and other geological sources are being discovered as well.
51 percent shares of the mining corporation is owned by the government of Mongolia, and the rest of the shares is possessed by the Russian government. As of today, the mining corporation processes 25 million tons of ore, 530 thousand tons of copper concentrate and about 3 thousand tons of molybdenum concentrate a year.
Moreover, Erdenet city near the mine has the population of over 100 thousand people. Since the Erdenet mine is considered as a good practice of equal distribution of the national wealth, such a city is expected to erect in Omnogobi based on the OyuTolgoi mine. With own capital resources, the “Erdenet” mining corporation has recently founded a hospital equipped with the state-of-the-art Japanese technologies.
Apart from the mining industry, Erdenet city has a large carpet factory, which produces carpets made of pure sheep wool. There are only 3 factories of such kind in the world.
All these are the wealth which is evenly shared to mongolians.

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