MONGOLIA EARNS MNT 481 BILLION FROM MINING SECTOR

Ulaanbaatar /MONTSAME/ The mining sector is currently accounting for 18.5% of the national GDP, 66% of total productions of the industrial sector, 83.2% of total export, 17.5% of the revenue of national master budget, and 81% of the external investment. By эху first half of this year, the country’s copper concentration production reached 479.9 thousand tons, the coal production--11.7 million tons, gold production--3.0 tons, and fluorite concentrate--159.5 thousand tons. In addition, a production of iron ore reached 2.7 million tons, of zinc concentrate--46.8 thousand tons, and oil production--3.6 million barrels. Against the first half of 2013, the size of copper concentrate production increased 57.4%, the iron production--by 17.5%, fluorite concentrate--by 17.1%, and oil--by 53.4%. By the first half of 2014, MNT 481.2 billion has been placed in the state budget through the tax revenue from the mining sector. Mongolia exported 9.4 million tons of coal, 853.5 thousand tons of copper concentrate, 1.7 thousand tons of molybdenum concentrate, 2.5 tons of gold, 138.4 thousand tons of spar, 2.6 million tons of iron ore, 45.4 thousand tons of zinc and 3.4 thousand barrels. The export of zinc concentrate rose by 34.5%, of oil export--by 39.4% against the first half of 2013. At the same time, 4.1 tons of gold was handed over to the Bank of Mongolia (BoM), showing an increase of 65.5% against the previous year. Mongolia plans to exploit and export 5.85 million barrels or 782.6 thousand tons of oil this year. By this July 16, the country exploited 3.6 million barrels or 488 thousand tons, and exported 3.4 million barrels or 458 thousand tons of crude oil. The planning performance showed 58.63%.