EXTRACTIVE INDUSTRIES PRODUCTION REACHED MNT1,471.8 BILLION

Ulaanbaatar/MONTSAME/ As of first two months of 2018 the production of mining and extractive industries reached MNT 1,471.8 billion, with an increase of MNT 163.2 billion (12.5 percent) against the same period of the previous year. It was mainly influenced by the increase of extractions of coal (21.1 percent) and metal ores (8.1 percent). Extractive industry makes up 71.8 percent in the gross production of industrial sector. On March 15, the Ministry of Mining and Heavy Industry called a regular press briefing ‘Transparent and Accountable Mining’. At the press conference, the Mining and Heavy Industry Minister D.Sumiyabazar briefed about first two months’ statistical review of the sector and answered to questions of reporters. Gross production of industrial sector reached MNT 2 trillion, with an increase of MNT 255 billion (14.2 percent) as compared with the same period of the previous year. Major commodities of mining and extractive industries include 6.5 million tons of coal, 207.7 thousand tons of copper concentrate, 1,276 kg of gold, 811.1 tons of molybdenum concentrate, 350.7 million tons of iron ore concentrate, 19.1 thousand tons of fluorspar, 2.0 thousand tons of spar concentrate, 14.9 thousand tons of zinc concentrate and 1.2 million barrels of oil. Within first two months, the sector accumulated MNT 353.7 billion to the state budget as taxes, fees and royalties. MNT 3.9 billion was accumulated from gold mining, MNT 121.7 billion--from coal, MNT 16.5 billion -- zinc, MNT 192.2 billion --copper, MNT 5.6 billion --iron, MNT 2.1 billion --fluorspar and MNT 11.8 billion from others. The income accumulated to the state budget increased by MNT 158.6 billion (81.3 percent), compared to the same period of the previous year. In 2018, it is planned to extract 8.1 million barrel or 1.1 million tons oil, accumulating MNT223.4 billion at the state budget. As of March 9, it has extracted 1.31 million barrel or 178 thousand tons of oil, with a 16.22 percent fulfillment of the plan. Moreover, 1.14 million barrel or 155 thousand tons oil were exported. In the first quarter, the oil export brought MNT39.4 billion to the state budget. By March 13, Mongolia has a reserve of oil products equal to 44-days’ consumption. At the press conference, the Minister also reported about issuance of mining and exploration licenses and ongoing and pending activities of the Ministry. For instance, the Ministry plans to implement a total of 29 projects, to be funded with MNT13.3 billion from the state budget. They include projects regarding creation of1:50000 scale geological map, general exploration, applied researches and foreign cooperation and others. M.Unurzul