What resource base of Mongolia has been recently exploited?
In recent years, Mongolia has become a significant player in the global mining industry, leveraging its vast and diverse natural resources. The country’s resource base has been recently exploited, with a particular focus on mining activities, which have the potential to drive economic growth and development. This article explores the various resources that have been tapped into, the impact of these activities, and the challenges that Mongolia faces in managing its natural wealth responsibly.
The mining sector has been the cornerstone of Mongolia’s recent resource exploitation. The country is rich in various minerals, including copper, coal, gold, silver, and rare earth elements. Among these, copper and coal have been the most actively exploited resources, attracting international investment and contributing significantly to the national economy.
Copper mining in Mongolia
Mongolia’s copper reserves are among the largest in the world, with the Oyu Tolgoi mine being the most prominent example. Oyu Tolgoi, located in the South Gobi region, is a joint venture between the Mongolian government and Rio Tinto. Since its commencement in 2013, the mine has been a major source of copper, accounting for over 30% of the country’s total exports. The mine’s expansion plans, including the development of the underground mine, are expected to further increase copper production and ensure its status as a key resource for Mongolia.
Coal mining in Mongolia
Coal is another vital resource in Mongolia, with significant deposits found in the country’s southern regions. The Erdenet mine, situated in the north of the country, is one of the largest open-pit coal mines in the world. It is owned by the Mongolian government and Russian coal company, Eridia. Coal mining has been crucial for Mongolia’s energy sector and is a major export earner. However, environmental concerns and the need for sustainable practices have raised questions about the long-term viability of coal mining in the country.
Other exploited resources
In addition to copper and coal, Mongolia has been exploring other resources such as gold, silver, and rare earth elements. The country’s rich deposits of gold have led to the development of several gold mines, including the Turquoise Hill mine, which is a joint venture between Rio Tinto and the Mongolian government. Silver mining has also gained attention, with several projects being developed to exploit the country’s silver reserves.
Furthermore, Mongolia has significant potential in rare earth elements, which are crucial for various high-tech industries. The Gashuun Sukhait mine, located in the southern part of the country, is one of the largest rare earth element deposits in the world. The exploitation of these elements has the potential to make Mongolia a significant player in the global rare earth market.
Challenges and future prospects
While the exploitation of these resources has brought economic benefits to Mongolia, it has also presented several challenges. Environmental concerns, including pollution and land degradation, have raised concerns about the long-term sustainability of mining activities. Additionally, the country faces issues related to governance, corruption, and the equitable distribution of mining revenues.
Looking ahead, Mongolia must strike a balance between exploiting its natural resources and ensuring sustainable development. This involves adopting environmentally friendly practices, improving governance, and diversifying the economy to reduce its reliance on mining. By doing so, Mongolia can maximize the benefits of its resource base while minimizing the potential drawbacks.
