Mongolia increases oil production

Jul 28 • Economy, Energy, Featured, Mining, News • 3413 Views • No Comments on Mongolia increases oil production

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Mining sector is composing 18.5% of the national GDP, 66% of the Industrial Sector, 83.2% of the net export, and 17.5% of the budget revenue, and accounts 81% of the foreign investment.

As end of Q2 2014, Mongolia produced 479.9 thousand tons of copper concentrate, 11.7 million tons of coal, 3 tons of gold, 46.8 thousand tons of fluorspar, and pumped 3.6 million barrels of crude oil.

On a year-on-year basis productions increased by 57.4% on copper concentrate, 17.5% on iron ore, 17.1% on fluorspar, and 53.4% on crude oil.

As end of Q2 2014, MNT481.2 billion or USD267 million was collected in tax revenue.

In the same period, 9.4 million tons of coal, 583.5 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 million barrels of oil were exported.

4.1 tons of gold was sold to the Central Bank of Mongolia. On a y-o-y basis, it was increased by 65.5% compared to 2.5 tons last year. It has been said that the regulatory changes in transparency of gold mining has influenced the increase.

Out of planned 5.85 million barrels for 2014, 58.63% has been extracted and exported.

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