Rare earth elements including a lithium reserve have been discovered in the Khuut coal mine, located in the Matad District of Dornod Province in eastern Mongolia. Tsogtjargal Dondovdorj, CEO of Buman-Olz LLC noted that the company has recently discovered rare earth elements including lithium in its mining site and expressed an interest to intensify  exploration.

Buman-Olz LLC has been operating at Khuut coal mine which has 294.2 million tonnes of brown coal reserve since 2009. The mine has an annual production capacity of 0.12 million tonnes of coal.  

Currently, Buman-Olz LLC employs more than 130 local workers. The company has a plans to increase capacity significantly.