Oyu Tolgoi - the lynchpin of the Mongolian economy - News.MN

Oyu Tolgoi – the lynchpin of the Mongolian economy

Tuesday

2019/10/14

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2533.95

Ulaanbaatar

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Oyu Tolgoi – the lynchpin of the Mongolian economy

Mongolia attracted foreign direct investment worth USD 661.8 million during the first quarter of 2018, up by 7.5 percent year-on-year.

In a statement from the Central Bank of Mongolia, over 90 percent of  foreign investment goes to the Oyu Tolgoi copper-gold mine, which is partly owned by the Mongolian government. The mine is expected to produce an average of 430,000 tons of copper and 425,000 ounces (about 12,050 kg) of gold annually for 20 years. The project is expected to generate at least USD 1.3 billion this year, making up one third of government revenue in 2019, according to the Mongolian Finance Ministry.

Mongolia is rich in natural resources, and foreign investment in the mining sector has been one of the main drivers of the country’s economic growth.

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