This year, Mongolia aims to extract 90 million tons of coal, 1.9 million tons of copper, and 9.4 million tons of iron ore.
At a meeting dedicated to the implementation of the strategy for the development of the industrial and mineral sectors until 2026, it was announced that there are currently 1,031 licenses for mineral exploration and 1,771 licenses for their development in the country. However, there is a clear imbalance: the number of exploration licenses is significantly lower than that of development licenses, which creates risks for the sustainable development of the sector in the long term.
The discussion involved the First Deputy Prime Minister and Minister of Economy and Development Enkhbayar Jadamba, as well as the Deputy Minister of Economy and Development Davaasuren Sodnomdarjaa. They reviewed the current sector strategies, the status of key projects, and plans for 2026.
Deputy Minister Davaasuren Sodnomdarjaa emphasized the importance of balancing the ratio of licenses and requested specific timelines and funding volumes to restore equilibrium between exploration and development. She also addressed this request to the Minister of Industry and Mineral Resources Gongor Dambinnyam.
Representatives of the Ministry of Industry and Mineral Resources responded by noting that investments in geological exploration are the foundation for stable growth in the mining sector and should be reflected in the budget declaration for 2026–2028. Mongolia aims to comply with international standards, including:
- Sustainable financing for the geology sector (similar to the practices of resource-dependent economies);
- Transparent methods for calculating royalties for the use of subsoil;
- Mandatory allocation of part of the royalties for the development of mining regions, which contributes to the social and economic progress of local communities and enhances public support for projects.
At the conclusion of the meeting, participants agreed on the need to improve coordination between ministries to enhance policies in the industrial and mining sectors, which will contribute to economic growth and create a favorable investment environment.
The Ministry of Industry declared 2026 as the "Year of Policy Reforms" and began implementing six priority projects within the framework of 14 strategic megaprojects. Among them are: a joint Mongolian-French uranium mining project, a coal-chemical complex, a coke-chemical complex, a copper processing plant, a steel mill, an oil refinery, and a gold processing plant.
To attract investments and improve the business climate, amendments to the legislation regulating the mineral resources sector, heavy industry, oil, and petroleum products are planned to be considered during the spring session of the Great State Khural.
