“Mining sector income will increase from USD 5.3 billion to USD 12.5 billion” www.montsame.mn
Mongolian mining sector is expected to have rapid growth until the year of 2030, specifically for the fields of copper and coal. As investment is made to increase its capacity, the two fields are estimated to expand two times in the next 10 years, according to a study carried out by ‘CRU Consulting’ on the outlook for Mongolia’s mining sector.
In connection with the increased production and positive expectations in 2020-2030, total income in the mining sector will increase from USD 5.3 billion to USD 12.5 billion, highlighted the study, which was presented at a discussion took place yesterday on setting up a sovereign wealth fund in Mongolia.
Currently, the mining and extraction sector make up 22 percent of the GDP, 71 percent of direct foreign investment, and 94 percent of exports in Mongolia.
If Mongolia’s GDP grows by 5 percent annually, the mining sector’s contribution will grow from 19.7 percent (as of 2020) to 32.7 percent by the year of 2030, estimates the company.
In the framework of the works being carried out to set up a sovereign wealth fund, the company, ‘CRU Consulting’, is providing consulting services on ways to efficiently develop the fund through the commissioning of the Ministry of Mining and Heavy and Industry with financing from the World Bank.
Published Date:2021-12-01