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Mining industry

Mongolia Discovers Massive Copper Deposit, Estimated to be Comparable in Scale to Erdenet

Strategic Insights

— 2 min read

Prime Minister of Mongolia, Zandansahtar Gombojav, officially opened and kicked off preparatory activities for the operational launch of the newly discovered Oyut copper deposit on September 7. Located within the territories of Bayan-Undur and Jargalant districts, Orkhon province, the Oyut deposit has been estimated to hold 357 million tons of ore reserves. The massive copper deposit is expected to support operations for 30 to 35 years, serving as a long-term strategic resource for the country. Montsame reported that the deposit is situated approximately 8 kilometers from the Erdenetyn-Ovoo deposit, the basis of the Erdenet Mining Corporation, and just 3 kilometers from the infrastructure of the Industrial and Technology Park near Erdenet city.

Key Takeaways:

  • The Oyut copper deposit, located in Orkhon province, Mongolia, has been estimated to hold 357 million tons of ore reserves, positioning it as a potential asset comparable in scale to Erdenet, Mongolia's largest copper and molybdenum ore mining operation.
  • Prime Minister of Mongolia, Zandansahtar Gombojav, attended the official opening of the project and authorized a feasibility study for the construction of a concentrator to process 5 to 10 million tons of ore per year.
  • The launch of operations at the Oyut deposit is expected to significantly contribute to the Sovereign Wealth Fund and drive socio-economic development in Erdenet city, Orkhon aimag, the Northern region, and Mongolia as a whole.
  • Initial geological exploration was independently conducted by specialists from the Erdenet Mining Corporation, who will oversee the project's design and construction.
  • The deposit is expected to support operations for 30 to 35 years, marking it a long-term strategic resource for the country.
  • Contributing to Mongolia's commitment to equitable resource distribution, the benefits from the subsoil resources will be consolidated into the National Sovereign Wealth Fund and fairly allocated to all citizens.
  • The Oyut deposit is strategically located near the Erdenetyn-Ovoo deposit, the basis of the Erdenet Mining Corporation, and the Industrial and Technology Park near Erdenet city.

Statistics:

  • The Oyut copper deposit is estimated to hold 357 million tons of ore reserves.
  • The concentrator construction study is expected to process 5 to 10 million tons of ore per year.
  • The deposit is expected to support operations for 30 to 35 years.
  • The launch of operations at the Oyut deposit is expected to significantly contribute to the Sovereign Wealth Fund.
  • The deposit is situated approximately 8 kilometers from the Erdenetyn-Ovoo deposit and 3 kilometers from the Industrial and Technology Park near Erdenet city.

Sources:

  • Montsame (original source)

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