Mongolia has officially launched the Oyut Copper Project, revealing a significant new mineral deposit in Orkhon aimag. The deposit covers Bayan-Undur and Jargalant soums, with an estimated 357 million tons of ore. Consequently, it could rival the scale of Erdenet, Mongolia’s largest copper and molybdenum mine.
Prime Minister Zandanshatar Gombojav attended the opening ceremony and the preparatory activities for operational launch. He emphasized the deposit’s long-term strategic importance for Mongolia’s economy.
The government has approved a feasibility study for building a concentrator to process 5 to 10 million tons of ore annually. Early projections suggest the mine could operate for 30 to 35 years.
Specialists from Erdenet Mining Corporation carried out the initial geological exploration. Moreover, their senior engineers will supervise the design and construction phases of the project.
The Prime Minister stressed Mongolia’s constitutional commitment to equitable resource distribution. Specifically, subsoil resource benefits will be allocated to the National Sovereign Wealth Fund. Citizens may also access personal savings under the 2019 Constitutional amendment.
Looking ahead, officials plan to coordinate closely with local and regional authorities. This cooperation will ensure transparency, sustainable development, and fair benefits for all stakeholders.
The operational model of Erdenet Mining Corporation provides valuable expertise. Mongolian professionals have developed decades of technical knowledge and specialized skills in mining. Furthermore, their experience will guide the Oyut project efficiently.
The launch of the Oyut Copper Project is expected to make a significant contribution to the Sovereign Wealth Fund. Additionally, it will promote socio-economic growth in Erdenet city, Orkhon aimag, and the Northern region.
Moreover, the project will create employment opportunities and strengthen local infrastructure. Schools, roads, and healthcare facilities are likely to benefit from increased regional investment.
Overall, the Oyut Copper Project represents a milestone for Mongolia’s mining industry. It reflects the country’s dedication to responsible resource management, sustainable development, and equitable economic growth.
