The Mongolian government has announced ambitious production targets for its crucial mining sector. Officials concurrently declared 2026 a pivotal year for comprehensive policy reforms. Senior leaders recently convened to discuss the industrial and mineral resources agenda. Consequently, they aim to produce ninety million tons of coal this year. Furthermore, the plan targets one point nine million tons of copper concentrate.
The Ministry of Industry and Mineral Resources provided critical sector data during the meeting. Currently, the country holds over one thousand valid mineral exploration licenses. However, officials have issued nearly eighteen hundred mining licenses across the nation. This imbalance presents a clear risk to the industry’s long-term development capacity.
First Deputy Prime Minister Enkhbayar Jadambaa attended the important policy discussion. Deputy Minister Davaasuren Sodnomdarjaa also participated in the detailed exchange. Participants specifically examined ongoing projects and planned activities for the year. Deputy Minister Davaasuren then raised concerns about the licensing ratio discrepancy.
Ministry authorities emphasized the urgent need for more exploration investment. They argued that stable geological funding strengthens the sector’s future fundamentally. Additionally, they highlighted international best practices from other mining-dependent economies. Therefore, the necessary policy reforms must appear in the national budget framework.
The officials also proposed revising the mineral royalty calculation methodology. Introducing revenue sharing for local communities would support regional development. Such measures would also enhance public understanding of mining projects. Ultimately, these steps form a core part of the planned policy reforms.
Meeting participants agreed to continue improving inter-ministerial coordination. Their shared goal is supporting broader economic growth across the country. They also committed to creating a more favorable investment environment. The mining sector currently contributes twenty-six percent of national GDP.
This economic activity generates over ninety-five percent of total export revenues. The sector also attracts seventy-four percent of all foreign direct investment. From 2015 to 2024, mining drew eighty percent of foreign capital. These statistics underscore why the current policy reforms are so vital.
The ministry is advancing six major projects under a national development plan. These include a joint uranium venture with France and a new oil refinery. Large copper, steel, and gold refining plants are also under development. Accordingly, officials will submit revised laws to parliament this spring.
The planned amendments cover minerals, heavy industry, and petroleum legislation. This legislative push aims to significantly improve the general business climate. The overarching strategy seeks to secure sustainable growth for decades. Therefore, the declared year of policy reforms will directly shape Mongolia’s economic future.
