Ulaanbaatar
Income from mining sector increases by 1.6-fold
Economy
As of the first quarter of 2018, gross production of industrial sector reached MNT 3.3 trillion, with an increase of MNT584.3 billion (21.7 percent) as compared with the same period of the previous year.
The production of mining and extractive industries reached MNT 2.4 billion, with an increase of MNT 400.2 billion (20.4 percent) against the same period of the previous year. It was mainly influenced by the increase of extractions of coal (37.6 percent) and metal ores (13.2 percent). Extractive industry makes up 72.2 percent in the gross production of industrial sector.
Major commodities of mining and extractive industries include 11.2 million tons of coal, 330.1 thousand tons of copper concentrate, 1.9 tons of gold, 1.3 thousand tons of molybdenum concentrate, 790 thousand tons of iron ore concentrate, 13 thousand tons of spar concentrate, 23.4 thousand tons of zinc concentrate, 1.7 million barrels of oil and 3.6 thousand tons of copper cathode.
Within the first quarter, the sector accumulated MNT 448.2 billion to the state budget as taxes, fees and royalties. MNT 6.5 billion was accumulated from gold mining, MNT 151.6 billion--from coal, MNT 22 billion -- zinc, MNT 242.5 billion --copper, MNT 6.1 billion --iron, MNT 3.4 billion --fluorspar and MNT 16.1 billion from others. The income accumulated to the state budget increased by MNT 162.6 billion or 1.6 times, compared to the same period of the previous year.
In 2018, it is planned to extract 8.1 million barrel or 1.1 million tons of oil, accumulating MNT223.4 billion at the state budget. As of April 11, it has extracted 1.93 million barrel or 262 thousand tons of oil, with a 23.9 percent fulfillment of the plan. Moreover, 1.85 million barrel or 251 thousand tons oil were exported. In the first quarter, the oil export brought MNT53.3 billion to the state budget. By April 10, Mongolia has a reserve of oil products equal to 40-days’ consumption.
M.Unurzul
