Mongolia to earn USD 1.4 billion from copper export in 2017

Journalist B.Erdenechimeg

2017-06-12 11:57 GMT+8

Chile and China are playing key roles in global copper industry. Chile leads the world for copper reserve and production and supplied 23 percent of global copper demand in 2016. Meanwhile, China tops the world for copper import. 

International experts are projected that the copper price will be decreased while prices for per tons of copper will reach USD 5,500 in 2017 due to the rapid growth of copper reserve and China`s economic slowdown. Moreover, the amount of copper supply is expected to be more 160 thousand tons than supply in 2017. 

Mongolia ranks 12th in the world for copper reserve, 17th for copper production and 5th for copper ore exports. 

In 2016, Mongolia`s copper industry exported a total of 1.6 million tons of copper ore which accounted 36 percent of the total export of the country and earned revenue of USD 1.7 billion. Of which 62 percent of copper export was supplied by Oyu Tolgoi while Erdenet mining corporation supplied 30 percent of copper export respectively. 

Due to falling copper prices, Mongolia`s export of copper concentrate is projected to reach 1.3 million and export revenue to amount USD 1.4 billion in 2017.

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