Ministry of Mining and Heavy Industry held its regular press briefing ‘Transparent and Accountable Mining’ yesterday. At the press conference, Minister of Mining and Heavy Industry Sumiyabazar Dolgor briefed on the first quarter statistical report of the sector.
As of the first quarter of 2018, total production of industrial sector stands at MNT 3.3 trillion, a 21.7 percent growth (MNT 584.3 billion) compared to the same period of last year. The production of mining and extractive industries totalled MNT 2.4 billion, a 20.4 percent increase year over year. Driving factors were the increase in coal production, which grew by 37.6 percent compared to the same period of last year.
The mining sector generated MNT 448.2 billion to state budget as taxes, fees and royalties in the first quarter, of which gold mining accumulated 0.2 percent, coal - 33.8 percent, zinc - 4.9 percent, copper - 54.1 percent, iron - 1.3 percent, fluorspar - 0.7 percent and the remaining from other minerals. The amount is 1.6 times higher compared to the same period of last year.
In 2018, the ministry is estimating to raise MNT 223.4 billion for State Budget, which is 23.9 percent fulfilled as of April 11. In addition,the oil export accumulated MNT 53.3 billion to the State Budget in the first quarter. As of April 10, Mongolia’s oil reserves could cover 40-days of average consumption according to the Ministry of Mining and Heavy Industry.
Ministry of Mining and Heavy Industry held its regular press briefing ‘Transparent and Accountable Mining’ yesterday. At the press conference, Minister of Mining and Heavy Industry Sumiyabazar Dolgor briefed on the first quarter statistical report of the sector.
As of the first quarter of 2018, total production of industrial sector stands at MNT 3.3 trillion, a 21.7 percent growth (MNT 584.3 billion) compared to the same period of last year. The production of mining and extractive industries totalled MNT 2.4 billion, a 20.4 percent increase year over year. Driving factors were the increase in coal production, which grew by 37.6 percent compared to the same period of last year.
The mining sector generated MNT 448.2 billion to state budget as taxes, fees and royalties in the first quarter, of which gold mining accumulated 0.2 percent, coal - 33.8 percent, zinc - 4.9 percent, copper - 54.1 percent, iron - 1.3 percent, fluorspar - 0.7 percent and the remaining from other minerals. The amount is 1.6 times higher compared to the same period of last year.
In 2018, the ministry is estimating to raise MNT 223.4 billion for State Budget, which is 23.9 percent fulfilled as of April 11. In addition,the oil export accumulated MNT 53.3 billion to the State Budget in the first quarter. As of April 10, Mongolia’s oil reserves could cover 40-days of average consumption according to the Ministry of Mining and Heavy Industry.