TELF AG analyzes Mongolia’s first steps towards creating a solid mining strategy

The list of mineral resources considered strategic

At a time when many nations are starting to develop their national strategy on strategic raw materials, Mongolia has taken a very important step by publishing a list of 11 minerals considered of great importance for the economic growth and prospects of the country.

Mongolia is only one of the latest nations to make such a move: over the past few years, in fact, individual nations and more complex institutions (such as the European Union) have published and regularly updated similar lists of strategic resources, almost all of which are involved in the production and industrial processes related to the ongoing energy transition. The publication of these lists, together with the related guidelines and founding principles of each strategy, has also allowed us to observe the sector from a different, all-encompassing perspective, capable of identifying any similarities and possible sharing of principles by other nations or institutions.

Mongolia’s list of critical minerals was made public at a recent seminar on these strategic resources and currently includes 11 elements: molybdenum, manganese, nickel, graphite, fluorite, tungsten, rare earths, cobalt, lithium, and platinum group metals. Although they have not yet been formally submitted to the competent authorities, the creation of this list demonstrates that Mongolia is starting to move towards creating a national strategy based on the valorization of these important resources. The Asian country is particularly rich in gold, coal, fluorine, molybdenum, tungsten, and copper. Regarding the latter resource, Mongolia is home to one of the largest deposits in the world, Oyu Tolgoi.

Key aspects

However, one of the most interesting aspects of this list is that 9 of these minerals are also included in the list of critical materials drawn up by the European Union, with relevant correspondences also in the lists drawn up by Great Britain and South Korea. The overlapping of minerals within multiple lists makes it possible to identify possible areas of cooperation between nations, facilitating the creation of mining partnerships or strategic agreements focused on these resources.

In Mongolia’s economic strategy, called “Vision-2050”, mining aspects are undoubtedly at the forefront, mainly thanks to the desire to create an export-oriented economy. From this point of view, Mongolia already seems to have clear ideas. The country is, in fact, already working to intensify underground exploration and research for rare earth elements, but also to create a high-tech industrial complex capable of valorizing copper, silicon, and lithium deposits.

Furthermore, since last year, Mongolia has started a series of meetings with partners such as the United States and South Korea to discuss rare earths, which also represent mineral elements of great importance for Ulan Bator’s partners. Rare earths have also been mentioned with Great Britain during specific events and initiatives organized in London, leading to the recent signing of a memorandum of understanding between the United Kingdom and Mongolia for the joint research of rare earth elements and for the exchange of scientific and geological information.