2010-02-01 16:51:17 - New Materials research report from Business Monitor International is now available from Fast Market Research

Mongolia has a relatively undeveloped mining sector that holds great potential. Mongolia is rich in metals such as gold and copper, and minerals such as coal and fluorspar (fluorite). While not yet one of the top 10 copper producers in the world, it could well become one once its copper resources are fully tapped into. One relatively unexplored area is uranium production. The presence of uranium reserves was highlighted first in the 1970s by Soviet prospectors. Mongolia's potential as a uranium exporter is now being actively explored by Solomon Resources. Mining contributes significantly to Mongolia's GDP and is fuelling economic growth. In 2007, the real growth rate stood at 9.9%, mostly owing to high metal prices globally and high demand

for copper from neighbouring China. Traditionally, Mongolia's economy has been based around agriculture. Very quickly, the country is having to refocus and modernise as it transforms into a mining nation. Specific challenges to this programme include poor infrastructure and high levels of poverty. Most of the country's roads are unpaved, as are most of its airstrips. A land-locked country, Mongolia cannot directly utilise shipping channels for its exports. The Trans-Mongolian railway comprises the only significant rail infrastructure, linking Mongolia to its neighbours China and Russia. Meanwhile, nearly a third of Mongolia's inhabitants live below the poverty line. In addition to ailing infrastructure, further downside risks to mining operations in Mongolia include severe weather, the possibility of earthquakes, increasing corruption at all levels of administration and rising levels of crime, particularly around Ulaanbaatar. These issues notwithstanding, the level of risk should not be overplayed. Key participants in the mining sector include: Centerra Gold, Erdene Gold, Ivanhoe Mines, QGX, Solomon Resources, and South Gobi Energy Resources (a subsidiary of Ivanhoe Mines). Key export markets include China, Canada, Japan, South Korea and the US.

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