On March 13, 2023, the Oyu Tolgoi (OT) project entered a new phase with the commencement of its underground production. This milestone day will be forever engraved in the history of OT, as it marked the commencement of underground production that holds 80 percent of the project's total reserves. The largest underground mine ever built in Mongolia, located 1300 meters below the surface, has officially started production.
Not only is it a rare feat in our country, but it also stands as a testament to the expertise of the few specialized companies that have successfully implemented block-caving technology and methods for the first time in Mongolia's mining industry. The extensive OT project began with an open-pit mine and has now progressed to a sustainable production stage with the launch of the underground mine, marking a historic moment and the start of the next century. In commemoration of this milestone, a map of the underground mining discovery has been included on the cover of the latest issue of Mining Insight, which has just been released.
The latest issue of Mining Insight is featuring a chronology of the OT project, along with coverage of the special moment and prominent dignitaries. While it may seem like a typical presentation of project stages and a chronological list, every line tells a story of the challenges faced and the solutions found during each phase of the project and every stage of production. It is a testament to the dedication and hard work of the team behind this project and a reminder that every achievement has its history. OT is the largest investment project in Mongolia and has been a topic of discussion and attention throughout the country. The project's inception in the early 2000s sparked debates and negotiations over the OT Agreement, and since its establishment, it has been a subject of ongoing discussions and debates related to the Investment Agreement. The project's significance has led to its widespread attention and interest from society. Hence, it is safe to say that every Mongolian is familiar with the name "Oyu Tolgoi" and can easily recognize the iconic turquoise-green mining field, frequently featured on television screens.
This project has become a national brand that represents Mongolia effectively and proudly in the international arena. Such enterprises are the backbone of our country, driving our economic growth and prosperity. The significance of underground mining has increased due to its low extraction costs and high metal content. The start of sustainable long-term operations at the Oyutolgoi underground mine will have a significant positive impact on the Mongolian economy. By 2028-2036, the mine is expected to reach its full capacity with an estimated annual production of 500,000 tonnes of copper concentrate at its peak. As a result, the export of copper, which is considered the metal of the future, is expected to increase sharply, potentially leading to a doubling of the GDP.
After covering the largest event in the mining industry PDAC 2022, Mining Insight has established a media partnership with the Organizing Committee. As a part of this partnership, we participated in PDAC 2023, the world's largest mining investment conference. S.Bold-Erdene's report from the 91st PDAC outlines the future direction of the mining industry.
We are proud to announce that Mining Insight will continue to serve as the media partner for the Canadian Association of Prospectors and Miners' annual PDAC conference in 2024. Mining Insight magazine is thrilled to announce its partnership extension to Europe, where it will serve as the media partner of the Raw Materials Summit.
The Raw Materials Summit, organized by EIT RawMaterials, is a significant event in the European raw materials industry. With the increasing strategic importance of raw materials, the conference has become a crucial platform for leaders from governments, industries, research, academia, and civil society to discuss and address the challenges in the sector. This year, the fifth edition of the summit will be held in Brussels from May 15-17 and is expected to attract over 800 participants. The conference will feature renowned experts who will discuss the problems and challenges faced by the commodity industry. As part of our partnership, Mining Insight magazine and the https://mininginsight. mn/ website and social media platforms will be providing Mongolian readers with all the latest news and updates on the Raw Materials Summit 2023 in Brussels.
