March highlights

With only three months remaining until the ninth parliamentary election of Mongolia, March holds particular significance as the deadline for political parties and coalitions participating in the 2024 parliamentary elections to submit their platforms to the National Audit Office for review. At this critical juncture, the Mongolian National Mining Association (MNMA) has taken the unprecedented step of engaging with the three political factions in parliament, presenting their proposals for inclusion in the parliamentary election platform. This marks a historic moment for the Mongolian mining industry. Preceding this initiative, during the association's annual meeting in February, the mineral resources sector issued an appeal to political parties and factions in light of the forthcoming parliamentary elections—an action unprecedented in its own right. Examining the substance of the proposals and appeals to political forces, it becomes apparent that the aim is not to garner special attention for the revenue-generating sector, but rather to ensure it is not unduly hindered. With the nation's best interests in mind, it is hoped that the mining industry, serving as the economic backbone, will not be subject to politicization. The primary desire is to avert any detrimental actions that could compromise the stability of investment and legal frameworks within the mineral resources sector. Engaging with political forces and presenting proposals for inclusion in platforms is a customary practice in politics, yet it has never been employed within the mining industry until now. Consequently, as actions, appeals, and voting submissions unfold in the lead-up to the 2024 elections, the industry finds itself ensnared in politicization. 

However, it can also be interpreted as a refusal to remain silent and tolerate the neglect of the primary economic sector. This significant development was underscored by Mining Insight magazine in its March issue, emphasizing the industry's newfound activism. In the forthcoming articles, we will delve into how the stability of the economic support sector was considered in the platforms of parties vying for the 9th parliamentary elections, particularly those already in parliament. Each year, during the first week of March, Toronto assumes the mantle of the mining capital of the world. Amidst this dynamic atmosphere, Mining Insight journalists have been on the ground for the past three years, covering the annual international conference for investors hosted by the Canadian Association of Prospectors and Miners (PDAC). This event stands as the premier gathering and recognition ceremony for the global mining community, with approximately 70 media organizations worldwide serving as PDAC media partners. Among them, Mining Insight magazine from Mongolia has proudly operated as a media partner for the second consecutive year and looks forward to continuing its collaboration in PDAC 2025. In the latest magazine issue, we provide comprehensive coverage of PDAC, which took place in Toronto from March 3rd to 6th. Furthermore, the new issue highlights the commencement of trading copper concentrate of Erdenet Mining Corporation (EMC) through the mining exchange. This trade, which commenced with coal and subsequently expanded to include iron ore and fluorspar concentrates, now encompasses copper concentrate as well. During the PDAC period, meetings concerning Mongolia garnered significant interest, particularly regarding trade participation and mechanisms following the announcement of the EMC’s copper concentrate trading through the mining exchange. 

Notably, companies from Mongolia's neighboring countries have predominantly participated in the trading of coal, iron ore, and fluorspar on the mining exchange. For a State-Owned Enterprise EMC, there is considerable apprehension surrounding the potential transition to selling all its products on the stock exchange once offtake contracts expire. Successful trading on the stock exchange could potentially dispel suspicions of corruption associated with EMC. The commencement of trading on the mining exchange has initiated a degree of transparency in the raw material trade information of state-owned mining companies, which has been positively received by stakeholders in the mining sector. Consequently, exchange trading plays a pivotal role in enhancing transparency within the mining industry.