Driven by market demand, iron ore extraction in Mongolia has been a relatively recent development in the country’s mining sector since 1990. However, both production and exports of iron ore have soared since 2007. Prior to this period, iron ore exports never exceeded 300,000 tonnes annually, but by 2008, exports had surged nearly fivefold to 1.4 million tonnes. This significant increase was primarily due to the entry of the private sector into iron ore mining and exports. The rapid growth in iron ore exports has established it as one of Mongolia’s key export products, second only to coal in terms of production volume. In the latest issue of Mining Insight, we highlight that over the past 17 years, iron ore exports have totaled 91 million tonnes, generating USD 6.6 billion in revenue. This issue also features Boldtumur Yeruu Gol LLC, a company that has been pivotal in expanding Mongolia’s iron ore exports and securing a strong position in the market. Mongolia’s private sector companies, which initially focused on exporting raw minerals, are now advancing to establish production capabilities within the country. Boldtumur Yeruu Gol started with iron ore exploration and exploitation, and is now developing the Altanshireet Industrial Park. The industrial park will have five factories, including facilities for ore washing, coal washing, coke production, slag processing, and pig iron production. Currently, the third project, the coke plant, is underway. The completion of these five facilities will establish a strong foundation of processing iron from the initial stage. It is encouraging to see Mongolian private companies advancing to industrial development and laying the groundwork for future growth.
The year 2024 marks a significant milestone for Boldtumur Yeruu Gol, reflecting its transition from iron ore exploration to mining and processing, and its aim to produce final products. The company is celebrating its 20 years of operations, alongside the anniversaries of its subsidiaries: 20 years of Montai Erdene LLC, 15 years of Mongolian Trans Logistics LLC, and 15 years of Infinity Spice LLC. Mining Insight magazine, in its August issue, features Boldtumur Yeruu Gol as a key player in the history of Mongolia’s business sector. The history of Boldtumur Yeruu Gol reflects the journey of Mongolia’s national mining companies over the past 20 years. This edition presents the ambitions of private mining enterprises from two decades ago, detailing their tasks, challenges, failures, steadfast beliefs, and achievements. While these facts may appear as mere chronological lists and figures, the events behind each entry offer a fascinating glimpse into our era. The story of Mongolian mining companies, which began from humble beginnings, is rich with both triumphs and trials. This special section explores how these companies have evolved over the past 20 years.
Boldtumur Yeruu Gol holds a significant place in Mongolia’s iron ore industry. As the first private iron ore mine in the country, it contributes substantially to Mongolia’s iron ore exports, which rank fourth among the nation’s mineral exports. Additionally, the company has played a pivotal role in the railway industry by privately investing in the construction of two railways, each over 100 kilometres in length. In celebration of the company’s 20th anniversary, we present the future ambitions and vision of Boldtumur Yeruu Gol through an interview with its CEO, P. Chuluunkhuu, who has led the company for the past eight years. Although he has remained largely behind the scenes, his leadership has been pivotal. As Mr. Chuluunkhuu noted, “The main goal of the company is to build an iron factory, the dream of every Mongolian.” We hope that this vision comes to fruition and that Mongolia will see the establishment of its first iron factory shortly. We extend our congratulations to Boldtumur Yeruu Gol on this milestone and wish continued success for more national companies that contribute significantly to societal value and the country’s development. Happy 20th anniversary to the Boldtumur Yeruu Gol team!
