Mining and exports
Minerals are almost everything Mongolia sells. This section shows which ones, how much, and how prices change what the country earns.
How to read: every chart has its source. Press a word with a dotted underline to read what it means, and “See the numbers as a table” for every value.
Exhibit 1
What Mongolia sells
US$ billion, 2023
- Coal8.858%
- Copper concentrate2.617%
- Gold0.745%
- Iron ore0.443%
- Other2.617%
See the numbers as a table
| Coal | 8.8 |
| Copper concentrate | 2.6 |
| Gold | 0.74 |
| Iron ore | 0.44 |
| Other | 2.6 |
- What it shows
- What Mongolia's US$15.2 billion of exports in 2023 were made of.
- What it means
- Coal alone earned more than half (US$8.8 billion). Coal, copper, gold and iron ore together made up about 83%.
- Why we care
- When one product dominates, its price decides the budget, the exchange rate and jobs. That is Mongolia's core risk, and the reason windfalls should be saved.
- Keep in mind
- 2023 is the latest year for which we found a full breakdown from the statistics office. In 2025 copper grew and coal fell (see the next chart). 'Other' is our calculation.
- Terms in this chart
- Copper concentrateCrushed and enriched ore, about a quarter copper, sold to be smelted into metal abroad.Mined rock holds well under 1% copper. Grinding and flotation at the mine raise it to roughly 20–30% copper, plus some gold and silver. Smelters, mostly in China, turn it into pure copper.Full explanation →Resource curseThe pattern where resource-rich countries grow slower or are governed worse than expected.Large resource income can weaken institutions, feed corruption, crowd out other industries and make budgets swing with commodity prices. It is a tendency, not a law: Norway, Botswana and Chile show it can be avoided.Full explanation →
Exhibit 2
What changed in 2025
change in export earnings from 2024, US$ million
- Copper ore and concentrate+2,500
- Gold+341.6
- Combed cashmere and hair+260.5
- Zinc concentrate+51.1
- Crude oil−70.8
- Washed cashmere−256.7
- Coal−2,900
See the numbers as a table
| Copper ore and concentrate | +2,500 |
| Gold | +341.6 |
| Combed cashmere and hair | +260.5 |
| Zinc concentrate | +51.1 |
| Crude oil | −70.8 |
| Washed cashmere | −256.7 |
| Coal | −2,900 |
- What it shows
- How export earnings from each main product changed in 2025 compared with 2024, in US$ million.
- What it means
- Coal earnings fell by about US$2.9 billion. US$2.5 billion more from copper, as Oyu Tolgoi's underground mine ramped up, almost made up for it. Total exports barely changed.
- Why we care
- Copper is starting to take over from coal. That spreads the risk across two products, but copper's profits mostly go to Oyu Tolgoi's owners, while coal's go mainly to state-owned companies. Who owns the mine decides how much reaches citizens.
- Keep in mind
- Changes only, not totals. Statistics office figures as reported in the press.
- Terms in this chart
- Copper concentrateCrushed and enriched ore, about a quarter copper, sold to be smelted into metal abroad.Mined rock holds well under 1% copper. Grinding and flotation at the mine raise it to roughly 20–30% copper, plus some gold and silver. Smelters, mostly in China, turn it into pure copper.Full explanation →State-owned enterprise (SOE)A company the state owns in full or in majority.It lets the state run a business directly and keep its profit, instead of only taxing private firms. Results depend heavily on governance: who appoints the board, how open the accounts are, and whether politics drives decisions.Full explanation →
Exhibit 3
More coal, less money
2024 and 2025
Coal exported
million tonnes
- 202483.8
- 202590
+7.5%
Coal export earnings
US$ billion
- 20248.6
- 20255.7
−34%
See the numbers as a table
| 2024 | 2025 | ||
|---|---|---|---|
| Coal exported (million tonnes) | 83.8 | 90 | +7.5% |
| Coal export earnings (US$ billion) | 8.6 | 5.7 | −34% |
- What it shows
- How much coal Mongolia exported in 2024 and 2025, and how much it earned.
- What it means
- Mongolia sold 7.5% more coal in 2025 but earned about a third less, because the border price fell 38%.
- Why we care
- Selling more of a resource that will run out, for less money, is the clearest sign of the risk. Coal sold cheaply never comes back. That is why part of the income from good years has to be saved.
- Keep in mind
- The 2025 value is our calculation from the 34% fall reported by the Ministry of Economy and Development. Prices are set mostly by demand in China.
- Terms in this chart
- Resource rentThe profit from a natural resource above its costs and a normal return.When copper sells for far more than it costs to dig up, including a fair return on the investment, the surplus is the rent. It exists because nature made the deposit, not because of anyone's effort, which is why many countries treat it as belonging to the public.Full explanation →Sovereign wealth fundA state-owned investment fund, often built from resource income.It turns a resource that will run out into financial assets that can last indefinitely. A fund can save for future generations, steady the budget when prices fall, or pay citizens directly.Full explanation →
Exhibit 4
How much was dug up and sold
change in export volume from 2024, %
- Copper concentrate+35%
- Iron ore+18%
- Coal+7.5%
- Gold−7%
- Crude oil−13%
See the numbers as a table
| Copper concentrate | +35% |
| Iron ore | +18% |
| Coal | +7.5% |
| Gold | −7% |
| Crude oil | −13% |
- What it shows
- How the amount exported of each product changed in 2025, in percent.
- What it means
- Copper concentrate exports rose by more than a third, to 2.3 million tonnes. Coal and iron ore also rose; gold and oil fell.
- Why we care
- Volumes show how much of the ground's wealth is dug up and sold each year. Every tonne sold is gone for good, so each one should bring a fair return to its owners: the people.
- Keep in mind
- Percent change in tonnes (barrels for oil), not in value.
- Terms in this chart
- Copper concentrateCrushed and enriched ore, about a quarter copper, sold to be smelted into metal abroad.Mined rock holds well under 1% copper. Grinding and flotation at the mine raise it to roughly 20–30% copper, plus some gold and silver. Smelters, mostly in China, turn it into pure copper.Full explanation →