The current economic climate and mining industry of mongolia

Introduction to Mongolia's Economy

Mongolian overall economy has traditionally been focused two main areas which can be agriculture and mining like most expanding countries.

The Agricultural Sector

Generally Mongolian agriculture has been slowly and gradually developed. Agriculture is based on about thirty eight percent of Mongolian market, and also it is one of the key Mongolian ethnical parts. Ninety-five percent of Mongolian lands are being used for pasture land. Mongolian people in countryside are nomadic herders which suggest they follow their livestock pasture land. Agriculture is utilized to a limited space in Mongolia, concentrating generally on wheat and potatoes, and beverages. Actually before agriculture was a smaller than nowadays, but critical sector of the Mongolian current economic climate in the early 1980's. In 1985, agriculture accounted for over 17. 4 percent of national income, and 27. 6 percent of the labor force. However, agriculture stayed financially important part, because the the majority of Mongolian industry refined agricultural products, food, and animal products, including hides and skins for export. In 1986, agriculture supplied over 57 percent of Mongolian exports. Agricultural sector will depend on the current weather conditions. For the winter, Mongolian weather has a big temperature range reached minus thirty degrees Celsius, and summer time temperatures thirty two certifications Celsius. In the summertime time, it has become drought nowadays, and brought on having less pasture lands, and in the wintertime, brought on huge amounts of snow that resulted in the death of many million livestock.


In my opinion, with the purpose of increase productivity by farmers and herdsman, and a very important thing that people can do is to set-up benefit policies that happen to be a markets company for their products, and also giving them who are farmers and herdsman benefits include health insurance, life insurance, a dental plan and any discount that something needed for their life. Performing increased fruitfully is easy, the government just can give the herders and farmers more livestock, plus they have activities of custom knowledge how to proceed with it. And also a current issue of major importance in the agricultural sector of herders and farmers management: The necessity to apply developments in Information Technology to boost their management. The Governments and some companies could support trading with the state market. Maybe, if people implicated in the poor economy look at that the official economy is making well, they will change around. The end of the not performing officially overall economy in Mongolia, it would bring very much unseen income of the government to the state economy. As if this thing is certainly going on in Mongolia, Mongolians usually work hard to make better life. They don't have enough money spending for the meals, clothes, rent, plus some staffs, and climate in Mongolia is very hard, but Mongolians are strong people.


The Mining Sector

The Mining sector is one of the biggest sectors to current economic climate in Mongolia. For last five years, Mining sector in Mongolia has been participating deeply on the globe. Mongolia is abundant for the nutrient resources and exploitation to its overall economy, so Mongolia is experiencing a profound in its mining sector, which brings new opportunities as well as major difficulties. The Mining is carrying on to rise as a major industry of Mongolia as backed by the amount of Chinese language, Russian and Canadian companies, that are starting mining businesses in Mongolia. By later 1980's, mining was an important sector of the economy, and accounted for 42. 6 % of exports in 1985. As the earth searches for natural resources, the concentrate centers on Mongolia, because Mongolia has known debris of over 80 types of minerals, and currently produces about 90 nutrients including silver, copper, gold, and coal. Mongolia is a significant exporter of copper and coal and a leading world designer. Until the later 1960's, mining in Mongolia consisted mostly of coal.


Map of the Mongolian mining sectors

Square Collection: Mineral's fields

Triangle Range: Mines


The need for mining is obviously significant to Mongolia. Mining can be an important industry, and Mongolians are very advanced in their mining technology, but during the mining process, there is a certain degree of pollution produced. The Mongolian federal and the mining companies have very good plans and settings toward this issue, while making sure the smooth working of the industry, and which also helps to create strong market and career. The world of today cannot exist without mineral products. Mongolia produces about 60 minerals and ranks first among producing countries. Aswell, Mongolia is one of the major exporters of mineral deposits, with more than 20 % of its development transported to world market segments. In a typical yr, the mining industry is accountable for almost 20 % of Mongolia's total export profits. As for the career rate, over 5 % of the mines are held by Mongolians and roughly 32, 000 Mongolians are immediately used in the mining industry, but there are some problems with employees who are working in Mining Sector including output, training, and variety etc. Efficiency is a common have difficulty for some mining sector because of some Mongolian people who do not work very well, and simply taking their time. That is why at work, the international companies favor their own employees who is able to constantly make sure that they are receiving enough of the needed kinds of work completed so the business is operating efficiently to become profitable. If the company has employees who are not tugging their weight, it diminishes production that can decrease profitability.


Training is a required component of staff development, and training is necessary in practically every business and industry as well. Some training is face to face, while other styles may involve the business sending employees for outdoor training payed for by the business enterprise. At this time, basically companies require people who are deeply trained in the mining sector. Mongolian people are just exercising in the mining sector, and they don't have enough experience with it. (Variety) Currently, sometimes the international employers and Mongolian employers discriminate to one another at work. Actually, they need to adhere to employing, campaign and termination practices that don't discriminate against folks of different races, age range or erotic orientations. Laws are clear that workplace discrimination will not be tolerated. The mining sector plays the main role in the commercial development of the united states. From the reports, for days gone by ten years, the Mongolian mining industry has been progressing by 4% every year. Mining is very important in Mongolian life. Not merely do the products electricity the family car and heat the house, the manufacturing sector, the hi-tech companies and even the better known resource industries are all dependent, for some reason, on the mining industry. The mining industry will still be an important support to the overall economy. If the mining sector develops in the right way, this might have an optimistic impact on the introduction of the Mongolian market. If mining grows the wrong way, it'll bring collapse to the ecological and natural systems of the united states. If the mining sector grows in the right way, I am hoping this sector will be running smoothly and attracting money to make a good financial future.


Weaknesses and Advantages (relating to Country wide Development Strategy)


Small interior market

Landlocked country

Importing country

High cost for the transit and transport

Dependence of the agricultural sector on weather conditions


Richly supplied nutrient resources

Improving macroeconomic index


Since the economical reform of the 1990s, the Mongolian Federal has gradually privatized the mining sector. Mineral exploration was hampered by limited infrastructure, such as a shortage of streets and water resources, and severe weather in Mongolia. In the past several years, however, economic and governmental reforms have resulted in increased international investment in nutrient exploration. Mining starts opportunities for formal and casual employment for many people, especially in agricultural sector. Mongolians have currently opened at their traditional moment which includes waited for a long time Oyu Tolgoi's (Canadian and Mongolian Co-Mining Company) Investment Agreement, expecting that this arrangement will have a highly effective on all areas of the Mongolian market. It means which is guaranteed by the Mongolian Administration to send an extremely signal to buyers who are committing for Mongolia that the united states is now wide open for anyone who would like to enterprise. The Current economic climate of Mongolia appears bright, and we are just starting a new section in their history, I only trust that Mongolian monetary will make the right reforms because of its economical growth to make certain the problems of Oyu Tolgoi's (Canadian and Mongolian Co-Mining Company) Investment Arrangement continues to keep making the recently opportunities.



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