Gold
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A total of 18 gold ore zones such as Khentii, Bayankhongor, Kharkhiraa, and Khangai mountain range have been determined in Mongolia. There are 152.6 tons of explored gold reserve in the country, of which 90.6 tons are in the Tuul, Bayangol, Arnaiman, Ult and Toson placers and 62 tons are included in the Boroo, Sujigtei and Tavt basic deposits.
A total of 18 gold ore zones such as Khentii, Bayankhongor, Kharkhiraa, and Khangai mountain range have been determined in Mongolia. There are 152.6 tons of explored gold reserve in the country, of which 90.6 tons are in the Tuul, Bayangol, Arnaiman, Ult and Toson placers and 62 tons are included in the Boroo, Sujigtei and Tavt basic deposits. As a result of the Mongol Gazar and Gachuurt companies' exploration and research activities, large scale gold reserves of the Kharguit, Shiirt and Zuun Sadat deposits in Tsenkher and Bat-Uul soums of Arkhangai and Uvurkhangai aimags were discovered and registered in the state reserve book.
The gold extraction of Mongolia increased by 14.7 times in the last 10 years. Also copper ore extraction and concentrate production increased by 30.4 per cent, and fluorspar concentrate production increased by 14.6 percent. This sector is leading other fields by its output production and investment amount. The Mongolian government is paying more attention to implementation of the gold program along with intensively controlling the gold extraction process of enterprises and organisations. The gold program is also aiming to improve techniques and technology, and decrease waste. The gold extraction and export of the country have been increasing year by year.
The Canadian Boroo Gold Company, engaged in gold and mining exploration, was named Top Company of 2003 and as the leading company in the mining sector. It has been estimated that the impact of Boroo will represent 5 to 7% improvement to the GDP of Mongolia. The capital cost of development and construction of the project was $75 million equivalent to 88 billion tugrig.
The Boroo hard rock deposit was discovered in the early 1900's however it was only explored extensively in the 1980's by a Mongolian – East German joint venture. The property has been held by several parties since but acquired by Altai Holding Company in 1997.
The start-up of the Boroo Gold Mine represents the first hard rock gold deposit to be developed and brought into operation in Mongolia and the largest foreign investment of its kind. The project has undergone development and construction during 2002/03, and culminated in the first gold bar being poured in December 2003 and achievement of commercial production on March 1, 2004.
