Oyu Tolgoi produces a total of 214.8 thousand tons of copper in 2024, breaking the 2015-2016 record.
💥 The Beginning of the Surge
Next month, Oyu Tolgoi’s underground mine turns 2 years old. Since its opening, copper concentrate production surges, with total copper concentrate output skyrocketing by 66.5% compared to 2022 and 27.8% compared to 2023. Originally, the expected increase was 40%, but it came in at 27.8% instead.
‼️ The Next Major Project for Mongolia
While Oyu Tolgoi’s operations continue smoothly, the price of coal, a key contributor to Mongolia’s economy, falls by 72.1% from its peak in 2022. Although coal exports increase, revenue from coal declines. With coal prices expected to decrease and China’s coal consumption to decline in the future, Mongolia’s economy relies more on copper income.
Although the peak of Oyu Tolgoi’s copper production sustains the economy until 2036, what follows after that remains uncertain. To mitigate future risks, exploration intensifies, and new raw material deposits must be discovered. The question of where and when the next Oyu Tolgoi will emerge remains a key consideration.
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