Copper and Molybdenum Concentrate to be Traded through Mineral Commodities Exchange

2024-02-29 14:56:30

Ulaanbaatar, 2024 February 28 /MONTSAME/ At its regular session on February 28, 2024, the Government adopted a resolution to add copper and molybdenum commodities to the List of Commodities to be Traded through the Mineral Commodities Exchange.


Thus, the selling price of copper and molybdenum concentrate will be defined based on the price set at the Mongolian Stock Exchange, encouraging open and transparent stock exchange trade.


Currently, 22 entities possess 27 operating special licenses for copper and molybdenum. The state and locally-owned Erdenet Mining Corporation possesses two special licenses. The Corporation has a contract to supply 621.5 thousand tons of copper concentrate to 6 entities, and 6.240.0 tons of molybdenum concentrate to 4 entities this year.  


Following the Government Resolution Erdenet Mining Corporation is obliged to trade its copper and molybdenum concentrate through the Mineral Commodities Exchange. The Mining and Heavy Industry Minister of Mongolia Ganbaatar Jambal has informed that considering the previously concluded contract the Mining Corporation was directed to trade 5 percent of its products through the Mineral Commodities Exchange in 2024.