Mining

The economic boom is supported by strong speculations surrounding the mining industry in Mongolia; many foreign companies have invested very heavily into the country to tap into those considerable resources. Normal concentrations of copper in the soil is about 0.3%, in recent explorations in Mongolian mines a concentration of 7% has been found, the highest in the world. Mongolia is also a large field of copper, gold, coal, uranium, zinc as well as many other minerals. Oil has also been found in quantities sufficient for domestic needs but more is expected to be found. Siberia to the north, China to the south and Kazakhstan to the West all have considerable oil deposits. Kazakhstan is a market quite similar to Mongolia in its progress and subsequent boom. Large international mines have set up sizeable operations in Mongolia and have, for the better part, completed their exploration phases and are moving ahead with the building of the mines and the extraction of the minerals. Most mining companies are also analyzing the possibilities of creating added value in Mongolia by implementing refining and mine support operations in Mongolia.