Mongolia suffers $300 million decline in copper exports following China border restrictions—and it can reach $1.2 billion by the end of the year
Source: Fortune ·
Mongolia is a major supplier of coal and copper to China, the world’s largest consumer of both commodities.
From the source
The operator of one of Mongolia’s largest copper mines said Thursday its exports of copper concentrate to China have dropped by about 70% in the past two weeks due to restrictions at a border crossing. The restrictions have raised concerns over potential revenue losses and disruptions to Mongolia’s massive mineral sector. Oyu Tolgoi LLC, which operates Oyu Tolgoi, one of the world’s largest copper mines, said the number of truck convoys transporting copper concentrate across the Chinese border has fallen from the usual 12 to 13 per day to just around four. The restrictions affect vehicles crossing at China’s Ganqimaodu Border Port, which is adjacent to Mongolia’s Gashuunsukhait Border Port. The export cuts amount to a decline of about $300 million compared to normal operating conditions and could reach $1.2 billion if restrictions continue through the end of the year, local media reported on Wednesday. Oyu Tolgoi LLC did not confirm the reported losses in a statement to The…
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