Coal and copper generate almost 70% of Mongolia's total export revenues and most of its mining output is sold to neighboring China.
Mongolia Mining News
A key asset is the Oyu Tolgoi copper project in Mongolia, which will partially diversify the miner's earnings away from iron ore.
An investigation is ongoing into suspected abuse of power - that former finance minister Bayartsogt held shares in a foreign company before the Oyu Tolgoi investment agreement.
The company expects Oyu Tolgoi will be the world’s third-largest copper producer at peak metal production.
The Oyu Tolgoi project is central to Rio Tinto's push to diversify its portfolio away from iron ore.
The government is keen to develop the mine which holds an estimated 7.4 billion tonnes in reserves.
"Our vision is to be the world's leading uranium company" - Ni Tao deputy manager of China National Uranium Co Ltd
First production from the $5.3 billion underground expansion of Oyu Tolgoi was originally scheduled for early 2020.
The Mongolian government broke laws during a controversial attempt to seize full control over the Erdenet copper mine.
Mining giant running out of time to secure power supplies
The listing also makes Erdene the only precious metals exploration and development company currently registered on the exchange.
The companies are committed to explore for mineral deposits first in the Asian country and then the rest of the world .
The Halifax, Nova Scotia-based miner also said it had launched an offering of common shares to Mongolian residents, as well as a concurrent non-brokered private placement, which in combination are expected to raise up to $4.4 million.
Rio Tinto has called for less interference at its giant copper and gold mine in Mongolia, as it moves forward with an underground expansion.
Chief executive Jean Sebastien-Jacques said the challenge for the industry is to ensure the benefits from the past frugal years are not lost against a backdrop of rising oil prices and increased political risk.
Indicated and inferred gold equivalent resources increased by whooping 208% and 172% respectively, when compared to the project’s maiden mineral resource estimate of 2015.
State seeks enforced acquisition of MCC's Erdenet stake.
It is not conclusive that Rio avoided WHT on interest on shareholder loans, and there is no clear evidence to support the claims of treaty abuse.
The two countries on 30 March signed a Memorandum of Understanding focusing on geology and development of mineral resources and civil aviation.
A Mongolian former finance minister, Bayartsogt Sangajav, has been arrested as part of an investigation into suspected abuse of power during investment talks for the giant Oyu Tolgoi copper mine in 2009.
Oyu Tolgoi booked $939.8 million in revenue for 2017, down from $1.2 billion the previous year.
Request relates to an investigation about possible abuse of power by authorized officials during negotiation of the 2009 Oyu Tolgoi investment agreement.
Majority owner Turquoise Hill Resources Ltd said that it expected to make up any sales-related effect over the next few quarters.
The Erdenet mine produces 530,000 tonnes of copper concentrate a year.
Move would add further costs to an ongoing $5.3 billion underground expansion of the massive mine.