- Industry Minister visits Mongolia to unlock
opportunities for UK mining businesses and bolster UK’s
minerals supply chain.
- Visit marks 60th anniversary of UK being first Western
country to establish diplomatic relations with Mongolia.
- Minister to explore significant opportunities for UK mining
businesses with mineral-rich Mongolia and promote UK renewable
energy sector.
In an historic visit to Mongolia today, Industry Minister will boost opportunities for
UK businesses across the critical minerals supply chain, bolster
trade and investment ties and mark the 60th anniversary of the UK
establishing diplomatic relations with the mineral-rich East
Asian country.
By 2040 the world will need four times more critical minerals
than it does today, and during her visit Minister Ghani will
engage with senior Mongolian government and business leaders to
explore the significant opportunities available for UK businesses
across the critical minerals supply chain, in particular
surveying and extraction.
The visit will also build on the UK’s already strong trade
relationship with Mongolia, which was worth more than £200
million in 2022.
During her visit, the Minister will also take part in
commemorative events in the capital of Ulaanbaatar to mark the
landmark 60th anniversary of the UK being the first Western
country to establish diplomatic relations with Mongolia.
Recognising the potential of strengthening centuries-old economic
and social ties the UK became the first Western country to
establish diplomatic relations in 1963, after supporting
Mongolia’s bid to join the UN in 1961 which paved the way to
establishing relations.
Minister for Industry and Economic Security said:
By 2040 the world will need four times more critical minerals
than it does today, and there are huge opportunities for us to
work together with Mongolia to help secure the UK’s minerals
supply chain and grow the industries of the future.
I’m pleased to be here in Ulaanbaatar to build on our historic
relationship with Mongolia and unlock even more opportunities for
UK businesses in our world-class industries, from transport to
green energy and mining sectors.
In addition to meeting senior government leaders, including the
Mongolian Deputy Prime Minister and Minister for Economic
Development, the Minister will also engage with the Mongolian
private sector and business community to hear first-hand about
their successes and challenges, and how the UK can work together
with them to boost growth and prosperity.
The Minister will also meet representatives of Rio Tinto – the
world’s second-largest mining company, who have invested almost
$16 billion in partnership with the Government of Mongolia to
develop the Oyu Tolgoi mine in the south Gobi Desert – on how UK
businesses in the critical minerals supply chain can capitalise
on Rio Tinto’s investment.
During her trip, Minister Ghani will promote the UK’s
capabilities across renewable energy and other sectors spanning
the critical minerals supply chain, as well as the UK’s export
finance offer to help support large-scale infrastructure projects
in Mongolia, which could transform the country’s industry and
energy supplies for the future as it aims to reduce dependency on
fossil fuels and build a sustainable future.
Minister Ghani’s visit also builds on the historic meeting of the
Minerals Security Partnership (MSP) group held during London
Metals Exchange Week earlier this month, which marked the first
time the UK has hosted the meeting.
The MSP is a group of 14 partners that aims to catalyse
investment in responsible critical minerals supply chains
globally, and the meeting this month brought Mongolia and a
number of other mineral-rich nations together with the core
partners to discuss opportunities to boost critical minerals
investment even further.
Background
- Mining is a large economic sector in Mongolia: the country
has large mineral deposits including gold, copper and coal. There
is significant opportunity for UK companies in mining
exploration, extraction and production, equipment supply,
technology, related research and consultancy services.
- Total UK exports to Mongolia for the four quarters to the end
of Q1 2023 were £129 million. (Source: ONS UK
total trade: all countries, seasonally adjusted)