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Mid-Nickel",103.5,99.73,3.78,13.78,6.78,[518,519,520,522,524,526,528,530,532,534,536,538],{"date":213,"value":512},{"date":216,"value":513},{"date":219,"value":521},99.19,{"date":222,"value":523},96.02,{"date":225,"value":525},98.23,{"date":467,"value":527},99.24,{"date":329,"value":529},101.29,{"date":339,"value":531},87.61,{"date":341,"value":533},92.44,{"date":344,"value":535},90.96,{"date":347,"value":537},92.24,{"date":350,"value":539},95.09,{"id":541,"uuid":542,"name":543,"slug":544,"full_slug":545,"content":546,"relatedArticles":729,"relatedVideos":730},112468849042279,"f166cba7-8e0b-4f7e-853a-e0fe8f7f8ac7","Mongolia’s fluorspar, copper draws Western partnerships","mongolias-fluorspar-copper-draws-western-partnerships","article/mongolias-fluorspar-copper-draws-western-partnerships",{"_uid":547,"date":548,"tags":549,"editor":556,"content":566,"excerpt":701,"featured":51,"reporter":702,"_editable":706,"component":707,"seo_title":543,"categories":708,"visibility":721,"author_company":49,"featured_image":722,"seo_description":701,"author_full_name":49,"author_job_title":49,"formattedDate":727,"formattedArticleDate":728},"33107395-be3b-44cc-bd56-8bf289bff7e7","2024-10-01 00:00",[550,553],{"slug":551,"name":552},"mongolia","Mongolia",{"slug":554,"name":555},"us","US",[557],{"slug":558,"name":559,"content":560},"didi-bostock","Didi Bostock",{"job_title":561,"image":562,"bio":564,"linkedin":565},"Editor - Energy Transition & Economics",{"filename":563},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":567,"content":568},"doc",[569,576,581,586,601,606,611,616,623,628,633,646,651,656,661,666,671,676,681,686,691,696],{"type":570,"attrs":571,"content":572},"paragraph",{"textAlign":49},[573],{"text":574,"type":575},"Mongolia is an emerging battery critical minerals frontier for Western countries looking to secure ex-China supply, including in fluorspar, copper, and rare earths.","text",{"type":570,"attrs":577,"content":578},{"textAlign":49},[579],{"text":580,"type":575},"The US is moving closer to the Central Asian country on account of its critical minerals potential, as highlighted by the Secretary of State Anthony Blinken’s August visit where he hinted at deeper bilateral cooperation over new energy resources. ",{"type":570,"attrs":582,"content":583},{"textAlign":49},[584],{"text":585,"type":575},"Mongolia is home to Rio Tinto’s Oyu Tolgoi copper mine, which could become one of the world’s largest by the end of the decade, according to Benchmark data. ",{"type":570,"attrs":587,"content":588},{"textAlign":49},[589,591,599],{"text":590,"type":575},"Benchmark also forecasts ",{"text":592,"type":575,"marks":593},"Mongolia will contribute 10% of the world’s fluorspar",[594],{"type":595,"attrs":596},"link",{"href":597,"uuid":49,"anchor":49,"target":49,"linktype":598},"https://www.benchmarkminerals.com/fluorspar/data-reports/forecast/","url",{"text":600,"type":575}," production by 2030, up from 5% in 2023. ",{"type":570,"attrs":602,"content":603},{"textAlign":49},[604],{"text":605,"type":575},"The country also holds rare earth reserves although there are no active or developing mines.",{"type":570,"attrs":607,"content":608},{"textAlign":49},[609],{"text":610,"type":575},"Blinken’s visit came a week after the inaugural US-Mongolia Comprehensive Strategic Dialogue in Washington and almost a year after the countries signed a Memorandum of Understanding to jointly advance critical mineral supply chains.",{"type":570,"attrs":612,"content":613},{"textAlign":49},[614],{"text":615,"type":575},"The UK is another Western country cultivating Mongolia as a resource security partner. Then-Industry Minister Nusrat Ghani visited Mongolia to explore mining investment opportunities in 2023.",{"type":617,"attrs":618,"content":620},"heading",{"level":619,"textAlign":49},4,[621],{"text":622,"type":575},"Mongolia is the third largest fluorspar supplier",{"type":570,"attrs":624,"content":625},{"textAlign":49},[626],{"text":627,"type":575},"Mongolia’s fluorspar mines could become more important for the global market balance as demand grows and China’s share of supply wanes between now and 2030. ",{"type":570,"attrs":629,"content":630},{"textAlign":49},[631],{"text":632,"type":575},"Source: Benchmark Fluorspar Market Outlook",{"type":570,"attrs":634,"content":635},{"textAlign":49},[636,638,644],{"text":637,"type":575},"China will remain the world’s biggest producer at 58% of supply in 2030 but intensive extraction will almost totally deplete its measurable reserves by this time, according to ",{"text":639,"type":575,"marks":640},"Benchmark’s Fluorspar Market Outlook",[641],{"type":595,"attrs":642},{"href":643,"uuid":49,"anchor":49,"target":49,"linktype":598},"https://www.benchmarkminerals.com/fluorspar/data-reports/forecast",{"text":645,"type":575},". Globally too, currently measurable reserves are set to plunge 30% by 2030 compared to 2022 levels as demand increases from traditional sectors and high growth from batteries alike. ",{"type":570,"attrs":647,"content":648},{"textAlign":49},[649],{"text":650,"type":575},"The incoming squeeze on global fluorspar supply could turn the spotlight on Mongolia. Between 2024 and 2030, the country is forecast to retain its spot as the third biggest supplier of the mineral while increasing its share of the global supply. ",{"type":570,"attrs":652,"content":653},{"textAlign":49},[654],{"text":655,"type":575},"The country also holds potential for new mine development since its currently-measurable reserves for 2030 far outstrip forecast supply for 2030.",{"type":617,"attrs":657,"content":658},{"level":619,"textAlign":49},[659],{"text":660,"type":575},"Mongolian copper",{"type":570,"attrs":662,"content":663},{"textAlign":49},[664],{"text":665,"type":575},"Mongolia also has copper assets, including its largest in Oyu Tolgoi. Majority-owned by Rio Tinto and 34% owned by the Mongolian government, this asset could soon become one of the world’s biggest by the end of the decade.",{"type":570,"attrs":667,"content":668},{"textAlign":49},[669],{"text":670,"type":575},"The story of the mine is one of successful expansion. After Rio Tinto discovered its below-ground ores were up to four times higher quality than at the top, it augmented the open-pit with an underground mine.",{"type":570,"attrs":672,"content":673},{"textAlign":49},[674],{"text":675,"type":575},"“The transition from an open pit to an underground mine is technically challenging, however Rio Tinto managed to develop this successfully,” said Ivan Llancas, copper supply analyst at Benchmark. ",{"type":570,"attrs":677,"content":678},{"textAlign":49},[679],{"text":680,"type":575},"The payoff from this investment could be significant. Oyu Tolgoi is now expected to produce 500,000 tonnes per annum during the expected years of peak production between 2028 to 2036, up from 168,000 tonnes in 2023, according to Rio Tinto.",{"type":617,"attrs":682,"content":683},{"level":619,"textAlign":49},[684],{"text":685,"type":575},"Central Asia’s geostrategic importance ",{"type":570,"attrs":687,"content":688},{"textAlign":49},[689],{"text":690,"type":575},"Mongolia is not the only country in the region attracting interest for its mineral wealth. The EU entered strategic partnerships with Kazakhstan and Uzbekistan to develop critical minerals value chains in 2022 and 2024 respectively.",{"type":570,"attrs":692,"content":693},{"textAlign":49},[694],{"text":695,"type":575},"China’s critical minerals dominance is what’s driving Western countries to engage in critical minerals diplomacy with Mongolia and the wider Central Asian region. The mineral wealth of the region offers these countries supply security as they embark on the energy transition.",{"type":570,"attrs":697,"content":698},{"textAlign":49},[699],{"text":700,"type":575},"Cooperation with Central Asia is also seen as offering opportunities for the West to balance neighbouring China’s influence in the region. Russia’s waning influence in the region has also widened the door to Western actors as well as China, who are all currently vying for access to the country’s mineral resources. ","Mongolia is an emerging battery critical minerals frontier for Western countries looking to secure ex-China supply, including in fluorspar, copper, and rare earths. The US is moving closer to the Central Asian country on account of its critical minerals potential, as highlighted by the Secretary of State Anthony Blinken’s August visit where he hinted at […]",[703],{"slug":558,"name":559,"content":704},{"job_title":561,"image":705,"bio":564,"linkedin":565},{"filename":563},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"33107395-be3b-44cc-bd56-8bf289bff7e7\", \"id\": \"\"}-->","article",[709,712,715,718],{"slug":710,"name":711},"copper","Copper",{"slug":713,"name":714},"critical-minerals","Critical Minerals",{"slug":716,"name":717},"fluorspar","Fluorspar",{"slug":719,"name":720},"geopolitics","Geopolitics","private",{"id":49,"alt":723,"name":723,"focus":723,"title":723,"source":723,"filename":724,"copyright":723,"fieldtype":725,"meta_data":726,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/2d999ceb05/bm-mongolia-on-map-1.jpg","asset",{"alt":723,"title":723,"source":723,"copyright":723},"Oct 01, 2024","1st October 2024",[],[],1780670060656]