Mongolia's $772 Million Copper Smelter Project Requires Investment Negotiations to Conclude by End of November

en.Wedoany.com Reported - On October 11, Mongolian Prime Minister Nyam-Osor Uchral received a progress report on the Erdenet Mining Corporation copper smelting and refining plant project, urging accelerated project advancement and requiring the completion of investment and construction contract negotiations with investors by the end of November 2026. The project has a planned total investment of approximately $772 million, is located in the Erdenet Industrial Technology Park in Orkhon Province, Mongolia, and is designed to process 560,000 tons of copper concentrate annually and produce 124,000 tons of cathode copper. China Nonferrous Metal Industry's Foreign Engineering and Construction Co., Ltd. (NFC) has been selected as the strategic investor, and both parties are negotiating financing, equity allocation, and engineering contract terms.

The project is built on Erdenet Mining Corporation's existing copper-molybdenum resources and ore processing facilities and is incorporated into the local mining, metallurgy, and chemical industry technology park development plan. The project's feasibility study, environmental impact assessment, and related technical documents have been approved. The Mongolian government previously issued investment invitations to 55 enterprises in more than 20 countries, received participation applications from 13 enterprises in 7 countries, and subsequently conducted investor screening, confirming NFC's participation in the project in June 2026.

Approximately $68 million has been cumulatively invested in the supporting infrastructure of the technology park, the first-phase facilities have been put into use, and the overall infrastructure works of the park are scheduled for completion in 2027. The Mongolian government requires further clarification of the strategic investor's funding responsibilities, construction contract conditions, and project execution arrangements, as well as coordination of the transfer of the park's operating license.

The copper smelter's supporting works also involve sulfuric acid supply and raw material security. The Mongolian government requires relevant departments to formulate sulfuric acid supply arrangements to provide raw materials for the Zuuvch-Ovoo uranium mine project and other industrial users, and to handle limestone exploration and mining licenses for the neutralization treatment of sulfuric acid generated during the smelting production process. The park management department also needs to complete infrastructure coordination and development planning documents.

On June 10, 2026, the Mongolian government confirmed NFC's selection in the list of cooperating enterprises for the project. The latest government requirements in October further clarified the deadline for investment and construction contract negotiations, and the project is still at the stage of finalizing investment agreements and engineering construction arrangements.