According to figures released by the Mining Ministry, the mining sector was responsible for 18.5% of Mongolia’s GDP in the first six months of 2014. It also made up 66% of the industrial sector, 83.2% of total exports, 17.5% of the national budget and 81% of foreign direct investment. Total mining output contributed MNT481.2 billion to the state budget as tax income. 4.1 tonnes of gold were sold to Mongol Bank. This represents a 65.5% increase compared to the same period last year. This is due to the increased transparency in gold trade as well as recent changes made to the Mining Law.
Hopes that 782,600 tonnes of oil will be exported by July 17, however, were not met. Of the 488,000 tonnes extracted, 458,000 tonnes were exported. Since the beginning of the year until July 1, 2014, oil exports supplied MNT105.4 billion to the state budget.