The State-Owned Enterprise “Erdenes critical minerals (formerly State-Owned Enterprise “Mongolrostsvetmet”) was established in 1973 under the name Mongolian-Soviet Joint venture “Mongolsovtsvetmet” in accordance with the agreement between the governments of the Mongolian People's Republic and the USSR with the aim of mining and enriching fluorspar, precious metals and other minerals in Mongolia, increasing mineral reserves and enhancing the country's export potential. Currently, it is the first large enterprise with foreign investment in Mongolia, operating for 53 years.
The Joint venture was established in 1993 as the Joint venture “Mongolrostsvetmet” under an agreement between the governments of Mongolia and Russia, since 2007 it has been operating as a Limited Liability Company, and since 2019 - as a State-Owned Enterprise.
51% of the shares of the authorized capital of the State-Owned Enterprise belonged to Mongolia and 49% to Russia, and since 2016 100% of the shares have been transferred to the ownership of the Mongolian state.
The main areas of activity of the Enterprise:
- Mining and ore dressing of fluorspar ore;
- Mining and ore dressing of iron ore;
- Gold mining and producing;
- Production of gravel, crushed stone and sand,
- Geological exploration.
Annually processes 550-600 thousand tons of fluorspar ore, produces 110-120 thousand tons of fluorspar concentrate, mines 2.4 million tons of iron ore, produces 900.0 thousand tons of iron concentrate, has a washing capacity of more than 1.0 million m3 of gold-bearing sand, providing permanent employment for more than 1,550 people.
Currently, the enterprise operates as follows:
- Ulaanbaatar city Administration,
- “Bor-Undur” Mining and Processing Plant located in Bor-Undur soum of Khentii aimag,
- “Shijir alt” gold mine located in Zaamar soum of Central aimag.
“Bor-Undur” Mining and ore dressing plant employs more than 20 percent of the working population of Bor-Undur Soum of Khentii Aimag, and “Shijir alt” gold mine employs 34 percent of the working population of Khailaast bag and Uguumur bag of Zaamar soum of Central aimag.
Since its establishment, “Erdenes critical minerals” (formerly known as “Mongolrostsvetmet”) has made a significant contribution to improving the knowledge, skills and abilities of its employees and local communities, and has trained hundreds of highly qualified national personnel. We also pay special attention to solving social issues of our employees. For example, its uniqueness lies in the fact that about 40 percent of the total investment was directed to the creation of social infrastructure, including comfortable housing, schools, kindergartens, complex buildings for social, cultural, sports and household purposes. As a result, more than 15 thousand people live in the cities and towns created on the basis of enterprises included in the industrial zone. More than 60 percent of the enterprise's employees live and work in modern, comfortable apartments, and the local budget organization also provides employees with housing.
The State-Owned Enterprise will become an organization that has implemented an integrated management system of international standards ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018 in its activities, developed corporate governance and strengthened its contribution to the development of Mongolia, and will be recognized not only in Mongolia but also internationally.
By the Resolution of the Government of Mongolia No. 95 dated February 19, 2025, the name of the State-Owned Enterprise “Mongolrostsvetmet” was changed to the State-Owned Enterprise “Erdenes critical minerals”.