Coal Is Out. Copper and Gold Are In. But Mongolia’s Old Habits Die Hard

Mongolia’s economic backbone is shifting more decisively toward metals like copper and gold. This builds on a trend years in the making. What’s new is the pace – a sharp acceleration away from coal, driven by global market forces.

The speed of the current transition is stark. According to the National Statistics Office, coal revenues plunged 45.3% year-on-year in the first half of 2025, falling to $2.56 billion.

This sharply cut the trade surplus by 58.1%, partly due to a $47.3 per tonne drop in border prices.

Source: National Statistics Office of Mongolia

Meanwhile, copper exports surged 61.7% over the same period, reaching $2.35 billion. This rise was bolstered by high global prices. Copper alone now nearly matches coal's total value, signalling a fundamental, non-seasonal change in Mongolia’s export mix.

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