The mining sector is a major contributor to the national economy: in the first half of 2014 it represented 18.5% of GDP and 17.5% of budget revenue according to Bank of Mongolia. Minerals and curde oil accounted for 88% of exports in 2013. Major exports include copper, gold, molybdemum, coal, iron ore and fluorspar concentrates. The Oyu Tolgoi copper and gold project is expected to account for one third of GDP by 2020. EITI implementation plays a key role in strengthening resource revenue management and transparency.
Mongolia published its 2012 report in December 2013. It has also developed a mid-term strategy (2010-2014), which include broader objectives such as expanding the EITI to revenue disbursement, licensing, natural reclamation costs and contract transparency.
The government of Mongolia committed to implement EITI in December 2005 and was admitted as EITI Candidate on 27 September 2007.
Mongolia’s EITI Reports are highly comprehensive. They include a good overview of the extractive sector, including number of deposits, production figures by commodity, and a map of current oil exploration and production activities. The reports disclose revenues collected at provincial and local levels, including fines and environmental remediation costs, and social payments and donations. The 2011 EITI Report also included a survey of IFRS application by companies, indicating which companies have been audited in accordance with IFRS and the name of the audit firm. Basic information about licenses and license holders are included in the Report.