Erdenet Mining: updated feasibility study lifts geological reserve to 4.6 billion tonnes, mining to 2080

An update to the feasibility study for the Erdenetiin-Ovoo porphyry copper-molybdenum deposit has raised its geological reserve from 2.9 billion to 4.6 billion tonnes, Bloomberg TV Mongolia reported.

G. Yondon, CEO of the state-owned Erdenet Mining Corporation, said the updated study is a key strategic document that sets the foundation for the company's development through 2080. The study brings the reserve estimate in line with the international JORC standard. It covers geology, mining, processing, infrastructure, investment, economic returns, the environment and mine closure.

As part of a technology upgrade, the study also plans a phased electrification of the mine's haulage system. That includes about 40 heavy-duty trucks and a 10 MW renewable power source. The company estimates these steps could cut carbon emissions by 40–50% and energy costs by 20–25%.

Preliminary results for the first nine months show Erdenet beat its net profit plan by more than 170%. Net profit is expected to reach 1.7 trillion tögrög by year-end. Management had earlier said the deposit could be mined until 2079.