The UK’s Department for Business & Trade said Monday is looking for mining opportunities in Mongolia to boost UK critical minerals supply chains, Kallanish reports.

Industry minister Nusrat Ghani is visiting the mineral-rich East Asian country in a bid to bolster trade and investment ties. She will engage with senior Mongolian government and business leaders to explore “significant opportunities” available for UK businesses across the critical minerals supply chain. Although these may be primarily related to surveying and extraction, there is scope to benefit UK miners, equipment and technology suppliers, and research and consultancy service providers.  

Mongolia is home to one of the largest known copper and gold deposits in the world – the Oyu Tolgoi mine. The project in the South Gobi region is operated by Rio Tinto, in partnership with the Mongolian government. At peak production, Oyu Tolgoi is set to produce 500,000 tonnes/year of copper. This could build 1,580 wind turbines per day and 16,400 battery electric vehicles per day, according to Rio Tinto.

“By 2040 the world will need four times more critical minerals than it does today, and there are huge opportunities for us to work together with Mongolia to help secure the UK’s minerals supply chain and grow the industries of the future,” says Ghani.

As part of the visit, the minister will also meet Rio Tinto officials to discuss how UK businesses can capitalise on Rio Tinto’s $16 billion investment in Oyu Tolgoi. However, the ministry did not elaborate further.

In addition to copper, gold and coal, Mongolia is expected to have sizeable reserves of rare earth elements. Earlier this year the Mongolian government said it was open to investment and partnerships to unlock its potential in critical materials including nickel, lithium and cobalt.