In a historic visit to Mongolia, UK Industry Minister Nusrat Ghani is working to enhance opportunities for UK businesses, strengthen trade and investment ties, and commemorate the 60th anniversary of the UK establishing diplomatic relations with the mineral-rich Asian country.
The visit marks the anniversary of the UK being the first Western country to establish diplomatic relations with Mongolia in 1963, piggybacking off when the UK supported Mongolia’s bid to join the UN a couple years earlier.
Mining is a significant economic sector in Mongolia, with abundant mineral deposits including gold, copper, uranium, rare earth elements, and other critical materials that many Western countries, like the UK, are looking to source. The trip will further strengthen the UK’s already robust trade relationship with Mongolia, which last year amounted to more than £200M according to the press release on the event.
“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,” commented Minister Ghani.
“I’m pleased to be here in Ulaanbaatar to build on our historic relationship with Mongolia and unlock even more opportunities for UK businesses in our world-class industries, from transport to green energy and mining sectors.”
During the visit, Ghani will also meet with representatives from mining giant, Rio Tinto. Rio Tinto has invested nearly US$16B in partnership with the Mongolian government to develop its Oyu Tolgoi copper-gold mine in the Gobi Desert, one of the largest known copper and gold deposits in the world. Discussions will focus on how UK businesses in the critical minerals supply chain can benefit from Rio Tinto’s investment.
Minister Ghani’s visit also builds upon the Minerals Security Partnership (MSP) meeting, which took place during London Metals Exchange Week in early October. This was the first time the UK hosted the meeting, bringing together all MSP partners and mineral-rich nations like Mongolia to explore opportunities for further investment in critical minerals. In February, South Korea also signed a memorandum of understanding (MOU) with Mongolia to enhance cooperation across rare earth metals supply chains. In June, the US government signed an MOU with the Mongolian government to strengthen critical mineral supply chains in the Indo-Pacific region. Additionally, earlier this month, France and Mongolia signed a preliminary deal allowing the French geological survey, BRGM, to explore a prospective lithium basin in the country.
