Mongolia's oldest large copper mine, operating since 1978 and run by Erdenet Mining Corporation, a state-owned enterprise. The state has owned all of it since 2019. In 2025 it had record revenue of MNT 4.6 trillion and paid MNT 2.2 trillion to state and local budgets. Citizens own no shares directly; their share arrives through taxes and the Savings Fund.
Who owns it
| Owner | Share | Note |
|---|---|---|
| State of Mongolia | 100% | State-owned enterprise since 2019 (GBR interview) |
How it got there:
| Period | Ownership | Note |
|---|---|---|
| 1978–2016 | Mongolia 51%, Russia 49% | A Mongolian-Soviet, later Mongolian-Russian, joint venture (UB Post, GBR interview) |
| 2016 | Mongolia 51%, Mongolian Copper Corporation 49% | Russia's Rostec sold its 49% to Mongolian Copper Corporation for US$400 million (Resource World) |
| 2018 | Disputed | The Constitutional Court ruled that Mongolian Copper Corporation had no right to the 49%, because the sale had not gone through Parliament (MINING.COM) |
| 2019 onward | State 100% | (GBR interview) |
| 2022 | Compensation | The state paid Mongolian Copper Corporation a second instalment of US$153.5 million, out of US$400 million in total (Resource World) |
Where the money went
| Flow | Amount | Note |
|---|---|---|
| Sales revenue, 2025 (preliminary) | MNT 4.6 trillion | The highest in the company's history (ikon.mn) |
| Net profit, 2025 | MNT 693.1 billion | Helped by higher copper prices and cost cuts (ikon.mn) |
| Taxes and payments to state and local budgets, 2025 | MNT 2.2 trillion | (ikon.mn) |
| Ore processed, 2025 | 39.9 million tonnes | A record; 47.1 million tonnes mined (ikon.mn) |
| Buying back the 49% | US$400 million | Paid to Mongolian Copper Corporation in instalments (Resource World) |
The head of the Cabinet Secretariat said in November 2025 that Erdenet earns about as much as Oyu Tolgoi but pays three times as much tax. He gave no figures (News.MN).
How much reached citizens
| Channel | Status |
|---|---|
| Direct shares | None. Unlike Tavan Tolgoi, citizens hold no Erdenet shares |
| Taxes and budget payments | MNT 2.2 trillion in 2025 (ikon.mn) |
| Savings Fund | By law, 34% of the dividends the state receives from state-owned mining companies go to citizens' Savings Fund accounts. Erdenet was one of five companies whose 2024 dividends totalled MNT 495.6 billion, which added MNT 138,900 to each citizen's account (Ministry of Labour and Social Protection) |
| Erdenet's own part of that | Not published separately |
Open questions
We could not find these figures in full from public sources. This page will be updated when sources are found.
- How much Erdenet paid the state in dividends each year, and how much of it reached the Savings Fund
- Erdenet's audited financial statements for 2024 and 2025
- How much reached Orkhon aimag
- Who formally holds the state's shares: the government directly or Erdenes Mongol
For the full analysis, see the report Sharing Resource Wealth.
Sources
- GBR — interview with Erdenet's general director (Mongolia Mining 2024)
- UB Post — the 2016 ownership change (1 July 2016)
- MINING.COM — Constitutional Court ruling (28 February 2018)
- Resource World — Mongolia pays US$153 million to settle mining dispute (2022)
- ikon.mn — Erdenet 2025 preliminary results (25 December 2025)
- News.MN — Erdenet and Oyu Tolgoi compared (11 November 2025)
- Ministry of Labour and Social Protection — Savings Fund, first half of 2025