ULAN BATOR, April 18 (Xinhua) -- Mongolia's exports of copper concentrates increased 7 percent year on year in the first quarter of this year, local media reported Thursday.
Mongolia exported a total of 361,400 tons of copper concentrates in the January-March period, the daily newspaper Zasgiin Gazriin Medee quoted the country's Ministry of Mining and Heavy Industry as saying.
The resource-rich country earned 503.7 million U.S. dollars from the export of copper concentrates in the period, up 9 percent from the same period last year, the ministry added.
Mining is the most important sector of Mongolia's economy as the Asian country is rich in natural resources such as gold, silver, iron, coal, copper, molybdenum, tungsten, phosphates, tin, nickel, zinc, and fluorspar.
The mining industry made up 72 percent of the industrial output, 87 percent of total exports, 24 percent of the gross domestic product and 75 percent of foreign investment in 2018, according to the country's Ministry of Mining and Heavy Industry.