“Mongold is a junior gold producer with a view to becoming one of the largest gold producers in Central Asia. Our flagship operation is the Naran Mandal Gold Operations located in Mongolia.”
Mongolia is one of the world’s most remote gold frontiers. The country stretches across an enormous land mass – larger than all of Western Europe combined. As a result of its unique geographical position, it is rich in precious metals. However, due to its isolation and the influence of Soviet occupation, gold mining and exploration were not a priority in Mongolia and many of its best gold deposits have been left unexplored and undeveloped.
In 2014, Mongold acquired Naran Mandal Gold Operations and became the 100% owner and operator.
During the next few years, the underground mine was developed on Vein 1 and a processing plant was constructed on the Naran Mandal license. A small local workforce was recruited and the operation began trial production activities in 2017.
Since 2017, mining operations have been expanded with the production profile now on track to grow year-on-year with recent changes in the senior management team, changes to mining methods and a capital injection planned for an upgrade in the processing plant. From 2023-2026 the company’s exploration program will focus on a number of prospective deposits on the current mining lease which has shown good potential.
The Naran Mandal Gold Operations employs more than 500 people and Mongold continues to be a major contributor to the Bayankhongor region in which it is located. Mongold’s contributions to the area encompass job creation, sustainable procurement practices, and community investments. Moreover, Mongold’s corporate social responsibility initiatives are strategically aligned to enhance local livelihoods, with a specific focus on areas such as healthcare, education, and environmental stewardship.