There are over 1,170 deposits and 8,000 explorations of over 80 types of minerals currently registered in Mongolia. These deposits show that there are more than 1.6 million tons of gold, 227,000 tons of silver, 36.3 million tons of copper, 660 million tons of iron ore, 5.9 million tons of zinc, and 250 million tons of petroleum resources available in Mongolia. Plus, forecasts of 175 billion tons of coal reserve have been made. Ulaanbaatar has become a major center and hub for mining operations. Many Mongolian and foreign-invested entities are operating in the capital, with large companies such as Rio Tinto, Areva, Turquoise Hill Resources, and many other Mongolian and foreign companies operating with offices in Ulaanbaatar. The majority of the decision-making and problem-solving regarding mining operations in Mongolia are being made in the capital city. In that sense, Ulaanbaatar is the national economic focal point of Mongolia.
Ulaanbaatar has large national banks as well as small financial organizations that are providing banking and financial services to people living all over the country through their active branches and offices in every province and most soums. Mongolian banks offer all types of financial services at all of their branches, as well as through their online and mobile services, which are developing each day to become fast and easy to use. Businesses and entities are able to make fast and reliable international transactions through hundreds of correspondent banks working closely with the national banks in the city. These banks also offer services such as custody and clearing for their customers. In addition, there are several international investment and commercial banks operating in Ulaanbaatar. For example, Asian Development Bank, European Bank for Reconstruction and Development, Bank of China, Standard Charter, Tokyo Mitsubishi Bank, ING, Sumitomo Bank and many others are offering services to their customers with offices located in the capital city.
The Mongolian Stock Exchange, which works closely with internationally respected and valued stock exchanges, as well as all other regional stock exchanges, also must be mentioned. It is one of the smallest stock exchanges in the world. However, this small stock exchange works closely with the London Stock Exchange and is on the road to becoming one of the region’s leading stock exchanges.
One of the features of this city is that it is where most goods and service operations are concentrated, with over 40,000 small and large companies producing 46% of Mongolia’s gross domestic product. Industries operating within and near the city are distributing their products throughout Mongolia, as well as exporting to countries all over the world. Light industry is specially developed in Ulaanbaatar. Construction in Ulaanbaatar has developed rapidly in the last few years, reaching a record high level in recent years and making high-quality digital and technological breakthroughs. The capital city’s infrastructure is being constructed using latest and most innovative technology, and there are many newly constructed glass buildings, simple and luxury apartment complexes, and private houses and mansions.