The story of the Naran Mandal gold mine in Bayankhongor Province began decades ago, yet clear from the beginning, was a true appreciation for the significant potential of this very special site in Bayan-Ovoo soum.

The first scientific surveys in the Naran Mandal area are carried out by Russian geologists
Drilling expeditions are conducted in the area by East Germans
The drilling continues with Japanese geologists
A plant was commissioned and mining commenced via a joint venture by Bayangazar LLC, a Mongolian company, and a Chinese partner
Mongold enters Mongolia and begins exploring investment opportunities
Mongold acquires the Naran Mandal gold mine project via a joint venture agreement
Under Mongold’s management, Naran Mandal expands and modernizes
Naran Mandal receives its cyanide permit for the project, making it one of only three active companies licensed to use cyanide in processing in Mongolia
Naran Mandal also enters its first production and begins to add new acquisitions to its portfolio
Drilling campaign, project optimization, and JORC compliance take center stage
A turning point for the Naran Mandal project is reached as a two-phased plan is launched to scale up production: Phase One entails expanding the production at Vein One and to complete further exploration of Vein Ten
Mongold completes the transformation of its acquisition of the Tsagaan Tsakhir project from Special Mines by changing the name of the company and project to Naran Mandal Enterprises
Phase Two of the Naran Mandal expansion plan will involve a listing on the Mongolian Stock Exchange and the development at Vein Ten

Development and Permitting Process

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